Life Insurance - Chasing The Rainbow

Please see page 33 for rating definitions, important disclosures
and required analyst certifications
All estimates/forecasts are as of 10/15/15 unless otherwise stated.
Wells Fargo Securities, LLC does and seeks to do business with companies
covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of the
report and investors should consider this report as only a single factor in
making their investment decision.
INSUR100615-114208
October 15, 2015
Equity Research
Life Insurance: Chasing The Rainbow
A Deep Dive Into Alternative Investments And Schedule BA
Source: © iStockphoto.com
Insurance
John Hall, Senior Analyst
(212) 214-8032
john.a.hall@wellsfargo.com
Elyse Greenspan, CFA, Senior Analyst
(212) 214-8031
elyse.greenspan@wellsfargo.com
Kenneth Hung, CFA, ASA, Associate Analyst
(212) 214-8023
kenneth.hung@wellsfargo.com
Rashmi H. Patel, CFA, Associate Analyst
(212) 214-8034
rashmi.patel@wellsfargo.com

WELLSFARGOSECURITIES,LLC
InsuranceEQUITYRESEARCHDEPARTMENT
2
($ in millions, exc ept per share) 10/14/15 Market
Rating Cap 14 15E 16E Current 15E 16E 14 15E 16E Current 15E 16E 14 15E 16E 14A 15 YTD
Life Insuranc e
Aflac AFL 2 $59.74 $25,729.7 $6.16 $6.05 $6.30 $31.66 $32.27 $33.08 9.7 9.9 9.5 1.89 1.85 1.81 19.8% 19.1% 19.2% (8.5%) (2.2%)
Ameriprise Financial AMP 1 $107.57 $19,171.2 $8.52 $9.48 $11.05 $39.09 $39.21 $39.68 12.6 11.3 9.7 2.75 2.74 2.71 22.6% 24.3% 28.1% 15.0% (18.7%)
Genworth Financial GNW 2 $5.19 $2,581.6 ($0.80) $1.02 $1.15 $20.55 $21.03 $22.19 NM 5.1 4.5 0.25 0.25 0.23 (3.5%) 4.9% 5.4% (45.3%) (38.9%)
Lincoln National LNC 1 $48.49 $12,168.7 $6.03 $5.99 $6.70 $50.84 $53.20 $58.11 8.0 8.1 7.2 0.95 0.91 0.83 12.8% 11.8% 12.1% 11.7% (15.9%)
MetLife MET 1 $47.20 $52,716.8 $5.74 $5.24 $6.20 $50.73 $52.19 $56.36 8.2 9.0 7.6 0.93 0.90 0.84 11.8% 10.3% 11.4% 0.3% (12.7%)
Principal Financial PFG 2 $47.77 $14,080.0 $4.41 $4.42 $4.75 $34.00 $35.46 $38.52 10.8 10.8 10.1 1.40 1.35 1.24 14.0% 13.0% 12.9% 5.3% (8.0%)
Prudential Financial PRU 1 $76.50 $34,501.5 $9.21 $10.70 $10.70 $71.09 $74.44 $81.66 8.3 7.1 7.1 1.08 1.03 0.94 14.6% 15.2% 13.7% (1.9%) (15.4%)
Torchmark TMK 2 $56.69 $7,092.8 $4.03 $4.22 $4.60 $29.56 $30.77 $33.54 14.1 13.4 12.3 1.92 1.84 1.69 14.7% 14.2% 14.3% 4.0% 4.7%
Voya Financial VOYA 1 $38.82 $8,785.9 $3.14 $3.34 $3.80 $56.33 $57.72 $62.49 12.4 11.6 10.2 0.69 0.67 0.62 6.7% 6.0% 6.3% 20.6% (8.4%)
Average 10.5 9.6 8.7 1.32 1.28 1.21 12.6% 13.2% 13.7% 0.1% (12.9%)
Multi- Lines
American International Group AIG 2 $58.03 $75,084.4 $4.58 $5.06 $5.70 $73.91 $76.73 $82.48 12.7 11.5 10.2 0.79 0.76 0.70 6.8% 6.9% 7.2% 9.7% 3.6%
Assurant AIZ 2 $79.67 $5,323.4 $6.87 $7.06 $6.75 $65.29 $67.29 $71.45 11.6 11.3 11.8 1.22 1.18 1.12 11.0% 10.7% 9.7% 3.1% 16.4%
The Hartford HIG 1 $45.88 $19,033.1 $3.36 $3.97 $4.20 $42.41 $43.81 $46.69 13.6 11.5 10.9 1.08 1.05 0.98 8.5% 9.4% 9.3% 15.1% 10.1%
Average 12.6 11.4 11.0 1.03 1.00 0.93 8.8% 9.0% 8.7% 9.3% 10.0%
Life Insuranc e Sec tor Mean 11.1 10.1 9.3 1.25 1.21 1.14 11.7% 12.1% 12.5% 2.4% (7.1%)
Life Insuranc e Sec tor Median 11.6 11.1 9.9 1.08 1.04 0.96 12.3% 11.2% 11.8% 4.7% (8.2%)
Non- Life Insuranc e
Reinsurers
Everest Re RE 2 $176.99 $7,820.9 $24.71 $20.70 $19.10 $174.84 $180.97 $195.58 7.2 8.6 9.3 1.01 0.98 0.90 15.9% 12.1% 10.1% 9.3% 3.9%
PartnerRe Ltd. PRE 2 $138.60 $6,639.2 $14.76 $10.18 $9.10 $127.24 $129.97 $135.61 9.4 13.6 15.2 1.09 1.07 1.02 12.5% 8.0% 6.9% 8.3% 21.4%
RenaissanceRe RNR 2 $108.27 $4,974.3 $11.56 $9.20 $10.00 $96.43 $99.27 $107.60 9.4 11.8 10.8 1.12 1.09 1.01 13.6% 9.7% 9.7% (0.1%) 11.4%
Average 8.6 11.3 11.8 1.07 1.05 0.98 14.0% 9.9% 8.9% 5.8% 12.2%
Diversified
ACELimited ACE 2 $105.55 $34,177.6 $9.79 $9.05 $8.95 $91.27 $94.38 $100.70 10.8 11.7 11.8 1.16 1.12 1.05 11.2% 9.8% 9.2% 11.0% (8.1%)
Arch Capital ACGL 2 $75.61 $9,257.8 $4.58 $4.10 $4.15 $47.49 $48.46 $50.97 16.5 18.4 18.2 1.59 1.56 1.48 10.7% 8.7% 8.3% (1.0%) 27.9%
Axis Capital AXS 2 $53.30 $5,364.0 $5.32 $4.20 $4.85 $51.81 $52.18 $55.39 10.0 12.7 11.0 1.03 1.02 0.96 11.0% 8.2% 9.0% 7.4% 4.3%
Chubb CB 2 $124.70 $28,304.0 $7.63 $7.45 $7.30 $70.12 $72.85 $77.77 16.3 16.7 17.1 1.78 1.71 1.60 11.5% 10.5% 9.9% 7.1% 20.5%
Travelers Corporation TRV 2 $102.77 $31,982.6 $10.55 $9.45 $9.20 $77.51 $79.67 $84.46 9.7 10.9 11.2 1.33 1.29 1.22 14.3% 12.1% 11.2% 16.9% (2.9%)
Average 12.7 14.1 13.9 1.38 1.34 1.26 11.8% 9.9% 9.5% 8.3% 8.3%
Personal Lines
Allstate Corporation ALL 1 $59.86 $23,967.3 $5.40 $4.80 $6.00 $47.96 $49.55 $53.33 11.1 12.5 10.0 1.25 1.21 1.12 10.8% 9.0% 10.8% 28.8% (14.8%)
Progressive Corporation PGR 2 $31.56 $18,492.0 $1.92 $1.95 $1.80 $12.56 $12.57 $13.57 16.4 16.2 17.5 2.51 2.51 2.32 17.4% 16.1% 13.9% (1.0%) 16.9%
United Insurance Holdings Corp. UIHC 1 $14.57 $313.7 $2.05 $1.05 $1.95 $10.19 $10.88 $12.59 7.1 13.9 7.5 1.43 1.34 1.16 25.6% 10.4% 17.1% 55.9% (33.6%)
Average 11.5 14.2 11.6 1.73 1.69 1.53 17.9% 11.9% 13.9% 27.9% (10.5%)
Insuranc e Brokers
Aon Corporation AON 2 $90.05 $25,217.9 $4.76 $5.13 $5.75 N/A N/A N/A 18.9 17.6 15.7 N/A N/A N/A N/A N/A N/A 13.0% (5.0%)
Arthur J. Gallagher AJG 1 $42.45 $7,407.5 $2.39 $2.57 $2.95 N/A N/A N/A 17.8 16.5 14.4 N/A N/A N/A N/A N/A N/A 0.3% (9.8%)
Brown & Brown BRO 2 $30.91 $4,354.4 $1.62 $1.67 $1.88 N/A N/A N/A 19.1 18.6 16.5 N/A N/A N/A N/A N/A N/A 4.8% (6.1%)
Marsh & McLennan MMC 1 $52.77 $27,967.7 $2.82 $3.01 $3.42 N/A N/A N/A 18.7 17.5 15.4 N/A N/A N/A N/A N/A N/A 18.4% (7.8%)
Willis Group Holdings WSH 3 $41.58 $7,470.4 $2.33 $2.57 $2.85 N/A N/A N/A 17.8 16.2 14.6 N/A N/A N/A N/A N/A N/A 0.0% (7.2%)
Average 18.5 17.3 15.3 7.3% (7.2%)
Non- Life Insuranc e Sec tor Mean 13.5 14.6 13.5 1.39 1.35 1.26 14.0% 10.4% 10.6% 11.2% 0.7%
Non- Life Insuranc e Sec tor Median 13.7 15.1 14.5 1.25 1.21 1.12 12.5% 9.8% 9.9% 7.8% - 4.0%
S&P 500 SPX 1,994.24 117.92 129.43 144.72 16.9 15.4 13.8 11.4% (3.1%)
Pric e / Earnings Pric e/Book Value Operating ROE Pric e Performanc eEarnings Per Share Book Value Per Share
Notes: Our EPS for AON in the above table includes intangible amortization. Excluding intangibles, cash EPS for 2014 was $5.71 and we are projecting cash EPS of $6.03 in 2015, and $6.55 in 2016. BRO 2014 EPS backs
out the $0.21 charge associated with the Axiom Re sale. For AFL, AMP, GNW, LNC, PFG, TMK, VOYA, AIG, AIZ and HIG, book value per share is ex-AOCI. For MET, book value per share is ex-AOCI other than FCTA.
For PRU, book value per share is ex-AOCI and adjusted to remove amount included for foreign currency exchange rate remeasurement.
Ratings: 1 - Outperform; 2 - Market Perform; 3 - Underperform
Source: FactSet and Wells Fargo Securities, LLC estimates

