Mutual of Omaha Insurance Company

Mutual of Omaha
Insurance Company
Statutory Financial Statements as of and for the Years
Ended December 31, 2022 and 2021
Supplemental Schedules as of and for the
Year Ended December 31, 2022, and
Independent Auditor's Report

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MUTUAL OF OMAHA INSURANCE COMPANY
TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR'S REPORT 1 - 3
STATUTORY FINANCIAL STATEMENTS AS OF AND
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021:
Statements of Admitted Assets, Liabilities, and Surplus 4
Statements of Operations 5
Statements of Changes in Surplus 6
Statements of Cash Flows 7 - 8
Notes to Statutory Financial Statements 9 - 56
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED
DECEMBER 31, 2022:
Independent Auditor's Report on Supplemental Schedules 58
Supplemental Schedule of Selected Financial Data 59 - 62
Supplemental Summary Investment Schedule 63
Supplemental Investment Risks Interrogatories 64 - 69

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INDEPENDENT AUDITOR'S REPORT
To the Board of Directors
Mutual of Omaha Insurance Company
Omaha, Nebraska
Opinions
We have audited the statutory financial statements of Mutual of Omaha Insurance Company (the
"Company"), which comprise the statutory statements of admitted assets, liabilities, and surplus as of
December 31, 2022 and 2021, and the related statutory statements of operations, changes in surplus,
and cash flows for the years then ended, and the related notes to the statutory financial statements
(collectively referred to as the "statutory financial statements").
Unmodified Opinion on Statutory-Basis of Accounting
In our opinion, the accompanying statutory financial statements present fairly, in all material respects,
the admitted assets, liabilities, and surplus of the Company as of December 31, 2022 and 2021, and the
results of its operations and its cash flows for the years then ended, in accordance with the accounting
practices prescribed or permitted by the State of Nebraska Department of Insurance described in Note 1.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on
Accounting Principles Generally Accepted in the United States of America section of our report, the
statutory financial statements do not present fairly, in accordance with accounting principles generally
accepted in the United States of America, the financial position of the Company as of December 31, 2022
and 2021, or the results of its operations or its cash flows for the years then ended.
Basis for Opinions
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Statutory Financial Statements section of our report. We are required
to be independent of the Company and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in Note 1 to the statutory financial statements, the statutory financial statements are
prepared by the Company using the accounting practices prescribed or permitted by the State of
Nebraska Department of Insurance, which is a basis of accounting other than accounting principles
generally accepted in the United States of America, to meet the requirements of the State of Nebraska
Deloitte & Touche LLP
1100 Capitol Ave., Suite 300
Omaha, NE 68102-1113
USA
Tel: 1-402-346-7788
www.deloitte.com

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Department of Insurance. The effects on the statutory financial statements of the variances between the
statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the
United States of America, although not reasonably determinable, are presumed to be material and
pervasive.
Responsibilities of Management for the Statutory Financial Statements
Management is responsible for the preparation and fair presentation of the statutory financial
statements in accordance with the accounting practices prescribed or permitted by the State of Nebraska
Department of Insurance. Management is also responsible for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of statutory financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the statutory financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s
ability to continue as a going concern for one year after the date that the statutory financial statements
are issued.
Auditor’s Responsibilities for the Audit of the Statutory Financial Statements
Our objectives are to obtain reasonable assurance about whether the statutory financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment
made by a reasonable user based on the statutory financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the statutory financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the
statutory financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
statutory financial statements.

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• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control–related
matters that we identified during the audit.
March 22, 2023

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MUTUAL OF OMAHA INSURANCE COMPANY
STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND SURPLUS
AS OF DECEMBER 31, 2022 AND 2021
2022 2021
ADMITTED ASSETS
CASH AND INVESTED ASSETS:
Bonds $ 4,930,425,543 $ 4,724,444,886
Preferred stocks 14,245,603 8,505,919
Common stocks—unaffiliated 82,310,592 158,557,955
Common stocks—affiliated 2,474,399,445 2,467,406,691
Mortgage loans 437,644,631 447,594,507
Real estate occupied by the Company—net of accumulated depreciation of
$34,670,927 and $49,531,792, respectively 40,753,050 25,992,627
Real estate held for sale by the Company—net of accumulated depreciation of
$15,689,905 and $—, respectively 9,646,600 —
Investment real estate—net of accumulated depreciation of $577,815 and $552,481, respectively 4,906,555 4,886,989
Cash and cash equivalents (16,157,775) (13,348,837)
Short—term investments 84,400,000 239,400,000
Securities lending and repurchase agreement cash collateral 281,644,682 309,800,564
Other invested assets 596,150,349 632,876,165
Total cash and invested assets 8,940,369,275 9,006,117,466
INVESTMENT INCOME DUE AND ACCRUED 50,883,802 46,553,668
PREMIUMS UNCOLLECTED 207,172,256 210,020,379
RECEIVABLE FROM SUBSIDIARIES 212,584,573 202,302,177
FEDERAL INCOME TAXES RECOVERABLE 21,093,785 37,430,542
NET DEFERRED TAX ASSETS 79,018,152 80,165,930
COMPANY—OWNED LIFE INSURANCE 614,977,207 712,943,758
OTHER ASSETS 45,079,027 46,255,115
TOTAL ADMITTED ASSETS $ 10,171,178,077 $ 10,341,789,035
LIABILITIES AND SURPLUS
LIABILITIES:
Reserves for policies and contracts $ 3,777,676,074 $ 3,381,994,101
Policy and contract claim reserves 1,277,593,426 1,254,596,043
Premiums received in advance 48,003,977 49,451,752
Asset valuation reserve 129,832,288 160,955,020
Drafts outstanding 10,232,163 8,579,341
Amounts held as agent or trustee 105,796,207 110,093,423
General expenses and taxes due or accrued 167,521,786 161,812,409
Liability for benefits for employees and agents 163,961,700 392,202,241
Borrowings 49,104,260 342,907,505
Payable for securities lending 281,644,682 309,800,564
Other liabilities 148,221,882 172,799,614
Total liabilities 6,159,588,445 6,345,192,013
SURPLUS:
Surplus notes 710,997,741 710,797,574
Unassigned surplus 3,300,591,891 3,285,799,448
Total surplus 4,011,589,632 3,996,597,022
TOTAL LIABILITIES AND SURPLUS $ 10,171,178,077 $ 10,341,789,035
See notes to statutory financial statements.
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MUTUAL OF OMAHA INSURANCE COMPANY
STATUTORY STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND, 2021
2022 2021
INCOME:
Net health and accident premiums $ 3,843,098,763 $ 3,779,081,159
Net investment income and amortization of IMR 208,714,269 267,704,353
Commissions and expense allowances on reinsurance ceded 45,070,262 48,600,827
Other income 22,403,218 108,199,547
Total income 4,119,286,512 4,203,585,886
BENEFITS AND EXPENSES:
Policyholder benefits 2,823,935,386 2,693,385,258
Net change in reserves 278,104,693 298,077,439
Commissions 683,741,302 709,505,113
Operating expenses 408,692,642 292,866,346
Total benefits and expenses 4,194,474,023 3,993,834,156
NET INCOME (LOSS) FROM OPERATIONS BEFORE FEDERAL
INCOME TAX (BENEFIT) AND NET REALIZED CAPITAL GAIN (LOSS) (75,187,511) 209,751,730
FEDERAL INCOME TAX (BENEFIT) (5,448,331) 18,281,905
NET INCOME (LOSS) FROM OPERATIONS BEFORE NET REALIZED
CAPITAL GAIN (LOSS) (69,739,180) 191,469,825
NET REALIZED CAPITAL GAIN (LOSS)—Net of federal income tax (benefit)
of ($1,050,284) and $2,141,581, and transfers to (from) IMR
of ($2,889,237) and $13,915,009, respectively (7,487,242) 28,474,476
NET INCOME (LOSS) $ (77,226,422) $ 219,944,301
See notes to statutory financial statements.
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MUTUAL OF OMAHA INSURANCE COMPANY
STATUTORY STATEMENTS OF CHANGES IN SURPLUS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Surplus Unassigned Total
Note Surplus Surplus
BALANCE—December 31, 2020 $ 710,610,861 $ 2,912,842,615 $ 3,623,453,476
Net income (loss) — 219,944,301 219,944,301
Change in:
Net unrealized capital gain (loss)—net of federal income tax (benefit) of $(2,476,956) — 76,049,195 76,049,195
Net deferred income tax (benefit) — (28,483,322) (28,483,322)
Nonadmitted assets — 33,917,824 33,917,824
Asset valuation reserve — (55,668,201) (55,668,201)
Surplus note 186,713 — 186,713
Benefit plan amount not yet recognized in periodic benefit costs — 128,899,424 128,899,424
Savings from consolidated tax filings — 2,238,286 2,238,286
Unrealized capital gain (loss)—deferred gain (loss) on affiliate exchanges — (3,940,674) (3,940,674)
BALANCE—December 31, 2021 710,797,574 3,285,799,448 3,996,597,022
Net income (loss) — (77,226,422) (77,226,422)
Change in:
Net unrealized capital gain (loss)—net of income tax (benefit) of $10,443,853 — (20,318,974) (20,318,974)
Net deferred income tax (benefit) — (24,333,721) (24,333,721)
Nonadmitted assets — (13,766,826) (13,766,826)
Asset valuation reserve — 31,122,732 31,122,732
Surplus note 200,167 — 200,167
Benefit plan amount not yet recognized in periodic benefit costs — 198,554,743 198,554,743
Savings from consolidated tax filings — 6,859,210 6,859,210
Reserve on account of change in valuation basis — (89,192,289) (89,192,289)
Prior year adjustments — (6,058,186) (6,058,186)
Unrealized capital gain (loss)—deferred gain (loss) on affiliate exchanges — 9,152,176 9,152,176
BALANCE—December 31, 2022 $ 710,997,741 $ 3,300,591,891 $ 4,011,589,632
See notes to statutory financial statements.
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MUTUAL OF OMAHA INSURANCE COMPANY
STATUTORY STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
2022 2021
CASH FROM (USED FOR) OPERATIONS:
Net health and accident premiums $ 3,844,548,125 $ 3,775,337,665
Net investment income 208,861,851 265,923,665
Other income 68,257,328 70,106,438
Benefit and loss related payments (2,779,249,592) (2,646,009,917)
Commissions and operating expenses (1,007,750,558) (994,740,462)
Dividends paid to policyholders (16,467) (17,501)
Federal income taxes paid (recovered) 13,788,849 (16,200,470)
Net cash from (used for) operations 348,439,536 454,399,418
CASH FROM (USED FOR) INVESTMENTS:
Proceeds from investments sold, matured, or repaid:
Bonds 576,458,169 555,732,171
Stocks 165,989,653 137,095,301
Mortgage loans 39,744,778 38,287,698
Other invested assets 70,687,594 46,553,198
Miscellaneous proceeds 31,281 2,076,752
Cost of investments acquired:
Bonds (805,865,996) (818,366,728)
Stocks (90,309,839) (162,613,490)
Mortgage loans (29,814,264) (188,762,000)
Other invested assets (74,553,707) (249,232,719)
Miscellaneous applications (30,173,068) (1,729,720)
Net cash from (used for) investments (177,805,399) (640,959,537)
CASH FROM (USED FOR) FINANCING AND MISCELLANEOUS SOURCES:
Borrowed funds received (paid) (293,939,100) 321,626,800
Amounts from (due to) affiliates (10,282,397) 23,933,748
Other cash provided (applied) (24,221,578) (9,302,013)
Net cash from (used for) financing and miscellaneous sources (328,443,075) 336,258,535
NET CHANGE IN CASH, CASH EQUIVALENTS, AND SHORT—
TERM INVESTMENTS (157,808,938) 149,698,416
CASH, CASH EQUIVALENTS, AND SHORT—TERM INVESTMENTS:
Beginning of year 226,051,163 76,352,747
End of year $ 68,242,225 $ 226,051,163
(Continued)
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MUTUAL OF OMAHA INSURANCE COMPANY
STATUTORY STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED December 31, 2022 AND 2021 2022 2021
NON—CASH TRANSACTIONS:
Stock conversions $ 113,249,099 $ 133,638,499
Change in securities lending $ 28,155,882 $ 47,501,036
Capital contribution through payable to subsidiary $ 5,500,000 $ —
Mortgage loans transfer value $ 4,341,736 $ —
Bond conversions $ 1,556,299 $ 78,889,728
Other invested asset contribution to charity $ — $ 37,000,006
Stock charitable contribution $ — $ 3,000,000
See notes to statutory financial statements. (Concluded)
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MUTUAL OF OMAHA INSURANCE COMPANY
NOTES TO STATUTORY FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED December 31, 2022 AND 2021
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Within this report, the following abbreviations are used for company and affiliate names, if applicable.
Legal Name Abbreviation Legal Name Abbreviation
Mutual of Omaha Insurance Company ("the Company") Mutual of Omaha Holdings, Inc. ("Mutual of Omaha Holdings")
Mutual of Omaha Insurance Company ("Mutual of Omaha") Mutual of Omaha Structured Settlement
Company
("Mutual Structured
Settlement")
Omaha Insurance Company ("Omaha Insurance") Cloverlay Sports Assets SPV L.P. ("Cloverlay")
Mutual of Omaha Medicare Advantage
Company
("Omaha Medicare
Advantage")
Fulcrum Growth Partners III, L.L.C. ("Fulcrum")
Omaha Health Insurance Company ("Omaha Health") Boston Financial Opportunity Zone Fund I LP ("Boston Fund")
Omaha Supplemental Insurance Company ("Omaha Supplemental") East Campus Realty, LLC ("East Campus")
United of Omaha Life Insurance Company ("United of Omaha") Turner Park North, LLC ("Turner Park")
Companion Life Insurance Company ("Companion") MGG Rated Debt Feeder Fund LP ("MGG Fund")
Omaha Reinsurance Company ("Omaha Re") MHEG OZ Fund 1, LP ("MHEG Fund")
Medicare Advantage Insurance Company of
Omaha
("Medicare Advantage
Company")
Mutual of Omaha Opportunities Fund, L.P. ("MOOF Fund")
United World Life Insurance Company ("United World") UM Holdings, LLC ("UM Holdings")
Omaha Financial Holdings, Inc. ("OFHI") Mutual DMLT Holdings, LLC ("Mutual DMLT Trust")
Mutual of Omaha Mortgage, Inc. ("Mutual of Omaha
Mortgage")
United DMLT Holdings, LLC ("United DMLT Trust")
Discovery Mortgage Loan Trust ("DMLT Trust") Mutual of Omaha Investor Services, Inc. ("Mutual of Omaha Investor
Services")
Endeavor Mortgage Loan Trust (M) ("EMLT-M") Endeavor Mortgage Loan Trust (U) ("EMLT-U")
* Mutual Community Development Company ("MCDC") Review Counsel LLC ("Review Counsel")
Legacy Benefits Origination Trust ("Legacy Trust")
*Nebraska Secretary of State approved dissolution of MCDC effective January 5, 2022
Nature of Operations—The Company is a mutual life, accident and health insurance company,
domiciled in the State of Nebraska. The following are wholly owned insurance subsidiaries of the
Company as of December 31, 2022: United of Omaha, Omaha Health, and Omaha Supplemental. The
Company owns 100% of the outstanding common stock of Mutual of Omaha Holdings and OFHI.
Affiliated joint ventures include 100% ownership interest in East Campus and Turner Park; and 100%
other ownership in Mutual DMLT Trust, DMLT Trust, and EMLT-M. The Company owns 16.95% of
Boston Fund and 8.74% of MHEG Fund, non-guaranteed federal low income housing tax credits
("LIHTC"). All affiliated joint ventures, excluding EMLT-M, were also held as of December 31, 2021.
The Company provides a wide array of financial products and services to a broad range of institutional
and individual customers and is licensed in all 50 states in the United States ("U.S."), the District of
Columbia, Puerto Rico, and the U.S. Virgin Islands. Principal products and services provided include
individual and group accident and health insurance with a focus on Medicare supplement and long-
term care.
Basis of Presentation—The Company has prepared the accompanying statutory financial statements in
conformity with accounting practices prescribed or permitted by the State of Nebraska Department of
Insurance ("NDOI"). The state of Nebraska has adopted the National Association of Insurance
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Commissioners’ ("NAIC") statutory accounting principles ("NAIC SAP") as the basis of its statutory
accounting practices. The Director of the NDOI has the right to permit other specific practices that may
deviate from NAIC SAP. The Company does not utilize any permitted practices and there are not any
prescribed practices applicable.
The accompanying statutory financial statements vary in some respects from those that would be
presented in conformity with accounting principles generally accepted in the United States of America
("GAAP"). The most significant differences include:
a. Bonds are stated at amortized cost using the effective yield method, except for certain bonds with
an NAIC designation of 6, which are stated at lower of amortized cost or fair value, while under
GAAP, they may be stated at amortized cost or fair value. Exchange Traded Funds, eligible for bond
reporting by the NAIC Securities Valuation Office ("SVO Identified Funds-ETFs"), captured within the
scope of Statement of Statutory Accounting Principles ("SSAP") No. 26R, Bonds ("SSAP No. 26"), are
stated at fair value and classified as bonds, while under GAAP, they are stated at fair value and
classified as equity.
b. An other-than-temporary impairment (“OTTI”) exists for NAIC SAP on a loan-backed or structured
security if fair value is less than the amortized cost basis and the Company has the intent to sell,
does not have the intent and ability to retain the investment for a period of time sufficient to
recover the amortized cost basis, or the Company does not expect to recover the entire amortized
cost basis. For all other securities on an NAIC SAP basis, an OTTI is recognized if it is probable that
the reporting entity will be unable to collect all amounts due according to the contractual terms of
the security in effect at the date of acquisition or since the last OTTI. An OTTI exists for GAAP if a
security’s fair value is less than amortized cost and if the Company has the intent to sell, it is more
likely than not that the Company will be required to sell before the recovery of the amortized cost
basis, or if the Company does not expect to recover the entire amortized cost of the security.
c. Perpetual preferred stocks are stated at fair value with changes in fair value recognized in
unrealized gains and losses while under GAAP, perpetual preferred stocks are generally stated at
their fair value with changes in fair value recognized in net income. Certain investments in
perpetual preferred stocks and other equity investments without readily determinable fair values
for which the Company has elected a measurement alternative are stated at cost adjusted for price
changes in observable transactions in the same or similar instruments of the same issuer and for
impairments. Redeemable preferred stocks are stated at amortized cost; except for redeemable
preferred stocks that are NAIC rated 4 through 6, which are stated at lower of amortized cost or fair
value. Under GAAP, preferred stocks that are redeemable mandatorily or at the option of the
holder are generally stated at their fair value with changes in fair value recognized in other
comprehensive income in equity.
d. Limited partnerships are stated at the underlying audited GAAP equity value with the change in
valuation reflected in unassigned surplus on an NAIC SAP basis. Income distributions from the
limited partnerships are reported as net investment income and included in net investment income
and amortization of interest maintenance reserve (“IMR”) on the statutory statements of
operations on an NAIC SAP basis. Under GAAP, the change in valuation as well as the income
distributions are reflected in either net investment income or as a realized capital gain or loss
depending on the underlying investments.
