SECURITY BENEFIT. A Company You Can Trust 2014 EDITION

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1 SECURITY BENEFIT A Company You Can Trust 2014 EDITION

2 A Company You Can Trust A UNIQUE HISTORY A LEADER TODAY STRENGTH IN OUR NUMBERS For more than 120 years we ve been helping people overcome financial challenges and reach their goals. We ve dedicated ourselves to helping you To and Through Retirement. Mike Kiley

3 A Company You Can Trust Thank you for considering Security Benefit for your retirement. More than 120 years ago, 11 men with $11 formed, what is today, Security Benefit to provide life insurance coverage for everyday working people. It was a novel idea in 1892, when life insurance was almost exclusively for the affluent. Life insurance for the working man was followed by several other groundbreaking ideas, including life insurance for women and being one of the first insurance companies to exclusively pursue the retirement market. For more than 40 years, we have focused on helping Americans retire, especially K-12 educators. Four years ago, we charted the course to transform from a solid, Midwest specialty retirement company into a market leader in multiple wealth segments and marketplaces. Today we are a clear leader in several important market categories. As of fourth quarter 2013, we were number two in overall fixed annuity sales, number two in bank market fixed annuity sales, number two in fixed indexed annuity sales for fourth quarter, and fifth in K-12 education market sales 1. Assets Under Management (AUM), Sales, Net Flows and Capital Surplus were all at record levels for us in I m very proud of not only our continued growth but that we continue to retain our current customers. All of these metrics speak to the quality of our products and their performance, our service and the satisfaction of the financial advisors who recommend our products and our clients. Helping people prepare for retirement is a noble and worthwhile endeavor. You have a choice when it comes to the companies and products that will help you achieve your retirement goals. We appreciate your trust in us to help you retire. You have helped make Security Benefit the successful company we are today, and we do not take that for granted. I thank you for giving us the opportunity to serve you, as does the entire Security Benefit organization. Michael P. Kiley Chief Executive Officer Security Benefit Corporation 1 Beacon Research, 2014/01/07 Includes MVA, non-mva, Indexed and Fixed Income. LIMRA. 403(b) Market Segment, Not-for-Profit Market; First Quarter

4 Security Benefit A Unique History In a small Topeka, Kansas, drugstore in 1892, Dr. H.A. Doc Warner encouraged 11 men to contribute $1 each to help form The Knights and Ladies of Security. The forward-thinking fraternal society was among the first to accept women as equals, provide life insurance to everyday people and focus on caring for the community. These core values served as the foundation upon which Security Benefit is built today. Later known as the Security Benefit Association, SBA continued to show its commitment to helping the community. Members donated nickels to help fund a mutual cooperative farm, a children s orphanage, a home for the elderly, a private school and a hospital. The first dormitory to accommodate children who were orphans of members was fondly called The Home That Nickels Built. During World War I and World War II, SBA offered expanded coverage to members who served in the military, despite the financial turmoil the wars caused for the organization. A Patriotic Fund was created by members to support fellow military members. After World War II, SBA evolved from a fraternal society to Security Benefit Life Insurance Company (Security Benefit Life), a mutual reserve life insurance company. In the 1960s and 70s, we were an early entrant in the U.S. retirement market and introduced one of the first Variable Annuities (VAs) in the country. Around that same time, the organization began focusing on the retirement savings market for education and public employees. Eventually, the organization was named the provider of retirement savings products for the National Education Association (NEA). Success in retirement markets led to greater emphasis in this rapidly growing sector. Over the 1980s and 90s, we exited the life, health and disability markets and became one of the first insurance companies to focus fully on retirement. Then in 2010, we were acquired by an investor group led by Guggenheim Partners. Impressive strides have been made. Over the last three years, the company has either been affirmed or upgraded on four consecutive occasions by S&P and on three consecutive occasions by A.M. Best, while during this same timeframe many within the industry were downgraded. We believe this speaks to the success we are pursuing and experiencing. Security Benefit Life s 2013 Total Policyholder s Surplus was more than $1 billion 3 ; our Total Statutory Adjusted Capital 4 was more than $1.2 billion. This level reinforces our confidence that our obligations to our customers will continue to be paramount, just as they have for the last 122 years. With that as our focus, we are committed to helping our customers meet their retirement goals. 3 As of December 31, As of December 31, Total Statutory Adjusted Capital represents Total Policyholder s Surplus plus the Asset 4 Valuation Reserve.

