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This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2018.

This document is a financial supplement to our second quarter 2019 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.

(Dollars in thousands)				Dec 31, 2017			Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Mar 31, 2019			Jun 30, 2019
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,287,955		$	2,254,512		$	2,239,045		$	2,322,453		$	2,422,734		$	2,471,745		$	2,557,033
	Securities held to maturity				737,150			796,450			843,810			891,860			970,390			1,036,110			1,087,790
			Total investments and cash		3,025,105			3,050,962			3,082,855			3,214,313			3,393,124			3,507,855			3,644,823
	Due from reinsurers				4,205,173			4,263,111			4,199,275			4,196,021			4,141,569			4,202,903			4,185,850
	Deferred policy acquisition costs				1,951,892			1,998,985			2,053,445			2,107,814			2,133,920			2,181,741			2,238,315
	Other assets				705,661			759,973			772,058			769,387			730,933			814,854			811,426
	Separate account assets				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760			2,437,291
			Total assets	$	12,460,704		$	12,492,737		$	12,496,640		$	12,707,531		$	12,595,047		$	13,076,112		$	13,317,706

Liabilities:
	Future policy benefits			$	5,954,524		$	6,004,101		$	6,057,112		$	6,132,750		$	6,168,157		$	6,240,864		$	6,314,403
	Other policy liabilities				685,885			693,223			673,912			682,126			700,094			703,123			717,265
	Income taxes				177,468			184,161			182,140			182,241			187,104			206,180			206,301
	Other liabilities				451,398			506,535			495,242			511,623			486,772			561,709			551,689
	Notes payable				373,288			373,381			373,474			373,567			373,661			373,755			373,848
	Surplus note				736,381			795,697			843,073			891,139			969,685			1,035,421			1,087,117
	Payable under securities lending				89,786			89,433			82,096			70,632			52,562			64,914			43,867
	Separate account liabilities				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760			2,437,291
			Total liabilities		11,041,603			11,066,237			11,096,056			11,264,074			11,133,535			11,554,726			11,731,781

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				443			440			432			430			427			424			420
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
	Retained earnings				1,375,090			1,416,564			1,409,104			1,452,841			1,489,520			1,506,944			1,537,537
	Treasury stock				—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:				—			—			—			—			—			—			—
		Net unrealized investment gains (losses) not other-than-temporarily impaired			39,686			14,039			1,493			(4,380	)		(7,253	)		29,022			56,287
		Net unrealized investment losses other-than-temporarily impaired			(113	)		(136	)		(136	)		(135	)		(116	)		(106	)		(60	)
		Cumulative translation adjustment			3,995			(4,406	)		(10,309	)		(5,300	)		(21,064	)		(14,897	)		(8,258	)
			Total stockholders’ equity		1,419,101			1,426,500			1,400,584			1,443,456			1,461,513			1,521,387			1,585,926
			Total liabilities and stockholders' equity	$	12,460,704		$	12,492,737		$	12,496,640		$	12,707,531		$	12,595,047		$	13,076,112		$	13,317,706

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity				$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882		$	1,492,471		$	1,529,699
Reconciling items:
	Net unrealized investment gains (losses) not other-than-temporarily impaired				39,686			14,039			1,493			(4,380	)		(7,253	)		29,022			56,287
	Net unrealized investment losses other-than-temporarily impaired				(113	)		(136	)		(136	)		(135	)		(116	)		(106	)		(60	)
		Total reconciling items			39,573			13,903			1,357			(4,515	)		(7,370	)		28,916			56,227
			Total stockholders’ equity	$	1,419,101		$	1,426,500		$	1,400,584		$	1,443,456		$	1,461,513		$	1,521,387		$	1,585,926

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,233,482		$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882		$	1,492,471
	Net Income				168,443			65,714			86,699			85,139			86,541			79,166			97,446
	Shareholder dividends				(9,020	)		(11,278	)		(11,086	)		(10,920	)		(10,856	)		(14,628	)		(14,517	)
	Retirement of shares and warrants				(17,318	)		(51,563	)		(87,448	)		(34,508	)		(43,338	)		(60,288	)		(57,117	)
	Net foreign currency translation adjustment				(497	)		(8,402	)		(5,903	)		5,009			(15,765	)		6,167			6,639
	Other, net				4,437			38,598			4,367			4,024			4,328			13,171			4,778
Balance, end of period				$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882		$	1,492,471		$	1,529,699

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	1,900,122		$	1,951,892		$	1,998,985		$	2,053,445		$	2,107,814		$	2,133,920		$	2,181,741
	General expenses deferred				8,887			9,599			9,800			8,886			8,497			9,163			9,384
	Commission costs deferred				99,411			104,314			103,192			100,890			96,697			98,196			100,498
	Amortization of deferred policy acquisition costs				(56,304	)		(60,165	)		(53,847	)		(59,534	)		(66,184	)		(64,628	)		(58,762	)
	Foreign currency impact and other, net				(224	)		(6,655	)		(4,684	)		4,127			(12,904	)		5,091			5,455
Balance, end of period				$	1,951,892		$	1,998,985		$	2,053,445		$	2,107,814		$	2,133,920		$	2,181,741		$	2,238,315

																					YOY Q2												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$/# Change			% Change			YTD 2018			YTD 2019			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			44,739,864			44,065,972			43,452,234			43,179,898			42,824,471			42,482,631			(1,583,341	)		-3.6	%		44,401,056			42,652,607			(1,748,449	)	-3.9%

	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	10,747			12.4	%	$	152,413		$	176,611		$	24,198		15.9%
	Less income attributable to unvested participating securities			(425	)		(483	)		(485	)		(487	)		(401	)		(428	)		55			11.4	%		(917	)		(835	)		83		9.0%
		Net income used in computing basic EPS	$	65,289		$	86,216		$	84,654		$	86,054		$	78,765		$	97,018		$	10,802			12.5	%	$	151,496		$	175,777		$	24,281		16.0%
		Basic earnings per share	$	1.46		$	1.96		$	1.95		$	1.99		$	1.84		$	2.28		$	0.33			16.7	%	$	3.41		$	4.12		$	0.71		20.8%

	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	8,774			10.2	%	$	152,200		$	170,062		$	17,862		11.7%
	Less operating income attributable to unvested participating securities			(428	)		(479	)		(482	)		(493	)		(381	)		(416	)		63			13.1	%		(916	)		(804	)		112		12.3%
		Adjusted net operating income used in computing basic operating EPS	$	65,787		$	85,506		$	84,008		$	87,147		$	74,922		$	94,343		$	8,837			10.3	%	$	151,284		$	169,258		$	17,974		11.9%
		Basic adjusted operating income per share	$	1.47		$	1.94		$	1.93		$	2.02		$	1.75		$	2.22		$	0.28			14.4	%	$	3.41		$	3.97		$	0.56		16.5%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			44,739,864			44,065,972			43,452,234			43,179,898			42,824,471			42,482,631			(1,583,341	)		-3.6	%		44,401,056			42,652,607			(1,748,449	)	-3.9%
	Dilutive impact of contingently issuable shares			115,421			140,567			136,628			131,384			118,014			135,719			(4,848	)		-3.4	%		127,995			126,867			(1,128	)	-0.9%
		Shares used to calculate diluted EPS		44,855,285			44,206,539			43,588,862			43,311,282			42,942,485			42,618,350			(1,588,189	)		-3.6	%		44,529,051			42,779,474			(1,749,577	)	-3.9%