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e. Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and
reported in a manner that is consistent with the hedged asset or liability. The change in fair value of
derivative instruments that do not meet the criteria of an effective hedge are recorded as a change
in net unrealized capital gains (losses), a component of unassigned surplus. Under GAAP, all
derivatives are reported on the balance sheet at fair value. Changes in fair value of derivatives
qualifying for hedge accounting are recorded through either income or equity, depending on the
nature of the hedge, which changes in fair value of derivatives not qualifying for hedge accounting
are recorded through income.
f. Acquisition costs, such as commissions and other costs directly related to acquiring new business,
are charged to operations as incurred, while under GAAP, to the extent associated with successful
sales and recoverable from future policy revenues, are deferred and amortized to income as
premiums are earned or in relation to estimated gross profits.
g. NAIC SAP requires an amount to be recorded for deferred taxes as a component of surplus;
however, there are limitations as to the amount of deferred tax assets (“DTA”) that may be
reported as admitted assets that are not applicable under GAAP. Federal income tax provision is
required on a current basis for the statutory statements of operations, the same as for GAAP.
h. NAIC SAP policy reserves for health insurance contracts are calculated using prescribed mortality
and interest assumptions, and the morbidity and lapse assumptions are Company estimates within
statutory limitations. The effect on reserves, if any, due to a change in valuation basis, is recorded
directly to unassigned surplus rather than included in the determination of net income (loss) from
operations. GAAP policy reserves are based on the Company’s estimates of morbidity, mortality,
lapse, and interest assumptions.
i. The asset valuation reserve (“AVR”) and IMR are established only on the statutory financial
statements.
j. Assets are reported under NAIC SAP at admitted asset value and nonadmitted͏ assets are excluded
through a charge to surplus, while under GAAP, nonadmitted͏ assets are reinstated to the balance
sheet, net of any valuation allowance.
k. Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves under
NAIC SAP, while under GAAP, they are reported as an asset.
l. Comprehensive income and its components are not presented on the statutory financial
statements.
m. Subsidiaries included as common stocks are stated under the equity method, with the equity in the
operating results of subsidiaries credited or charged directly to the Company’s surplus for NAIC
SAP. Dividends received from subsidiaries are recorded in net investment income and included in
net investment income and amortization of IMR on the statutory statements of operations. GAAP
requires either consolidation or equity method reporting with operating results of subsidiaries
reflected on the statutory statements of operations.
n. For loss contingencies, when no amount within management’s estimate of the range is a better
estimate than any other amount, the midpoint of the range is accrued. Under GAAP, the minimum
amount in the range is accrued.
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o. Gains on economic transactions with related parties, defined as arm’s-length transactions, resulting
in the transfer of the risks and rewards of ownership, are transferred at fair value and the gain is
deferred until the assets are sold to third party under NAIC SAP. While under GAAP, the transaction
and any related gain is eliminated in consolidation.
p. Surplus notes are reported as surplus for NAIC SAP while under GAAP, they are reported as long-
term debt.
Reclassifications—Certain amounts in the prior period statutory financial statements have been
reclassified to conform to the presentation of the current period statutory financial statements. These
reclassifications had no effect on the previously reported financial results.
Use of Estimates—The preparation of statutory financial statements in accordance with NAIC SAP
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the date of the statutory financial
statements, and reported amounts of revenue and expenses during the reporting period. Actual results
could differ from those estimates. The most significant estimates and assumptions include those used
in determining investment valuation in the absence of quoted market values, impairments, reserves for
policies and contracts, policy and contract claim reserves, the liability for pension and other
postretirement defined-benefit plans, income tax expense, and deferred taxes.
The process of determining fair value and recoverability of an asset relies on projections of future cash
flows, operating results, and market conditions. Projections are inherently uncertain, and accordingly,
actual future cash flows may differ materially from projected cash flows. As a result, the Company’s
asset valuations are susceptible to the risk inherent in making such projections.
Due to the nature of health insurance contracts and the risks involved, reserves for policies and
contracts are estimates. These reserves are calculated using Company estimated morbidity
assumptions and prescribed mortality, and interest rate assumptions. Lapse assumptions are permitted
in certain situations subject to limitations for certain products. Actual morbidity, mortality, interest
rates, and lapse rates may differ from valuation assumptions.
Policy and contract claim reserves are estimated based upon the industry and/or company experience
and other actuarial assumptions that consider the effects of current developments, anticipated trends,
and risk management programs. Revisions of these estimates are reflected in operations in the year
they are made.
Investments—Investments are reported according to valuation procedures prescribed by the NAIC.
Bonds are stated at amortized cost using the effective yield method, except for certain bonds with an
NAIC designation of 6, which are stated at lower of amortized cost or fair value. SVO Identified Funds-
ETFs, captured within the scope of SSAP No. 26R, are stated at fair value and classified as bonds.
Premiums and discounts on loan-backed bonds and structured securities are amortized using the
prospective or retrospective method based on anticipated prepayments from the date of purchase.
Prepayment assumptions for loan-backed securities are based on information obtained from brokers or
internal estimates based on original term sheets, offer memoranda, historical performance, or other
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forecasts. Changes in estimated cash flows due to changes in estimated prepayments are accounted for
using the prospective method for impaired securities and securities valued based on an index, and the
retrospective method for all other securities.
Redeemable preferred stocks are stated at amortized cost and perpetual preferred stock are stated at
fair value; except for redeemable preferred stocks that are NAIC rated 4 through 6, which are stated at
lower of amortized cost or fair value.
Common stocks of unaffiliated companies are generally stated at fair value, common stocks of affiliated
insurance companies are stated at their audited statutory equity value. Medicare Advantage Company
is stated at its respective statutory surplus and is 100% non-admitted as of December 31, 2022.
Common stocks of affiliated non-insurance companies are stated at their GAAP equity value. The
Federal Home Loan Bank ("FHLB") capital stocks are stated at cost. Changes in the carrying values are
recorded as a change in net unrealized capital gain (loss), a component of unassigned surplus.
Dividends are reported in net investment income and amortization of IMR on the statutory statements
of operations.
Mortgage loans held for investment are stated at the aggregate unpaid principal balance adjusted for
unamortized premium or discount, except impaired loans. Impaired loans are stated at the lower of the
amortized cost or the fair value of the loan determined by the present value of expected future cash
flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair
value of the collateral less costs to sell if collateral dependent. Interest income is accrued on the unpaid
principal balance based on the loan’s contractual interest rate. The Company records a reserve for
losses on mortgage loans as part of the AVR.
The Company calculates specific reserves on loans individually identified as impaired. Loans evaluated
individually are considered impaired when, based on current information and events, it is probable that
the Company will be unable to collect principal or interest amounts according to the contractual terms
of the loan agreement.
Interest income earned on impaired loans is accrued on the principal amount of the loan based on the
loan’s contractual interest rate until the loans are on non-accrual status. Cash payments on loans
where the accrual of interest has ceased are applied directly to the unpaid principal balance until such
time as management determines that it is probable all principal amounts will be recovered.
Loans are reviewed on an individual basis to identify charge-offs. Charge-offs, net of recoveries, are
deducted from the allowance. Mortgage loans are considered past due if the required principal and
interest payments have not been received when contractually due. All mortgage loans are in non-
accrual status when payments are determined to be uncollectible. Mortgage loans are returned to
accrual status when all the principal and interest amounts contractually due have been brought current
and future payments are reasonably assured.
A mortgage loan is considered a troubled debt restructuring ("TDR") if the borrower is experiencing
financial difficulties and the Company has granted a concession it would not otherwise consider. A TDR
typically involves a modification of terms such as a change of the interest rate to a below market rate, a
forgiveness of principal or interest, an extended repayment period (maturity date) at a contractual
interest rate lower than the current interest rate for new debt with similar risk, or capitalization and
deferral of interest payments.
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Real estate, excluding real estate held for sale, is stated at cost, less accumulated depreciation. Real
estate held for the production of income, reported as investment real estate on the statutory
statements of admitted assets, liabilities, and surplus, is comprised of real estate owned by the
Company that is primarily leased to non-affiliated third parties. Depreciation is provided on the
straight-line method over the estimated useful lives, generally forty years, of the related assets. Real
estate held for sale is stated at the lower of depreciated cost or fair value less encumbrances and
estimated costs to sell. Real estate held for sale consists of certain current home office properties that
the Company plans on disposing of during 2023 as part of the new home office construction project.
The Company is constructing a new home office building in downtown Omaha with construction
expected to be completed in 2026. As part of this, the Company has entered into a redevelopment
agreement with the City of Omaha as well as various construction and design related contracts. The
Company expects to redevelop its existing home office location once the new home office is occupied.
The Company did not have any impairment loss for investments in real estate during the period.
Cash equivalents are highly liquid debt securities whose remaining maturities at the time of acquisition
is three months or less. Cash equivalents, including money market mutual funds, are stated at cost,
which approximates fair value.
Short-term investments include related party notes, if applicable, and investments whose remaining
maturities at the time of purchase are three months to one year and are stated at cost, which
approximates fair value.
The Company has securities lending agreements whereby unrelated parties, primarily large brokerage
firms, borrow securities from the Company. The Company requires a minimum of 102% of the fair value
of the domestic securities, loaned at the outset of the contract as collateral. The Company continues to
retain control over and receive interest on loaned securities, and accordingly, the loaned securities
continue to be reported as bonds. The securities loaned are on open terms and can be returned to the
Company on the next business day requiring a return of the collateral. Collateral received is invested in
cash equivalents and securities, and the Company records a corresponding liability for the collateral
which is included in payable for securities lending on the statutory statements of admitted assets,
liabilities, and surplus. The Company cannot access the collateral unless the borrower fails to deliver
loaned securities. To further minimize the credit risks related to this securities lending program, the
Company regularly monitors the financial condition of counterparties to these agreements and also
receives an indemnification from the financial intermediary who structures the transactions.
The Company has repurchase agreements whereby unrelated parties, primarily major brokerage firms,
borrow securities from the Company. The Company requires a minimum of 95% of the fair value of the
securities loaned at the outset of the contract as collateral. The Company continues to retain control
over and receive interest on loaned securities, and accordingly, the repurchase agreement securities
continue to be reported as bonds. Cash collateral received is invested in cash equivalents and
securities, and the Company records a corresponding liability for the collateral which is included in
payable for securities lending on the statutory statements of admitted assets, liabilities, and surplus.
Other invested assets include the Company's investments in derivatives, receivables for securities,
affiliated and unaffiliated joint ventures, affiliated and unaffiliated LIHTC, and surplus notes.
Affiliated joint ventures are stated at their underlying GAAP equity, which approximates fair value, with
a one-quarter lag adjusted for all capital distributions, cash distributions, and impairment charges for
the quarter with charges recorded in net unrealized capital gains (losses), a component of unassigned
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surplus. Fair values of the affiliated joint ventures are determined using the underlying audited GAAP
financial statements or audited trust statement value. Distributions of income from these affiliated
joint ventures are recorded in net investment income and included in net investment income and
amortization of IMR on the statutory statements of operations. The investment in Turner Park is stated
at fair value and is 100% non-admitted as of December 31, 2022 and 2021.
As of December 31, 2022 and 2021, the Company's total investment in affiliated and unaffiliated
federal and unaffiliated state LIHTCs, stated at proportional amortized cost, was $36,875,887 and
$45,037,806, respectively. The number of remaining years of unexpired tax credits and the required
holding period for the LIHTC investments as of December 31, 2022 are 9 and 14 years, respectively. The
amount of LIHTC and other tax benefits recognized during 2022 and 2021 was $10,357,370 and
$10,067,644, respectively.
Investments in surplus notes are stated at amortized cost. As of December 31, 2022 and 2021, the
Company’s investment in surplus notes was $45,049,893 and $27,791,178, respectively.
The Company uses derivative financial instruments to reduce exposure to market volatility associated
with assets held or liabilities incurred and to change the characteristics of the Company’s asset/liability
mix, consistent with the Company’s risk management activities. Derivatives generally include swaps-
foreign exchange and purchase options-other call options and warrants. When derivative financial
instruments meet specific criteria they may be designated as accounting hedges and accounted for on
an amortized cost basis, in a manner consistent with the item hedged. Derivative financial instruments
that are not designated as accounting hedges are accounted for on a fair value basis with changes
recorded as a change in net unrealized capital gains (losses), a component of unassigned surplus, and
nonadmitted. Interest on swaps-foreign exchange and purchase options-other call options and
warrants is included in net investment income and amortization of IMR on the statutory statements of
operations.
The Company uses swaps-foreign exchange to hedge the foreign currency risk on debt issues that are
payable in a currency other than U.S. dollars. Swaps-foreign exchange transactions generally involve
the exchange of funds received in the course of principal and interest collections on securities
denominated in a foreign currency to U.S. dollars at a predetermined rate. The Company designates
certain of its swaps-foreign exchange as cash flow hedges when they are highly effective in offsetting
the exposure of variations in cash flows for the hedged item. Gains and losses resulting from early
termination of swaps-foreign exchange transactions that use hedge accounting are deferred and
amortized over the remaining period originally covered by the swap. Gains and losses resulting from
changes in fair value on swaps-foreign exchange that do not use hedge accounting are reported as
unrealized gains (losses), a component of unassigned surplus.
All derivatives' market values change along with the underlying assets and currencies. As the market
value of swaps may be less than zero, the Company may be required to post collateral, often in the
form of cash against swaps with negative values.
For swaps-foreign exchange, the Company is exposed to credit-related losses in the amount of the net
currency differential in the event of nonperformance by the swap counterparty. Counterparty risk is
continually monitored along with criteria related to collateral requirements that are specified in the
credit support annex of the International Swaps and Derivatives Association ("ISDA"). Due to the
investment grade rating of the counterparty, credit-related losses are considered to be very unlikely.
Counterparty credit risk is further reduced by daily collateral postings.
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Net investment income consists primarily of interest and dividends and is included in net investment
income and amortization of IMR on the statutory statements of operations. Interest is recognized on an
accrual basis and dividends are recorded as earned at the ex-dividend rate. Interest income on
mortgage-backed securities ("MBS") and asset-backed securities ("ABS") is determined on the effective
yield method based on estimated principal repayments. Accrual of income is suspended when
securities are in default or when the receipt of interest payments is in doubt. Realized capital gains
(losses) on the sale of investments are determined on the specific identification basis.
Investment income due or accrued for which it is probable the balance is uncollectible is written off and
charged to net investment income and amortization of IMR on the statutory statements of operations.
Investment income due or accrued deemed collectible on mortgage loans in default that is more than
180 days past due is nonadmitted. All other investment income due or accrued deemed collectible that
is more than 90 days past due is nonadmitted. The Company accrues interest income on an impaired
security to the extent it is deemed collectible and the security continues to perform under its restricted
contractual terms. Interest income on a non-performing security is generally recognized on a cash
basis.
Company-Owned Life Insurance—Company-owned life insurance (“COLI”) represents individual life
insurance policies on the lives of certain officers and other key employees who have provided positive
consent allowing the Company to be the beneficiary of such contracts. Certain contracts are stated at
cash surrender value while others are stated at contract value as determined by third-party carriers.
The cash surrender values of the policies were $614,977,207 and $712,943,758 as of December 31,
2022 and 2021, respectively. The Company paid no premiums in 2022 and 2021. The underlying
investment characteristics at December 31, 2022 were 4% cash and short-term investments, 35%
common stocks, and 61% bonds. The underlying investment characteristics at December 31, 2021 were
47% common stocks and 53% bonds. A loss of $95,758,468 and a gain of $87,322,429 in the surrender
value of the policies was included in operating expenses and other income, respectively, on the
statutory statements of operations for the years ended December 31, 2022 and 2021, respectively. The
COLI policies are in compliance with Internal Revenue Code Section 7702.
Electronic Data Processing Equipment and Software—Electronic data processing (“EDP”) equipment
and operating and non-operating-system software are stated at cost less accumulated depreciation or
amortization and are included in other assets on the statutory statements of admitted assets, liabilities,
and surplus. Depreciation expense is computed using the straight-line method over the lesser of the
estimated useful life of the related asset or three years for EDP equipment and operating-system
software. Depreciation expense for non-operating-system software is computed using the straight-line
method over the lesser of its estimated useful life or five years. Costs incurred for the development of
internal-use software are capitalized and amortized using the straight-line method over the lesser of
the useful lives of the assets or five years.
Policy Reserves—Reserves for policies and contracts include health insurance contract reserves,
unearned premium reserves, and premium deficiency reserve calculations.
Health insurance contract reserves provide amounts estimated to adequately discharge estimated
future obligations in excess of estimated future net premiums on policies in force. Such reserves are
based on statutory mortality and interest assumptions. Morbidity assumptions are either industry
experience or a blend of industry and Company experience. Voluntary lapse assumptions, when
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applicable, are based on Company experience with statutory limitations. Such reserves are calculated
on a net level premium method or on a one- or two-year preliminary term basis.
Unearned premium reserves reflect premiums paid or due to the Company prior to the statutory
financial statement date, for the contract period subsequent to the statutory financial statement date.
The Company anticipates investment income as a factor in premium deficiency reserve calculations. As
of December 31, 2022 and 2021, the Company had $10,519,113 and $11,021,244, respectively, of
premium deficiency reserves related to its individual and discretionary group major medical lines of
business.
Claim Reserves—Policy and contract claim reserves include disabled life reserves that reflect amounts
that are either not yet due or yet to arise on claims incurred with a continuing loss. Such reserves are
based on statutory interest and claim termination rates based on either industry or a blend of the
Company and industry experience in compliance with statutory requirements. Revisions of these
estimates are reflected in operations in the year they are made. Claim adjustment expenses are
accrued and included in general expenses and taxes due or accrued on the statutory statements of
admitted assets, liabilities, and surplus.
Unpaid claim liabilities include the amounts estimated for claims that have been reported but not
settled and estimates for claims incurred but not reported. Such reserves are estimated based upon the
Company’s and affiliates’ historical experience and other actuarial assumptions that consider the
effects of current developments, payment patterns, membership patterns, anticipated trends, claim
utilization, product changes, risk management programs, and other factors. The liabilities are
continually reviewed and adjustments and changes are reflected in the year they are made.
Reinsurance—In the normal course of business, the Company assumes and cedes insurance business
from its affiliates and unrelated third parties in order to limit its maximum loss, provide greater
diversification of risk, minimize exposures on larger risks, expand certain business lines, and manage
capital. The ceding of insurance business does not discharge an insurer from its primary legal liability to
a policyholder. The Company remains liable to the extent that a reinsurer is unable to meet its
obligations. Amounts recoverable from reinsurers are reviewed for collectability and length of time
overdue on a quarterly basis. Amounts deemed uncollectible are written off through a charge to the
statutory statements of operations when the uncollectibility of amounts recoverable from reinsurers is
confirmed. Balances are included on the statutory statements of admitted assets, liabilities, and surplus
and the statutory statements of operations, net of reinsurance, except for commissions and expense
allowances on reinsurance ceded which are shown as income.
Amounts recoverable from reinsurers are based upon assumptions consistent with those used in
establishing the liabilities related to the underlying reinsured contracts. Management believes the
amounts recoverable are appropriately established.
Premiums due under reinsurance agreements are reported as negative uncollected premiums in
premiums uncollected on the statutory statements of admitted assets, liabilities, and surplus.
Experience refunds related to reinsurance are reported as reinsurance recoverables in other assets on
the statutory statements of admitted assets, liabilities, and surplus.
Federal Income Taxes—The provision for income taxes includes amounts paid and accrued. The
Company is subject to income tax in the U.S. and several state jurisdictions. Significant judgments and
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estimates are required in the determination of the Company’s income tax expense, DTAs, and deferred
tax liabilities ("DTL").
Deferred taxes are recognized to the extent there are differences between the statutory and tax basis
of assets and liabilities by using enacted tax rates in effect for the year in which the differences are
expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in surplus in the
period that includes the enactment date. Deferred taxes are also recognized for carryforward items
including net operating loss, capital loss, and charitable contributions. NAIC SAP requires that
temporary differences and carryforward items be identified and measured. Deductible temporary
differences and carryforward amounts that generate tax benefits when they reverse or are utilized are
tax affected in determining the DTA. Taxable temporary differences include items that will generate tax
expense when they reverse and are tax affected in determining the DTL.
In the determination of the amount of the DTA that can be recognized and admitted, the NAIC SAP
requires that DTAs be limited to an amount that is expected to be realized in the future based on an
analysis of the Company’s temporary differences, past financial history, and future earnings
projections. The net admitted DTA shall not exceed the excess of the adjusted gross DTA over the gross
DTL. The adjusted gross DTA shall be admitted based upon three separately determined components:
i) an amount of taxes paid in prior years which may be recovered through loss carrybacks of existing
temporary differences that are expected to reverse within three years from the reporting date; ii) an
amount that is limited to the lesser of future deductible temporary differences and carryforward
amounts that are expected to be realized within three years from the reporting date, or 15% of
adjusted capital and surplus; and iii) an amount where the adjusted gross DTA equals the DTL.
