pri-ex992_26.htm

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, 2019.

This document is a financial supplement to our fourth quarter 2020 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, 2018			Mar 31, 2019			Jun 30, 2019			Sep 30, 2019			Dec 31, 2019			Mar 31, 2020			Jun 30, 2020			Sep 30, 2020			Dec 31, 2020
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,422,734		$	2,471,745		$	2,557,033		$	2,617,685		$	2,730,715		$	2,626,043		$	2,805,065		$	2,861,883		$	3,096,703
	Securities held to maturity				970,390			1,036,110			1,087,790			1,140,250			1,184,370			1,237,270			1,278,580			1,323,740			1,346,350
			Total investments and cash		3,393,124			3,507,855			3,644,823			3,757,935			3,915,085			3,863,313			4,083,645			4,185,623			4,443,053
	Due from reinsurers				4,141,569			4,202,903			4,185,850			4,166,362			4,169,823			4,132,897			4,217,129			4,229,088			4,273,904
	Deferred policy acquisition costs				2,133,920			2,181,741			2,238,315			2,281,560			2,325,750			2,346,656			2,434,462			2,532,409			2,629,644
	Other assets				730,933			814,854			811,426			818,029			792,128			799,122			851,660			885,083			899,164
	Separate account assets				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654			2,468,328			2,659,520
			Total assets	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549		$	14,300,531		$	14,905,285

Liabilities:
	Future policy benefits			$	6,168,157		$	6,240,864		$	6,314,403		$	6,374,327		$	6,446,569		$	6,472,397		$	6,567,169		$	6,664,061		$	6,790,557
	Other policy liabilities				700,094			703,123			717,265			714,930			744,087			737,435			855,083			911,454			984,612
	Income taxes				187,104			206,180			206,301			207,453			209,221			208,357			265,369			216,639			223,496
	Other liabilities				486,772			561,709			551,689			565,894			563,931			554,014			574,425			573,253			618,874
	Notes payable				373,661			373,755			373,848			373,942			374,037			374,131			374,226			374,320			374,415
	Surplus note				969,685			1,035,421			1,087,117			1,139,592			1,183,728			1,236,644			1,277,970			1,323,146			1,345,772
	Payable under securities lending				52,562			64,914			43,867			39,933			28,723			28,896			29,973			48,883			72,154
	Separate account liabilities				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654			2,468,328			2,659,520
			Total liabilities		11,133,535			11,554,726			11,731,781			11,843,924			12,036,040			11,740,797			12,321,869			12,580,085			13,069,400

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				427			424			420			415			412			405			397			394			393
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		0			0
	Retained earnings				1,489,520			1,506,944			1,537,537			1,553,286			1,593,281			1,565,803			1,569,689			1,629,114			1,705,786
	Treasury stock				—			—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726			105,758			128,128
		Cumulative translation adjustment			(21,064	)		(14,897	)		(8,258	)		(12,265	)		(5,765	)		(34,776	)		(21,132	)		(14,820	)		1,578
			Total stockholders’ equity		1,461,513			1,521,387			1,585,926			1,607,813			1,652,492			1,530,114			1,642,680			1,720,446			1,835,885
			Total liabilities and stockholders' equity	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549		$	14,300,531		$	14,905,285

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,461,513		$	1,521,387		$	1,585,926		$	1,607,813		$	1,652,492		$	1,530,114		$	1,642,680		$	1,720,446		$	1,835,885
	Less: Net unrealized gains (losses)				(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726			105,758			128,128
			Adjusted stockholders’ equity	$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688		$	1,707,757

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,447,972		$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688
	Net Income				86,541			79,166			97,446			96,223			93,557			72,469			101,510			112,101			100,084
	Shareholder dividends				(10,856	)		(14,628	)		(14,517	)		(14,324	)		(14,162	)		(16,530	)		(16,083	)		(15,882	)		(15,851	)
	Retirement of shares and warrants				(43,338	)		(60,288	)		(57,117	)		(70,679	)		(44,137	)		(95,676	)		(86,513	)		(41,556	)		(13,426	)
	Net foreign currency translation adjustment				(15,765	)		6,167			6,639			(4,007	)		6,500			(29,011	)		13,645			6,312			16,398
	Other, net				4,328			13,171			4,778			4,524			4,734			12,252			4,964			4,759			5,864
Balance, end of period				$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688		$	1,707,757

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,107,814		$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462		$	2,532,409
	General expenses deferred				8,497			9,163			9,384			9,468			8,608			9,726			9,205			9,702			9,510
	Commission costs deferred				96,697			98,196			100,498			100,913			97,538			104,793			120,967			130,719			128,084
	Amortization of deferred policy acquisition costs				(66,184	)		(64,628	)		(58,762	)		(63,883	)		(67,279	)		(70,311	)		(53,177	)		(47,491	)		(53,342	)
	Foreign currency impact and other, net				(12,904	)		5,091			5,455			(3,254	)		5,322			(23,302	)		10,812			5,017			12,984
Balance, end of period				$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462		$	2,532,409		$	2,629,644

																											YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			39,587,978			39,420,628			(2,050,177	)		-4.9	%		42,181,079			40,064,841			(2,116,238	)	-5.0%

	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	100,084		$	6,527			7.0	%	$	366,391		$	386,164		$	19,773		5.4%
	Less income attributable to unvested participating securities			(401	)		(428	)		(415	)		(402	)		(310	)		(437	)		(493	)		(433	)		(31	)		-7.6	%		(1,654	)		(1,671	)		(17	)	-1.0%
		Net income used in computing basic EPS	$	78,765		$	97,018		$	95,808		$	93,155		$	72,159		$	101,073		$	111,608		$	99,651		$	6,496			7.0	%	$	364,736		$	384,493		$	19,756		5.4%
		Basic earnings per share	$	1.84		$	2.28		$	2.28		$	2.25		$	1.75		$	2.52		$	2.82		$	2.53		$	0.28			12.5	%	$	8.65		$	9.60		$	0.95		11.0%

	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	97,339		$	4,563			4.9	%	$	358,431		$	391,584		$	33,153		9.2%
	Less operating income attributable to unvested participating securities			(381	)		(416	)		(412	)		(399	)		(364	)		(424	)		(487	)		(421	)		(22	)		-5.5	%		(1,618	)		(1,695	)		(76	)	-4.7%
		Adjusted net operating income used in computing basic operating EPS	$	74,922		$	94,343		$	95,181		$	92,377		$	84,682		$	98,056		$	110,231		$	96,918		$	4,541			4.9	%	$	356,812		$	389,889		$	33,077		9.3%
		Basic adjusted operating income per share	$	1.75		$	2.22		$	2.27		$	2.23		$	2.06		$	2.44		$	2.78		$	2.46		$	0.23			10.4	%	$	8.46		$	9.73		$	1.27		15.0%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			39,587,978			39,420,628			(2,050,177	)		-4.9	%		42,181,079			40,064,841			(2,116,238	)	-5.0%
	Dilutive impact of contingently issuable shares			118,014			135,719			135,887			143,224			107,361			114,090			122,097			133,544			(9,680	)		-6.8	%		133,211			120,087			(13,124	)	-9.9%
		Shares used to calculate diluted EPS		42,942,485			42,618,350			42,099,559			41,614,029			41,238,561			40,245,967			39,710,075			39,554,172			(2,059,857	)		-4.9	%		42,314,290			40,184,928			(2,129,362	)	-5.0%

