Financial Strength Benchmarking of Life Competitors

HC 1001 12-20 The core financial strength of Ameritas Mutual Holding Company Life insurance competitors comes from its insurance companies. These include Ameritas Life Insurance Corp. (Ameritas Life) and Ameritas Life Insurance Corp. The following is a selection of product competitors and/or of New York (Ameritas Life of New York). companies with a similar distribution strategy and agent value proposition.

Delivering on our promises Accordia Life – Accordia Life & Annuity Co. As a mutual-based organization, we always put customers first. – Allianz (SNL Life Group) Our long-standing strength continues to support a tradition of striving to deliver the very best products and services, generation American Equity – American Equity (SNL Life Group) 1 after generation. Though we’re proud of our ratings from Standard American General – American General Life Insurance Co. & Poor’s and AM Best, we measure our success by how many people we’ve helped and how many promises we’ve kept. Athene – Athene (SNL Life Group) Banner Life – Banner Life Insurance Co. Competitor benchmarking Equitable (formerly ) – Equitable Holdings (SNL Life Group) The following financial strength benchmarking of life insurance Fidelity & Guaranty – Fidelity & Guaranty Life Insurance Co. competitors is based on a comprehensive statutory basis of Great American Life – Great American Life Insurance Co. accounting (SAP) as of June 30, 2020. The source for the following information is S&P Global Market Intelligence (formerly known Guardian – Guardian (SNL Life Group) as SNL Financial). Ameritas Life and Ameritas Life of New York Jackson National – Jackson (SNL Life Group) insurance company financials are available on request by calling John Hancock – John Hancock Life Insurance Co. (USA) toll-free 1-800-745-1112. Ameritas Life Insurance Corp. is not licensed in New York. The information for Ameritas is for its life Lincoln National – Lincoln Financial (SNL Life Group) insurance companies on a group basis. Ameritas Mutual Holding Massachusetts Mutual –Massachusetts Mutual (SNL Life Group) Company itself is not an insurance company. Metropolitan – Metropolitan Life Insurance Co. Midland National – Midland National Life Ins Co.

The Best’s Rating Report and Standard & Poor’s Full Mutual of Omaha – Mutual of Omaha (SNL Life Group) Analysis Report are available in the Financial Strength National Life Group – National Life Group (SNL Life Group) section of Ameritas.com. Nationwide Mutual – Nationwide (SNL Life Group) North American – North American Company for L&H Insurance Ohio National – Ohio National (SNL Life Group) A+ OneAmerica – OneAmerica (SNL Life Group) Pacific Life –Pacific Life (SNL Life Group) Standard & Poor’s Penn Mutual – Penn Mutual (SNL Life Group) A+ (Strong) for insurer financial strength. Principal Financial – Principal Financial Group Inc. (SNL This is the fifth highest of Standard & Life Group) Poor’s 21 ratings assigned. Protective – Protective (SNL Life Group) Securian – Securian (SNL Life Group) Security Benefit –Security Benefit Life Insurance Co. Symetra – Symetra (SNL Life Group) A Transamerica –Transamerica Life Insurance Co. AM Best A (Excellent) for insurer financial strength. This is the third highest of AM Best’s 13 ratings assigned.

