First Quarter 2025 Financial Supplement

Quarterly Financial Supplement -1Q2025

April 28, 2025

Table of Contents Page

Consolidated statement of operations 4

Insurance operations 6

Collected premiums and insurance policy income 10

Computation of weighted average shares outstanding 12

Consolidated statutory information of U.S. based insurance subsidiaries 14

Other investment data 18

Notes 20-21

Assets

Investments:

Fixed maturities, available for sale, at fair value Equity securities at fair value

Mortgage loans Policy loans Trading securities

Investments held by variable interest entities Other invested assets

Total investments

Cash and cash equivalents - unrestricted

Cash and cash equivalents held by variable interest entities

Accrued investment income Present value of future profits Deferred acquisition costs Reinsurance receivables Income tax assets, net

Assets held in separate accounts Other assets

Total assets

Liabilities for insurance products: Policyholder account balances Future policy benefits

Market risk benefit liability

Liability for life insurance policy claims Unearned and advanced premiums Liabilities related to separate accounts Other liabilities

Investment borrowings

Borrowings related to variable interest entities Notes payable - direct corporate obligations

Total liabilities Shareholders' equity Common stock Additional paid-in capital Retained earnings

Total shareholders' equity before accumulated other comprehensive loss

Accumulated other comprehensive loss Total shareholders' equity

Total liabilities and shareholders' equity

Jun-24 Sep-24 Dec-24

Mar-24
$21,648.1 118.4 2,087.1 130.3 222.8 533.4 1,471.3
26,211.4 566.3 83.5 252.0 175.5 1,992.3 3,969.0 886.1 3.3 716.2
$34,855.6
$15,361.1 11,932.2 99.6 65.1 226.0 3.3 905.0 2,189.1 565.5 1,141.0
32,487.9
1.1 1,851.2 1,995.7
3,848.0 (1,480.3)
2,367.7
$34,855.6

Mar-25
$23,283.0 349.1 2,601.2 136.4 308.0 380.2 1,386.7
28,444.6 928.2 96.6 289.6 156.5 2,209.9 3,804.3 775.1 3.1 728.4
$37,436.3
$17,346.0 11,773.0 73.6 63.5 221.5 3.1 1,027.2 2,188.6 375.1 1,834.2
34,905.8
1.0 1,535.0 2,233.6
3,769.6 (1,239.1)
2,530.5
$37,436.3

$22,617.9 $23,724.7 $22,840.5

117.7 120.5 162.0

2,176.0 2,372.7 2,506.3

131.3 133.3 135.3

207.8 217.4 304.2

425.5 250.1 432.3

1,554.0 1,595.5 1,491.5

27,230.2 28,414.2 27,872.1

878.8 1,164.7 1,656.7

113.3 80.6 341.0

262.5 276.2 286.4

170.4 165.7 161.0

2,047.2 2,100.9 2,158.6

3,910.9 3,906.7 3,854.7

882.8 788.7 818.9

3.2 3.3 3.3

706.4 648.0 699.9

Liabilities

$36,205.7$37,549.0$37,852.6

$16,247.9 $16,992.4 $17,615.8 11,695.1 12,258.2 11,705.5

93.0 74.1 60.0

59.6 59.9 61.1

220.9 217.4 226.8

3.2 3.3 3.3

934.4 951.0 1,161.8

2,189.0 2,188.9 2,188.8

501.4 283.1 497.6

1,832.3 1,832.9 1,833.5

33,776.8 34,861.2 35,354.2

1.1 1.0 1.0

1,797.6 1,715.9 1,632.5

2,094.5 2,086.9 2,236.3

3,893.2 3,803.8 3,869.8

(1,464.3) (1,116.0) (1,371.4)

2,428.9 2,687.8 2,498.4

$36,205.7$37,549.0$37,852.6

Mar-24

$ 21.81

$ 35.44

$ 34.97

Mar-25

$ 25.33

$ 37.74

$ 37.03

Jun-24 Sep-24 Dec-24

Book value per common share

$ 22.80$ 25.86$ 24.59

Book value per common share, excluding accumulated other comprehensive loss (1) (2)

$ 36.55$ 36.60$ 38.08

Book value per diluted share, excluding accumulated other comprehensive loss (1) (3)

$ 36.00$ 35.84$ 37.19

		2Q 2024		3Q 2024		4Q 2024		YTD 2024
Revenues
Insurance policy income		$ 641.5		$ 645.0		$ 643.6		$ 2,558.5
Net investment income:
General account assets		351.7		366.3		399.5		1,419.4
Policyholder and other special-purpose portfolios		57.4		87.6		17.1		329.4

Investment gains (losses):

Realized investment losses Other investment gains (losses)

Total investment gains (losses) Fee revenue and other income

Total revenues

Insurance policy benefits

574.4

731.0 529.9 2,471.9

Benefits and expenses

Liability for future policy benefits remeasurement (gain) loss Change in fair value of market risk benefits

Interest expense

Amortization of deferred acquisition costs and present value of future profits Loss on extinguishment of borrowings related to variable interest entities Other operating costs and expenses

Total benefits and expenses

Income before income taxes

Income tax expense on period income Net income

(26.3) (13.1) (26.2) (75.6)

1Q 2024
$ 628.4 301.9 167.3 (10.0) 17.8
7.8
51.1
1,156.5
636.6 (6.4) (18.9) 60.2 60.5 - 278.3
1,010.3
146.2 33.9
$ 112.3

1Q 2025
$ 650.7 375.1 (63.6) (3.8) (3.0)
(6.8)
48.7
1,004.1
580.1 (12.2) 15.3 62.0 67.4 (1.5) 275.3
986.4
17.7 4.0
$ 13.7

9.1 14.3 (15.5) 25.7

(17.2) 1.2 (41.7) (49.9)

32.8 29.5 78.7 192.1

1,066.2 1,129.6 1,097.2 4,449.5

(30.0) 7.3 (12.0) (41.1)

