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Table_MainInfo/2024 06 26 Table_InvestInfo Table_QuoteInfo-26.70%-18.72%-10.74%-2.76%5.22%13.20%2023/4 2023/7 2023/10 2024/1 Table_ReportInfo 2 2024.04.01 EV 2023 2024.04.05 2024.03.19 Table_AuthorInfo:Tel:(010)50949926 Email:S0850515040002:Tel:010-56760090 Email:S0850523070002 Table_Summary 1 1990s 1980s 2 1990 6.25%2000 2%0.25%/1995 12%2020 38%1999-2002 60%3 20 90 1998 52.2%2022 82.3%17%-31%2008 17.4%2022 29.0%4 2013 1.5%-2.0%2.5%1 21 2002 28%2007 38%38%2000-2022 4.5%3%2 1980 10%2021 31%65%-70%2.2%2.5%2022 2 1 2010+10.1pct-9.1pct 40%20 10-20%33.8%73.8%80%70%1 2010 1020 2022 1.6%2010 2017-2023 23.9%7.8%2+AA BBB 10%9532 2 1.6 1.1.6 1.2.8 1.3.10 1.4 2013.11 2.12 2.1.12 2.2+.13 2.3.16 3.17 3.1.17 3.2+.18 WUFUxOsPnOqRrPmPrMsNnM8OcM9PtRnNsQtPkPnNsMeRsQqP6MmMvNNZrNqPwMoMtR 3 1%.6 2 20 90.6 3.6 4 20 90.7 5 20 90.7 6 20 90.7 7%.8 8.8 9.9 10 90.10 11 2008.10 12.11 13%.11 14 2006-2022%.11 15 2006-2022.12 16.12 17.13 18.13 19.14 20.14 21.15 22.15 23.16 24 2022.16 25.16 26.17 27 2022.17 28.17 29.18 30 2021-2023.18 4 31 2021-2023.18 32.19 33.19 7zM/gaHgSrxBGMz8S8DcvZDzSda0ryHb0G1WUCrSdD5wkjrvSNIBfVPbZMTUGeD/5 1.8 2.9 3 1999 2002.9 6 1%-2024681012 Wind 1.1.1 1 1960-1989 20%1989 30%80%1990 3.56 135 2 20 90-20%-10%0%10%20%30%40%50%60%70%05000100001500020000250003000035000%LIAJ 3 2 20 70 70 20 80 70 7 4%6%1985-1990 1985-1986 5 20 5.5%8.8%4 20 90 0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%050001000015000200002500030000350001975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2010%wind LIAJ 1985 1985-1990 15%22%5 20 90 0%10%20%30%40%50%60%70%80%90%100%1975 1980 1985 1990 1995 2000 2005 2010 LIAJ 6 20 90 0501001502002503000500010000150002000025000300003500040000 225 wind 3 20 20 90 1990 8%2000 1.7%1 1990 1990 7%2000 2%2 8 1999 2000 10 1.4 1997 80 7%-1.00.01.02.03.04.05.06.07.08.09.01986198819901992199419961998200020022004200620082010201220142016201820202022 Wind 8-3600-3200-2400-2567-2100-2500-1300-1200-1300-740-820-940-820-720-750-730-700-750-380-780-4000-3500-3000-2500-2000-1500-1000-50001999 2000 1 1909 1898 1915 1914 1904 1935 1895 1997 1996 2000 2000 2000 2000 2000 20609 28046 21885 2044 35019 46099 10150 3000 6500 3200 365 5950 6895 325%5.5 4.79 4.46 4.05 3.7 4.0 4.2%2.7 1.5 1.0 1.0 1.5 1.75 2.6 1 1997 44 23.7 10%70%80%2 1995 1994 5.0 1.2 1 3 10 1990 6.25%2000 2%0.25%2 1986 4.5%2006 1%9 2 1946-1951 3.00%1952-1975 4.00%1976-1992 5.00%-6.25%1993 4.75%1994-1995 3.75%1996-1998 2.75%1999-2000 2.00%2001-2012 1.50%2013-2016 1.00%2017 0.25%1/2-3 2000 1995 12%2020 38%14%15%8%2 1999-2002 60%120%40%9 73.8%47.0%36.6%17.7%12.5%9.8%4.6%12.6%8.4%2.4%8.5%10.8%13.5%12.5%23.8%16.4%15.9%9.8%12.2%15.3%5.1%5.5%17.7%22.5%23.0%31.5%23.0%27.8%23.2%13.6%7.7%14.7%12.3%21.2%35.4%33.3%33.8%37.8%1.5%3.9%13.6%14.4%8.0%13.5%10.1%8.8%5.6%12.6%35.2%20.6%19.0%14.0%13.1%7.6%6.4%13.6%25.2%0%10%20%30%40%50%60%70%80%90%100%1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 LIAJ 3 1999 2002 1999 2000 2001 2002 1143.3 50.55%999.9 48.80%789.7 39.95%703.9 33.57%2517.7 111.32%2519.5 122.97%2706.7 136.93%2690.6 128.33%-1399.3-61.87%-1470.6-71.78%-1519.8-76.89%-1297.8-61.90%2261.7 100%2048.8 100.00%1976.7 100.00%2096.7 100.00%2013 10 1 1996 8195 2014 5634 31.3%2 1.3 20 90 1998-2022 52.2%82.3%27%-55%17%-32%2008 6%-7%10 90 50.0%55.0%60.0%65.0%70.0%75.0%80.0%85.0%LIAJ 2008 2008 17.4%2022 29.0%26.8%2008 70.0%2022 58.9%11 2008 0%10%20%30%40%50%60%70%80%90%100%LIAJ 11 12 80%82%84%86%88%90%92%94%96%98%100%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 LIAJ 1.4 2013 1 2008 0.4%2009-2014 2014 2.6%2015-2019 2%2020 2021 2.8%2008 2 3 13%-0.500.000.501.001.502.002.503.003.5020032004200520062007200820092010201120122013201420152016201720182019202020212022 wind