#1Mutual of Omaha Fixed Income Investor Presentation September 2023 МитиацОтана CONFIDENTIAL: The information contained herein is confidential. Do not reproduce without permission of Mutual of Omaha Insurance Company and United of Omaha Life Insurance Company.#22 Disclaimer This presentation is not, and shall not be construed as, an offer, or a solicitation of an offer, to buy or sell securities in any jurisdiction. This presentation has been prepared by Mutual of Omaha Insurance Company ("Mutual of Omaha") and United of Omaha Life Insurance Company ("United of Omaha"). For purposes of this presentation, "we", "us" or "our" refers to Mutual of Omaha, United of Omaha, or the Mutual Group of Insurance Companies (as defined herein), as the context requires. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by Mutual of Omaha, United of Omaha or their advisors. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Mutual of Omaha or United of Omaha. This presentation and any oral statements accompanying this presentation includes confidential, sensitive and proprietary information. By receiving and reviewing this presentation, you agree to treat it as strictly confidential and agree to be bound by the limitations set forth herein. Cautionary Statement Regarding Forward-Looking Statements and Projections. This presentation and any oral statements accompanying this presentation may include certain forward-looking statements and such statements are not to be viewed as facts. Forward-looking statements and projections reflect various estimates and assumptions by Mutual of Omaha and United of Omaha and are subject to risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements or projections. Whether or not any such forward-looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of Mutual of Omaha or United of Omaha. Neither Mutual of Omaha nor United of Omaha undertake an obligation to update any such statements or projections, whether as a result of new information, future events or otherwise. The words "believe," "expect," "anticipate,” “estimate,” “could," "should," "intend," "may," "plan," "seek," "will," "designed," "assume," "implied" and similar expressions generally identify forward-looking statements or projections. Forward-looking statements include, without limitation, the potential future response or responses to the pandemic caused by the spread of COVID-19 or SARS-CoV-2 virus and any mutations, variations or evolutions thereof and any related contagious disease or pandemic, the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation, and the impact of prevailing economic conditions. The statements contained in this presentation are made as of June 30, 2023, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any implication that there has been a change in the facts set forth in this presentation since that date. Certain information set forth in this presentation has been developed internally or obtained from sources believed by Mutual of Omaha or United of Omaha to be reliable; however, neither Mutual of Omaha nor United of Omaha gives any representation or warranty (express or implied) as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information. Past performance is not indicative or a guarantee of future performance. RBC Information: Each of United of Omaha and Mutual of Omaha is required to report risk-based capital ("RBC") data, including its company action level RBC ratio ("RBC Ratio"), to the Nebraska Department of Insurance ("NE DOI") annually. The RBC Ratio is calculated based on a formula which applies factors to various asset, premium and statutory reserve items and accounts for risk characteristics of the insurer.NÉ DOI uses RBC data as a regulatory tool to identify possible inadequately capitalized insurers for purposes of initiating regulatory action and not as a means to rank insurers generally. Nebraska law imposes broad confidentiality restrictions against the use and publication of RBC data by those engaged in the insurance business (including insurers, agents, brokers and others) and