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2017 Annual Report
JoAnn Martin

“Ameritas has a heritage of financial strength and exceptional service. Our commitment is to help our customers live life to the fullest and to be there when they need us.”
— JoAnn M. Martin

To our valued policyholders and clients

In 2017, we adopted a new operating structure, refreshed our product portfolio and pursued new strategies designed to drive growth.

We proudly served our customers and communities that give life to our mission and values at Ameritas. The business we’re in is special, and we know what we do makes a difference for people. This understanding gives us energy and shapes our thinking.

In 2017, Bill took on an expanded role as president and chief operating officer. While JoAnn remains chief executive officer, Bill now leads our business lines. This is the right structure at the right time for Ameritas as we concentrate on our plans for growth.

Financially, we had a good year in 2017. For the year ended December 31, 2017, Ameritas grew GAAP pretax income to $157.5 million, up 13.0 percent from 2016. Total GAAP assets rose 8.0 percent to $23.1 billion in 2017, and total insurance revenues, net investment income and other revenue totaled $2.2 billion.

Our customer-focused culture reflects our mutual-based structure. We are here to serve our members and help them realize their dreams. Our solid foundation of financial health allows us to provide value to customers over the long term and is reflected in continued strong, stable ratings from Standard & Poor’s and A.M. Best Company. Our total GAAP equity increased to nearly $3.1 billion in 2017.

Our total number of customers, which is about 4.0 million, demonstrates how serious we are about our mission to help make the lives of our customers and their families better. Ameritas paid $3.0 billion in benefit payments to policyholders in 2017. There’s nothing more important than delivering on the promises we make every day.

We bring our hearts to work every day because we know we are making a difference for others. It’s a way of thinking that also extends to our community service. Ameritas associates gave 12,905 volunteer hours in 2017, and Ameritas contributed nearly $1.6 million to nonprofit organizations nationwide. We do this because investing in our communities is second nature at Ameritas. It’s part of who we are.

Thanks to the exceptional service provided by our outstanding associates and field partners, Ameritas is strong and growing. We are exploring new opportunities, setting ambitious goals and laying solid groundwork to get there. We are optimistic about the future.

We are fulfilling lives.

JoAnn M. Martin, CPA, FLMI
Chief Executive Officer

William W. Lester, CFA, FLMI
President and Chief Operating Officer

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Company Highlights

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Total Members' GAAP Equity
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Total GAAP Assets
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Total Assets Under Management
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Total Revenue
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Policyholder Benefits
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Number of Customers
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Financial Health Overview

The core financial health of Ameritas Mutual Holding Company lies within its insurance companies. These include Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York.

Deeply rooted with one of the strongest balance sheets in the industry, the financial health of Ameritas provides the strength and stability that customers expect, and is backed by a tradition of financial stewardship and a commitment to a conservative investment and risk management philosophy. It’s also reflected in the strong ratings we’ve consistently earned from Standard & Poor’s and A.M. Best Company.

Solid Capital Position

The fundamental basis for a financially healthy company resides within our solid capital position. As one of the largest mutual-based insurance organizations in the country, our nearly $3.1 billion in equity helps protect customers against the uncertainties of today’s financial markets and helps to ensure we’ll be there when they need us the most. With a focus on capital utilization, operational effectiveness, increased revenue and earnings growth, we are poised to strategically strengthen our position as a top-tier industry leader.

Solid Financial Ratings

The ratings* assigned to Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York provide an independent opinion of each insurer’s financial strength and ability to meet ongoing insurance policy and contract obligations. Standard & Poor’s and A.M. Best Company are recognized among the top authorities in analyzing insurance companies. The Best’s Rating Report and Standard & Poor’s Full Analysis Report are available in the ratings section of ameritas.com.

Standard & Poor’s

A+ (Strong) for insurer financial strength. This is the fifth highest of Standard & Poor’s 21 ratings assigned.

A.M. Best

A (Excellent) for financial strength and operating performance. This is the third highest of A.M. Best’s 15 ratings assigned.

*Ameritas Mutual Holding Company’s ratings by Standard & Poor’s include Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York.

Solid Insurance Ratings

A

A.M. Best Company

A (Excellent) for financial strength and operating performance. This is the third highest of A.M. Best’s 15 ratings assigned.

Solid Insurance Ratings

A+

Standard & Poor’s

A+ (Strong) for insurer financial strength. This is the fifth highest of Standard & Poor’s 21 ratings assigned.

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Consolidated Statistics

Total Assets Under Management

GAAP Assets

GAAP Equity

GAAP Revenues

GAAP Pretax Operating Income

GAAP Pretax Income

Statutory Premiums

Life Insurance In Force

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Consolidated Balance Sheets

December 31

Ameritas Mutual Holding Company and subsidiaries (unaudited, in thousands)

2017 2016

Assets

Investments:

Fixed maturity securities $10,002,602 $9,681,795
Equity securities 518,372 471,837
Mortgage loans 1,969,464 1,822,541
Loans on insurance policies 411,096 395,313
Other investments 449,344 404,311
Total Investments $13,350,878 $12,775,797
Cash, cash equivalents and restricted cash 382,793 385,056
Accrued investment income 109,746 110,014
Deferred acquisition costs and identifiable intangibles 752,250 739,727
Reinsurance receivables 659,688 646,335
Other assets 358,552 326,322
Separate accounts 7,526,296 6,451,688

Total Assets

$23,140,203 $21,434,939

Liabilities and Equity

Liabilities:

Policy and contract liabilities $10,668,062 $10,366,567
Deposit liability 1,105,350 1,156,976
Deferred income taxes 127,682 108,743
Surplus notes payable and borrowings 64,231 64,676
Other liabilities 582,484 533,174
Separate accounts 7,526,296 6,451,688
Total Liabilities $20,074,105 $18,681,824

Equity:

Retained earnings 2,787,002 2,636,832
Accumulated other comprehensive income 279,096 116,283

Total Members' Equity

$3,066,098 $2,753,115

Total Liabilities and Equity

$23,140,203 $21,434,939
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Consolidated Statements of Operations

For the Years Ended
December 31

Ameritas Mutual Holding Company and subsidiaries (unaudited, in thousands)

2017 2016

Income

Insurance Revenues:

Premium income $1,145,792 $1,125,831
Contract charges 398,996 370,916
Reinsurance, net (166,863) (175,424)
Broker dealer revenues and mutual fund management and related fees 121,094 208,568
Net investment income 570,862 526,703
Realized capital gains, net 47,307 93,142
Other income 82,957 70,956

Total Revenues

$2,200,145 $2,220,692

Benefits and Expenses

Policy benefits $1,213,615 $1,165,775
Sales and operating expenses 679,714 767,951
Interest expense 46,587 44,580
Amortization of deferred acquisition costs and identifiable intangibles 102,756 102,999
Total Benefits and Expenses $2,042,672 $2,081,305
Income before income taxes 157,473 139,387
Income tax (benefit) expense (39,798) 49,778

Net Income Attributable to Members

$197,271 $89,609