Cost Savings and Strategic Growth

Reconciliations between Adjusted Book Value and the Comparable GAAP Measure ($ millions, except per share data) December 31, June 30, 2021 2016 2022 GAAP book value Less: Accumulated other comprehensive income (AOCI) GAAP book value excluding AOCI $ 61,876 46,030 $ 28,235 21,324 14,621 (10,178) 40,552 31,409 38,413 Less: Cumulative effect of remeasurement of foreign currency Adjusted book value (1,164) (3,199) (962) $ 41,716 $ 34,608 $ 39,375 Number of diluted shares GAAP book value per Common share - diluted (1) GAAP book value excluding AOCI per Common share - - diluted Adjusted book value per Common share - diluted 383.7 436.2 377.9 161.26 $ 105.69 $ 108.72 $ SASASA 79.33 105.28 72.01 $ $ 74.72 101.65 104.19 Note: 2016 amounts have been revised resulting from the elimination of Gibraltar Life's one-month reporting lag. (1) Book value per share of Common Stock, including accumulated other comprehensive income, for the period ended December 31, 2016 includes a $500 million increase in equity and a 5.75 million increase in diluted shares, reflecting the dilutive impact of exchangeable surplus notes when book value per share is greater than $86.92. The $500 million of exchangeable surplus notes were converted into 6.2 million shares of Common Stock in the third quarter of 2019. Expanding access to investing, insurance, and retirement security 43

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