by the NE DOI. Inclusion of the RBC Ratio in this presentation is intended solely for informational purposes for investors, prospective investors, banking and other counterparties with respect to institutional products and other commercial transactions and not for the use or disclosure by those engaged in the insurance business. CONFIDENTIAL: The information contained herein is confidential. Do not reproduce without permission of Mutual of Omaha Insurance Company and United of Omaha Life Insurance Company. Mutual Отана CONFIDENTIAL#3Today's Presenters Scott Herchenbach SVP Treasurer [email protected] Charlie Melton SVP Financial Planning & Analysis [email protected] Ryan Comins SVP Co-Head Investment Management [email protected] Praju Doshi VP Capital Markets & Investor Relations [email protected] Please visit: www.mutualofomaha.com/investorrelations 3 MutuaОтана CONFIDENTIAL#44 • Enterprise Strategy Agenda • Mutual Group of Insurance Companies: ● Overview and Financial Strength United of Omaha: Overview and Financial Strength • Investment Overview • Commitment to ESG • Summary MutuaОтана CONFIDENTIAL#5Enterprise Strategy Митиaц Отана CONFIDENTIAL#66 Who We Are: 114 Years of Strength and Protection Committed to listening to our customers and helping them through life's transitions by providing an array of insurance and financial products • Our mutual company structure provides a strong focus on long-term policyholder value • Our diversified products are balanced across mortality, morbidity, and interest rate risks Mortgage 2% • Our Strategic Business Units are organized around customer segments and drive differentiation through customer-specific solutions Group Health 15% • We have a strong balance sheet and long-term financial strength . We are a Fortune 500 company offering insurance and financial products and services to customers in all 50 states 2022 Revenue* 39% 22% Annuity Fortune Ranking #324 More than 22mm covered lives by our insurance companies Paid out more than $6.5b in benefits 6.3mm policies in force in 2022 *As of 2022 for the Enterprise (Mutual of Omaha and all subsidiaries) Total Enterprise Assets* of $45bn Mutual of Omaha's Statutory Surplus of $4bn FSR Rating: A+ / A1 / A+ (S&P/Moodys/AM Best) More than 6,000 talented associates nationwide * 22% Life MuTuaLОтана CONFIDENTIAL#77 Business Units Customer Segments Business Units Organized for Customer Focus Ages 25-29 Ages 30-34 Ages 35-40 Ages 40-54 Ages 55-64 Ages 65+ Young professionals Married Married with young children Married with older children Empty nesters Retired Financial Solutions Workplace Solutions Senior Solutions Accident Insurance Accidental Death Life (Term) Disability Mortgage Structured Settlement 401(k) Group Benefits Accident Insurance Life (Term and UL) Disability Mortgage Structured Settlement 401(k) Group Benefits Accident Insurance Life (Term and UL) Disability Investment Services. Mortgage Structured Settlement 401(k) Group Benefits Long Term Care Life (Term and UL) Disability Investment Services Annuities Mortgage 401(k) Group Benefits Long Term Care Life (Final Expense) Disability Annuities Mortgage Pension Risk Transfer 401(k) Group Benefits Long Term Care Life (Final Expense) Reverse Mortgage Medicare Supplement Dental/PDP Pension Risk Transfer MUTUAL OMAHA CONFIDENTIAL#8Simplified Organizational Structure Mutual of Omaha (1) United of Omaha Omaha Health Insurance Company Omaha Supplemental Insurance Companion Life United World Life Insurance Company Insurance Company Omaha Reinsurance Company 2 Mutual of Omaha Structured Settlement Company 3 Medicare Advantage Insurance Company of Omaha Mutual of Omaha Medicare Advantage Company Mutual of Omaha Holdings Inc. 4 Omaha Insurance Company Non-Insurance Company Subsidiaries = Current Surplus Note Issuer Current GIC / Funding Agreement Issuer "Mutual Group of Insurance Companies" The Mutual Group of Insurance Companies, which for purposes of this presentation, consists of licensed insurance companies directly or indirectly wholly owned by Mutual of Omaha. This includes the following entities: Mutual of Omaha, United of Omaha, Companion Life Insurance Company, United World Life Insurance Company, Omaha Insurance Company, Omaha Supplemental Insurance Company, Omaha Health Insurance Company, Mutual of Omaha Medicare Advantage Company and Medicare Advantage Insurance Company of Omaha. 