EST’S ATING R EPORT BEST’S RATING REPORT

BEST’S RATING REPORT

SINCE 1899

Page 1 of 13 Printed January 12, 2021

BEST’S RATING REPORTBEST’S RATING REPORT

AM BEST

A- Excellent

Financial Strength Rating

ITA INSURANCE HOLDINGS LLCDomiciliary Address: Delaware, United StatesAMB #: 044643 NAIC #: N/A FEIN #: N/APhone: Fax: Website: N/A

INVESTORS TRUST ASSURANCE SPC A-Domiciliary Address: Suite 4210, 2nd Floor, Canella Court, Camana Bay, Grand Cayman KY1-1208, Cayman IslandsMailing Address: P.O. Box 32203, Grand Cayman KY1-1208, Cayman IslandAMB #: 075811 NAIC #: N/A FEIN #: N/APhone: 345-749-3340 Fax: Website: www.investors-trust.com

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Best's Credit Rating Effective DateDecember 03, 2020

Analytical ContactsChristopher LewisFinancial [email protected]+1(908) 439-2200 Ext. 5056

Edward [email protected]+1(908) 439-2200 Ext. 5664

InformationBest's Credit Rating Methodology

Guide to Best's Credit Ratings

Market Segment Outlooks

Financial Data PresentedThe financial data in this report reflects themost current data available to the AnalyticalTeam at the time of the rating. Updates tothe financial exhibits in this report areavailable here: Best's Financial Report.

ITA Insurance Holdings LLCAMB #: 044643Ultimate Parent: AMB # 052809 - ITA International Holdings LLC

Best's Credit Ratings - for the Rating Unit MembersFinancial Strength Rating Issuer Credit Rating

(FSR) (ICR)

A- a-Excellent ExcellentOutlook: Stable Outlook: StableAction: Affirmed Action: Affirmed

Assessment Descriptors

Balance Sheet Strength Strong

Operating Performance Strong

Business Profile Neutral

Enterprise Risk Management Appropriate

Rating Unit - MembersRating Unit: ITA Insurance Holdings LLC | AMB #: 044643

AMB # Rating Unit Members062408 ITA International Insurer

AMB # Rating Unit Members075811 Investors Trust Assurance SPC

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Rating Rationale - for the Rating Unit MembersThe Issuer Credit Ratings and Financial Strength Ratings of the member operating companies of the rating unit are determined inaccordance with Best's building block rating methodology as applied to the consolidated group's financial statements, and thesupporting analytics and results are described in the following sections of this report.

Balance Sheet Strength: Strong• Strongest level of risk-adjusted capitalization with limited mortality risk held on the balance sheet. Capital levels have displayed

sustained growth.• No dependence on outside credit facilities or debt to manage the balance sheet.

• General account assets are concentrated in CLOs, CDOs, and commercial mortgage-backed securities.

Operating Performance: Strong• Continued trend of profitable operations driven by positive investment and fee income.

• Geographic diversity in new sales continues to increase over time.

• Further development of existing distribution lines and separate account offerings continue to drive new sales volumes.

• Country risk attributes can impede growth initiatives in the foreign countries as regulatory changes can occur creatingdistribution and sales disruption.

Business Profile: Neutral• Focuses on selling unit-linked insurance/savings products to middle-market clients in various countries in Latin America, Asia-

Pacific and EMEA (Europe, Middle East and Africa) providing diversification with limited company risk. EMEA is a growing focus ofdistribution for the group.

• Distribution is through a network of independent financial advisors, which is improving geographical diversification, partiallyoffset by a high degree of competition.

• Small amount of mortality risk under each policy with limited insurance underwriting risk related to low-risk insurance productsreduces the risk of high claim exposure from any single policyholder exposure.

Enterprise Risk Management: Appropriate• Implemented an ERM dashboard management tool to assess and mitigate primary risks, along with a detailed risk register with

proper controls fully integrated into daily operations at various levels of the group.• Associated risks have mitigation factors along with strategic plans including enhanced anti-money laundering program.

• Challenges posed by regulatory and/or economic uncertainty risk from revenue streams in higher-risk countries are a materialrisk to the group.