	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	100,084		$	6,527			7.0	%	$	366,391		$	386,164		$	19,773		5.4%
	Less income attributable to unvested participating securities			(400	)		(427	)		(413	)		(401	)		(310	)		(436	)		(492	)		(431	)		(31	)		-7.6	%		(1,650	)		(1,667	)		(17	)	-1.0%
		Net income used in computing diluted EPS	$	78,766		$	97,019		$	95,809		$	93,156		$	72,159		$	101,074		$	111,609		$	99,652		$	6,496			7.0	%	$	364,741		$	384,497		$	19,756		5.4%
		Diluted earnings per share	$	1.83		$	2.28		$	2.28		$	2.24		$	1.75		$	2.51		$	2.81		$	2.52		$	0.28			12.5	%	$	8.62		$	9.57		$	0.95		11.0%

	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	97,339		$	4,563			4.9	%	$	358,431		$	391,584		$	33,153		9.2%
	Less operating income attributable to unvested participating securities			(381	)		(415	)		(411	)		(398	)		(364	)		(423	)		(486	)		(420	)		(22	)		-5.5	%		(1,614	)		(1,690	)		(76	)	-4.7%
		Adjusted net operating income used in computing diluted operating EPS	$	74,923		$	94,344		$	95,182		$	92,379		$	84,683		$	98,057		$	110,232		$	96,919		$	4,541			4.9	%	$	356,817		$	389,894		$	33,077		9.3%
		Diluted adjusted operating income per share	$	1.74		$	2.21		$	2.26		$	2.22		$	2.05		$	2.44		$	2.78		$	2.45		$	0.23			10.4	%	$	8.43		$	9.70		$	1.27		15.1%

																										YOY Q4												YOY YTD
		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,491,450		$	1,553,656		$	1,596,869		$	1,630,152		$	1,591,303		$	1,586,397		$	1,681,563		$	1,778,166		$	148,013			9.1	%	$	1,568,032		$	1,659,357		$	91,325			5.8	%
	Average adjusted stockholders' equity	$	1,480,676		$	1,511,085		$	1,535,567		$	1,564,682		$	1,559,680		$	1,540,193		$	1,581,821		$	1,661,222		$	96,540			6.2	%	$	1,523,003		$	1,585,729		$	62,726			4.1	%

	Net income return on stockholders' equity		21.2	%		25.1	%		24.1	%		23.0	%		18.2	%		25.6	%		26.7	%		22.5	%		-0.4	%	nm				23.4	%		23.3	%		-0.1	%	nm
	Net income return on adjusted stockholders' equity		21.4	%		25.8	%		25.1	%		23.9	%		18.6	%		26.4	%		28.3	%		24.1	%		0.2	%	nm				24.1	%		24.4	%		0.3	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		20.3	%		25.1	%		24.9	%		23.7	%		21.8	%		25.6	%		28.0	%		23.4	%		-0.3	%	nm				23.5	%		24.7	%		1.2	%	nm

Capital Structure
	Debt-to-capital (1)		19.7	%		19.1	%		18.9	%		18.5	%		19.6	%		18.6	%		17.9	%		16.9	%		-1.5	%	nm				18.5	%		16.9	%		-1.5	%	nm
	Debt-to-capital, excluding AOCI (1)		19.9	%		19.6	%		19.4	%		19.0	%		19.3	%		19.2	%		18.7	%		18.0	%		-1.0	%	nm				19.0	%		18.0	%		-1.0	%	nm

	Cash and invested assets to stockholders' equity		2.3	x		2.3	x		2.3	x		2.4	x		2.5	x		2.5	x		2.4	x		2.4	x		0.1	x	nm				2.4	x		2.4	x		0.1	x	nm
	Cash and invested assets to adjusted stockholders' equity		2.4	x		2.4	x		2.4	x		2.5	x		2.5	x		2.6	x		2.6	x		2.6	x		0.1	x	nm				2.5	x		2.6	x		0.1	x	nm

	Share count, end of period (2)		42,398,643			42,008,450			41,491,998			41,206,504			40,459,767			39,667,002			39,374,259			39,305,902			(1,900,602	)		-4.6	%		41,206,504			39,305,902			(1,900,602	)		-4.6	%
	Adjusted stockholders' equity per share	$	35.20		$	36.41		$	37.15		$	38.54		$	37.85		$	39.05		$	41.01		$	43.45		$	4.91			12.7	%	$	38.54		$	43.45		$	4.91			12.7	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A1			A1			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	Baa1			Baa1			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 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	677,286		$	687,262		$	692,258		$	697,060		$	702,637		$	717,088		$	736,606		$	750,818		$	53,758			7.7	%	$	2,753,866		$	2,907,149		$	153,282			5.6	%
	Ceded premiums			(389,795	)		(400,588	)		(388,982	)		(390,364	)		(386,825	)		(402,549	)		(393,716	)		(397,676	)		(7,312	)		-1.9	%		(1,569,729	)		(1,580,766	)		(11,038	)		-0.7	%
		Net premiums		287,491			286,675			303,276			306,696			315,813			314,539			342,890			353,142			46,446			15.1	%		1,184,138			1,326,383			142,245			12.0	%
	Net investment income			24,111			24,868			22,675			22,418			15,420			22,710			22,953			22,731			313			1.4	%		94,073			83,814			(10,259	)		-10.9	%
	Commissions and fees:
		Sales-based (1)		66,997			71,438			69,034			75,418			80,891			62,812			65,600			75,347			(71	)		-0.1	%		282,887			284,651			1,764			0.6	%
		Asset-based (2)		73,639			79,317			81,009			84,184			81,395			78,146			86,695			93,669			9,485			11.3	%		318,149			339,904			21,755			6.8	%
		Account-based (3)		19,613			19,897			20,449			20,598			20,204			20,478			21,008			21,351			754			3.7	%		80,555			83,041			2,486			3.1	%
		Other commissions and fees		7,066			7,817			9,227			8,103			7,579			10,352			11,999			13,746			5,642			69.6	%		32,213			43,675			11,462			35.6	%
	Realized investment (losses) gains			2,847			1,067			285			766			(10,030	)		1,742			642			2,650			1,884		nm				4,965			(4,996	)		(9,961	)	nm
	Other, net			13,223			13,825			14,698			13,778			13,665			15,036			16,674			15,695			1,917			13.9	%		55,525			61,069			5,545			10.0	%
	Total revenues			494,988			504,903			520,654			531,959			524,936			525,815			568,460			598,330			66,370			12.5	%		2,052,504			2,217,541			165,037			8.0	%
Benefits and expenses:
	Benefits and claims			122,284			115,068			128,684			127,784			134,813			139,646			160,166			180,945			53,161			41.6	%		493,820			615,569			121,749			24.7	%
	Amortization of DAC			64,628			58,762			63,883			67,279			70,311			53,177			47,491			53,342			(13,937	)		-20.7	%		254,552			224,321			(30,231	)		-11.9	%
	Insurance commissions			5,619			5,829			6,980			6,624			6,844			6,333			9,694			9,263			2,639			39.8	%		25,051			32,134			7,083			28.3	%
	Insurance expenses			43,402			44,569			44,854			45,991			48,709			43,753			46,109			49,546			3,555			7.7	%		178,817			188,117			9,300			5.2	%
	Sales commissions:
		Sales-based (1)		47,831			50,679			48,652			52,529			56,561			44,834			46,821			52,931			402			0.8	%		199,690			201,148			1,457			0.7	%
		Asset-based (2)		32,343			35,665			35,875			37,772			36,323			35,673			39,349			43,227			5,455			14.4	%		141,655			154,572			12,917			9.1	%
		Other sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			5,779			6,430			2,493			63.3	%		15,853			20,917			5,064			31.9	%
	Interest expense			7,180			7,201			7,209			7,222			7,192			7,200			7,221			7,225			3		nm				28,811			28,839			28			0.1	%
	Other operating expenses			65,706			55,917			54,844			60,676			65,914			56,152			59,348			63,781			3,105			5.1	%		237,143			245,195			8,051			3.4	%
	Total benefits and expenses			392,619			377,444			395,515			409,815			430,391			391,753			421,978			466,690			56,875			13.9	%		1,575,393			1,710,811			135,418			8.6	%
	Income before income taxes			102,368			127,459			125,138			122,145			94,546			134,062			146,482			131,640			9,495			7.8	%		477,111			506,730			29,619			6.2	%
Income taxes				23,203			30,014			28,916			28,588			22,077			32,552			34,382			31,556			2,968			10.4	%		110,720			120,566			9,846			8.9	%
	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	100,084		$	6,527			7.0	%	$	366,391		$	386,164		$	19,773			5.4	%

