($ millions) ($ millions) - W&S Financial Group Distributors

Performance Comparison

For selected measures, the charts below show the combined performance of Western & Southern's seven life insurance companies as compared to that of the Top 25 U.S. life/health insurance groups ranked by A.M. Best. Western & Southern ranked 32 in statutory admitted assets as of December 31, 2018. Charts on the reverse side compare Western & Southern's performance for several measures with A.M. Best's top-rated life insurance groups.

($ millions)

Table 1: 2018 Adjusted Capital to Adjusted Liabilities Ratio 2017 Adjusted Capital to Adjusted Liabilities Ratio

Western & Southern vs. Top 25 U.S. Life/Health Groups based on 2018 Admitted Assets

Group Name

Talcott Resolution Group State Farm Life Group Thrivent Financial for Lutherans Group TIAA Group Western & Southern Financial Group Pacific Life Group Aegon USA Group AXA Financial Group Guardian Life Group

Ameriprise Financial Group #5 at 16.2% vs.

Northwestern Mutual GroupTop 25 Prudential of America Group Nationwide Mutual Life Group John Hancock Life Insurance Group Massachusetts Mutual Life Group Brighthouse Insurance Group New York Life Group Principal Financial Group Inc. Voya Financial Group Jackson National Group Lincoln Financial Group Metropolitan Life and Affiliated Cos Sammons Enterprises Group Allianz Life Insurance Group AIG Life & Retirement Group Athene Life Group

Top 25 Writers Total U.S. Life/Health Industry

Adjusted Capital1

3,962 13,303 10,517 43,438 5,967 10,656 10,333 8,261 8,112 3,382 26,731 20,052 7,424 11,204 19,023 7,349 24,814 6,375 5,117 5,581 8,774 20,501 6,441 7,343 11,965 2,447

Adjusted Capital1/ Adjusted Liabilities2

A.M. Best Rating

26.6%

A

21.0%

A++

19.6%

A++

18.9%

A++

16.2%

A+

15.0%

A+

14.8%

A+

14.1%

A+

13.9%

A++

12.4%

A+

12.4%

A++

11.9%

A+

11.8%

A+

11.6%

A+

11.5%

A++

11.4%

A

9.9%

A++

9.0%

A+

8.3%

A

8.2%

A+

7.9%

A+

7.9%

A+

7.5%

A+

6.5%

A+

6.5%

A

3.2%

A

11.2%

11.7%

($ millions)

Table 2:

2018 Adjusted Capital to Total Assets Ratio

Western & Southern vs. Top 25 U.S. Life/Health Groups based on 2018 Admitted Assets

Group Name

State Farm Life Group

TIAA Group

Western & Southern Financial Group

Thrivent Financial for Lutherans Group

Guardian Life Group

Northwestern Mutual Group

Pacific Life Group

New York Life Group

#3 at

12.5% vs.

Massachusetts Mutual Life GToropup25

Sammons Enterprises Group

Aegon USA Group

Allianz Life Insurance Group

Metropolitan Life and Affiliated Cos

John Hancock Life Insurance Group

Nationwide Mutual Life Group

AXA Financial Group

AIG Life & Retirement Group

Brighthouse Insurance Group

Voya Financial Group

Prudential of America Group

Principal Financial Group Inc.

Lincoln Financial Group

Talcott Resolution Group

Ameriprise Financial Group

Athene Life Group

Jackson National Group

Top 25 Writers

Total U.S. Life/Health Industry

Admitted Assets

78,026 316,053 47,631 94,071 75,542 272,266 135,579 324,971 254,872 99,242 201,204 145,153 409,621 247,572 170,430 194,729 283,717 179,295 138,557 577,911 185,010 255,811 117,926 104,155 83,773 236,989

Adjusted Capital1/

Total Assets

A.M. Best Rating

17.0% A++

13.7% A++

12.5% A+

11.2% A++

10.7% A++

9.8%

A++

7.9%

A+

7.6%

A++

7.5%

A++

6.5%

A+

5.1%

A+

5.1%

A+

5.0%

A+

4.5%

A+

4.4%

A+

4.2%

A+

4.2%

A

4.1%

A

3.7%

A

3.5%

A+

3.4%

A+

3.4%

A+

3.4%

A

3.2%

A+

2.9%

A

2.4%

A+

5.8%

6.6%

1 | 2

($ millions)

2018 Adjusted Capital to Adjusted Liabilities Ratio Table 3:

Top-Rated U.S. Life Groups

Group Name

State Farm Life Group

Thrivent Financial for Lutherans Group

TIAA Group

Western & Southern Financial Group

Guardian Life Group

Northwestern Mutual Group#4 at

USAA Life Group

16.2% vs.