WELLS FARGO SECURITIES, LLC
Life Insurance: Chasing The Rainbow EQUITY RESEARCH DEPARTMENT
3
TABLE OF CONTENTS
Executive Summary .....................................................................................................................................................................................5
Analyzing The U.S. Life Industry’s “Other Long-term Invested Assets” ....................................................................................................7
Analyzing The Schedule BA’s Of Select Life And Non-life Insurance Companies ....................................................................................11
American International Group (NYSE: AIG)....................................................................................................................................12
The Hartford (NYSE: HIG) ...............................................................................................................................................................15
Lincoln National (NYSE: LNC) .........................................................................................................................................................18
MetLife (NYSE: MET) .......................................................................................................................................................................21
Principal Financial Group (NYSE: PFG) ..........................................................................................................................................24
Prudential Financial (NYSE: PRU)...................................................................................................................................................27
Voya Financial (NYSE: VOYA) .........................................................................................................................................................30

Insurance EQUITY RESEARCH DEPARTMENT
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5
Executive Summary
Summary: The sustained low interest rate environment has pressured net investment income and investment
spreads for life insurers. Despite risk-based capital and other constraints, life insurers still have a few tools
available in order to combat the effect of sustained low interest rates. On the margin, asset allocation is one of
those available tools. With a higher return profile as compared to investment grade bonds, alternative
investments have been a source of incremental yield for life insurers in the current rate environment.
Chasing the pot of gold at the end of the rainbow. While most of our covered life insurers reference
having alternative investment portfolios, the disclosure offered in their respective statistical supplements is
uneven and generally not comparable from one company to the next. And the discussion of the alternative
investment contribution to net investment income varies significantly from company to company on quarterly
conference calls. But to frame the potential impact – MetLife is budgeting to earn $1.3-1.7 billion of alternative
investment income in 2015 (or as they call it, variable investment income), which compares to our projection
of total operating income of roughly $5.9 billion for the largest U.S. life insurer. To us, that’s kind of important.
So we decided to dig a little deeper on the subject.
Blue Books. Our journey took us to the statutory filings for life insurers or “Blue Books,” a term lost to the
digital age. Life insurers are required to file financial statements with various states of domicile that are
prepared in accordance with statutory accounting principles. Statutory statements vary in many ways with
GAAP statements; but for investments, we think they offer a more complete view of a life insurer’s investment
portfolio. Using a contract database that includes more data than an actual Blue Book, we took a look at the
consolidated alternative investment portfolios for some of our covered life insurers (LNC, MET, PFG, PRU,
and VOYA), as well as the portfolios of a couple of covered non-life insurers with substantial life operations
(AIG and HIG). For all the companies that we reviewed, our work touches upon only their domestic life
insurance operations – a limitation of statutory accounting. Further for AIG and The Hartford, our review also
does not consider the investment portfolios supporting their respective non-life insurance companies.
Reams of data. A tremendous amount of information is collected in a life insurer’s statutory filings related to
invested assets. Life insurers are required to report each individual investment bought, held, and sold during
the course of a year. To appreciate the sheer scale of the data reported, find the Blue Book for Metropolitan Life
Insurance and just thumb through the hundreds of pages of disclosure with bond after bond listed by CUSIP
number. Investments are reported by asset class with each major asset class reported on a specific schedule.
For instance, Schedule A is for real estate, Schedule B is for mortgage loans, Schedule D is for bonds and
stocks, Schedule DB is for derivatives, Schedule DL is for securities lending collateral, and Schedule E is for
cash. Anything that does not fit these investment categories is placed on Schedule BA – the statutory home for
reporting alternative assets.
So what is Schedule BA? According to the National Association of Insurance Commissioners (NAIC), the
Schedule BA for other long-term invested assets is a catch-all schedule that includes only those classes of
invested assets, which are not clearly or normally included on any other invested asset schedule. In addition,
the Schedule BA should include any assets previously written off for book purposes, but that still have a market
or investment value. As the phrase “other” implies, Schedule BA encompasses an assortment of long-term
investments including private equity and hedge funds, common stock, real estate, housing tax credits, fixed
income instruments, surplus debentures, collateral loans, mortgage loans, and transportation equipment, as
well as oil and gas production and mineral rights.
An increasing level of granularity. In the past, Schedule BA assets lacked much, if any classification or
definition beyond their inclusion on the schedule. At present, Schedule BA listed assets are subdivided into 22
different categories, which allows us to determine the rough allocation of asset types held on the schedule. For
almost all of these categories, there is also a sub-classification for affiliated investments, which swells the total
to 43 different categories in total. In particular for private equity and hedge fund investments, there are also
data available on the allocations to and returns generated from various investment strategies.

6
Short takes – What did we find?
 In general, the allocation of investment assets to Schedule BA classifications is on the rise.
What was once 2.4% of life insurance industry invested assets in 2005 has steadily moved up to
4.5% in 2015.
 The alternative investment portfolios tend to be larger, in both absolute and percentage terms,
at bigger life insurance companies. Mutual insurance companies also seem to have a greater
appetite for alternative investments.
 While private equity and hedge fund investments tend to account for less than 33% of total
Schedule BA assets, they are the predominant contributors to alternative asset returns (in
excess of 50% for full-year 2014).
 In the aggregate, industry return expectations for Schedule BA assets tend to be in a range of 6-
9%. In 2014, the life insurance industry return on Schedule BA assets was within the expected
range at 6.3%. In particular for private equity and hedge fund investments, returns were above
the expected range at 10.1%.
 Private equity performance has been strong and has added to net investment income yields,
while hedge fund performance has been less favorable.
 Several of our covered life insurers appear to have capacity to boost their exposure to the
alternative investments that populate Schedule BA. The companies on this list would include
Aflac, Allstate, Ameriprise, Lincoln National, Principal, and Voya. To the best of our
knowledge, Aflac, Allstate, and Lincoln National have all signaled an interest in raising their
respective exposures to alternative investments.
 AIG, MetLife, and Prudential all have above industry average exposure to alternative assets
reported on Schedule BA. We think there is only a limited capacity for any of these three
companies to boost exposure to this asset class.
 We think life insurers with mature portfolios of Schedule BA assets that include private equity
are not being paid full value for them. Private equity, in particular, is an investment with a
longer gestation period. To build a substantial private equity portfolio, a life insurer must be
willing to forego current income today in the hope of stronger returns in the future. The seeds
of the private equity investments generating net investment income now were planted five or
ten years ago. And to maintain those returns, new private equity investments must continue to
be made to replenish the natural portfolio run-off.
Exhibit 1. Categories Of Schedule BA Investments
Category Line Number Category Description
1 199999/299999 oil and gas production
2 399999/399999 transportation equipment
3 599999/699999 mineral rights
4 799999/899999 bonds
5 999999/1099999 fix/var mortgage loans
6 1199999/1299999 other fixed income instruments
7 1399999/1499999 fixed income
8 1599999/1699999 common stock
9 1799999/1899999 real estate
10 1999999/2099999 JV, LLC mortgage loans
11 2199999/2299999 other
12 2399999/2499999 surplus debentures, etc.
13 2599999/2699999 collateral loans
14 2799999/2899999 non-collateral loans
15 2999999/3099999 capital notes
16 3199999/3299999 guaranteed Federal low income housing tax credit
17 3399999/3499999 non-guaranteed Federal low income housing tax credit
18 3599999/3699999 guaranteed State low income housing tax credit
19 3799999/3899999 non-guaranteed State low income housing tax credit
20 3999999/4099999 all other low income housing tax credit
21 4199999 working capital finance
22 4299999/4399999 any other class of assets
Source: Company statutory filings, NAIC annual statement instructions, and Wells Fargo Securities, LLC

7
Analyzing The U.S. Life Industry’s “Other Long-term Invested Assets”
Notable industry observations. Based on our industry Schedule BA analysis, we think there are several
notable observations for the U.S. life insurance industry:
 In general, the allocation of investment assets to Schedule BA classifications is on the rise.
What was once 2.4% of life insurance industry invested assets in 2005 has steadily moved up to
4.5% in 2015.
 The alternative investment portfolios tend to be larger, in both absolute and percentage terms,
at bigger life insurance companies. Mutual insurance companies also seem to have a greater
appetite for alternative investments.
 While private equity and hedge fund investments tend to account for less than 33% of total
Schedule BA assets, they are the predominant contributors to alternative asset returns (in
excess of 50% for full-year 2014).
 In the aggregate, industry return expectations for Schedule BA assets tend to be in a range of 6-
9%. In 2014, the life insurance industry return on Schedule BA assets was within the expected
range at 6.3%. In particular for private equity and hedge fund investments, returns were above
the expected range at 10.1%.
 Private equity performance has been strong and has added to net investment income yields,
while hedge fund performance has been less favorable.
A growing allocation to Schedule BA assets; size of general account matters. Historically, asset
allocations to other long-term invested assets in the life insurance industry were below 30% of total adjusted
capital, including asset valuation reserves. In 2007, allocation to Schedule BA assets in the life insurance
industry increased substantially, to 33.7% of total adjusted capital (from 27.5% in 2006), including asset
valuation reserves. This rising trend continued and at year-end 2014, allocation to Schedule BA assets further
increased to 40.6% of total capital, including asset valuation reserves. (See Exhibit 2.)
Exhibit 2. A Growing Allocation To Schedule BA Assets In The U.S. Life Insurance Industry
($ in billions)
$281
$295
$312
$273
$311
$336
$348
$370 $378
$405
24.3%
27.5%
33.7%
38.7%
34.7% 34.2%
36.4% 37.6% 39.1% 40.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
BA Assets As A % of Total Adjusted Capital Total Adjusted Capital
2.4%
2.8%
3.6% 3.5% 3.5% 3.6%
3.8%
4.1%
4.3%
4.5%
$2,800 $2,873 $2,952 $3,020 $3,072
$3,191
$3,364 $3,406 $3,481
$3,630
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
BA Assets As A % of Total Gross Investments Total Gross Investments
Notes:
1. Value of Schedule BA assets based on book or adjusted carrying value less encumbrances
2. Total adjusted capital includes asset valuation reserves
Source for both charts: Company statutory filings, SNL Financial, and Wells Fargo Securities, LLC estimates
SNL DISCLAIMER: SNL FINANCIAL LC. CONTAINS COPYRIGHTED AND TRADE SECRET MATERIAL
DISTRIBUTED UNDER LICENSE FROM SNL. FOR RECIPIENT’S INTERNAL USE ONLY