Income Before Income Taxes by Segment
Term Life			$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	89,440		$	7,446			9.1	%	$	320,093		$	372,551		$	52,458			16.4	%
Investment & Savings Products				42,684			47,343			48,794			52,991			47,700			46,859			51,372			56,713			3,722			7.0	%		191,812			202,645			10,833			5.6	%
Corporate & Other Distributed Products				(10,654	)		(3,882	)		(7,416	)		(12,841	)		(36,046	)		(7,700	)		(10,206	)		(14,514	)		(1,672	)		-13.0	%		(34,794	)		(68,466	)		(33,672	)		-96.8	%
	Income before income taxes		$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	146,482		$	131,640		$	9,495			7.8	%	$	477,111		$	506,730		$	29,619			6.2	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	745,559		$	54,012			7.8	%	$	2,728,844		$	2,883,583		$	154,739			5.7	%
	Less: Premiums ceded to IPO Coinsurers		276,150			272,596			267,856			264,786			260,076			257,529			254,938			253,039			(11,747	)		-4.4	%		1,081,388			1,025,582			(55,806	)		-5.2	%
	Term Life adjusted direct premiums	$	394,605		$	408,408		$	417,683		$	426,761		$	436,488		$	453,659		$	475,335		$	492,520		$	65,759			15.4	%	$	1,647,456		$	1,858,001		$	210,545			12.8	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(388,100	)	$	(398,927	)	$	(387,120	)	$	(388,237	)	$	(385,232	)	$	(400,919	)	$	(392,004	)	$	(395,767	)	$	(7,530	)		-1.9	%	$	(1,562,383	)	$	(1,573,922	)	$	(11,538	)		-0.7	%
	Less: Premiums ceded to IPO Coinsurers		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		(253,039	)		11,747			4.4	%		(1,081,388	)		(1,025,582	)		55,806			5.2	%
	Term Life other ceded premiums	$	(111,950	)	$	(126,330	)	$	(119,264	)	$	(123,451	)	$	(125,156	)	$	(143,390	)	$	(137,066	)	$	(142,728	)	$	(19,277	)		-15.6	%	$	(480,995	)	$	(548,340	)	$	(67,344	)		-14.0	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	22,953		$	22,731		$	313			1.4	%	$	94,073		$	83,814		$	(10,259	)		-10.9	%
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165			960		nm			nm				5,382			(1,995	)	nm			nm
	Adjusted net investment income	$	21,964		$	22,421		$	22,141		$	22,165		$	21,799		$	20,451		$	21,788		$	21,771		$	(394	)		-1.8	%	$	88,691		$	85,809		$	(2,882	)		-3.2	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	494,988		$	504,903		$	520,654		$	531,959		$	524,936		$	525,815		$	568,460		$	598,330		$	66,370			12.5	%	$	2,052,504		$	2,217,541		$	165,037			8.0	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742			642			2,650		nm			nm				4,965			(4,996	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165			960		nm			nm				5,382			(1,995	)	nm			nm
	Adjusted operating revenues	$	489,993		$	501,389		$	519,834		$	530,940		$	541,346		$	521,813		$	566,653		$	594,720		$	63,779			12.0	%	$	2,042,157		$	2,224,532		$	182,376			8.9	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	146,482		$	131,640		$	9,495			7.8	%	$	477,111		$	506,730		$	29,619			6.2	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742			642			2,650		nm			nm				4,965			(4,996	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165			960		nm			nm				5,382			(1,995	)	nm			nm
	Adjusted operating income before income taxes	$	97,374		$	123,945		$	124,319		$	121,125		$	110,955		$	130,060		$	144,676		$	128,030		$	6,904			5.7	%	$	466,764		$	513,721		$	46,957			10.1	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	100,084		$	6,527			7.0	%	$	366,391		$	386,164		$	19,773			5.4	%
	Less: Income before income taxes reconciling items		4,994			3,514			819			1,019			(16,409	)		4,002			1,807			3,610		nm			nm				10,347			(6,991	)	nm			nm
	Less: Tax impact of income before income taxes reconciling items		(1,132	)		(828	)		(189	)		(239	)		3,832			(972	)		(424	)		(865	)	nm			nm				(2,387	)		1,571		nm			nm
	Adjusted net operating income	$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	97,339		$	4,563			4.9	%	$	358,431		$	391,584		$	33,153			9.2	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance
Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	745,559		$	54,012			7.8	%	$	2,728,844		$	2,883,583		$	154,739			5.7	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		(253,039	)		11,747			4.4	%		(1,081,388	)		(1,025,582	)		55,806			5.2	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			475,335			492,520			65,759			15.4	%		1,647,456			1,858,001			210,545			12.8	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(137,066	)		(142,728	)		(19,277	)		-15.6	%		(480,995	)		(548,340	)		(67,344	)		-14.0	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			338,269			349,792			46,482			15.3	%		1,166,461			1,309,661			143,200			12.3	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			6,813			7,432			1,813			32.3	%		19,922			27,030			7,107			35.7	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			12,717			11,768			1,705			16.9	%		40,848			46,079			5,231			12.8	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			357,799			368,992			50,000			15.7	%		1,227,231			1,382,770			155,539			12.7	%

Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			156,209			173,767			51,110			41.7	%		475,330			593,948			118,618			25.0	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			45,529			52,109			(14,809	)		-22.1	%		248,711			216,208			(32,503	)		-13.1	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			5,946			5,477			2,468			82.0	%		10,781			17,592			6,811			63.2	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			44,800			48,199			3,786			8.5	%		172,316			182,471			10,155			5.9	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			252,483			279,551			42,554			18.0	%		907,138			1,010,219			103,081			11.4	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	89,440		$	7,446			9.1	%	$	320,093		$	372,551		$	52,458			16.4	%

Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	65,600		$	75,347		$	(71	)		-0.1	%	$	282,887		$	284,651		$	1,764			0.6	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			86,695			93,669			9,485			11.3	%		318,149			339,904			21,755			6.8	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			21,008			21,351			754			3.7	%		80,555			83,041			2,486			3.1	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			3,034			2,949			449			18.0	%		10,017			11,271			1,254			12.5	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			176,338			193,316			10,618			5.8	%		691,608			718,867			27,259			3.9	%

Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			1,667			982			1,056		nm				4,549			7,055			2,506			55.1	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			3,377			3,500			203			6.1	%		12,735			13,184			450			3.5	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			46,821			52,931			402			0.8	%		199,690			201,148			1,457			0.7	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			39,349			43,227			5,455			14.4	%		141,655			154,572			12,917			9.1	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			33,751			35,963			(220	)		-0.6	%		141,168			140,264			(903	)		-0.6	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			124,966			136,603			6,896			5.3	%		499,796			516,222			16,426			3.3	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	51,372		$	56,713		$	3,722			7.0	%	$	191,812		$	202,645		$	10,833			5.6	%

Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,531		$	6,258		$	6,719		$	5,514		$	6,074		$	5,900		$	6,333		$	5,259		$	(255	)		-4.6	%	$	25,022		$	23,566		$	(1,456	)		-5.8	%
	Ceded premiums		(1,695	)		(1,661	)		(1,862	)		(2,128	)		(1,593	)		(1,631	)		(1,712	)		(1,909	)		219			10.3	%		(7,345	)		(6,845	)		501			6.8	%
	Net premiums		4,836			4,597			4,858			3,386			4,480			4,270			4,621			3,350			(36	)		-1.1	%		17,677			16,721			(956	)		-5.4	%
	Allocated net investment income		17,521			17,684			17,018			16,545			15,553			13,913			14,975			14,339			(2,207	)		-13.3	%		68,768			58,779			(9,989	)		-14.5	%
	Commissions and fees:
	Prepaid Legal Services		3,737			4,159			4,776			3,905			3,829			4,557			4,942			5,104			1,199			30.7	%		16,577			18,432			1,856			11.2	%
	Auto and Homeowners Insurance		1,500			1,877			2,165			1,766			1,672			2,263			1,985			2,194			428			24.2	%		7,308			8,113			805			11.0	%
	Mortgage loans		—			10			244			424			264			1,301			3,011			4,146			3,723		nm				678			8,722			8,044		nm
	Other sales commissions		1,829			1,770			2,042			2,008			1,813			2,231			2,061			2,301			293			14.6	%		7,650			8,407			758			9.9	%
	Other, net		1,056			1,336			1,052			1,215			954			865			922			977			(238	)		-19.6	%		4,660			3,719			(941	)		-20.2	%
	Adjusted operating revenues		30,479			31,435			32,154			29,250			28,566			29,400			32,516			32,412			3,162			10.8	%		123,318			122,895			(423	)		-0.3	%

Benefits and expenses:
	Benefits and claims		3,842			3,588			5,933			5,127			6,249			4,236			3,957			7,178			2,051			40.0	%		18,490			21,621			3,131			16.9	%
	Amortization of DAC		85			482			291			434			166			346			295			251			(183	)		-42.2	%		1,293			1,058			(235	)		-18.1	%
	Insurance commissions		431			376			411			318			357			343			371			286			(31	)		-9.8	%		1,535			1,358			(177	)		-11.5	%
	Insurance expenses		1,570			1,656			1,697			1,578			1,544			1,447			1,309			1,347			(231	)		-14.7	%		6,501			5,646			(855	)		-13.1	%
	Sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			5,779			6,430			2,493			63.3	%		15,853			20,917			5,064			31.9	%
	Interest expense		7,180			7,201			7,209			7,222			7,192			7,200			7,221			7,225			3		nm				28,811			28,839			28			0.1	%
	Other operating expenses		29,394			21,774			20,314			24,494			28,972			22,544			25,597			27,818			3,324			13.6	%		95,976			104,930			8,955			9.3	%
	Benefits and expenses		46,127			38,831			40,390			43,110			48,203			41,102			44,529			50,535			7,425			17.2	%		168,459			184,370			15,911			9.4	%
	Adjusted operating income before income taxes	$	(15,648	)	$	(7,396	)	$	(8,236	)	$	(13,861	)	$	(19,637	)	$	(11,702	)	$	(12,013	)	$	(18,124	)	$	(4,263	)		-30.8	%	$	(45,141	)	$	(61,475	)	$	(16,334	)		-36.2	%

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	745,559		$	54,012			7.8	%	$	2,728,844		$	2,883,583		$	154,739			5.7	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		(253,039	)		11,747			4.4	%		(1,081,388	)		(1,025,582	)		55,806			5.2	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			475,335			492,520			65,759			15.4	%		1,647,456			1,858,001			210,545			12.8	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(137,066	)		(142,728	)		(19,277	)		-15.6	%		(480,995	)		(548,340	)		(67,344	)		-14.0	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			338,269			349,792			46,482			15.3	%		1,166,461			1,309,661			143,200			12.3	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			6,813			7,432			1,813			32.3	%		19,922			27,030			7,107			35.7	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			12,717			11,768			1,705			16.9	%		40,848			46,079			5,231			12.8	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			357,799			368,992			50,000			15.7	%		1,227,231			1,382,770			155,539			12.7	%

	Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			156,209			173,767			51,110			41.7	%		475,330			593,948			118,618			25.0	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			45,529			52,109			(14,809	)		-22.1	%		248,711			216,208			(32,503	)		-13.1	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			5,946			5,477			2,468			82.0	%		10,781			17,592			6,811			63.2	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			44,800			48,199			3,786			8.5	%		172,316			182,471			10,155			5.9	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			252,483			279,551			42,554			18.0	%		907,138			1,010,219			103,081			11.4	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	89,440		$	7,446			9.1	%	$	320,093		$	372,551		$	52,458			16.4	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	300,708		$	312,436		$	320,424		$	327,939		$	336,921		$	352,353		$	372,852		$	388,303		$	60,364			18.4	%	$	1,261,507		$	1,450,428		$	188,921			15.0	%
	Pre-IPO direct premiums (5)		370,047			368,568			365,115			363,607			359,643			358,835			357,421			357,256			(6,351	)		-1.7	%		1,467,337			1,433,155			(34,182	)		-2.3	%
	Total direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	745,559		$	54,012			7.8	%	$	2,728,844		$	2,883,583		$	154,739			5.7	%

