pri-ex992

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 fourth 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			Sep 30, 2019			Dec 31, 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		$	2,617,685		$	2,730,715
	Securities held to maturity				737,150			796,450			843,810			891,860			970,390			1,036,110			1,087,790			1,140,250			1,184,370
			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			3,757,935			3,915,085
	Due from reinsurers				4,205,173			4,263,111			4,199,275			4,196,021			4,141,569			4,202,903			4,185,850			4,166,362			4,169,823
	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			2,281,560			2,325,750
	Other assets				705,661			759,973			772,058			769,387			730,933			814,854			811,426			818,029			792,128
	Separate account assets				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760			2,437,291			2,427,852			2,485,745
			Total assets	$	12,460,704		$	12,492,737		$	12,496,640		$	12,707,531		$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531

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		$	6,374,327		$	6,446,569
	Other policy liabilities				685,885			693,223			673,912			682,126			700,094			703,123			717,265			714,930			744,087
	Income taxes				177,468			184,161			182,140			182,241			187,104			206,180			206,301			207,453			209,221
	Other liabilities				451,398			506,535			495,242			511,623			486,772			561,709			551,689			565,894			563,931
	Notes payable				373,288			373,381			373,474			373,567			373,661			373,755			373,848			373,942			374,037
	Surplus note				736,381			795,697			843,073			891,139			969,685			1,035,421			1,087,117			1,139,592			1,183,728
	Payable under securities lending				89,786			89,433			82,096			70,632			52,562			64,914			43,867			39,933			28,723
	Separate account liabilities				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760			2,437,291			2,427,852			2,485,745
			Total liabilities		11,041,603			11,066,237			11,096,056			11,264,074			11,133,535			11,554,726			11,731,781			11,843,924			12,036,040

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				443			440			432			430			427			424			420			415			412
	Paid-in capital				(0	)		(0	)		(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			1,553,286			1,593,281
	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			66,423			64,595
		Net unrealized investment losses other-than-temporarily impaired			(113	)		(136	)		(136	)		(135	)		(116	)		(106	)		(60	)		(46	)		(31	)
		Cumulative translation adjustment			3,995			(4,406	)		(10,309	)		(5,300	)		(21,064	)		(14,897	)		(8,258	)		(12,265	)		(5,765	)
			Total stockholders’ equity		1,419,101			1,426,500			1,400,584			1,443,456			1,461,513			1,521,387			1,585,926			1,607,813			1,652,492
			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		$	13,451,737		$	13,688,531

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		$	1,541,436		$	1,587,928
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			66,423			64,595
	Net unrealized investment losses other-than-temporarily impaired				(113	)		(136	)		(136	)		(135	)		(116	)		(106	)		(60	)		(46	)		(31	)
		Total reconciling items			39,573			13,903			1,357			(4,515	)		(7,370	)		28,916			56,227			66,377			64,564
			Total stockholders’ equity	$	1,419,101		$	1,426,500		$	1,400,584		$	1,443,456		$	1,461,513		$	1,521,387		$	1,585,926		$	1,607,813		$	1,652,492

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		$	1,529,699		$	1,541,436
	Net Income				168,443			65,714			86,699			85,139			86,541			79,166			97,446			96,223			93,557
	Shareholder dividends				(9,020	)		(11,278	)		(11,086	)		(10,920	)		(10,856	)		(14,628	)		(14,517	)		(14,324	)		(14,162	)
	Retirement of shares and warrants				(17,318	)		(51,563	)		(87,448	)		(34,508	)		(43,338	)		(60,288	)		(57,117	)		(70,679	)		(44,137	)
	Net foreign currency translation adjustment				(497	)		(8,402	)		(5,903	)		5,009			(15,765	)		6,167			6,639			(4,007	)		6,500
	Other, net				4,437			38,598			4,367			4,024			4,328			13,171			4,778			4,524			4,734
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		$	1,541,436		$	1,587,928

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		$	2,238,315		$	2,281,560
	General expenses deferred				8,887			9,599			9,800			8,886			8,497			9,163			9,384			9,468			8,608
	Commission costs deferred				99,411			104,314			103,192			100,890			96,697			98,196			100,498			100,913			97,538
	Amortization of deferred policy acquisition costs				(56,304	)		(60,165	)		(53,847	)		(59,534	)		(66,184	)		(64,628	)		(58,762	)		(63,883	)		(67,279	)
	Foreign currency impact and other, net				(224	)		(6,655	)		(4,684	)		4,127			(12,904	)		5,091			5,455			(3,254	)		5,322
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		$	2,281,560		$	2,325,750

																											YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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			41,963,672			41,470,805			(1,709,093	)		-4.0	%		43,854,102			42,181,079			(1,673,023	)	-3.8%

	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	96,223		$	93,557		$	7,015			8.1	%	$	324,093		$	366,391		$	42,297		13.1%
	Less income attributable to unvested participating securities			(425	)		(483	)		(485	)		(487	)		(401	)		(428	)		(415	)		(402	)		85			17.5	%		(1,894	)		(1,654	)		239		12.6%
		Net income used in computing basic EPS	$	65,289		$	86,216		$	84,654		$	86,054		$	78,765		$	97,018		$	95,808		$	93,155		$	7,101			8.3	%	$	322,200		$	364,736		$	42,536		13.2%
		Basic earnings per share	$	1.46		$	1.96		$	1.95		$	1.99		$	1.84		$	2.28		$	2.28		$	2.25		$	0.25			12.7	%	$	7.35		$	8.65		$	1.30		17.7%

	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	95,592		$	92,776		$	5,135			5.9	%	$	324,330		$	358,431		$	34,101		10.5%
	Less operating income attributable to unvested participating securities			(428	)		(479	)		(482	)		(493	)		(381	)		(416	)		(412	)		(399	)		95			19.2	%		(1,895	)		(1,618	)		277		14.6%
		Adjusted net operating income used in computing basic operating EPS	$	65,787		$	85,506		$	84,008		$	87,147		$	74,922		$	94,343		$	95,181		$	92,377		$	5,230			6.0	%	$	322,435		$	356,812		$	34,377		10.7%
		Basic adjusted operating income per share	$	1.47		$	1.94		$	1.93		$	2.02		$	1.75		$	2.22		$	2.27		$	2.23		$	0.21			10.4	%	$	7.35		$	8.46		$	1.11		15.1%

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			41,963,672			41,470,805			(1,709,093	)		-4.0	%		43,854,102			42,181,079			(1,673,023	)	-3.8%
	Dilutive impact of contingently issuable shares			115,421			140,567			136,628			131,384			118,014			135,719			135,887			143,224			11,840			9.0	%		131,046			133,211			2,165		1.7%
		Shares used to calculate diluted EPS		44,855,285			44,206,539			43,588,862			43,311,282			42,942,485			42,618,350			42,099,559			41,614,029			(1,697,253	)		-3.9	%		43,985,148			42,314,290			(1,670,858	)	-3.8%