• Cybersecurity technologies and policies have been implemented for the purposes of data protection, network and web security.

Outlook• The stable outlooks reflect the group's strong balance sheet assessment and strong operating performance. It also reflects the

group's increasing geographic diversity and ability to adapt to the distribution and economic challenges of the COVID-19pandemic.

Rating Drivers• The ratings could be negatively impacted by material negative changes in the group's risk-adjusted capitalization.

• A downward rating action could result from deterioration in the group's operating performance.

Key Financial IndicatorsBest's Capital Adequacy Ratio (BCAR) Scores (%)Confidence Level 95.0 99.0 99.5 99.6BCAR Score 91.0 90.0 89.0 89.0Source: Best's Capital Adequacy Ratio Model - Universal

AMB #: 044643 - ITA Insurance Holdings LLC


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Key Financial Indicators2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Net Premium Written:Net Income 22,077 ... ... ... ...Total Assets 1,827,726 ... ... ... ...Total Capital and Surplus 122,013 ... ... ... ...

Source: BestLink ® - Best's Financial Suite

Key Financial Ratios (%) 2019 2018 2017 2016 2015

Weighted5 Year

AverageProfitability:

Net Income Return on Revenue 9.3 ... ... ... ... ...Balance on Life Technical Account 22,077 ... ... ... ... ...

Leverage:Source: BestLink ® - Best's Financial Suite

Credit AnalysisBalance Sheet Strength

Capitalization

As a privately held company, ITA has limited access to external capital. However, ITA's capital base has steadily grown year-over-yearthrough retained earnings. The total capital significantly increased another 11.8% in 2019 versus prior year related to strong earningsbut slightly tempered by continuous annual dividend payment of $7m. Additionally, there was an extraordinary dividend payout of$73M during first half of 2018, related to capital now held at the parent company. There was also an extraordinary dividend payout of$39 million in 2019 related to capital now held at the parent company. Future expected dividend payouts expected to be around $7Mannually. Prior capital contributions established a basis for organic growth. While dividends are part of the company's capitalmanagement plan, it is not expected to materially dampen the capital profile of the company.

A.M. Best expects that Investors Trust Assurance (ITA's) risk-adjusted capitalization and financial strength will remain strong goingforward, supported by profitable and expanding new contract placements. Risk-adjusted capital, as measured by A.M. Best's UniversalBCAR model, currently continues to remain at the strongest level, mainly due to capital growth and the limited insurance risksassociated with the company's unit-linked products. ITA has no dependence on outside credit or debt to manage the balance sheet.

Acquisition costs for unit-linked insurance policies are high partially because of the high sales commissions. However, net deferredacquisition costs are relatively small because surrender charges in case of lapsed or surrendered contracts offset most of theunamortized acquisition costs. A large intangible asset is largely offset by a deferred income liability and therefore has a small netimpact on capital. The company has enough excess capital to finance growth in more capital-intensive lines of business and if forcedinto a run-off mode, no additional capital would be required.

Capital Generation Analysis2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Beginning Capital and Surplus 122,523 ... ... ... ...

Net Income after Non-Controlling Interests 22,077 ... ... ... ...

Change in Paid-In Capital -1,400 ... ... ... ...Stockholder Dividends 21,187 ... ... ... ...

Net Change in Capital and Surplus -510 ... ... ... ...

Ending Capital and Surplus 122,013 ... ... ... ...

Net Change in Capital and Surplus (%) -0.4 ... ... ... ...


Liquidity Analysis2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Net Operating Cash Flow 194,556 ... ... ... ...Liquid Assets to Total Liabilities (%) 85.2 ... ... ... ...




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Balance Sheet Strength (Continued...)

Asset Liability Management - Investments

The assets of the Company can either be General or Segregated portfolio assets. The segregated portfolio assets are comprised ofcontributed capital from outside clients. There is significant cash generation & interest collection coming from the fixed income portfolioin the short & medium term. Some offsetting factors include no meaningful regulatory capital requirements, and general account assetsthat are predominately supported by structured securities including CMBS and CDO's. Fixed Income portfolio investments havecontinued to have some additional ratings upgrades over the last twelve months and have now significantly been reduced to 6% ratedCCC or below of the portfolio as of June 2020 versus 87.7% back in 2014. Since 2012 the Fixed Income policies as a % of total assetshave been decreasing as well and are now around 5.3% versus 10.8% back in 2013 and should continue to stabilize as policiesmature.