(5.8) (20.9) (14.9) (60.5)

64.2 68.0 62.0 254.4

61.4 64.0 65.3 251.2

- - - -

251.4 269.2 256.4 1,055.3

915.6 1,118.6 886.7 3,931.2

150.6 11.0 210.5 518.3

34.3 1.7 44.4 114.3

$ 116.3$ 9.3$ 166.1$ 404.0

Insurance product margin (4)

Annuity margin Health margin Life margin

Total insurance product margin Allocated expenses

Income from insurance products (8) Fee income

Investment income not allocated to product lines (9)

Expenses not allocated to product lines

Operating earnings before taxes

Net operating income (10)

Net realized investment losses from sales, impairments and change in allowance for credit losses

Net change in market value of investments recognized in earnings

Fair value changes related to agent deferred compensation plan

Changes in fair value of embedded derivative liabilities and market risk benefits

Other

Net non-operating income (loss) before taxes

Income tax (expense) benefit on non-operating income (loss)

Net non-operating income (loss)

Net income

Per diluted share

Net operating income

Net non-operating income (loss) Net income

2Q 3Q 4Q YTD

1Q 2024
$ 52.0 123.0 54.6
229.6 (161.6)
68.0 11.3 12.3 (16.8)
74.8 (17.3)
57.5
(4.6) 12.4 - 64.0 (0.4)
71.4 (16.6)
54.8
$ 112.3
$ 0.52 0.49
$ 1.01

1Q 2025
$ 54.5 126.2 68.2
248.9 (161.2)
87.7 (0.8) 38.0 (20.3)
104.6 (23.5)
81.1
(13.2) 6.4 - (79.7) (0.4)
(86.9) 19.5
(67.4)
$ 13.7
$ 0.79 (0.66)
$ 0.13

2024 2024 2024 2024

$ 76.1 $ 91.1 $ 55.0 $ 274.2

135.9 127.8 130.1 516.8

63.1 63.3 68.0 249.0

275.1 282.2 253.1 1,040.0

(154.6) (153.0) (146.1) (615.3)

120.5 129.2 107.0 424.7

0.8 (2.7) 20.6 30.0

44.8 45.5 65.3 167.9

(17.5) (18.5) (19.0) (71.8)

Income tax expense on operating income

(34.0) (34.3) (35.9) (121.5)

148.6 153.5 173.9 550.8

114.6 119.2 138.0 429.3

(21.9) (11.1) (35.1) (72.7)

4.7 12.3 (6.6) 22.8

3.5 (3.5) 6.6 6.6

16.8 (127.1) 71.0 24.7

(1.1) (13.1) 0.7 (13.9)

2.0 (142.5) 36.6 (32.5)

(0.3) 32.6 (8.5) 7.2

1.7 (109.9) 28.1 (25.3)

$ 116.3$ 9.3$ 166.1$ 404.0

$ 1.05 $ 1.11 $ 1.31 $ 3.97

0.01 (1.02) 0.27 (0.23)

$ 1.06$ 0.09$ 1.58$ 3.74

Insurance product margin (4) Annuity:

Insurance policy income

Net investment income (5) (6) Insurance policy benefits Interest credited (6)

Amortization and non-deferred commissions

Annuity margin

Insurance policy income Net investment income (5) Insurance policy benefits

Amortization and non-deferred commissions

Health margin

Insurance policy income

Net investment income (5) (7) Insurance policy benefits Interest credited (7)

Amortization and non-deferred commissions

Advertising expense Life margin

Total insurance product margin

Allocated expenses:

Branch office expenses Other allocated expenses

Income from insurance products (8) Fee income

Investment income not allocated to product lines (9)

Net operating income (10)

$ 114.6$ 119.2$ 138.0$ 429.3

Expenses not allocated to product lines Income tax expense on operating income

2Q 3Q 4Q YTD

1Q 2024
$ 7.3 134.5 (11.3) (58.3) (20.2)
52.0
398.4 74.3 (308.5) (41.2)
123.0
222.7 36.5 (144.0) (12.5) (23.5) (24.6)
54.6
229.6 (19.8) (141.8)
68.0 11.3 12.3 (16.8)
74.8 (17.3)
$ 57.5

1Q 2025
$ 9.8 148.0 (10.3) (68.3) (24.7)
54.5
412.0 75.1 (320.3) (40.6)
126.2
228.9 37.6 (138.1) (13.0) (26.0) (21.2)
68.2
248.9 (20.7) (140.5)
87.7 (0.8) 38.0 (20.3)
104.6 (23.5)
$ 81.1

2024 2024 2024 2024

$ 9.3 $ 11.2 $ 7.7 $ 35.5

140.5 142.2 147.8 565.0

8.4 25.9 (7.8) 15.2

(61.2) (65.2) (69.1) (253.8)

(20.9) (23.0) (23.6) (87.7)

Health:

76.1 91.1 55.0 274.2

403.6 406.9 409.4 1,618.3

75.1 75.0 75.2 299.6

(302.3) (314.1) (314.7) (1,239.6)

(40.5) (40.0) (39.8) (161.5)

Life:

135.9 127.8 130.1 516.8

228.6 226.9 226.5 904.7

36.7 36.8 37.1 147.1

(144.6) (143.5) (143.9) (576.0)

(12.4) (13.3) (13.3) (51.5)

(24.3) (25.1) (25.1) (98.0)

(20.9) (18.5) (13.3) (77.3)

63.1 63.3 68.0 249.0

275.1 282.2 253.1 1,040.0

(16.2) (16.7) (13.0) (65.7)

(138.4) (136.3) (133.1) (549.6)

120.5 129.2 107.0 424.7

0.8 (2.7) 20.6 30.0

44.8 45.5 65.3 167.9

Operating earnings before taxes

148.6

153.5 173.9

550.8

(17.5) (18.5) (19.0) (71.8)