8 1 Mutual of Omaha is an operating insurance company 2 Omaha Reinsurance Company is a special purpose financial captive reinsurance company formed for the purpose of reinsuring certain term and universal life products 3 Mutual of Omaha Structured Settlement Company accepts obligations from creditors to make structured settlement periodic payments, and invests the received funds 4 Mutual of Omaha Holdings Inc. is a holding company MutuaОтана CONFIDENTIAL#99 Highlights • Mutual of Omaha is comprised of two primary insurance companies: · Mutual of Omaha - Health Products United of Omaha - Health, Life, Annuities and Retirement Products Robust Balance Sheet Strong balance sheet, supported by a high level of risk-based capital (470% RBC ratio for Mutual of Omaha as of YE 2022) Performance demonstrates long- term financial strength, stability, and policyholder focus Commitment to stable ratings • • • Diversification Positive growth in all business areas across a diversified distribution and product set Continued balance of mortality, morbidity and interest rate risk Top 10 market share in total life sales, Medicare supplement, whole life sales and indexed universal life sales • • Differentiation Business Units organized around customer segments drive customer-specific solution development and channel distribution strategies More than 22 million lives covered in 2022, through broad portfolio of products/services differentiated by a range of customer value propositions MutuaОтана CONFIDENTIAL#10Enterprise Strategic Priorities: Balanced Growth & Returns Reach more customers more directly Broaden our market reach through direct distribution channels Expand customer value proposition with new solutions Attract and retain, growing revenue and profitability 10 10 Enhance digital experience Deploy new capabilities to enhance experience for customers and producers Selective inorganic growth Pursue disciplined opportunities to complement existing business and our strategic ambitions Talent Our talent and culture attracts, develops and retains associates who are passionate about our purpose Technology Our technology capabilities support our SBU differentiation and drive greater efficiencies Operational Excellence Our operational excellence efforts enhance productivity and create capacity for growth Brand Our brand ensures Mutual of Omaha stands out in a crowded marketplace, opening doors for new customer relationships Innovation Our innovation efforts identify new sources of growth to support our multi-year ambitions ESG Our ESG efforts ensure we operate with sustainability, transparency and authenticity Mutual Отана CONFIDENTIAL#1111 Highly Experienced Leadership Team James Blackledge Chairman & CEO Joined MoO in 1989 40+ years experience Jason Coyle Chief Internal Auditor Joined MoO in 2013 24 years experience Nancy Crawford General Counsel Joined MoO in 1999 24 years experience Scott Ault EVP, Workplace Solutions Joined MoO in 2004 25 years experience Tracy DeWald Chief Risk Officer Joined MoO in 1998 35+ years experience Liz Mazzotta Chief Administrative Officer Joined MoO in 1998 34 years experience Rick Hrabchak CFO & CIO Joined MoO in 2016 36 years experience Stacy Scholtz EVP, Financial Solutions Joined MoO in 1991 32 years experience Mike Lechtenberger Chief Information Officer Joined MoO in 1986 36 years experience Niki Manby Chief Strategy & Innovation Officer Joined MoO in 2019 20+ years experience Brad Buechler EVP, Senior Solutions Joined MoO in 1991 32 years experience MutuaОтана CONFIDENTIAL#1212 Ratings Profile: Highly Rated for Financial Strength S&P Global Ratings S&P A+ Mutual of Omaha United of Omaha MOODY'S INVESTORS SERVICE Moody's BEST AM Best A+ Strong Stable Outlook Strong competitive position reflects