Composition of Cash and Invested Assets2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Total Cash and Invested Assets 1,452,770 ... ... ... ...Composition Percentages (%):Unaffiliated:

Cash and Short Term Investments 6.9 ... ... ... ...Bonds 45.1 ... ... ... ...Stocks 47.9 ... ... ... ...

Total Unaffiliated Cash and Invested Assets 100.0 ... ... ... ...

Total Cash and Invested Assets 100.0 ... ... ... ...


Holding Company Assessment

Investors Trust Assurance SPC ("ITA") is wholly-owned by ITA International Holdings LLC. ITA International Holdings LLC is a Delawarelimited company owned by a family trust controlled by John and William Zelaya. Effective January 1, 2010, ITA reorganized into aholding company structure. The Board of Directors is currently comprised of insiders as well as three outside independent members.ITA was founded in 2002 and now has roughly around 160 employees. Currently ITA does not have a credit facility or debt outstandingas none is needed. All the securities held are marketable and are potential sources of liquidity. It is a privately-owned organization thatis offshore in the Cayman Islands, with limited capital requirements. The holding company assessment does not show any additionalstrain on the lead operating unit at this time.

In 2018, a new intermediary insurance holdings company was formed (ITA Insurance Holdings), which is a Delaware limited company,and wholly-owned by ITA International Holdings LLC. The newly formed insurance holding company will now have three distinctinsurance operating companies under it as part of the multi-jurisdictional approach. Investors Trust Assurance SPC located in theCayman Islands as of June 2002, ITA International Insurer located in Puerto Rico as of February 2018, and ITA Asia Limited located inKuala Lumpur, Malaysia as of January 2019.

Holding Company Analytics2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Liquid Assets to Total Liabilities (%) 85.2 ... ... ... ...


Operating Performance

Revenue is generated by an initial sales load and an ongoing percentage of assets under management. Given that most of the assetsare held in a segregated portfolio and invested to match plan participants' allocations, investment income received by the company is asmall proportion of overall revenue. In 2019, earnings decreased somewhat primarily due to unfavorable market environment, as wellas much lower investment income as a result of higher yielding securities being transferred out to the Holding Company. New businessvolumes have been mostly flat driven by weaknesses in emerging markets currencies due to higher US rates, along with political andeconomic instability, offset by continued diversification growth in Europe. A very strong Return on Equity has been reported at 17.9%in 2019 and 27.2% in 2018. Premium based fee income that is not dependent on market conditions continues to account for asignificant portion of overall fee income in 2019. Assets under administration continue to grow along with new contributions andmarket gains which have more than offset any withdrawals or fees for the year. ITA's revenue stream is coming from higher riskcountries with uncertain elevated political environments, and about a third of revenue from assets under management is offset by feesdirectly deducted from investment returns that are then rebated to ITA. A.M. Best believes that there is a growing demand for savings



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Operating Performance (Continued...)

and investment solutions for middle market consumers outside of the U.S. Policies in force are expected to grow as ITA furtherexpands into emerging markets globally.

Financial Performance Summary2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)Pre-Tax Income 22,077 ... ... ... ...Net Income (after Non-Controlling Interests) 22,077 ... ... ... ...