	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	96,223		$	93,557		$	7,015			8.1	%	$	324,093		$	366,391		$	42,297		13.1%
	Less income attributable to unvested participating securities			(424	)		(481	)		(484	)		(486	)		(400	)		(427	)		(413	)		(401	)		85			17.5	%		(1,889	)		(1,650	)		239		12.6%
		Net income used in computing diluted EPS	$	65,290		$	86,217		$	84,655		$	86,055		$	78,766		$	97,019		$	95,809		$	93,156		$	7,101			8.3	%	$	322,205		$	364,741		$	42,536		13.2%
		Diluted earnings per share	$	1.46		$	1.95		$	1.94		$	1.99		$	1.83		$	2.28		$	2.28		$	2.24		$	0.25			12.7	%	$	7.33		$	8.62		$	1.29		17.7%

	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	95,592		$	92,776		$	5,135			5.9	%	$	324,330		$	358,431		$	34,101		10.5%
	Less operating income attributable to unvested participating securities			(427	)		(478	)		(480	)		(492	)		(381	)		(415	)		(411	)		(398	)		95			19.2	%		(1,890	)		(1,614	)		276		14.6%
		Adjusted net operating income used in computing diluted operating EPS	$	65,788		$	85,507		$	84,009		$	87,149		$	74,923		$	94,344		$	95,182		$	92,379		$	5,230			6.0	%	$	322,440		$	356,817		$	34,377		10.7%
		Diluted adjusted operating income per share	$	1.47		$	1.93		$	1.93		$	2.01		$	1.74		$	2.21		$	2.26		$	2.22		$	0.21			10.3	%	$	7.33		$	8.43		$	1.10		15.0%

																										YOY Q4												YOY YTD
		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	1,596,869		$	1,630,152		$	177,668			12.2	%	$	1,427,712		$	1,568,032		$	140,320			9.8	%
	Average adjusted stockholders' equity	$	1,396,063		$	1,405,912		$	1,423,599		$	1,458,427		$	1,480,676		$	1,511,085		$	1,535,567		$	1,564,682		$	106,255			7.3	%	$	1,421,000		$	1,523,003		$	102,002			7.2	%

	Net income return on stockholders' equity		18.5	%		24.5	%		23.9	%		23.8	%		21.2	%		25.1	%		24.1	%		23.0	%		-0.9	%	nm				22.7	%		23.4	%		0.7	%	nm
	Net income return on adjusted stockholders' equity		18.8	%		24.7	%		23.9	%		23.7	%		21.4	%		25.8	%		25.1	%		23.9	%		0.2	%	nm				22.8	%		24.1	%		1.2	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		19.0	%		24.5	%		23.7	%		24.0	%		20.3	%		25.1	%		24.9	%		23.7	%		-0.3	%	nm				22.8	%		23.5	%		0.7	%	nm

Capital Structure
	Debt-to-capital (1)		20.7	%		21.1	%		20.6	%		20.4	%		19.7	%		19.1	%		18.9	%		18.5	%		-1.9	%	nm				20.4	%		18.5	%		-1.9	%	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		2.3	x		2.4	x		0.0	x	nm				2.3	x		2.4	x		0.0	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		2.4	x		2.5	x		0.2	x	nm				2.3	x		2.5	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			41,491,998			41,206,504			(1,487,754	)		-3.5	%		42,694,258			41,206,504			(1,487,754	)		-3.5	%
	Adjusted stockholders' equity per share	$	32.14		$	32.41		$	33.69		$	34.40		$	35.20		$	36.41		$	37.15		$	38.54		$	4.13			12.0	%	$	34.40		$	38.54		$	4.13			12.0	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A2			A2			A1			A1			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best	A+			A+			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			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	a-			a-			a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

																											YOY Q4												YOY YTD
(Dollars in thousands)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	692,258		$	697,060		$	23,455			3.5	%	$	2,667,104		$	2,753,866		$	86,762			3.3	%
	Ceded premiums			(394,249	)		(403,449	)		(391,175	)		(392,290	)		(389,795	)		(400,588	)		(388,982	)		(390,364	)		1,926			0.5	%		(1,581,164	)		(1,569,729	)		11,435			0.7	%
		Net premiums		261,838			263,741			279,047			281,314			287,491			286,675			303,276			306,696			25,381			9.0	%		1,085,940			1,184,138			98,197			9.0	%
	Net investment income			19,017			20,030			20,622			21,760			24,111			24,868			22,675			22,418			658			3.0	%		81,430			94,073			12,643			15.5	%
	Commissions and fees:
		Sales-based (1)		64,461			64,307			64,181			67,041			66,997			71,438			69,034			75,418			8,376			12.5	%		259,991			282,887			22,896			8.8	%
		Asset-based (2)		74,649			75,672			78,318			75,012			73,639			79,317			81,009			84,184			9,172			12.2	%		303,652			318,149			14,497			4.8	%
		Account-based (3)		20,595			20,438			20,306			20,463			19,613			19,897			20,449			20,598			134			0.7	%		81,802			80,555			(1,247	)		-1.5	%
		Other commissions and fees		7,122			7,523			8,074			9,444			7,066			7,817			9,227			8,103			(1,341	)		-14.2	%		32,163			32,213			50			0.2	%
	Realized investment (losses) gains			(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067			285			766			2,417			146.4	%		(2,121	)		4,965			7,086		nm
	Other, net			13,897			14,790			14,359			13,940			13,223			13,825			14,698			13,778			(162	)		-1.2	%		56,987			55,525			(1,462	)		-2.6	%
	Total revenues			459,923			467,814			484,781			487,324			494,988			504,903			520,654			531,959			44,635			9.2	%		1,899,843			2,052,504			152,661			8.0	%
Benefits and expenses:
	Benefits and claims			116,890			105,069			118,787			116,837			122,284			115,068			128,684			127,784			10,947			9.4	%		457,583			493,820			36,237			7.9	%
	Amortization of DAC			60,165			53,847			59,534			66,184			64,628			58,762			63,883			67,279			1,095			1.7	%		239,730			254,552			14,823			6.2	%
	Insurance commissions			5,877			6,417			6,584			5,612			5,619			5,829			6,980			6,624			1,011			18.0	%		24,490			25,051			560			2.3	%
	Insurance expenses			41,109			43,451			41,925			41,671			43,402			44,569			44,854			45,991			4,320			10.4	%		168,156			178,817			10,661			6.3	%
	Sales commissions:
		Sales-based (1)		46,259			45,905			45,634			47,424			47,831			50,679			48,652			52,529			5,105			10.8	%		185,221			199,690			14,469			7.8	%
		Asset-based (2)		32,484			33,350			34,813			33,297			32,343			35,665			35,875			37,772			4,476			13.4	%		133,943			141,655			7,712			5.8	%
		Other sales commissions		3,777			3,700			4,141			4,602			3,626			3,755			4,535			3,937			(665	)		-14.5	%		16,220			15,853			(367	)		-2.3	%
	Interest expense			7,173			7,229			7,216			7,192			7,180			7,201			7,209			7,222			30			0.4	%		28,809			28,811			2		nm
	Other operating expenses			63,228			55,083			54,712			56,584			65,706			55,917			54,844			60,676			4,093			7.2	%		229,606			237,143			7,537			3.3	%
	Total benefits and expenses			376,961			354,050			373,346			379,403			392,619			377,444			395,515			409,815			30,412			8.0	%		1,483,760			1,575,393			91,633			6.2	%
	Income before income taxes			82,962			113,764			111,435			107,922			102,368			127,459			125,138			122,145			14,223			13.2	%		416,083			477,111			61,028			14.7	%
Income taxes				17,248			27,065			26,296			21,380			23,203			30,014			28,916			28,588			7,208			33.7	%		91,990			110,720			18,731			20.4	%
	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	96,223		$	93,557		$	7,015			8.1	%	$	324,093		$	366,391		$	42,297			13.1	%