its broad product portfolio Very strong capital and earnings and has consistently demonstrated solid capital redundancy A1 Good Stable Outlook Good asset quality Strong brand recognition Good capitalization Superior Stable Outlook Balance Sheet Strength: Very Strong Operating Performance: Strong Diversified product portfolio allows for resiliency MutuaОтана CONFIDENTIAL#13Business Recognition and Accolades #1 Direct to Consumer Life Insurance Provider (2) #10 Overall Total #2 #5 MedSupp Provider (1) Whole Life Sales (2) #11 #2 Forbes ADVISOR BEST OF 2021 Best Life Insurance Mutual of Omaha UserZoom Insurance Digital Policies (2) 2022 U.S. Life Life Sales (2) Indexed Universal Life Sales (2) Broker sold Whole Life Mutual of Omaha ranks highest for digital user experience among Experience Study prospective life insurance customers BEST &WORLD REPORT US.News RANKINGS #4 Best Life Insurance Companies for Seniors FORTUNE 100 BEST COMPANIES TO WORK FOR* 2022 13 #8 #8 Total Term Sales (3) Total Long- Term Disability Sales (3) #6 Group Short- Term Disability Sales (3) (1) Source: Mark Farrah Associates as of December 31, 2021 Investopedia Best Indexed Universal Life Insurance Company: Mutual of Omaha (2) For 9-months ending September 30, 2022. Based on annualized plus 10 percent excess premium reported by survey participants in LIMRA's U.S. Retail Individual Life Insurance Sales Survey (3) For 9-months ending September 30, 2022. Based on annualized new premiums reported by survey participants in LIMRA's Workplace Benefits Survey insure.com 2023 Best Insurer Life Insurance Companies #4 Best Life Insurers MuTuaLОтана CONFIDENTIAL#14Mutual Group of Insurance Companies: Overview and Financials Митиaц Отана CONFIDENTIAL#15SAP Financial Strength: Mutual Group of Insurance Companies Net Premium & Annuity Considerations Statutory Revenue ($mm)1 Statutory Net Income ($mm) ($mm)1 12% CAGR 9% CAGR $5,503 $4,982 $6,527 $4,398 $2,976 $6,034 $2,931 $78 $2,899 $45 $5,478 $(137) $1,068 $801 $332 $1,167 $1,250 $1,459 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD ■Accident & Health • . • Life ■ Annuity 3-year CAGR on earned premium of 12% over the period Led by our group insurance businesses, all major lines contributed to this growth Significant success in 2022 on annuity sales that has continued in 2023, both group and individual 3-year CAGR on revenue of 9% over the period • Continued to see expansion in all major lines of business, led by our group insurance Significant success in 2022 on annuity sales that has continued in 2023 • • 15 1 Mutual Group of Insurance Companies adds the individual SAP entities and eliminates intercompany transactions Higher YoY earnings driven by improved life claims as well as favorable volatility and higher interest rate impact on mark-to- market holdings • SAP results impacted by strain due to reinvestment in growth opportunities Earnings impacted by lower valuation strain МитиаОтана CONFIDENTIAL#1616 Solid Capital & Liquidity: Mutual Group of Insurance Companies Total Surplus ($mm)1 $3,997 $4,013 $3,995 Capital: $4bn of statutory surplus as of YE 2022 $3,622 2020 2021 2022 2Q23 • Strong capital levels with Mutual of Omaha stand-alone RBC 470% Admitted Assets ($mm)1 $37,385 • 7% CAGR $40,723 $42,653 $44,912 Liquidity: . Mutual Group of Insurance Companies' liquidity remains strong $37.7bn investment portfolio managed with ample liquidity in both current environment and in severe stress test scenario • $300m of undrawn senior unsecured revolving credit facility. The facility matures in 2027 • Member of Federal Home Loan Bank of Topeka with $3.15bn of pledged lending value at the FHLB 2020 2021 2022 2Q23 1 Mutual Group of Insurance Companies adds the individual SAP entities and eliminates intercompany transactions MutuaОтана CONFIDENTIAL#17Strong Financial and Risk Management Overview Management-led Risk Oversight Committees Governing Body: Board of Directors/Risk and Audit Committee Senior Management Strong governance culture with oversight of all enterprise-wide key risks • Robust risk monitoring with