The Company records uncertain tax positions in accordance with NAIC SAP for those instances where it
determines that a tax loss contingency meets a more-likely-than-not threshold based on the technical
merits. If the estimated loss contingency is greater than 50% of the tax benefit originally recognized,
the entire benefit originally recognized is reported as the tax loss contingency. The Company recognizes
interest accrued related to uncertain tax positions and penalties as federal income tax expense. The
liability for uncertain tax positions and the associated interest liability, if any, are included in general
expenses and taxes due or accrued on the statutory statements of admitted assets, liabilities, and
surplus.
Asset Valuation Reserve and Interest Maintenance Reserve—The Company establishes certain
reserves under NAIC guidelines. The AVR is determined by formula and is based on the Company’s
investments in bonds, preferred stocks, common stocks-affiliated, common stocks-unaffiliated,
mortgage loans, real estate occupied by the Company, real estate held for sale by the Company, short-
term investments, and other invested assets. This valuation reserve requires appropriation of surplus to
provide for possible losses on these investments. Realized and unrealized capital gains (losses), other
than those resulting from interest rate changes, are credited or charged to the AVR. The IMR, included
in other liabilities on the statutory statements of admitted assets, liabilities, and surplus, is used to
defer realized capital gains (losses), net of tax, on sales of bonds and certain other investments that
result from interest rate changes. These gains (losses) are then amortized into net investment income,
included in net investment income and amortization of IMR on the statutory statements of operations,
over what would have been the remaining years to maturity of the underlying investments. Losses in
excess of gains are recorded as an asset and nonadmitted.
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Net Health and Accident Premiums and Related Commissions—Net health and accident premiums are
recognized as income over the terms of the policies. Commissions and other expenses related to the
acquisition of policies are charged to operations as incurred.
Nonadmitted Assets—Certain assets designated as nonadmitted assets, principally net deferred tax
assets, EDP equipment and software, prepaid expenses, and suspense items, are excluded from the
statutory statements of admitted assets, liabilities, and surplus. The net change in such assets is
charged or credited directly to unassigned surplus.
Vulnerability Due to Certain Risks and Concentrations—The following is a description of the most
significant risks facing health insurers and how the Company manages those risks:
Morbidity/mortality risk is the risk that experience is unfavorable compared to Company assumptions
due to misestimation in setting assumption, catastrophic risk (e.g. pandemic), volatility, and changes in
trend. The Company mitigates these risks through reinsurance programs, adherence to strict
underwriting guidelines, monitoring underwriting exceptions, and a formal assumption review and
approval process.
Legal/regulatory risk is the risk that changes in the legal or regulatory environment in which an insurer
operates will occur and create additional costs or expenses not anticipated by the insurer in pricing its
products. The Company monitors economic and regulatory developments that have the potential to
impact its business.
Credit risk is the risk that issuers of securities owned by the Company will default, or that other parties,
including reinsurers who owe the Company money, will not pay. The Company has policies regarding
the financial stability and credit standing of its counterparties. The Company attempts to limit its credit
risk by dealing with creditworthy counterparties and obtaining collateral where appropriate.
Liquidity risk is the risk that a given security or asset cannot be traded quickly enough in the market to
prevent a loss, generate cash to meet funding requirements, or make a required profit. The Company
has established an appropriate liquidity risk management framework to evaluate current and future
funding and liquidity requirements. Future liquidity requirements are projected on a regular basis as
part of the financial planning process.
Premiums Received in Advance—Premiums received in advance are those premiums that have been
received by the Company prior to year-end but which were due after year-end. The total amount of
advanced premiums is reported as a liability on the statutory financial statements and is not considered
premium income until due.
Fair Value—Financial assets and liabilities have been categorized into a three-level fair value hierarchy,
based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives
the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the
lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value
hierarchy is based on the lowest level of significant input to valuation. The input levels are as follows:
Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the
Company for identical assets or liabilities. These generally provide the most reliable evidence and are
used to measure fair value whenever available.
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Level 2—Fair value is based on significant inputs that are observable for the asset or liability, either
directly or indirectly, through corroboration with observable market data. Level 2 inputs include quoted
market prices in active markets for similar assets and liabilities, quoted market prices in markets that
are not active for identical or similar assets or liabilities, and other market observable inputs.
Valuations are generally obtained from third party pricing services for identical or comparable assets or
liabilities and validated or determined through use of valuation methodologies using observable market
inputs.
Level 3—Fair value is based on significant unobservable inputs for the asset or liability. These inputs
reflect assumptions about what market participants would use in pricing the asset or liability. Prices are
determined using valuation methodologies such as option pricing models, discounted cash flow
models, and other similar techniques. Fair value for certain investment in qualifying investment funds is
approximated by using the fund's net asset value ("NAV") per share.
Other-Than-Temporary Declines in Fair Value—The Company regularly reviews its investment portfolio
for factors that may indicate that a decline in fair value of an investment is other-than-temporary.
Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary
include the Company’s ability and intent to retain the investment for a period of time sufficient to allow
for a recovery in value, the Company’s intent to sell the investment at the reporting date, and the
financial condition and prospects of the issuer.
The Company recognizes OTTI of bonds not backed by loans when it is either probable that the
Company will not collect all amounts due according to the contractual terms of the bond in effect at
the date of acquisition or when the Company has made a decision to sell the bond prior to its maturity
at an amount below its amortized cost. When an OTTI is recognized, the bond is written down to fair
value and the amount of the write down is recorded as a realized capital loss on the statutory
statements of operations.
For loan-backed securities, OTTI is recognized when fair value is less than the amortized cost basis and
the Company has the intent to sell or lacks the intent and ability to retain the investment until
recovery. When an OTTI is recognized because the Company has the intent to sell or lacks the intent
and ability to retain the investment until recovery, the amortized cost basis of the loan-backed security
is written down to fair value and the amount of the write-down is recorded as a realized capital loss on
the statutory statements of operations.
If the Company does not have the intent to sell and has the intent and ability to retain the investment
until recovery, OTTI is recognized when the present value of future cash flows discounted at the
security’s effective interest rate is less than the amortized cost basis as of the statutory statements of
admitted assets, liabilities, and surplus date. When an OTTI is recognized, the loan-backed security is
written down to the discounted estimated future cash flows and is recorded as a realized capital loss on
the statutory statements of operations.
The Company recognizes OTTI of stocks for declines in value that are other-than-temporary and reports
those adjustments as a realized capital gain (loss) on the statutory statements of operations.
The Company recognizes OTTI of limited partnerships generally when the underlying GAAP equity of
the partnership is less than 80% of amortized cost or the limited partnership reports realized capital
losses on the statutory financial statements or the limited partnership shows other indicators of loss.
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When an OTTI is recognized, the limited partnership is written down to fair value and the amount of
the impairment is recorded as a realized capital gain (loss) on the statutory statements of operations.
The Company performs a monthly analysis of the prices received from third parties to assess if the
prices represent a reasonable estimate of fair value. This process involves quantitative and qualitative
analysis and is overseen by investment and accounting professionals.
Correction of Errors—During 2022, the Company discovered an error in a benefit period calculation
within the disability income product and in the calculation of active life reserves within the long-term
care product, resulting in a $1,200,000 overstatement and $7,258,187 understatement, respectively of
the prior year reserves for policies and contracts on the statutory statement of admitted assets,
liabilities, and surplus and increase in net change in reserves on the statutory statements of operations
and a net $6,058,187 overstatement of unassigned surplus on the statutory statements of admitted
assets, liabilities, and surplus as of December 31, 2021. In accordance with SSAP No. 3 Accounting
Changes and Corrections of Errors, the impact of these errors were recorded as an adjustment to
unassigned surplus on the statutory statements of admitted assets, liabilities, and surplus in 2022. The
Company did not have any prior year adjustments recorded to surplus as of 2021.
Accounting Pronouncements—During 2022, the NAIC issued revisions to SSAP No. 86 Derivatives with
issue 2021-20 that modifies the determination of hedge effectiveness, the guidance for qualifying
hedging relationships, and the presentation of hedge results. The guidance is effective in January 1,
2023, with early adoption permitted, and the effects of its adoption will be reflected as of the date of
initial application and is not expected to have material impact.
In September of 2022, the NAIC issued interpretation 2022-02 that permits entities not to assess
valuation allowances and deferred tax asset impacts related to the new corporate alternative minimum
tax in the Inflation Reduction Act, which was signed into law in August of 2022, for the third quarter of
2022 through the first quarter of 2023. The Company has determined that it will not be subject to the
new corporate alternative tax for 2023.
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2. INVESTMENTS
Bonds—The carrying value and fair value of investments in bonds, including loan-backed securities, by
type, as of December 31, were as follows:
Gross Gross
Unrealized Unrealized
Carrying Capital Capital Fair
2022 Value Gains Losses Value
All other governments $ 27,614,795 $ 131,424 $ 5,084,279 $ 22,661,940
Hybrid securities 149,652,837 135,519 15,437,354 134,351,002
Industrial and miscellaneous 4,067,696,988 35,463,449 558,278,522 3,544,881,915
Political subdivision 32,634,260 305,970 4,478,555 28,461,675
Special revenue/assessment obligations 349,750,635 2,275,413 63,065,904 288,960,144
States, territories, and possessions 3,282,907 176,426 — 3,459,333
SVO identified funds—ETFs 2,154,388 — — 2,154,388
U.S. government 297,638,733 1,001,317 43,825,863 254,814,187
Total $ 4,930,425,543 $ 39,489,518 $ 690,170,477 $ 4,279,744,584
Gross Gross
Unrealized Unrealized
Carrying Capital Capital Fair
2021 Value Gains Losses Value
All other governments $ 25,615,043 $ 422,718 $ 372,362 $ 25,665,399
Hybrid securities 161,376,107 8,364,076 375,826 169,364,357
Industrial and miscellaneous 3,937,297,063 512,158,543 15,516,898 4,433,938,708
Political subdivision 16,036,089 951,660 336,091 16,651,658
Special revenue/assessment obligations 265,797,696 18,408,053 1,917,058 282,288,691
States, territories, and possessions 2,134,605 661,720 13,688 2,782,637
SVO identified funds—ETFs 2,366,003 — — 2,366,003
U.S. government 313,822,280 25,933,559 234,040 339,521,799
Total $ 4,724,444,886 4,724,444,886	$ 566,900,329 $ 18,765,963 $ 5,272,579,252
Bonds with an NAIC designation of 6 with carrying values of $1,368,767 and $1,920,300 as of
December 31, 2022 and 2021, respectively, were stated at the lower of amortized cost or fair value.
The Company’s bond portfolio was primarily comprised of investment grade securities. Based upon
designations by the NAIC, investment grade bonds comprised 97% of the carrying value of the
Company’s total bond portfolio as of December 31, 2022 and 2021.
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The carrying value and fair value of investment in bonds as of December 31, 2022, by contractual
maturity, are shown below. Actual maturities may differ as a result of prepayments by the issuer. MBS
and other ABS, which provide for periodic payments throughout their lives, are listed separately.
Carrying Fair
Value Value
Due in one year or less $ 49,513,976 $ 49,099,237
Due after one year through five years 378,253,556 359,239,552
Due after five years through ten years 585,839,679 533,328,913
Due after ten years 3,175,167,733 2,653,326,487
4,188,774,944 3,594,994,189
MBS and other ABS 741,650,599 684,750,395
Total $ 4,930,425,543 $ 4,279,744,584
Aging of unrealized capital losses on the Company’s investments in bonds as of December 31, was as
follows:
Less than One Year One Year or More Total
Gross Gross Gross
Unrealized Unrealized Unrealized
Fair Capital Fair Capital Fair Capital
2022 Value Loss Value Loss Value Loss
Industries and miscellaneous $ 2,584,610,337 $ 431,762,326 $ 355,971,546 $ 126,516,196 $ 2,940,581,883 $ 558,278,522
Special revenue/assessment obligations 195,061,498 46,691,232 37,842,396 16,374,672 232,903,894 63,065,904
Political subdivision 13,085,032 2,406,554 2,277,713 2,072,001 15,362,745 4,478,555
U.S. government 208,782,105 40,829,453 7,702,710 2,996,410 216,484,815 43,825,863
All other governments 14,193,088 3,748,751 5,877,002 1,335,528 20,070,090 5,084,279
Hybrid securities 118,417,417 13,333,171 12,291,448 2,104,183 130,708,865 15,437,354
Total $ 3,134,149,477 $ 538,771,487 $ 421,962,815 $ 151,398,990 $ 3,556,112,292 $ 690,170,477
Less than One Year One Year or More Total
Gross Gross Gross
Unrealized Unrealized Unrealized
Fair Capital Fair Capital Fair Capital
2021 Value Loss Value Loss Value Loss
Industries and miscellaneous $ 547,123,214 $ 12,098,899 $ 65,772,304 $ 3,417,999 $ 612,895,518 $ 15,516,898
Special revenue/assessment obligations 57,870,249 1,917,058 — — 57,870,249 1,917,058
Political subdivision 3,881,063 336,091 — — 3,881,063 336,091
U.S. government 9,977,691 223,684 263,649 10,356 10,241,340 234,040
All other governments 8,775,681 372,362 — — 8,775,681 372,362
States, territories, and possessions 339,138 13,688 — — 339,138 13,688
Hybrid securities 35,684,063 265,069 3,079,697 110,757 38,763,760 375,826
Total $ 663,651,099 $ 15,226,851 $ 69,115,650 $ 3,539,112 $ 732,766,749 $ 18,765,963
As described in Note 1, the Company regularly reviews its investment portfolio for factors that may
indicate that a decline in fair value of an investment is other-than-temporary. As of December 31, 2022,
322 securities were in an unrealized capital loss position one year or more with an average credit rating
of Baa1 and were 92% investment grade. As of December 31, 2022, 1,039 securities were in an
unrealized capital loss position less than one year with an average credit rating of A3 and were 98%
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investment grade. Therefore, the Company does not believe the unrealized losses on investments
represent an other-than-temporary impairment as of December 31, 2022.
Net realized capital losses for the years ended December 31, 2022 and 2021 include losses of
$4,207,502 and $1,716,128, respectively, resulting from other-than-temporary declines in fair value of
bonds or changes in expected cash flows, and are not included in the table above.
Proceeds and the gross realized capital gains (losses) from the sales or disposals of bonds and common
stocks-unaffiliated resulting in gross realized capital gains (losses) for the years ended December 31,
were as follows:
2022 2021
Proceeds from sales or disposals:
Bonds $ 426,393,965 $ 442,294,680
Common stocks—unaffiliated $ 92,276,838 $ 83,925,415
Net realized capital gain (loss):
Bonds:
Gross realized capital gain from sales or other disposals $ 9,535,024 $ 20,682,717
Gross realized capital loss from sales or other disposals (13,814,152) (3,217,911)
OTTI gain (loss) (4,207,502) (1,716,128)
Net realized capital gain (loss) of bonds $ (8,486,630) $ 15,748,678
Common stocks—unaffiliated:
Gross realized capital gain from sales or other $ 704,283 $ 1,630,927
Gross realized capital loss from sales or other (1,830,038) (10,182,077)
OTTI gain (loss) (344,130) —
Net realized capital gain (loss) of common stocks—unaffiliated $ (1,469,885) $ (8,551,150)
Bond income due and accrued of $488,026 and $545,733 related to bonds in default was excluded from
net investment income and amortization of IMR during the years ended December 31, 2022 and 2021,
respectively.
Common Stocks-Unaffiliated—There was $344,130 unrealized capital losses and net realized capital
losses resulting from other-than-temporary declines in fair value of common stocks-unaffiliated for the
year ended December 31, 2022. There was no unrealized capital losses and no net realized capital
losses resulting from other-than-temporary declines in fair value of common stocks-unaffiliated for the
year ended December 31, 2021. Included within common stocks-unaffiliated as of December 31, 2022
and 2021 is FHLB capital stocks of $1,795,300 and $11,583,300, respectively. As of December 31, 2022
and 2021, $500,000 were classified as membership-class A stock and not eligible for redemption. There
was activity FHLB capital stock of $1,295,000 and $10,899,800 which was classified as membership-
class B stock as of December 31, 2022 and 2021, respectively. There was no excess membership-class A
stock as of December 31, 2022 and 2021. There was excess membership-class B stock of $300 and
$183,500 as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there
were no other common stocks-unaffiliated with restrictions.
Mortgage Loans—The Company invests in mortgage loans collateralized principally by commercial real
estate throughout the United States ("U.S."). The Company's investments in mortgage loans are held
through a participation agreement with United of Omaha. During 2022, the minimum and maximum
lending rates for new commercial mortgage loans were 3.08% and 5.78%, respectively. During 2021,
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the minimum and maximum lending rates for commercial mortgage loans were 2.65% and 3.50%,
respectively. During 2022 and 2021, the maximum percentage of any one commercial loan to the value
of the collateral security at the time of the loan, exclusive of insured guaranteed or purchase money
mortgages was 71% and 96%, respectively.
The Company participates or is a co-lender in mortgage loan agreements with other lenders for
commercial mortgage loans. These amounts were $58,461,050 and $77,054,848 as of December 31,
2022 and 2021, respectively. The Company was not subject to a participant or co-lender mortgage loan
agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan as of
December 31, 2022 or 2021.
The Company’s mortgage loan portfolio includes 33 and 35 loan originators as of December 31, 2022
and 2021, respectively. Mortgage loan participation purchased from one loan originator comprise of
approximately 10% and 11% of the portfolio book value as of December 31, 2022 and 2021,
respectively. The properties collateralizing mortgage loans are geographically dispersed throughout the
U.S., with the largest concentration in California of approximately 29% and 30% of the portfolio book
value as of December 31, 2022 and 2021, respectively.
Credit Quality Indicators—For purposes of monitoring the credit quality and risk characteristics, the
Company considers the current debt service coverage, loan to value ratios, leasing status, average
rollover, loan performance, guarantees, and current rents in relation to current markets. The debt
service coverage ratio compares a property’s cash flow to amounts needed to service the principal and
interest due under the loan. The credit quality indicators are updated annually or more frequently if
conditions warrant based on the Company’s credit monitoring process. The Company monitors the
credit quality for the insurance segment’s residential loans by reviewing payment activity monthly.