	Premiums ceded to IPO coinsurers	$	276,150		$	272,596		$	267,856		$	264,786		$	260,076		$	257,529		$	254,938		$	253,039		$	(11,747	)		-4.4	%	$	1,081,388		$	1,025,582		$	(55,806	)		-5.2	%
	% of Pre-IPO direct premiums		74.6	%		74.0	%		73.4	%		72.8	%		72.3	%		71.8	%		71.3	%		70.8	%	nm			nm				73.7	%		71.6	%	nm			nm

	Benefits and claims, net (6)	$	230,392		$	237,810		$	242,016		$	246,108		$	253,719		$	278,799		$	293,275		$	316,495		$	70,387			28.6	%	$	956,326		$	1,142,288		$	185,962			19.4	%
	% of adjusted direct premiums		58.4	%		58.2	%		57.9	%		57.7	%		58.1	%		61.5	%		61.7	%		64.3	%	nm			nm				58.0	%		61.5	%	nm			nm

	DAC amortization & insurance commissions	$	66,229		$	58,477		$	64,858		$	69,927		$	69,126		$	55,614		$	51,474		$	57,585		$	(12,342	)		-17.6	%	$	259,492		$	233,800		$	(25,692	)		-9.9	%
	% of adjusted direct premiums		16.8	%		14.3	%		15.5	%		16.4	%		15.8	%		12.3	%		10.8	%		11.7	%	nm			nm				15.8	%		12.6	%	nm			nm

	Insurance expenses, net (7)	$	32,088		$	32,858		$	32,171		$	34,351		$	36,997		$	30,881		$	32,083		$	36,431		$	2,080			6.1	%	$	131,468		$	136,392		$	4,924			3.7	%
	% of adjusted direct premiums		8.1	%		8.0	%		7.7	%		8.0	%		8.5	%		6.8	%		6.7	%		7.4	%	nm			nm				8.0	%		7.3	%	nm			nm

	Total Term Life income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	89,440		$	7,446			9.1	%	$	320,093		$	372,551		$	52,458			16.4	%
	Term Life operating margin (8)		17.8	%		20.6	%		20.1	%		19.2	%		19.0	%		20.9	%		22.2	%		18.2	%	nm			nm				19.4	%		20.1	%	nm			nm

																											YOY Q4												YOY YTD
(Dollars in thousands, except as noted)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				130,736			129,821			129,550			130,871			130,522			130,095			134,157			136,306			5,435			4.2	%		130,736			130,522			(214	)		-0.2	%
	New life-licensed representatives			10,065			10,919			12,682			11,073			10,599			12,250			13,138			12,119			1,046			9.4	%		44,739			48,106			3,367			7.5	%
	Non-renewal and terminated representatives			(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)		(10,989	)		(13,518	)		(2,096	)		-18.4	%		(44,953	)		(43,721	)		1,232			2.7	%
Life-insurance licensed sales force, end of period				129,821			129,550			130,871			130,522			130,095			134,157			136,306			134,907			4,385			3.4	%		130,522			134,907			4,385			3.4	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7		$	86.0		$	78.4		$	16.6			26.9	%	$	244.8		$	303.6		$	58.8			24.0	%
	Additions and increases in premium			13.8			15.8			15.1			15.4			15.0			17.8			17.9			18.1			2.7			17.7	%		60.2			68.9			8.7			14.4	%
		Total estimated annualized issued term life premium	$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5		$	103.9		$	96.5		$	19.4			25.1	%	$	305.0		$	372.5		$	67.4			22.1	%

Issued term life policies				64,242			78,664			73,434			71,469			71,318			94,044			100,199			87,307			15,838			22.2	%		287,809			352,868			65,059			22.6	%
Estimated average annualized issued term life premium per policy (1)(2)			$	843		$	837		$	859		$	864		$	863		$	826		$	858		$	898		$	34			3.9	%	$	851		$	860		$	10			1.1	%

Term life face amount in-force, beginning of period ($mills)			$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227		$	38,733			4.8	%	$	781,041		$	808,262		$	27,221			3.5	%
	Issued term life face amount (3)			20,925			25,300			24,087			23,682			23,221			27,754			30,104			28,357			4,675			19.7	%		93,994			109,436			15,442			16.4	%
	Terminated term life face amount			(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)		(13,733	)		(14,506	)		4,378			23.2	%		(71,519	)		(60,848	)		10,671			14.9	%
	Foreign currency impact, net			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046			1,859			4,740			2,770			140.6	%		4,746			1,968			(2,778	)	nm
Term life face amount in-force, end of period			$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227		$	858,818		$	50,556			6.3	%	$	808,262		$	858,818		$	50,556			6.3	%

(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 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	65,600		$	75,347		$	(71	)		-0.1	%	$	282,887		$	284,651		$	1,764			0.6	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			86,695			93,669			9,485			11.3	%		318,149			339,904			21,755			6.8	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			21,008			21,351			754			3.7	%		80,555			83,041			2,486			3.1	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			3,034			2,949			449			18.0	%		10,017			11,271			1,254			12.5	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			176,338			193,316			10,618			5.8	%		691,608			718,867			27,259			3.9	%

	Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			1,667			982			1,056		nm				4,549			7,055			2,506			55.1	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			3,377			3,500			203			6.1	%		12,735			13,184			450			3.5	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			46,821			52,931			402			0.8	%		199,690			201,148			1,457			0.7	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			39,349			43,227			5,455			14.4	%		141,655			154,572			12,917			9.1	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			33,751			35,963			(220	)		-0.6	%		141,168			140,264			(903	)		-0.6	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			124,966			136,603			6,896			5.3	%		499,796			516,222			16,426			3.3	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	51,372		$	56,713		$	3,722			7.0	%	$	191,812		$	202,645		$	10,833			5.6	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,898		$	5,705		$	6,225		$	6,169		$	5,990		$	5,712		$	6,284		$	6,772		$	603			9.8	%	$	23,998		$	24,758		$	760			3.2	%
	Fees paid based on fee-generating positions (2)		11,159			9,658			9,354			9,648			10,248			9,094			8,747			9,547			(101	)		-1.0	%		39,820			37,637			(2,183	)		-5.5	%
	Other operating expenses		19,254			18,780			18,951			20,365			20,704			18,803			18,719			19,644			(722	)		-3.5	%		77,351			77,870			519			0.7	%
	Total other operating expenses	$	36,312		$	34,143		$	34,530		$	36,182		$	36,942		$	33,608		$	33,751		$	35,963		$	(220	)		-0.6	%	$	141,168		$	140,264		$	(903	)		-0.6	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.33	%		1.29	%		1.31	%		1.41	%		1.34	%		1.33	%		1.27	%		1.31	%	nm			nm				1.34	%		1.31	%	nm			nm
	Canada		1.00	%		0.97	%		0.96	%		0.94	%		1.06	%		0.87	%		0.93	%		0.95	%	nm			nm				0.97	%		0.97	%	nm			nm
	Total		1.28	%		1.25	%		1.27	%		1.35	%		1.30	%		1.27	%		1.23	%		1.26	%	nm			nm				1.29	%		1.26	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.036	%		0.038	%		0.038	%		0.039	%		0.038	%		0.037	%		0.038	%		0.038	%	nm			nm				0.151	%		0.152	%	nm			nm
	Canada		0.136	%		0.120	%		0.121	%		0.138	%		0.098	%		0.133	%		0.119	%		0.124	%	nm			nm				0.514	%		0.474	%	nm			nm
	Total		0.052	%		0.051	%		0.051	%		0.054	%		0.047	%		0.052	%		0.050	%		0.052	%	nm			nm				0.208	%		0.201	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.20		$	3.88		$	4.18		$	4.10		$	3.70		$	4.19		$	4.45		$	4.23		nm			nm			$	15.37		$	16.58		nm			nm