policies and limits 17 1st Line 2nd Line 3rd Line Financial Control Security Management Controls Internal Control Measures Risk Management Internal Audit Quality Inspection Compliance Operational Oversight Assurance Regulator External Audit BoD: Annually Reviews and approves our ERM Policy and Risk Appetite Statements as well as receives quarterly reporting Internal Audit: 36 Employees Model Audit Rule: 2 Employees Information Security: 54 Employees ERMO: 79 Employees MutuaОтана CONFIDENTIAL#18United of Omaha: Overview and Financials Митиaц Отана CONFIDENTIAL#1919 Admitted Assets ($mm) 8% CAGR $35,279 $33,225 $31,184 2020 2021 2022 2Q23 Business Summary: United of Omaha • Strong brand: United of Omaha is licensed in every state, except for the State of New York Well diversified business: United of Omaha sells a diverse range of products to individuals and institutions, primarily life insurance, annuities, guaranteed investment contracts, funding agreements and employee benefits • Economic risk evenly distributed across risk categories • Well diversified distribution channels • Strong operating performance: Revenue growth (11% 3-year CAGR) driven by sales and persistency • Solid capital position: 370% RBC ratio as of YE 2022 Strong financial strength ratings: A+ (Stable) from S&P; A1 (Stable) from Moody's; A+ (Stable) from A.M. Best History of Growth1: 3-year CAGR of 8% on assets, 11% on revenue and 17% on earned premium over the same period 1 Based on full year-end results $28,650 Total Surplus ($mm) $1,985 $1,960 $1,925 $1,871 2020 2021 2022 2Q23 MutualОтана CONFIDENTIAL#20SAP Financial Strength: United of Omaha Net Premium & Annuity Considerations Statutory Revenue ($mm) Statutory Net Income ($mm) ($mm) 24% CAGR1 22% CAGR $50 $3,409 $4,146 $2,812 $2,219 $3,442 $945 $(57) $(15) $2,794 $862 $808 $1,046 $783 $328 $1,083 $1,167 $1,418 6/30/2021 YTD 6/30/2022 YTD 6/30/2023 YTD 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD 6/30/21 YTD 6/30/22 YTD 6/30/23 YTD • • ■Life ■Annuity ■Accident & Health 3-year CAGR on earned premium of 24% over the period All three major product categories contributed to the growth, led by group insurance businesses Significant success in 2022 on annuity sales that has continued in 2023 • • • 3-year CAGR on revenue of 22% over the period Revenue in 2023 was 20% above prior year Continue to see expansion in all major lines, led by our group insurance businesses Significant success in 2022 on annuity sales that has continued in 2023 • • Increase in earnings driven by decreased mortality, lower reserve strain on annuities and growth in the group business 2021 results were impacted by COVID-19 and to a lesser degree 2022 SAP results impacted by strain due to reinvestment in growth opportunities MutualОтана CONFIDENTIAL 20 20#2121 Key Messages on 2023 Results: United of Omaha Higher earnings from improved mortality year-over year, stable capital position and significant revenue growth Sales and Revenue Increase in sales YoY; driven by strong growth in individual life, workplace and annuity • Revenue up 20% over prior year • Operating Earnings Increase in earnings driven by decreased mortality, lower reserve strain on annuities and growth in the group business MutuaОтана CONFIDENTIAL#22Investment Overview Митиaц Отана CONFIDENTIAL#232001 2002 2003 2004 2005 2006 2007 2008 Source: S&P Global Market Intelligence, Mutual of Omaha Company Records 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Statutory book value as of June 30, 2023. Enterprise portfolio excluding affiliate common stock and intercompany/short-term borrowings. External funds withheld reinsurance included in Policyholder Loans/Corp Assets. MuTuaLОтана CONFIDENTIAL 2022 Bonds 77% Investment Management Overview Highly experienced, in-house operation . • Seasoned leaders average 23 years of experience Strong reputation and relationships generate value • Investment strategy driven by liability needs Well-aligned investment manager key to success • • Liabilities (and assets) across the duration spectrum 9% CAGR in invested assets