(34.0) (34.3) (35.9) (121.5)

Annuity margin (4): Fixed indexed annuities Insurance policy income

Net investment income (5) (6) Insurance policy benefits Interest credited (6)

Amortization and non-deferred commissions

Margin from fixed indexed annuities

Average net insurance liabilities (11)

Margin/average net insurance liabilities (12)

Insurance policy income Net investment income (5) Insurance policy benefits Interest credited

Amortization and non-deferred commissions

Margin from fixed interest annuities

Average net insurance liabilities (11)

Margin/average net insurance liabilities (12)

Other annuities Insurance policy income Net investment income (5) Insurance policy benefits Interest credited

Amortization and non-deferred commissions

Margin from other annuities

Average net insurance liabilities (11)

Margin/average net insurance liabilities (12)

Total annuity margin

Average net insurance liabilities (11)

Margin/average net insurance liabilities (12)

2Q 3Q 4Q YTD

1Q 2024
$ 6.0 108.4 (5.8) (46.7) (18.5)
$ 43.4
$9,636.3
1.80 %
$ 0.1 20.6 (0.4) (11.1) (1.6)
$ 7.6
$1,588.0
1.91 %
$ 1.2 5.5 (5.1) (0.5) (0.1)
$ 1.0
$ 439.9
0.91 %
$ 52.0
$11,664.2
1.78 %

1Q 2025
$ 7.2 120.9 (5.5) (55.7) (22.4)
$ 44.5
$10,085.7
1.76 %
$ 0.5 21.6 0.2 (12.1) (2.1)
$ 8.1
$1,599.5
2.03 %
$ 2.1 5.5 (5.0) (0.5) (0.2)
$ 1.9
$ 402.2
1.89 %
$ 54.5
$12,087.4
1.80 %

2024 2024 2024 2024

$ 7.2 $ 8.7 $ 6.1 $ 28.0

113.8 115.9 120.6 458.7

(2.6) 28.7 (6.1) 14.2

(49.4) (53.3) (55.7) (205.1)

(19.1) (21.0) (21.4) (80.0)

$ 49.9$ 79.0$ 43.5$ 215.8

$9,758.1$9,899.4$10,101.6$9,848.9

Fixed interest annuities

2.05 %3.19 %1.72 %2.19 %

$ 0.4 $ 0.1 $ 0.6 $ 1.2

21.1 20.8 21.6 84.1

0.1 (0.4) 0.8 0.1

(11.3) (11.3) (12.9) (46.6)

(1.6) (1.9) (2.1) (7.2)

$ 8.7$ 7.3$ 8.0$ 31.6

$1,569.4$1,568.2$1,587.7$1,578.3

2.22 %1.86 %2.02 %2.00 %

$ 1.7 $ 2.4 $ 1.0 $ 6.3

5.6 5.5 5.6 22.2

10.9 (2.4) (2.5) 0.9

(0.5) (0.6) (0.5) (2.1)

(0.2) (0.1) (0.1) (0.5)

$ 17.5$ 4.8$ 3.5$ 26.8

$ 426.4$ 414.4$ 408.6$ 422.3

16.42 %4.63 %3.43 %6.35 %

$ 76.1 $ 91.1 $ 55.0 $ 274.2

$11,753.9$11,882.0$12,097.9$11,849.5

2.59 %3.07 %1.82 %2.31 %

Health margin (4): Supplemental health Insurance policy income Net investment income (5) Insurance policy benefits

Amortization and non-deferred commissions

Margin from supplemental health Margin/insurance policy income

Insurance policy income Net investment income (5) Insurance policy benefits

Amortization and non-deferred commissions

Margin from Medicare supplement

Margin/insurance policy income

Long-term care Insurance policy income Net investment income (5) Insurance policy benefits

Amortization and non-deferred commissions

Margin from long-term care Margin/insurance policy income

Total health margin Margin/insurance policy income

2Q 3Q 4Q YTD

1Q 2024
$ 179.7 39.0 (125.8) (27.5)
$ 65.4
36.39 %
$ 151.7 1.4 (116.4) (10.2)
$ 26.5
17.47 %
$ 67.0 33.9 (66.3) (3.5)
$ 31.1
46.42 %
$ 123.0
30.87 %

1Q 2025
$185.1 39.8 (131.6) (27.7)
$ 65.6
35.44 %
$156.3 1.2 (120.0) (9.4)
$ 28.1
17.98 %
$ 70.6 34.1 (68.7) (3.5)
$ 32.5
46.03 %
$126.2
30.63 %

2024 2024 2024 2024

$ 180.1 $ 182.0 $ 183.3 $ 725.1

39.4 39.6 39.7 157.7

(127.4) (125.8) (125.2) (504.2)

(27.0) (27.2) (27.1) (108.8)

$ 65.1$ 68.6$ 70.7$ 269.8

Medicare supplement

36.15 %37.69 %38.57 %37.21 %

$ 155.8 $ 156.3 $ 156.7 $ 620.5

1.3 1.3 1.3 5.3

(111.5) (121.6) (122.9) (472.4)

(10.1) (9.7) (9.5) (39.5)

$ 35.5$ 26.3$ 25.6$ 113.9

22.79 %16.83 %16.34 %18.36 %

$ 67.7 $ 68.6 $ 69.4 $ 272.7

34.4 34.1 34.2 136.6

(63.4) (66.7) (66.6) (263.0)

(3.4) (3.1) (3.2) (13.2)

$ 35.3$ 32.9$ 33.8$ 133.1

52.14 %47.96 %48.70 %48.81 %

$ 135.9$ 127.8$ 130.1$ 516.8

33.67 %31.41 %31.78 %31.93 %

Life margin (4):

Interest sensitive life

Insurance policy income

Net investment income (5) (7) Insurance policy benefits Interest credited (7)