8
In addition, life insurers with larger general accounts tend to have higher allocations to Schedule BA assets. In
2014, the top 10 life insurers (by general account assets) accounted for roughly 49% of total general account
assets and almost 70% of total Schedule BA assets. (See Exhibit 3.)
Exhibit 3. Select Life Insurers In The United States, 2014
Rank Entity Name
General
Account
Assets
($B)
% of Total
General
Account
Assets
Schedule
BA Assets
($B)
% of
Total
Schedule
BA Assets
1 MetLife Inc. $348.7 9.1% $22.0 13.4%
2 TIAA-CREF $240.7 6.3% $26.2 15.9%
3 New York Life Insurance Group $219.1 5.7% $17.3 10.5%
4 Prudential Financial Inc. $210.6 5.5% $8.9 5.4%
5 Northwestern Mutl Life Ins Co. $203.0 5.3% $12.5 7.6%
6 American International Group $190.5 5.0% $11.5 7.0%
7 Massachusetts Mutl Life Ins Co $142.6 3.7% $7.2 4.4%
8 Manulife Financial Corp. $117.6 3.1% $6.5 4.0%
9 Aflac Inc. $101.8 2.7% $0.4 0.2%
10 Lincoln National Corp. $98.7 2.6% $1.9 1.2%
Total Of Top 10 Life Insurers $1,873.2 48.8% $114.3 69.5%
13 Voya Financial Inc. $86.6 2.3% $1.5 0.9%
14 State Farm Mutl Automobile Ins $64.4 1.7% $1.2 0.7%
16 Genworth Financial Inc. $61.7 1.6% $0.6 0.4%
18 Principal Financial Group Inc. $59.1 1.5% $3.2 1.9%
25 Unum Group $38.8 1.0% $0.6 0.4%
27 Hartford Financial Services $37.2 1.0% $1.7 1.0%
28 Allstate Corp. $37.2 1.0% $3.2 1.9%
29 American Equity Investment $36.5 1.0% $0.5 0.3%
32 Ameriprise Financial Inc. $31.7 0.8% $0.0 0.0%
35 Reinsurance Group America Inc. $27.8 0.7% $0.5 0.3%
37 Symetra Financial Corp. $24.8 0.6% $0.3 0.2%
39 CNO Financial Group Inc. $22.4 0.6% $0.2 0.1%
44 Sun Life Financial Inc. $19.7 0.5% $0.1 0.1%
46 Fidelity & Guaranty Life Group $18.9 0.5% $0.4 0.3%
50 Torchmark Corp. $16.6 0.4% $0.5 0.3%
Life Industry $3,836.0 100% $164.5 100%
Notes: SNL Life Groups; value of Schedule BA assets based on book or adjusted carrying value less encumbrances; bold
denotes covered company within Wells Fargo Securities, LLC Insurance Universe
Strong growth in LBO private equity and long/short equity and multi-strategy hedge funds. The
U.S. life industry’s investments in private equity and hedge funds grew at compound annual growth rates
(CAGR) of 33% and 36%, respectively, from 2005 to 2014. (See Exhibit 4.) These investments remained more
heavily weighted to leveraged buyout private equity assets, as well as long/short equity and multi-strategy
hedge funds. Given the strong growth in private equity and hedge fund investments, they accounted for
roughly 33% of total Schedule BA assets in 2014, up from roughly 5% in 2005. (See Exhibit 5.)

9
Exhibit 4. Hedge Funds And Private Equity In Schedule BA Assets
($ in billions)
$0.9 $1.5
$2.5 $1.8 $1.6
$2.6 $3.2
$5.5
$8.8
$12.3
$2.5
$5.7
$9.3
$12.1
$16.2
$20.4
$25.4
$32.4
$37.7
$41.4
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Hedge Funds Private Equity
From 2005-2014:
Hedge funds assets grew at a CAGR of 33%;
Private equity assets grew at a CAGR of 36%
Note: Value of Schedule BA assets based on book or adjusted carrying value less encumbrances
Source: Company statutory filings, SNL Financial, and Wells Fargo Securities, LLC estimates
Exhibit 5. Life Insurers’ Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Convertible arbitrage 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%
Distressed securities 0.0% 0.0% 0.1% 0.1% 0.1% 0.3% 0.3% 0.7% 1.1% 1.1%
Emerging markets 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.2% 0.3%
Fixed income arbitrage 0.0% 0.1% 0.2% 0.1% 0.2% 0.4% 0.3% 0.3% 0.3% 0.3%
Futures/Options/FX arbitrage 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Global macro 0.0% 0.0% 0.0% 0.0% 0.1% 0.2% 0.2% 0.2% 0.3% 0.3%
Long/short equity 0.1% 0.2% 0.6% 0.3% 0.2% 0.2% 0.5% 1.2% 1.7% 2.6%
Merger arbitrage 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Multi-strategy 1.2% 1.5% 1.3% 1.1% 0.8% 1.0% 1.0% 1.4% 2.0% 2.2%
Sector investing 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.3% 0.6%
Hedge Funds Total 1.3% 1.8% 2.4% 1.7% 1.5% 2.3% 2.5% 4.0% 5.9% 7.5%
Leveraged buyout 1.8% 4.6% 4.5% 4.9% 8.2% 10.0% 12.2% 13.8% 16.0% 16.1%
Mezzanine financing 0.8% 1.2% 2.0% 3.5% 4.4% 3.9% 3.5% 4.4% 4.9% 4.2%
Venture capital 1.1% 1.1% 2.4% 3.1% 2.4% 3.8% 4.4% 5.1% 4.6% 4.9%
Private Equity Total 3.6% 7.0% 8.9% 11.5% 15.1% 17.7% 20.1% 23.3% 25.5% 25.2%
Total HF and PE assets 4.9% 8.8% 11.2% 13.2% 16.6% 20.0% 22.6% 27.3% 31.4% 32.7%
Total Schedule BA assets ($B) $68 $81 $105 $105 $108 $115 $127 $139 $148 $165
Note: BACV - Sum of carrying value in Schedule BA assets
Earnings volatility stemming from alternative investments. While private equity and hedge fund
investments tend to account for less than 33% of total Schedule BA assets, they are the predominant
contributors to alternative asset returns (in excess of 50% for full-year 2014). Historically, returns from
alternative investments tend to fluctuate significantly for the life insurance industry, with a range of 1.4% (in
2005 and 2009) to 6.3% (in 2014). Life insurance companies currently have a long-term expected return
assumption in the range of 6-9% for alternative investments, including hedge funds and private equity.

10
Exhibit 6. Schedule BA Asset Returns; Estimated Actual Versus Expected
9.0%
10.3%
11.4%
4.1%
2.0%
5.9%
7.5%
7.9%
7.7%
10.1%
1.4%
1.9%
2.9%
2.1%
1.4%
3.0%
3.6%
4.6%
5.4%
6.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total HF and PE Returns Total Schedule BA Asset Returns
Expected returns of 6-9%
Note: Returns estimated using investment income/carrying value
Source: Company data and Wells Fargo Securities, LLC estimates
In particular, leveraged buyout private equity investments generated the highest returns (19.5% in 2007 and
13.0% in 2014). Hedge funds returns in general were only slightly profitable (low- to mid-single digit) in the
past ten years. In 2009, long/short equity hedge funds generated double-digit returns of 11.8%. Merger
arbitrage hedge funds also generated strong returns of 15.3% in 2014.
Exhibit 7. Returns From Hedge Funds And Private Equity Investments
Estimated Returns by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Convertible arbitrage - - 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Distressed securities 21.5% -1.0% 0.0% 0.4% 9.8% 0.0% 0.6% 1.9% 1.4% 2.4%
Emerging markets - 0.0% 0.0% 0.0% 1.0% 6.0% 6.7% 14.0% 1.5% 1.7%
Fixed income arbitrage 0.0% 0.0% 0.0% 4.6% -17.0% 1.3% 1.3% 3.7% 2.2% 3.3%
Futures/Options/FX arbitrage 5.7% 18.1% - - - - - - 0.0% 0.0%
Global macro - - 6.6% 6.7% 1.0% 1.0% 0.3% 0.3% 0.0% 0.5%
Merger arbitrage 0.0% - - - - - - - 0.0% 15.3%
Multi-strategy 5.2% 5.8% 5.1% 1.5% 0.4% 3.9% 1.4% 0.9% 0.8% 1.1%
Sector investing 0.0% 8.2% 0.0% 11.0% 0.0% 0.0% 0.0% 34.2% -0.1% 1.6%
Venture capital 2.5% 2.6% 7.7% 4.9% 1.4% 4.5% 7.3% 8.3% 6.5% 13.5%
Total HF and PE Returns 9.0% 10.3% 11.4% 4.1% 2.0% 5.9% 7.5% 7.9% 7.7% 10.1%
Total Schedule BA Asset Returns 1.4% 1.9% 2.9% 2.1% 1.4% 3.0% 3.6% 4.6% 5.4% 6.3%
Contribution from HF and PE 31.4% 47.7% 43.8% 26.6% 23.6% 40.2% 46.6% 47.4% 45.1% 52.4%
Note: Contribution from HF and PE is calculated using absolute return in dollars from hedge funds and private equity
divided by total absolute return in dollars from Schedule BA assets

11
Analyzing The Schedule BA’s Of Select Life And Non-Life Insurance Companies
Notable individual company observations. Based on our individual Schedule BA analysis, we think there
are several notable observations for some of our coverage companies:
 There has been a stable to growing allocation to Schedule BA assets in the past ten years, in
particular for bigger life insurers and non-life insurers with substantial life operations. As a
result, AIG, MetLife, and Prudential all have above industry average exposure to alternative
assets reported on Schedule BA. We think there is only a limited capacity for any of these three
companies to boost exposure to this asset class.
 In particular for MetLife, the company has increased its exposure to private equity and hedge
funds in recent years, due to the continued low interest rate environment. However, MET does
not expect this portfolio to continue to grow as it has already reached the company’s target in
regulatory capital commitment (from 3.5% of capital during crisis to roughly 5% of capital at
the moment). In addition, private equity returns could decline modestly given significant cash
distribution.
 In 2012, Prudential saw its investments in private equity increase significantly, driven by
jumbo-sized pension risk transfer (PRT) deals. As the company maintains its dominating
position in the jumbo PRT market, we expect there should still be some increase in the
company’s exposure to alternative assets (private equity in particular) on an absolute basis.
 As for The Hartford, there has been a continued increase in the allocation to private equity and
hedge fund investments within its life subsidiaries. Still, we think HIG should see these
Schedule BA assets decline over time as it continues to wind down its life business.
 Several of our covered life insurers appear to have capacity to boost their exposure to the
alternative investments that populate Schedule BA. The companies on this list include Aflac,
Allstate, Ameriprise, Lincoln National, Principal, and Voya. To the best of our knowledge,
Aflac, Allstate, and Lincoln National have all signaled an interest in raising their respective
exposures to alternative investments.
 In particular for Lincoln National, the company has $1.2 billion in alternative investments
(majority in private equity and hedge funds), which are around 1.2-1.3% of the overall
portfolio, and underweight versus peers’. Over time, the company thinks it could move to
roughly 1.5% of overall portfolio. In the past couple of years, they have been growing at around
$100 million per year.
 Historically returns from alternative investments tend to fluctuate significantly from low-
single-digit to high-double-digit. Leveraged buyout private equity investments, on average,
generated the highest returns, while hedge fund investments, on average, were modestly
profitable, generating low- to mid-single-digit returns.
 There has been strong growth in leveraged buyout private equity and multi-strategy and
long/short equity hedge funds in the past ten years. We think life insurers with mature
portfolios of Schedule BA assets that include private equity are not being paid full value for
them. Private equity, in particular, is an investment with a longer gestation period. To build a
substantial private equity portfolio, a life insurer must be willing to forego current income
today in the hope of stronger returns in the future. The seeds of the private equity investments
generating net investment income now were planted five or ten years ago. And to maintain
those returns, new private equity investments must continue to be made to replenish the
natural portfolio run-off.

