Risk Factors Update Summary

• Added risks related to acquisitions and dispositions, including difficulties in separating divested businesses.
• Addition of mass torts to risk factors may result in unforeseen claims and restrictions post-catastrophe.
• Increased scrutiny on ESG matters may adversely affect reputation and business practices.
• Separation of Life and Retirement business may not yield expected benefits, causing financial impact.
• Potential failure to meet net zero greenhouse gas emissions targets by 2050 or sooner.
• Increased interest rates from 2022 to 2023 may lead to higher policy loans and reduced fee income.
• New tax laws, including a 15% corporate alternative minimum tax, may impact after-tax earnings.
• Changes in climate risks and regulations could impact business operations and financial condition.
• Enhanced regulatory scrutiny of big data, artificial intelligence, and machine learning techniques.
• Enhanced risk management policies and standards may not effectively mitigate emerging risks.
• Increased regulatory requirements and guidance related to environmental, social, and governance matters.
• Reliance on third-party providers for operational processes may lead to disruptions or harm operations.
• Technological advancements and innovation in the insurance industry pose competitive risks.
• Failure to attract key employees or implement restructuring initiatives could negatively impact efficiency.