QUARTERLY STATEMENT OF THE PENN MUTUAL LIFE INSURANCE COMPANY Of Philadelphia in the state of PA to the Insurance Department of the State of For the Period Ended September 30, 2018 2018 Statement as of September 30, 2018 of the PENN MUTUAL LIFE INSURANCE COMPANY ASSETS Current Statement Date 4 1 2 3 Net Admitted December 31 Nonadmitted Assets Prior Year Net Assets Assets (Cols. 1 - 2) Admitted Assets 1. Bonds....................................................................................................................................... .............9,933,275,952 ..................................... .............9,933,275,952 .............9,209,553,958 2. Stocks: 2.1 Preferred stocks............................................................................................................. ................114,566,569 ..................................... ................114,566,569 ................112,007,569 2.2 Common stocks............................................................................................................. ................623,846,167 ..................................... ................623,846,167 ................568,311,394 3. Mortgage loans on real estate: 3.1 First liens........................................................................................................................ ..................................... ..................................... ..................................0 ..................................... 3.2 Other than first liens....................................................................................................... ..................................... ..................................... ..................................0 ..................................... 4. Real estate: 4.1 Properties occupied by the company (less $..........0 encumbrances).............................................................................................................. ..................33,230,292 ..................................... ..................33,230,292 ..................34,547,218 4.2 Properties held for the production of income (less $..........0 encumbrances).............................................................................................................. ..................................... ..................................... ..................................0 ..................................... 4.3 Properties held for sale (less $..........0 encumbrances)................................................. ..................................... ..................................... ..................................0 ..................................... 5. Cash ($.....11,122,937), cash equivalents ($.....119,930,417) and short-term investments ($..........0).................................................................................... ................131,053,354 ..................................... ................131,053,354 ................299,313,273 6. Contract loans (including $..........0 premium notes)................................................................. ................348,589,905 ..................................... ................348,589,905 ................330,687,228 7. Derivatives............................................................................................................................... ................214,260,114 ..................................... ................214,260,114 ..................95,569,153 8. Other invested assets.............................................................................................................. .............1,327,402,632 ..................22,376,583 .............1,305,026,049 .............1,080,429,207 9. Receivables for securities........................................................................................................ ..................14,080,074 ..................................... ..................14,080,074 ....................5,537,761 10. Securities lending reinvested collateral assets........................................................................ ..................................... ..................................... ..................................0 ..................................... 11. Aggregate write-ins for invested assets................................................................................... ..................................0 ..................................0 ..................................0 ..................................0 12. Subtotals, cash and invested assets (Lines 1 to 11)................................................................ ...........12,740,305,059 ..................22,376,583 ...........12,717,928,476 ...........11,735,956,761 13. Title plants less $..........0 charged off (for Title insurers only).................................................. ..................................... ..................................... ..................................0 ..................................... 14. Investment income due and accrued....................................................................................... ................136,721,494 ..................................... ................136,721,494 ................104,559,319 15. Premiums and considerations: 15.1 Uncollected premiums and agents' balances in the course of collection....................... ....................8,376,612 ....................1,336,293 ....................7,040,319 ..................10,316,273 15.2 Deferred premiums, agents' balances and installments booked but deferred and not yet due (including $..........0 earned but unbilled premiums)............................. ..................78,570,112 ..................................... ..................78,570,112 ..................79,414,647 15.3 Accrued retrospective premiums ($..........0) and contracts subject to redetermination ($..........0)............................................................................................. ..................................... ..................................... ..................................0 ..................................... 16. Reinsurance: 16.1 Amounts recoverable from reinsurers............................................................................ ..................31,240,370 ..................................... ..................31,240,370 ..................12,916,152 16.2 Funds held by or deposited with reinsured companies.................................................. ..................................... ..................................... ..................................0 ..................................... 16.3 Other amounts receivable under reinsurance contracts................................................ ..................15,898,106 ..................................... ..................15,898,106 ..................16,803,890 17. Amounts receivable relating to uninsured plans...................................................................... ..................................... ..................................... ..................................0 ..................................... 18.1 Current federal and foreign income tax recoverable and interest thereon............................... ....................1,471,880 ..................................... ....................1,471,880 ..................38,852,043 18.2 Net deferred tax asset.............................................................................................................. ................245,373,435 ..................32,889,483 ................212,483,952 ................218,067,567 19. Guaranty funds receivable or on deposit................................................................................. ....................1,070,367 ..................................... ....................1,070,367 ....................1,115,451 20. Electronic data processing equipment and software................................................................ ..................16,737,030 ..................................... ..................16,737,030 ..................18,376,471 21. Furniture and equipment, including health care delivery assets ($..........0)............................. ..................10,176,390 ..................10,176,390 ..................................0 ..................................... 22. Net adjustment in assets and liabilities due to foreign exchange rates.................................... ..................................... ..................................... ..................................0 ..................................... 23. Receivables from parent, subsidiaries and affiliates................................................................ ..................15,695,063 ..................................... ..................15,695,063 ..................22,359,992 24. Health care ($..........0) and other amounts receivable............................................................. ..................................... ..................................... ..................................0 ..................................... 25. Aggregate write-ins for other than invested assets.................................................................. ................375,438,199 ..................55,848,944 ................319,589,255 ................381,095,619 26. Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines 12 through 25).......................................................................................