Amortization and non-deferred commissions

Margin from interest sensitive life

Average net insurance liabilities (11)

Interest margin

Interest margin/average net insurance liabilities (12)

Underwriting margin

Underwriting margin/insurance policy income

Traditional life

Insurance policy income Net investment income (5) Insurance policy benefits Interest credited

Amortization and non-deferred commissions

Advertising expense

Margin from traditional life

Margin/insurance policy income

Margin excluding advertising expense/insurance policy income

Total life margin

2Q 3Q 4Q YTD

1Q 2024
$ 46.6 13.2 (19.9) (12.3) (5.1)
$ 22.5
$1,056.1
$ 0.9
0.34 %
$ 21.6
46.35 %
$ 176.1 23.3 (124.1) (0.2) (18.4) (24.6)
$ 32.1
18.23 %
32.20 %
$ 54.6

1Q 2025
$ 48.1 13.9 (19.9) (12.9) (5.1)
$ 24.1
$1,096.1
$ 1.0
0.36 %
$ 23.1
48.02 %
$ 180.8 23.7 (118.2) (0.1) (20.9) (21.2)
$ 44.1
24.39 %
36.12 %
$ 68.2

2024 2024 2024 2024

$ 46.9 $ 47.0 $ 47.4 $ 187.9

13.2 13.3 13.5 53.2

(18.6) (13.6) (19.7) (71.8)

(12.3) (13.2) (13.1) (50.9)

(5.3) (5.3) (4.8) (20.5)

$ 23.9$ 28.2$ 23.3$ 97.9

$1,063.0$1,070.8$1,078.7$1,067.2

$ 0.9$ 0.1$ 0.4$ 2.3

0.34 %0.04 %0.15 %0.22 %

$ 23.0$ 28.1$ 22.9$ 95.6

49.04 %59.79 %48.31 %50.88 %

$ 181.7 $ 179.9 $ 179.1 $ 716.8

23.5 23.5 23.6 93.9

(126.0) (129.9) (124.2) (504.2)

(0.1) (0.1) (0.2) (0.6)

(19.0) (19.8) (20.3) (77.5)

(20.9) (18.5) (13.3) (77.3)

$ 39.2$ 35.1$ 44.7$ 151.1

21.57 %19.51 %24.96 %21.08 %

33.08 %29.79 %32.38 %31.86 %

$ 63.1$ 63.3$ 68.0$ 249.0

Collected premiums:

Fixed indexed annuities Fixed interest annuities Other annuities

Total annuity collected premiums

Health products Supplemental health Medicare supplement Long-term care

Total health collected premiums

Interest-sensitive life Traditional life

Total life collected premiums

Total collected premiums

Insurance policy income: Annuity products

Fixed indexed annuities Fixed interest annuities Other annuities

Total annuity insurance policy income

Supplemental health Medicare supplement Long-term care

Total health insurance policy income

Life products

Interest-sensitive life Traditional life

Total life insurance policy income

Total insurance policy income

2Q 3Q 4Q YTD

Annuity products

1Q 2024
$ 345.5 45.9 1.9
393.3
181.4 155.7 67.7
404.8
60.5 176.8
237.3
$1,035.4
$ 6.0 0.1 1.2
7.3
179.7 151.7 67.0
398.4
46.6 176.1
222.7
$ 628.4

1Q 2025
$ 388.0 51.7 2.3
442.0
184.8 151.1 69.8
405.7
62.9 181.5
244.4
$1,092.1
$ 7.2 0.5 2.1
9.8
185.1 156.3 70.6
412.0
48.1 180.8
228.9
$ 650.7

2024 2024 2024 2024

$ 388.5 $ 398.8 $ 409.9 $ 1,542.7

49.1 62.9 81.2 239.1

1.5 3.4 2.0 8.8

439.1 465.1 493.1 1,790.6

179.8 181.3 183.2 725.7

152.4 153.1 164.5 625.7

67.9 68.7 71.9 276.2

Life products

400.1 403.1 419.6 1,627.6

61.3 61.0 61.3 244.1

181.1 180.0 178.5 716.4

242.4 241.0 239.8 960.5

$1,081.6$1,109.2$1,152.5$ 4,378.7

$ 7.2 $ 8.7 $ 6.1 $ 28.0

0.4 0.1 0.6 1.2

1.7 2.4 1.0 6.3

Health products

9.3 11.2 7.7 35.5

180.1 182.0 183.3 725.1

155.8 156.3 156.7 620.5

67.7 68.6 69.4 272.7

403.6 406.9 409.4 1,618.3

46.9 47.0 47.4 187.9

181.7 179.9 179.1 716.8

228.6 226.9 226.5 904.7

$ 641.5$ 645.0$ 643.6$ 2,558.5

New Annualized Premiums ("NAP")

(Dollars in millions) (Unaudited)

Consumer Division Health products:

Supplemental health Medicare supplement Long-term care

Total Consumer Division health NAP

Interest sensitive life Traditional life

Total Consumer Division life NAP

Worksite Division Supplemental health Interest sensitive life

Total NAP (both divisions)

Supplemental health Medicare supplement Long-term care

Total health NAP

Life products:

Interest sensitive life Traditional life

Total life NAP Total NAP

2Q 3Q 4Q YTD

1Q 2024
$ 18.0 9.7 10.6
38.3
4.4 48.8
53.2
$ 91.5
$ 9.5 3.5
$ 13.0
$ 27.5 9.7 10.6
47.8
7.9 48.8
56.7
$ 104.5

1Q 2025
$ 19.5 12.0 10.2
41.7
3.6 46.0
49.6
$ 91.3
$ 10.3 4.1
$ 14.4
$ 29.8 12.0 10.2
52.0
7.7 46.0
53.7
$ 105.7

2024 2024 2024 2024

$ 18.2 $ 19.1 $ 23.7 $ 79.0

10.3 10.0 16.6 46.6

10.7 11.6 10.2 43.1

Life products:

39.2 40.7 50.5 168.7

5.0 4.2 4.0 17.6

43.2 38.6 36.5 167.1

Total Consumer Division health and life NAP

$ 87.4$ 83.5$ 91.0$ 353.4

48.2 42.8 40.5 184.7

Health products:

Life products:

$ 11.4 $ 11.4 $ 13.0 $ 45.3

Total Worksite Division health and life NAP

$ 15.5$ 15.9$ 17.6$ 62.0

4.1 4.5 4.6 16.7

Health products:

$ 29.6 $ 30.5 $ 36.7 $ 124.3

10.3 10.0 16.6 46.6

10.7 11.6 10.2 43.1

50.6 52.1 63.5 214.0

9.1 8.7 8.6 34.3

43.2 38.6 36.5 167.1

52.3 47.3 45.1 201.4

$ 102.9$ 99.4$ 108.6$ 415.4

Computation of Weighted Average Shares Outstanding

(Shares in thousands)

Basic

Shares outstanding, beginning of period

Weighted average share activity during the period:

Shares repurchased

Amounts related to employee benefit plans

Shares withheld for the payment of the exercise price and taxes related to employee benefit plans

Weighted average basic shares outstanding during the period

Basic shares outstanding, end of period

Diluted

Weighted average basic shares outstanding

Common stock equivalent shares related to:

Employee benefit plans

Weighted average diluted shares outstanding during the period

Diluted shares outstanding, end of period

2Q 3Q 4Q YTD

1Q 2024
109,357.5 (618.6) 344.5 (119.5)
108,963.9
108,568.6
108,963.9 1,881.0
110,844.9
110,036.5

1Q 2025
101,619.0 (1,106.8) 307.9 (77.3)
100,742.8
99,893.9
100,742.8 2,327.1
103,069.9
101,796.1

2024 2024 2024 2024

108,568.6 106,513.6 103,923.0 109,357.5

(893.0) (1,483.9) (1,233.7) (3,958.1)

57.0 76.7 90.4 1,028.3

(1.9) (4.9) (1.5) (284.1)

107,730.7105,101.5102,778.2106,143.6

106,513.6103,923.0101,619.0101,619.0

107,730.7 105,101.5 102,778.2 106,143.6

1,527.5 2,029.5 2,452.1 1,972.6

109,258.2107,131.0105,230.3108,116.2

108,140.0106,141.8104,052.8104,052.8

Annuities - Account Value Rollforwards

(Dollars in millions)

Fixed indexed annuities

Policyholder account balances, beginning of period excluding contracts 100% ceded

Issuances (funds collected from new business)

Premiums received (premiums collected from inforce business)

Policy charges

Surrenders and withdrawals Benefit payments

Interest credited Other

Policyholder account balances, end of period excluding contracts 100% ceded

Policyholder account balances, beginning of period excluding contracts 100% ceded

Issuances (funds collected from new business)

Premiums received (premiums collected from inforce business)

Policy charges

Surrenders and withdrawals Benefit payments

Interest credited Other

Policyholder account balances, end of period excluding contracts 100% ceded

Total annuities

Policyholder account balances, beginning of period excluding contracts 100% ceded

Issuances (funds collected from new business)

Premiums received (premiums collected from inforce business)

Policy charges

Surrenders and withdrawals Benefit payments

Interest credited Other

Policyholder account balances, end of period excluding contracts 100% ceded

2Q 3Q 4Q YTD

1Q 2024
$ 9,999.2 345.4 0.5 (6.5) (232.2) (74.4) 68.9 11.8
$10,112.7
$ 1,636.4 45.1 1.0 (0.3) (52.8) (30.2) 11.4 -
$ 1,610.6
$11,635.6 390.5 1.5 (6.8) (285.0) (104.6) 80.3 11.8
$11,723.3

1Q 2025
$10,766.3 383.7 4.0 (6.8) (233.3) (72.7) 96.4 14.5
$10,952.1
$ 1,646.6 50.9 0.7 (0.4) (41.4) (28.4) 12.7 -
$ 1,640.7
$12,412.9 434.6 4.7 (7.2) (274.7) (101.1) 109.1 14.5
$12,592.8

2024 2024 2024 2024

$10,112.7 $10,279.1 $10,468.0 $ 9,999.2

388.5 398.7 409.0 1,541.6

0.7 0.1 1.3 2.6

(7.9) (8.8) (6.5) (29.7)

(235.2) (239.1) (221.1) (927.6)

(77.6) (67.5) (54.9) (274.4)

84.0 91.2 155.7 399.8

13.9 14.3 14.8 54.8

Fixed interest annuities

$10,279.1$10,468.0$10,766.3$10,766.3

$ 1,610.6 $ 1,602.6 $ 1,612.7 $ 1,636.4

48.5 62.3 80.5 236.4

0.5 1.0 0.4 2.9

(0.3) (0.4) (0.4) (1.4)

(42.4) (39.2) (37.1) (171.5)

(25.8) (25.0) (22.8) (103.8)

11.6 11.7 13.3 48.0

(0.1) (0.3) - (0.4)

$ 1,602.6$ 1,612.7$ 1,646.6$ 1,646.6

$11,723.3 $11,881.7 $12,080.7 $11,635.6

437.0 461.0 489.5 1,778.0

1.2 1.1 1.7 5.5

(8.2) (9.2) (6.9) (31.1)

(277.6) (278.3) (258.2) (1,099.1)

(103.4) (92.5) (77.7) (378.2)

95.6 102.9 169.0 447.8

13.8 14.0 14.8 54.4

$11,881.7$12,080.7$12,412.9$12,412.9

Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)

1Q 2024
$ 40.3 17.6
22.7 26.7
(4.0) (4.2)
$ (8.2)
$ 1,487.3 351.8
1,839.1 362.1
$ 2,201.2

1Q 2025 (a)
$ 29.0 15.5
13.5 -
13.5 (1.2)
$ 12.3
$ 1,422.3 428.5
1,850.8 331.5
$ 2,182.3