																													YOY Q4												YOY YTD
(Dollars in thousands, except as noted)					Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	710.2		$	855.9		$	829.7		$	831.9		$	921.0		$	758.4		$	874.1		$	945.5		$	113.6			13.7	%	$	3,227.8		$	3,499.0		$	271.2			8.4	%
		Canada Retail Mutual Funds				244.1			199.7			184.9			199.0			280.9			165.2			189.6			256.0			57.0			28.6	%		827.6			891.8			64.1			7.7	%
		Indexed Annuities				81.0			88.2			75.0			76.3			72.2			48.4			47.2			50.6			(25.7	)		-33.7	%		320.4			218.3			(102.1	)		-31.9	%
		Variable Annuities and other				465.8			514.2			512.8			583.7			600.6			440.5			421.7			529.3			(54.5	)		-9.3	%		2,076.6			1,992.0			(84.6	)		-4.1	%
				Total sales-based revenue generating product sales		1,501.1			1,658.0			1,602.4			1,691.0			1,874.7			1,412.5			1,532.6			1,781.3			90.3			5.3	%		6,452.5			6,601.1			148.6			2.3	%
		Managed Accounts				161.6			203.5			176.9			197.4			246.2			200.1			223.0			230.7			33.3			16.9	%		739.4			900.1			160.6			21.7	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			85.3			57.3			(37.3	)		-39.4	%		341.2			341.3			0.1		nm
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	86.4			4.4	%	$	7,533.2		$	7,842.5		$	309.4			4.1	%

		Canada Retail Mutual Funds			$	244.1		$	199.7		$	184.9		$	199.0		$	280.9		$	165.2		$	189.6		$	256.0		$	57.0			28.6	%	$	827.6		$	891.8		$	64.1			7.7	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			85.3			57.3			(37.3	)		-39.4	%		341.2			341.3			0.1		nm
			Total Canada product sales			338.4			275.6			261.3			293.6			405.7			239.2			274.9			313.3			19.7			6.7	%		1,168.9			1,233.1			64.2			5.5	%
			Total U.S. product sales			1,418.6			1,661.8			1,594.4			1,689.4			1,840.0			1,447.3			1,566.1			1,756.1			66.7			3.9	%		6,364.3			6,609.4			245.2			3.9	%
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	86.4			4.4	%	$	7,533.2		$	7,842.5		$	309.4			4.1	%

	Client asset values, beginning of period ($mills)				$	57,704		$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	68,224		$	72,606		$	6,384			9.6	%	$	57,704		$	70,537		$	12,833			22.2	%
		Inflows				1,757			1,937			1,856			1,983			2,246			1,686			1,841			2,069			86			4.4	%		7,533			7,843			309			4.1	%
		Outflows (1)				(1,530	)		(1,633	)		(1,669	)		(1,596	)		(1,703	)		(1,074	)		(1,333	)		(1,427	)		168			10.6	%		(6,428	)		(5,538	)		890			13.9	%
				Net flows		227			305			186			387			543			613			508			642			255			65.8	%		1,105			2,305			1,200		nm
		Foreign currency impact, net				201			225			(136	)		217			(978	)		404			205			539			322			148.4	%		507			170			(337	)	nm
		Change in market value, net and other (2)				5,470			1,746			294			3,710			(11,065	)		8,171			3,669			7,745			4,035			108.8	%		11,221			8,521			(2,700	)	nm
	Client asset values, end of period				$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	68,224		$	72,606		$	81,533		$	10,996			15.6	%	$	70,537		$	81,533		$	10,996			15.6	%
		Annualized net flows as % of beginning of period asset values				1.6	%		1.9	%		1.1	%		2.3	%		3.1	%		4.2	%		3.0	%		3.5	%		1.2	%	nm				1.9	%		3.3	%		1.4	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,266		$	31,744		$	32,521		$	33,658		$	32,693		$	31,586		$	35,204		$	37,562		$	3,904			11.6	%	$	32,047		$	34,261		$	2,214			6.9	%
		Canada Retail Mutual Funds				7,390			7,795			7,991			8,218			7,950			7,573			8,525			9,186			968			11.8	%		7,849			8,309			460			5.9	%
		Managed Accounts				3,241			3,455			3,652			3,901			3,905			3,871			4,325			4,703			801			20.5	%		3,563			4,201			638			17.9	%
		Indexed Annuities				2,182			2,247			2,296			2,342			2,389			2,427			2,446			2,469			127			5.4	%		2,267			2,433			166			7.3	%
		Variable Annuities and other				16,057			16,807			17,114			17,661			17,292			16,890			18,551			19,634			1,972			11.2	%		16,910			18,092			1,182			7.0	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			2,461			2,536			80			3.3	%		2,394			2,413			20			0.8	%
				Total	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512		$	76,090		$	7,853			11.5	%	$	65,029		$	69,709		$	4,680			7.2	%

		Canada Retail Mutual Funds			$	7,390		$	7,795		$	7,991		$	8,218		$	7,950		$	7,573		$	8,525		$	9,186		$	968			11.8	%	$	7,849		$	8,309		$	460			5.9	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			2,461			2,536			80			3.3	%		2,394			2,413			20			0.8	%
			Total Canada average client assets			9,704			10,173			10,418			10,674			10,316			9,864			10,986			11,722			1,048			9.8	%		10,242			10,722			480			4.7	%
			Total U.S. average client assets			51,747			54,253			55,583			57,563			56,279			54,775			60,526			64,368			6,805			11.8	%		54,787			58,987			4,200			7.7	%
				Total average client assets	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512		$	76,090		$	7,853			11.5	%	$	65,029		$	69,709		$	4,680			7.2	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				1,998			1,996			2,007			2,020			2,031			2,048			2,072			2,091			72			3.5	%		2,005			2,060			55			2.7	%
		Recordkeeping only				641			641			646			650			658			671			685			697			47			7.2	%		644			678			34			5.2	%
				Total		2,639			2,637			2,653			2,670			2,689			2,718			2,757			2,788			118			4.4	%		2,650			2,738			89			3.3	%