	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	10,747			12.4	%	$	152,413		$	176,611		$	24,198		15.9%
	Less income attributable to unvested participating securities			(424	)		(481	)		(484	)		(486	)		(400	)		(427	)		55			11.4	%		(915	)		(833	)		82		9.0%
		Net income used in computing diluted EPS	$	65,290		$	86,217		$	84,655		$	86,055		$	78,766		$	97,019		$	10,801			12.5	%	$	151,498		$	175,779		$	24,281		16.0%
		Diluted earnings per share	$	1.46		$	1.95		$	1.94		$	1.99		$	1.83		$	2.28		$	0.33			16.7	%	$	3.40		$	4.11		$	0.71		20.8%

	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	8,774			10.2	%	$	152,200		$	170,062		$	17,862		11.7%
	Less operating income attributable to unvested participating securities			(427	)		(478	)		(480	)		(492	)		(381	)		(415	)		63			13.1	%		(914	)		(802	)		112		12.3%
		Adjusted net operating income used in computing diluted operating EPS	$	65,788		$	85,507		$	84,009		$	87,149		$	74,923		$	94,344		$	8,837			10.3	%	$	151,286		$	169,260		$	17,974		11.9%
		Diluted adjusted operating income per share	$	1.47		$	1.93		$	1.93		$	2.01		$	1.74		$	2.21		$	0.28			14.4	%	$	3.40		$	3.96		$	0.56		16.5%

																				YOY Q2												YOY YTD
		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$/# Change			% Change			YTD 2018			YTD 2019			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,422,801		$	1,413,542		$	1,422,020		$	1,452,485		$	1,491,450		$	1,553,656		$	140,114			9.9	%	$	1,418,171		$	1,522,553		$	104,381			7.4	%
	Average adjusted stockholders' equity	$	1,396,063		$	1,405,912		$	1,423,599		$	1,458,427		$	1,480,676		$	1,511,085		$	105,173			7.5	%	$	1,400,988		$	1,495,881		$	94,893			6.8	%

	Net income return on stockholders' equity		18.5	%		24.5	%		23.9	%		23.8	%		21.2	%		25.1	%		0.6	%	nm				21.5	%		23.2	%		1.7	%	nm
	Net income return on adjusted stockholders' equity		18.8	%		24.7	%		23.9	%		23.7	%		21.4	%		25.8	%		1.1	%	nm				21.8	%		23.6	%		1.9	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		19.0	%		24.5	%		23.7	%		24.0	%		20.3	%		25.1	%		0.6	%	nm				21.7	%		22.7	%		1.0	%	nm

Capital Structure
	Debt-to-capital (1)		20.7	%		21.1	%		20.6	%		20.4	%		19.7	%		19.1	%		-2.0	%	nm				21.1	%		19.1	%		-2.0	%	nm

	Cash and invested assets to stockholders' equity		2.1	x		2.2	x		2.2	x		2.3	x		2.3	x		2.3	x		0.1	x	nm				2.2	x		2.3	x		0.1	x	nm
	Cash and invested assets to adjusted stockholders' equity		2.2	x		2.2	x		2.2	x		2.3	x		2.4	x		2.4	x		0.2	x	nm				2.2	x		2.4	x		0.2	x	nm

	Share count, end of period (2)		43,953,046			43,168,005			42,976,742			42,694,258			42,398,643			42,008,450			(1,159,555	)		-2.7	%		43,168,005			42,008,450			(1,159,555	)		-2.7	%
	Adjusted stockholders' equity per share	$	32.14		$	32.41		$	33.69		$	34.40		$	35.20		$	36.41		$	4.00			12.3	%	$	32.41		$	36.41		$	4.00			12.3	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A2			A2			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best	A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm

Holding Company Senior Debt Ratings
	Moody's	Baa2			Baa2			Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

																					YOY Q2												YOY YTD
(Dollars in thousands)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change			YTD 2018			YTD 2019			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	656,087		$	667,191		$	670,222		$	673,605		$	677,286		$	687,262		$	20,072			3.0	%	$	1,323,278		$	1,364,548		$	41,270			3.1	%
	Ceded premiums			(394,249	)		(403,449	)		(391,175	)		(392,290	)		(389,795	)		(400,588	)		2,861			0.7	%		(797,698	)		(790,383	)		7,316			0.9	%
		Net premiums		261,838			263,741			279,047			281,314			287,491			286,675			22,933			8.7	%		525,579			574,166			48,586			9.2	%
	Net investment income			19,017			20,030			20,622			21,760			24,111			24,868			4,838			24.2	%		39,047			48,980			9,932			25.4	%
	Commissions and fees:
		Sales-based (1)		64,461			64,307			64,181			67,041			66,997			71,438			7,131			11.1	%		128,768			138,435			9,667			7.5	%
		Asset-based (2)		74,649			75,672			78,318			75,012			73,639			79,317			3,644			4.8	%		150,322			152,956			2,634			1.8	%
		Account-based (3)		20,595			20,438			20,306			20,463			19,613			19,897			(541	)		-2.6	%		41,033			39,509			(1,523	)		-3.7	%
		Other commissions and fees		7,122			7,523			8,074			9,444			7,066			7,817			294			3.9	%		14,644			14,883			239			1.6	%
	Realized investment (losses) gains			(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067			(246	)		-18.7	%		(344	)		3,914			4,258		nm
	Other, net			13,897			14,790			14,359			13,940			13,223			13,825			(965	)		-6.5	%		28,687			27,048			(1,639	)		-5.7	%
	Total revenues			459,923			467,814			484,781			487,324			494,988			504,903			37,089			7.9	%		927,737			999,891			72,154			7.8	%
Benefits and expenses:
	Benefits and claims			116,890			105,069			118,787			116,837			122,284			115,068			9,998			9.5	%		221,960			237,352			15,392			6.9	%
	Amortization of DAC			60,165			53,847			59,534			66,184			64,628			58,762			4,915			9.1	%		114,011			123,390			9,379			8.2	%
	Insurance commissions			5,877			6,417			6,584			5,612			5,619			5,829			(588	)		-9.2	%		12,294			11,447			(847	)		-6.9	%
	Insurance expenses			41,109			43,451			41,925			41,671			43,402			44,569			1,118			2.6	%		84,560			87,972			3,412			4.0	%
	Sales commissions:
		Sales-based (1)		46,259			45,905			45,634			47,424			47,831			50,679			4,774			10.4	%		92,163			98,509			6,346			6.9	%
		Asset-based (2)		32,484			33,350			34,813			33,297			32,343			35,665			2,315			6.9	%		65,833			68,008			2,174			3.3	%
		Other sales commissions		3,777			3,700			4,141			4,602			3,626			3,755			55			1.5	%		7,477			7,381			(96	)		-1.3	%
	Interest expense			7,173			7,229			7,216			7,192			7,180			7,201			(28	)		-0.4	%		14,401			14,381			(21	)		-0.1	%
	Other operating expenses			63,228			55,083			54,712			56,584			65,706			55,917			833			1.5	%		118,311			121,623			3,312			2.8	%
	Total benefits and expenses			376,961			354,050			373,346			379,403			392,619			377,444			23,394			6.6	%		731,011			770,063			39,052			5.3	%
	Income before income taxes			82,962			113,764			111,435			107,922			102,368			127,459			13,695			12.0	%		196,726			229,828			33,102			16.8	%
Income taxes				17,248			27,065			26,296			21,380			23,203			30,014			2,948			10.9	%		44,313			53,217			8,903			20.1	%
	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	10,747			12.4	%	$	152,413		$	176,611		$	24,198			15.9	%
																												0.00	%		0.00	%		0.00	%		0.0	%
Income Before Income Taxes by Segment																												0.00	%		0.00	%		0.00	%		0.0	%
Term Life			$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	8,171			10.8	%	$	135,448		$	154,337		$	18,889			13.9	%
Investment & Savings Products				39,985			43,228			45,052			45,647			42,684			47,343			4,115			9.5	%		83,213			90,027			6,814			8.2	%
Corporate & Other Distributed Products				(16,644	)		(5,291	)		(7,954	)		(9,842	)		(10,654	)		(3,882	)		1,409			26.6	%		(21,935	)		(14,536	)		7,399			33.7	%
	Income before income taxes		$	82,962		$	113,764		$	111,435		$	107,922		$	102,368		$	127,459		$	13,695			12.0	%	$	196,726		$	229,828		$	33,102			16.8	%