Massachusetts Mutual LifteoGpr-roautped

Knights of Columbus life groups

New York Life Group

Adjusted Capital1

13,303 10,517 43,438 5,967 8,112 26,731 2,741 19,023 2,445 24,814

Adjusted Capital1/ Adjusted Liabilities2

21.0% 19.6% 18.9% 16.2%

13.9% 12.4% 11.7% 11.5% 10.6% 9.9%

A.M. Best Rating

A++ A++ A++ A+ A++ A++ A++ A++ A++ A++

($ millions)

2018 Adjusted Capital to Total Assets Ratio Table 4:

Top-Rated U.S. Life Groups

Group Name

Admitted Assets

Adjusted Capital1/

Total Assets

A.M. Best Rating

State Farm Life Group

78,026 17.0% A++

TIAA Group

316,053 13.7% A++

Western & Southern Financial Group 47,631 12.5% A+

Thrivent Financial for Lutherans Group 94,071 11.2% A++

Guardian Life Group

75,542 10.7% A++

USAA Life Group

#3 at

Northwestern Mutual Gr1o2up.5% vs.

Knights of Columbus top-rated

New York Life Group life groups

26,088 272,266 25,428 324,971

10.5% 9.8% 9.6% 7.6%

A++ A++ A++ A++

Massachusetts Mutual Life Group

254,872 7.5% A++

2018 Liquid Assets to Invested Assets Ratio Table 5: Top-Rated U.S. Life Groups

Group Name

USAA Life Group

Knights of Columbus

State Farm Life Group

Western & Southern Financial Group

Guardian Life Group

Thrivent Financial for Luthe rans #G4rouapt

TIAA Group

57.8% vs.

New York Life Group

top-rated

Northwestern Mutual Group life groups

Massachusetts Mutual Life Group

Liquid Assets3/ Invested Assets

67.8% 65.4% 65.1% 57.8%

57.8% 54.7% 52.2% 49.4% 45.5% 31.4%

A.M. Best Rating

A++ A++ A++ A+ A++ A++ A++ A++ A++ A++

Table 6:

2018 General Expense Comparison Top-Rated U.S. Life Groups

Group Name

Compound Annual

Growth Rate4

Knights of Columbus

State Farm Life Group

Guardian Life Group

Western & Southern Financial Group

New York Life Group

Northwestern Mutual Group#4 at Thrivent Financial for Luther4a.n3s %Grovusp.

Massachusetts Mutual LifetGopro-ruapted

USAA Life Group

life groups

TIAA Group

0.8% 1.3% 3.6% 4.3% 4.3% 5.4% 6.4% 7.1% 7.6% 10.6%

A.M. Best Rating

A++ A++ A++ A+ A++ A++ A++ A++ A++ A++

1 Adjusted Capital = capital & surplus + asset valuation reserve (AVR) 2 Adjusted Liabilities = general account liabilities less AVR 3 Liquid Assets = cash, bonds, preferred stock and common stock less privately placed bonds 4 Five-year compound annual growth rate for general expenses incurred

Source for all charts unless noted is A.M. Best Global Insurance Database as of May 13, 2019. A++ and A+ mean superior ability to meet ongoing insurance obligations (highest and second highest of 16 ratings); and A means excellent ability to meet ongoing insurance obligations (third highest of 16 ratings).

Ratings current as of May 1, 2019, and are subject to change. Ratings refer to the claims-paying ability of the insurance company and do not reflect the performance or safety of any investment product. Rating agencies are independent of each other and use proprietary evaluation criteria and rating scales.

Western & Southern Financial Group, Inc. Cincinnati, Ohio.

WS-10020 1905

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