Lack of Volatility in Results and Excess Capital Returned to Shareholders

NET REALIZED GAINS ON INVESTMENT SALES Confidential 18.0% Realized gains have contributed an average of 2.5% to our ROE over the past several years 16.2% 16.0% 15.0% 1.1% 14.0% 12.9% 15.1% 13.1% 12.5% 3.8% 11.6% 11.8% 12.0% 11.0% 10.9% 1.7% 3.3% 3.8% 1.8% 11.2% 2.0% 10.0% 1.8% 10.8% 8.7% 9.6% 9.8% 4.2% 9.7% 9.2% 9.3% 8.0% 1.5% 7.2% 6.0% 6.7% 4.0% 2.0% 0.0% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021* Operating ROE (Including OTTI) ROE From Net Realized and Unrealized Gains Before OTTI *Total ROE and ROE from realized gains on investment sales are reduced by the inclusion of change in unrealized gains on equity securities within net income since 2018 due to the adoption of ASU 2016-01 on January 1, 2018. 17

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