12
American International Group (NYSE: AIG); Rating: Market Perform
Key takeaways from our analysis:
 On a consolidated basis, AIG’s U.S. life companies had general account assets of $190.5 billion at year-end
2014, ranked No. 6 in U.S. life insurers, and accounted for roughly 5.0% of total general account assets in
the life industry. Further, the U.S. life companies had $11.5 billion of other long-term invested assets,
which were filed on Schedule BA and represented around 7.0% of the U.S. life industry’s total Schedule BA
assets.
 At year-end 2007, the company’s asset allocation to other long-term invested assets rose to 74.9% of total
adjusted capital including asset valuation reserves (from 39.2% at year-end 2006). Historically,
fluctuations of this ratio are as much a function of capital movements. AIG’s Schedule BA assets further
increased to 84.8% of total adjusted capital including asset valuation reserves at year-end 2008, followed
by a decrease to a recent low in 2011 (51.8%) and an increase to a recent high in 2014 (88.4%). Perhaps a
better metric to look at, in our view, would be the ratio of Schedule BA assets to total gross investments,
which has stayed relative stable within a band of roughly 5-6% since 2007.
 AIG’s investments in hedge fund and private equity grew at CAGRs of 51% and 30%, respectively, from
2005 to 2014. The company’s alternative investments remained more heavily weighted to long/short
equity, distressed securities, and multi-strategy hedge funds, as well as leveraged buyout private equity
assets.
 Historically, returns from alternative investments tend to fluctuate significantly for AIG, with a range of -
0.2% (in 2005) to 7.2% (in 2014). In general, leveraged buyout private equity investments generated the
highest returns (23.0% in 2014 and 13.0% in 2013). Hedge funds returns in general were only slightly
profitable (low-single-digit) in 2011 to 2014. In 2009, AIG’s investments in long/short equity hedge funds
generated a strong, double-digit return of 17.6%. The company currently has a long-term expected return
assumption of 8% for alternative investments, including hedge funds and private equity.
A stable allocation to Schedule BA assets. At year-end 2007, AIG’s asset allocation to other long-term
invested assets rose to 74.9% of total adjusted capital, including asset valuation reserves (from 39.2% at year-
end 2006). Historically, fluctuations of this ratio are as much a function of capital movements. The company’s
Schedule BA assets further increased to 84.8% of total adjusted capital, including asset valuation reserves at
year-end 2008, followed by a decrease to a recent low in 2011 (51.8%) and an increase to a recent high in 2014
(88.4%). Perhaps a better metric to look at, in our view, would be the ratio of Schedule BA assets to total gross
investments, which has stayed relative stable within a band of roughly 5-6% since 2007.
Exhibit 8. AIG’s Stable Allocation To Schedule BA Assets
($ in billions)
107.6%
39.2%
74.9%
84.8%
61.8%
55.3% 51.8% 56.3% 60.3%
88.4%
$16.0 $16.1 $16.4
$12.2
$13.8
$15.9
$16.9
$18.2 $18.4
$13.0
0%
20%
40%
60%
80%
100%
120%
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
8.1%
3.2%
6.5%
6.1%
5.1% 5.1% 4.9%
5.6% 5.9% 6.3%
$213.1
$196.9
$189.2
$170.8 $166.0
$171.1
$177.2
$184.0 $187.2 $183.2
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$0
$50
$100
$150
$200
$250
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

13
Growth in long/short equity, distressed securities, and multi-strategy hedge funds, as well as
LBO private equity. AIG’s investments in hedge fund and private equity grew at compound annual growth
rates (CAGR) of 51% and 30%, respectively, from 2005 to 2014. The company’s alternative investments
remained more heavily weighted to long/short equity, distressed securities, and multi-strategy hedge funds, as
well as leveraged buyout private equity assets.
Exhibit 9. Hedge Funds And Private Equity In AIG’s Schedule BA Assets
($ in billions)
$0.13
$0.44
$1.45
$0.96 $0.90
$1.16
$1.55
$2.38
$3.78
$5.09
$0.21 $0.38
$0.63 $0.71
$1.02
$1.56
$2.00
$2.57
$2.35
$2.24
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Exhibit 10. AIG’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Multi-strategy 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.8% 1.9% 4.5% 5.2%
Venture capital 0.1% 0.3% 0.3% 0.3% 0.7% 0.8% 1.0% 2.3% 1.9% 1.7%
Total Schedule BA assets ($B) $17.3 $6.3 $12.3 $10.4 $8.5 $8.8 $8.7 $10.2 $11.1 $11.5

14
Earnings volatility stemming from alternative investments. Historically returns from alternative
investments tend to fluctuate significantly for AIG, with a range of 0.2% (in 2005) to 7.2% (in 2014). In
general, leveraged buyout private equity investments generated the highest returns (23.0% in 2014 and 13.0%
in 2013). Hedge funds returns in general were only slightly profitable (low-single-digit) in 2011 to 2014. In
2009, AIG’s investments in long/short equity hedge funds generated a strong, double-digit return of 17.6%.
The company currently has a long-term expected return assumption of 8% for alternative investments,
including hedge funds and private equity.
Exhibit 11. AIG’s Alternative Investment Returns, 2005-2014
4.2%
2.8%
2.5%
-0.6%
4.8%
4.8%
6.4%
7.5%
6.8%
7.7%
0.2%
0.5%
0.9%
0.4%
1.6%
2.1%
3.7%
4.4%
5.2%
7.2%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total HF and PE Returns Expected return of 8%
Total Schedule BA Asset Returns
Exhibit 12. AIG’s Returns From Hedge Funds And Private Equity Investments
Convertible arbitrage - - - - - - - - - -
Distressed securities 3.3% -0.1% 0.0% -0.4% 1.0% 0.9% 0.2% 1.8% 1.5% 1.8%
Emerging markets -2.6% -0.5% 0.0% 0.0% 0.0% 133.2% 0.0% 0.0% 0.1% 0.0%
Fixed income arbitrage 0.0% 0.0% - - - - - - - -
Futures/Options/FX arbitrage 5.7% 18.1% - - - - - - - -
Global macro - - - - - - - - - 17.5%
Long/short equity - 0.0% 0.0% -1.1% 17.6% 2.2% 3.1% 0.4% 4.0% 0.9%
Merger arbitrage - - - - - - - - - -
Multi-strategy - - - - - 0.0% 0.0% 0.0% 1.3% 1.4%
Sector investing - - - - - - - - - -
Hedge Funds Total 2.0% 0.2% 0.0% -0.8% 9.0% 2.0% 1.6% 0.9% 2.6% 1.2%
Leveraged buyout 6.0% 6.6% 8.5% -0.3% 1.2% 7.2% 10.5% 12.7% 13.0% 23.0%
Mezzanine financing - 65.5% 18.7% 0.0% 7182.1% - - - - -
Venture capital -2.4% -3.8% 5.7% -2.1% -2.1% 1.4% 2.5% 23.0% 17.9% 19.0%
Private Equity Total 5.6% 6.0% 8.3% -0.3% 1.1% 7.0% 10.1% 13.6% 13.5% 22.7%
Total HF and PE Returns 4.2% 2.8% 2.5% -0.6% 4.8% 4.8% 6.4% 7.5% 6.8% 7.7%
Contribution from HF and PE 49.6% 81.1% 47.0% -23.3% 65.0% 71.4% 70.3% 82.9% 71.7% 68.6%

15
The Hartford (NYSE: HIG); Rating: Outperform
 On a consolidated basis, HIG’s life companies had general account assets of $37.2 billion at year-end 2014,
ranked No. 27 in U.S. life insurers, and accounted for roughly 1.0% of total general account assets in the
life industry. Further, the life companies had $1.7 billion of other long-term invested assets, which were
filed on Schedule BA and represented around 1.0% of the U.S. life industry’s total Schedule BA assets.
 At year-end 2006, the company’s asset allocation to other long-term invested assets increased
substantially, to 22.3% of total adjusted capital including asset valuation reserves (from 12.6% at year-end
2005). This increase in asset allocation continued and HIG’s Schedule BA assets further increased to
28.2% of total adjusted capital including asset valuation reserves at year-end 2012. However, since 2013,
the company's asset allocation to other long-term invested assets has decreased substantially (to roughly
23% total adjusted capital including asset valuation reserves at year-end 2014).
 A rising trend can also be observed in Schedule BA assets as a percent of total gross investments, which
increased from 1.3% at year-end 2005 to 4.9% at year-end 2014. In addition, we think the surge in 2013
and 2014 was largely driven by HIG’s ongoing business restructuring, which lowered total gross
investments.
 HIG’s investments in hedge fund and private equity grew at CAGRs of 15% and 19%, respectively, from
2006 to 2014. The company’s alternative investments remained more heavily weighted to private equity
assets (leveraged buyout in particular) and multi-strategy hedge funds.
 Historically returns from alternative investments tend to fluctuate significantly for HIG, with a range of
0.6% (in 2005) to 5.3% (in 2012). In general, mezzanine financing private equity investments generated
the highest returns (16.1% in 2010 and 12.6% in 2014). Multi-strategy hedge funds also generated a strong
return of 26.7% in 2013. The company currently has a long-term expected return assumption of 6% for
alternative investments, including hedge funds and private equity.
A growing allocation to Schedule BA assets. Historically, HIG’s asset allocation to other long-term
invested assets was below 20% of total adjusted capital including asset valuation reserves. In 2006, the
company’s allocation to Schedule BA assets increased substantially to 22.3% of total adjusted capital (from
12.6% in 2005), including asset valuation reserves. This increase in asset allocation continued and HIG’s
Schedule BA assets further increased to 28.2% of total adjusted capital including asset valuation reserves at
year-end 2012. However, since 2013, the company's asset allocation to other long-term invested assets has
decreased substantially (to roughly 23% total adjusted capital including asset valuation reserves at year-end
2014). A rising trend can also be observed in Schedule BA assets as a percentage of total gross investments,
which increased from 1.3% at year-end 2005 to 4.9% at year-end 2014.
Exhibit 13. HIG’s Growing Allocation To Schedule BA Assets
($ in billions)
12.6%
22.3%
26.2%
23.4%
18.8%
17.2%
21.8%
28.2% 27.4%
22.7%
$4.7
$5.3
$6.3
$6.1 $6.0
$6.7
$7.0
$6.2 $6.1
$7.5
0%
5%
10%
15%
20%
25%
30%
$0
$1
$2
$3
$4
$5
$6
$7
$8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1.3%
2.5%
3.1%
2.3% 2.1% 2.2%
2.6%
3.0%
4.5%
4.9%
$43.4
$47.5
$52.9
$61.6
$52.9 $52.6
$58.8 $57.9
$37.3
$34.8
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$0
$10
$20
$30
$40
$50
$60
$70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