																				YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change			YTD 2018			YTD 2019			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	681,004		$	20,500			3.1	%	$	1,309,871		$	1,351,759		$	41,889			3.2	%
	Less: Premiums ceded to IPO Coinsurers		294,301			290,956			284,742			281,265			276,150			272,596			(18,360	)		-6.3	%		585,257			548,747			(36,510	)		-6.2	%
	Term Life adjusted direct premiums	$	355,065		$	369,548		$	378,441		$	386,511		$	394,605		$	408,408		$	38,860			10.5	%	$	724,614		$	803,013		$	78,399			10.8	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(392,561	)	$	(401,686	)	$	(389,332	)	$	(390,173	)	$	(388,100	)	$	(398,927	)	$	2,759			0.7	%	$	(794,247	)	$	(787,027	)	$	7,220			0.9	%
	Less: Premiums ceded to IPO Coinsurers		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		18,360			6.3	%		(585,257	)		(548,747	)		36,510			6.2	%
	Term Life other ceded premiums	$	(98,260	)	$	(110,730	)	$	(104,590	)	$	(108,908	)	$	(111,950	)	$	(126,330	)	$	(15,601	)		-14.1	%	$	(208,990	)	$	(238,280	)	$	(29,290	)		-14.0	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	19,017		$	20,030		$	20,622		$	21,760		$	24,111		$	24,868		$	4,838			24.2	%	$	39,047		$	48,980		$	9,932			25.4	%
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447		nm			nm				(1,663	)		4,594		nm			nm
	Adjusted net investment income	$	20,305		$	20,405		$	20,920		$	21,480		$	21,964		$	22,421		$	2,016			9.9	%	$	40,710		$	44,385		$	3,675			9.0	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	459,923		$	467,814		$	484,781		$	487,324		$	494,988		$	504,903		$	37,089			7.9	%	$	927,737		$	999,891		$	72,154			7.8	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067		nm			nm				(344	)		3,914		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447		nm			nm				(1,663	)		4,594		nm			nm
	Adjusted operating revenues	$	462,866		$	466,877		$	485,205		$	488,695		$	489,993		$	501,389		$	34,512			7.4	%	$	929,743		$	991,382		$	61,639			6.6	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	82,962		$	113,764		$	111,435		$	107,922		$	102,368		$	127,459		$	13,695			12.0	%	$	196,726		$	229,828		$	33,102			16.8	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067		nm			nm				(344	)		3,914		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447		nm			nm				(1,663	)		4,594		nm			nm
	Adjusted operating income before income taxes	$	85,906		$	112,827		$	111,859		$	109,293		$	97,374		$	123,945		$	11,118			9.9	%	$	198,733		$	221,319		$	22,587			11.4	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	10,747			12.4	%	$	152,413		$	176,611		$	24,198			15.9	%
	Less: Income before income taxes reconciling items		(2,944	)		937			(424	)		(1,371	)		4,994			3,514		nm			nm				(2,006	)		8,509		nm			nm
	Less: Tax impact of income before income taxes reconciling items		675			(223	)		104			272			(1,132	)		(828	)	nm			nm				452			(1,960	)	nm			nm
	Less: Transition impact of tax reform (1)		1,768			—			970			—			—			—		nm			nm				1,768			—		nm			nm
	Adjusted net operating income	$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	8,774			10.2	%	$	152,200		$	170,062		$	17,862			11.7	%

																				YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change			YTD 2018			YTD 2019			$ Change			% Change
Term Life Insurance
Revenues:
	Direct Premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	681,004		$	20,500			3.1	%	$	1,309,871		$	1,351,759		$	41,889			3.2	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		18,360			6.3	%		(585,257	)		(548,747	)		36,510			6.2	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			408,408			38,860			10.5	%		724,614			803,013			78,399			10.8	%
	Other ceded premiums (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(126,330	)		(15,601	)		-14.1	%		(208,990	)		(238,280	)		(29,290	)		-14.0	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			282,077			23,259			9.0	%		515,624			564,732			49,109			9.5	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			4,736			1,491			45.9	%		6,334			9,180			2,846			44.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			10,055			(858	)		-7.9	%		21,328			19,800			(1,529	)		-7.2	%
	Revenues		270,309			272,978			287,972			291,941			296,843			296,869			23,891			8.8	%		543,286			593,712			50,426			9.3	%

Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			111,480			9,725			9.6	%		214,586			229,923			15,336			7.1	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			56,179			4,922			9.6	%		107,930			120,245			12,315			11.4	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			2,298			(558	)		-19.6	%		5,084			4,461			(623	)		-12.2	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			42,914			1,632			4.0	%		80,238			84,746			4,508			5.6	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			212,870			15,720			8.0	%		407,838			439,375			31,536			7.7	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	8,171			10.8	%	$	135,448		$	154,337		$	18,889			13.9	%

Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	64,461		$	64,307		$	64,181		$	67,041		$	66,997		$	71,438		$	7,131			11.1	%	$	128,768		$	138,435		$	9,667			7.5	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			79,317			3,644			4.8	%		150,322			152,956			2,634			1.8	%
	Account-based		20,595			20,438			20,306			20,463			19,613			19,897			(541	)		-2.6	%		41,033			39,509			(1,523	)		-3.7	%
	Other, net		2,336			2,424			2,464			2,408			2,423			2,434			10			0.4	%		4,760			4,856			96			2.0	%
	Revenues		162,042			162,841			165,269			164,924			162,671			173,085			10,245			6.3	%		324,882			335,757			10,874			3.3	%

Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			2,101			21			1.0	%		5,521			2,578			(2,943	)		-53.3	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			3,155			23			0.7	%		6,332			6,180			(152	)		-2.4	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			50,679			4,774			10.4	%		92,163			98,509			6,346			6.9	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			35,665			2,315			6.9	%		65,833			68,008			2,174			3.3	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			34,143			(1,004	)		-2.9	%		71,820			70,455			(1,365	)		-1.9	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			125,742			6,129			5.1	%		241,670			245,730			4,060			1.7	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	47,343		$	4,115			9.5	%	$	83,213		$	90,027		$	6,814			8.2	%

Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,721		$	6,686		$	7,039		$	5,829		$	6,531		$	6,258		$	(428	)		-6.4	%	$	13,407		$	12,789		$	(618	)		-4.6	%
	Ceded premiums		(1,688	)		(1,763	)		(1,843	)		(2,118	)		(1,695	)		(1,661	)		102			5.8	%		(3,451	)		(3,356	)		95			2.8	%
	Net premiums		5,033			4,923			5,195			3,711			4,836			4,597			(326	)		-6.6	%		9,956			9,433			(523	)		-5.3	%
	Allocated net investment income		17,216			17,159			17,413			17,574			17,521			17,684			525			3.1	%		34,375			35,205			830			2.4	%
	Commissions and fees:
	Prepaid Legal Services		3,669			3,607			4,431			4,586			3,737			4,159			552			15.3	%		7,276			7,896			620			8.5	%
	Auto and Homeowners Insurance		1,347			1,800			1,516			2,386			1,500			1,877			77			4.3	%		3,146			3,377			231			7.3	%
	Other sales commissions		2,106			2,116			2,127			2,472			1,829			1,781			(336	)		-15.9	%		4,222			3,610			(612	)		-14.5	%
	Other, net		1,145			1,453			1,281			1,102			1,056			1,336			(117	)		-8.1	%		2,599			2,393			(206	)		-7.9	%
	Adjusted operating revenues		30,516			31,058			31,964			31,831			30,479			31,435			376			1.2	%		61,574			61,914			339			0.6	%

Benefits and expenses:
	Benefits and claims		4,059			3,314			4,799			3,636			3,842			3,588			274			8.3	%		7,373			7,430			56			0.8	%
	Amortization of DAC		50			510			282			509			85			482			(28	)		-5.5	%		560			567			7			1.2	%
	Insurance commissions		450			428			455			326			431			376			(53	)		-12.3	%		879			806			(72	)		-8.2	%
	Insurance expenses		2,153			2,169			2,118			1,071			1,570			1,656			(513	)		-23.7	%		4,322			3,226			(1,096	)		-25.4	%
	Sales commissions		3,777			3,700			4,141			4,602			3,626			3,755			55			1.5	%		7,477			7,381			(96	)		-1.3	%
	Interest expense		7,173			7,229			7,216			7,192			7,180			7,201			(28	)		-0.4	%		14,401			14,381			(21	)		-0.1	%
	Other operating expenses		26,554			19,936			20,484			22,965			29,394			21,774			1,837			9.2	%		46,491			51,168			4,677			10.1	%
	Benefits and expenses		44,216			37,287			39,495			40,301			46,127			38,831			1,544			4.1	%		81,503			84,958			3,456			4.2	%
	Adjusted operating income before income taxes	$	(13,700	)	$	(6,228	)	$	(7,531	)	$	(8,471	)	$	(15,648	)	$	(7,396	)	$	(1,168	)		-18.8	%	$	(19,928	)	$	(23,045	)	$	(3,116	)		-15.6	%

																				YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change			YTD 2018			YTD 2019			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	681,004		$	20,500			3.1	%	$	1,309,871		$	1,351,759		$	41,889			3.2	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		18,360			6.3	%		(585,257	)		(548,747	)		36,510			6.2	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			408,408			38,860			10.5	%		724,614			803,013			78,399			10.8	%
	Other ceded premiums (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(126,330	)		(15,601	)		-14.1	%		(208,990	)		(238,280	)		(29,290	)		-14.0	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			282,077			23,259			9.0	%		515,624			564,732			49,109			9.5	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			4,736			1,491			45.9	%		6,334			9,180			2,846			44.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			10,055			(858	)		-7.9	%		21,328			19,800			(1,529	)		-7.2	%
	Revenues		270,309			272,978			287,972			291,941			296,843			296,869			23,891			8.8	%		543,286			593,712			50,426			9.3	%

	Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			111,480			9,725			9.6	%		214,586			229,923			15,336			7.1	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			56,179			4,922			9.6	%		107,930			120,245			12,315			11.4	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			2,298			(558	)		-19.6	%		5,084			4,461			(623	)		-12.2	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			42,914			1,632			4.0	%		80,238			84,746			4,508			5.6	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			212,870			15,720			8.0	%		407,838			439,375			31,536			7.7	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	8,171			10.8	%	$	135,448		$	154,337		$	18,889			13.9	%

Total Term Life Insurance - Financial Analysis
	Primary direct premiums (4)	$	267,615		$	280,209		$	287,554		$	294,006		$	300,708		$	312,436		$	32,227			11.5	%	$	547,824		$	613,144		$	65,320			11.9	%
	Legacy direct premiums (5)		381,751			380,295			375,629			373,770			370,047			368,568			(11,727	)		-3.1	%		762,046			738,615			(23,431	)		-3.1	%
	Total direct premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	681,004		$	20,500			3.1	%	$	1,309,871		$	1,351,759		$	41,889			3.2	%

	Premiums ceded to IPO coinsurers	$	294,301		$	290,956		$	284,742		$	281,265		$	276,150		$	272,596		$	(18,360	)		-6.3	%	$	585,257		$	548,747		$	(36,510	)		-6.2	%
	% of Legacy direct premiums		77.1	%		76.5	%		75.8	%		75.3	%		74.6	%		74.0	%	nm			nm				76.8	%		74.3	%	nm			nm