Income Before Income Taxes by Segment
Term Life			$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	83,761		$	81,995		$	9,878			13.7	%	$	281,903		$	320,093		$	38,190			13.5	%
Investment & Savings Products				39,985			43,228			45,052			45,647			42,684			47,343			48,794			52,991			7,345			16.1	%		173,911			191,812			17,901			10.3	%
Corporate & Other Distributed Products				(16,644	)		(5,291	)		(7,954	)		(9,842	)		(10,654	)		(3,882	)		(7,416	)		(12,841	)		(3,000	)		-30.5	%		(39,731	)		(34,794	)		4,937			12.4	%
	Income before income taxes		$	82,962		$	113,764		$	111,435		$	107,922		$	102,368		$	127,459		$	125,138		$	122,145		$	14,223			13.2	%	$	416,083		$	477,111		$	61,028			14.7	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	685,539		$	691,546		$	23,770			3.6	%	$	2,640,830		$	2,728,844		$	88,015			3.3	%
	Less: Premiums ceded to IPO Coinsurers		294,301			290,956			284,742			281,265			276,150			272,596			267,856			264,786			(16,479	)		-5.9	%		1,151,264			1,081,388			(69,876	)		-6.1	%
	Term Life adjusted direct premiums	$	355,065		$	369,548		$	378,441		$	386,511		$	394,605		$	408,408		$	417,683		$	426,761		$	40,250			10.4	%	$	1,489,566		$	1,647,456		$	157,891			10.6	%


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	)	$	(387,120	)	$	(388,237	)	$	1,936			0.5	%	$	(1,573,751	)	$	(1,562,383	)	$	11,368			0.7	%
	Less: Premiums ceded to IPO Coinsurers		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		16,479			5.9	%		(1,151,264	)		(1,081,388	)		69,876			6.1	%
	Term Life other ceded premiums	$	(98,260	)	$	(110,730	)	$	(104,590	)	$	(108,908	)	$	(111,950	)	$	(126,330	)	$	(119,264	)	$	(123,451	)	$	(14,543	)		-13.4	%	$	(422,487	)	$	(480,995	)	$	(58,508	)		-13.8	%


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		$	22,675		$	22,418		$	658			3.0	%	$	81,430		$	94,073		$	12,643			15.5	%
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447			534			254		nm			nm				(1,680	)		5,382		nm			nm
	Adjusted net investment income	$	20,305		$	20,405		$	20,920		$	21,480		$	21,964		$	22,421		$	22,141		$	22,165		$	684			3.2	%	$	83,110		$	88,691		$	5,581			6.7	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	459,923		$	467,814		$	484,781		$	487,324		$	494,988		$	504,903		$	520,654		$	531,959		$	44,635			9.2	%	$	1,899,843		$	2,052,504		$	152,661			8.0	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067			285			766		nm			nm				(2,121	)		4,965		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447			534			254		nm			nm				(1,680	)		5,382		nm			nm
	Adjusted operating revenues	$	462,866		$	466,877		$	485,205		$	488,695		$	489,993		$	501,389		$	519,834		$	530,940		$	42,245			8.6	%	$	1,903,644		$	2,042,157		$	138,513			7.3	%


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		$	125,138		$	122,145		$	14,223			13.2	%	$	416,083		$	477,111		$	61,028			14.7	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847			1,067			285			766		nm			nm				(2,121	)		4,965		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147			2,447			534			254		nm			nm				(1,680	)		5,382		nm			nm
	Adjusted operating income before income taxes	$	85,906		$	112,827		$	111,859		$	109,293		$	97,374		$	123,945		$	124,319		$	121,125		$	11,833			10.8	%	$	419,884		$	466,764		$	46,880			11.2	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	97,446		$	96,223		$	93,557		$	7,015			8.1	%	$	324,093		$	366,391		$	42,297			13.1	%
	Less: Income before income taxes reconciling items		(2,944	)		937			(424	)		(1,371	)		4,994			3,514			819			1,019		nm			nm				(3,801	)		10,347		nm			nm
	Less: Tax impact of income before income taxes reconciling items		675			(223	)		104			272			(1,132	)		(828	)		(189	)		(239	)	nm			nm				827			(2,387	)	nm			nm
	Less: Transition impact of tax reform (1)		1,768			—			970			—			—			—			—			—		nm			nm				2,737			—		nm			nm
	Adjusted net operating income	$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	94,759		$	95,592		$	92,776		$	5,135			5.9	%	$	324,330		$	358,431		$	34,101			10.5	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	685,539		$	691,546		$	23,770			3.6	%	$	2,640,830		$	2,728,844		$	88,015			3.3	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		16,479			5.9	%		(1,151,264	)		(1,081,388	)		69,876			6.1	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			408,408			417,683			426,761			40,250			10.4	%		1,489,566			1,647,456			157,891			10.6	%
	Other ceded premiums (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(14,543	)		-13.4	%		(422,487	)		(480,995	)		(58,508	)		-13.8	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			282,077			298,419			303,310			25,706			9.3	%		1,067,078			1,166,461			99,383			9.3	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			4,736			5,123			5,619			1,712			43.8	%		13,747			19,922			6,175			44.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			10,055			10,985			10,063			(368	)		-3.5	%		42,374			40,848			(1,526	)		-3.6	%
	Revenues		270,309			272,978			287,972			291,941			296,843			296,869			314,527			318,992			27,051			9.3	%		1,123,199			1,227,231			104,032			9.3	%

Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			111,480			122,751			122,657			9,456			8.4	%		441,775			475,330			33,555			7.6	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			56,179			61,548			66,918			3,139			4.9	%		228,613			248,711			20,098			8.8	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			2,298			3,311			3,009			765			34.1	%		10,263			10,781			518			5.0	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			42,914			43,157			44,413			3,814			9.4	%		160,645			172,316			11,671			7.3	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			212,870			230,766			236,997			17,173			7.8	%		841,297			907,138			65,841			7.8	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	83,761		$	81,995		$	9,878			13.7	%	$	281,903		$	320,093		$	38,190			13.5	%

Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	64,461		$	64,307		$	64,181		$	67,041		$	66,997		$	71,438		$	69,034		$	75,418		$	8,376			12.5	%	$	259,991		$	282,887		$	22,896			8.8	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			79,317			81,009			84,184			9,172			12.2	%		303,652			318,149			14,497			4.8	%
	Account-based		20,595			20,438			20,306			20,463			19,613			19,897			20,449			20,598			134			0.7	%		81,802			80,555			(1,247	)		-1.5	%
	Other, net		2,336			2,424			2,464			2,408			2,423			2,434			2,661			2,500			92			3.8	%		9,631			10,017			386			4.0	%
	Revenues		162,042			162,841			165,269			164,924			162,671			173,085			173,153			182,699			17,774			10.8	%		655,075			691,608			36,533			5.6	%

Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			2,101			2,044			(74	)		(1,970	)		-103.9	%		9,766			4,549			(5,217	)		-53.4	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			3,155			3,257			3,297			255			8.4	%		12,567			12,735			168			1.3	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			50,679			48,652			52,529			5,105			10.8	%		185,221			199,690			14,469			7.8	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			35,665			35,875			37,772			4,476			13.4	%		133,943			141,655			7,712			5.8	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			34,143			34,530			36,182			2,563			7.6	%		139,667			141,168			1,501			1.1	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			125,742			124,359			129,707			10,430			8.7	%		481,164			499,796			18,632			3.9	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	47,343		$	48,794		$	52,991		$	7,345			16.1	%	$	173,911		$	191,812		$	17,900			10.3	%

Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,721		$	6,686		$	7,039		$	5,829		$	6,531		$	6,258		$	6,719		$	5,514		$	(315	)		-5.4	%	$	26,274		$	25,022		$	(1,253	)		-4.8	%
	Ceded premiums		(1,688	)		(1,763	)		(1,843	)		(2,118	)		(1,695	)		(1,661	)		(1,862	)		(2,128	)		(10	)		-0.5	%		(7,413	)		(7,345	)		67			0.9	%
	Net premiums		5,033			4,923			5,195			3,711			4,836			4,597			4,858			3,386			(325	)		-8.8	%		18,862			17,677			(1,185	)		-6.3	%
	Allocated net investment income		17,216			17,159			17,413			17,574			17,521			17,684			17,018			16,545			(1,028	)		-5.9	%		69,363			68,768			(594	)		-0.9	%
	Commissions and fees:
	Prepaid Legal Services		3,669			3,607			4,431			4,586			3,737			4,159			4,776			3,905			(681	)		-14.9	%		16,293			16,577			283			1.7	%
	Auto and Homeowners Insurance		1,347			1,800			1,516			2,386			1,500			1,877			2,165			1,766			(620	)		-26.0	%		7,048			7,308			260			3.7	%
	Other sales commissions		2,106			2,116			2,127			2,472			1,829			1,781			2,286			2,432			(40	)		-1.6	%		8,821			8,328			(493	)		-5.6	%
	Other, net		1,145			1,453			1,281			1,102			1,056			1,336			1,052			1,215			114			10.3	%		4,982			4,660			(322	)		-6.5	%
	Adjusted operating revenues		30,516			31,058			31,964			31,831			30,479			31,435			32,154			29,250			(2,581	)		-8.1	%		125,369			123,318			(2,052	)		-1.6	%

Benefits and expenses:
	Benefits and claims		4,059			3,314			4,799			3,636			3,842			3,588			5,933			5,127			1,492			41.0	%		15,808			18,490			2,682			17.0	%
	Amortization of DAC		50			510			282			509			85			482			291			434			(74	)		-14.6	%		1,351			1,293			(58	)		-4.3	%
	Insurance commissions		450			428			455			326			431			376			411			318			(9	)		-2.7	%		1,660			1,535			(125	)		-7.5	%
	Insurance expenses		2,153			2,169			2,118			1,071			1,570			1,656			1,697			1,578			507			47.3	%		7,511			6,501			(1,010	)		-13.4	%
	Sales commissions		3,777			3,700			4,141			4,602			3,626			3,755			4,535			3,937			(665	)		-14.5	%		16,220			15,853			(367	)		-2.3	%
	Interest expense		7,173			7,229			7,216			7,192			7,180			7,201			7,209			7,222			30			0.4	%		28,809			28,811			2		nm
	Other operating expenses		26,554			19,936			20,484			22,965			29,394			21,774			20,314			24,494			1,529			6.7	%		89,939			95,976			6,036			6.7	%
	Benefits and expenses		44,216			37,287			39,495			40,301			46,127			38,831			40,390			43,110			2,809			7.0	%		161,299			168,459			7,160			4.4	%
	Adjusted operating income before income taxes	$	(13,700	)	$	(6,228	)	$	(7,531	)	$	(8,471	)	$	(15,648	)	$	(7,396	)	$	(8,236	)	$	(13,861	)	$	(5,390	)		-63.6	%	$	(35,930	)	$	(45,141	)	$	(9,211	)		-25.6	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	685,539		$	691,546		$	23,770			3.6	%	$	2,640,830		$	2,728,844		$	88,015			3.3	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		16,479			5.9	%		(1,151,264	)		(1,081,388	)		69,876			6.1	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			408,408			417,683			426,761			40,250			10.4	%		1,489,566			1,647,456			157,891			10.6	%
	Other ceded premiums (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(14,543	)		-13.4	%		(422,487	)		(480,995	)		(58,508	)		-13.8	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			282,077			298,419			303,310			25,706			9.3	%		1,067,078			1,166,461			99,383			9.3	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			4,736			5,123			5,619			1,712			43.8	%		13,747			19,922			6,175			44.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			10,055			10,985			10,063			(368	)		-3.5	%		42,374			40,848			(1,526	)		-3.6	%
	Revenues		270,309			272,978			287,972			291,941			296,843			296,869			314,527			318,992			27,051			9.3	%		1,123,199			1,227,231			104,032			9.3	%

	Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			111,480			122,751			122,657			9,456			8.4	%		441,775			475,330			33,555			7.6	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			56,179			61,548			66,918			3,139			4.9	%		228,613			248,711			20,098			8.8	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			2,298			3,311			3,009			765			34.1	%		10,263			10,781			518			5.0	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			42,914			43,157			44,413			3,814			9.4	%		160,645			172,316			11,671			7.3	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			212,870			230,766			236,997			17,173			7.8	%		841,297			907,138			65,841			7.8	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	83,761		$	81,995		$	9,878			13.7	%	$	281,903		$	320,093		$	38,190			13.5	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	267,615		$	280,209		$	287,554		$	294,006		$	300,708		$	312,436		$	320,424		$	327,939		$	33,933			11.5	%	$	1,129,385		$	1,261,507		$	132,123			11.7	%
	Pre-IPO direct premiums (5)		381,751			380,295			375,629			373,770			370,047			368,568			365,115			363,607			(10,163	)		-2.7	%		1,511,445			1,467,337			(44,108	)		-2.9	%
	Total direct premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	681,004		$	685,539		$	691,546		$	23,770			3.6	%	$	2,640,830		$	2,728,844		$	88,015			3.3	%

	Premiums ceded to IPO coinsurers	$	294,301		$	290,956		$	284,742		$	281,265		$	276,150		$	272,596		$	267,856		$	264,786		$	(16,479	)		-5.9	%	$	1,151,264		$	1,081,388		$	(69,876	)		-6.1	%
	% of Pre-IPO direct premiums		77.1	%		76.5	%		75.8	%		75.3	%		74.6	%		74.0	%		73.4	%		72.8	%	nm			nm				76.2	%		73.7	%	nm			nm

