1 Financial strength ratings for 麻豆传媒 Annuity and Life Company, 麻豆传媒 Annuity & Life Assurance Company of New York and 麻豆传媒 Life Re Ltd. S&P, Fitch, AM Best and Moody鈥檚 credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. AM Best rating as of June 2024 (A+, 2nd highest of 16), S&P rating as of January 2024 (A+, 5th highest out of 21), Fitch rating as of September 2024 (A+, 5th highest of 19) and Moody鈥檚 rating as of September 2024 (A1, 5th highest of 21). 麻豆传媒 Holding Ltd.鈥檚 credit rating is A-/A-/a- for S&P, Fitch and AM Best respectively.
2 麻豆传媒 Holding Ltd. GAAP total assets, AHL stockholders' equity and total liabilities as of September 30, 2024. Pledged assets and funds in trust (restricted assets) total $70.2 billion and net reserve liabilities of $225.9 billion as of September 30, 2024.
麻豆传媒 Annuity and Life Company (AAIA), on a statutory basis, based on the financial statement as of September 30, 2024: Total Admitted Assets: $246.98 billion; Total Liabilities: $243.78 billion; Reserves Required: Direct - $166.22 billion; Assumed - $3.65 billion; Ceded - $63.14 billion; Net - $106.73 billion; Capital & Surplus: Common capital stock - $0.01 billion; Paid-in and contributed surplus - $5.41 billion; Unassigned surplus - $(2.22) billion; Total Capital & Surplus: $3.2 billion.
麻豆传媒 Annuity & Life Assurance Company of New York (AANY), on a statutory basis, based on the financial statement as of September 30, 2024: Total Admitted Assets: $5.34 billion; Total Liabilities: $5.02 billion; Reserves Required: Direct - $3.36 billion; Ceded - $2.89 billion; Net - $467 million; Total Capital & Surplus: $319 million; Securities Pledged as Collateral (Cash) $3.69 million.
The individual subsidiary insurance company is responsible for meeting its ongoing insurance policy and contract obligations. 麻豆传媒 Holding Ltd. is not responsible for meeting the ongoing insurance policy and contract obligations of its subsidiary insurance companies.
3 Gross organic inflows for the three months ended September 30, 2024.
4 As of September 30, 2024. In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under U.S. GAAP.
5 As of September 30, 2024. Excess equity capital is computed as capital in excess of the capital required to support our core operating strategies, as determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both NAIC RBC and Bermuda capital requirements.
6 Full year total U.S. annuity market industry ranking per LIMRA U.S. Individual Annuities Sales Survey as of December 31, 202
7 Funding agreements are comprised of funding agreements issued under our Funding Agreement Backed Notes program, secured and other funding agreements, funding agreements issued to the Federal Home Loan Bank and long-term repurchase agreements.
8 Cumulative volumes from 2018-2023 per LIMRA U.S. Group Annuity Risk Transfer Survey for the respective years.