(Dollars in millions) (Unaudited)

2Q 3Q 4Q YTD

2024 2024 2024 2024

Net gain from operations before interest expense and federal income taxes

Interest expense on surplus debentures held by parent company

Net gain from operations before federal income taxes

Federal income tax expense (benefit)

Net gain (loss) from operations before net realized capital gains (losses)

Net realized capital gains (losses)

Net income (loss)

Capital and surplus

Asset valuation reserve (AVR)

Capital, surplus and AVR

Interest maintenance reserve (IMR)

Total statutory capital, surplus, AVR & IMR

$ 63.3 $ 58.9 $ 161.1 $ 323.6

17.5 32.9 16.4 84.4

45.8 26.0 144.7 239.2

17.7 17.6 (19.7) 42.3

28.1 8.4 164.4 196.9

7.4 (0.5) (23.0) (20.3)

$ 35.5$ 7.9$ 141.4$ 176.6

$ 1,489.5 $ 1,446.6 $ 1,458.1 $ 1,458.1

369.8 393.2 407.1 407.1

1,859.3 1,839.8 1,865.2 1,865.2

344.0 338.1 334.2 334.2

$ 2,203.3$ 2,177.9$ 2,199.4$ 2,199.4

Risk-based capital ratio 391 %394 %388 %383 %383 %

379 %

(a) Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 1Q25 will be filed with the respective insurance regulators on or about May 14, 2025.

		2Q 2024	3Q 2024	4Q 2024	YTD 2024
Net investment income		$ 409.1	$ 453.9	$ 416.6	$ 1,748.8
Allocated to product lines:
Annuity		(140.5)	(142.2)	(147.8)	(565.0)
Health		(75.1)	(75.0)	(75.2)	(299.6)
Life		(36.7)	(36.8)	(37.1)	(147.1)
Equity returns credited to policyholder account balances		(38.9)	(67.6)	(7.5)	(253.7)
Amounts allocated to product lines and credited to policyholder account balances		(291.2)	(321.6)	(267.6)	(1,265.4)
Impact of annual option
forfeitures related to fixed indexed annuity surrenders Amount related to variable interest entities and other non-operating items Interest expense on debt Interest expense on financing arrangements Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program Expenses related to the funding agreement-backed notes ("FABN") program (a) Less amounts credited to deferred compensation plans (offsetting investment income) Total adjustments Investment income not allocated to product lines		6.0 7.4 6.4 26.0 (9.6) (5.3) (6.0) (33.5) (21.8) (27.2) (27.1) (91.8) (1.2) (1.1) (1.2) (4.7) (31.4) (31.8) (28.6) (123.2) (10.9) (20.6) (24.9) (64.0) (4.2) (8.2) (2.3) (24.3) (73.1) (86.8) (83.7) (315.5) $ 44.8$ 45.5$ 65.3$ 167.9

1Q 2025
$ 311.5
(148.0) (75.1) (37.6) 70.2
(190.5)
3.5 (7.2) (27.2) (1.0) (26.0) (27.9) 2.8
(83.0)
$ 38.0

1Q 2024
$ 469.2
(134.5) (74.3) (36.5) (139.7)
(385.0)
6.2 (12.6) (15.7) (1.2) (31.4) (7.6) (9.6)
(71.9)
$ 12.3

(a) Comprised of interest credited and amortization of deferred acquisition costs.

1Q 2024
$ 27.1 3.1 41.7 (31.4)
10.3
14.9 (7.6)
7.3
(15.7) (1.2)
30.9
3.6 (1.6)
2.0
(24.3) (7.1) -
(31.4) 2.1 0.5 6.2 2.0
(18.6)
$ 12.3

1Q 2025
$ 27.3 10.9 35.4 (26.0)
9.4
34.3 (27.9)
6.4
(27.2) (1.0)
25.8
3.0 (1.6)
1.4
12.9 (6.0) -
6.9 1.6 (0.5) 3.5 (0.7)
12.2
$ 38.0

2Q 3Q 4Q YTD

2024 2024 2024 2024

Investment income not allocated:

Excluding variable components:

From general account assets

Other investment income Spread income:

FHLB program:

Investment income on matched assets

Interest expense

Net spread income on FHLB program

FABN program:

Investment income on matched assets

Expenses (b)

Net spread income on FABN program

Interest expense on corporate debt

Interest expense on financing arrangements

Total excluding variable components

Variable components:

Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:

Change in value of COLI investments

Increase in liability for agent deferred compensation plan

Net COLI income (loss) Other variable components:

Alternative investment income (loss):

Total

Allocated to product lines

Allocated to FABN program

Excess alternative investment income (loss)

Trading account

Hedge variance related to fixed indexed products

Impact of annual option forfeitures related to fixed indexed annuity surrenders

Other (a)

Total variable components

Total investment income not allocated to product lines

$ 25.0 $ 28.2 $ 47.6 $ 127.9

6.8 12.9 13.8 36.6

42.4 41.0 36.1 161.2

(31.4) (31.8) (28.6) (123.2)

11.0 9.2 7.5 38.0

19.6 28.6 33.6 96.7

(10.9) (20.6) (24.9) (64.0)

8.7 8.0 8.7 32.7

(21.8) (27.2) (27.1) (91.8)

(1.2) (1.1) (1.2) (4.7)

28.5 30.0 49.3 138.7

2.9 4.1 0.7 11.3

(1.6) (1.6) (1.6) (6.4)

1.3 2.5 (0.9) 4.9

11.9 8.9 17.1 13.6

(6.4) (6.5) (8.2) (28.2)

(0.4) 0.6 (0.9) (0.7)

5.1 3.0 8.0 (15.3)

