Ameritas Life Insurance Corp.

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1 Primary Credit Analyst: Elizabeth A Campbell, New York (1) ; elizabeth.campbell@spglobal.com Secondary Contact: Neil R Stein, New York (1) ; neil.stein@spglobal.com Table Of Contents Major Rating Factors Rationale Outlook Business Risk Profile Financial Risk Profile Other Assessments Related Criteria MARCH 16, 218 1

2 SACP* Assessments SACP* Support Ratings Anchor a+ + Modifiers = a+ + = Financial Strength Rating Business Risk Strong ERM and Management Liquidity Group Support Financial Risk Extremely Strong Holistic Analysis Sovereign Risk Gov't Support *Stand-alone credit profile. See Ratings Detail for a complete list of rated entities and ratings covered by this report. Major Rating Factors Strengths: Weaknesses: Diversified portfolio of products and services Demonstrated flexibility in responding to market conditions Extremely strong capital and earnings with expected redundancy at the 'AAA' level Exceptional liquidity Strategy that has resulted in recent earnings volatility Operating performance on par with mutual peers, but low profitability relative to life sector Prolonged low interest rates pressuring investment returns and universal life earnings Rationale S&P Global Ratings' rating on Ameritas Life Insurance Corp. and its wholly owned subsidiary Ameritas Life Insurance Corp. of New York (together, Ameritas) reflects the company's strong business risk profile and extremely strong financial risk profile. We base our ratings on Ameritas on its diversified product portfolio with flexible strategic goals and strong competitive position with a broad U.S. geographic footprint. We view its operating performance as on par with mutual peers, but profitability has been low relative to the life sector in the past two years. Our assessment of Ameritas' capital and earnings as extremely strong is a key ratings factor. We expect the company to maintain redundancy at the 'AAA' level. Our pro forma view of capital includes our estimate of a roughly 3% reduction to statutory capital following the write-down of Ameritas' deferred tax assets under the new tax code. The company's intermediate risk position reflects its diverse investment portfolio and its low financial leverage contributes to adequate financial flexibility. Ameritas has exceptional liquidity due to a highly liquid asset portfolio. We consider its MARCH 16, 218 2

3 enterprise risk management (ERM) to be adequate, and its management and governance satisfactory. Outlook: Stable The stable outlook on Ameritas reflects our expectation that the group will maintain a strong business risk profile and extremely strong financial risk profile. We expect operating performance and capital adequacy to be consistent with our base-case economic forecast, which projects modest growth in GDP and interest rates. Downside scenario We may lower our ratings in the next 24 months if, contrary to our expectations, capital adequacy falls below the 'AA' level per our capital model, or if Ameritas boosts its allocation to what we view as higher-risk assets, indicating an increase in its risk-position tolerance. We could also lower the rating if we see changes to the group's business risk profile resulting from a weaker competitive position or operating performance. Upside scenario We are unlikely to raise our ratings in the next 24 months because we do not expect the group's operating performance or competitive position to outperform our expectations or peers. Macroeconomic Assumptions U.S. real GDP growth of about 2.3% in 217, 2.8% in 218, and 2.2% in 219 Average 1-year U.S. Treasury yield of about 2.3% in 217, 2.6% in 218, and 3.% in 219 Key Metrics --Year ended Dec (Mil. $) 219* 218* Net premiums and annuity considerations >3,1 >3, >2,8 4, ,46.5 2,215. S&P Global Ratings' capital adequacy/redundancy AAA AAA AAA AAA AAA AAA Return on capital and surplus (%) (1.7) 8.1 Net investment yield (%) Financial leverage (%) <1 <1 < *Forecast data reflect S&P Global Ratings' base-case assumptions. Business Risk Profile: Strong Ameritas has a strong competitive position supported by a diversified product portfolio across four core business segments: individual (life, annuity, and disability income); group (dental and vision); retirement (group annuities); and financial (broker/dealer, and investment advisory). Its individual business has historically been the largest contributor to operating income. Ameritas markets its individual and retirement products mostly to middle- and upper-income individuals and businesses in all 5 states. MARCH 16, 218 3