2 Approved for client use. Capital and surplus/assets ratio Surplus notes/capital and surplus The capital and surplus/assets ratio measures the cushion a Surplus notes are a form of debt for company has against a decline in the value of its assets before its organizations. Ameritas insurance companies’ surplus notes to surplus is depleted. Higher levels of capital and surplus relative capital and surplus ratio is considered conservative compared to assets help support a company’s operations and growth. The to several peer companies. Ameritas has one $50 million statutory surplus levels of Ameritas Life and Ameritas Life of New long-term debt issue that matures in 2026, which represents York are above Standard & Poor’s capital requirements at the approximately 2.9% of total capital and surplus. ‘AAA’ rating level.2 This represents extremely strong capital which, along with low levels of financial leverage, provides adequate Surplus Notes/Capital & Surplus (%) financial flexibility to address unforeseen market conditions. Accordia Life - % Mutual companies generally hold more capital, as they do not Allianz - % have the access to just-in-time capital that stock companies do. American General - % Ameritas companies have a capital and surplus/assets ratio of 11.4%, which is well above the life insurance industry average Equitable - % of 9.1% and compares favorably to our peers. A capital ratio Banner Life - % of 11.4% means that for every $8.8 of general account assets Great American Life - % Ameritas insurance companies hold on their balance sheet, $1.0 of capital is held as reserve. Principal Financial - % Symetra - % Capital & Surplus/Assets (%) Transamerica - % Ameritas 11.4% Athene 1.1% Mutual of Omaha 11.2% American Equity 1.4% Pacific Life 11.2% Protective 2.0% Securian 11.1% Ameritas 2.9% Guardian 11.0% Security Benefit 2.9% Transamerica 10.8% Securian 3.6% Nationwide Mutual 10.6% John Hancock 6.1% Security Benefit 10.5% OneAmerica 6.5% Massachusetts Mutual 9.7% Metropolitan 8.0% Jackson National 9.3% Industry 9.4% Penn Mutual 9.1% Nationwide Mutual 12.5% Industry 9.1% Pacific Life 15.6% Ohio National 8.3% Fidelity & Guaranty 16.3% Equitable 8.0% Massachusetts Mutual 16.4% Accordia Life 7.9% Penn Mutual 18.0% John Hancock 7.9% Guardian 18.5% Great American Life 7.4% Lincoln National 19.9% Protective 7.4% Mutual of Omaha 20.3% National Life Group 7.2% Midland National 22.0% Midland National 6.7% North American 23.7% Principal Financial 6.6% Jackson National 28.8% American Equity 6.4% National Life Group 29.3% Banner Life 6.3% Ohio National 32.0% OneAmerica 6.2% Lincoln National 5.8% Allianz 5.7% Fidelity & Guaranty 5.3% American General 5.1% Metropolitan 5.0% Symetra 5.0% North American 4.9% Athene 1.8%

3 Approved for client use. National Association of Insurance Bonds Rated 3 to 6/Bonds (%) Commissioners bonds rated 3 through 6 Banner Life 4.5% Bonds rated NAIC 3 through NAIC 6 carry more risk and are generally considered below investment grade. When measured as National Life Group 4.8% a percentage of the total bond portfolio, lower percentages reflect Guardian 4.8% a higher quality portfolio. At 5.8%, Ameritas has less exposure to Midland National 5.0% below investment grade bonds, compared to 6.0% for the industry. Principal Financial 5.1% North American 5.1% Bonds Rated 3 to 6/Bonds (%) Penn Mutual 5.5% Accordia Life 0.9% John Hancock 5.7% Allianz 2.9% Ameritas 5.8% Great American Life 2.9% Transamerica 5.9% Equitable 3.3% Industry 6.0% Jackson National 3.4% Pacific Life 6.0% Lincoln National 3.4% Nationwide Mutual 6.0% Ohio National 3.5% Security Benefit 6.2% Symetra 3.7% Metropolitan 6.2% Mutual of Omaha 3.8% Athene 7.0% OneAmerica 3.9% American General 7.1% Protective 3.9% Fidelity & Guaranty 8.3% American Equity 4.1% Massachusetts Mutual 9.9% Securian 4.2%

Ameritas Mutual Holding Company 5900 O Street Lincoln, Nebraska 68510 ameritas.com 402-467-1122 Toll Free: 800-745-1112

1 Ameritas Mutual Holding Company’s ratings by Standard & Poor’s and AM Best include Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. 2 Standard & Poor’s Research Update, March 6, 2020. This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to: Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510 and Ameritas Life Insurance Corp. of New York, (licensed in New York) 1350 Broadway, Suite 2201, New York, New York 10018. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com. Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® is a registered service mark of affiliate Ameritas Holding Company. © 2020 Ameritas Mutual Holding Company

Approved for client use.