1.0 1.3 0.5 4.9

- (0.4) 2.1 2.2

6.0 7.4 6.4 26.0

2.9 1.7 (0.1) 6.5

16.3 15.5 16.0 29.2

$ 44.8$ 45.5$ 65.3$ 167.9

1. Includes impacts of changes in projected cash flows, prepayment and call income and other investment income.

2. Comprised of interest credited and amortization of deferred acquisition costs.

	1Q	2Q		3Q		4Q		YTD	1Q
	2024	2024		2024		2024		2024	2025
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities	$ 9,636.3	$ 9,758.1		$ 9,899.4		$10,101.6		$ 9,848.9	$10,085.7
Fixed interest annuities	1,588.0	1,569.4		1,568.2		1,587.7		1,578.3	1,599.5
Other annuities	439.9	426.4		414.4		408.6		422.3	402.2
Total annuity average net insurance liabilities (11)	11,664.2	11,753.9		11,882.0		12,097.9		11,849.5	12,087.4
Health:
Supplemental health	3,346.3	3,351.1	3,361.1		3,372.5			3,357.8	3,387.4
Medicare supplement	114.8	111.6	105.8		111.9			111.0	113.1
Long-term care	2,698.7	2,696.1	2,693.4		2,694.3			2,695.6	2,695.7
Total health average net insurance liabilities (11)	6,159.8	6,158.8	6,160.3		6,178.7			6,164.4	6,196.2
Life:
Interest sensitive	1,056.1	1,063.0	1,070.8		1,078.7			1,067.2	1,096.1
Traditional	1,994.1	1,997.3	2,007.6		2,019.9			2,004.7	2,020.3
Total life average net insurance liabilities (11)	3,050.2	3,060.3	3,078.4		3,098.6			3,071.9	3,116.4
Total average net insurance liabilities (11)	$20,874.2	$20,973.0	$21,120.7		$21,375.2			$21,085.8	$21,400.0
Average yield on allocated investments
Annuity:
Fixed indexed annuities	4.50 %	4.66 %	4.68 %		4.78 %		4.66 %		4.79 %
Fixed interest annuities	5.19 %	5.38 %	5.31 %		5.44 %		5.33 %		5.40 %
Other annuities	5.00 %	5.25 %	5.31 %		5.48 %		5.26 %		5.47 %
Average yield on investments allocated to annuities	4.61 %	4.78 %	4.79 %		4.89 %		4.77 %		4.90 %
Health:
Supplemental health	4.66 %	4.70 %	4.71 %		4.71 %		4.70 %		4.70 %
Medicare supplement	4.73 %	4.89 %	4.91 %		4.65 %		4.77 %		4.24 %
Long-term care	5.02 %	5.10 %	5.06 %		5.08 %		5.07 %		5.06 %
Average yield on investments allocated to health products	4.82 %	4.88 %	4.87 %		4.87 %		4.86 %		4.85 %
Life:
Interest sensitive	5.00 %	4.97 %	4.97 %		5.01 %		4.99 %		5.07 %
Traditional	4.67 %	4.71 %	4.68 %		4.67 %		4.68 %		4.69 %
Average yield on investments allocated
to life products	4.79 %	4.80 %	4.78 %		4.79 %		4.79 %		4.83 %
Total average yield	4.70 %	4.81 %	4.81 %		4.87 %		4.80 %		4.87 %

Allocated investment income
Annuity: Fixed indexed annuities Fixed interest annuities Other annuities Total investment income allocated to annuities Health: Supplemental health Medicare supplement Long-term care Total investment income allocated to health products Life: Interest sensitive Traditional Total investment income allocated to life products Total allocated investment income	$ 108.4	$ 113.8	$ 115.9	$ 120.6	$ 458.7	$ 120.9
	20.6	21.1	20.8	21.6	84.1	21.6
	5.5	5.6	5.5	5.6	22.2	5.5
	134.5	140.5	142.2	147.8	565.0	148.0
	39.0	39.4	39.6	39.7	157.7	39.8
	1.4	1.3	1.3	1.3	5.3	1.2
	33.9	34.4	34.1	34.2	136.6	34.1
	74.3	75.1	75.0	75.2	299.6	75.1
	13.2	13.2	13.3	13.5	53.2	13.9
	23.3	23.5	23.5	23.6	93.9	23.7
	36.5	36.7	36.8	37.1	147.1	37.6
	$ 245.3	$ 252.3	$ 254.0	$ 260.1	$ 1,011.7	$ 260.7

(Dollars in millions) (Unaudited)

General account assets investment income

Policyholder and other special purpose portfolio investment income (loss)

Less equity returns credited to policyholders:

Annuity Life

Less amount related to variable interest entities

Less amounts credited to deferred compensation plans

Other special purpose portfolio investment income (loss)

Adjusted net investment income

Less amounts allocated to product lines

Annuity Health Life

Total investment income allocated to product lines

Impact of annual option forfeitures related to fixed indexed annuity surrenders

Less interest expense on investment borrowings from FHLB program

Less expenses related to FABN program

Less interest expense on debt

Less interest expense on financing arrangements

Investment income not allocated to product lines

2Q 3Q 4Q YTD

1Q 2024
$ 301.9
167.3 (128.6) (11.1) (12.6) (9.6)
5.4
307.3 (134.5) (74.3) (36.5)
(245.3)
6.2 (31.4) (7.6) (15.7) (1.2)
$ 12.3

1Q 2025
$ 375.1
(63.6) 63.5 6.7 (7.2) 2.8
2.2
377.3 (148.0) (75.1) (37.6)
(260.7)
3.5 (26.0) (27.9) (27.2) (1.0)
$ 38.0

2024 2024 2024 2024

$ 351.7 $ 366.3 $ 399.5 $ 1,419.4

57.4 87.6 17.1 329.4

(34.9) (62.1) (6.2) (231.8)

(4.0) (5.5) (1.3) (21.9)

(9.6) (5.3) (6.0) (33.5)