5 The Home That Nickels Built. Men hold signs promoting the Knights and Ladies of Security insurance company, founded in

6

7 A Company You Can Trust A Leader Today SBL Separate Account $6 Billion $24.8 Billion aum SBL General Account $15 Billion Mutual Fund Custodial Accounts $3.8 Billion Security Benefit Consolidated Assets Under Management 5 Security Benefit A Company You Can Trust Security Benefit Corporation is a leader in the U.S. retirement market. Security Benefit Corporation serves multiple wealth segments and channels of distribution through our commitment to a more focused, effective and strategically driven distribution structure. With a strong vision, we have grown rapidly over the last few years to take a leadership position in a number of important markets. Our history and strength lie in specialty markets (as illustrated in our history on page 4). We took that core capability and strength and applied it to expanding our presence to the full range of retirement markets and wealth segments. With these strategies in place, we have experienced tremendous growth over most of our peers. By leveraging the superior general account management capabilities of Guggenheim Investments, the investment management business of Guggenheim Partners, we are able to provide you highly competitive products and rates through select independent financial advisors to address your retirement needs. Learn more about Security Benefit by visiting SecurityBenefit.com. 5 As of December 31,

8 Security Benefit A Leader Today $200 Billion 6 Assets Under Management $122 Billion 7 Institutional Fixed Income $89 Billion 7 Insurance Company General Account Assets Guggenheim Partners Assets Under Management About Guggenheim Partners Guggenheim Partners is a privately held global financial services firm with more than $200 billion in assets under management. 6 The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. ȥ ȥ $200 billion assets under management 6 ȥ ȥ $122 billion institutional fixed income 7 ȥ ȥ $89 billion insurance company general account assets 7 Guggenheim Investments is the investment management business of Guggenheim Partners. Guggenheim s overall goal is to deliver superior risk-adjusted returns to protect and grow the clients capital. Within each mandate, they recognize that clients often have specific requirements for income, yield and duration, among other objectives. Guggenheim Investments investment management expertise is demonstrated through its industry-wide recognition and accolades. This attribute, coupled with Security Benefit Life s retirement product success, make Security Benefit and Guggenheim Partners a successful example in the area of insurance services. Guggenheim Partners is dual-headquartered in New York and Chicago and serves clients around the world from more than 25 offices in eight countries. For more information, please visit 6 Assets under management are as of December 31, 2013, and include consulting services for clients whose assets are valued at approximately $36 billion. 7 As of December 31,

9 Security Benefit ranks second in indexed annuity sales. Wink s Sales and Market Report8 8 Wink s Sales and Market Report, Q4, 2013.

10 Security Benefit Strength in Our Numbers Today, Security Benefit Life is a leader in the U.S. retirement market with $20.7 billion in statutory assets 9 a 34% increase in asset growth over Our financial strength can also be seen in Security Benefit Life s solvency ratio, which was 105.3% on December 31, (See chart on page 11.) Solvency, a financial-strength measurement, is the ability of a corporation to meet its financial obligations, both short-term and long-term. For an insurance company, such 2013 Statutory Revenues: $6.741 billion Total Policyholder s Surplus: $1.245 billion 9 obligations include the benefits it has agreed to pay its customers, such as the living or death benefits on annuity contracts. There are numerous ways to measure an insurer s solvency or financial strength, some objective and some subjective. Solvency ratio is one of these measures. Other measures include Return on Assets (ROA), Return on Equity (ROE), cash flow, liquidity and diversification of investments. Solvency ratios take all of an insurer s assets (both general and separate accounts) and divide that number by its total liabilities. The quality of the assets, liquidity, diversification and other factors are not included in the ratio. In addition, liabilities may fluctuate daily. We are pleased with SBL s strong solvency ratio. We encourage those interested in SBL s financial position to review our statutory financial information on our website (SecurityBenefit.com). You can also receive copies of SBL s statutory and GAAP financial statements by calling us at As of December 31, Statutory Assets reflect only those of Security Benefit Life and not affiliates. 10

