First Quarter 2024 Presentation

Financial results reflect focused execution

Adjusted retuon average equity

Adjusted pre-tax operating income1 ($M)

Assets under management and administration1 ($B)

Separate account returns

7.4%

5.3%

New money versus roll off yields2

Insurance company distributions ($M)

Capital retuby quarter1 ($M)

Capital and liquidity highlights

• Insurance companies generated strong cash flows while maintaining Life Fleet RBC ratio above target
• Returned $386 million of capital to shareholders, delivering 56% payout ratio
• Repurchased approximately $370 million of shares this year through May 2
• Holding company liquidity of $1.7 billion
• Completed sale of UK life insurance business on April 8; expect to deploy proceeds for share repurchase beginning in May
• Announced $2 billion increase to share repurchase program
• Declared second quarter dividend of $0.23 per share of common stock on May 2

Individual Retirement

Sources of income1 ($M)

1,020

9004

5307

277 +8%

Adjusted pre-tax operating income ($M)

622

5344

• +8%

excluding

529 VII & notable 618

items

First quarter highlights

Earnings growth driven by strong sales and attractive margins

• Base spread income excluding notable items grew 7% year over year supported by higher new money yields and higher general account assets
• Fee income increased 11% over prior year quarter driven by equity market performance
• General account net inflows over $600 million even with higher fixed annuity surrenders

Other key metrics

Group Retirement

Sources of income1 ($M)

Adjusted pre-tax operating income ($M)

+8%

First quarter highlights

Consistent earnings with balanced sources of income

• Fee income increased 8% year over year driven by equity market performance and expansion of advisory and brokerage business
• Premiums and deposits excluding new plan acquisitions improved 5% over prior year quarter
• Premiums and deposits for out-of-plan fixed and fixed index annuities grew 22% year over year

Other key metrics

Life Insurance

Sources of income1 ($M)

Adjusted pre-tax operating income ($M)

82

First quarter highlights

Notable items impacted results

• Underwriting margin decreased 7% from prior year quarter primarily due to Universal Life seasonal mortality. Overall mortality experience, inclusive of reserve impacts, was consistent with expectations
• New U.S. business sales driven by demand for Term / Traditional products, up 12% over prior year quarter
• Sale of UK Life business closed on April 8, 2024, for net proceeds of $550 million

Institutional Markets

Sources of income1 ($M)

Adjusted pre-tax operating income ($M)

First quarter highlights

Earnings growth driven by new business

• Base spread income excluding notable items increased 38% year over year supported by growth in pension risk transfer and guaranteed investment contract reserves
• Reserves increased $7 billion over prior year quarter primarily driven by new business volume from pension risk transfer business

Note: See Appendix for explanation of footnotes

10