	Benefits and claims, net (6)	$	211,091		$	212,485		$	218,577		$	222,109		$	230,392		$	237,810		$	25,325			11.9	%	$	423,576		$	468,203		$	44,626			10.5	%
	% of adjusted direct premiums		59.5	%		57.5	%		57.8	%		57.5	%		58.4	%		58.2	%	nm			nm				58.5	%		58.3	%	nm			nm

	DAC amortization & insurance commissions	$	58,901		$	54,113		$	59,839		$	66,023		$	66,229		$	58,477		$	4,364			8.1	%	$	113,014		$	124,706		$	11,692			10.3	%
	% of adjusted direct premiums		16.6	%		14.6	%		15.8	%		17.1	%		16.8	%		14.3	%	nm			nm				15.6	%		15.5	%	nm			nm

	Insurance expenses, net (7)	$	28,541		$	30,369		$	29,193		$	30,169		$	32,088		$	32,858		$	2,490			8.2	%	$	58,910		$	64,946		$	6,037			10.2	%
	% of adjusted direct premiums		8.0	%		8.2	%		7.7	%		7.8	%		8.1	%		8.0	%	nm			nm				8.1	%		8.1	%	nm			nm

	Total Term Life income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	8,171			10.8	%	$	135,448		$	154,337		$	18,889			13.9	%
	Term Life operating margin (8)		16.8	%		20.5	%		19.6	%		18.7	%		17.8	%		20.6	%	nm			nm				18.7	%		19.2	%	nm			nm

																					YOY Q2												YOY YTD
(Dollars in thousands, except as noted)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$/# Change			% Change			YTD 2018			YTD 2019			$/# Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				126,121			127,182			130,156			130,658			130,736			129,821			2,639			2.1	%		126,121			130,736			4,615			3.7	%
	New life-licensed representatives			11,730			13,544			11,715			11,052			10,065			10,919			(2,625	)		-19.4	%		25,274			20,984			(4,290	)		-17.0	%
	Non-renewal and terminated representatives			(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)		(11,190	)		(620	)		-5.9	%		(21,239	)		(22,170	)		(931	)		-4.4	%
Life-insurance licensed sales force, end of period				127,182			130,156			130,658			130,736			129,821			129,550			(606	)		-0.5	%		130,156			129,550			(606	)		-0.5	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1		$	68.2		$	(2.9	)		-4.0	%	$	131.5		$	124.3		$	(7.2	)		-5.5	%
	Additions and increases in premium			16.9			18.7			18.4			19.1			18.4			20.8			2.1			11.2	%		35.6			39.1			3.5			10.0	%
		Total estimated annualized issued term life premium	$	77.3		$	89.8		$	82.9		$	81.4		$	74.5		$	89.0		$	(0.8	)		-0.9	%	$	167.1		$	163.5		$	(3.6	)		-2.2	%

Issued term life policies				70,821			83,754			74,892			72,122			64,242			78,664			(5,090	)		-6.1	%		154,575			142,906			(11,669	)		-7.5	%
Estimated average annualized issued term life premium per policy (1)(2)			$	853		$	849		$	862		$	865		$	874		$	867		$	18			2.2	%	$	851		$	870		$	19			2.3	%

Term life face amount in-force, beginning of period ($mills)			$	763,831		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	19,820			2.6	%	$	763,831		$	781,041		$	17,210			2.3	%
	Issued term life face amount (3)			22,258			26,001			23,728			23,222			20,925			25,300			(700	)		-2.7	%		48,259			46,225			(2,034	)		-4.2	%
	Terminated term life face amount			(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)		(16,512	)		(172	)		-1.1	%		(34,128	)		(34,895	)		(767	)		-2.2	%
	Foreign currency impact, net			(2,570	)		(1,788	)		1,582			(4,932	)		1,969			2,036			3,824		nm				(4,358	)		4,005			8,362		nm
Term life face amount in-force, end of period			$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376		$	22,772			2.9	%	$	773,604		$	796,376		$	22,772			2.9	%

(1) Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(3) Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

																				YOY Q2												YOY YTD
(Dollars in thousands, except as noted)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change			YTD 2018			YTD 2019			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	64,461		$	64,307		$	64,181		$	67,041		$	66,997		$	71,438		$	7,131			11.1	%	$	128,768		$	138,435		$	9,667			7.5	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			79,317			3,644			4.8	%		150,322			152,956			2,634			1.8	%
	Account-based		20,595			20,438			20,306			20,463			19,613			19,897			(541	)		-2.6	%		41,033			39,509			(1,523	)		-3.7	%
	Other, net		2,336			2,424			2,464			2,408			2,423			2,434			10			0.4	%		4,760			4,856			96			2.0	%
	Revenues		162,042			162,841			165,269			164,924			162,671			173,085			10,245			6.3	%		324,882			335,757			10,874			3.3	%

	Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			2,101			21			1.0	%		5,521			2,578			(2,943	)		-53.3	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			3,155			23			0.7	%		6,332			6,180			(152	)		-2.4	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			50,679			4,774			10.4	%		92,163			98,509			6,346			6.9	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			35,665			2,315			6.9	%		65,833			68,008			2,174			3.3	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			34,143			(1,004	)		-2.9	%		71,820			70,455			(1,365	)		-1.9	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			125,742			6,129			5.1	%		241,670			245,730			4,060			1.7	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	47,343		$	4,115			9.5	%	$	83,213		$	90,027		$	6,814			8.2	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,690		$	5,833		$	6,037		$	5,962		$	5,898		$	5,705		$	(128	)		-2.2	%	$	11,523		$	11,603		$	80			0.7	%
	Fees paid based on fee-generating positions (2)		12,495			10,854			10,223			10,219			11,159			9,658			(1,196	)		-11.0	%		23,350			20,818			(2,532	)		-10.8	%
	Other operating expenses		18,488			18,460			17,968			17,437			19,254			18,780			320			1.7	%		36,948			38,035			1,087			2.9	%
	Total other operating expenses	$	36,673		$	35,147		$	34,228		$	33,619		$	36,312		$	34,143		$	(1,004	)		-2.9	%	$	71,820		$	70,455		$	(1,365	)		-1.9	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.24	%		1.27	%		1.26	%		1.35	%		1.33	%		1.29	%	nm			nm				1.25	%		1.31	%	nm			nm
	Canada		1.05	%		0.95	%		0.90	%		0.90	%		1.00	%		0.97	%	nm			nm				1.01	%		0.99	%	nm			nm
	Total		1.20	%		1.22	%		1.21	%		1.29	%		1.28	%		1.25	%	nm			nm				1.21	%		1.26	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.036	%		0.037	%		0.037	%		0.037	%		0.036	%		0.038	%	nm			nm				0.073	%		0.074	%	nm			nm
	Canada		0.111	%		0.123	%		0.121	%		0.122	%		0.136	%		0.120	%	nm			nm				0.234	%		0.255	%	nm			nm
	Total		0.048	%		0.051	%		0.050	%		0.051	%		0.052	%		0.051	%	nm			nm				0.099	%		0.103	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	2.90		$	3.49		$	3.70		$	3.80		$	3.20		$	3.88		nm			nm			$	6.38		$	7.09		nm			nm

