Lack of Volatility in Results and Excess Capital Returned to Shareholders

Year-Over-Year % Change in NPW Q2:05 Confidential YOY Change NPW Note: Quarterly rate changes exclude Treaty Reinsurance NPW growth in 2016 distorted by structured reinsurance treaties. Q4:05 Q2:06 Q4:06 Q2:07 Q4:07 Q2:08 Q4:08 Q2:09 Q4:09 Q2:10 Q4:10 Q2:11 Q4:11 Q2:12 Q4:12 Q2:13 Q4:13 YOY Written Price Change Q2:14 MANAGING THE INSURANCE CYCLE IS CRITICAL TO LONG-TERM SUCCESS Q4:14 Q2:15 Q4:15 Q2:16 Q4:16 Q2:17 Q4:17 Q2:18 Q4:18 Q2:19 Q4:19 Q2:20 Q4:20 Q2:21 Q4:21 YOY Earned Price Change 11 Year-Over-Year % Price Change

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