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Bottom-Line Performance Benchmarking for a Life Insurance Peer Group August 2012

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Bottom-Line Performance Benchmarking for a Life Insurance Peer Group Expense Ratio

Expenses (In $ bn) 13.1

5.2

2.8

6.0

3.2

600%

23.7 22.8%

25.1% 54.7%

51.2%

80% 137.9%

200%

77.2%

74.9% 48.8%

120%

400%

55.0% 100.0%

45.3%

160%

138.2%

53.9%

45.0%

24.4%

498.4%

40%

65.1%

48.6%

0% Prudential

Aflac

Ameriprise Genworth Lincoln Financial Financial National Corp

General and Administrative Expenses

0% Prudential

Metlife

Underwriting & Acquisition Cost

Aflac

AmeripriseGenworth Lincoln Financial Financial National Corp

Expense Ratio

Metlife

Average

Note: Underwriting & acquisition expenses contain amortization of DAC as well

Benefit Ratio

Peer Comparison - EBIT (in $ million) 146.8%

300% 197.5%

120%

200% 117.8%

126.6% 100%

160%

116.9%

67.5%

80% 40%

254.2% 0%

0% Prudential

Aflac

Ameriprise Genworth Lincoln Financial Financial National Corp

Benefit Ratio

Average

Metlife

6,000 5,000 4,000 2,811

3,000 2,000

1,000

5,117

4,100

3,253 1,749

849

1,798

0 Prudential

Aflac

EBIT

Ameriprise Genworth Lincoln Financial Financial National Corp

Metlife

Average

Source: Annual Report; Call Transcript; Broker Reports

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Š 2011 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.

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