																							YOY Q2												YOY YTD
(Dollars in thousands, except as noted)					Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$/# Change			% Change			YTD 2018			YTD 2019			$/# Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	792.4		$	800.6		$	763.3		$	767.8		$	710.2		$	855.9		$	55.3			6.9	%	$	1,593.0		$	1,566.1		$	(26.9	)		-1.7	%
		Canada Retail Mutual Funds				276.2			199.2			181.7			182.6			244.1			199.7			0.4			0.2	%		475.4			443.8			(31.6	)		-6.7	%
		Indexed Annuities				67.5			71.9			78.8			88.2			81.0			88.2			16.2			22.5	%		139.5			169.1			29.6			21.2	%
		Variable Annuities and other				376.1			432.2			504.5			476.8			465.8			514.2			82.0			19.0	%		808.3			980.1			171.8			21.3	%
				Total sales-based revenue generating product sales		1,512.2			1,504.0			1,528.3			1,515.3			1,501.1			1,658.0			154.0			10.2	%		3,016.2			3,159.1			142.9			4.7	%
		Managed Accounts				188.8			204.3			190.5			169.4			161.6			203.5			(0.8	)		-0.4	%		393.1			365.1			(28.0	)		-7.1	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			76.0			25.4			50.1	%		132.7			170.3			37.6			28.4	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4		$	178.5			10.1	%	$	3,542.0		$	3,694.5		$	152.5			4.3	%

		Canada Retail Mutual Funds			$	276.2		$	199.2		$	181.7		$	182.6		$	244.1		$	199.7		$	0.4			0.2	%	$	475.4		$	443.8		$	(31.6	)		-6.7	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			76.0			25.4			50.1	%		132.7			170.3			37.6			28.4	%
			Total Canada product sales			358.2			249.8			225.4			233.6			338.4			275.6			25.8			10.3	%		608.1			614.0			6.0			1.0	%
			Total U.S. product sales			1,424.8			1,509.1			1,537.1			1,502.1			1,418.6			1,661.8			152.7			10.1	%		2,933.9			3,080.5			146.6			5.0	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4		$	178.5			10.1	%	$	3,542.0		$	3,694.5		$	152.5			4.3	%

	Client asset values, beginning of period ($mills)				$	61,167		$	60,821		$	61,777		$	64,234		$	57,704		$	63,602		$	2,781			4.6	%	$	61,167		$	57,704		$	(3,463	)		-5.7	%
		Inflows				1,783			1,759			1,762			1,736			1,757			1,937			179			10.1	%		3,542			3,694			153			4.3	%
		Outflows (1)				(1,571	)		(1,498	)		(1,499	)		(1,376	)		(1,530	)		(1,633	)		(135	)		-9.0	%		(3,069	)		(3,163	)		(94	)		-3.0	%
				Net flows		212			261			264			360			227			305			44			16.9	%		473			531			59		nm
		Foreign currency impact, net				(283	)		(195	)		174			(543	)		201			225			420		nm				(478	)		426			904		nm
		Change in market value, net and other (2)				(276	)		891			2,019			(6,346	)		5,470			1,746			855			96.0	%		615			7,216			6,601		nm
	Client asset values, end of period				$	60,821		$	61,777		$	64,234		$	57,704		$	63,602		$	65,878		$	4,101			6.6	%	$	61,777		$	65,878		$	4,101			6.6	%
		Annualized net flows as % of beginning of period asset values				1.4	%		1.7	%		1.7	%		2.2	%		1.6	%		1.9	%		0.2	%	nm				1.5	%		1.8	%		0.3	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,674		$	30,348		$	31,439		$	30,156		$	30,266		$	31,744		$	1,396			4.6	%	$	30,511		$	31,005		$	494			1.6	%
		Canada Retail Mutual Funds				7,508			7,444			7,610			7,252			7,390			7,795			351			4.7	%		7,476			7,593			116			1.6	%
		Managed Accounts				2,739			2,930			3,179			3,189			3,241			3,455			525			17.9	%		2,834			3,348			514			18.1	%
		Indexed Annuities				1,939			1,997			2,049			2,117			2,182			2,247			250			12.5	%		1,968			2,215			246			12.5	%
		Variable Annuities and other				16,333			16,176			16,669			15,982			16,057			16,807			631			3.9	%		16,254			16,432			178			1.1	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			2,378			(25	)		-1.0	%		2,456			2,346			(111	)		-4.5	%
				Total	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426		$	3,128			5.1	%	$	61,500		$	62,938		$	1,438			2.3	%

		Canada Retail Mutual Funds			$	7,508		$	7,444		$	7,610		$	7,252		$	7,390		$	7,795		$	351			4.7	%	$	7,476		$	7,593		$	116			1.6	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			2,378			(25	)		-1.0	%		2,456			2,346			(111	)		-4.5	%
			Total Canada average client assets			10,018			9,846			10,027			9,562			9,704			10,173			326			3.3	%		9,932			9,938			6			0.1	%
			Total U.S. average client assets			51,685			51,451			53,336			51,444			51,747			54,253			2,802			5.4	%		51,568			53,000			1,432			2.8	%
				Total average client assets	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426		$	3,128			5.1	%	$	61,500		$	62,938		$	1,438			2.3	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,130			2,086			2,066			2,042			1,998			1,996			(90	)		-4.3	%		2,108			1,997			(111	)		-5.3	%
		Recordkeeping only				665			660			657			652			641			641			(19	)		-3.0	%		662			641			(22	)		-3.3	%
				Total		2,795			2,746			2,723			2,694			2,639			2,637			(109	)		-4.0	%		2,770			2,638			(133	)		-4.8	%

				As of or for the period ended June 30, 2019
										% of Total						Avg
				Market		Amortized		Unrealized		Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)		Value			Cost			Yield			Rating
Investment Portfolio by Asset Class

