Earnings Results

[Pages:13]Earnings Results

Quarter ended December 31, 2019

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements This presentation may contain forward-looking statements and information. Additional information on factors that could cause results to differ materially from those projected in this presentation is available in our Form 10-K for the year ended December 31, 2018, as may be updated by our quarterly reports on Form 10-Q, available in the "Investor Relations" section of our website, .

Non-GAAP Financial Measures This presentation also contains non-GAAP financial measures. A reconciliation of those measures to GAAP financial measures is included in our Financial Supplement, which is posted in the Investor Relations section of our website, .

Reported amounts may not add due to rounding.

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Financial Highlights

Strong financial results year-over-year

-- 9% growth in adjusted operating revenues -- 6% growth in adjusted net operating income -- 10% growth in diluted adjusted operating

earnings per share -- Adjusted operating ROAE 23.7% during the

quarter

Capital Return

-- Repurchased $44 million of common stock in 4Q19 completing the full year goal of $225 million

-- Paid $14 million in stockholder dividends for a full-year total of $58 million

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GAAP Financial Results

($ in millions, except per-share amounts)

Revenues Net income Stockholders' equity Diluted EPS (1) Book value per share (2) ROE

Q4 2019

$532.0 $93.6

$1,652.5 $2.24

$40.10 23.0%

Q4 2018 % Change

$487.3

9%

$86.5

8%

$1,461.5

13%

$1.99

13%

$34.23

17%

23.8%

Adjusted Operating Financial Results

($ in millions, except per-share amounts) Adjusted operating revenues Adjusted net operating income Adjusted stockholders' equity Diluted adjusted operating EPS (1) Adjusted book value per share (2) Adjusted operating ROAE

Q4 2019 $530.9 $92.8

$1,587.9 $2.22

$38.54 23.7%

Q4 2018 % Change

$488.7

9%

$87.6

6%

$1,468.9

8%

$2.01

10%

$34.40

12%

24.0%

For a reconciliation of GAAP to non-GAAP financial measures refer to page 7 of the Financial Supplement

(1) 41.6 million weighted-average shares for Q4 2019 (2) 41.2 million common shares outstanding as of December 31, 2019

Distribution Highlights

4Q19 versus 4Q18

Size of the sales force remained constant with 130,522 reps licensed at year-end

Trends in recruiting and licensing improved in second half of the year

Clear focus on process improvements and messaging incentives

Sales Force

Distribution

Recruits New life licensed representatives Life insurance licensed sales force*

Q4 2019 Q4 2018 % Change

60,466 61,990

(2%)

11,073 11,052

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