				As of or for the period ended December 31, 2020
										% 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				$	547,569	$	547,569	$	-		17.9	%		18.9	%

Fixed Income:
	Treasury				26,579		25,665		915		0.9	%		0.9	%		2.15	%	AAA
	Government				289,172		269,714		19,457		9.4	%		9.3	%		2.90	%	AA-
	Tax-Exempt Municipal				48,335		45,393		2,942		1.6	%		1.6	%		2.78	%	AA
	Public Corporate				1,459,660		1,348,447		111,213		47.6	%		46.5	%		3.68	%	BBB+
	Mortgage Backed				293,856		281,952		11,904		9.6	%		9.7	%		2.67	%	AAA
	Asset Backed				69,755		69,326		429		2.3	%		2.4	%		3.16	%	AA-
	CMBS				112,865		107,020		5,845		3.7	%		3.7	%		3.01	%	AA+
	Private Placements				174,615		164,574		10,041		5.7	%		5.7	%		4.39	%	BBB
	Redeemable Preferred				6,074		5,447		627		0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,480,912		2,317,539		163,373		81.0	%		79.9	%		3.44	%	A

Equities and Other:
	Perpetual Preferred				13,570		13,570		-		0.4	%		0.5	%
	Common Stock				16,976		16,976		0		0.6	%		0.6	%
	Mutual Fund				5,445		5,445		0		0.2	%		0.2	%
	Derivatives				57		57		-		0.0	%		0.0	%
	Other				-		-		-		0.0	%		0.0	%
			Total Equities		36,049		36,049		0		1.2	%		1.2	%

			Total Invested Assets	$	3,064,529	$	2,901,156	$	163,373		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Consumer Non Cyclical			$	178,848	$	165,586	$	13,262		12.3	%		12.3	%
	Energy				163,207		150,023		13,184		11.2	%		11.1	%
	Insurance				139,857		128,685		11,172		9.6	%		9.5	%
	REITs				129,336		118,475		10,861		8.9	%		8.8	%
	Banking				128,610		120,745		7,865		8.8	%		9.0	%
	Technology				125,357		115,416		9,940		8.6	%		8.6	%
	Consumer Cyclical				116,202		107,569		8,633		8.0	%		8.0	%
	Capital Goods				87,204		82,468		4,736		6.0	%		6.1	%
	Transportation				77,963		73,983		3,980		5.3	%		5.5	%
	Electric				77,442		70,541		6,901		5.3	%		5.2	%
	Basic Industry				71,869		65,865		6,004		4.9	%		4.9	%
	Communications				70,588		63,470		7,118		4.8	%		4.7	%
	Brokerage				52,272		47,818		4,454		3.6	%		3.5	%
	Finance Companies				21,475		19,611		1,864		1.5	%		1.5	%
	Industrial Other				8,170		7,654		516		0.6	%		0.6	%
	Natural Gas				6,540		6,089		451		0.4	%		0.5	%
	Financial Other				3,615		3,450		165		0.2	%		0.3	%
	Utility Other				1,105		998		107		0.1	%		0.1	%
			Total Corporate portfolio	$	1,459,660	$	1,348,447	$	111,213		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	227,110	$	224,089	$	3,021		9.2	%		9.7	%		3.21	%
		1-2 Yrs.			301,570		290,372		11,198		12.2	%		12.5	%		3.57	%
		2-5 Yrs.			955,990		889,925		66,065		38.5	%		38.4	%		3.48	%
		5-10 Yrs.			675,688		620,426		55,262		27.2	%		26.8	%		3.41	%
		> 10 Yrs.			320,554		292,727		27,827		12.9	%		12.6	%		3.41	%
			Total Fixed Income	$	2,480,912	$	2,317,539	$	163,373		100.0	%		100.0	%		3.44	%

Duration

Fixed Income portfolio duration					4.7	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		$	433,763		18.7	%
	AA			294,429		12.7	%
	A			515,752		22.3	%
	BBB			979,867		42.3	%
	Below Investment Grade			90,947		3.9	%
	NA			2,780		0.1	%
		Total Fixed Income	$	2,317,539		100.0	%




			Amortized Cost		% of Total							Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,415		0.9	%		AAA			$	-		—
	AA			75,594		5.6	%		AA				5,597		3.4	%
	A			355,986		26.4	%		A				19,104		11.6	%
	BBB			832,957		61.8	%		BBB				124,279		75.5	%
	Below Investment Grade			71,547		5.3	%		Below Investment Grade				15,594		9.5	%
	NA			949		0.1	%		NA				-		—
		Total Corporate	$	1,348,447		100.0	%				Total Private	$	164,574		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	83,186		77.7	%		AAA			$	245,627		87.1	%
	AA			-		—			AA				26,193		9.3	%
	A			23,758		22.2	%		A				9,827		3.5	%
	BBB			-		—			BBB				125		0.0	%
	Below Investment Grade			77		0.1	%		Below Investment Grade				143		0.1	%
	NA			-		—			NA				37		0.0	%
		Total CMBS	$	107,020		100.0	%				Total Mortgage-Backed	$	281,952		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	28,656		41.3	%		AAA			$	61,378		20.8	%
	AA			3,451		5.0	%		AA				150,428		50.9	%
	A			30,117		43.4	%		A				71,688		24.3	%
	BBB			4,618		6.7	%		BBB				8,989		3.0	%
	Below Investment Grade			691		1.0	%		Below Investment Grade				2,896		1.0	%
	NA			1,794		2.6	%		NA				0		0.0	%
		Total Asset-Backed	$	69,326		100.0	%				Total Treasury & Government	$	295,379		100.0	%



NAIC Designations

	1		$	951,747		49.8	%
	2			905,278		45.9	%
	3			74,369		3.6	%
	4			13,054		0.7	%
	5			-		0.0	%
	6			0		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,944,448		100.0	%
	Other (3)			409,139
	Cash and cash equivalents			547,569
		Total Invested Assets	$	2,901,156

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

																												YOY Q4
(Dollars in thousands)				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,333		$	20,345		$	20,380		$	20,772		$	20,784		$	20,213		$	20,882		$	20,925		$	153		0.7%
	Fixed-maturity securities (held-to-maturity)				10,674			11,769			12,769			13,113			13,472			14,074			14,704			15,223			2,110		16.1%
	Equity Securities				487			446			448			464			451			461			433			406			(58	)	-12.5%
	Deposit asset underlying 10% reinsurance treaty				1,755			2,141			2,105			2,046			1,830			1,394			1,694			1,330			(716	)	-35.0%
	Deposit asset - Mark to Market				2,147			2,447			534			254			(6,379	)		2,259			1,165			960			706		278.0%
	Policy loans and other invested assets				467			299			234			215			189			541			242			272			57		26.5%
	Cash & cash equivalents				1,056			1,414			1,191			950			843			143			114			103			(847	)	-89.2%
			Total investment income		36,919			38,862			37,661			37,814			31,190			39,085			39,234			39,219			1,405		3.7%
	Investment expenses				2,134			2,225			2,217			2,283			2,298			2,300			1,577			1,265			(1,018	)	-44.6%
	Interest Expense on Surplus Note				10,674			11,769			12,769			13,113			13,472			14,074			14,704			15,223			2,110		16.1%
			Net investment income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	22,953		$	22,731		$	313		1.4%
		Fixed income book yield, end of period			3.85	%		3.74	%		3.65	%		3.54	%		3.55	%		3.54	%		3.45	%		3.44	%
		New money yield			3.56	%		3.10	%		2.73	%		2.73	%		3.25	%		3.14	%		2.44	%		2.67	%