The recorded investment (defined as the aggregate unpaid principal balance adjusted for unamortized
premium or discount) in commercial mortgage loans, by credit quality profile, as of December 31, was
as follows:
Debt Service Coverage Ratios
2022 >1.20x 1.00x-1.20x <1.00x Total
Loan—to—value ratios:
Less than 65% $ 394,473,172 $ 11,330,420 $ 1,497,681 $ 407,301,273
65% to 75% 30,343,358 — — 30,343,358
Greater than 75% — — — —
Total $ 424,816,530 $ 11,330,420 $ 1,497,681 $ 437,644,631
Debt Service Coverage Ratios
2021 >1.20x 1.00x-1.20x <1.00x Total
Loan—to—value ratios:
Less than 65% $ 402,025,827 $ 8,955,511 $ 5,817,103 $ 416,798,441
65% to 75% 29,796,066 — — 29,796,066
Greater than 75% 1,000,000 — — 1,000,000
Total $ 432,821,893 $ 8,955,511 $ 5,817,103 $ 447,594,507
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Restricted Assets—Information related to the Company’s investment in restricted assets as of
December 31, was as follows:
Percentage
Admitted
Total Gross Restricted
Gross Admitted Restricted to Total
Restricted Restricted to Total Admitted
2022 Assets Assets Assets Assets
Collateral held under security lending agreements $ 281,644,682 $ 281,644,682 2.69 % 2.77 %
FHLB capital stocks 1,795,300 1,795,300 0.02 0.02
On deposit with states 3,598,150 3,598,150 0.03 0.04
Pledged collateral to FHLB (including assets
backing funding agreements) 706,970,464 706,970,464 6.75 6.95
Other 5,000 5,000 — —
5,000 5,000 — % — %	Total $ 994,013,596 $ 994,013,596 9.49 % 9.77 %
Percentage
Admitted
Total Gross Restricted
Gross Admitted Restricted to Total
Restricted Restricted to Total Admitted
2021 Assets Assets Assets Assets
Collateral held under security lending agreements $ 309,800,564 $ 309,800,564 2.91 % 2.99 %
FHLB capital stocks 11,583,300 11,583,300 0.11 0.11
On deposit with states 3,551,668 3,551,668 0.03 0.03
Pledged collateral to FHLB (including assets
backing funding agreements) 626,797,402 626,797,402 5.89 6.06
Pledged as collateral not captured in other categories 60,000 60,000 — —
Total $ 951,792,934 $ 951,792,934 8.94 % 9.19 %
Net Investment Income and Amortization of IMR—The sources of net investment income (loss) and
amortization of IMR for the years ended December 31, were as follows:
2022 2021
Bonds $ 202,914,507 $ 205,986,498
Preferred stocks 252,671 268,557
Common stocks—unaffiliated 1,582,488 2,144,539
Common stocks—affiliated — 17,946,999
Mortgage loans 17,114,522 16,960,527
Real estate 11,784,580 11,341,770
Other invested assets 27,144,845 62,596,194
Other 1,934,562 1,781,933
Gross investment income 262,728,175 319,027,017
Amortization of IMR 2,018,511 2,301,698
Investment expenses (56,032,417) (53,624,362)
Net investment income and amortization of IMR $ 208,714,269 $ 267,704,353
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3. STRUCTURED SECURITIES
The carrying value and fair value of structured securities, by type, as of December 31, were as follows:
Gross Gross
Unrealized Unrealized
Carrying Capital Capital Fair
2022 Value Gain Loss Value
MBS:
Commercial $ 190,037,215 $ 2,715,598 $ 8,617,261 $ 184,135,551
Residential 281,819,386 2,041,514 33,086,853 250,774,047
471,856,601 4,757,112 41,704,114 434,909,598
Other ABS 269,793,998 519,832 20,473,033 249,840,797
Total $ 741,650,599 $ 5,276,944 $ 62,177,147 $ 684,750,395
Gross Gross
Unrealized Unrealized
Carrying Capital Capital Fair
2021 Value Gain Loss Value
MBS:
Commercial $ 214,810,816 $ 26,219,465 $ 154,137 $ 240,876,144
Residential 285,387,161 16,144,456 1,730,679 299,800,938
500,197,977 42,363,921 1,884,816 540,677,082
Other ABS 331,267,091 7,808,210 1,740,581 337,334,720
Total $ 831,465,068 $ 50,172,131 $ 3,625,397 $ 878,011,802
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Aging of unrealized capital losses on the Company’s structured securities as of December 31, was as
follows:
Less than One Year One Year or More Total
Gross Gross Gross
Unrealized Unrealized Unrealized
Fair Capital Fair Capital Fair Capital
2022 Value Loss Value Loss Value Loss
MBS:
Commercial $ 113,251,926 $ 8,016,372 $ 2,999,004 $ 600,889 $ 116,250,930 $ 8,617,261
Residential 168,645,405 21,097,298 36,071,214 11,989,555 204,716,619 33,086,853
281,897,331 29,113,670 39,070,218 12,590,444 320,967,549 41,704,114
Other ABS 158,861,787 12,817,102 73,686,387 7,655,931 232,548,174 20,473,033
Total $ 440,759,118 $ 41,930,772 $ 112,756,605 $ 20,246,375 $ 553,515,723 $ 62,177,147
Less than One Year One Year or More Total
Gross Gross Gross
Unrealized Unrealized Unrealized
Fair Capital Fair Capital Fair Capital
2021 Value Loss Value Loss Value Loss
MBS:
Commercial $ 8,556,015 $ 154,137 $ — $ — $ 8,556,015 $ 154,137
Residential 47,319,722 1,720,323 263,649 10,356 47,583,371 1,730,679
55,875,737 1,874,460 263,649 10,356 56,139,386 1,884,816
Other ABS 103,918,054 948,074 22,079,520 792,507 125,997,574 1,740,581
Total $ 159,793,791 $ 2,822,534 $ 22,343,169 $ 802,863 $ 182,136,960 $ 3,625,397
A portion of the Commercial and Residential MBS portfolios are backed by collateral guaranteed or
insured by a government agency. As of December 31, 2022 and 2021, 63% and 64%, respectively, of the
carrying value of Residential MBS portfolio was guaranteed by a government agency. As of
December 31, 2022 and 2021, 73% and 74%, respectively, of the carrying value of Commercial MBS
portfolio was guaranteed by a government agency.
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There was no OTTI on loan-backed and structured securities related to the intent to sell, inability or lack
of intent to hold for a period of time sufficient to recover the amortized cost basis, or based on the
present value of future cash flows expected to be less than amortized cost basis of the security during
2022. There was $1,653,718 OTTI as of December 31, 2021, on loan-backed and structured securities
related to the intent to sell, inability or lack of intent to hold for a period of time sufficient to recover
the amortized cost basis of the security. The Company’s OTTI on loan-backed and structured securities
based on the present value of future cash flows expected to be less than amortized cost basis of the
security was $62,410 as of December 31, 2021, as shown in the following table.
Amortized Cost
Basis Before Present Value Amortized Cost Fair Value Date of Financial
Current Period of Projected Recognized Basis After at the Date of Statement
OTTI Cash Flows OTTI OTTI Impairment Reported
CUSIP:
G4301UAH7 $ 8,615,936 $ 6,962,218 $ 1,653,718 $ 6,962,218 $ 6,962,218 4/1/2021
64828MBB2 3,914,731 3,852,321 62,410 3,852,321 3,814,314 12/31/2021
Total $ 12,530,667 $ 10,814,539 $ 1,716,128 $ 10,814,539 $ 10,776,532
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4. FAIR VALUE MEASUREMENTS
The categorization of fair value measurements determined on a recurring basis, by input level, as of
December 31, was as follows:
Quoted Prices in Active Significant Other Significant
Markets for Identical Observable Unobservable
Assets or Liabilities Inputs Inputs
2022 (Level 1) (Level 2) (Level 3) NAV Total
U.S. corporate $ — $ — $ 316,421 $ — $ 316,421
Common stocks—unaffiliated 35,266,605 1,795,300 — 44,573,786 81,635,691
Securities lending and repurchase
agreement cash collateral 281,644,682 — — — 281,644,682
Asset—backed securities — — 816,846 — 816,846
All other governments — — 235,500 — 235,500
Preferred stocks — 325,400 — — 325,400
SVO identified funds—ETFs 2,154,388 — — — 2,154,388
Payable for securities lending (281,644,682) — — — (281,644,682)
Derivative cash collateral held liability (16,890,000) — — — (16,890,000)
Total $ 20,530,993 $ 2,120,700 $ 1,368,767 $ 44,573,786 $ 68,594,246
Quoted Prices in
Active Markets for Significant Other Significant
Identical Assets Observable Unobservable
or Liabilities Inputs Inputs
2021 (Level 1) (Level 2) (Level 3) NAV Total
State and political subdivisions
securities $ — $ 818,935 $ — $ — $ 818,935
Common stocks—unaffiliated 114,817,846 11,583,300 — 31,481,909 157,883,055
Securities lending and repurchase
agreement cash collateral 309,800,564 — — 309,800,564
Asset—backed securities — — 1,101,365 1,101,365
Preferred stocks — 505,172 — 505,172
SVO identified funds—ETFs 2,366,003 — — 2,366,003
Derivative cash collateral 60,000 — — 60,000
Payable for securities lending (309,800,564) — — (309,800,564)
Derivative cash collateral held liability (5,060,000) — — (5,060,000)
Total $ 112,183,849 $ 12,907,407 $ 1,101,365 $ 31,481,909 $ 157,674,530
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A description of the significant inputs and valuation techniques used to determine fair value for level 2
and level 3 assets and liabilities on a recurring basis is as follows:
Level 2 Measurements
State and Political Subdivisions Securities—These securities are principally valued using the market
approach, which uses prices and other relevant information generated by market transactions for
similar assets. The valuation of these securities is based primarily on quoted prices in active markets, or
through the use of matrix pricing or other similar techniques using standard market observable inputs
such as the benchmark U.S. Treasury yield curve, the spread from the U.S. Treasury curve for the
identical security and comparable securities that are actively traded.
Common Stocks-Unaffiliated—These FHLB capital stocks are only redeemable at par, so the fair value is
presumed to be par.
Preferred Stocks—These securities are principally valued using the market approach. The valuation of
these securities is based principally on observable inputs including quoted prices in markets that are
not considered active.
Level 3 Measurements
In general, investments classified within Level 3 use many of the same valuation techniques and inputs
as described above. However, if key inputs are unobservable, or if the investments are illiquid and
there is very limited trading activity, the investments are generally classified as Level 3. The use of
independent non-binding broker quotations to value investments generally indicates there is a lack of
liquidity or the general lack of transparency to develop the valuation estimates, causing these
investments to be classified in Level 3. During the years ended December 31, 2022 and 2021, there
were no material transfers into/out of Level 3.
U.S. Corporate—These securities are principally valued using the market and income approaches with
significant adjustments that utilize unobservable inputs or cannot be derived principally from, or
corroborated by, observable market data, including additional spread adjustments to reflect industry
trends or specific credit-related issues. Valuations may be based on independent non-binding broker
quotations. The use of independent non-binding broker quotations to value investments generally
indicates there is a lack of liquidity or the general lack of transparency to develop the valuation
estimates generally causing these investments to be classified in Level 3. Generally, below investment
grade privately placed or distressed securities included in this level are valued using discounted cash
flow methodologies which rely upon significant, unobservable inputs and inputs that cannot be derived
principally from, or corroborated by, observable market data.
Asset-Backed Securities and All Other Governments—These securities are principally valued using the
market approach. The valuation of these securities is based primarily on matrix pricing or other similar
techniques that utilize inputs that are unobservable or cannot be derived principally from, or
corroborated by, observable market data, or are based on independent non-binding broker quotations.
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NAV
The Company has one investment measured using the NAV as a practical expedient pursuant to SSAP
No. 100R, Fair Value. As of December 31, 2022, the investment trust NAV per share is $4,219 and is a
trust that makes real estate value added investments in the industrial sector. If there is a liquidation of
the underlying assets, the period of time for assets to be liquidated will be longer than a year. The
Company has no unfunded commitments related to the investment. An investor may redeem assets on
a quarterly basis with a 90 day notice period. No other significant restrictions exist on the ability to sell
investment at the measurement date.
Fair Value of Financial Instruments—The carrying value, fair value, and fair value hierarchy level of the
Company’s financial instruments as of December 31, were as follows:
Carrying Fair Not Practicable
2022 Value Value Level 1 Level 2 Level 3 NAV (Carrying Value)
Financial assets:
Bonds $ 4,930,425,543 $4,279,744,584 $ 2,154,388 $4,086,466,499 $191,123,697 $ — $ —
Preferred stocks $ 14,245,603 $ 14,075,538 $ — $ 7,782,006 $ — $ — $ 6,293,532
Common stocks—unaffiliated $ 82,310,592 $ 82,310,592 $ 35,266,606 $ 1,795,300 $ — $ 44,573,786 $ 674,900
Mortgage loans $ 437,644,631 $ 383,526,169 $ — $ — $383,526,169 $ —
Other invested assets—surplus notes $ 45,049,893 $ 33,756,250 $ — $ 33,756,250 $ — $ — $ —
Cash and cash equivalents $ (16,157,775) $ (16,157,775) $(16,157,775) $ — $ — $ — $ —
Short—term investments $ 84,400,000 $ 84,400,000 $ — $ 84,400,000 $ — $ — $ —
Securities lending and repurchase
agreement cash collateral $ 281,644,682 $ 281,033,979 $281,033,979 $ — $ — $ — $ —
Other invested assets—derivative
assets $ 10,175,611 $ 16,147,854 $ — $ 16,147,854 $ — $ — $ —
Financial liabilities:
Borrowings $ 39,932,250 $ 39,932,250 $ 39,932,250 $ — $ — $ — $ —
Payable for securities lending $ 281,644,682 $ 281,033,979 $281,033,979 $ — $ — $ — $ —
Other liabilities—derivative cash
collateral $ 16,890,000 $ 16,890,000 $ 16,890,000 $ — $ — $ — $ —
Carrying Fair Not Practicable
2021 Value Value Level 1 Level 2 Level 3 NAV (Carrying Value)
Financial assets:
Bonds $ 4,724,444,886 $5,272,579,252 $ 2,366,003 $ 4,988,862,028 $281,351,221 $ — $ —
Preferred stocks $ 8,505,919 $ 9,022,973 $ — $ 7,147,974 $ — $ — $ 1,874,999
Common stocks—unaffiliated $ 158,557,955 $ 158,557,955 $114,817,846 $ 11,583,300 $ — $ 31,481,909 $ 674,900
Mortgage loans $ 447,594,507 $ 465,024,337 $ — $ — $465,024,337 $ — $ —
Other invested assets—surplus notes $ 27,791,178 $ 28,431,127 $ — $ 28,431,127 $ — $ — $ —
Cash and cash equivalents $ (13,348,837) $ (13,348,837) $(13,348,837) $ — $ — $ — $ —
Short—term investments $ 239,400,000 $ 239,400,000 $ — $ 239,400,000 $ — $ — $ —
Securities lending and repurchase
agreement cash collateral $ 309,800,564 $ 309,800,564 $309,800,564 $ — $ — $ — $ —
Other invested assets—derivative
assets $ 3,322,329 $ 5,805,062 $ — $ 5,805,062 $ — $ — $ —
Financial liabilities:
Borrowings $ 333,876,576 $ 333,876,576 $248,375,047 $ 85,501,529 $ — $ — $ —
Payable for securities lending $ 309,800,564 $ 309,800,564 $309,800,564 $ — $ — $ — $ —
Other liabilities—derivative cash
collateral $ 5,060,000 $ 5,060,000 $ 5,060,000 $ — $ — $ — $ —
Other liabilities—derivative liabilities $ 3,273,841 $ 1,572,105 $ — $ 1,572,105 $ — $ — $ —
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The following methods and assumptions were used by the Company in estimating its fair value
disclosures for financial instruments:
Bonds—Fair values for bonds, including loan-backed securities, are based on quoted market prices,
where available. For bonds for which market values are not readily available, fair values were estimated
by the Company using projected future cash flows, current market rates, credit quality, and maturity
date.
Preferred Stocks—Fair values for preferred stocks are based on market value, where available. For
preferred stocks for which market values are not available, fair values were estimated by the Company
using projected future cash flows, current market rates, credit quality, and maturity date. It is not
practicable to measure the fair value in certain private preferred stocks and the carrying value
approximates fair value.
Common Stocks-Unaffiliated—These securities are principally valued using the market approach. The
valuation of these securities is based principally on observable inputs including quoted prices in active
markets. It is not practicable to measure the fair value in certain common stocks-unaffiliated when
using the equity method and when measuring fair value in certain private stock.
Mortgage Loans—Fair values for mortgage loans are estimated by discounting expected future cash
flows using current interest rates for similar loans with similar credit risk.
Other Invested Assets-Surplus Notes—Fair values for other invested assets-surplus notes are based on
quoted market prices for similar assets.
Cash and Cash Equivalents—The carrying value for cash and other cash equivalents approximates fair
value.
Short-Term Investments—Fair values for short-term investments includes public bonds and short-term
revolvers. The public bonds are valued using a discounted cash flow methodology using standard
market observable inputs, and inputs derived from, or corroborated by, market observable data,
including the market yield curve, duration, call provisions, observable prices, and spreads for similar
publicly traded issues that incorporate the credit quality and industry sector of the issuer. The carrying
value of short-term revolvers approximates fair value.
Securities Lending and Repurchase Agreement Cash Collateral, Other Liabilities-Derivative Cash
Collateral, and Payable for Securities Lending—Comprised of U.S. Direct Obligation/Full Faith and Credit
Exempt money market instruments, commercial paper, cash, and all highly-liquid debt securities
purchased with an original maturity of less than three months. The money market instruments are
valued using unadjusted quoted prices in active markets that are accessible for identical assets and are
primarily classified as Level 1. If public quotations are not available for commercial paper or debt
securities, because of the highly-liquid nature of these assets, the carrying amount may be used to
approximate fair value.
Other Invested Assets-Derivative Assets and Other Liabilities-Derivative Liabilities—These derivatives
consist of foreign currency swaps and are principally valued using an income approach. The valuation of
these securities are based on option pricing models, which utilize significant inputs that may include
the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves.
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Borrowings—Fair values of long-term FHLB borrowings are estimated by discounting expected future
cash flows using current interest rates for debt with comparable terms and included in Level 2. Fair
values of short-term FHLB borrowings approximates carrying value and thus is included in Level 1. The
carrying value of short-term unsecured revolving credit notes approximates fair value and are included
within Level 2 due to the internal nature and with no public market.
5. DERIVATIVE FINANCIAL INSTRUMENTS
The following table summarizes the Company’s derivative financial instruments as of December 31:
Notional Credit Carrying Value Fair Value
2022 Amount Exposure Assets Liabilities Assets Liabilities
Foreign currency swaps $ 126,300,449 $ 1,579,013 $ 10,175,611 $ — $ 16,147,854 $ —
Notional Credit Carrying Value Fair Value
2021 Amount Exposure Assets Liabilities Assets Liabilities
Foreign currency swaps $ 126,300,449 $ 1,708,115 $ 3,322,329 $ 3,273,841 $ 5,805,062 $ 1,572,105
The changes in value of derivatives for the years ended December 31, were reported on the statutory
financial statements as follows:
Unassigned Net Realized Net Investment
2022 Surplus Capital Gain (Loss) Income
Foreign currency swaps $ 10,127,123 $ — $ 2,078,945
Unassigned Net Realized Net Investment
2021 Surplus Capital Gain (Loss) Income
Foreign currency swaps $ 5,887,622 $ — $ 1,671,643
Certain of the Company’s derivative instruments contain provisions requiring collateral against fair
value subject to minimum transfer amounts. The aggregate fair value of all the derivative instruments
with collateral features resulted in a net asset of $16,147,854 and $4,232,957 as of December 31, 2022
and 2021, respectively. The Company did not pledge collateral as of December 31, 2022. The Company
pledged $60,000 of cash collateral as of December 31, 2021. The Company was holding $16,890,000
and $5,060,000 of cash collateral reflected as assets within the statutory financial statements as of
December 31, 2022 and 2021, respectively.
6. INCOME TAXES
The Company is the parent corporation of an affiliated group of corporations that file a consolidated
U.S. Corporate Income Tax Return. As of December 31, 2022, the Company’s federal income tax return
was consolidated with the following affiliates: Mutual DMLT Trust; Mutual of Omaha Holdings and its
subsidiaries; Omaha Medicare Advantage; OFHI and certain of its subsidiaries including MCDC; Mutual
of Omaha Mortgage and its subsidiary Review Counsel; Omaha Health; Omaha Supplemental; and
United of Omaha and certain of its subsidiaries including Companion; Medicare Advantage Company;
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Mutual Structured Settlement; Omaha Re; United DMLT Trust; and United World. The Company also
files state income tax returns in certain jurisdictions.
Federal income tax is allocated between members of the consolidated return pursuant to a written
agreement approved by the Board of Directors. Each member’s provision for federal income tax
incurred is based on a separate return calculation wherein the current tax benefit for net operating
losses, capital losses, charitable contributions, and credits is not included until such would have been
recognized on a separate return basis. An exception exists for Omaha Reinsurance Company, which is
entitled to the benefit for losses, deductions, and credits when realized. Otherwise, the Company has
the right to utilize any net operating loss, capital loss, charitable contribution, or credit realized in the
consolidation. The difference between the Company’s separate federal income tax incurred and the
consolidated federal income tax incurred is reported as a charge or credit to surplus. As of
December 31, 2022 and 2021, amounts (from) due to subsidiaries were $(2,994,692) and $24,295,052,
respectively, and were included as federal income taxes recoverable and federal income taxes payable
in other liabilities, respectively, on the statutory statements of admitted assets, liabilities, and surplus.
There were no deposits reported as admitted under Section 6603 of the Internal Revenue Service Code
as of December 31, 2022 and 2021.