	Benefits and claims, net (6)	$	211,091		$	212,485		$	218,577		$	222,109		$	230,392		$	237,810		$	242,016		$	246,108		$	23,999			10.8	%	$	864,262		$	956,326		$	92,064			10.7	%
	% of adjusted direct premiums		59.5	%		57.5	%		57.8	%		57.5	%		58.4	%		58.2	%		57.9	%		57.7	%	nm			nm				58.0	%		58.0	%	nm			nm

	DAC amortization & insurance commissions	$	58,901		$	54,113		$	59,839		$	66,023		$	66,229		$	58,477		$	64,858		$	69,927		$	3,904			5.9	%	$	238,876		$	259,492		$	20,616			8.6	%
	% of adjusted direct premiums		16.6	%		14.6	%		15.8	%		17.1	%		16.8	%		14.3	%		15.5	%		16.4	%	nm			nm				16.0	%		15.8	%	nm			nm

	Insurance expenses, net (7)	$	28,541		$	30,369		$	29,193		$	30,169		$	32,088		$	32,858		$	32,171		$	34,351		$	4,181			13.9	%	$	118,272		$	131,468		$	13,196			11.2	%
	% of adjusted direct premiums		8.0	%		8.2	%		7.7	%		7.8	%		8.1	%		8.0	%		7.7	%		8.0	%	nm			nm				7.9	%		8.0	%	nm			nm

	Total Term Life income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	83,999		$	83,761		$	81,995		$	9,878			13.7	%	$	281,903		$	320,093		$	38,190			13.5	%
	Term Life operating margin (8)		16.8	%		20.5	%		19.6	%		18.7	%		17.8	%		20.6	%		20.1	%		19.2	%	nm			nm				18.9	%		19.4	%	nm			nm

																											YOY Q4												YOY YTD
(Dollars in thousands, except as noted)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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			129,550			130,871			213			0.2	%		126,121			130,736			4,615			3.7	%
	New life-licensed representatives			11,730			13,544			11,715			11,052			10,065			10,919			12,682			11,073			21			0.2	%		48,041			44,739			(3,302	)		-6.9	%
	Non-renewal and terminated representatives			(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)		(11,190	)		(11,361	)		(11,422	)		(448	)		-4.1	%		(43,426	)		(44,953	)		(1,527	)		-3.5	%
Life-insurance licensed sales force, end of period				127,182			130,156			130,658			130,736			129,821			129,550			130,871			130,522			(214	)		-0.2	%		130,736			130,522			(214	)		-0.2	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1		$	68.2		$	65.2		$	64.0		$	1.6			2.5	%	$	258.5		$	253.5		$	(5.0	)		-1.9	%
	Additions and increases in premium			16.9			18.7			18.4			19.1			18.4			20.8			20.1			20.5			1.5			7.6	%		73.0			79.7			6.7			9.2	%
		Total estimated annualized issued term life premium	$	77.3		$	89.8		$	82.9		$	81.4		$	74.5		$	89.0		$	85.3		$	84.5		$	3.0			3.7	%	$	331.5		$	333.2		$	1.8			0.5	%

Issued term life policies				70,821			83,754			74,892			72,122			64,242			78,664			73,434			71,469			(653	)		-0.9	%		301,589			287,809			(13,780	)		-4.6	%
Estimated average annualized issued term life premium per policy (1)(2)			$	853		$	849		$	862		$	865		$	874		$	867		$	888		$	895		$	30			3.5	%	$	857		$	881		$	24			2.8	%

Term life face amount in-force, beginning of period ($mills)			$	763,831		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376		$	801,494		$	20,218			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			24,087			23,682			460			2.0	%		95,209			93,994			(1,215	)		-1.3	%
	Terminated term life face amount			(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)		(16,512	)		(17,740	)		(18,884	)		(359	)		-1.9	%		(70,291	)		(71,519	)		(1,228	)		-1.7	%
	Foreign currency impact, net			(2,570	)		(1,788	)		1,582			(4,932	)		1,969			2,036			(1,228	)		1,970			6,902			139.9	%		(7,708	)		4,746			12,454		nm
Term life face amount in-force, end of period			$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	27,221			3.5	%	$	781,041		$	808,262		$	27,221			3.5	%

(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 Q4												YOY YTD
(Dollars in thousands, except as noted)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	69,034		$	75,418		$	8,376			12.5	%	$	259,991		$	282,887		$	22,896			8.8	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			79,317			81,009			84,184			9,172			12.2	%		303,652			318,149			14,497			4.8	%
	Account-based		20,595			20,438			20,306			20,463			19,613			19,897			20,449			20,598			134			0.7	%		81,802			80,555			(1,247	)		-1.5	%
	Other, net		2,336			2,424			2,464			2,408			2,423			2,434			2,661			2,500			92			3.8	%		9,631			10,017			386			4.0	%
	Revenues		162,042			162,841			165,269			164,924			162,671			173,085			173,153			182,699			17,774			10.8	%		655,075			691,608			36,533			5.6	%

	Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			2,101			2,044			(74	)		(1,970	)		-103.9	%		9,766			4,549			(5,217	)		-53.4	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			3,155			3,257			3,297			255			8.4	%		12,567			12,735			168			1.3	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			50,679			48,652			52,529			5,105			10.8	%		185,221			199,690			14,469			7.8	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			35,665			35,875			37,772			4,476			13.4	%		133,943			141,655			7,712			5.8	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			34,143			34,530			36,182			2,563			7.6	%		139,667			141,168			1,501			1.1	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			125,742			124,359			129,707			10,430			8.7	%		481,164			499,796			18,632			3.9	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	47,343		$	48,794		$	52,991		$	7,345			16.1	%	$	173,911		$	191,812		$	17,900			10.3	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,690		$	5,833		$	6,037		$	5,962		$	5,898		$	5,705		$	6,225		$	6,169		$	207			3.5	%	$	23,522		$	23,998		$	476			2.0	%
	Fees paid based on fee-generating positions (2)		12,495			10,854			10,223			10,219			11,159			9,658			9,354			9,648			(572	)		-5.6	%		43,792			39,820			(3,972	)		-9.1	%
	Other operating expenses		18,488			18,460			17,968			17,437			19,254			18,780			18,951			20,365			2,928			16.8	%		72,354			77,351			4,997			6.9	%
	Total other operating expenses	$	36,673		$	35,147		$	34,228		$	33,619		$	36,312		$	34,143		$	34,530		$	36,182		$	2,563			7.6	%	$	139,667		$	141,168		$	1,501			1.1	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.24	%		1.27	%		1.26	%		1.35	%		1.33	%		1.29	%		1.31	%		1.41	%	nm			nm				1.28	%		1.34	%	nm			nm
	Canada		1.05	%		0.95	%		0.90	%		0.90	%		1.00	%		0.97	%		0.96	%		0.94	%	nm			nm				0.96	%		0.97	%	nm			nm
	Total		1.20	%		1.22	%		1.21	%		1.29	%		1.28	%		1.25	%		1.27	%		1.35	%	nm			nm				1.23	%		1.29	%	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	%		0.038	%		0.039	%	nm			nm				0.148	%		0.151	%	nm			nm
	Canada		0.111	%		0.123	%		0.121	%		0.122	%		0.136	%		0.120	%		0.121	%		0.138	%	nm			nm				0.478	%		0.514	%	nm			nm
	Total		0.048	%		0.051	%		0.050	%		0.051	%		0.052	%		0.051	%		0.051	%		0.054	%	nm			nm				0.200	%		0.208	%	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		$	4.18		$	4.10		nm			nm			$	13.87		$	15.37		nm			nm