16
Growth in LBO private equity and multi-strategy hedge funds. HIG’s investments in hedge funds and
private equity assets grew significantly from 2006 to 2014, with annual asset growth rates compounding at 15%
and 19%, respectively. In addition, the company’s alternative investments remained more heavily weighted to
private equity assets (leveraged buyout in particular) and multi-strategy hedge funds. During 2014, hedge fund
investments increased sharply in both absolute and relative terms compared to 2013.
Exhibit 14. Hedge Funds And Private Equity In HIG’s Schedule BA Assets
($ in billions)
$0.17
$0.32
$0.16
$0.09
$0.05 $0.04
$0.03 $0.03
$0.52
$0.12 $0.13
$0.22
$0.33 $0.33
$0.37
$0.50
$0.53
$0.51 $0.52
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2006-2014:
Exhibit 15. HIG’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Multi-strategy 0.0% 14.7% 19.4% 11.0% 7.9% 4.5% 2.8% 1.8% 1.5% 30.5%
Venture capital 3.8% 2.4% 1.9% 1.9% 2.1% 1.6% 2.9% 2.2% 2.3% 2.5%

17
investments tend to fluctuate significantly for HIG, with a range of 0.6% (in 2005) to 5.3% (in 2012). In
general, mezzanine financing private equity investments generated the highest returns (16.1% in 2010 and
12.6% in 2014). Multi-strategy hedge funds also generated a strong return of 26.7% in 2013. The company
currently has a long-term expected return assumption of 6% for alternative investments, including hedge funds
and private equity.
Exhibit 16. HIG’s Alternative Investment Returns, 2005-2014
0.8%
2.5%
5.9%
5.0%
1.4%
9.1%
8.0%
12.6%
9.9%
4.3%
0.6%
1.1%
2.9%
2.4%
1.2%
4.1% 3.9%
5.3%
4.2%
4.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Exhibit 17. HIG’s Returns From Hedge Funds And Private Equity Investments
Distressed securities - - - - - - - - - -
Emerging markets - - - - - - - - - -
Fixed income arbitrage - - - - - - - - - -
Futures/Options/FX arbitrage - - - - - - - - - -
Global macro - - - - - - - - - -
Long/short equity - - - - - - - - - -
Multi-strategy - 0.0% 1.2% 1.2% 0.6% 6.6% 14.1% 16.1% 26.7% 0.8%
Hedge Funds Total - 0.0% 1.2% 1.2% 0.6% 6.6% 14.1% 16.1% 26.7% 0.8%
Venture capital 0.0% 3.4% 22.8% 17.7% 0.7% 0.5% 4.0% 26.3% 2.6% 2.8%

18
Lincoln National (NYSE: LNC); Rating: Outperform
 On a consolidated basis, Lincoln’s life companies had general account assets of $98.7 billion at year-end
2014, ranked No. 10 in U.S. life insurers and accounted for roughly 2.6% of total general account assets in
the life industry. Further, the company had $1.9 billion of other long-term invested assets, which were
substantially to 14.1% of total adjusted capital including asset valuation reserves (from 9.5% at year-end
2005). This increase in asset allocation continued and LNC’s Schedule BA assets further increased to
26.7% of total adjusted capital including asset valuation reserves at year-end 2012.
 A similar rising trend can also be observed in Schedule BA assets as a percent of total gross investments,
which increased from 0.8% at year-end 2005 to 2.3% at year-end 2012. However, since 2013, the
company’s asset allocation to other long-term invested assets has decreased and stabilized (to roughly
22% total adjusted capital, including asset valuation reserves and 2.0% of total gross investments).
 Based on the Schedule BA filing for 2014, the company's alternative investments were more heavily
weighted to private equity assets (leveraged buyout and mezzanine financing in particular). Due to limited
information provided in Schedule BA filings prior to 2014, we were not able to pinpoint Lincoln’s
investments in hedge funds between years 2005 and 2013. Still, based on the breakdown of hedge fund
investments for 2014 and the historical industry trend, we think there could be an increasing shift toward
long/short equity and multi-strategy hedge funds.
 Given the lack of details on investments in the company’s Schedule BA filings prior to 2014, we were not
able to estimate LNC’s returns on hedge funds and private equity assets between years 2005 and 2013. In
2014, total Schedule BA asset returns were 9.9%, aided by strong returns from investments in private
equity (11.3%) and hedge funds (13.6%).
A stabilizing allocation to Schedule BA assets. Historically, LNC’s asset allocation to other long-term
9.5% in 2005), including asset valuation reserves. This increase in asset allocation continued and LNC’s
year-end 2012. A similar rising trend can also be observed in Schedule BA assets as a percentage of total gross
investments, which increased from 0.8% at year-end 2005 to 2.3% at year-end 2012. However, since 2013, the
company’s asset allocation to other long-term invested assets has decreased and stabilized (to roughly 22%
total adjusted capital including asset valuation reserves and 2.0% of total gross investments).
Exhibit 18. LNC’s Stabilizing Allocation To Schedule BA Assets
($ in billions)
9.5%
14.1%
17.9%
20.8%
22.1% 22.6%
24.9%
26.7%
22.3% 21.6%
$5.8 $5.7
$6.0
$5.1
$6.7
$7.1
$7.6 $7.6
$8.0
$8.8
0%
5%
10%
15%
20%
25%
30%
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0.8% 1.2%
1.6% 1.6%
2.0% 2.0% 2.2% 2.3% 2.0% 2.0%
$70.0 $68.4 $68.2 $68.6
$74.8
$79.1
$87.0
$90.2 $89.6
$94.6
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

19
Alternative investments more heavily weighted to private equity. Based on the Schedule BA filing for
2014, the company's alternative investments were more heavily weighted to private equity assets (leveraged
buyout and mezzanine financing in particular). Due to limited information provided in Schedule BA filings
prior to 2014, we were not able to pinpoint Lincoln’s investments in hedge funds between years 2005 and
2013. Still, based on the breakdown of hedge fund investments for 2014 and the historical industry trend, we
think there could be an increasing shift toward long/short equity and multi-strategy hedge funds.
Exhibit 19. Hedge Funds And Private Equity In LNC’s Schedule BA Assets
($ in billions)
$0.27
$0.44
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
$0.5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Not enough information to determine the CAGRs
of hedge funds and private equity assets.
Exhibit 20. LNC’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.4%
Multi-strategy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.2%
Venture capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0%

20
Double-digit returns from private equity and hedge funds in 2014. Given the lack of details on
investments in the company’s Schedule BA filings prior to 2014, we were not able to estimate LNC’s returns on
hedge funds and private equity assets between years 2005 and 2013. In 2014, total Schedule BA asset returns
were 9.9%, aided by strong returns from investments in private equity (11.3%) and hedge funds (13.6%).
Exhibit 21. LNC’s Alternative Investment Returns, 2005-2014
12.1%
0.0% 0.2% 0.1% 0.4% 0.5%
2.8%
1.5% 1.5%
1.9%
9.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Not enough information to estimate the returns on
hedge funds and private equity assets.
Exhibit 22. LNC’s Returns From Hedge Funds And Private Equity Investments
Distressed securities - - - - - - - - - 0.0%
Emerging markets - - - - - - - - - 0.0%
Fixed income arbitrage - - - - - - - - - 151.3%
Global macro - - - - - - - - - 0.0%
Long/short equity - - - - - - - - - 2.5%
Merger arbitrage - - - - - - - - - 33.9%
Multi-strategy - - - - - - - - - 12.0%
Hedge Funds Total - - - - - - - - - 13.6%
Leveraged buyout - - - - - - - - - 11.8%
Mezzanine financing - - - - - - - - - 11.0%
Venture capital - - - - - - - - - 4.2%
Private Equity Total - - - - - - - - - 11.3%
Total HF and PE Returns - - - - - - - - - 12.1%
Contribution from HF and PE - - - - - - - - - 47.2%

21
MetLife (NYSE: MET); Rating: Outperform
 On a consolidated basis, MetLife’s life companies had general account assets of $349 billion at year-end
2014, the largest in U.S. life insurers and accounted for roughly 9.1% of total general account assets in the
life industry. Further, the life companies had $22 billion of other long-term invested assets, which were
2005). This increase in asset allocation continued and MetLife’s Schedule BA assets further increased to
86.7% of total adjusted capital including asset valuation reserves at year-end 2014.
 A similar rising trend can also be observed in Schedule BA assets as a percentage of total gross
investments, which increased from 3.1% at year-end 2005 to 6.6% at year-end 2014.
 MetLife’s investments in hedge fund and private equity grew at compound annual growth rates (CAGR) of
27% and 14%, respectively, from 2006 to 2014. The company’s alternative investments remained more
heavily weighted to private equity assets (leveraged buyout in particular), but there was also an increasing
shift toward multi-strategy and long/short equity hedge funds.
 Historically returns from alternative investments tend to fluctuate significantly for MetLife, with a range
of 0.5% (in 2005) to 4.9% (in 2007). In general, leveraged buyout private equity investments generated
the highest returns (41.5% in 2007 and 17.2% in 2014).
 Multi-strategy hedge funds returns were more favorable in 2009 and 2010 (4.3% and 7.9%, respectively),
but only slightly profitable in 2012-14. In addition, MetLife’s investments in long/short equity hedge funds
generated a strong return of 9.7% in 2014, up significantly versus returns of 1.0% in 2012 and 2.0% in
2013.
A growing allocation to Schedule BA assets. Historically, MetLife’s asset allocation to other long-term
48.6% in 2005), including asset valuation reserves. This increase in asset allocation continued and MetLife’s
year-end 2014. A similar rising trend can also be observed in Schedule BA assets as a percent of total gross
Exhibit 23. MetLife’s Growing Allocation To Schedule BA Assets
($ in billions)
48.6%
61.6%
67.3%
79.4% 76.1% 74.1% 74.9% 75.1%
86.6% 86.7%
$19.1
$20.4
$24.3
$23.7
$22.1
$23.9
$26.0
$27.2
$24.2
$25.4
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0
$5
$10
$15
$20
$25
$30
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
3.1%
3.8%
4.7%
5.4%
4.8% 4.9% 5.1%
6.4% 6.7% 6.6%
$299.7
$327.7
$346.4 $351.1 $347.8
$363.5
$383.1
$318.6 $314.9
$333.3
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