over last 5-years 36,000 32,000 Enterprise Net Admitted Invested Assets (in Millions) Avg 9% growth 28,000 24,000 Avg 6% growth 20,000 Avg 2% growth 16,000 12,000 8,000 4,000 0 Capital efficient and sustainable investments focused on the long-term • Exceptional performance vs. benchmarks for investment income, capital usage, and ALM • Diversified portfolio of mainly investment grade bonds and high-quality mortgages • Limited equity and alternatives constructed to support liabilities of greater than 30-years Enterprise Consolidated Invested Assets BV1: $37.7b Mortgage Loans 12% Other Invested Assets 4% Securities Lending 3% Cash Short-term / Other 1% Contract Loans/Corp Assets 2% External Funds Withheld 1% 23 23#24Enterprise Bonds Portfolio • Bonds represent 77% of invested asset portfolio • Enterprise Bonds by NAIC Rating NAIC 3 1.9% NAIC 4-6 0.1% Well diversified across asset classes and economic segments • High-quality, with 98% rated investment grade and just 0.1% in the NAIC 4 - 6 categories • Favorable impairment environment continued in 2022; limited 2023 impairments YTD due to turmoil in banking sector Disciplined, bottoms-up fundamentals have led to ratings migration and defaults consistently outperforming benchmarks NAIC 2 44.4% BV1: $29.1b Avg Quality: A3 NAIC 1 53.6% Enterprise Bonds by Industry* CDO/CLO 5% CMBS/RMBS 10% Governments 2% Health 5% Aerospace 2% Industrials 13% Energy 5% TMT 8% BV1: $29.1b Consumer 10% ABS 6% Financials 19% *Based on BICS classification 24 1 Statutory book value as of June 30, 2023. Excludes $444m of external funds withheld reinsurance. Utilities 15% MUTUAL OMAHA CONFIDENTIAL#25Enterprise Structured Bonds Portfolio • • . Structured Assets represent 18% of invested assets Very high-quality, with 99% rated investment grade and just 0.1% in the NAIC 4 – 6 categories AA/AA- average rating across all structured positions • • • ~ 2/3rds of structured positions in senior tranches CLO portfolio heavily skewed to NAIC 1 ratings categories • AAA (38%), AA (40%), A (19%), BBB (2%), BB (1%) NAIC 2 positions limited and well-diversified across sectors • Underwriting focus on underlying asset quality, structural protections, and key document terms • Not focused on unsustainable capital arbitrage via CFOs, rated funds, combo notes, etc. Enterprise Structured Assets by Industry* CLO/CDO 23% Student Loan 3% Agency MBS 22% BV1: $6.8b NA CMBS 5% NA RMBS 10% Aircraft 6% Consumer 4% Autos 13% SF Rental 6% Railcar 1%- Other 5% Equipment 2% Enterprise Structured Assets by NAIC Rating* NAIC 2 11.8% Equipment 0.3% Railcar 0.4% CDO/CLO 0.5% NA CMBS 0.6% Other 0.9% Aerospace 2.9% Autos 2.9% SF Rental 3.3% NAIC 3 0.9% BV1: $6.8b NAIC 4-6 0.1% Avg Quality: Aa3 25 25 *Based on BICS classification 1Statutory book value as of June 30, 2023. Excludes $174m of external funds withheld reinsurance. Structured bonds refers to mortgage backed (agencies, non-agencies), CLOS/ CDOS and asset backed securities. MutuaОтана CONFIDENTIAL#2626 . • Enterprise Mortgage Loan Portfolio Mortgage Loans represent 12% of invested assets Senior loans with prudent loan-to-value and debt service coverage ratios on stabilized properties Very high-quality commercial mortgage portfolio: • • • • Weighted average LTV of 54% (2.4% with LTV > 70%) Weighted average DSCR of 2.2x (2.4% with DSCR < 1.2x) Weighted average debt yield of 12.4% (2.9% with DY < 8%) 78% CM1, 21% CM2, 1% CM3, and just one CM4 of $1MM • CMLS focused on stable property types, such as multifamily, grocery-anchored retail, and industrial Only 1% of mortgage holdings mature in remainder of 2023, with another 1% maturing in 2024 Enterprise Mortgages by Property Type Retail 25% Office Building 13% Apartment Complex 20% BV1: $4.5b Other Commercial 5% Industrial 37% Enterprise Mortgages by Region West South Central 5% West North Central 8% East North Central 16% East South Central 4% South Atlantic 15% BV1: $4.5b Middle Atlantic 13% Pacific 27% 1Statutory book value as of June 30, 2023. LTV calculated using current cap rates and most recent net operating income. Mountain 11% New