																												YOY Q4
				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				21.4	%		20.9	%		23.0	%		24.0	%		22.9	%		21.5	%		19.6	%		18.7	%		-5.3	%
	AA				10.9	%		11.3	%		11.0	%		11.7	%		12.1	%		11.6	%		12.8	%		12.7	%		1.0	%
	A				22.9	%		22.9	%		22.1	%		23.4	%		22.9	%		22.3	%		21.8	%		22.3	%		-1.2	%
	BBB				41.8	%		41.8	%		41.0	%		38.2	%		38.9	%		40.4	%		42.0	%		42.3	%		4.1	%
	Below Investment Grade				2.9	%		3.0	%		2.8	%		2.6	%		3.1	%		4.0	%		3.8	%		3.9	%		1.4	%
	NA				0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-0.0	%

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

				As of December 31, 2020									As of December 31, 2020						As of December 31, 2020
				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		$	21,814		$	21,008		AAA	Canada		$	74,772	$	67,958	AAA		$	3,290	$	3,251
	2	Province of Ontario Canada			20,179			19,222		A+	United Kingdom			37,182		35,157	AA			10,027		9,619
	3	Province of Quebec Canada			16,713			15,106		AA-	Australia			37,113		34,676	A			8,879		8,322
	4	Province of Alberta Canada			13,198			12,236		A+	Bermuda			14,635		13,760	BBB			7,805		6,998
	5	Province of New Brunswick Canada			12,534			11,644		A+	Ireland			13,727		12,835	Below Investment Grade			2,981		2,896
	6	Enbridge Inc			12,430			11,630		BBB+	Germany			11,256		10,954	NA		-		-
	7	Province of British Columbia Canada			11,063			10,604		AAA	Cayman Islands			11,209		11,023		Total	$	32,981	$	31,086
	8	Province of Newfoundland and Labrador			10,385			9,213		A	Netherlands			10,397		8,940
	9	Wells Fargo & Co			10,337			10,041		A-	France			10,169		9,577
	10	General Motors Co			10,199			9,263		BBB	Switzerland			9,225		8,987	Non-Government Investments (1)
	11	City of Toronto Canada			9,775			9,028		AA	Mexico			6,665		6,135
	12	Province of Manitoba Canada			9,411			8,764		A+	Japan			6,050		5,450	AAA		$	4,208	$	4,184
	13	Municipal Finance Authority of British Columbia			9,383			8,866		AAA	Norway			5,085		4,957	AA			15,818		15,354
	14	Discovery Inc			8,666			6,972		BBB-	Israel			4,036		3,550	A			60,045		56,485
	15	Brookfield Asset Management Inc			8,471			7,454		A-	Luxembourg			3,649		3,500	BBB			156,200		143,660
	16	Simon Property Group Inc			8,389			7,663		A	Emerging Markets (2)			11,364		10,380	Below Investment Grade			19,764		18,414
	17	CVS Health Corp			8,227			7,955		BBB	All Other			22,481		21,344	NA		-		-
	18	Morgan Stanley			8,160			7,570		A+		Total	$	289,016	$	269,182		Total	$	256,035	$	238,096
	19	Truist Financial Corp			8,078			7,497		A-
	20	City of Montreal Canada			8,023			6,919		AA-
	21	General Mills Inc			7,916			7,347		BBB
	22	Deere & Co			7,810			7,286		A
	23	ConocoPhillips			7,767			6,065		A
	24	Booking Holdings Inc			7,679			7,053		A-
	25	Broadcom Inc			7,660			6,725		BBB-
			Total	$	264,265		$	243,132

			% of total fixed income portfolio		8.6	%		8.4	%

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

(Dollars in millions)			2016			2017			2018			2019			2020			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020


Recruits				262,732			303,867			290,886			282,207			400,345			63,223			86,173			72,345			60,466			84,762			133,123			101,861			80,599


Life-insurance licensed sales force, beginning of period				106,710			116,827			126,121			130,736			130,522			130,736			129,821			129,550			130,871			130,522			130,095			134,157			136,306
	New life-licensed representatives			44,724			48,535			48,041			44,739			48,106			10,065			10,919			12,682			11,073			10,599			12,250			13,138			12,119
	Non-renewal and terminated representatives			(34,607	)		(39,241	)		(43,426	)		(44,953	)		(43,721	)		(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)		(10,989	)		(13,518	)
Life-insurance licensed sales force, end of period				116,827			126,121			130,736			130,522			134,907			129,821			129,550			130,871			130,522			130,095			134,157			136,306			134,907


Issued term life policies				298,244			312,799			301,589			287,809			352,868			64,242			78,664			73,434			71,469			71,318			94,044			100,199			87,307


Issued term life face amount			$	89,869		$	95,635		$	95,209		$	93,994		$	109,436		$	20,925		$	25,300		$	24,087		$	23,682		$	23,221		$	27,754		$	30,104		$	28,357


Term life face amount in force, beginning of period			$	693,194		$	728,385		$	763,831		$	781,041		$	808,262		$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227
	Issued term life face amount			89,869			95,635			95,209			93,994			109,436			20,925			25,300			24,087			23,682			23,221			27,754			30,104			28,357
	Terminated term life face amount			(57,238	)		(65,958	)		(70,291	)		(71,519	)		(60,848	)		(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)		(13,733	)		(14,506	)
	Foreign currency impact, net			2,560			5,769			(7,708	)		4,746			1,968			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046			1,859			4,740
Term life face amount in force, end of period			$	728,385		$	763,831		$	781,041		$	808,262		$	858,818		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227		$	858,818


Estimated annualized issued term life premium
	Premium from new policies		$	237.9		$	255.4		$	250.8		$	244.8		$	303.6		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7		$	86.0		$	78.4
	Additions and increases in premium			46.4			49.5			55.2			60.2			68.9			13.8			15.8			15.1			15.4			15.0			17.8			17.9			18.1
		Total estimated annualized issued term life premium	$	284.3		$	304.9		$	306.0		$	305.0		$	372.5		$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5		$	103.9		$	96.5


Investment & Savings product sales			$	5,594.3		$	6,192.2		$	7,040.1		$	7,533.2		$	7,842.5		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4

Investment & Savings average client asset values			$	49,427		$	56,791		$	61,842		$	65,029		$	69,709		$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512		$	76,090

Closed U.S. Mortgage Volume (brokered)			$	—		$	—		$	—		$	31.1		$	442.5		$	—		$	0.7		$	12.3		$	18.1		$	12.9		$	65.8		$	160.0		$	203.8

	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