22
Growth in LBO private equity and multi-strategy and long/short equity hedge funds. MetLife’s
investments in hedge funds and private equity assets grew significantly from 2006 to 2014, with annual asset
growth rates compounding at 27% and 14%, respectively. In addition, the company’s alternative investments
remained more heavily weighted to private equity assets (leveraged buyout in particular), but there was also an
increasing shift toward multi-strategy and long/short equity hedge funds.
Exhibit 24. Hedge Funds And Private Equity In MetLife’s Schedule BA Assets
($ in billions)
$0.31 $0.36 $0.36
$0.49
$0.60
$0.79
$0.98
$1.60
$2.06
$1.42
$1.71 $1.76
$2.77
$2.92
$3.45
$3.56
$4.03
$4.14
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2006-2014:
Exhibit 25. MetLife’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 1.0% 1.2% 1.2% 1.3% 1.8% 1.4%
Multi-strategy 0.0% 2.2% 2.0% 1.5% 0.1% 0.7% 0.9% 1.1% 1.9% 3.8%
Venture capital 0.0% 0.2% 0.1% 0.1% 0.4% 0.6% 1.1% 1.3% 1.8% 2.2%

23
investments tend to fluctuate significantly for MetLife, with a range of 0.5% (in 2005) to 4.9% (in 2007). In
in 2014). Multi-strategy hedge funds returns were more favorable in 2009 and 2010 (4.3% and 7.9%,
respectively), but only slightly profitable in 2012 to 2014. In addition, MetLife’s investments in long/short
equity hedge funds generated a strong return of 9.7% in 2014, up significantly versus returns of 1.0% in 2012
and 2.0% in 2013.
Exhibit 26. MetLife’s Alternative Investment Returns, 2005-2014
22.8%
31.4%
5.3%
1.9%
7.7% 8.2%
9.8% 9.6%
11.2%
0.5%
4.0%
4.9%
1.7%
0.7%
4.3%
2.9%
4.7%
4.0% 4.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Exhibit 27. MetLife’s Returns From Hedge Funds And Private Equity Investments
Convertible arbitrage - - - - 0.0% 0.0% 0.0% 0.0% - -
Emerging markets - 0.0% 0.0% 0.0% 0.0% 0.0% - 109.5% 0.2% 0.1%
Fixed income arbitrage - - - 0.0% -26.9% 2.9% 0.0% 0.0% 0.0% 0.0%
Global macro - - - - 1.0% 1.0% 0.3% 0.4% 0.0% 0.2%
Long/short equity - - - - 0.0% 0.0% 0.0% 1.1% 2.0% 9.7%
Multi-strategy - 0.0% 0.0% 0.0% 4.3% 7.9% 2.1% 0.5% 0.5% 0.3%
Sector investing - - - - - - 0.0% - 0.0% 0.0%
Hedge Funds Total - 0.0% 0.0% 0.0% -7.7% 2.6% 0.7% 1.1% 0.7% 3.0%
Leveraged buyout - 29.6% 41.5% 6.0% 3.1% 9.1% 11.2% 13.2% 14.4% 17.2%
Mezzanine financing - 14.3% 8.0% 9.1% 6.4% 8.4% 7.6% 9.7% 9.8% 6.8%
Venture capital - 4.6% 10.3% 5.1% 4.0% 2.7% 2.3% 6.4% 6.4% 11.1%
Private Equity Total - 27.8% 38.0% 6.4% 3.6% 8.8% 10.2% 12.2% 13.0% 15.2%
Total HF and PE Returns - 22.8% 31.4% 5.3% 1.9% 7.7% 8.2% 9.8% 9.6% 11.2%
Contribution from HF and PE - 77.7% 80.4% 34.4% 52.5% 35.4% 62.6% 46.6% 64.2% 73.6%

24
Principal Financial Group (NYSE: PFG); Rating: Market Perform
 On a consolidated basis, PFG’s life insurance companies had general account assets of $59.1 billion at
year-end 2014, ranked No. 18 in U.S. life insurers and accounted for roughly 1.5% of total general account
assets in the life industry. Further, the life companies had $3.2 billion of other long-term invested assets,
assets.
2005). This increase in asset allocation continued through 2012 and PFG’s Schedule BA assets further
increased to 76.3% of total adjusted capital including asset valuation reserves at year-end 2012.
which increased from 3.4% at year-end 2005 to 6.1% at year-end 2012. However, since 2013, the
company’s asset allocation to other long-term invested assets has decreased substantially and stabilized
(to roughly 64% total adjusted capital including asset valuation reserves and 5.6% of total gross
investments).
 Due to limited information provided in Schedule BA filings prior to 2014, we were not able to pinpoint
PFG’s investments or returns associated with hedge funds between years 2005 and 2013. Still, based on
the breakdown of hedge fund investments for 2014 and the historical industry trend, we think there could
be an increasing shift toward multi-strategy hedge funds.
 Alternative asset returns tend to fluctuate year to year significantly for Principal, with a range of 0.2% (in
2005) to 9.7% (in 2013). In 2014, total Schedule BA asset returns were 7.6%. Due to limited information
available on PFG’s Schedule BA filings, we were not able to estimate the historical returns of the company’s
investments in private equity and hedge funds. In addition, the company’s private equity and hedge fund
investments grew from roughly 0% in 2005 to 9.8% of total other long-term invested assets in 2014.
A stabilizing allocation to Schedule BA assets. Historically, Principal’s asset allocation to other long-
term invested assets was below 50% of total adjusted capital including asset valuation reserves. In 2006, the
40.0% in 2005), including asset valuation reserves. This increase in asset allocation continued and PFG’s
year-end 2012. A similar rising trend can also be observed in Schedule BA assets as a percentage of total gross
investments, which increased from 3.4% at year-end 2005 to 6.1% at year-end 2012. However, since 2013, the
company’s asset allocation to other long-term invested assets has decreased substantially and stabilized (to
roughly 64% total adjusted capital including asset valuation reserves and 5.6% of total gross investments).
Exhibit 28. PFG’s Stabilizing Allocation To Schedule BA Assets
($ in billions)
40.0%
62.2%
65.8% 64.3%
71.5% 71.5% 72.3%
76.3%
63.4% 63.8%
$4.5
$4.5
$4.6
$5.1
$4.9
$4.7
$4.8
$4.6
$4.8
$5.0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
$4
$4
$4
$5
$5
$5
$5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
3.4%
5.1% 5.2% 5.3%
6.0% 6.0% 6.0% 6.1%
5.3% 5.6%
$52.4
$55.2
$58.4
$61.8
$58.7
$56.7
$57.2
$58.2
$57.4 $57.4
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$46
$48
$50
$52
$54
$56
$58
$60
$62
$64
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

25
Not enough information; but potentially a shift to multi-strategy hedge funds. Due to limited
information provided in Schedule BA filings prior to 2014, we were not able to pinpoint PFG’s investments
associated with hedge funds between years 2005 and 2013. Still, based on the breakdown of hedge fund
investments for 2014 and the historical industry trend, we think there could be an increasing shift toward
multi-strategy hedge funds. In addition, the company’s private equity and hedge fund investments grew from
roughly 0% in 2005 to 9.8% of total other long-term invested assets in 2014.
Exhibit 29. Hedge Funds And Private Equity In PFG’s Schedule BA Assets
($ in billions)
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.30
$0.01
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Not enough information to determine the CAGRs
of hedge funds and private equity assets.
Exhibit 30. PFG’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2%
Multi-strategy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.5%
Venture capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

26
Fluctuating alternative investment returns. Alternative asset returns tend to fluctuate year to year
significantly for Principal, with a range of 0.2% (in 2005) to 9.7% (in 2013). Due to limited information
available on PFG’s Schedule BA filings, we were not able to estimate the historical returns of the company’s
investments in private equity and hedge funds. In 2014, total Schedule BA asset returns were 7.6%.
Exhibit 31. PFG’s Alternative Investment Returns, 2005-2014
0.0% 0.0% 0.0% 0.0% 0.0%
9.7%
0.0%0.2%
2.4%
8.7%
7.6%
4.4%
4.9%
7.4%
9.1%
9.3% 7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Not enough information to estimate the returns on
hedge funds and private equity assets.
Exhibit 32. PFG’s Returns From Hedge Funds And Private Equity Investments
Global macro - - - - - - - - - -
Multi-strategy - - - - - - - - - 0.0%
Hedge Funds Total - - - - - - - - - 0.0%
Leveraged buyout - - - - - - - - - 0.0%
Mezzanine financing - - - - - - - - - -
Venture capital - - - 0.0% 0.0% 0.0% 0.0% 0.0% 9.7% 0.0%
Private Equity Total - - - 0.0% 0.0% 0.0% 0.0% 0.0% 9.7% 0.0%
Total HF and PE Returns - - - 0.0% 0.0% 0.0% 0.0% 0.0% 9.7% 0.0%
Contribution from HF and PE - - - 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

27
Prudential Financial (NYSE: PRU); Rating: Outperform
 On a consolidated basis, Prudential’s life companies had general account assets of $211 billion at year-end
2014, ranked No. 4 in U.S. life insurers and accounted for roughly 5.5% of total general account assets in
the life industry. Further, the life companies had $8.9 billion of other long-term invested assets, which
were filed on Schedule BA and represented around 5.4% of the U.S. life industry’s total Schedule BA
assets.
2005). This increase in asset allocation continued and Prudential’s Schedule BA assets further increased
to 56.8% of total adjusted capital including asset valuation reserves at year-end 2014.
 A similar rising trend can also be observed in Schedule BA assets as a percentage of total gross
 Prudential’s investments in hedge fund and private equity grew at compound annual growth rates (CAGR)
of 43% and 38%, respectively, from 2005 to 2014. We think the significant increase in private equity assets
in 2012 was largely driven by the jumbo-sized pension risk transfer deals with GM and Verizon, which
included some alternative investments in the transferred asset portfolio. The company’s alternative
investments remained more heavily weighted to private equity assets (leveraged buyout in particular), in
addition to a fluctuating allocation to multi-strategy hedge funds.
 Historically returns from alternative investments tend to fluctuate significantly for Prudential, with a
range of 0.5% (in 2010) to 8.1% (in 2014). In general, leveraged buyout private equity investments
generated the highest returns (18.4% in 2014 and 17.6% in 2005).
 Multi-strategy hedge funds returns were only modestly profitable in recent years (0.2% in 2014, 0.1% in
2013, and 0.2% in 2012).
A growing allocation to Schedule BA assets. Historically, Prudential’s asset allocation to other long-term
15.1% in 2005), including asset valuation reserves. This increase in asset allocation continued and Prudential’s
Exhibit 33. Prudential’s Growing Allocation To Schedule BA Assets
($ in billions)
15.1%
27.3%
31.5% 32.6% 33.4% 34.9%
41.8%
59.6% 61.9%
56.8%
$11.0
$10.0
$11.4
$9.7
$13.9
$12.9 $12.6
$13.2
$14.3
$15.6
0%
10%
20%
30%
40%
50%
60%
70%
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1.0%
1.6%
2.1% 1.8%
2.7% 2.6%
3.0%
4.3% 4.6% 4.5%
$162.6
$172.2 $172.9 $174.2 $171.9 $171.6 $175.3
$182.7
$192.4
$198.2
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$0
$50
$100
$150
$200
$250
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