England 1% Mutual Отана CONFIDENTIAL#2727 United of Omaha Investment Portfolio United of Omaha's investment portfolio represents 79% of total Enterprise invested assets • United's liabilities span the duration spectrum, allowing for a well-diversified asset portfolio High-quality, with 98% of bonds rated investment grade and just 0.1% NAC 4-6 United of Omaha Invested Assets Mortgage Loans 13.7% Securities Lending/Repo 2.9% Other Invested Assets 3.2% Preferred Stock .6% Derivatives .4% United of Omaha Bonds² by NAIC Rating BV1: $29.7b CEQ/ST Assets .6% Common Stock .8% Contract Loans .8% External Funds Withheld 1.8% NAIC 2 45.6% NAIC 3 1.9% NAIC 4-6 0.1% BV2: $22.5b Avg Quality: A3 United of Omaha Bonds² by Industry CDO/CLO 6.7% Industrials 12.0% CMBS/RMBS 10.3% Governments 6.2% Energy 5.3% Health 2.9% BV2: $22.5b Consumer 7.8% TMT 7.7% NAIC 1 52.4% Utilities 12.3% ABS 8.5% Bonds 75.2% 1Statutory book value as of June 30, 2023. 2 Includes short-term investments. Excludes $444m of external funds withheld reinsurance. Financials 20.3% Mutual Отана CONFIDENTIAL#28Our Commitment to ESG At Mutual of Omaha, we are striving to integrate ESG as part of our everyday business practices. We are intentional and measured with our mission to help people protect what matters most. Митиaц Отана CONFIDENTIAL#29ESG Integration Across Our Enterprise Commitment to Our Customers Striving to provide valued solutions that meet their needs and deliver a superior customer experience Human Capital Championing a strong employee culture and helping employees reach their full potential Risk Management Ensuring the proactive management of key operational, strategic, compliance and emerging risks Mutual of Omaha's Wild Kingdom Advancing a rich 60-year history of spotlighting the protection of our environment and conservation of its resources Ethics and Privacy Delivering on our promises and honoring our commitments with transparency ༢་ Diversity, Equity & Inclusion Building a culture that brings together diverse talent, providing individuals with what they need to succeed and encouraging acts of inclusion Protecting Our Planet Our commitment to protecting the environment includes sustainable operations, community engagement and philanthropy, associate activation and Wild Kingdom 29 29 Corporate Governance Operating with integrity and accountability Investments Building a solid capital foundation for our company and our customers Community Outreach and Philanthropy In 2022, we granted more than $10 million through our corporate giving and Mutual of Omaha Foundation to 120 local nonprofits and national disaster support. Our employees collectively volunteered 8,000 hours Mutual Отана CONFIDENTIAL ST#3030 30 DEI Honors and Recognition: 2022 and 2023 Great Place To Work®Ⓡ Certified JUL 2022-JUL 2023 USA TM The★ Elite Forbes 2022 ManualsOn THE BEST EMPLOYERS FOR WOMEN POWERED BY STATISTA 50 Internships 2022 WINNER FORTUNE Forbes 2023 AMERICA'S BEST LARGE EMPLOYERS POWERED BY STATISTA FORTUNE BEST WORKPLACES FOR MILLENNIALS™ 2022 eva Employee Voice Award Excellence in Engagement Outstanding overall workplace culture ° + Митца Отана Quantum 100 BEST COMPANIES TO WORK FOR® 2022 Workplace THE BEST EMPLOYERS FOR DIVERSITY Forbes 2022 POWERED BY STATISTA MuTuaLОтана CONFIDENTIAL#31Summary Митиaц Отана CONFIDENTIAL#3232 A Financially Strong, Customer Focused Company Robust Balance Sheet Strong capital and stable ratings Balanced Growth and Returns Top 10 market share in final expense life, Medicare supplement, group life, pension risk transfer High Quality Investment Portfolio Well diversified, conservative portfolio Business Unit Diversification Product and Distribution Diversification Enterprise Strategic Focus Talent, Technology and Growth Strong Governance & Risk Management MutuaОтана CONFIDENTIAL#33Appendix Митиaц Отана CONFIDENTIAL#341,102 1,007 Mutual Group of Insurance Companies: SAP Financial Summary: As of and For the Six Months Ended June 30 (USD In Millions) Net Premium & Annuity Considerations Individual Life Mutual of Omaha 2023 2022 2021 United