																													YOY Q4												YOY YTD
(Dollars in thousands, except as noted)					Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	829.7		$	831.9		$	64.2			8.4	%	$	3,124.0		$	3,227.8		$	103.8			3.3	%
		Canada Retail Mutual Funds				276.2			199.2			181.7			182.6			244.1			199.7			184.9			199.0			16.4			9.0	%		839.7			827.6			(12.1	)		-1.4	%
		Indexed Annuities				67.5			71.9			78.8			88.2			81.0			88.2			75.0			76.3			(11.8	)		-13.4	%		306.5			320.4			13.9			4.5	%
		Variable Annuities and other				376.1			432.2			504.5			476.8			465.8			514.2			512.8			583.7			106.9			22.4	%		1,789.6			2,076.6			287.1			16.0	%
				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			1,602.4			1,691.0			175.6			11.6	%		6,059.8			6,452.5			392.7			6.5	%
		Managed Accounts				188.8			204.3			190.5			169.4			161.6			203.5			176.9			197.4			28.0			16.5	%		753.0			739.4			(13.6	)		-1.8	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			76.0			76.4			94.6			43.7			85.7	%		227.3			341.2			114.0			50.2	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	247.3			14.2	%	$	7,040.1		$	7,533.2		$	493.1			7.0	%

		Canada Retail Mutual Funds			$	276.2		$	199.2		$	181.7		$	182.6		$	244.1		$	199.7		$	184.9		$	199.0		$	16.4			9.0	%	$	839.7		$	827.6		$	(12.1	)		-1.4	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			76.0			76.4			94.6			43.7			85.7	%		227.3			341.2			114.0			50.2	%
			Total Canada product sales			358.2			249.8			225.4			233.6			338.4			275.6			261.3			293.6			60.0			25.7	%		1,067.0			1,168.9			101.9			9.5	%
			Total U.S. product sales			1,424.8			1,509.1			1,537.1			1,502.1			1,418.6			1,661.8			1,594.4			1,689.4			187.3			12.5	%		5,973.1			6,364.3			391.2			6.5	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	247.3			14.2	%	$	7,040.1		$	7,533.2		$	493.1			7.0	%

	Client asset values, beginning of period ($mills)				$	61,167		$	60,821		$	61,777		$	64,234		$	57,704		$	63,602		$	65,878		$	66,222		$	1,988			3.1	%	$	61,167		$	57,704		$	(3,463	)		-5.7	%
		Inflows				1,783			1,759			1,762			1,736			1,757			1,937			1,856			1,983			247			14.2	%		7,040			7,533			493			7.0	%
		Outflows (1)				(1,571	)		(1,498	)		(1,499	)		(1,376	)		(1,530	)		(1,633	)		(1,669	)		(1,596	)		(219	)		-15.9	%		(5,944	)		(6,428	)		(484	)		-8.1	%
				Net flows		212			261			264			360			227			305			186			387			28			7.7	%		1,096			1,105			10		nm
		Foreign currency impact, net				(283	)		(195	)		174			(543	)		201			225			(136	)		217			760			140.0	%		(847	)		507			1,354		nm
		Change in market value, net and other (2)				(276	)		891			2,019			(6,346	)		5,470			1,746			294			3,710			10,057		nm				(3,712	)		11,221			14,932		nm
	Client asset values, end of period				$	60,821		$	61,777		$	64,234		$	57,704		$	63,602		$	65,878		$	66,222		$	70,537		$	12,833			22.2	%	$	57,704		$	70,537		$	12,833			22.2	%
		Annualized net flows as % of beginning of period asset values				1.4	%		1.7	%		1.7	%		2.2	%		1.6	%		1.9	%		1.1	%		2.3	%		0.1	%	nm				1.8	%		1.9	%		0.1	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,674		$	30,348		$	31,439		$	30,156		$	30,266		$	31,744		$	32,521		$	33,658		$	3,502			11.6	%	$	30,654		$	32,047		$	1,393			4.5	%
		Canada Retail Mutual Funds				7,508			7,444			7,610			7,252			7,390			7,795			7,991			8,218			966			13.3	%		7,454			7,849			395			5.3	%
		Managed Accounts				2,739			2,930			3,179			3,189			3,241			3,455			3,652			3,901			713			22.4	%		3,009			3,563			554			18.4	%
		Indexed Annuities				1,939			1,997			2,049			2,117			2,182			2,247			2,296			2,342			225			10.6	%		2,025			2,267			241			11.9	%
		Variable Annuities and other				16,333			16,176			16,669			15,982			16,057			16,807			17,114			17,661			1,680			10.5	%		16,290			16,910			620			3.8	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			2,378			2,428			2,455			145			6.3	%		2,410			2,394			(16	)		-0.7	%
				Total	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426		$	66,002		$	68,236		$	7,230			11.9	%	$	61,842		$	65,029		$	3,186			5.2	%

		Canada Retail Mutual Funds			$	7,508		$	7,444		$	7,610		$	7,252		$	7,390		$	7,795		$	7,991		$	8,218		$	966			13.3	%	$	7,454		$	7,849		$	395			5.3	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			2,378			2,428			2,455			145			6.3	%		2,410			2,394			(16	)		-0.7	%
			Total Canada average client assets			10,018			9,846			10,027			9,562			9,704			10,173			10,418			10,674			1,111			11.6	%		9,864			10,242			379			3.8	%
			Total U.S. average client assets			51,685			51,451			53,336			51,444			51,747			54,253			55,583			57,563			6,119			11.9	%		51,979			54,787			2,808			5.4	%
				Total average client assets	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426		$	66,002		$	68,236		$	7,230			11.9	%	$	61,842		$	65,029		$	3,186			5.2	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,130			2,086			2,066			2,042			1,998			1,996			2,007			2,020			(23	)		-1.1	%		2,081			2,005			(76	)		-3.6	%
		Recordkeeping only				665			660			657			652			641			641			646			650			(1	)		-0.2	%		658			644			(14	)		-2.1	%
				Total		2,795			2,746			2,723			2,694			2,639			2,637			2,653			2,670			(24	)		-0.9	%		2,739			2,650			(90	)		-3.3	%

				As of or for the period ended December 31, 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				$	256,876	$	256,876	$	-		9.5	%		9.8	%