28
Growth in LBO private equity and a fluctuating allocation to multi-strategy hedge funds.
Prudential’s investments in hedge funds and private equity assets grew significantly from 2005 to 2014, with
annual asset growth rates compounding at 43% and 38%, respectively. We think the significant increase in
private equity assets in 2012 was largely driven by the jumbo-sized pension risk transfer deals with GM and
Verizon. The company’s alternative investments remained more heavily weighted to private equity assets
(leveraged buyout in particular), in addition to a fluctuating allocation to multi-strategy hedge funds.
Exhibit 34. Hedge Funds And Private Equity In Prudential’s Schedule BA Assets
($ in billions)
$0.01 $0.02 $0.03 $0.02 $0.02
$0.29
$0.57
$0.84
$1.10
$0.27
$0.13 $0.13
$0.33
$0.47 $0.46
$0.71
$0.77
$2.30 $2.33
$2.51
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Exhibit 35. Prudential’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Multi-strategy 0.6% 0.8% 0.7% 0.6% 0.5% 6.4% 10.7% 10.7% 12.4% 3.1%
Venture capital 0.3% 0.6% 1.6% 2.8% 1.5% 1.8% 1.7% 4.1% 2.8% 3.8%

29
investments tend to fluctuate significantly for Prudential, with a range of 0.5% (in 2010) to 8.1% (in 2014). In
in 2005). Multi-strategy hedge funds returns were only modestly profitable in recent years (0.2% in 2014, 0.1%
in 2013, and 0.2% in 2012).
Exhibit 36. Prudential’s Alternative Investment Returns, 2005-2014
12.5%
11.0%
6.1%
2.6%
3.3%
-0.2%
4.3%
2.1%
7.4%
14.8%
2.2%
1.3% 1.0%
1.9%
1.0%
0.5%
1.8%
1.8%
5.1%
8.1%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Exhibit 37. Prudential’s Returns From Hedge Funds And Private Equity Investments
Global macro - - - - - - - - - -
Multi-strategy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4% 0.2% 0.1% 0.2%
Sector investing - - - - - - 0.0% -16.3% 0.0% -
Hedge Funds Total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4% 0.2% 0.1% 0.2%
Leveraged buyout 17.6% 11.9% 6.6% 3.1% -1.9% -0.4% 8.8% 2.0% 10.6% 18.4%
Mezzanine financing 12.1% 15.5% 8.0% 3.4% 8.1% -0.4% 8.9% 7.9% 12.6% 15.0%
Venture capital 19.7% 2.7% 2.2% 0.3% -0.6% 0.0% 0.4% 0.2% 10.0% 8.7%
Private Equity Total 13.5% 12.9% 6.5% 2.7% 3.5% -0.3% 7.9% 2.8% 10.9% 16.4%
Total HF and PE Returns 12.5% 11.0% 6.1% 2.6% 3.3% -0.2% 4.3% 2.1% 7.4% 14.8%
Contribution from HF and PE 50.5% 49.5% 57.7% 21.6% 36.1% -11.9% 62.5% 48.7% 56.2% 57.4%

30
Voya Financial (NYSE: VOYA); Rating: Outperform
 On a consolidated basis, VOYA’s life insurance companies had general account assets of $86.6 billion at
year-end 2014, ranked No. 13 in U.S. life insurers and accounted for roughly 2.3% of total general account
assets in the life industry. Further, the life companies had $1.5 billion of other long-term invested assets,
assets.
2005). This increase in asset allocation continued through 2009 and VOYA’s Schedule BA assets further
increased to 67.6% of total adjusted capital, including asset valuation reserves at year-end 2009.
which increased from 1.0% at year-end 2005 to 5.8% at year-end 2009. However, since 2010, the company’s
asset allocation to other long-term invested assets has decreased substantially and stabilized after 2012 (to
roughly 20% total adjusted capital including asset valuation reserves and 1.8% of total gross investments). It
appears as if VOYA divested Schedule BA investments as the company prepared to go public.
 Due to limited information provided in Schedule BA filings prior to 2014, we were not able to pinpoint
VOYA’s investments in hedge funds between years 2005 and 2013. Still, based on the breakdown of hedge
fund investments for 2014 and the historical industry trend, we think there could be an increasing shift
toward long/short equity and multi-strategy hedge funds.
 The company’s investments in private equity grew at a compound annual growth rate (CAGR) of 38% from
2005 to 2014. In addition, there was a growing allocation to leveraged buyout private equity investments.
Historically returns from private equity investments tend to fluctuate significantly for VOYA, with a range
of 1.6% (in 2009) to 37.3% (in 2006). Since 2010, returns from private equity investments have been
largely meeting or exceeding VOYA’s expectation (9%), which the company does not expect to recur.
A stabilizing allocation to Schedule BA assets. Historically, VOYA’s asset allocation to other long-term
invested assets was below 20% of total adjusted capital, including asset valuation reserves. In 2006, the
11.7% in 2005), including asset valuation reserves. This increase in asset allocation continued and VOYA’s
investments, which increased from 1.0% at year-end 2005 to 5.8% at year-end 2009. However, since 2010,
VOYA’s asset allocation to other long-term invested assets has decreased substantially and stabilized after 2012
(to roughly 20% total adjusted capital including asset valuation reserves and 1.8% of total gross investments).
Exhibit 38. VOYA’s Stabilizing Allocation To Schedule BA Assets
($ in billions)
11.7%
22.6%
34.0% 31.4%
67.6%
63.5%
49.2%
19.6% 19.5% 20.2%
$7.5
$7.3
$7.9
$6.8
$6.9
$7.0
$8.0
$7.9
$7.1
$7.3
0%
10%
20%
30%
40%
50%
60%
70%
80%
$6
$6
$7
$7
$7
$7
$7
$8
$8
$8
$8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1.0%
2.1%
3.2%
2.5%
5.8%
5.4%
4.6%
1.8% 1.7% 1.8%
$89.1
$78.2
$83.2
$85.3
$80.5
$81.8
$85.7
$84.3
$82.5
$83.3
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
$72
$74
$76
$78
$80
$82
$84
$86
$88
$90
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Notes:

31
Growth in LBO private equity. The company’s investments in private equity grew at a CAGR of 38% from
2005 to 2014. In addition, there was a growing allocation to leveraged buyout private equity investments. Due
to limited information provided in Schedule BA filings prior to 2014, we were not able to pinpoint VOYA’s
investments in hedge funds between years 2005 and 2013. Still, based on the breakdown of hedge fund
investments for 2014 and the historical industry trend, we think there could also be an increasing shift toward
long/short equity and multi-strategy hedge funds.
Exhibit 39. Hedge Funds And Private Equity In VOYA’s Schedule BA Assets
($ in billions)
$0.16
$0.03
$0.01
$0.06
$0.13
$0.13 $0.12 $0.12
$0.09
$0.07
$0.16
$0.0
$0.0
$0.0
$0.1
$0.1
$0.1
$0.1
$0.1
$0.2
$0.2
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
From 2005-2014:
Exhibit 40. VOYA’s Various Private Equity And Hedge Fund Investments
BACV by Strategy 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global macro 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.8%
Multi-strategy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.6%
Venture capital 0.3% 0.2% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.3%

32
Earnings volatility stemming from alternative investments. Historically returns from private equity
investments tend to fluctuate significantly for VOYA, with a range of 1.6% (in 2009) to 37.3% (in 2006). The
company currently has a long-term expected return assumption of 9% for alternative investments, including
hedge funds and private equity. Since 2010, returns from private equity investments have been largely meeting
or exceeding VOYA’s expectation, which the company does not expect to recur.
Exhibit 41. VOYA’s Alternative Investment Returns, 2005-2014
8.0%
37.3%
10.4%
1.7% 1.6%
14.2%
8.5%
31.4%
10.3%
7.2%
0.3% 0.4% 0.3%0.6% 0.1%
2.1%
3.0%
11.5%
7.8%
13.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Exhibit 42. VOYA’s Returns From Hedge Funds And Private Equity Investments
Distressed securities - - - - - - - 0.0% 0.0% 6.2%
Emerging markets - - - - - - - - - 0.0%
Fixed income arbitrage - - - - - - - - - 0.0%
Global macro - - - - - - - - - 0.1%
Long/short equity - - - - - - - - - 12.4%
Multi-strategy - - - - - - - - - 0.7%
Sector investing - - - - - - - - - 0.0%
Hedge Funds Total 0.0% - - - - - - 0.0% 0.0% 4.5%
Mezzanine financing 6.4% - 6.3% 3.3% 2.9% 17.9% 9.5% 11.1% 7.6% 15.0%
Venture capital 0.0% 8.2% 0.0% 0.0% 0.0% 0.0% 195.2% 0.0% 0.0% 19.6%

33
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34
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ACE: Risks to achieving the valuation range include large cat losses, increased competition, and a deterioration in loss costs.
ACGL: Risks to achieving the valuation range include large catastrophe and investment losses, increased competition, and a
deterioration in loss costs.
AFL: Risks to our valuation range include U.S. and Japanese sales weakness, higher-than expected loss costs, a weaker yen, and
asset quality deterioration.
AIG: Risks to the downside of our valuation range include declining investment income, rising catastrophe exposure, business
retention and soft pricing conditions.
AIZ: Risks to our valuation range include deteriorating asset quality, prolonged retail weakness, sustained improvement in housing
markets, declining net investment income, and catastrophes or other large losses.
AJG: Risks include a material deterioration in economic conditions, a significantly slowing of P&C rates, and acquisitions either
falling to materialize in the future or deals missing expectations.
ALL: Risks to achieving the valuation range include large cat losses, regulatory constraints in key states, widening credit spreads,
reserve strengthening, irrational competition in personal lines, and deterioration in loss cost trends.
AMP: Risks to our range include investment spread compression, credit losses, falling investment income, weak equity markets,
and advisor turnover.
AON: Risks to achieving the valuation range include tough economic conditions, a slowdown of the P&C rating improvement,
foreign exchange risk, pressure on expenses from investments Aon is making, and volatility associated with its pension plan.
AXS: Risks to achieving the valuation range include large catastrophe and investment losses, increased competition, and a rise in
claims for D&O (directors and officers) and other credit issues.
BRO: Risks to achieving the valuation range include tough economic conditions which would pressure organic growth, a slowdown
and leveling off of the P&C rating improvement, and the completion and successful integration of acquisitions.
CB: Risks to achieving our valuation range include large catastrophe losses, adverse reserve development, increased competition, a
deterioration in loss costs, and a rise in D&O claims.
GNW: Risks to achieving our range include rising home mortgage delinquencies, liquidity constraints, credit losses, and the need
to raise capital.
HIG: Risks to achieving the range include catastrophe losses, potential reserve additions, competition, rising interest rates, and
falling equity markets.
LNC: Risks to our valuation range include investment spread compression, falling investment income, weak equity markets, rising
capital needs, and credit losses.
MET: Risks to our valuation range include investment spread compression, falling investment income, weak equity markets, and
credit losses.
MMC: Risks to achieving the valuation range include tough economic conditions, a slowdown and leveling off of the P&C rating
improvement, foreign exchange risk, and volatility from expenses associated with its pension plan.
PFG: Risks to our valuation range include spread compression, credit losses, and weak equity markets.
PGR: Risks to achieving our valuation range include intense competition in the personal auto market, cat losses, and regulatory
constraints in key states.
PRE: Risks to achieving our valuation range include large cat losses, greater competition, and higher loss costs.
PRU: Risks to achieving our valuation range include spread compression, credit losses, weak equity markets, and equity capital
issuance.
RE: Risks to achieving the valuation range include large catastrophe losses, adverse reserve development, and increased
competition.
RNR: Risks to achieving the valuation range include large catastrophe losses, increased competition, and a rise in claims for D&O
and other credit issues.
TMK: Risks to our valuation range include adverse mortality, credit losses, and falling interest rates.
TRV: Risks to achieving our valuation range include large catastrophe losses, adverse reserve development, increased competition,
a deterioration in loss costs, and a rise in D&O claims.
UIHC: Risks to achieving our valuation range include intense competition in the homeowners' insurance market, catastrophe
losses, and regulatory constraints in key states.
VOYA: Risks to our range include exposure to CBVA, differentiated reporting, competition in the Retirement market, spread
compression, and liquidity.
WSH: Risks to our Under Perform rating include faster-than-expected integration of its merger with Towers Watson, a stronger
non-life insurance rating environment, improving economic conditions globally, and if private healthcare exchange enrollment and