11 A Company You Can Trust Our Financial Strength Today The ratings of SBL and other companies are shown in the chart below. The purpose of the ratings is to reflect the financial strength of the insurer and should not be considered to have a bearing on the investment performance of assets held in any SBL separate account. Rating agencies take many factors into account when assigning a financial strength or claims-paying rating to an insurer. For a more complete understanding of the reasons for the ratings assigned to SBL, please refer to the ratings assessment of SBL. Security Benefit Life as compared to those considered our peer insurance companies. 10 S&P Rating A.M. Best Rating Solvency Ratio 11 Security Benefit Life Insurance Company A- B % Great American Life Insurance Company A+ A % Insurance Symetra Life Insurance Company A A % Variable Annuity Life Insurance Company A+ A % Life Insurance Company of the Southwest A A % Horace Mann Life Insurance Company A A % Allianz Life Insurance Company of North America AA A % ING Life Insurance and Annuity Company A- A % companies with an A.M. Best rating of A have a median solvency of %. Midland National Life Insurance Company A+ A % Insurance Pacific Life Insurance Company A+ A % MetLife Investors Insurance Company AA- A % Lincoln National Life Insurance Company AA- A % Metropolitan Life Insurance Company AA- A % Nationwide Life Insurance Company A+ A % Principal Life Insurance Company A+ A % companies with an A.M. Best rating of A+ have a median solvency of %. Jackson National Life Insurance Company AA A % Pruco Life Insurance Company AA- A % AXA Equitable Life Insurance Company A+ A % Great-West Life & Annuity Insurance Company AA A % Prudential Retirement Ins & Annuity AA- A % 10 S&P Ratings taken from StandardandPoors.com as of March 13, A.M. Best Ratings taken from A.M. Best Global Insurance Database as of March 13, Sorted by solvency ratio within ratings category as of March 13, 2014, as provided by A.M. Best Global Insurance Database. Solvency ratio as provided by A.M. Best as of December 31, Solvency ratios take all of an insurer s assets (both general and separate accounts) and divide that number by its total liabilities. The quality of the assets, liquidity, diversification and other factors are not included in the ratio. In addition, liabilities may fluctuate daily. 11

12 Security Benefit ranks third in overall fixed annuities sales. ThinkAdvisor12 12 ThinkAdvisor, Top 20 Companies for Annuity Sales: 2013, March 17, 2014.

13 A Company You Can Trust Our Financial Strength Today A- B++ Stable Stable S&P Rating 13 A.M. Best Rating 13 Ratings Strength Over the last four years, Security Benefit has either been affirmed or upgraded on four consecutive occasions by S&P and on three consecutive occasions by A.M. Best, while during this same timeframe many within the industry were downgraded. We continue to work closely with these industry groups in the belief that our significant and strategic growth will be recognized through additional ratings upgrades. While others in the industry are either pulling back or retreating from the market, Security Benefit is growing. We are adding staff and developing new products to help you meet your retirement goals. With a strong ratings outlook and financial footing, Security Benefit is optimistic about the future. While others in the industry are either pulling back or retreating from the market, Security Benefit is growing. 13 As of March 31,

14 Security Benefit A Conservative General Account Portfolio 2014 Conservative Long-Term Bond Portfolio Security Benefit Life General Account Long-Term Bonds Portfolio Allocation % Asset-Backed Securities 9.7% 23.2% 8.2% 4.2% Residential Mortgage- Investment Grade Government Municipal Bonds Backed Securities Corporates 6.5% Commercial Mortgage- Backed Securities 6.6% 0.6% 5.7% 100% Private Hybrid Other Total Placement Bonds 2014 National Association of Insurance Commissioners (NAIC) Ratings of Our Portfolio Security Benefit Life General Account Long-Term and Short-Term Bonds and Preferred Stock Quality Allocation % 42.7% 2.8% 1.2% NAIC 1 (Aaa/Aa/A) NAIC 2 (Baa) NAIC 3 (Ba) NAIC 4 (B) 0.7% NAIC 5 (Caa & lower) 0.0% NAIC 6 (In or near default) 100% Total 14 As of December 31, Includes long-term bond assets only. 15 As of December 31, Fixed maturity securities by NAIC. 14

15 Retire Confidently Let Security Benefit help you work toward your goal of a comfortable and secure retirement. We offer a range of retirement solutions including: ȥȥ Tax-deferral savings products 16 ȥȥ Guaranteeing a stream of income you cannot outlive 17 ȥȥ Access to your money when you need it 18 Services are offered through and securities are distributed by Security Distributors, Inc. (SDI), a subsidiary of SBL, which is wholly owned by Security Benefit Corporation ( Security Benefit ). 16 Withdrawals are subject to ordinary income tax and, if made before age 59½, may be subject to a 10% IRS penalty tax. 17 Guarantees are subject to the claims-paying ability of the issuing insurance company. 18 Depending on the product, early withdrawals will be subject to a surrender charge, bonus recapture and/or market value adjustment.

16 Security Benefit s history, financial strength, and innovative products make us a wise choice to help you To and Through Retirement. Ask your Financial Professional if a Security Benefit product could be right for you and let us help you To and Through Retirement ANNUITIES MUTUAL FUNDS RETIREMENT PLANS One Security Benefit Place Topeka, Kansas SecurityBenefit.com /03/28

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