Fixed Income:
	Treasury				28,696		28,269		428		1.1	%		1.1	%		2.37	%	AAA
	Government				234,985		227,876		7,109		8.7	%		8.7	%		3.11	%	AA-
	Tax-Exempt Municipal				30,343		28,873		1,469		1.1	%		1.1	%		3.39	%	AA
	Corporate				1,399,999		1,343,200		56,800		51.9	%		51.4	%		3.71	%	BBB+
	Mortgage Backed				323,856		317,132		6,724		12.0	%		12.1	%		3.07	%	AAA
	Asset Backed				103,106		102,604		501		3.8	%		3.9	%		3.03	%	AA+
	Cmbs				132,005		128,913		3,092		4.9	%		4.9	%		3.15	%	AA+
	Private				141,374		135,689		5,685		5.2	%		5.2	%		4.70	%	BBB
	Redeemable Preferred				5,865		5,447		417		0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,400,229		2,318,003		82,226		89.0	%		88.6	%		3.54	%	A

Equities:
	Perpetual Preferred				13,465		13,465		-		0.5	%		0.5	%
	Common Stock				19,336		19,336		0		0.7	%		0.7	%
	Mutual Fund				7,883		7,883		-		0.3	%		0.3	%
	Other				-		-		-		0.0	%		0.0	%
			Total Equities		40,684		40,684		0		1.5	%		1.6	%

			Total Invested Assets	$	2,697,789	$	2,615,563	$	82,226		100.0	%		100.0	%

Corporate Portfolio by Sector

	Consumer Non Cyclical			$	189,986	$	183,072	$	6,914		13.6	%		13.6	%
	Banking				187,836		182,886		4,951		13.4	%		13.6	%
	Reits				134,986		129,166		5,820		9.6	%		9.6	%
	Energy				129,338		123,752		5,586		9.2	%		9.2	%
	Insurance				112,281		106,527		5,754		8.0	%		7.9	%
	Technology				111,948		107,488		4,461		8.0	%		8.0	%
	Consumer Cyclical				94,233		90,105		4,128		6.7	%		6.7	%
	Capital Goods				93,820		91,083		2,737		6.7	%		6.8	%
	Communications				77,404		73,511		3,893		5.5	%		5.5	%
	Transportation				68,522		66,408		2,115		4.9	%		4.9	%
	Electric				65,907		62,307		3,600		4.7	%		4.6	%
	Basic Industry				56,283		53,535		2,749		4.0	%		4.0	%
	Brokerage				34,490		32,174		2,316		2.5	%		2.4	%
	Finance Companies				16,675		15,640		1,036		1.2	%		1.2	%
	Industrial Other				10,876		10,505		371		0.8	%		0.8	%
	Natural Gas				7,710		7,487		223		0.6	%		0.6	%
	Financial Other				3,550		3,451		99		0.3	%		0.3	%
	Owned No Guarantee				3,106		3,106		-		0.2	%		0.2	%
	Utility Other				1,047		998		49		0.1	%		0.1	%
			Total Corporate portfolio	$	1,399,999	$	1,343,200	$	56,800		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	299,815	$	298,280	$	1,535		12.5	%		12.9	%		2.98	%
		1-2 Yrs.			288,105		283,979		4,126		12.0	%		12.3	%		3.37	%
		2-5 Yrs.			1,009,071		973,014		36,058		42.0	%		42.0	%		3.63	%
		5-10 Yrs.			665,998		633,864		32,134		27.7	%		27.3	%		3.72	%
		> 10 Yrs.			137,239		128,865		8,373		5.7	%		5.6	%		3.76	%
			Total Fixed Income	$	2,400,229	$	2,318,003	$	82,226		100.0	%		100.0	%		3.54	%

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		$	555,640		24.0	%
	AA			271,936		11.7	%
	A			543,351		23.4	%
	BBB			885,497		38.2	%
	Below Investment Grade			59,190		2.6	%
	NA			2,389		0.1	%
		Total Fixed Income	$	2,318,003		100.0	%




			Amortized Cost		% of Total							Amortized Cost		% of Total
Corporate asset class:								Private asset class:
	Rating								Rating
	AAA		$	14,492		1.1	%		AAA			$	-		—
	AA			96,563		7.2	%		AA				888		0.7	%
	A			430,072		32.0	%		A				11,979		8.8	%
	BBB			744,729		55.4	%		BBB				121,273		89.4	%
	Below Investment Grade			56,395		4.2	%		Below Investment Grade				1,549		1.1	%
	NA			948		0.1	%		NA				-		—
		Total Corporate	$	1,343,200		100.0	%				Total Private	$	135,689		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	106,629		82.7	%		AAA			$	290,843		91.7	%
	AA			-		—			AA				20,380		6.4	%
	A			22,005		17.1	%		A				5,564		1.8	%
	BBB			-		—			BBB				224		0.1	%
	Below Investment Grade			279		0.2	%		Below Investment Grade				52		0.0	%
	NA			-		—			NA				68		0.0	%
		Total CMBS	$	128,913		100.0	%				Total Mortgage-Backed	$	317,132		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	71,277		69.5	%		AAA			$	68,559		26.8	%
	AA			5,087		5.0	%		AA				129,431		50.5	%
	A			23,982		23.4	%		A				47,791		18.7	%
	BBB			768		0.7	%		BBB				9,566		3.7	%
	Below Investment Grade			118		0.1	%		Below Investment Grade				797		0.3	%
	NA			1,372		1.3	%		NA				0		0.0	%
		Total Asset-Backed	$	102,604		100.0	%				Total Treasury & Government	$	256,144		100.0	%



NAIC Designations

	1		$	1,034,342		56.0	%
	2			755,734		40.9	%
	3			48,202		2.6	%
	4			7,530		0.4	%
	5			497		0.0	%
	6			0		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,846,306		100.0	%
	Other (3)			512,381
	Cash and cash equivalents			256,876
		Total Invested Assets	$	2,615,563

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

																												YOY Q4
(Dollars in thousands)				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 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		$	20,380		$	20,772		$	589		2.9%
	Fixed-maturity securities (held-to-maturity)				8,373			9,052			9,592			10,467			10,674			11,769			12,769			13,113			2,646		25.3%
	Equity Securities				513			466			482			495			487			446			448			464			(31	)	-6.2%
	Deposit asset underlying 10% reinsurance treaty				1,181			1,270			1,392			1,480			1,755			2,141			2,105			2,046			566		38.2%
	Deposit asset - Mark to Market				(1,288	)		(375	)		(297	)		280			2,147			2,447			534			254			(26	)	-9.3%
	Policy loans and other invested assets				411			390			391			478			467			299			234			215			(263	)	-55.0%
	Cash & cash equivalents				586			641			664			1,030			1,056			1,414			1,191			950			(80	)	-7.8%
			Total investment income		29,065			31,187			32,366			34,413			36,919			38,862			37,661			37,814			3,401		9.9%
	Investment expenses				1,675			2,105			2,152			2,186			2,134			2,225			2,217			2,283			97		4.5%
	Interest Expense on Surplus Note				8,373			9,052			9,592			10,467			10,674			11,769			12,769			13,113			2,646		25.3%
			Net investment income	$	19,017		$	20,030		$	20,622		$	21,760		$	24,111		$	24,868		$	22,675		$	22,418		$	658		3.0%
		Fixed income book yield, end of period			3.92	%		3.91	%		3.88	%		3.89	%		3.85	%		3.74	%		3.65	%		3.54	%
		New money yield			2.43	%		3.16	%		3.34	%		2.81	%		3.56	%		3.10	%		2.73	%		2.73	%