Business Profile

Investors Trust Assurance, SPC (ITA) has experience in long-term savings products focused on selling unit-linked and index-linkedinsurance plans, as well as traditional fixed and variable annuities. The group has profitably established itself among middle-classclientele, with the ability to expand geographically due to its strong profile. ITA's core product portfolio is comprised of unit-linkedinsurance policies distributed through a network of independent financial advisors in markets such as Latin America, Asia-Pacific, andEMEA. The unit-linked policies are characterized by regular contributions over many years with sales loads, surrender charges, andother fees designed to be lower than those of its competitors while providing strong shareholder returns. ITA does compete withseveral large international insurance companies that offer life insurance as well as similar asset management products. The companydoes deal with individuals from politically volatile countries with high risk and different regulations. The company currently has limitedinsurance risk, with mortality risk arising only from the return-of-premium if the policyholder dies within five years of policy inception.Revenue is generated by initial policy load and then an ongoing percentage of assets under management, both from the policyholderand as a rebate from the mutual fund. Besides the on-going personnel costs, major expenses are coming from sales commissions aswell as investment contract benefits. Unit-linked plans are set-up to give policyholders access to name brand investment products instable currencies, while accumulating assets over the long term. In 2018 as part of its continued diversification strategy ITA wasgranted a license in Puerto Rico for additional business growth, providing U.S. jurisdictions overview on products, and changing licenseto a full-fledged insurance company in Malaysia. ITA continues to scale down on agencies and retaining more qualified agencies as aresult of additional due diligence on the company’s part. Company keeps strong relationships with distributors and has advancedtechnology, and website access for distributors as well as clients. In 2019, the company decided to have a Multi-Jurisdictional approachto their business with three distinct independent insurance companies located in the Cayman Islands, Puerto Rico, and Malaysia.

The company has a developed innovation process and regularly explores new projects on an ad hoc basis. Innovation is a key focus ofmanagement and results have had a favorable impact. Prior innovation projects and investment in technology have facilitated asmoother transition to the challenges of the COVID-19 pandemic, particularly with regard to business continuity and customerexperience.

Enterprise Risk Management

Investors Trust Assurance SPC employs a comprehensive enterprise risk management strategy in line with the risks inherent in itsbalance sheet, scope of operations, and business profile. The Company's risk management discipline focuses on assessing andaddressing company-wide risks such as credit, liquidity, market product, and operational risks. There is a Risk Committee that has beenestablished, which meets independently on a quarterly basis to review and manage the ERM dashboard. Semi-annual risk ratingevaluations are conducted with risk owners as well. All the trending issues are reported to the Board of Directors at their quarterlymeetings, with the Board approving risk management framework annually. ITA has continued with enhanced annual online trainingprograms with all employees, and a board culture of doing the right thing. Additional two-year assessment plan to be conducted byKPMG on certain compliance functions within the company including IT, AML, Business Continuity, Outsourcing, Corporate Governance,and complaint process. The KPMG auditors will also assist in development of new risk rating methodology on plan participants, as wellas an overall review of the entire ERM process within ITA. The Cayman Islands has also issued new Monetary Authority guidance onmarket conduct, business continuity management, corporate governance, and outsourcing. ITA also has recently hired Grant Thorntonas Risk Manager to enhance the overall ERM framework process including the development of a risk register and additional policies andprocedures. The ERM register recently developed will serve as a management tool used to assess and mitigate the Company's primaryrisks and their controls.

As far as cybersecurity, the company has placed an increased emphasis on data protection. IT staff receives cybersecurity training andsecurity policies (i.e. email policies) have been implemented for all staff. Firewalls, gateway antivirus, and encryption are also used forcybersecurity. Vulnerability assessments are also part of their web security ERM process.



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Financial Statements12/31/2019 12/31/2018

Balance Sheet USD (000) %Cash and Short Term Investments 100,675 5.5 ...Bonds 655,656 35.9 ...Equity Securities 696,439 38.1 ...

Total Cash and Invested Assets 1,452,770 79.5 ...Debtors / Amounts Receivable 17,758 1.0 ...Other Assets 357,198 19.5 ...

Total Assets 1,827,726 100.0 ...

Gross Technical Reserves:Total Gross Technical Reserves 1,269,331 69.4 ...

Other Liabilities 436,382 23.9 ...

Total Liabilities 1,705,713 93.3 ...

Capital Stock 2,800 0.2 ...Paid-in Capital 250 ... ...Retained Earnings 104,973 5.7 ...Other Capital and Surplus 13,990 0.8 ...

Total Capital and Surplus 122,013 6.7 ...

Total Liabilities, Mezzanine Items and Surplus 1,827,726 100.0 ...