of Omaha 2023 2022 2021 Other Insurance Affiliates 2023 2022 2021 $ 1,954 $ 1,889 $ 1,859 $ 3,409 $ 2,812 $ 2,219 $ 143 $ 142 $ 161 $ 2023 Eliminations 2022 Total 2021 2023 2022 2021 (3) $ (3) $ (3) $ 5,503 $ 4,840 $ 4,236 935 42 41 42 - - - 1,144 1,049 977 Group Life Individual Annuities Group Annuities 316 160 148 1 1 1 (2) (2) (1) 315 159 147 471 129 68 471 129 68 575 654 261 22 9 1 597 663 262 Accident & Health $ 1,954 $ 1,889 1,859 945 862 808 78 91 117 (1) (1) (2) 2,976 2,840 2,782 Statutory Revenue $ 2,141 $ 2,023 $ 2,076 $ 4,146 $ 3,442 $2,794 $ 336 $ 333 $ 351 $ (96) $ (98) $ (95) $6,527 $ 5,700 $ 5,126 Statutory Net Income(Loss) $ (2) $ (100) $ 139 $ 50 $ (15) $ (57) $ (3) $ First-year Commission Expenses¹ 56 56 56 204 176 150 2 (11) $ 1 (2) $ $ ՄԴ $ 2 262 $ 45 $ (126) $ 80 233 208 Admitted Assets $ 10,378 $ 9,944 $ 9,740 $ 35,279 $31,469 $29,787 $ 1,732 $ 1,809 $ 1,858 $ (2,477) $ (2,550) $ (2,433) $ 44,912 $40,672 $ 38,952 Policy and Claims Reserves $ 5,202 $ 4,781 $ 4,469 $ 24,237 $ 21,128 $18,814 $ 1,144 $ 1,065 $ 1,064 $ $ $ $ 30,583 $26,974 $24,347 34 Surplus $ 3,995 $ 3,816 $ 3,691 $1,985 $ 1,882 $ 1,803 $ 372 $ 499 $ 473 $ (2,357) $ (2,381) $ (2,276) $3,995 $ 3,816 $ 3,691 1 First-year commission expenses are immediately recognized under NAIC SAP but are normally deferred and amortized under GAAP if related to successful policy acquisition Mutual Group of Insurance Companies, which for purposes of this presentation, consists of licensed insurance companies directly or indirectly wholly owned by Mutual of Omaha, including Mutual of Omaha, United of Omaha, Companion Life Insurance Company, United World Insurance Company, Omaha Insurance Company, Omaha Supplemental Insurance Company, Omaha Health Insurance Company, Mutual of Omaha Medicare Advantage Company and Medicare Advantage Insurance Company of Omaha. Mutual Отана CONFIDENTIAL#3535 Mutual Group of Insurance Companies: SAP Financial Summary: YE 2022 (USD In Millions) Mutual of Omaha 2022 2021 2020 United of Omaha 2022 2021 2020 Other Insurance Affiliates Eliminations Total 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net Premium & Annuity Considerations Individual Life Group Life Individual Annuities Group Annuities Accident & Health $ 3,843 $ 3,779 $ 3,715 $ 5,987 $ 4,841 $ 4,576 $ 285 $ 337 $ 387 $ (4) $ (5) $ (7) $10,111 $ 8,952 $ 8,671 1,975 1,817 1,500 79 80 15 75 - 2,054 1,897 1,575 370 292 289 2 2 2 (2) (3) (3) 370 291 288 652 131 374 - 652 131 374 1,244 968 846 28 12 15 1,272 980 861 3,843 3,779 3,715 1,746 1,633 1,567 176 243 295 (2) (2) (4) 5,763 5,653 5,573 Statutory Revenue $ 4,119 $ 4,204 $ 4,575 $ 7,301 $ 6,071 $ 5,731 $ 676 $ 727 $ 749 $ (199) $ (197) $ (201) $11,897 $10,805 $10,854 Statutory Net Income(Loss) $ (77) $ 220 $ First-year Commission Expenses¹ 107 107 767 $ 11 $ 136 (29) $ 333 282 78 $ 220 (10) $ 24 $ (87) $ $ $ $ (76) $ 215 $ 758 7 8 11 447 397 367 Admitted Assets $10,171 $10,342 $ 9,440 $33,225 $31,184 $28,650 $ 1,858 $ 2,014 $ 1,842 $ (2,601) $ (2,817) $ (2,547) $42,653 $40,723 $37,385 Policy and Claims Reserves $ 5,055 $ 4,637 $ 4,290 $22,796 $ 19,731 $17,908 $ 1,092 $ 1,047 $ 1,069 $ - $ $ $ 28,943 $25,415 $23,267 Surplus $ 4,012 $ 3,997 $ 3,623 $ 1,960 $ 1,925 $ 1,871 $ 485 $ 511 $ 477 $ (2,444) $ (2,436) $ (2,349) $4,013 $ 3,997 $ 3,622 1 First-year commission expenses are immediately recognized under NAIC SAP but are normally deferred and amortized under GAAP if related to successful policy acquisition Mutual Group of Insurance Companies, which for purposes of this presentation, consists of licensed insurance companies directly or indirectly wholly owned by Mutual of Omaha, including Mutual of Omaha, United of Omaha, Companion Life Insurance Company, United World Insurance Company, Omaha Insurance Company, Omaha Supplemental Insurance Company, Omaha Health Insurance Company, Mutual of Omaha Medicare Advantage Company and Medicare Advantage Insurance Company of Omaha. Mutual Отана CONFIDENTIAL#36Thank You For a copy of this presentation please visit: https://www.mutualofomaha.com/investorrelations MuTuaLОтана