Federal income tax (benefit) incurred for the years ended December 31, consisted of the following
major components:
2022 2021
Federal income tax (benefit) $ (5,448,331) $ 18,281,905
Federal income tax (benefit) on net realized capital gain (loss) (1,050,284) 2,141,581
Federal income tax (benefit) (6,498,615) 20,423,486
Change in net deferred income tax (benefit) 24,333,721 28,483,322
Total federal income tax (benefit) incurred $ 17,835,106 $ 48,906,808
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Reconciliations between federal income tax (benefit) based on the federal corporate income tax rate
and the effective tax rate for the years ended December 31, were as follows:
2022 2021
Net income (loss) from operations before federal
income tax (benefit) and net realized capital gain (loss) $ (75,187,511) $ 209,751,730
Net realized capital gain (loss) before federal
income tax (benefit) and transfers to (from) IMR (11,426,763) 44,531,066
Total pre—tax income (loss) (86,614,274) 254,282,796
Statutory tax rate 21 % 21 %
Expected federal income tax (benefit) incurred (18,188,998) 53,399,387
Prior year tax adjustments 1,787,413 (549,125)
Change in nonadmitted assets (5,566,873) 2,355,989
Reserve adjustments to surplus (20,002,600) —
Amortization of IMR (423,887) (483,357)
Pension liability adjustments 41,696,496 27,068,879
Life insurance cash values 19,602,169 (18,337,710)
Income (loss) from disregarded entities 554,610 35,990
Dividends received deductions — (5,008,535)
Tax credit investment and realization (1,668,285) (1,752,792)
Contribution of appreciated property — (8,005,321)
Other 45,061 183,403
Total federal income tax (benefit) at effective tax rate $ 17,835,106 $ 48,906,808
The Company has net operating loss carryforwards of $13,734,438 as of December 31, 2022.
The following income taxes incurred in the current and prior years that will be available for recoupment
in the event of future losses:
Ordinary Capital Total Year
XXX $ — $ — 2022
XXX 23,470,114 23,470,114 2021
XXX 22,996,523 22,996,523 2020
XXX $ 46,466,637 $ 46,466,637
As of December 31, 2022, there were no positions for which management believes it is reasonably
possible that the total amounts of tax contingencies will significantly increase within twelve months of
the reporting date.
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The components of DTA and DTL as of December 31, were as follows:
2022
Ordinary Capital Total
Gross DTA $ 243,810,903 $ 23,859,557 $ 267,670,460
Nonadmitted DTA (133,628,545) (10,092,939) (143,721,484)
Net admitted DTA 110,182,358 13,766,618 123,948,976
DTL (31,882,413) (13,048,411) (44,930,824)
Net DTA (DTL) $ 78,299,945 $ 718,207 $ 79,018,152
2021
Ordinary Capital Total
Gross DTA $ 259,550,563 $ 17,845,933 $ 277,396,496
Nonadmitted DTA (149,907,267) (6,556,308) (156,463,575)
Net admitted DTA 109,643,296 11,289,625 120,932,921
DTL (29,667,006) (11,099,985) (40,766,991)
Net DTA (DTL) $ 79,976,290 $ 189,640 $ 80,165,930
The Company has admitted DTAs as of December 31, as follows:
2022
Ordinary Capital Total
Federal income tax paid in prior years recoverable through
loss carrybacks $ — $ 718,207 $ 718,207
Adjusted gross DTA expected to be realized (lesser of 1 or 2) $ 78,299,945 $ — $ 78,299,945
1. Adjusted gross DTA expected to be realized following
the balance sheet date $ 78,299,945 $ — $ 78,299,945
2. Adjusted gross DTA allowed per limitation threshold N/A N/A 587,971,183
Adjusted gross DTA that can be offset against DTL 31,882,413 13,048,411 44,930,824
DTA admitted as the result of application of SSAP No. 101 $ 110,182,358 $ 13,766,618 $ 123,948,976
2021
Ordinary Capital Total
Federal income tax paid in prior years recoverable through
loss carrybacks $ — $ 189,640 $ 189,640
Adjusted gross DTA expected to be realized (lesser of 1 or 2) $ 79,976,290 $ — $ 79,976,290
1. Adjusted gross DTA expected to be realized following
the balance sheet date $ 79,976,290 $ — $ 79,976,290
2. Adjusted gross DTA allowed per limitation threshold N/A N/A 552,843,253
Adjusted gross DTA that can be offset against DTL 29,667,006 11,099,985 40,766,991
DTA admitted as the result of application of SSAP No. 101 $ 109,643,296 $ 11,289,625 $ 120,932,921
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The authorized control level risk-based capital (“RBC”) ratio percentages used to determine recovery
period and threshold limitation amounts were 924% and 958% as of December 31, 2022 and 2021,
respectively. The amounts of adjusted capital and surplus used to determine recovery period and
threshold limitations were $4,376,741,318 and $4,421,748,180 as of December 31, 2022 and 2021,
respectively.
The Company has not utilized an income tax planning strategy for the realization of the DTA for 2022 or
2021.
The tax effects of temporary differences that give rise to significant portions of the DTA and DTL as of
December 31, were as follows:
2022 2021 Change
DTA:
Ordinary:
Policy reserves $ 78,181,995 $ 74,117,559 $ 4,064,436
Deferred acquisition costs 77,815,353 70,236,491 7,578,862
Expense accruals and other prepaid income 56,068,975 55,548,123 520,852
Pension liability — 33,211,768 (33,211,768)
Nonadmitted assets 89,431 5,360,895 (5,271,464)
Bonds and other invested assets 205,877 4,010,723 (3,804,846)
Net operation loss carryforwards 2,884,232 — 2,884,232
Depreciation and amortization 12,823,703 7,387,869 5,435,834
Other 15,741,337 9,677,135 6,064,202
Subtotal 243,810,903 259,550,563 (15,739,660)
Nonadmitted DTA (133,628,545) (149,907,267) 16,278,722
Admitted ordinary DTA 110,182,358 109,643,296 539,062
Capital:
Investments 23,859,557 17,845,933 6,013,624
Nonadmitted (10,092,939) (6,556,308) (3,536,631)
Admitted capital DTA 13,766,618 11,289,625 2,476,993
Admitted DTA 123,948,976 120,932,921 3,016,055
DTL:
Ordinary:
Investments (3,488,848) (3,457,809) (31,039)
Policy reserves (11,895,077) (16,207,582) 4,312,505
Pension accruals (5,303,777) — (5,303,777)
Other (11,194,711) (10,001,615) (1,193,096)
Subtotal (31,882,413) (29,667,006) (2,215,407)
Capital:
Investments (13,048,411) (11,099,985) (1,948,426)
DTL (44,930,824) (40,766,991) (4,163,833)
Net admitted DTA $ 79,018,152 $ 80,165,930 $ (1,147,778)
The Company’s deferred tax liability does not include a deferred tax liability for investment in
subsidiaries.
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The change in net deferred income tax (benefit), exclusive of nonadmitted assets reported separately
from the change in net deferred income tax (benefit) in surplus, during the years ended December 31,
was comprised of the following:
2022 2021 Change
DTA $ 267,670,460 $ 277,396,496 $ (9,726,036)
DTL (44,930,824) (40,766,991) (4,163,833)
Net DTA $ 222,739,636 $ 236,629,505 (13,889,869)
Tax effect of unrealized capital gain (loss) (10,443,852)
Change in net deferred income tax (benefit) $ (24,333,721)
2021 2020 Change
DTA $ 277,396,496 $ 302,077,141 $ (24,680,645)
DTL (40,766,991) (39,441,270) (1,325,721)
Net DTA $ 236,629,505 $ 262,635,871 (26,006,366)
Tax effect of unrealized capital gain (loss) (2,476,956)
Change in net deferred income tax (benefit) $ (28,483,322)
7. RELATED PARTY INFORMATION
The Company’s investments in non-insurance subsidiary, controlled, or affiliated entities’ (“SCA”) and
related NAIC filing response information, as of December 31, were as follows:
2022
Admitted Nonadmitted
Type of
NAIC
Filing
Date of
Filing to
the NAIC
NAIC
Valuation
Amount
Response
Received
Resubmission
Required
OFHI $ 171,619,608 $ — S2 6/23/2022 $ 170,543,591 Yes No
Mutual of Omaha Holdings $ 3,195,706 $ — S2 6/23/2022 $ 3,825,602 Yes No
2021
Admitted Nonadmitted
Type of
NAIC
Filing
Date of
Filing to
the NAIC
NAIC
Valuation
Amount
Response
Received
Resubmission
Required
OFHI $ 170,543,594 $ — S2 8/19/2021 $ 136,166,948 Yes No
Mutual of Omaha Investor Services $ 3,825,598 $ — S2 8/19/2021 $ 3,361,471 Yes No
The Company utilizes the look-through approach in valuing its investment in Mutual of Omaha Holdings
and OFHI. Mutual of Omaha Holdings and OFHI are not audited and in accordance with SSAP No. 97
Investment in Subsidiary, Controlled and Affiliated Entities, they are stated at the combined value of
their audited subsidiaries. Mutual of Omaha Holdings is stated at the combined value of Mutual of
Omaha Investor Services, valued at its audited GAAP equity of $3,195,706 and $3,825,598, as of
December 31, 2022 and 2021, respectively, and Omaha Insurance, valued at its underlying statutory
surplus of $50,096,901 and $52,683,766 as of December 31, 2022 and 2021, respectively. OFHI is stated
at the value of Mutual of Omaha Mortgage, valued at its audited GAAP equity of $171,619,608 and
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$170,543,594 as of December 31, 2022 and 2021, respectively. East Campus is stated at the underlying
GAAP equity of $27,216,039 and $37,565,307 as of December 31, 2022 and 2021, respectively.
The carrying value of United of Omaha exceeds 10% of the admitted assets of the Company. The
Company carries its investment in United of Omaha at its statutory surplus value of $1,959,899,780 as
of December 31, 2022. Assets, liabilities, and results of operations for United of Omaha as of
December 31, were as follows:
2022 2021
Admitted assets $ 33,225,078,218 $ 31,183,618,852
Liabilities $ 31,265,178,438 $ 29,258,798,838
Net income (loss) $ 11,473,357 $ (28,997,031)
The Company has the following bilateral unsecured revolving credit notes available from related parties
as of December 31, 2022.
Lending Date Credit Maximum Amount
Company Issued Borrowing Outstanding
United of Omaha 03/25/2022 $ 500,000,000 $ —
Omaha Insurance 10/07/2022 $ 30,000,000 $ —
Companion 11/17/2022 $ 23,000,000 $ —
United World 03/25/2022 $ 20,000,000 $ —
The Company has the following borrowing agreements available to affiliates as of December 31, 2022,
which are substantially similar to the agreements held in the prior year. All of the outstanding
borrowings due to the Company are included in short-term investments on the statutory statements of
admitted assets, liabilities, and surplus.
2022 2021
Borrowing Date Type of Interest Maximum Amount Amount
Company Issued Borrowing Rates Borrowing Outstanding Outstanding
United of Omaha 03/25/2022 Bilateral unsecured revolving credit note 0.19%-4.43% $ 250,000,000 $ — $ —
* Omaha Health 11/29/2022 Unsecured demand revolving credit note 1.90%-6.26% $ 250,000,000 $ 64,500,000 $ 206,400,000
Omaha Insurance 10/7/2022 Bilateral unsecured revolving credit note 0.19%-4.43% $ 30,000,000 $ 9,500,000 $ 16,200,000
Omaha Supplemental 7/22/2022 Unsecured demand revolving credit note 0.19%-4.43% $ 30,000,000 $ 500,000 $ —
Omaha Re 9/23/2022 Unsecured demand revolving credit note 0.19%-4.43% $ 30,000,000 $ — $ —
Companion 11/17/2022 Bilateral unsecured revolving credit note 0.19%-4.43% $ 23,000,000 $ — $ —
United World 3/25/2022 Bilateral unsecured revolving credit note 0.19%-4.43% $ 20,000,000 $ 9,900,000 $ 16,800,000
East Campus 11/21/2022 Unsecured demand revolving credit note 0.19%-4.43% $ 5,000,000 $ — $ —
* Note rate is based on one-month Term SOFR plus a spread instead of one-month LIBOR plus a spread, otherwise substantially similar to the
agreement held in the prior year
The $10,000,000 unsecured demand revolving line of credit agreement available to Omaha Medicare
Advantage matured on December 31, 2021 and was not renewed.
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The Company had the following cash transactions with affiliates during the years ended December 31:
Return of Capital
Capital Contribution
2022 Purchase Received (Paid) Received (Paid) Affiliate
December 27 $ — $ 15,000,000 $ — Omaha Medicare Advantage
Q4 — — (5,500,000) * Omaha Supplemental
Total $ — $ 15,000,000 $ (5,500,000)
*As of December 31, 2022, the Company accrued a $5,500,000 capital contribution to Omaha Supplemental that
was paid with cash on January 24, 2023.
Return of Capital
Capital Contribution
2021 Purchase Received (Paid) Received (Paid) Affiliate
Q2—Q4 $ 75,359,024 $ — $ — Mutual DMLT Trust
December 22 — — (6,000,000) Omaha Supplemental
Total $ 75,359,024 $ — $ (6,000,000)
The Company is a member of a controlled group of companies and as such its results may not be
indicative of those if it were to be operated on a stand-alone basis. Any amounts due to or from each
affiliated company are presented on a net basis in the statutory financial statements.
The Company and certain of its direct and indirect subsidiaries, will make available to each other the
services of certain employees, specialists, professionals, skill and experienced administrators, and
specialized equipment as needed. The services made available under the agreement, may include, but
are not limited to human resources, facilities, print and mail, payroll, finance and accounting, treasury
and investments, internal audit, compliance, information technology infrastructure and personnel,
marketing, legal, corporate services, broker dealer and investment advisory services, and other services
as determined by the parties. Most of the expenses related to these services were paid by the
Company and subject to allocation among the Company and its direct and indirect subsidiaries.
Management believes the measures used to allocate expenses provide a reasonable allocation that
conforms to NAIC guidelines. Additionally, certain amounts are paid or collected by the Company on
behalf of its direct and indirect subsidiaries are generally settled within 30 days.
Certain amounts paid or collected by the Company, on behalf of its direct and indirect subsidiaries, are
generally settled within 30 days. The net intercompany payments from subsidiaries were
$2,304,291,568 and $2,112,148,690 for the years ended December 31, 2022 and 2021, respectively.
8. BORROWINGS AND SECURITIES LENDING
Effective December 29, 2022, the Company entered into an amendment to its senior unsecured five-
year credit facility to extend the maturity date of the facility to December 29, 2027. The facility includes
letter-of-credit and short-term sub-facilities that allow for an aggregate maximum borrowing of
$300,000,000. The Company may elect to increase the commitment at any time in an amount not to
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exceed $100,000,000. As of December 31, 2022 and 2021, the Company had no outstanding borrowings
under this agreement.
FHLB—The Company is a member of the FHLB of Topeka. The Company has an agreement with the
FHLB under which the Company pledges FHLB approved collateral in return for extensions of credit. It is
part of the Company’s strategy to utilize these funds for operations or other long-term projects.
Balances outstanding under this agreement are included in borrowings on the statutory statements of
admitted assets, liabilities, and surplus. The Company holds FHLB stock as part of the borrowing
agreement, which is included in common stocks-unaffiliated included on the statutory statements of
admitted assets, liabilities, and surplus. The Company and United of Omaha have been authorized by
their Boards of Directors to obtain extensions of credit under their agreements with the FHLB on a
combined basis in an amount not to exceed $2,500,000,000. As of December 31, 2022, the Company
has no long-term outstanding borrowings and $39,887,700 short-term outstanding borrowings from
the FHLB. As of December 31, 2021, the Company has no long-term outstanding borrowings and
$253,326,800 short-term outstanding borrowings from the FHLB. The maximum amount borrowed by
the Company under this agreement was $233,461,800 and $345,591,700 during the years ended
December 31, 2022 and 2021, respectively.
The general account collateral pledged to FHLB as of December 31, was as follows:
2022 2021
Fair value $ 609,643,793 $ 664,406,300
Carrying value $ 706,970,464 $ 626,797,402
Aggregate total borrowing $ 39,887,700 $ 253,326,800
The general account maximum collateral pledged during the years ended December 31, was as follows:
2022 2021
Fair value $ 618,057,652 $ 664,406,300
Carrying value $ 710,662,341 $ 626,797,402
Amount borrowed at time of maximum collateral $ 78,877,000 $ 253,326,800
As of December 31, 2022 and 2021, there were no debt subject to prepayment penalties.
Transfer and Servicing of Financial Assets—The Company has an agreement to sell and repurchase
securities. The fair value and cash collateral liability of securities on loan as of December 31, were as
follows:
2022 2021
Fair Collateral Fair Collateral
Value Liability Value Liability
Securities lending $ 268,922,921 $ 281,644,682 $ 292,173,842 $ 299,667,250
Bilateral repurchase lending — — 10,061,330 10,133,314
Total securities on loan $ 268,922,921 $ 281,644,682 $ 302,235,172 $ 309,800,564
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The transfers of financial assets accounted for as secured borrowings as of December 31, were as
follows:
2022 2021
Assets:
Cash $ 37,500,779 $ 33,499,716
Cash equivalents 108,784,250 83,769,483
Short—term investments 31,548,222 114,549,042
Bonds 103,811,431 77,982,323
Total securities lending cash collateral $ 281,644,682 $ 309,800,564
Liabilities:
Securities lending cash collateral $ 281,644,682 $ 309,800,564
The Company has accepted collateral that it is permitted to sell or repledge under the Company’s
security lending program. The Company receives primarily cash collateral in an amount in excess of the
fair value of the securities lent. The Company reinvests the cash collateral into higher-yielding securities
than the securities which the Company has lent to other entities under the arrangement. The fair value
of the Company’s contractually obligated collateral positions, securities which the borrower may
request the return on demand, as of December 31, were as follows:
2022 2021
30 days or less $ 93,580,693 $ 87,635,297
31 to 60 days 43,829,865 20,760,611
61 to 90 days 8,879,094 62,965,293
Greater than 90 days 134,744,327 138,465,411
Total collateral received $ 281,033,979 $ 309,826,612
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The amortized cost and fair value of the Company’s collateral reinvested as of December 31, were as
follows:
Amortized Fair
2022 Cost Value
Less than 30 days $ 93,582,855 $ 93,580,693
31 to 60 days 43,830,178 43,829,865
61 to 90 days 8,877,813 8,879,094
91 to 120 days 10,409,142 10,396,329
121 to 180 days 35,896,617 35,829,164
181 to 365 days 52,412,509 52,382,292
1 to 2 years 32,335,396 31,894,621
2 to 3 years 4,300,172 4,241,921
Total collateral reinvested $ 281,644,682 $ 281,033,979
Amortized Fair
2021 Cost Value
Less than 30 days $ 87,635,297 $ 87,635,297
31 to 60 days 20,759,325 20,760,611
61 to 90 days 62,965,293 62,965,293
91 to 120 days 6,899,223 6,902,555
121 to 180 days 24,524,714 24,524,714
181 to 365 days 53,708,836 53,712,990
1 to 2 years 27,451,691 27,442,825
2 to 3 years 7,697,549 7,690,107
Greater than 3 years 18,158,636 18,192,220
Total collateral reinvested $ 309,800,564 $ 309,826,612
The Company has securities of $281,033,979 and $309,826,612 at fair value in response to the possible
$275,812,220 and $309,928,558 collateral that could be called within one day's notice as of
December 31, 2022 and 2021, respectively. Excess liquidity at the enterprise level would be used to
fulfill any remaining obligation due to the Company's lending/repurchase counterparties. Of the
collateral received, the Company has $36,635,568 in collateral for securities lending that extended
beyond one year from December 31, 2022.