12/31/2019 12/31/2018Non-Life Life Other Total Total

Income Statement USD (000) USD (000) USD (000) USD (000)

Net Investment Income ... 25,315 ... 25,315 ...Net realized gains/(losses) ... 37,160 ... 37,160 ...Net unrealized gains/(losses) ... 100,867 ... 100,867 ...Other income ... 75,029 ... 75,029 ...

Total Revenue ... 238,371 ... 238,371 ...

Losses and Benefits ... 156,964 ... 156,964 ...Net Operating Expense ... 59,330 ... 59,330 ...

Total Losses, Benefits, andExpenses

... 216,294 ... 216,294 ...

Earnings before interest & taxes(EBIT)

... 22,077 ... 22,077 ...

Net income before Non-Controlling interests

... ... ... 22,077 ...

Net income/(loss) from continuingoperations

... ... ... 22,077 ...

Net Income ... ... ... 22,077 ...


12/31/2019 12/31/2018

Statement of Cash Flows USD (000)

Net cash provided/(used) in Operating Activities 194,556 ...Net cash provided/(used) in Investing Activities -123,149 ...Net cash provided/(used) in Financing Activities -22,587 ...

Total increase (decrease) in cash 48,820 ...Cash, beginning balance 51,855 ...

Cash, ending balance 100,675 ...




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Last UpdateDecember 07, 2020

IdentifiersAMB #: 044643

Financial Data PresentedThe financial data in this reportreflects the most current dataavailable at the time the report wasprinted.

ITA Insurance Holdings LLC

OperationsDate Incorporated: October 17, 2018

Domiciled: Delaware, United States

Business Type: Life, Annuity, and Accident

Best's Credit RatingsRating RelationshipAM Best Rating Unit: 044643 - ITA Insurance Holdings LLC

Refer to the Best’s Credit Report for AMB# 044643 - ITA Insurance Holdings LLC for details regarding the rating rationale, credit analysis, and financial exhibits available atthe time the credit analysis was performed.

Corporate StructureUltimate Parent: AMB # 052809 - ITA International Holdings LLC

Based on AM Best's analysis, AMB# 052809 ITA International Holdings LLC is the AMB Ultimate Parent and identifies the topmost entityof the corporate structure. Access in BestLink this company’s current Corporate Structure.

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Last UpdateDecember 03, 2020

IdentifiersAMB #: 075811LEI #: 2549009KJR2YUM1ZSQ74

Contact InformationDomiciliary Address:Suite 4210, 2nd Floor,Canella Court, Camana Bay,Grand Cayman KY1-1208,Cayman IslandsMailing Address:P.O. Box 32203,Grand Cayman KY1-1208,Cayman Islands

Web: www.investors-trust.comPhone: 345-749-3340

Financial Data PresentedThe financial data in this reportreflects the most current dataavailable at the time the report wasprinted.

Investors Trust Assurance SPC

OperationsDate Incorporated: June 07, 2002

Domiciled: Cayman Islands

Business Type: Life, Annuity, and AccidentOrganization Type: StockMarketing Type: Independent AgencyFinancial Size: VIII ($100 Million to $250 Million)

Best's Credit RatingsRating RelationshipAM Best Rating Unit: 044643 - ITA Insurance Holdings LLC

Investors Trust Assurance SPC is a member of ITA Insurance Holdings LLC (AMB# 044643). Investors Trust Assurance SPC is a member of the ITA Insurance Holdings LLCrating unit as it serves as the lead operating company for the organization, is fully integrated into the organization's strategic plan and contributes the majority of earnings forthe group. Refer to the Best’s Credit Report for AMB# 044643 - ITA Insurance Holdings LLC for details regarding the rating rationale, credit analysis, and financial exhibitsavailable at the time the credit analysis was performed.