LIAJ 14 2006-2022%-6.00-4.00-2.000.002.004.006.008.0010.0012.0014.0020062007200820092010201120122013201420152016201720182019202020212022 LIAJ 2013 1.5%-2.0%2.5%12 15 2000-2022 0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%-15000-10000-50000500010000/%NLI-research 2.2.1 1980 1 1984-1986 1984 GDP 10 14%7%2 2000-2004 10 7%4%3 2008-2016 10 4%2%16 024681012141618 Wind 1 1986-1987 10%-16%2 1987 15.9%2010-16%13 17-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%020406080100120140160180%wind 20 70 1970 10.5%1999 33.5%2.2+1 21 1987 12%1999 38%30%18 0%5%10%15%20%25%30%35%40%45%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%1987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023%wind ACLI 1980 2000-2022 Maximum statutory valuation interest rates 4.5%3%14 19 2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%Willis Towers Watson 2 40%60%50%1980 10%2021 31%2022 25%20 0%10%20%30%40%50%60%70%80%90%100%19171920192519301935194019451950195519601965197019751980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 ACLI 65%70%2.2%2.5%2011 71.9%2022 65.7%6.2 2012 2011 9.1%2022 12.6%3.5 15 21 71.9%71.2%71.0%70.2%70.1%69.7%69.4%68.9%67.6%66.9%66.4%65.7%2.3%2.2%2.2%2.3%2.2%2.4%2.5%2.2%2.4%2.3%2.6%2.2%9.1%9.3%9.6%9.7%10.3%10.6%11.0%11.9%12.2%11.9%12.0%12.6%0%10%20%30%40%50%60%70%80%90%100%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ACLI 1 6 1-2 3 4-6 2010 2 1 3 6 2022 2 1 2010+9.9pct-8.4pct 22 65.8%65.1%63.0%62.6%63.4%62.4%62.3%62.0%60.4%60.5%57.3%56.7%57.4%27.3%28.4%30.8%31.6%30.8%31.7%31.6%32.4%34.3%34.3%36.6%37.4%37.2%0%10%20%30%40%50%60%70%80%90%100%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 ACLI 1 2007 2022 10-20 14.1%5.1pct 19.2%20 18.1%3.9pct 22.0%1 3.2pct 2 2022 40%20 10-20%33.8%73.8%3 70 30 15 16 23 0%10%20%30%40%50%60%70%80%90%100%1 1-5 5-10 10-20 20 ACLI 24 2022 5,5.7%5-10,20.4%10-20,33.8%20,40.0%ACLI 80%70%14%-15%2022 19%25 14.0%14.5%12.9%13.3%15.2%15.2%14.5%15.8%15.3%15.6%15.5%18.9%79.1%79.4%81.7%81.0%78.4%77.5%78.3%76.2%77.2%76.3%76.2%71.3%0%10%20%30%40%50%60%70%80%90%100%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ACLI 2.3 20 90 10 2007 4.63%2021 1.45%2022 2.95%2007 5.71%2022 4.52%17 26 0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%19651970197519801985199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 ACLI Wind 3.3.1 2022 2010 1020 2022 1.6%2010 3.3%27 2022 232.3135.950.527.612.96.61.6%0.4%0.5%0.9%1.4%1.4%0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%050100150200250%2022 28 1.0%1.5%2.0%2.5%3.0%3.5%2010201120122013201420152016201720182019202020212022 2017-2023 23.9%7.8%18 2023 45.6%2017 36.1%Capital-efficient products 29 23.9%18.0%18.9%13.6%12.2%9.2%7.8%14.4%14.7%15.4%17.4%20.8%20.1%21.5%25.6%25.8%20.2%24.4%25.2%23.2%25.0%36.1%41.5%45.5%44.6%41.9%47.4%45.6%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022 2023 3.2+2023 13%73%42%30 2021-2023 16.0%13.6%13.0%12.9%14.0%12.4%8.0%9.7%8.8%7.7%9.1%9.7%55.4%53.6%56.1%0%10%20%30%40%50%60%70%80%90%100%2021 2022 2023 31 2021-2023 41.6%41.3%41.7%29.6%29.7%31.7%11.7%11.2%12.3%17.1%17.8%14.3%0%10%20%30%40%50%60%70%80%90%100%2021 2022 2023 AA BBB 2023 AAA 15.9%2017 5.5pct AA-BBB A 2017 18.6%6.9pct 25.5%19 32 21.4%20.9%19.3%18.9%17.6%17.8%15.9%25.1%26.3%25.2%25.5%23.7%21.2%24.2%18.6%19.4%21.9%20.8%21.6%26.4%25.5%28.7%26.9%26.7%27.5%28.5%28.5%28.1%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022 2023AAA AA A BBB BB 10%2023 234 10.5%0.5pct AGI AGI 32%28%23%17%33 516381105120182230235 2342.9%3.4%4.1%5.4%5.3%7.6%8.8%11.0%10.5%0.0%2.0%4.0%6.0%8.0%10.0%12.0%0501001502002502015 2016 2017 2018 2019 2020 2021 2022 2023%20 Table_Analysts Table_Reports,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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