The maximum amount and ending balance for repurchase agreements accounted for as secured
borrowings, by maturity, during the years ended December 31, were as follows:
2022 2021
Maximum amount:
Overnight $ 9,900,000 $ 10,275,000
1 week to 1 month $ — $ 5,441,463
Ending balance:
Overnight $ — $ 10,137,500
1 week to 1 month $ — $ —
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The maximum amount and ending balance for securities sold under repurchase agreements accounted
for as secured borrowings, during the years ended December 31, were as follows:
2022 2021
Maximum amount:
Carrying value $ 9,951,267 $ 14,083,803
Fair value $ 9,817,190 $ 15,272,188
Ending balance:
Bonds—NAIC 1:
Carrying value $ — $ 9,947,169
Fair value $ — $ 10,061,330
The maximum amount and ending balance of cash collateral received was $9,900,000 and there was no
liability to return collateral as of December 31, 2022. The maximum amount and ending balance of cash
collateral received and liability to return collateral under secured borrowings was $15,253,963 and
$10,137,500 as of December 31, 2021, respectively. All cash collateral was not NAIC rated with
overnight and continuous remaining contractual maturity as of December 31, 2022 and there was no
non-cash collateral received under such transactions as of December 31, 2022 and 2021.
The Company had no outstanding repurchase agreements as of December 31, 2022. The Company’s
amortized cost and fair value of the allocation of aggregate collateral reinvested under repurchase
agreements, by remaining contractual maturity, as of December 31, 2021, was as follows:
Amortized Fair
Cost Value
30 days or less $ 2,866,476 $ 2,866,476
31 to 60 days 679,020 679,062
61 to 90 days 2,059,541 2,059,541
91 to 120 days 225,668 225,777
121 to 180 days 802,183 802,183
181 to 365 days 1,756,770 1,756,906
1 to 2 years 897,922 897,632
2 to 3 years 251,780 251,537
Greater than 3 years 593,954 595,052
Total collateral reinvested $ 10,133,314 $ 10,134,166
9. REINSURANCE
The Company has reinsurance agreements with affiliate entities to assume certain individual health
business. The Company assumes 90% of individual health business from Omaha Insurance and Omaha
Supplemental, and 100% from United World. The Company also assumes 100% of long-term care
policies and 100% of certain Medicare supplement policies from United of Omaha.
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10. EMPLOYEE BENEFIT PLANS
The Company is both the sponsor and administrator of a non-contributory defined-benefit plan
("Pension Plan") covering all United States employees meeting certain minimum requirements.
Retirement benefits are based upon years of credited service and final average earnings history.
Effective January 1, 2005, the Pension Plan was amended to freeze plan benefits for participants under
40 years of age. No benefits are available under the Pension Plan for employees hired on or after
January 1, 2005. The Company also sponsors and administers a supplemental defined-benefit plan
covering certain former employees. The Company also provides certain postretirement medical and life
insurance benefits (other benefits) to retired employees hired before January 1, 1995. Other benefits
are based upon hire date, age, and years of service. The Company uses the accrual method of
accounting for other benefits.
Projected Benefit Obligations and Plan Assets—The Company does not have pension or other benefit
plans in which projected benefit obligations are overfunded as of December 31, 2022 and 2021. The
changes in the projected benefit obligation and plan assets for the Company’s underfunded plans as of
December 31, the measurement date, were as follows:
Pension Benefits Other Benefits
2022 2021 2022 2021
Change in benefit obligations:
Benefit obligations at beginning of year $1,324,729,756 $1,430,567,128 $ 35,237,253 $ 46,119,345
Service costs 3,720,113 5,499,831 38,647 127,537
Interest costs 39,371,805 36,376,196 1,017,467 1,145,812
Actuarial (gain) loss (296,412,112) (87,155,899) (5,814,729) (7,956,950)
Benefits paid (62,395,354) (60,557,500) (4,622,919) (4,198,491)
Plan amendments — — (2,871,783) —
Benefit obligations at end of year $1,009,014,208 $1,324,729,756 $ 22,983,936 $ 35,237,253
Change in plan assets:
Fair value at beginning of year $1,113,020,769 $1,090,800,355 $ 6,583,428 $ 7,633,722
Actual return of plan assets (60,246,973) 79,300,255 145,732 158,944
Employer contributions 3,448,672 3,477,659 — —
Benefits paid (62,395,354) (60,557,500) (1,125,621) (1,209,238)
Fair value at end of year $ 993,827,114 $1,113,020,769 $ 5,603,539 $ 6,583,428
As of December 31, 2022 and 2021, the amount of the accumulated benefit obligation for defined-
benefit pension plans was $1,001,177,744 and $1,314,980,091, respectively.
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The funded status and components of net periodic benefit costs for the years ended December 31,
were as follows:
Pension Benefits Other Benefits
2022 2021 2022 2021
Overfunded:
Prepaid benefit costs $ 115,168,547 $ 109,150,748 $ — $ —
Total assets (nonadmitted) $ 115,168,547 $ 109,150,748 $ — $ —
Underfunded:
Accrued benefit costs 30,739,135 31,214,014 30,226,968 32,974,868
Liability for pension benefits (15,552,041) 180,494,973 (12,846,571) (4,321,043)
Total liabilities recognized $ 15,187,094 $ 211,708,987 $ 17,380,397 $ 28,653,825
Components of net periodic benefit costs:
Service costs $ 3,720,113 $ 5,499,831 $ 38,647 $ 127,537
Interest costs 39,371,805 36,376,196 1,017,467 1,145,812
Expected return on plan assets (54,045,256) (58,357,871) (121,601) (277,952)
Amount of recognized gain (loss) 7,909,332 12,963,199 (185,115) —
Total net periodic benefit costs $ (3,044,006) $ (3,518,645) $ 749,398 $ 995,397
The amounts in unassigned funds (surplus) recognized as components of net periodic benefit costs for
the years ended December 31, were as follows:
Pension Benefits Other Benefits
2022 2021 2022 2021
Items not yet recognized in net periodic costs
at the beginning of year $ 289,645,721 $ 410,707,203 $ (4,321,043) $ 3,516,899
Net prior service cost or credit arising during the period — — (2,871,783) —
Net gain or loss arising during the year (182,119,883) (108,098,283) (5,838,860) (7,837,942)
Amortization of actuarial loss (7,909,332) (12,963,199) 185,115 —
Items not yet recognized in net periodic costs
at the end of year $ 99,616,506 $ 289,645,721 $ (12,846,571) $ (4,321,043)
The following benefit payments are expected to be paid as of December 31:
2023 2024 2025 2026 2027 2028—2032
Pension benefits $ 69,926,220 $ 73,226,381 $ 76,039,189 $ 78,480,927 $ 80,278,116 $ 404,628,728
Other postretirement benefits $ 3,425,231 $ 3,171,667 $ 2,906,068 $ 2,678,831 $ 2,447,313 $ 9,037,714
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The Pension Plan assets and fair value as of December 31, included the following:
2022 Level 1 Level 2 Level 3 Total
General asset account $ — $ — $ 648,909,155 $ 648,909,155
Separate Account K equity securities — 16,704,655 — 16,704,655
Separate Account IIF equity securities 105,463,094 — — 105,463,094
Equity securities—domestic 55,477,289 — — 55,477,289
Equity securities—foreign 50,328,953 — — 50,328,953
Limited partnerships — — 116,943,968 116,943,968
Total $ 211,269,336 $ 16,704,655 $ 765,853,123 $ 993,827,114
2021 Level 1 Level 2 Level 3 Total
General asset account $ — $ — $ 848,353,121 $ 848,353,121
Separate Account K equity securities — 19,143,062 — 19,143,062
Separate Account IIF equity securities 76,877,505 — — 76,877,505
Equity securities—foreign 59,345,007 — — 59,345,007
Limited partnerships — — 109,302,074 109,302,074
Total $ 136,222,512 $ 19,143,062 $ 957,655,195 $1,113,020,769
Limited partnerships are valued at fair value based on the proportionate share of the partnership’s
capital balance. Equity securities-domestic and equity securities-foreign consist of mutual funds and
collective investment trusts valued at fair value based on the proportionate share of the underlying net
assets. The assets consist of securities traded on organized exchanges and over-the-counter markets.
Investments in the group annuity contract include the General Asset Account, which is valued at
contract value, Separate Account K and Separate Account IIF. The Separate Account K and Separate
Account IIF funds are recorded at the fair value of the defined-benefit pension plan’s proportionate
share of the underlying net assets. The underlying net assets of the Separate Account K consist
primarily of small cap common stocks traded on organized exchanges and over-the-counter markets.
Separate account II is an index mutual fund based on the S&P 500 index.
The investment objective of the Pension Plan is to produce current income and long-term capital
growth through a combination of equity and fixed income investments that, together with appropriate
employer contributions, will be adequate to provide for the payment of the plan’s benefit obligations.
The assets of the Pension Plan may be invested in both fixed income and equity investments. Fixed
income investments may include group annuity contracts, cash and short-term instruments, corporate
bonds, mortgages, and other fixed income investments. Equity investment may include large cap, mid
cap and small cap stocks, and venture capital.
The Company has various regulated investment advisors that monitor investments in the Pension Plan
to ensure they are in compliance with the Company’s investment policy and guidelines. The use of
derivative instruments as direct investments is prohibited. The Company’s Retirement Plans Investment
Committee periodically reviews the performance of the Pension Plan’s investments and asset
allocation. The current allocation strategy is 65% fixed income and 35% equity investments and other
as of December 31, 2022. The Company, subject to general guidelines set by the Retirement Plans
Investment Committee, makes all investment decisions.
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The Company determines its expected long-term rate of return on assets based primarily on the
Company’s expectations of future returns for the Pension Plan’s investments, based on target
allocations of the defined-benefit plan’s investments. Additionally, the Company considers historical
returns on comparable fixed income investments and equity investments and adjusts its estimate as
deemed appropriate.
The Company does not expect to make a contribution to its qualified pension plan in 2023.
The Company funds a portion of its defined-benefit pension plans with group annuity contracts and
certain other separate account funds purchased from its affiliate, United of Omaha. As of December 31,
2022, the value of the group annuity contracts funding the defined-benefit pension plan and other
postretirement benefit plan were $526,713,286 and $5,603,539, respectively. The value of the separate
account investments funding the defined-benefit pension plan was $122,167,749 as of December 31,
2022. There were no separate account investments funding the other postretirement benefit plan as of
December 31, 2022. As of December 31, 2021, the value of the group annuity contracts funding the
defined-benefit pension plan and other postretirement benefit plan were $566,393,180 and
$6,583,428, respectively, and the value of the separate account investments funding the defined-
benefit pension plan was $96,020,567. There were no separate account investments funding the other
postretirement benefit plan as of and December 31, 2021. The Company did not use an alternative
method to amortize prior service amounts or net gains and losses.
The accumulated benefit obligation, projected benefit obligation, and fair value of the plan assets as of
December 31, 2022 are as follows:
Pension Postretirement
Benefits Benefits
Projected benefit obligations/accumulated postretirement benefits $ 1,009,014,208 $ 22,983,936
Fair value of plan assets 993,827,114 5,603,539
— —	Total underfunded $ 15,187,094 $ 17,380,397
Actuarial Assumptions—Actuarial assumptions used to calculate the projected benefit obligation and
net periodic pension cost for the plans as of and for the years ended December 31, are set forth in the
following table:
Pension Benefits Other Benefits
2022 2021 2022 2021
Projected benefit obligations:
Discount rate 5.71 % 3.05 % 5.71 % 3.05 %
Rate of increase in compensation levels 3.50 % 2.50 % N/A N/A
Net periodic pension costs:
Discount rate 3.05 % 2.60 % 3.05 % 2.60 %
Rate of increase in compensation levels 2.50 % 3.40 % N/A N/A
Expected long—term rate of return on plan assets 5.00 % 5.50 % 2.00 % 4.00 %
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Actuarial gains in 2022 and 2021 are the result of an increase in the discount rate partially offset by
plan asset losses.
The assumed health care cost trend rates used in measuring the accumulated postretirement benefit
obligation was 6.50% in 2022 and 2021, then gradually declining to 5.00% in 2031 and remain at that
level thereafter.
Savings and Investment Plans—The Company sponsors savings and investment plans under which the
Company matches a portion of employee contributions. The expense for this plan was $7,566,389 and
$6,751,028 in 2022 and 2021, respectively.
The Company also provides deferred compensation benefits for certain key executive officers. As of
December 31, 2022 and 2021, the liability for deferred compensation benefits included in liability for
benefits for employees and agents in the liabilities, surplus and other funds annual statement was
$27,537,092 and $25,859,840, respectively.
11. SURPLUS AND SURPLUS NOTES
The portion of unassigned surplus represented by each item below as of December 31, was as follows:
2022 2021
Unrealized capital gain (loss) $ 1,070,390,153 $ 1,090,709,126
Nonadmitted assets $ (300,384,562) $ (286,617,736)
AVR $ (129,832,288) $ (160,955,020)
On July 17, 2014, the Company issued $300,000,000 in surplus notes (2014 notes) due July 15, 2054, at
par. Interest on the 2014 notes is fixed at 4.297% and payable semiannually excluding July 15, 2024, at
which time interest resets quarterly to a variable rate payable quarterly. The 2014 notes are callable
under a make-whole provision calculated as the present value of the remaining principal and interest
payments any time prior to July 15, 2024 or at any time on or after July 15, 2024 at par.
On October 12, 2010, the Company issued $300,000,000 in surplus notes (2010 notes) due October 15,
2040, at a discount of $10,095,000 with 6.95% interest due semiannually.
On June 15, 2006, the Company issued $300,000,000 in surplus notes (2006 notes) due June 15, 2036,
at a discount of $6,255,000 with 6.80% interest due semiannually.
The 2014 notes, 2010 notes, and 2006 notes, (collectively the surplus notes) were all offered in the
United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of
1933 or to institutional investors that are accredited investors within the meaning of Rule 501(a) (1),
(2), (3), or (7) under the Securities Act, and, outside the United States to certain non-U.S. persons in
offshore transactions in reliance on Regulation S under the Securities Act. The 2014 notes and 2010
notes were underwritten by Goldman, Sachs & Co. and J.P. Morgan Securities LLC, and are
administered by US Bank, NA as registrar/paying agent. The 2006 notes were underwritten by
Goldman, Sachs & Co. and Merrill Lynch & Co., and are administered by US Bank, NA as registrar/paying
agent. All of the surplus notes are held by bank custodians for unaffiliated investors and may hold 10%
or more of the outstanding notes at any time, no amounts are held by affiliates, and did not include any
guarantees.
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The surplus notes do not have payments that are contractually linked nor are any of the payments
subject to administrative offsetting provisions. Additionally, the surplus note proceeds were not used
to purchase an asset directly from the holder of the surplus note. The surplus note holders and issuers
are not related parties.
Any payment of interest or repayment of principal on any outstanding surplus note may be made either
in full or in part, only from available surplus funds of the Company, when the amount of the surplus of
the Company over all liabilities is double that of the amount of the principal or interest then proposed
to be paid and with the prior approval of the NDOI. If payment restrictions are not satisfied, the
applicable interest payment date or maturity date will be extended until such time, if any, at which
such restrictions are satisfied. Interest will continue to accrue on any unpaid principal amount of the
notes, but not on unpaid interest the payment of which has not been so approved, during the period of
such extension. If the payment restrictions are thereafter satisfied and payment has not been made, to
the extent permitted by law, interest will accrue on any unpaid interest from the date of satisfaction of
the payment restrictions.
The surplus notes are unsecured obligations of the Company and are expressly subordinated in right of
payment to all present and future claims and senior indebtedness of the Company. This includes all
insurance policies and existing or future indebtedness issued, incurred or guaranteed by the Company,
other than any future surplus notes or similarly subordinated obligations, any indebtedness that is
expressly subordinate to, or ranks equal in all respects with the notes, and any premium refunds on
assessable policies of the Company. The notes are subject to the provisions of Nebraska Section
44-4842, which establishes the priority of distribution in the event of the reorganization, rehabilitation,
liquidation or conservation of an insurance company under the Liquidation Act.
As of December 31, 2022 and 2021, there was not any unapproved interest or principal or principal
paid during the year. Carrying value of the surplus notes, year to date and life to date interest expense
and life to date principal paid as of December 31, were as follows:
2022
Current Year Life—To—Date Life—To—Date
Date Interest Carrying Interest Expense Interest Expense Principal
Year Issued Rate Value Recognized Recognized Paid
2014 07/17/2014 4.30% $ 300,000,000 $ 12,891,000 $ 103,056,383 $ —
2010 10/12/2010 6.95% 152,459,783 10,892,735 168,768,132 143,270,000
2006 06/15/2006 6.80% 258,537,958 17,711,280 313,223,459 39,540,000
$ 710,997,741 $ 41,495,015 $ 585,047,974 $182,810,000
2021
Current Year Life—To—Date Life—To—Date
Date Interest Carrying Interest Expense Interest Expense Principal
Year Issued Rate Value Recognized Recognized Paid
2014 07/17/2014 4.30% $ 300,000,000 $ 12,891,000 $ 90,165,383 $ —
2010 10/12/2010 6.95% 152,344,280 10,892,735 157,875,397 143,270,000
2006 06/15/2006 6.80% 258,453,294 17,711,280 295,512,179 39,540,000
$ 710,797,574 $ 41,495,015 $ 543,552,959 $182,810,000
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12. COMMITMENTS AND CONTINGENCIES
The Company has commitments for additional investments as of December 31, as follows:
2022 2021
Limited partnership investments $ 77,059,702 $ 146,553,124
Bonds 49,500,000 3,250,000
Mortgage lending 4,000,000 8,100,000
Total $ 130,559,702 $ 157,903,124
As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in
life and health insurance guaranty funds. Member companies are subject to assessments each year
based on life, health or annuity premiums collected in the state. The Company estimated its costs
related to past insolvencies and had a liability for guaranty fund assessments of $3,581,453 and
$3,753,955 as of December 31, 2022 and 2021, respectively, and are included in general expenses and
taxes due or accrued on the statutory statements of admitted assets, liabilities, and surplus. The
Company estimated premium tax credits that it will receive related to guaranty funds of $7,107,205 and
$7,963,821 as of December 31, 2022 and 2021, respectively, and are included in other assets on the
statutory statements of admitted assets, liabilities, and surplus.
The Company recognizes discounted and undiscounted amounts relating to Penn Treaty Network
America and its subsidiaries (together “Penn Treaty”) insolvency. As of December 31, 2022, the
discounted and undiscounted liabilities and receivables were $3,158,754 and $9,981,312, and
$2,415,141 and $7,695,475, respectively. As of December 31, 2021, the discounted and undiscounted
liabilities and receivables were $3,351,725 and $10,177,791, and $2,595,451 and $7,878,228,
respectively. There are 50 jurisdictions for liabilities and 39 jurisdictions for premium tax credits by
insolvency as of December 31, 2022. Amounts used for the Penn Treaty accruals are the discounted
amounts, using a 4.25% discount rate, reported by the National Organization of Life and Health
Insurance Guaranty Association.
The Company has the following guarantees for affiliates as of December 31, 2022. The initial liability
recognition for all guarantees was exempted under SSAP No. 5R 18.g, Liabilities, Contingencies and
Impairments of Assets.
The Company has adopted resolutions to guarantee and maintain Omaha Insurance, a wholly owned
indirect subsidiary, capital and surplus at or above Iowa Insurance Division statutory minimum levels of
$5,000,000 or RBC, whichever is greater, at or above Maine Bureau of Insurance statutory minimum
levels of $1,000,000 capital and $1,000,000 surplus or regulatory action RBC, whichever is greater, and
at or above New Jersey Department of Banking and Insurance statutory minimum levels of $3,500,000
for a minimum of 10 years beginning April 25, 2012, the date the Omaha Insurance's New Jersey
Certificate of Authority was issued. The maximum potential amount of future payments can not be
estimated because the agreement is to maintain the affiliate's capital and surplus which is continuously
changing. There were no amounts paid under this agreement as of December 31, 2022 or 2021. Risk of
performance is remote as the capital and surplus of Omaha Insurance is well above the required state
minimum levels.
The Company has adopted resolutions to guarantee and maintain Omaha Medicare Advantage, a
wholly owned subsidiary, capital and surplus at or above Ohio Department of Insurance statutory
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minimum levels of $1,700,000 or the Company Action Level RBC, whichever is greater. The maximum
potential amount of future payments for the guarantee cannot be estimated because the agreement is
to maintain the subsidiary's capital and surplus which is continuously changing. There were no amounts
paid under this agreement as of December 31, 2022 or 2021. Risk of performance is remote as the
capital and surplus of Omaha Medicare Advantage is well above the required state minimum levels.
