Slide 1: Executing on our Closed Block Strategy
Executing on our Closed Block Strategy $3.8 Billion LTC External Reinsurance Transaction July 6, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Certain information in this presentation constitutes "forward-looking statements" (10) our ability to develop digital capabilities or execute on our technology within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- systems upgrades or replacements;
Slide 3: Key Messages
KEY MESSAGES • Executing the next step in our closed block strategy with a second external LTC transaction, and first stand-alone LTC risk transfer transaction • Combined with our prior transaction, actions reinsure over $7B of LTC reserves, materially reducing our closed block footprint • Transacti
Slide 4: Executing on Our Closed Block Strategy
Capital contributions finalized; $3.4B LTC Morbidity and Discontinued $7.1B Hedge no further capital Reinsurance Mortality new lives $3.8B LTC Legacy IDI Program contributions Transaction & Improvement on existing Reinsurance EXECUTING Transaction Initiated needed Restructuring Removed GLTC cases Tr
Slide 5: Second external transaction results in significant further reduction of LTC block
SECOND EXTERNAL TRANSACTION RESULTS IN SIGNIFICANT FURTHER REDUCTION OF LTC BLOCK LTC Statutory Reserves (All legal entities) 100% of Individual Long-Term Care (ILTC) reserves in Fairwind reinsured $14.8 • $3.8B of statutory reserves representing 26% of total LTC and 52% of ILTC block $11.0 7.3 • IL
Slide 6: Cost relative to best estimate reserves remains consistent across transactions
COST RELATIVE TO BEST ESTIMATE RESERVES REMAINS CONSISTENT ACROSS TRANSACTIONS 2025 ILTC 2026 ILTC ($ in millions) Transaction Transaction Combined Market Value of Required Assets 4,050 5,660 9,710 Reserves • Pricing remains disciplined and consistent when Best Estimate Reserves 3,260 4,500 7,760 ev
Slide 7: GLTC-weighted mix drives materially lower risk profile in remaining block
GLTC-WEIGHTED MIX DRIVES MATERIALLY LOWER RISK PROFILE IN REMAINING BLOCK • Post-transaction, GLTC represents ~70% of Reduced sensitivity across all key reserves and ~95% of insured lives Fairwind assumptions • Younger average age supports continued rate Key Assumption Sensitivity From To Change adj
Slide 8: Strong protections support remaining LTC reserves
STRONG PROTECTIONS SUPPORT REMAINING LTC RESERVES Remaining reserves exhibit strong margin Fairwind Insurance Provident Life & Accident ($ in millions) profile across both legal entities Company Insurance Company Statutory Reserves • Funding modestly reduces absolute LTC protection Long-Term Care 7,
Slide 9: Post-Transaction Capital Outlook
POST-TRANSACTION CAPITAL OUTLOOK YE26 CAPITAL METRICS • Holding Company Liquidity: $1.5-$2.0B Robust capital position and capital deployment priorities • Leverage: ~25% remain unchanged • RBC: 400-425% 2026 CAPITAL SOURCES AND USES • Capital Generation: $1.4–$1.6B • Capital Uses: ~$1.5B, including ~
Slide 10: Closing Comments
CLOSING COMMENTS • Continued execution of our closed block strategy through a second, stand-alone external LTC transaction • Meaningful additional reduction in LTC exposure, with improved risk profile on the remaining block • Transaction reflects disciplined pricing aligned with the risk characteris
Slide 11: Questions and Answers
Questions and Answers 11 umUrncRoup’
Slide 12: Appendix
Appendix: • LTC Block Demographic Profile 12
Slide 13: LTC Block Demographic Profile
LTC BLOCK DEMOGRAPHIC PROFILE GLTC ILTC 2025 ILTC 2026 ILTC Demographic Profile1 Retained Retained Transaction Transaction Average issue date 2003 2004 2000 2001 Overview Number of insureds (approx.) 752,000 33,000 31,000 50,000 Avg annual premiums/insured (approx.)2 600 2,925 2,490 1,839 Average at