																												YOY Q4
				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			Q2 2019			Q3 2019			Q4 2019			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				19.8	%		20.9	%		22.0	%		21.2	%		21.4	%		20.9	%		23.0	%		24.0	%		2.7	%
	AA				8.6	%		9.8	%		10.6	%		10.4	%		10.9	%		11.3	%		11.0	%		11.7	%		1.3	%
	A				23.4	%		23.0	%		22.2	%		22.4	%		22.9	%		22.9	%		22.1	%		23.4	%		1.0	%
	BBB				44.6	%		43.0	%		42.2	%		42.9	%		41.8	%		41.8	%		41.0	%		38.2	%		-4.7	%
	Below Investment Grade				3.4	%		3.1	%		2.7	%		2.8	%		2.9	%		3.0	%		2.8	%		2.6	%		-0.3	%
	NA				0.2	%		0.2	%		0.2	%		0.2	%		0.1	%		0.1	%		0.1	%		0.1	%		-0.1	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—

			Average rating by amortized cost	A			A			A			A			A			A			A			A

				As of December 31, 2019									As of December 31, 2019						As of December 31, 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		$	23,938		$	23,717		AAA	Canada		$	62,979	$	60,033	AAA		$	3,284	$	3,251
	2	Province of Quebec Canada			13,811			12,764		AA-	United Kingdom			49,875		48,390	AA			12,884		12,585
	3	Enbridge Inc			11,553			11,211		A+	Australia			39,829		37,989	A			6,103		5,820
	4	Cigna Corp			11,224			10,844		A-	France			19,516		19,031	BBB			8,819		8,126
	5	Province of Ontario Canada			10,888			10,488		A+	Switzerland			18,847		18,556	Below Investment Grade			816		797
	6	Province of Alberta Canada			10,743			10,375		A+	Germany			16,841		16,604	NA			—		—
	7	Province of British Columbia Canada			10,693			10,494		AAA	Bermuda			16,092		15,660		Total	$	31,906	$	30,579
	8	Wells Fargo & Co			10,320			9,997		A-	Netherlands			14,153		13,087
	9	Bank of America Corp			10,190			9,916		A-	Ireland			13,116		12,549
	10	City of Houston TX			9,940			10,088		AA-	Cayman Islands			10,841		10,740	Non-Government Investments (1)
	11	Province of New Brunswick Canada			9,798			9,506		A+	Japan			7,301		6,949
	12	Province of Manitoba Canada			9,346			9,066		A+	Israel			5,559		5,020	AAA		$	4,813	$	4,784
	13	City of Toronto Canada			9,134			8,896		AA	Korea Republic Of			5,135		5,105	AA			33,773		33,375
	14	Honda Motor Co Ltd			8,887			8,606		A	Norway			5,036		5,053	A			87,421		85,041
	15	Municipal Finance Authority of British Columbia			8,844			8,717		AAA	Mexico			4,564		4,258	BBB			163,248		156,074
	16	Williams Cos Inc/The			8,664			8,486		BBB	Emerging Markets (2)			10,697		10,360	Below Investment Grade			7,818		6,983
	17	AbbVie Inc			8,612			8,503		A-	All Other			28,597		27,452	NA			—		—
	18	Truist Financial Corp			8,505			8,196		A-		Total	$	328,980	$	316,835		Total	$	297,074	$	286,256
	19	Morgan Stanley			7,859			7,516		A+
	20	American Airlines Group Inc			7,680			7,415		AA-
	21	General Mills Inc			7,626			7,334		BBB
	22	PNC Financial Services Group			7,585			7,430		A-
	23	Comcast Corp			7,576			7,276		A-
	24	Gilead Sciences Inc			7,535			7,415		A
	25	Goldman Sachs Group Inc/The			7,517			7,323		BBB+
			Total	$	248,468		$	241,578

			% of total fixed income portfolio		9.2	%		9.2	%

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

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


Recruits				228,115			262,732			303,867			290,886			282,207			76,230			76,520			76,146			61,990			63,223			86,173			72,345			60,466


Life-insurance licensed sales force, beginning of period				98,358			106,710			116,827			126,121			130,736			126,121			127,182			130,156			130,658			130,736			129,821			129,550			130,871
	New life-licensed representatives			39,632			44,724			48,535			48,041			44,739			11,730			13,544			11,715			11,052			10,065			10,919			12,682			11,073
	Non-renewal and terminated representatives			(31,280	)		(34,607	)		(39,241	)		(43,426	)		(44,953	)		(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)		(11,190	)		(11,361	)		(11,422	)
Life-insurance licensed sales force, end of period				106,710			116,827			126,121			130,736			130,522			127,182			130,156			130,658			130,736			129,821			129,550			130,871			130,522


Issued term life policies				260,059			298,244			312,799			301,589			287,809			70,821			83,754			74,892			72,122			64,242			78,664			73,434			71,469


Issued term life face amount			$	79,111		$	89,869		$	95,635		$	95,209		$	93,994		$	22,258		$	26,001		$	23,728		$	23,222		$	20,925		$	25,300		$	24,087		$	23,682


Term life face amount in force, beginning of period			$	681,927		$	693,194		$	728,385		$	763,831		$	781,041		$	763,831		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376		$	801,494
	Issued term life face amount			79,111			89,869			95,635			95,209			93,994			22,258			26,001			23,728			23,222			20,925			25,300			24,087			23,682
	Terminated term life face amount			(53,580	)		(57,238	)		(65,958	)		(70,291	)		(71,519	)		(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)		(16,512	)		(17,740	)		(18,884	)
	Foreign currency impact, net			(14,263	)		2,560			5,769			(7,708	)		4,746			(2,570	)		(1,788	)		1,582			(4,932	)		1,969			2,036			(1,228	)		1,970
Term life face amount in force, end of period			$	693,194		$	728,385		$	763,831		$	781,041		$	808,262		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	796,376		$	801,494		$	808,262


Estimated annualized issued term life premium
	Premium from new policies		$	212.4		$	245.2		$	263.1		$	258.5		$	253.5		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1		$	68.2		$	65.2		$	64.0
	Additions and increases in premium			54.9			60.4			65.5			73.0			79.7			16.9			18.7			18.4			19.1			18.4			20.8			20.1			20.5
		Total estimated annualized issued term life premium	$	267.3		$	305.7		$	328.6		$	331.5		$	333.2		$	77.3		$	89.8		$	82.9		$	81.4		$	74.5		$	89.0		$	85.3		$	84.5


Investment & Savings product sales			$	5,856.8		$	5,594.3		$	6,192.2		$	7,040.1		$	7,533.2		$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0

Investment & Savings average client asset values			$	48,477		$	49,427		$	56,791		$	61,842		$	65,029		$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	64,426		$	66,002		$	68,236

	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