The Company has a Portfolio Maintenance Agreement with Omaha Re, a wholly owned indirect
subsidiary. Under the Portfolio Maintenance Agreement, to the extent there are any realized capital
losses, net of amounts transferred to interest maintenance reserve, during any calendar quarter on any
of the assets credited to certain funds withheld accounts established by United of Omaha, the
Company will contribute equity capital in the form of cash or assets to Omaha Re. The maximum
potential amount of future payments can not be estimated because it is unlimited to the extent that
Omaha Re sustains capital losses on certain funds withheld account assets. There were no amounts
paid under this agreement as of December 31, 2022 or 2021. Risk of performance is based on market
conditions.
The Company has guaranteed the performance and payment by Medicare Advantage Company, a
wholly owned indirect subsidiary, of all of its obligations arising under a reinsurance agreement with an
unaffiliated insurer. The maximum potential amount of future payments can not be estimated because
it is unlimited to the extent that Medicare Advantage Company is unable to meet its obligations under
the reinsurance agreement. There were no amounts paid under this agreement as of December 31,
2022 or 2021. Risk of performance is remote as Medicare Advantage Company holds a trust for the
payment of the reinsurance and the balance in the trust is more than the assumed reserves.
Various lawsuits have arisen in the ordinary course of the Company’s business. Contingent liabilities
arising from litigation, income taxes and other matters are not considered material in relation to the
financial position of the Company.
13. LEASES
The Company leases certain property to house home office operations in Omaha, Nebraska, from
United of Omaha. The current lease expires December 31, 2035. The Company and United of Omaha
jointly enter into agreements for the rental of office space, equipment, and computer software under
non-cancelable operating leases. The Company’s allocated rent expense for the years ended
December 31, 2022 and 2021, was $14,766,690 and $13,363,125, respectively.
Future required minimum rental payments under leases as of December 31, 2022, were as follows:
2023 $ 12,149,329
2024 10,116,321
2025 6,608,738
2026 4,930,678
2027 3,259,288
Thereafter 4,067,279
Total $ 41,131,633
For the years ended December 31, 2022 and 2021, the total minimum rentals to be received in the
future under non-cancelable subleases was $10,233,384 and $10,640,366, respectively.
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14. THIRD—PARTY ADMINISTRATORS
The Company’s direct premium written by third-party administrators during the years ended
December 31, was as follows:
Name and Address of Type of Type of
Managing General Agent or FEIN Exclusive Business Authority
Third—Party Administrator Number Contract Written Granted 2022 2021
LTCG Premium administration and
11000 Prairie Lakes Dr., Suite 600 collection; policyholder service;
Eden Prairie, MN 55344 95-4604537 No Long—term care claims administration and payment $ 399,758,404 $ 414,438,766
Maxon Company Premium administration
76 N. Broadway and collection; claims
Irvington, NY 10533 52-1080377 No Group health administration and payment 28,787,386 23,299,919
Health Special Risks, Inc.
880 Sibley Memorial Hwy, Suite 101 Premium collection;
Mendota Heights, MN 55118 41-1365449 No Special risk claims administration 5,665,743 5,620,453
Premium administration and
collection, policyholder service,
All Companies under $1 Million No Critical illness claims administration and payment 2,088 —
Total $ 434,213,621 $ 443,359,138
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15. LIABILITY FOR POLICY AND CONTRACT CLAIMS—HEALTH
A reconciliation of the liability for policy and contract claims–health as of December 31, was as follows:
2022 2021
Health balance at January 1 $ 1,309,431,772 $ 1,245,005,458
Reinsurance recoverable 54,835,729 53,104,636
Net balance at January 1 1,254,596,043 1,191,900,822
Incurred related to:
Current year 2,848,396,866 2,736,008,778
Prior years (46,807,985) (28,095,473)
Total incurred 2,801,588,881 2,707,913,305
Paid related to:
Current year 2,119,209,436 2,044,419,388
Prior years 659,382,060 600,798,696
Total paid 2,778,591,496 2,645,218,084
Net balance at December 31 1,277,593,426 1,254,596,043
Reinsurance recoverable 59,592,549 54,835,729
Balance at December 31 $ 1,337,185,975 $ 1,309,431,772
During 2022, incurred claims related to prior years were favorable on a non-interest adjusted basis
primarily due to favorable runout within Medicare supplement, group STD , group LTD, and other group
health coverages. Special risk was favorable on a non-interest adjusted basis. Individual and group LTD
had favorable run out on a non-interest basis primarily due to updated termination and utilization
rates. The runout for other health products was in line with expectations. During 2021, incurred claims
related to prior years were favorable on a non-interest adjusted basis due to favorable runout within
Medicare supplement, long-term care, special risk, group short-term disability, and other group health
coverages that were in line with expectations. Group LTD had favorable run out on a non-interest basis
due to updated termination rates.
In 2022, the Company updated claim termination and utilization assumptions using actual historical
experience for long-term care disabled life reserves and IBNP which resulted in a decrease of
$31,216,181 and $7,699,984, respectively, and a corresponding increase to income.
A roll forward of the liability for claim adjustment expenses, included in general expenses and taxes due
or accrued on the statutory statements of admitted assets, liabilities, and surplus, as of December 31,
was as follows:
2022 2021
Prior year accrual $ 24,607,835 $ 24,543,323
Incurred claim adjustment expenses 33,249,064 33,269,755
Paid claim adjustment expenses (34,901,813) (33,205,243)
Total $ 22,955,086 $ 24,607,835
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16. ELECTRONIC DATA PROCESSING EQUIPMENT AND SOFTWARE
EDP equipment and operating and non-operating-system software included in other assets as of
December 31, consisted of the following:
2022 2021
EDP equipment $ 81,525,939 $ 90,530,154
Operating—system software 7,344,044 12,844,032
Non—operating—system software 260,251,715 283,205,657
Accumulated depreciation (265,548,106) (308,391,821)
Nonadmitted assets (70,809,996) (61,752,378)
Total $ 12,763,596 $ 16,435,644
Depreciation expense related to EDP equipment and operating and non-operating-system software
totaled $28,744,758 and $25,446,994 for the years ended December 31, 2022 and 2021, respectively.
17. SUBSEQUENT EVENTS
The Company has evaluated events subsequent to December 31, 2022 through March 22, 2023, the
date these financial statements were available to be issued.
Type I-Recognized Subsequent Event:
As referenced in Note 7, the Company paid a $5,500,000 cash capital contribution to Omaha
Supplemental that was reported as a payable to subsidiary included in other liabilities on the statutory
statements of admitted assets, liabilities, and surplus as of December 31, 2022 and subsequently
settled in cash on January 24, 2023.
Type II-Nonrecognized Subsequent Events:
On February 21, 2023, the Omaha Health's Board of Directors declared an extraordinary cash return of
capital effective on March 8, 2023, in the amount of $100,000,000 expected to be paid to the Company
by April 14, 2023.
Effective March 17, 2023, the Company entered into a $550,000,000 senior unsecured credit
agreement that is available for purposes of funding the new home office building. There were no
borrowings outstanding as of the subsequent event date.
The Company continues to evaluate its exposure to the banking sector and will follow its existing
processes for determining any potential investment impairments. The Company does not currently
expect any investment impairments in this sector to be material.
No other material subsequent events have been identified.
******
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SUPPLEMENTAL SCHEDULES
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INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL SCHEDULES
To the Board of Directors
Mutual of Omaha Insurance Company
Omaha, Nebraska
Our 2022 audit was conducted for the purpose of forming an opinion on the 2022 statutory financial
statements as a whole. The supplemental schedule of selected financial data, the supplemental summary
investment schedule, and the supplemental investment risks interrogatories as of and for the year ended
December 31, 2022, are presented for purposes of additional analysis and are not a required part of the
2022 statutory financial statements. These schedules are the responsibility of Mutual of Omaha
Insurance Company's management and were derived from and relate directly to the underlying
accounting and other records used to prepare the statutory financial statements. Such schedules have
been subjected to the auditing procedures applied in our audit of the 2022 statutory financial statements
and certain additional procedures, including comparing and reconciling such schedules directly to the
underlying accounting and other records used to prepare the statutory financial statements or to the
statutory financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, such schedules are fairly
stated in all material respects in relation to the 2022 statutory financial statements as a whole.
March 22, 2023
Deloitte & Touche LLP
1100 Capitol Ave., Suite 300
Omaha, NE 68102-1113
USA
Tel: 1-402-346-7788
www.deloitte.com

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MUTUAL OF OMAHA INSURANCE COMPANY
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
Investment income earned:
U.S. government bonds $ 10,445,714
Other bonds (unaffiliated) 192,468,793
Bonds of affiliates —
Preferred stocks (unaffiliated) 252,671
Preferred stocks of affiliates —
Common stocks (unaffiliated) 1,582,488
Common stocks of affiliates —
Mortgage loans 17,114,522
Real estate 11,784,580
Contract loans —
Cash and cash equivalents 59,059
Short—term investments 1,875,503
Other invested assets 23,796,175
Derivative instruments 2,078,945
Aggregate write—ins for investment income 1,269,725
Gross investment income $ 262,728,175
Real estate owned—book value less encumbrances $ 55,306,205
Farm mortgages—book value $ —
Residential mortgages—book value $ —
Commercial mortgages—book value $ 437,644,631
Mortgage loans by standing—book value:
Good standing $ 435,767,086
Good standing with restructured terms $ 1,877,545
Interest overdue more than 90 days, not in foreclosure $ —
Foreclosure in process $ —
Other long—term assets—statement value $ 581,607,661
Collateral loans $ —
(Continued)
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MUTUAL OF OMAHA INSURANCE COMPANY
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
Bonds and stocks of subsidiaries and affiliates—book value:
Bonds $ —
Preferred stocks $ —
Common stocks $ 2,474,399,445
Bonds and short—term investments by NAIC designation and maturity:
Bonds by maturity—statement value:
Due within one year or less $ 235,148,635
Over 1 year and through 5 years 681,057,307
Over 5 years through 10 years 753,291,263
Over 10 years through 20 years 875,947,677
Over 20 years 2,467,226,273
No Maturity Date 2,154,388
Total by maturity $ 5,014,825,543
Bonds and short—term investments by NAIC designation—statement value:
NAIC 1 $ 2,826,974,927
NAIC 2 2,056,073,801
NAIC 3 121,910,375
NAIC 4 6,049,477
NAIC 5 2,448,196
NAIC 6 1,368,767
Total by NAIC designation $ 5,014,825,543
Total bonds publicly traded $ 2,751,190,693
Total bonds privately placed $ 2,263,634,850
Preferred stocks—statement value $ 14,245,603
Common stocks $ 2,556,710,037
Short—term investments—book value $ 84,400,000
Options, caps, and floors owned—statement value $ —
Options, caps, and floors written and in force—statement value $ —
Collar, swap, and forward agreements open—current value $ 10,175,611
Future contracts open—current value $ —
Cash on deposit $ (16,157,877)
(Continued)
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MUTUAL OF OMAHA INSURANCE COMPANY
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
Life insurance in force (in thousands):
Industrial $ —
Ordinary $ —
Credit life $ —
Group life $ —
Amount of accidental death insurance in force under ordinary policies (in thousands): $ —
Life insurance with disability provisions in force (in thousands):
Industrial $ —
Ordinary $ —
Credit life $ —
Group life $ —
Supplementary contracts in force:
Ordinary—not involving life contingencies:
Amount on deposit $ —
Income payable $ —
Ordinary—involving life contingencies:
Income payable $ —
Group—not involving life contingencies:
Amount on deposit $ —
Income payable $ —
Group—involving life contingencies:
Income payable $ —
Annuities:
Ordinary—immediate:
Income payable $ —
Ordinary—deferred:
Fully paid account balance $ —
Not fully paid account balance $ —
Group:
Income payable $ —
Fully paid account balance $ —
Not fully paid account balance $ —
(Continued)
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MUTUAL OF OMAHA INSURANCE COMPANY
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
Accident and health insurance—premiums in force:
Other $ 3,657,061,513
Group $ 201,887,681
Credit $ —
Deposit funds:
Account balance $ —
Dividend accumulations:
Account balance $ —
Claim payments 2022:
Group accident and health—year ended December 31, 2022:
2022 $ 53,124,445
2021 $ 24,474,703
2020 $ 6,014,510
2019 $ 4,708,618
2018 $ 2,497,789
2017 and prior $ 16,434,634
Claim payments 2022:
Other accident and health—year ended December 31, 2022:
2022 $ 2,066,084,991
2021 $ 497,399,784
2020 $ 31,379,748
2019 $ 22,250,108
2018 $ 17,747,617
2017 and prior $ 36,474,549
Other coverages that use developmental methods to calculate
claim reserves—year ended December 31, 2022:
2022 $ —
2021 $ —
2020 $ —
2019 $ —
2018 $ —
2017 and prior $ —
(Concluded)
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ANNUAL STATEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
SUMMARY INVESTMENT SCHEDULE
Gross Investment Holdings
Admitted Assets as Reported
in the Annual Statement
Investment Categories
1
Amount
2
Percentage
of
Column 1
Line 13
3
Amount
4
Securities
Lending
Reinvested
Collateral
Amount
5
Total
(Col. 3 + 4)
Amount
6
Percentage
of
Column 5
Line 13
1. Long-Term Bonds (Schedule D, Part 1):
1.01 U.S. governments ......................................................................................... 297,638,734 ..............3.327 ...... 297,638,734 ....................... 0 ...... 297,638,734 ............. 3.329
1.02 All other governments .....................................................................................27,614,795 ............. 0.309 ........27,614,795 ....................... 0 ........27,614,795 ............. 0.309
1.03 U.S. states, territories and possessions, etc. guaranteed ...................... ......... 3,282,907 ..............0.037 ......... 3,282,907 ....................... 0 ......... 3,282,907 ............. 0.037
1.04 U.S. political subdivisions of states, territories, and possessions,
guaranteed ......................................................................................................32,634,260 ............. 0.365 ........32,634,260 ....................... 0 ........32,634,260 ............. 0.365
1.05 U.S. special revenue and special assessment obligations, etc. non-
guaranteed ............................................................................................. ......349,750,635 ............. 3.910 ......349,750,635 ....................... 0 ......349,750,635 ............. 3.912
1.06 Industrial and miscellaneous .................................................................. .. 4,067,696,988 ............45.471 .. 4,067,696,988 ......103,811,431 .. 4,171,508,419 ........... 46.659
1.07 Hybrid securities ..................................................................................... ......149,652,837 ..............1.673 ......149,652,837 ....................... 0 ......149,652,837 ............. 1.674
1.08 Parent, subsidiaries and affiliates .................................................................................. 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
1.09 SVO identified funds ........................................................................................ 2,154,388 ............. 0.024 ......... 2,154,388 ....................... 0 ......... 2,154,388 ............. 0.024
1.10 Unaffiliated bank loans ........................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
1.11 Unaffiliated certificates of deposit .................................................................................. 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
1.12 Total long-term bonds ............................................................................... 4,930,425,543 ............55.115 .. 4,930,425,543 ......103,811,431 .. 5,034,236,974 ........... 56.309
2. Preferred stocks (Schedule D, Part 2, Section 1):
2.01 Industrial and miscellaneous (Unaffiliated) .....................................................14,245,603 ............. 0.159 ........14,245,603 ....................... 0 ........14,245,603 ............. 0.159
2.02 Parent, subsidiaries and affiliates .................................................................................. 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
2.03 Total preferred stocks .....................................................................................14,245,603 ............. 0.159 ........14,245,603 ....................... 0 ........14,245,603 ............. 0.159
3. Common stocks (Schedule D, Part 2, Section 2):
3.01 Industrial and miscellaneous Publicly traded (Unaffiliated) .................... ......... 1,795,300 ............. 0.020 ......... 1,795,300 ....................... 0 ......... 1,795,300 ............. 0.020
3.02 Industrial and miscellaneous Other (Unaffiliated) .......................................... 45,248,686 ............. 0.506 ....... 45,248,686 ....................... 0 ....... 45,248,686 ............. 0.506
3.03 Parent, subsidiaries and affiliates Publicly traded .................................. ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
3.04 Parent, subsidiaries and affiliates Other ................................................... 2,476,876,499 ............27.688 .. 2,474,399,445 ....................... 0 .. 2,474,399,445 ........... 27.677
3.05 Mutual funds ........................................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
3.06 Unit investment trusts .................................................................................................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
3.07 Closed-end funds ................................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
3.08 Exchange traded funds ...................................................................................35,266,605 ............. 0.394 ........35,266,605 ....................... 0 ........35,266,605 ............. 0.394
3.09 Total common stocks ............................................................................. .. 2,559,187,091 ............28.608 .. 2,556,710,037 ....................... 0 .. 2,556,710,037 ........... 28.597
4. Mortgage loans (Schedule B):
4.01 Farm mortgages ..................................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
4.02 Residential mortgages ................................................................................................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
4.03 Commercial mortgages .......................................................................... ......437,644,631 ............. 4.892 ......437,644,631 ....................... 0 ......437,644,631 ............. 4.895
4.04 Mezzanine real estate loans ................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
4.05 Total valuation allowance ....................................................................... ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 ............. 0.000
4.06 Total mortgage loans ....................................................................................437,644,631 ............. 4.892 ......437,644,631 ....................... 0 ......437,644,631 ............. 4.895
5. Real estate (Schedule A):
5.01 Properties occupied by company ....................................................................40,753,050 ............. 0.456 ........40,753,050 ....................... 0 ........40,753,050 ............. 0.456
5.02 Properties held for production of income ......................................................... 4,906,555 ............. 0.055 ......... 4,906,555 ....................... 0 ......... 4,906,555 ............. 0.055
5.03 Properties held for sale .................................................................................... 9,646,600 ............. 0.108 ......... 9,646,600 ....................... 0 ......... 9,646,600 ............. 0.108
5.04 Total real estate ..............................................................................................55,306,205 ............. 0.618 ........55,306,205 ....................... 0 ........55,306,205 ............. 0.619
6. Cash, cash equivalents and short-term investments:
6.01 Cash (Schedule E, Part 1) ........................................................................... (16,157,877)............(0.181)...... (16,157,877)........37,500,779 ........21,342,902 ............. 0.239
6.02 Cash equivalents (Schedule E, Part 2) .................................................. ....................102 ............. 0.000 ....................102 ......108,784,250 ......108,784,351 ............. 1.217
6.03 Short-term investments (Schedule DA) ......................................................... 84,400,000 ............. 0.943 ....... 84,400,000 ........31,548,222 ......115,948,222 ............. 1.297
6.04 Total cash, cash equivalents and short-term investments ..................... ....... 68,242,225 ..............0.763 ....... 68,242,225 ...... 177,833,251 ......246,075,476 ............. 2.752
7. Contract loans ................................................................................................ ....................... 0 ............. 0.000 ....................... 0 ....................... 0 ....................... 0 .............0.000
8. Derivatives (Schedule DB) ............................................................................. ........10,175,611 ............. 0.114 ........10,175,611 ....................... 0 ........10,175,611 .............0.114
9. Other invested assets (Schedule BA) ............................................................ ......584,443,749 ..............6.533 ......581,607,661 ....................... 0 ......581,607,661 .............6.505
10. Receivables for securities ........................................................................................ 4,367,077 ............. 0.049 ......... 4,367,077 ....................... 0 ......... 4,367,077 .............0.049
11. Securities Lending (Schedule DL, Part 1)....................................................... ......281,644,682 ............. 3.148 ......281,644,682 ......... XXX................... XXX..................XXX........
12. Other invested assets (Page 2, Line 11) ........................................................ 0 0.000 0 0 0 0.000
13. Total invested assets 8,945,682,416 100.000 8,940,369,275 281,644,682 8,940,369,275 100.000
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*71412202228500100*
SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES
For The Year Ended December 31, 2022
(To Be Filed by April 1)
Of The Mutual of Omaha Insurance Company......................................................................................................................................................................................................................
