Full Year Results

• Net income was $3.2 billion, or $4.71 per share.
• Adjusted earnings per share, excluding total notable items, up 10%¹ to $8.89.
• Premiums, fees and other revenues (PFOs) increased 10% to $57.6 billion.
• Adjusted PFOs, excluding pension risk transfers (PRT), were up 5% to $49.8 billion.
• RIS record sales, including transactions of $14.2 billion in PRT and $11.1 billion of U.K. longevity reinsurance.
• Beat free cash flow ratio and direct expense ratio² targets.
• ROE was 12.9%. Adjusted ROE, excluding total notable items, was 16%, at midpoint of target range.
• Book value per share (BVPS) up 14% to $39.02. Adjusted BVPS increased 4% to $57.07.
• Returned nearly $4.4 billion to shareholders.
• Holding company cash and liquid assets totaled $3.6 billion at year end, within target range.

Fourth Quarter Results

• Net income was $778 million, or $1.17 per share.
• Adjusted earnings increased 13% to $1.6 billion, driven by variable investment income, strong volume growth and improved expense margins.
• Adjusted earnings per share, excluding total notable items, increased 24% to $2.58.
• PFOs increased 29% to $18.7 billion. Adjusted PFOs, excluding PRT, up 8% to $12.8 billion.
• Net investment income up 10% to $5.9 billion.
• Variable investment income was $497 million, primarily reflecting higher private equity returns.