(4.2) (8.2) (2.3) (24.3)

4.7 6.5 1.3 17.9

356.4 372.8 400.8 1,437.3

(140.5) (142.2) (147.8) (565.0)

(75.1) (75.0) (75.2) (299.6)

(36.7) (36.8) (37.1) (147.1)

(252.3) (254.0) (260.1) (1,011.7)

6.0 7.4 6.4 26.0

(31.4) (31.8) (28.6) (123.2)

(10.9) (20.6) (24.9) (64.0)

(21.8) (27.2) (27.1) (91.8)

(1.2) (1.1) (1.2) (4.7)

$ 44.8$ 45.5$ 65.3$ 167.9

Other Investment Data

1Q		2Q	3Q	4Q	1Q
2024		2024	2024	2024	2025
Average book value of invested assets and cash	$27,897.0	$28,577.4	$29,716.2	$30,398.9	$30,755.7
Net investment income from general account investments	301.9	351.7	366.3	399.5	375.1
New money rate (14)	6.17 %	6.41 %	6.50 %	6.72 %	6.43 %
Book yield (15)	4.64 %	4.73 %	4.78 %	4.78 %	4.81 %
Earned yield (16)	4.06 %	4.71 %	4.71 %	5.16 %	4.71 %
Alternative investment income (loss)	(24.3)	11.9	8.9	17.1	12.9

(Dollars in millions, except per share amounts) (Unaudited)

The table below summarizes the financial impact of significant items on our net operating income for the three months ended March 31, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.

		Three months ended March 31, 2025
	Actual	Significant	Excluding significant
	results	items	items
Insurance product margin (4)
Annuity margin	$ 54.5	$ -	$ 54.5
Health margin	126.2	-	126.2
Life margin	68.2	(6.8) (a)	61.4
Total insurance product margin	248.9	(6.8)	242.1
Allocated expenses	(161.2)	-	(161.2)
Income from insurance products (5)	87.7	(6.8)	80.9
Fee income	(0.8)	-	(0.8)
Investment income not allocated to product lines (9)	38.0	-	38.0
Expenses not allocated to product lines	(20.3)	-	(20.3)
Operating earnings before taxes	104.6	(6.8)	97.8
Income tax (expense) benefit on operating income	(23.5)	1.5	(22.0)
Net operating income (10)	$ 81.1	$ (5.3)	$ 75.8
Net operating income per diluted share	$ 0.79	$ (0.05)	$ 0.74

1. Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves.

4Q24 Significant Items

(Dollars in millions, except per share amounts) (Unaudited)

The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

		Three months ended December 31, 2024
	Actual	Significant	Excluding significant
	results	items	items
Insurance product margin (4)
Annuity margin	$ 55.0	$ -	$ 55.0
Health margin	130.1	3.9 (a)	134.0
Life margin	68.0	-	68.0
Total insurance product margin	253.1	3.9	257.0
Allocated expenses	(146.1)	-	(146.1)
Income from insurance products (5)	107.0	3.9	110.9
Fee income	20.6	-	20.6
Investment income not allocated to product lines (9)	65.3	-	65.3
Expenses not allocated to product lines	(19.0)	-	(19.0)
Operating earnings before taxes	173.9	3.9	177.8
Income tax (expense) benefit on operating income	(35.9)	(0.8)	(36.7)
Net operating income (10)	$ 138.0	$ 3.1	$ 141.1
Net operating income per diluted share	$ 1.31	$ 0.03	$ 1.34

(a) Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.

(Dollars in millions, except per share amounts) (Unaudited)

The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

		Three months ended September 30, 2024
	Actual	Significant		Excluding significant
	results	items (a)		items
Insurance product margin (4)
Annuity margin	$ 91.1	$ (36.2) (b)		$ 54.9
Health margin	127.8	4.3 (b)		132.1
Life margin	63.3	0.7 (b)		64.0
Total insurance product margin	282.2	(31.2)		251.0
Allocated expenses	(153.0)			(153.0)
Income from insurance products (5)	129.2	(31.2)		98.0
Fee income	(2.7)	-		(2.7)
Investment income not allocated to product lines (9)	45.5	-		45.5
Expenses not allocated to product lines	(18.5)	2.9	(c)	(15.6)
Operating earnings before taxes	153.5	(28.3)		125.2
Income tax (expense) benefit on operating income	(34.3)	6.4		(27.9)
Net operating income (10)	$ 119.2	$ (21.9)		$ 97.3
Net operating income per diluted share	$ 1.11	$ (0.19)		$ 0.92

1. Significant items impacting the health margin were revised from $8.2 million reported in September 30, 2024 to $4.3 million.

2. Comprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review.

3. Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.

Notes

1. Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

2. Shareholders' equity divided by common shares outstanding.

3. Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.

4. Insurance product margin is management's measure of profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

5. Investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.

6. Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account balances. Such amounts were $128.6 million, $34.9 million, $62.1 million, $6.2 million and $63.5 million in 1Q24, 2Q24, 3Q24, 4Q24 and 1Q25, respectively.

7. Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account balances. Such amounts were $11.1 million, $4.0 million, $5.5 million, $1.3 million and $6.7 million in 1Q24, 2Q24, 3Q24, 4Q24 and 1Q25, respectively.

8. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses

   not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

9. Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we eafrom our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

10. Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits ("MRBs") related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. The table above reconciles the non-GAAP measure to the corresponding GAAP measure.

11. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.

12. Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.

13. Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's U.S. based insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from accounting principles generally accepted in the United States of America.

14. The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our FHLB and FABN programs and investments purchased by the variable interest entities.

15. Book yield on fixed maturity investments, excluding investments held in the: (i) FHLB and FABN programs; and (ii) the investments held by the variable interest entities.

16. Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the FHLB and FABN programs; and (ii) the investments held by the variable interest entities.

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CNO Financial Group Inc. published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2025 at 20:17 UTC.