Risk Factors Update Summary

• Regulatory risks disclosure moved from 32 to 33. This change may indicate heightened regulatory concerns.
• Expanded legislative and regulatory restrictions may increase compliance costs and affect profitability.
• Investments strategic change from "Operational" to "Strategic" may indicate a shift in focus. This change might result in a change in investment approach.
• Losses due to defaults by others could reduce earnings. This change may result in financial losses.
• Changes in laws and regulations could negatively impact recruitment and retention of agents.
• Financial risks disclosure moved from 28 to 27. This change may indicate increased importance.
• Interest rate increases may impact investment income. This change could lead to decreased investment income.
• Changes in tax rates could impact financial results. This change may lead to changes in profitability.
• Regulatory environment changes may result in increased costs and limit incorporation of climate change into pricing.
• Changes in fair value accounting for equity securities could impact earnings. This change may result in fluctuating earnings.
• Compliance with Dodd-Frank Act regulations could lead to increased compliance costs for insurance products.
• Uncertainty regarding the effect of evolving laws and regulations on distribution partners and business.
• Increased cybersecurity regulations by states could impact market position, reputation, and financial condition.