Cash, Cash Equivalents, and Short Term				$	244,975	$	244,975	$	-		9.7	%		10.0	%

Fixed Income:
	Treasury				30,081		29,436		645		1.2	%		1.2	%		2.32	%	AAA
	Government				204,049		194,588		9,461		8.1	%		7.9	%		3.34	%	AA-
	Tax-Exempt Municipal				30,270		29,222		1,049		1.2	%		1.2	%		3.39	%	AA
	Corporate				1,407,148		1,361,433		45,715		55.8	%		55.5	%		3.85	%	BBB+
	Mortgage-Backed				202,322		196,997		5,325		8.0	%		8.0	%		3.49	%	AAA
	Asset-Backed				86,039		85,130		910		3.4	%		3.5	%		3.24	%	AA+
	CMBS				143,184		139,600		3,584		5.7	%		5.7	%		3.24	%	AA+
	Private				133,392		128,467		4,925		5.3	%		5.2	%		4.76	%	BBB
	Redeemable Preferred				3,149		2,947		201		0.1	%		0.1	%		5.79	%	BBB
			Total Fixed Income		2,239,635		2,167,821		71,814		88.8	%		88.4	%		3.74	%	A

Equities:
	Perpetual Preferred				13,057		13,057		-		0.5	%		0.5	%
	Common Stock				18,688		18,688		-		0.7	%		0.8	%
	Mutual Fund				7,151		7,151		-		0.3	%		0.3	%
	Other				-		-		-		0.0	%		0.0	%
			Total Equities		38,897		38,897		-		1.5	%		1.6	%

			Total Invested Assets	$	2,523,506	$	2,451,692	$	71,814		100.0	%		100.0	%

Corporate Portfolio by Sector

	Banking			$	187,827	$	183,850	$	3,978		13.3	%		13.5	%
	Consumer Non Cyclical				183,988		178,124		5,865		13.1	%		13.1	%
	Reits				142,753		138,169		4,584		10.1	%		10.1	%
	Insurance				117,938		113,431		4,507		8.4	%		8.3	%
	Energy				115,711		111,431		4,280		8.2	%		8.2	%
	Technology				114,395		110,729		3,666		8.1	%		8.1	%
	Capital Goods				102,123		99,981		2,142		7.3	%		7.3	%
	Consumer Cyclical				88,651		85,161		3,490		6.3	%		6.3	%
	Communications				82,770		79,282		3,488		5.9	%		5.8	%
	Electric				68,740		66,303		2,438		4.9	%		4.9	%
	Basic Industry				68,353		66,061		2,291		4.9	%		4.9	%
	Transportation				60,257		58,525		1,733		4.3	%		4.3	%
	Brokerage				35,012		33,157		1,855		2.5	%		2.4	%
	Finance Companies				15,382		14,630		751		1.1	%		1.1	%
	Industrial Other				10,881		10,535		346		0.8	%		0.8	%
	Natural Gas				8,763		8,539		225		0.6	%		0.6	%
	Financial Other				2,565		2,529		36		0.2	%		0.2	%
	Utility Other				1,038		998		41		0.1	%		0.1	%
			Total Corporate portfolio	$	1,407,148	$	1,361,433	$	45,715		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	309,688	$	308,302	$	1,386		13.8	%		14.2	%		3.53	%
		1-2 Yrs.			247,063		243,519		3,544		11.0	%		11.2	%		3.57	%
		2-5 Yrs.			947,824		917,278		30,546		42.3	%		42.3	%		3.69	%
		5-10 Yrs.			642,400		614,380		28,020		28.7	%		28.3	%		3.90	%
		> 10 Yrs.			92,660		84,341		8,319		4.1	%		3.9	%		4.22	%
			Total Fixed Income	$	2,239,635	$	2,167,821	$	71,814		100.0	%		100.0	%		3.74	%

Duration

Fixed Income portfolio duration					3.6	years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	452,171		20.9	%
	AA			245,042		11.3	%
	A			496,936		22.9	%
	BBB			905,443		41.8	%
	Below Investment Grade			65,257		3.0	%
	NA			2,970		0.1	%
		Total Fixed Income	$	2,167,821		100.0	%




			Amortized Cost		% of Total							Amortized Cost		% of Total
Corporate asset class:								Private asset class:
	Rating								Rating
	AAA		$	14,608		1.1	%		AAA			$	-		—
	AA			105,519		7.8	%		AA				961		0.7	%
	A			404,160		29.7	%		A				12,055		9.4	%
	BBB			774,487		56.9	%		BBB				113,719		88.5	%
	Below Investment Grade			61,711		4.5	%		Below Investment Grade				1,632		1.3	%
	NA			948		0.1	%		NA				101		0.1	%
		Total Corporate	$	1,361,433		100.0	%				Total Private	$	128,467		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	117,119		83.9	%		AAA			$	189,344		96.1	%
	AA			-		—			AA				4,832		2.5	%
	A			22,005		15.8	%		A				2,483		1.3	%
	BBB			25		0.0	%		BBB				233		0.1	%
	Below Investment Grade			451		0.3	%		Below Investment Grade				56		0.0	%
	NA			-		—			NA				48		0.0	%
		Total CMBS	$	139,600		100.0	%				Total Mortgage-Backed	$	196,997		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	58,264		68.4	%		AAA			$	68,996		30.8	%
	AA			6,089		7.2	%		AA				107,732		48.1	%
	A			17,805		20.9	%		A				36,463		16.3	%
	BBB			963		1.1	%		BBB				9,563		4.3	%
	Below Investment Grade			136		0.2	%		Below Investment Grade				1,271		0.6	%
	NA			1,873		2.2	%		NA				0		0.0	%
		Total Asset-Backed	$	85,130		100.0	%				Total Treasury & Government	$	224,025		100.0	%



NAIC Designations

	1		$	945,776		54.0	%
	2			746,283		42.6	%
	3			50,188		2.9	%
	4			9,451		0.5	%
	5			-		—
	6			0		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,751,699		100.0	%
	Other (3)			455,019
	Cash and cash equivalents			244,975
		Total Invested Assets	$	2,451,692

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

																						YOY Q2
(Dollars in thousands)				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	19,289		$	19,743		$	20,142		$	20,183		$	20,333		$	20,345		$	602		3.1%
	Fixed-maturity securities (held-to-maturity)				8,373			9,052			9,592			10,467			10,674			11,769			2,717		30.0%
	Equity Securities				513			466			482			495			487			446			(20	)	-4.3%
	Deposit asset underlying 10% reinsurance treaty				1,181			1,270			1,392			1,480			1,755			2,141			871		68.6%
	Deposit asset - Mark to Market				(1,288	)		(375	)		(297	)		280			2,147			2,447			2,822		n/m
	Policy loans and other invested assets				411			390			391			478			467			299			(91	)	-23.3%
	Cash & cash equivalents				586			641			664			1,030			1,056			1,414			773		n/m
			Total investment income		29,065			31,187			32,366			34,413			36,919			38,862			7,675		24.6%
	Investment expenses				1,675			2,105			2,152			2,186			2,134			2,225			120		5.7%
	Interest Expense on Surplus Note				8,373			9,052			9,592			10,467			10,674			11,769			2,717		30.0%
			Net investment income	$	19,017		$	20,030		$	20,622		$	21,760		$	24,111		$	24,868		$	4,838		24.2%
		Fixed income book yield, end of period			3.92	%		3.91	%		3.88	%		3.89	%		3.85	%		3.74	%
		New money yield			2.43	%		3.16	%		3.34	%		2.81	%		3.56	%		3.10	%