ADDRESS (City, State and Zip Code) Omaha , NE 68175 ...........................................................................................................................................................................................
NAIC Group Code 0261 ............................ NAIC Company Code 71412 ........................... Federal Employer's Identification Number (FEIN) 47-0246511 ..............................
The Investment Risks Interrogatories are to be filed by April 1. They are also to be included with the Audited Statutory Financial Statements.
Answer the following interrogatories by reporting the applicable U.S. dollar amounts and percentages of the reporting entity’s total admitted assets held in that category of
investments.
1. Reporting entity’s total admitted assets as reported on Page 2 of this annual statement. ..........................................................................................$ ..... 10,171,178,077.10
2. Ten largest exposures to a single issuer/borrower/investment.
1
Issuer
2
Description of Exposure
3
Amount
4
Percentage of Total
Admitted Assets
2.01 United of Omaha Life Insurance
Company ...............................................
Equity ................................................................................................ $ ....... 1,959,899,779.90 ............................19.3 %
2.02 OMAHA HEALTH INSURANCE CO ................ Equity ................................................................................................ $ .......... 267,012,459.40 ............................. 2.6 %
2.03 Omaha Financial Holdings, Inc. ........ Equity ................................................................................................ $ .......... 171,619,607.67 ............................. 1.7 %
2.04 MCCARTHY GP LLC ................................. Sch BA-Joint Venture ........................................................................ $ .......... 122,359,390.00 ............................. 1.2 %
2.05 Federal Home Loan Mortgage
Corporation ........................................
CMO, MBS ............................................................................................. $ ............ 84,886,249.39 ............................. 0.8 %
2.06 OMHL Revolver ..................................... Bank Loan ........................................................................................... $ ............ 64,500,000.00 ............................. 0.6 %
2.07 SFR3 LLC ............................................. Sch BA-Joint Venture ........................................................................ $ ............ 56,469,993.00 ............................. 0.6 %
2.08 Mutual of Omaha Holdings, Inc. ........ Equity ................................................................................................ $ ............ 53,292,607.23 ............................. 0.5 %
2.09 Invesco Real Estate .......................... Sch BA-All Other ............................................................................... $ ............ 49,048,240.75 ............................. 0.5 %
2.10 Lion Industrial Trust ....................... Equity ................................................................................................ $ ............ 44,573,786.42 ............................. 0.4 %
3. Amounts and percentages of the reporting entity’s total admitted assets held in bonds and preferred stocks by NAIC designation.
Bonds 1 2 Preferred Stocks 3 4
3.01 NAIC 1 ............................... $ ... 2,826,974,927.26 ........................27.8 % 3.07 NAIC 1 .............................. $ ........7,626,671.02 ......................... 0.1 %
3.02 NAIC 2 ............................... $ ... 2,056,073,801.10 ........................20.2 % 3.08 NAIC 2 .............................. $ ........... 325,400.00 ......................... 0.0 %
3.03 NAIC 3 ............................... $ ...... 121,910,374.98 ......................... 1.2 % 3.09 NAIC 3 .............................. $ ..................... 0.00 ......................... 0.0 %
3.04 NAIC 4 ............................... $ .......... 6,049,477.12 ......................... 0.1 % 3.10 NAIC 4 .............................. $ ..................... 0.00 ......................... 0.0 %
3.05 NAIC 5 ............................... $ ..........2,448,196.13 ......................... 0.0 % 3.11 NAIC 5 .............................. $ ..................... 0.00 ......................... 0.0 %
3.06 NAIC 6 ............................... $ .......... 1,368,766.90 ......................... 0.0 % 3.12 NAIC 6 .............................. $ ........6,293,531.75 ......................... 0.1 %
4. Assets held in foreign investments:
4.01 Are assets held in foreign investments less than 2.5% of the reporting entity’s total admitted assets? .................................................................. Yes [ ] No [ X ]
If response to 4.01 above is yes, responses are not required for interrogatories 5 - 10.
4.02 Total admitted assets held in foreign investments............................................................................................ $ .......... 735,410,604.86 ............................. 7.2 %
4.03 Foreign-currency-denominated investments .................................................................................................... $ ............................0.00 ............................. 0.0 %
4.04 Insurance liabilities denominated in that same foreign currency ..................................................................... $ ............................0.00 ............................. 0.0 %
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SUPPLEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
5. Aggregate foreign investment exposure categorized by NAIC sovereign designation:
1 2
5.01 Countries designated NAIC-1 ............................................................................................................................. $ ...........677,780,250.31 ............................. 6.7 %
5.02 Countries designated NAIC-2 ............................................................................................................................. $ ............ 42,417,235.08 ............................. 0.4 %
5.03 Countries designated NAIC-3 or below ............................................................................................................... $ ............ 15,213,119.47 ............................. 0.1 %
6. Largest foreign investment exposures by country, categorized by the country’s NAIC sovereign designation:
1 2
Countries designated NAIC - 1:
6.01 Country 1: United Kingdom ................................................................................................................................. $ .......... 157,992,102.97 ............................. 1.6 %
6.02 Country 2: Australia ......................................................................................................................................... $ .......... 123,755,418.06 ............................. 1.2 %
Countries designated NAIC - 2:
6.03 Country 1: Mexico ............................................................................................................................................... $ ............ 10,090,396.12 ............................. 0.1 %
6.04 Country 2: Indonesia ......................................................................................................................................... $ ..............7,644,460.03 ............................. 0.1 %
Countries designated NAIC - 3 or below:
6.05 Country 1: Bahamas ............................................................................................................................................. $ ..............5,405,749.00 ............................. 0.1 %
6.06 Country 2: Virgin Islands, British ................................................................................................................. $ ..............3,688,725.44 ............................. 0.0 %
1 2
7. Aggregate unhedged foreign currency exposure ................................................................................................ $ ............................0.00 ............................. 0.0 %
8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designation:
1 2
8.01 Countries designated NAIC-1 ............................................................................................................................. $ ............................0.00 ............................. 0.0 %
8.02 Countries designated NAIC-2 ............................................................................................................................. $ ............................0.00 ............................. 0.0 %
8.03 Countries designated NAIC-3 or below ............................................................................................................... $ ............................0.00 ............................. 0.0 %
9. Largest unhedged foreign currency exposures by country, categorized by the country’s NAIC sovereign designation:
1 2
Countries designated NAIC - 1:
9.01 Country 1: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
9.02 Country 2: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
Countries designated NAIC - 2:
9.03 Country 1: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
9.04 Country 2: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
Countries designated NAIC - 3 or below:
9.05 Country 1: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
9.06 Country 2: ......................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:
1
Issuer
2
NAIC Designation
3 4
10.01 Perth Airport Pty Ltd ............................................................... 2, 2FE ..................................................... $ ............ 17,000,000.00 ............................. 0.2 %
10.02 Compass Group PLC ..................................................................... 1 .............................................................. $ ............ 15,000,000.00 ............................. 0.1 %
10.03 Owl Rock CLO II Ltd .................................................................. 1FE .......................................................... $ ............ 15,000,000.00 ............................. 0.1 %
10.04 Temasek Financial (I) Limited ................................................. 1FE .......................................................... $ ............ 12,850,250.63 ............................. 0.1 %
10.05 Oldendorff Drybulk GmbH & Co. KG ............................................ 2 .............................................................. $ ............ 12,000,000.00 ............................. 0.1 %
10.06 HSBC Holdings plc ..................................................................... 2FE .......................................................... $ ............ 11,899,819.21 ............................. 0.1 %
10.07 Golub Capital Partners Clo 47M LP .......................................... 1FE .......................................................... $ ............ 11,190,000.00 ............................. 0.1 %
10.08 Stockland Trust Management Limited ........................................ 1FE .......................................................... $ ............ 11,000,000.00 ............................. 0.1 %
10.09 Cerberus Loan Funding XXVIII L P ............................................ 1FE .......................................................... $ ............ 10,925,460.33 ............................. 0.1 %
10.10 Inchcape PLC .............................................................................. 2 .............................................................. $ ............ 10,887,300.00 ............................. 0.1 %
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SUPPLEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
11. Amounts and percentages of the reporting entity’s total admitted assets held in Canadian investments and unhedged Canadian currency exposure:
11.01 Are assets held in Canadian investments less than 2.5% of the reporting entity’s total admitted assets? ............................................................ Yes [ X ] No [ ]
If response to 11.01 is yes, detail is not required for the remainder of interrogatory 11.
1 2
11.02 Total admitted assets held in Canadian investments ......................................................................................... $ ............................0.00 ............................. 0.0 %
11.03 Canadian-currency-denominated investments ................................................................................................... $ ............................0.00 ............................. 0.0 %
11.04 Canadian-denominated insurance liabilities ....................................................................................................... $ ............................0.00 ............................. 0.0 %
11.05 Unhedged Canadian currency exposure ............................................................................................................ $ ............................0.00 ............................. 0.0 %
12. Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments with contractual sales restrictions:
12.01 Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity’s total admitted assets? ....................... Yes [ X ] No [ ]
If response to 12.01 is yes, responses are not required for the remainder of Interrogatory 12.
1 2 3
12.02 Aggregate statement value of investments with contractual sales restrictions ................................................... $ ............................0.00 ............................. 0.0 %
Largest three investments with contractual sales restrictions:
12.03 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
12.04 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
12.05 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
13. Amounts and percentages of admitted assets held in the ten largest equity interests:
13.01 Are assets held in equity interests less than 2.5% of the reporting entity’s total admitted assets? ........................................................................ Yes [ ] No [ X ]
If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13.
1
Issuer
2 3
13.02 United of Omaha Life Insurance Company .......................................................................................................... $ ....... 1,959,899,779.90 ............................19.3 %
13.03 OMAHA HEALTH INSURANCE CO ................................................................................................................................. $ .......... 267,012,459.40 ............................. 2.6 %
13.04 Omaha Financial Holdings, Inc. ........................................................................................................................ $ .......... 171,619,607.67 ............................. 1.7 %
13.05 MCCARTHY GP LLC .................................................................................................................................................. $ .......... 122,359,390.00 ............................. 1.2 %
13.06 SFR3 LLC .............................................................................................................................................................. $ ............ 56,469,993.00 ............................. 0.6 %
13.07 Mutual of Omaha Holdings, Inc. ........................................................................................................................ $ ............ 53,292,607.23 ............................. 0.5 %
13.08 Invesco Real Estate ........................................................................................................................................... $ ............ 49,048,240.75 ............................. 0.5 %
13.09 Lion Industrial Trust ........................................................................................................................................ $ ............ 44,573,786.42 ............................. 0.4 %
13.10 Discovery Mortgage Loan Trust .......................................................................................................................... $ ............ 36,701,864.51 ............................. 0.4 %
13.11 Pretium Partners, LLC ....................................................................................................................................... $ ............ 32,086,593.00 ............................. 0.3 %
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SUPPLEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
14. Amounts and percentages of the reporting entity’s total admitted assets held in nonaffiliated, privately placed equities:
14.01 Are assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity’s total admitted assets? ..................................... Yes [ ] No [ X ]
If response to 14.01 above is yes, responses are not required for 14.02 through 14.05.
1 2 3
14.02 Aggregate statement value of investments held in nonaffiliated, privately placed equities ................................ $ ...........510,310,373.93 ............................. 5.0 %
Largest three investments held in nonaffiliated, privately placed equities:
14.03 MCCARTHY GP LLC .................................................................................................................................................. $ .......... 122,359,390.00 ............................. 1.2 %
14.04 SFR3 LLC .............................................................................................................................................................. $ ............ 56,469,993.00 ............................. 0.6 %
14.05 Invesco Real Estate ........................................................................................................................................... $ ............ 49,048,240.75 ............................. 0.5 %
Ten largest fund managers:
1
Fund Manager
2
Total Invested
3
Diversified
4
Nondiversified
14.06 Vanguard Index Funds - Vanguard Large-Cap ETF ..................................................... $ ............ 13,549,450.20 $ ............ 13,549,450.20 $ ............................0.00
14.07 Vanguard Index Funds - Vanguard Small-Cap ETF ..................................................... $ .............. 8,167,713.54 $ .............. 8,167,713.54 $ ............................0.00
14.08 Vanguard Index Funds - Vanguard Mid-Cap ETF ........................................................ $ ..............7,914,961.35 $ ..............7,914,961.35 $ ............................0.00
14.09 Vanguard STAR Funds - Vanguard Total International Stock ETF ........................... $ ..............5,634,480.24 $ ..............5,634,480.24 $ ............................0.00
14.10 Vanguard Bond Index Funds - Vanguard Intermediate-Term Bond ETF ...................... $ ..............2,154,388.16 $ ..............2,154,388.16 $ ............................0.00
14.11 Federal Home Loan Bank of Topeka ........................................................................... $ ................. 204,226.49 $ ............................0.00 $ ................. 204,226.49
14.12 Wells Fargo Funds Trust - Treasury Plus Money Market Fund ................................. $ .......................... 94.03 $ .......................... 94.03 $ ............................0.00
14.13 First American Funds, Inc. - U.S. Treasury Money Market Fund ........................... $ ............................7.43 $ ............................7.43 $ ............................0.00
14.14 .................................................................................................................................. $ ............................0.00 $ ............................0.00 $ ............................0.00
14.15 .................................................................................................................................. $ ............................0.00 $ ............................0.00 $ ............................0.00
15. Amounts and percentages of the reporting entity’s total admitted assets held in general partnership interests:
15.01 Are assets held in general partnership interests less than 2.5% of the reporting entity’s total admitted assets? ................................................... Yes [ X ] No [ ]
If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15.
1 2 3
15.02 Aggregate statement value of investments held in general partnership interests .............................................. $ ............................0.00 ............................. 0.0 %
Largest three investments in general partnership interests:
15.03 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
15.04 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
15.05 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
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SUPPLEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
16. Amounts and percentages of the reporting entity's total admitted assets held in mortgage loans:
16.01 Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity’s total admitted assets? ......................................................... Yes [ ] No [ X ]
If response to 16.01 above is yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17.
1
Type (Residential, Commercial, Agricultural)
2 3
16.02 Commercial - DEVILLE PROPERTIES LTD ................................................................................................................ $ ............ 15,905,657.84 ............................. 0.2 %
16.03 Commercial - STEPHEN D TEBO DBA TEBO DEVELOPMENT COMPANY ........................................................................... $ ............ 11,328,428.68 ............................. 0.1 %
16.04 Commercial - HS ATLANTA PORTFOLIO INVESTORS LLC ........................................................................................... $ ............ 10,000,000.00 ............................. 0.1 %
16.05 Commercial - PLAZA DEL AMO PROPERTIES LLC ..................................................................................................... $ ..............8,744,206.08 ............................. 0.1 %
16.06 Commercial - WORTHY BROTHERS DEVELOPMENT COMPANY INC .................................................................................. $ ..............8,626,227.59 ............................. 0.1 %
16.07 Commercial - SUNSET LAND COMPANY LLC .............................................................................................................. $ ..............8,200,916.68 ............................. 0.1 %
16.08 Commercial - WESTHAVEN I LLC ............................................................................................................................ $ ..............8,052,000.00 ............................. 0.1 %
16.09 Commercial - PK INVESTMENT ASSOCIATES LLC ..................................................................................................... $ .............. 7,683,698.38 ............................. 0.1 %
16.10 Commercial - SUMMERFIELD ASSOCIATES LLC ......................................................................................................... $ .............. 7,272,704.13 ............................. 0.1 %
16.11 Commercial - IMPERIAL LEGACY ENTERPRISES LLC ................................................................................................ $ .............. 7,102,384.17 ............................. 0.1 %
Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans:
Loans
16.12 Construction loans .............................................................................................................................................. $ ............................0.00 ............................. 0.0 %
16.13 Mortgage loans over 90 days past due ............................................................................................................. $ ............................0.00 ............................. 0.0 %
16.14 Mortgage loans in the process of foreclosure ................................................................................................... $ ............................0.00 ............................. 0.0 %
16.15 Mortgage loans foreclosed ................................................................................................................................ $ ............................0.00 ............................. 0.0 %
16.16 Restructured mortgage loans ............................................................................................................................ $ ..............1,877,545.02 ............................. 0.0 %
17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:
Residential Commercial Agricultural
Loan to Value 1 2 3 4 5 6
17.01 above 95%..... $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 %
17.02 91 to 95%...... $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 %
17.03 81 to 90%....... $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 % $ .................... 0.00 ......................0.0 %
17.04 71 to 80%....... $ .................... 0.00 ......................0.0 % $ ...... 7,268,859.02 ......................0.1 % $ .................... 0.00 ......................0.0 %
17.05 below 70%...... $ .................... 0.00 ......................0.0 % $ ... 430,375,771.77 ......................4.2 % $ .................... 0.00 ......................0.0 %
18. Amounts and percentages of the reporting entity’s total admitted assets held in each of the five largest investments in real estate:
18.01 Are assets held in real estate reported less than 2.5% of the reporting entity’s total admitted assets? ................................................................. Yes [ X ] No [ ]
If response to 18.01 above is yes, responses are not required for the remainder of Interrogatory 18.
Largest five investments in any one parcel or group of contiguous parcels of real estate.
Description
1 2 3
18.02 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
18.03 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
18.04 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
18.05 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
18.06 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
19. Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments held in mezzanine real estate loans:
19.01 Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity’s total admitted assets? .................... Yes [ X ] No [ ]
If response to 19.01 is yes, responses are not required for the remainder of Interrogatory 19.
1 2 3
19.02 Aggregate statement value of investments held in mezzanine real estate loans: .............................................. $ ............................0.00 ............................. 0.0 %
Largest three investments held in mezzanine real estate loans:
19.03 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
19.04 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
19.05 ........................................................................................................................................................................... $ ............................0.00 ............................. 0.0 %
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SUPPLEMENT FOR THE YEAR 2022 OF THE Mutual of Omaha Insurance Company
20. Amounts and percentages of the reporting entity’s total admitted assets subject to the following types of agreements:
At Year End At End of Each Quarter
1st Quarter 2nd Quarter 3rd Quarter
1 2 3 4 5
20.01 Securities lending agreements (do not include
assets held as collateral for such transactions) $ ... 339,563,841.89 ...................... 3.3 % $ ... 433,943,450.32 $ ... 322,975,313.81 $ ... 309,479,382.16
20.02 Repurchase agreements ................................... $ .................... 0.00 ......................0.0 % $ ...... 9,948,676.53 $ ...... 9,950,219.02 $ .................... 0.00
20.03 Reverse repurchase agreements ...................... $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
20.04 Dollar repurchase agreements .......................... $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
20.05 Dollar reverse repurchase agreements ............. $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
21. Amounts and percentages of the reporting entity's total admitted assets for warrants not attached to other financial instruments, options, caps, and floors:
Owned Written
1 2 3 4
21.01 Hedging .....................................................................	$ ............................0.00 ............................. 0.0 % $ ............................0.00 ............................. 0.0 %
21.02 Income generation ....................................................	$ ............................0.00 ............................. 0.0 % $ ............................0.00 ............................. 0.0 %
21.03 Other .........................................................................	$ ............................0.00 ............................. 0.0 % $ ............................0.00 ............................. 0.0 %
22. Amounts and percentages of the reporting entity's total admitted assets of potential exposure for collars, swaps, and forwards:
At Year End At End of Each Quarter
1st Quarter 2nd Quarter 3rd Quarter
1 2 3 4 5
22.01 Hedging ............................................................. $ ...... 1,579,013.49 ......................0.0 % $ .......1,677,372.58 $ ...... 1,645,602.00 $ ...... 1,612,723.19
22.02 Income generation ............................................ $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
22.03 Replications ...................................................... $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
22.04 Other ................................................................. $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
23. Amounts and percentages of the reporting entity's total admitted assets of potential exposure for futures contracts:
At Year End At End of Each Quarter
1st Quarter 2nd Quarter 3rd Quarter
1 2 3 4 5
23.01 Hedging ............................................................. $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
23.02 Income generation ............................................ $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
23.03 Replications ...................................................... $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
23.04 Other ................................................................. $ .................... 0.00 ......................0.0 % $ .................... 0.00 $ .................... 0.00 $ .................... 0.00
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