Best's Credit Rating HistoryAM Best has assigned ratings on this company since 2009. In our opinion, the company has an Excellent ability to meet their ongoinginsurance obligations and an Excellent ability to meet their ongoing senior financial obligations.The following are the most recent rating events, for longer history refer to Rating History in BestLink:

Best's FinancialBest's Financial Strength Ratings

Best's Long-TermIssuer Credit Ratings

Effective Date Rating Affiliation Outlook Action Rating Outlook ActionCurrent -Dec 3, 2020 A- g (Group Rating) Stable Affirmed a- Stable AffirmedNov 21, 2019 A- Stable Affirmed a- Stable AffirmedNov 16, 2018 A- Stable Upgraded a- Stable UpgradedNov 8, 2017 B++ Positive Affirmed bbb+ Positive AffirmedOct 6, 2016 B++ Stable Affirmed bbb+ Stable Affirmed

Corporate StructureUltimate Parent: AMB # 052809 - ITA International Holdings LLC


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Based on AM Best's analysis, AMB# 052809 ITA International Holdings LLC is the AMB Ultimate Parent and identifies the topmost entityof the corporate structure. Access in BestLink this company’s current Corporate Structure.

ManagementOfficers

Secretary and Chief Compliance Officer: Barbara OosterwykController: Francois Bezuidenhout

Directors

Steve Christopher (Independent Director)Dara Keogh (Independent Director)Bryan Murphy (Independent Director)John Zelaya (Executive Director)

RegulatoryAuditor: KPMG

An independent audit of the company's affairs through December 31, 2019, was conducted by KPMG.

Financial StatementsFinancial Statements reflected were compiled from the most recent consolidated financial statements of this company available inBestLink - Best’s Statement File – Global.

12/31/2019 12/31/2018

Balance Sheet USD (000) % USD (000)Cash and Short Term Investments 72,983 4.4 48,821Bonds 584,922 35.0 533,214Equity Securities 669,013 40.1 557,706

Total Cash and Invested Assets 1,326,918 79.5 1,139,741Debtors / Amounts Receivable 16,011 1.0 17,446Other Assets 326,723 19.6 310,731

Total Assets 1,669,652 100.0 1,467,918

Gross Technical Reserves:Life Reserves 1,178,968 70.6 967,406

Total Gross Technical Reserves 1,178,968 70.6 967,406Other Liabilities 396,547 23.8 380,870

Total Liabilities 1,575,515 94.4 1,348,276

Capital Stock 13,802 0.8 15,202Paid-in Capital 239 ... 239Retained Earnings 80,096 4.8 104,201

Total Capital and Surplus 94,137 5.6 119,642

Total Liabilities, Mezzanine Items and Surplus 1,669,652 100.0 1,467,918


AMB #: 075811 - Investors Trust Assurance SPC


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12/31/2019 12/31/2018Non-Life Life Other Total Total

Income Statement USD (000) USD (000) USD (000) USD (000) USD (000)

Net Investment Income ... 24,498 ... 24,498 31,663Net realized gains/(losses) ... ... 38,234 38,234 75,378Net unrealized gains/(losses) ... ... 99,360 99,360 -139,286Other income ... 72,915 ... 72,915 72,639

Total Revenue ... 97,413 137,594 235,007 40,394

Losses and Benefits ... 155,615 ... 155,615 -63,712Net Operating Expense ... 57,395 ... 57,395 66,636

Total Losses, Benefits, andExpenses

... 213,010 ... 213,010 2,924

Earnings before interest &taxes (EBIT)

... -115,597 137,594 21,997 37,470

Net income before Non-Controlling interests

... ... ... 21,997 37,470

Net income/(loss) fromcontinuing operations

... ... ... 21,997 37,470

Net Income ... ... ... 21,997 37,470


12/31/2019 12/31/2018

Statement of Cash Flows USD (000) USD (000)

Net cash provided/(used) in Operating Activities 97,085 138,947Net cash provided/(used) in Investing Activities -25,421 -70,656Net cash provided/(used) in Financing Activities -47,502 -81,596

Total increase (decrease) in cash 24,162 -13,305Cash, beginning balance 48,821 62,126

Cash, ending balance 72,983 48,821


Financial ResultsFinancial exhibits presented in this report provide calculated ratios using the most recent consolidated financial statements available inBestLink - Best’s Statement File – Global.