4 The group seeks to capture shifts in consumer trends. While this strategy provides flexibility, it can limit potential dominance in a particular business segment. But the group maintains a top 25 position in indexed annuities--a key driver of growth in the individual segment in the past few years--as well as a top five position in group dental and top ten in individual disability income. It operates through noncontrolled distribution channels and focuses on increased recruiting of general agencies and independent advisors, along with further expansion via strategic acquisitions and alliances. Ameritas actively manages its product portfolio to address risks associated with the various features of its products, including exposure to interest rate risk, guaranteed death benefits, and guaranteed income benefits. Operating performance is neutral to the rating. We expect less transaction activity in 218 than in the past few years; as a result, we anticipate earnings will stabilize and profitability metrics improve. We expect the retirement plans division to see increased revenues year-over-year, once new distribution resulting from a recently acquired 41(k) block is fully integrated. Ameritas benefits from the stable economic growth prospects, effective and stable political institutions, sophisticated financial system, and strong payment culture in the U.S. Financial Risk Profile: Extremely Strong We view Ameritas' capital and earnings as extremely strong and redundant at the 'AAA' confidence level based on our capital adequacy model. We expect this to continue, supported by diversified earnings sources and limited dividend activity. Earnings have been volatile over the past few years due in part to reinsurance transactions and acquisition activity and the divestiture of Calvert. We expect earnings to normalize this year. We consider Ameritas' risk position to be intermediate based on its well-diversified investment portfolio and limited exposure to high-risk assets. The portfolio includes fixed-income securities, mortgage-backed securities, and whole loans (combined 87% of invested assets), and is largely investment grade with a weighted average rating of 'A' as of year-end 216. High-risk assets make up about 7.6% of total invested assets; equity investments have the highest exposure at about 3%. We consider its high-risk assets to total adjusted capital (TAC) of 6% at year-end 216 as neutral. The portfolio has no material concentrations by sector or obligor and no foreign-exchange risk. Ameritas has adequate financial flexibility, in our view, although as a mutual organization, it has a slight disadvantage vis-à-vis publicly traded peers. The group can raise capital by issuing surplus notes and currently has one $5 million note outstanding. It had low financial leverage of less than 1% at year-end 217, and we expect leverage to remain low. Ameritas Life Insurance Corp. is a member of the Federal Home Loan Bank (FHLB) of Topeka. In 216, Ameritas had a board-authorized borrowing capacity of $35 million (for liquidity) and an additional $45 million in funding agreements. Ameritas Life Insurance Corp. of New York became a member of the FHLB of New York in 217. We believe Ameritas has more-than-sufficient resources to support both its existing operations and sensible growth. We believe its extremely strong capital position and operating prospects give the group ample latitude to self-fund its strategic initiatives. MARCH 16, 218 4

5 Other Assessments We consider Ameritas' ERM to be adequate and of low importance to the rating. Our view is supported by a neutral view of its risk-management culture, risk controls, risk and economic capital models, and strategic risk management. Because it has a moderate level of complexity and product diversification, Ameritas focuses on segment-specific risk-management capabilities and is committed to maintaining excess capital relative to risk--which we believe is appropriate for the rating and the group's scale and product portfolio. We acknowledge that, over the past few years, leadership has begun to migrate towards ERM as a risk-optimization tool rather than solely as a risk-avoidance mechanism. Therefore, we expect the ERM framework to continue to evolve and strengthen. We regard Ameritas' management and governance practices as satisfactory, reflecting our overall neutral view of its strategic positioning, financial management, organizational effectiveness, and governance. We have a positive view of its management strength and consider the team to have sufficient depth and breadth, extensive industry experience, and a track record of execution in its key lines. The group enhances its strategic planning process--centered on customer focus, distribution, and financial health--with strong participation at the executive level; we view this favorably, as we do its comprehensive financial standards. We found no governance deficiencies in our assessment. We consider Ameritas' liquidity to be exceptional due to the lack of confidence-sensitive liabilities or contingent collateral-posting exposure. Its liquidity ratio, per our model, was 241% as of year-end 216. Ameritas has a $5 million surplus note outstanding due 226 that it issued in 1996, for which we recognize equity content (in our calculation of TAC) until 1 years are remaining, at which point (216 TAC calculation), we amortize equity content down at 2% per year. We attribute no equity content when there are five years or less to maturity. Related Criteria General Criteria: Group Rating Methodology, Nov. 19, 213 Criteria - Insurance - General: Enterprise Risk Management, May 7, 213 Criteria - Insurance - General: Insurers: Rating Methodology, May 7, 213 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 212 Criteria - Insurance - General: Methodology For Assessing Capital Charges For Commercial Mortgage Loans Held By U.S. Insurance Companies, May 31, 212 Criteria - Insurance - General: Methodology For Calculating The Convexity Risk In U.S. Insurance Risk-Based Capital Model, April 27, 211 Criteria - Insurance - General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 21 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 29 MARCH 16, 218 5

6 Criteria - Insurance - General: Hybrid Capital Handbook: September 28 Edition, Sept. 15, 28 Criteria - Insurance - Life: Liquidity Model For U.S. And Canadian Life Insurers, April 22, 24 Ratings Detail (As Of March 16, 218) Operating Company Covered By This Report Ameritas Life Insurance Corp. Financial Strength Rating Counterparty Credit Rating Subordinated A- Related Entities Ameritas Life Insurance Corp of New York Financial Strength Rating Issuer Credit Rating Domicile Nebraska *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings credit ratings on the global scale are comparable across countries. S&P Global Ratings credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. MARCH 16, 218 6

7 Copyright 218 by Standard & Poor s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. MARCH 16, 218 7

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