Investor Presentaiton

Diversification Into Higher Risk Liabilities Hurts the Risk Profile Case Study: Variable Annuities w/ Living Benefits (2006-2009) Unhedged market guarantees ballooned as equity markets and interest rates declined in 2008 Living Benefit Guarantees Above Account Value¹ Case Study: Long-Term Care (LTC) (2014-2018) LTC carriers had to increase reserves as people entered nursing homes earlier and stayed longer than expected Select Example of GAAP LTC Reserve Strengthening Case Study: Secondary Guarantee Universal Life (2020-2022) Fewer policyholders than expected lapsed on guaranteed UL, translating to higher-than-expected life insurance payouts ULSG Industry Lapse rates³ 5% 4% 29% S&P 500 1% 2006 2007 2008 2009 ~8% of LTC Reserves Company went from 'A-' S&P rating in 2014 to unrated today² ~2% of LTC Reserves ~1% of LTC Reserves 2014 2015 2016 2017 2018 History does not repeat, but it rhymes ~4% lapse rates assumed in pricing 2.2% 2.0% 1.5% 2019 2020 2021 1. Living Benefit net amount at risk (NAR) as a percentage of living benefit account value. Calculated as median for Hartford, Manulife, Prudential, Jackson, Lincoln, AEGON, Brighthouse, AXA and Voya as available. 2. S&P insurer financial strength rating as of year-end for select U.S. insurance company. 3. Statutory non-death release of reserves divided by beginning of period ULSG stat reserves. Includes Prudential, Lincoln National, John Hancock (Manulife), Brighthouse, Transamerica (Aegon). ATHENE 33

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