Key Financial Indicators

Holding Company Analytics 2019USD (000)

2018USD (000)

2017USD (000)

2016USD (000)

2015USD (000)

Liquid Assets to Total Liabilities (%) 84.2 84.5 89.1 82.5 79.3


Key Financial Indicators 2019USD (000)

2018USD (000)

2017USD (000)

2016USD (000)

2015USD (000)

Net Premium Written:

Net Income 21,997 37,470 60,510 22,299 14,531Total Assets 1,669,652 1,467,918 1,450,100 1,145,473 1,006,173Total Capital and Surplus 94,137 119,642 163,768 111,658 106,759




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Key Financial Indicators

Weighted5 Year

AverageKey Financial Ratios (%) 2019USD (000)

2018USD (000)

2017USD (000)

2016USD (000)

2015USD (000)

Profitability:Net Income Return on Revenue 9.4 92.8 25.8 17.7 22.1 22.3Net Income Return on Capital and Surplus 20.6 26.4 43.9 20.4 14.1 26.3Balance on Life Technical Account -115,597 101,378 -85,480 -12,934 23,462 ...Net Investment Yield 2.0 2.8 1.4 0.9 0.4 1.6

Leverage:


Balance Sheet Highlights

Capital Generation Analysis 2019USD (000)

2018USD (000)

2017USD (000)

2016USD (000)

2015USD (000)

Beginning Capital and Surplus 119,642 163,768 111,658 106,759 99,628

Net Income after Non-Controlling Interests 21,997 37,470 60,510 22,299 14,531

Change in Paid-In Capital -1,400 -1,400 -1,400 -1,400 -1,400Stockholder Dividends 46,102 80,196 7,000 16,000 6,000

Net Change in Capital and Surplus -25,505 -44,126 52,110 4,899 7,131

Ending Capital and Surplus 94,137 119,642 163,768 111,658 106,759

Net Change in Capital and Surplus (%) -21.3 -26.9 46.7 4.6 7.2


Liquidity Analysis 2019USD (000)

2018USD (000)

2017USD (000)

2016USD (000)

2015USD (000)

Net Operating Cash Flow 97,085 138,947 156,054 121,973 113,845Liquid Assets to Total Liabilities (%) 84.2 84.5 89.1 82.5 79.3


Asset Liability Management | Investments2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)

Composition of Cash and Invested AssetsTotal Cash and Invested Assets 1,326,918 1,139,741 1,146,301 852,657 712,851Composition Percentages (%):Unaffiliated:

Cash and Short Term Investments 5.5 4.3 5.4 12.3 11.5Bonds 44.1 46.8 47.3 42.0 40.6Stocks 50.4 48.9 47.3 45.7 47.9

Total Unaffiliated Cash and Invested Assets 100.0 100.0 100.0 100.0 100.0

Total Cash and Invested Assets 100.0 100.0 100.0 100.0 100.0


Operating Performance Highlights2019

USD (000)2018

USD (000)2017

USD (000)2016

USD (000)2015

USD (000)

Financial Performance SummaryPre-Tax Income 21,997 37,470 60,510 22,299 14,531Net Income (after Non-Controlling Interests) 21,997 37,470 60,510 22,299 14,531





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Best’s Credit Rating Methodology | Disclaimer | Best’s Credit Rating Guide

Operating Performance Highlights2019 2018 2017 2016 2015

Operating and Financial Performance Ratios (%)Overall Performance:

Return on Assets 1.4 2.6 4.7 2.1 1.5Return on Capital and Surplus 20.6 26.4 43.9 20.4 14.1


A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contractsand do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds ofmisrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate anyinsurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does itaddress the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, AM Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, AM Best does notindependently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

Visit http://www.ambest.com/ratings/index.html for additional information or http://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings



Operating Performance Highlights2019 2018 2017 2016 2015

Operating and Financial Performance Ratios (%)Overall Performance:

Return on Assets 1.4 2.6 4.7 2.1 1.5Return on Capital and Surplus 20.6 26.4 43.9 20.4 14.1


A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contractsand do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds ofmisrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate anyinsurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does itaddress the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, AM Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, AM Best does notindependently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

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