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Mutual of Omaha Insurance Company

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Mutual of Omaha Insurance Company Mutual of Omaha Insurance Company Statutory Financial Statements as of and for the Years Ended December 31, 2020 and 2019, Supplemental Schedules as of and for the Year Ended December 31, 2020, and Independent Auditors’ Reports MUTUAL OF OMAHA INSURANCE COMPANY TABLE OF CONTENTS Page INDEPENDENT AUDITORS’ REPORT 1–2 STATUTORY FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019: Statements of Admitted Assets, Liabilities, and Surplus 3 Statements of Operations 4 Statements of Changes in Surplus 5 Statements of Cash Flows 6–7 Notes to Statutory Financial Statements 8–53 SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2020: Independent Auditors’ Report on Additional Information 55 Supplemental Schedule of Selected Financial Data 56–60 Supplemental Reinsurance Schedule 61 Supplemental Summary Investment Schedule 62 Supplemental Investment Risks Interrogatories 63–68 INDEPENDENT AUDITORS’ REPORT To the Board of Directors Mutual of Omaha Insurance Company Omaha, Nebraska We have audited the accompanying statutory-basis financial statements of Mutual of Omaha Insurance Company (the “Company”), which comprise the statutory-basis statements of admitted assets, liabilities, and surplus as of December 31, 2020 and 2019, and the related statutory-basis statements of operations, changes in surplus, and cash flows for the years then ended and the related notes to the statutory-basis financial statements. Management’s Responsibility for the Statutory-Basis Financial Statements Management is responsible for the preparation and fair presentation of these statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the State of Nebraska Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these statutory-basis financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statutory-basis financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statutory-basis financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the statutory-basis financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the statutory-basis financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by Mutual of Omaha Insurance Company using the accounting practices prescribed or permitted by the State of Nebraska Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the State of Nebraska Department of Insurance. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 to the statutory-basis financial statements and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. Adverse Opinion on Accounting Principles Generally Accepted in the United States of America In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America paragraph, the statutory-basis financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of Mutual of Omaha Insurance Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for the years then ended. Opinion on Statutory Basis of Accounting In our opinion, the statutory-basis financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities, and surplus of Mutual of Omaha Insurance Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for the years then ended, in accordance with the accounting practices prescribed or permitted by the State of Nebraska Department of Insurance as described in Note 1 to the statutory-basis financial statements. April 23, 2021 - 2 - MUTUAL OF OMAHA INSURANCE COMPANY STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND SURPLUS AS OF DECEMBER 31, 2020 AND 2019 2020 2019 ADMITTED ASSETS CASH AND INVESTED ASSETS: Bonds $4,453,241,138 $3,890,579,678 Preferred stocks 6,124,891 7,780,966 Common stocks—unaffiliated 110,532,842 61,309,587 Common stocks—affiliated 2,376,039,425 2,923,954,030 Mortgage loans—net 297,139,107 274,346,238 Real estate occupied by the Company—net of accumulated depreciation of $47,754,062 and $47,495,168, respectively 27,482,922 30,298,243 Investment real estate—net of accumulated depreciation of $531,949 and $506,615, respectively 4,417,380 7,108,873 Cash and cash equivalents 42,310 70,919,695 Short-term investments 76,310,437 61,233,017 Securities lending and repurchase agreement cash collateral 357,301,599 300,136,330 Other invested assets 491,550,735 334,551,173 Total cash and invested assets 8,200,182,786 7,962,217,830 INVESTMENT INCOME DUE AND ACCRUED 43,928,837 39,794,396 UNCOLLECTED PREMIUMS 209,192,400 203,621,757 RECEIVABLE FROM SUBSIDIARIES 226,235,924 158,446,623 FEDERAL INCOME TAXES RECOVERABLE 14,399,511 142,333,578 NET DEFERRED TAX ASSETS 83,473,468 73,446,665 COMPANY OWNED LIFE INSURANCE 625,621,329 489,311,725 OTHER ASSETS 37,424,999 38,238,919 TOTAL ADMITTED ASSETS $9,440,459,254 $9,107,411,493 LIABILITIES AND SURPLUS LIABILITIES: Reserves for policies and contracts $3,098,462,958 $2,847,420,955 Policy and contract claims 1,191,900,822 1,241,488,586 Premiums paid in advance 48,387,359 52,724,108 Asset valuation reserve 105,286,819 216,519,228 Drafts outstanding 22,456,565 22,798,139 Amounts held as agent or trustee 111,892,274 86,187,179 General expenses and taxes due or accrued 196,672,596 164,472,442 Liability for benefits for employees and agents 513,806,206 352,995,914 Borrowings and securities lending 378,534,063 799,411,416 Other liabilities 149,606,116 183,409,317 Total liabilities 5,817,005,778 5,967,427,284 SURPLUS: Surplus notes 710,610,861 710,436,567 Special surplus - 142,187 Unassigned surplus 2,912,842,615 2,429,405,455 Total surplus 3,623,453,476 3,139,984,209 TOTAL LIABILITIES AND SURPLUS $9,440,459,254 $9,107,411,493 See notes to statutory financial statements. - 3 - MUTUAL OF OMAHA INSURANCE COMPANY STATUTORY STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 2020 2019 INCOME: Net health and accident premiums $3,715,073,602 $3,538,507,101 Net investment income and amortization of IMR 701,985,201 174,488,122 Commissions and expense allowances on reinsurance ceded 42,721,759 26,914,692 Other income 115,648,275 89,521,095 Total income 4,575,428,837 3,829,431,010 BENEFITS AND EXPENSES: Policyholder benefits 2,737,010,610 2,934,722,767 Commissions 748,740,001 760,304,112 Operating expenses 301,253,474 258,550,196 Total benefits and expenses 3,787,004,085 3,953,577,075 NET INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAX EXPENSE AND NET REALIZED CAPITAL LOSS 788,424,752 (124,146,065) FEDERAL INCOME TAX EXPENSE 1,102,354 653,157 NET INCOME (LOSS) FROM OPERATIONS BEFORE NET REALIZED CAPITAL LOSS 787,322,398 (124,799,222) NET REALIZED CAPITAL LOSS—Net of federal income tax benefit of ($2,395,920) and ($2,084,124), and transfers to the interest maintenance reserve of ($9,013,223) and ($7,840,277), respectively (20,517,759) (5,842,936) NET INCOME (LOSS) $ 766,804,639 $ (130,642,158) See notes to statutory financial statements. - 4 - MUTUAL OF OMAHA INSURANCE COMPANY STATUTORY STATEMENTS OF CHANGES IN SURPLUS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 Surplus Unassigned Special Total Notes Surplus Surplus Surplus BALANCE—December 31, 2018 $710,274,242 $2,462,443,645 $ - $3,172,717,887 Net loss - (130,642,158) - (130,642,158) Change in: Net unrealized capital gain—net of income tax benefit of $6,397,030 - 136,501,584 - 136,501,584 Net deferred income tax - 54,288,438 - 54,288,438 Nonadmitted assets - (41,986,806) - (41,986,806) Asset valuation reserve - (20,030,899)
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