35
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STOCK RATING
1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the
next 12 months. BUY
2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market
over the next 12 months. HOLD
3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12
months. SELL
SECTOR RATING
O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months.
M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months.
U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.
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V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the
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As of: October 14, 2015
45% of companies covered by Wells Fargo Securities, LLC
Equity Research are rated Outperform.
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earnings are stronger-than-expected.

36
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SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Diane Schumaker-Krieg
Global Head of Research, Economics & Strategy │ 212-214-5070 / 704-410-1801
diane.schumaker@wellsfargo.com
Sam J. Pearlstein
Co-Head of Equity Research │ 212-214-5054
sam.pearlstein@wellsfargo.com
Paul Jeanne, CFA, CPA
Associate Director of Research
443-263-6534 / 212-214-8054 / 704-410-2130
paul.jeanne@wellsfargo.com
Todd M. Wickwire
Co-Head of Equity Research
410-625-6393 / 212-214-5069
todd.wickwire@wellsfargo.com
Lisa Hausner
Global Head of Publishing │ 443-263-6522
lisa.hausner@wellsfargo.com
CONSUMER
Beverage/Convenience Stores/Tobacco
Bonnie Herzog 212-214-5051
Adam Scott 212-214-8064
Cosmetics, Household & Personal Care
Chris Ferrara, CFA, CPA 212-214-8050
Joe Lachky, CFA 314-875-2042
Zachary Fadem, CPA 212-214-8018
Food
John Baumgartner, CFA 212-214-5015
Mariya Morgaylo 212-214-5028
Leisure
Timothy Conder, CPA 314-875-2041
Karen Tan 314-875-2556
Marc J. Torrente 314-875-2557
Restaurants & Foodservice
Jeff Farmer, CFA 617-603-4314
Imran Ali 617-603-4315
Jordan Kohn 617-603-4207
Retail
Matt Nemer 415-396-3938
Trisha Dill, CFA 312-920-3594
Stephanie Xu 415-396-3054
ENERGY
Exploration & Production
David R. Tameron 303-863-6891
Gordon Douthat, CFA 303-863-6920
Jamil Bhatti, CFA 303-863-6880
Mark A. Engelmeyer 303-863-4754
Jay M. Mondrick, CFA 303-863-5859
Master Limited Partnerships
Michael J. Blum 212-214-5037
Sharon Lui, CPA 212-214-5035
Praneeth Satish 212-214-8056
Eric Shiu 212-214-5038
Ned Baramov, CFA 212-214-8021
Nicholas Daly 212-214-8012
Utilities
Neil Kalton, CFA 314-875-2051
Sarah Akers, CFA 314-875-2040
Jonathan Reeder 314-875-2052
Glen F. Pruitt 314-875-2047
Peter Flynn 314-875-2049
Oilfield Services and Equipment
Judson E. Bailey, CFA 713-577-2514
Daniel Cruise 713-577-2515
Coleman W. Sullivan, CFA 713-577-2510
International E&Ps/Independent Refiners
Roger D. Read 713-577-2542
Lauren Hendrix 713-577-2543
FINANCIAL SERVICES
BDCs
Jonathan Bock, CFA 704-410-1874
Finian P. O’Shea 704-410-1990
Joseph Mazzoli, CFA 704-410-2523
Brokers/Exchanges/Asset Managers
Christopher Harris, CFA 443-263-6513
Robert Ryan, CFA 212-214-5025
Insurance
John Hall 212-214-8032
Elyse Greenspan, CFA 212-214-8031
Kenneth Hung, CFA, ASA 212-214-8023
Rashmi H. Patel, CFA 212-214-8034
Specialty Finance
Joel J. Houck, CFA 443-263-6521
Vivek Agrawal 443-263-6563
Charles Nabhan 443-263-6578
Max Maier 443-263-6573
U.S. Banks
Matt H. Burnell 212-214-5030
Jason Harbes, CFA 212-214-8068
Jared Shaw 212-214-8028
Timur Braziler 212-214-5048
HEALTH CARE
Biotechnology
Matthew J. Andrews 617-603-4218
Healthcare Facilities
Gary Lieberman, CFA 212-214-8013
Ryan Halsted 212-214-8022
Healthcare IT & Distribution
Jamie Stockton, CFA 901-271-5551
Stephen Lynch 901-271-5552
Nathan Weissman 901-271-5553
Life Science Tools, Services, & Diagnostics
Tim Evans 212-214-8010
Sara Silverman 212-214-8027
Managed Care/Ancillary Benefits
Peter H. Costa 617-603-4222
Polly Sung, CFA 617-603-4324
Brian Fitzgerald, CFA 617-603-4277
Medical Technology
Larry Biegelsen 212-214-8015
Craig W. Bijou 212-214-8038
Lei Huang 212-214-8039
Adam C. Maeder 212-214-8042

INDUSTRIAL
Aerospace & Defense
Sam J. Pearlstein 212-214-5054
Gary S. Liebowitz, CFA 212-214-5055
Ronald Hou 212-214-5056
Automotive/Electrical and Industrial Products
Rich Kwas, CFA 410-625-6370
David H. Lim 443-263-6565
Deepa Raghavan, CFA 443-263-6517
Ronald Jewsikow 443-263-6449
Chemicals
Frank J. Mitsch 212-214-5022
Rory Blake 212-214-8011
Containers & Packaging
Chris D. Manuel 216-643-2966
Gabe S. Hajde 216-643-2967
Derek Jose 216-643-2968
Diversified Industrials
Allison Poliniak-Cusic, CFA 212-214-5062
Michael L. McGinn 212-214-5052
Machinery
Andrew Casey 617-603-4265
Justin Ward 617-603-4268
Sara A. Magers, CFA 617 603-4270
Engineering & Construction
Justin Ward 617-603-4268
Shipping, Equipment Leasing, & Marine MLPs
Michael Webber, CFA 212-214-8019
Donald D. McLee 212-214-8029
Hillary Cacanando, CFA, CPA 212-214-8040
Donald Bogden 212-214-8037
Transportation
Casey S. Deak, CFA 443-263-6579
MEDIA & TELECOMMUNICATIONS
Advertising
Peter Stabler 415-396-4478
Steve Cho 415-396-6056
Blake Nelson 415-396-4064
Media & Cable
Marci R. Ryvicker, CFA, CPA 212-214-5010
Eric Katz 212-214-5011
Stephan Bisson 212-214-8033
John Huh 212-214-8044
Satellite Communications
Andrew Spinola 212-214-5012
Telecommunication Services - Wireless/Wireline
Jennifer M. Fritzsche 312-920-3548
Caleb Stein 312-845-9797
Eric Luebchow 312-630-2386
REAL ESTATE, GAMING & LODGING
Gaming
Cameron McKnight 212-214-5046
Robert Shore 212-214-8009
Healthcare/Manufactured Housing/Self-Storage
Todd Stender 562-637-1371
Philip DeFelice, CFA 443-263-6442
Jason S. Belcher 443-462-7354
Lodging/Multifamily/Retail
Jeffrey J. Donnelly, CFA 617-603-4262
Dori Kesten 617-603-4233
Robert LaQuaglia, CFA, CMT 617-603-4263
Tamara Fique 443-263-6568
Office/Industrial/Infrastructure
Brendan Maiorana, CFA 443-263-6516
Young Ku, CFA 443-263-6564
Blaine Heck, CFA 443-263-6529
TECHNOLOGY & SERVICES
Applied Technologies
Andrew Spinola 212-214-5012
Communication Technology
Jess Lubert, CFA 212-214-5013
Michael Kerlan 212-214-8052
Gray Powell, CFA 212-214-8048
Priya Parasuraman 617-603-4269
E-commerce
Matt Nemer 415-396-3938
Trisha Dill, CFA 312-920-3594
Stephanie Xu 415-396-3054
Information & Business Services
William A. Warmington, Jr. 617-603-4283
Bill DiJohnson 617-603-4271
Internet
Peter Stabler 415-396-4478
Steve Cho 415-396-6056
Blake Nelson 415-396-4064
Internet Infrastructure
Gray Powell, CFA 212-214-8048
Priya Parasuraman 617-603-4269
IT & BPO Services
Ed Caso, CFA 443-263-6524
Richard Eskelsen, CFA 410-625-6381
Tyler Scott, CFA 443-263-6540
IT Hardware – Wireless Equipment
Maynard Um 212-214-8008
Munjal Shah 212-214-8061
Jason Ng 212-214-8007
Semiconductors
David Wong, CFA, PhD 212-214-5007
Amit Chanda 314-875-2045
Transaction and Business Services
Timothy W. Willi 314-875-2044
Robert Hammel 314-875-2053
Alan Donatiello, CFA 314-875-2054
STRATEGY
Equity Strategy
Gina Martin Adams, CFA, CMT 212-214-8043
Peter Chung 212-214-8063
Strategic Indexing
Daniel A. Forth 704-410-3233
ECONOMICS
Economists
John E. Silvia, PhD 704-410-3275
Mark Vitner 704-410-3277
Jay H. Bryson, PhD 704-410-3274
Sam Bullard 704-410-3280
Nick Bennenbroek 212-214-5636
Eugenio J. Alemán, PhD 704-410-3273
Anika Khan 704-410-3271
Azhar Iqbal 704-410-3270
Tim Quinlan 704-410-3283
Eric Viloria, CFA, CMT 212-214-5637
Michael A. Brown 704-410-3278
Sarah Watt House 704-410-3282
RETAIL RESEARCH MARKETING
Retail Research Marketing
Colleen Hansen 410-625-6378
September 23, 2015

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