																						YOY Q2
				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				19.8	%		20.9	%		22.0	%		21.2	%		21.4	%		20.9	%		-0.1	%
	AA				8.6	%		9.8	%		10.6	%		10.4	%		10.9	%		11.3	%		1.5	%
	A				23.4	%		23.0	%		22.2	%		22.4	%		22.9	%		22.9	%		-0.0	%
	BBB				44.6	%		43.0	%		42.2	%		42.9	%		41.8	%		41.8	%		-1.3	%
	Below Investment Grade				3.4	%		3.1	%		2.7	%		2.8	%		2.9	%		3.0	%		-0.1	%
	NA				0.2	%		0.2	%		0.2	%		0.2	%		0.1	%		0.1	%		-0.0	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—

			Average rating by amortized cost	A			A			A			A			A			A

				As of June 30, 2019									As of June 30, 2019						As of June 30, 2019
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)

	1	Canada		$	24,516		$	24,070		AAA	Canada		$	64,080	$	61,682	AAA		$	3,286	$	3,250
	2	Province of Quebec Canada			13,882			12,725		AA-	Australia			40,789		39,159	AA			13,632		13,318
	3	Bank of America Corp			12,109			11,880		A-	United Kingdom			40,089		38,815	A			10,333		10,068
	4	Honda Motor Co Ltd			11,844			11,587		A	Germany			24,784		24,606	BBB			8,583		8,123
	5	Office Properties Income Trust			11,554			11,470		BBB-	France			18,895		18,454	Below Investment Grade			1,297		1,271
	6	Province of Alberta Canada			11,528			11,057		A+	Switzerland			14,375		14,126	NA			—		—
	7	Cigna Corp			11,201			10,849		A-	Ireland			13,141		12,549		Total	$	37,130	$	36,031
	8	Province of Ontario Canada			10,904			10,419		A+	Cayman Islands			12,441		12,242
	9	Province of British Columbia Canada			10,727			10,450		AAA	Bermuda			12,194		11,809
	10	Siemens AG			9,990			9,975		A+	Netherlands			9,631		8,671	Non-Government Investments (1)
	11	Ventas Inc			9,878			9,690		BBB+	Japan			7,043		6,780
	12	City of Toronto Canada			9,730			9,416		AA	Norway			6,647		6,587	AAA		$	5,313	$	5,284
	13	Province of Manitoba Canada			9,341			8,991		A+	Belgium			5,950		5,804	AA			35,720		35,404
	14	Wells Fargo & Co			9,087			8,944		A-	Israel			5,413		5,107	A			69,651		67,814
	15	Goldman Sachs Group Inc/The			8,980			8,821		BBB+	Mexico			4,858		4,671	BBB			171,741		164,806
	16	Municipal Finance Authority of British Columbia			8,848			8,654		AAA	Emerging Markets (2)			12,841		12,432	Below Investment Grade			7,721		7,154
	17	Morgan Stanley			8,748			8,448		A+	All Other			34,107		33,001	NA			—		—
	18	Enbridge Inc			8,589			8,280		BBB+		Total	$	327,277	$	316,493		Total	$	290,147	$	280,462
	19	AbbVie Inc			8,566			8,494		A-
	20	Comcast Corp			8,560			8,269		A-
	21	City of Montreal Canada			8,194			7,547		AA-
	22	Bank of Montreal			7,949			7,913		A+
	23	JPMorgan Chase & Co			7,918			7,707		A-
	24	American Airlines Group Inc			7,789			7,630		AA-
	25	General Electric Co			7,578			7,696		BBB+
			Total	$	258,009		$	250,982

			% of total fixed income portfolio		10.2	%		10.2	%

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

(Dollars in millions)			2014			2015			2016			2017			2018			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019


Recruits				190,439			228,115			262,732			303,867			290,886			76,230			76,520			76,146			61,990			63,223			86,173


Life-insurance licensed sales force, beginning of period				95,566			98,358			106,710			116,827			126,121			126,121			127,182			130,156			130,658			130,736			129,821
	New life-licensed representatives			33,832			39,632			44,724			48,535			48,041			11,730			13,544			11,715			11,052			10,065			10,919
	Non-renewal and terminated representatives			(31,040	)		(31,280	)		(34,607	)		(39,241	)		(43,426	)		(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)		(11,190	)
Life-insurance licensed sales force, end of period				98,358			106,710			116,827			126,121			130,736			127,182			130,156			130,658			130,736			129,821			129,550


Issued term life policies				220,984			260,059			298,244			312,799			301,589			70,821			83,754			74,892			72,122			64,242			78,664


Issued term life face amount			$	69,574		$	79,111		$	89,869		$	95,635		$	95,209		$	22,258		$	26,001		$	23,728		$	23,222		$	20,925		$	25,300


Term life face amount in force, beginning of period			$	674,868		$	681,927		$	693,194		$	728,385		$	763,831		$	763,831		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552
	Issued term life face amount			69,574			79,111			89,869			95,635			95,209			22,258			26,001			23,728			23,222			20,925			25,300
	Terminated term life face amount			(54,962	)		(53,580	)		(57,238	)		(65,958	)		(70,291	)		(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)		(16,512	)
	Foreign currency impact, net			(7,553	)		(14,263	)		2,560			5,769			(7,708	)		(2,570	)		(1,788	)		1,582			(4,932	)		1,969			2,036
Term life face amount in force, end of period			$	681,927		$	693,194		$	728,385		$	763,831		$	781,041		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376


Estimated annualized issued term life premium
	Premium from new policies		$	179.8		$	212.4		$	245.2		$	263.1		$	258.5		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1		$	68.2
	Additions and increases in premium			51.6			54.9			60.4			65.5			73.0			16.9			18.7			18.4			19.1			18.4			20.8
		Total estimated annualized issued term life premium	$	231.4		$	267.3		$	305.7		$	328.6		$	331.5		$	77.3		$	89.8		$	82.9		$	81.4		$	74.5		$	89.0


Investment & Savings product sales			$	5,682.3		$	5,856.8		$	5,594.3		$	6,192.2		$	7,040.1		$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4

Investment & Savings average client asset values			$	46,936		$	48,477		$	49,427		$	56,791		$	61,842		$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426

	Page
Preface, definition of Non-GAAP financial measures	3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures	4
Financial results and other statistical data	5
Statements of income	6
Reconciliation of statement of income GAAP to non-GAAP financial measures	7
Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Investment portfolio	13-15
Five-year historical key statistics	16