Portfolio


Policies owned by the Combined Estates of
Retirement Value & Hill Country Funding

Internal Code Carrier   Face Amount  Matured
AGL06L-102009-LM American General  $2,500,000 7/21/14
AGL130-012110-PM American General Life & Accident Ins. Co.  $2,000,000 6/6/18
AGL66L-071509-LB American General  $750,000  
AGL73L-031909-WK American General  $3,000,000  
ANI521-102209-BW American National  $1,000,000 12/22/16
ANI852-031909-HO American National  $5,000,000  
AVL180-030510-MR AVIVA Life & Annunity   $5,000,000  
AXA091-012110-PC  AXA Equitable   $5,000,000  
AXA146-090409-GJ AXA Equitable   $2,000,000  
AXA335-022410-PS AXA Equitable   $3,000,000  
AXA597-110209-HM AXA Equitable   $1,250,000 4/22/13
AXA729-112009-SF AXA Equitable   $2,000,000  
AXA804-031909-RM AXA Equitable  $4,500,000  8/8/15
AXA826-110509-IC AXA Equitable  $1,250,000  
AXA994-011510-BD AXA Equitable  $2,100,000  
HCF-JHL305-LS John Hancock  $750,000  
HCF-AXA058-PF AXA Equitable  $2,500,000  
HCF-JHL442-LS John Hancock  $1,500,000  
HCF-SLF495-LS Sun Life Financial  $1,500,000  
HCF-SLF652-LS Sun Life Financial  $500,000  
HLI814-092509-MI Hartford Life  $1,500,000  
ING036-071509-EB ING  $3,000,000  
ING15J-121409-AK ING  $1,000,000  
ING201-071509-AG ING  $5,000,000 2/9/18
ING283-031909-AI ING  $2,000,000  
LBL165-031909-NL Lincoln Benefit Life  $750,000  
LBL361-021710-SW Lincoln Benefit Life  $2,085,000  
LBL771-110209-MF Lincoln Benefit Life  $2,000,000  
LFG006-103009-JC Lincoln Financial  $2,000,000  
LFG008-102909-RB Lincoln Financial  $3,000,000  
LFG081-021710-RC Lincoln Financial  $1,250,000  
LFG117-021710-HW Lincoln Financial  $2,000,000  
LFG117-031909-MC Lincoln Financial  $1,500,000  
LFG183-111109-MR Lincoln Financial  $5,000,000   
LFG248-012610-HM Lincoln Financial  $3,000,000  
LFG272-112009-PS Lincoln Financial  $1,300,000  
LFG311-031210-HM  Lincoln Financial  $5,000,000  
LFG566-071509-MR Lincoln Financial  $4,700,000  
LFG591-031909-DH Lincoln Financial  $1,000,000  
LFG735-030510-AS Lincoln Financial  $5,000,000 3/20/15
LFG740-071509-RL Lincoln Financial  $5,000,000  
LFG782-090409-HO Lincoln Financial  $5,000,000 2/3/18
LLI899-102209-AT Lafayette Life  $7,000,000  
MET650-071509-DF Met Life  $1,000,000  
MMI860-071509-ML Mass Mutual  $1,500,000  
OML446-031909-RL  Old Mutual Life/Fidelity & Guaranty LIC  $2,000,000   
PLI140-111109-DM Pacific Life  $10,000,000 11/2/10 
PLI680-102909-JS Pacific Life  $1,000,000  
PLI930-102009-HM  Pacific Life  $1,250,000  4/22/13
PLI980-111109-JS Pacific Life  $4,000,000  
SLA338-112009-CD Sun Life Assurance  $2,000,000  9/1/15
SLA534-031909-LC Sun Life Assurance   $650,000  
TRA281-071509-RJ Transamerica   $1,500,000  
WPL982-071509-LB William Penn Life   $500,000  
  # Policies 54  
  # Measuring lives 46  
  # Maturities 11  
  # Decedents 10  

AXA Equitable and Voya Increase Cost of Insurance


In 2015, AXA Equitable and Voya notified the Receiver that they have raised the cost of insurance rates on eight of the policies in the portfolio.

Policy

Face Value

HCF-AXA058-PF

$ 2,500,000

AXA091-012110-PC

5,000,000

AXA335-022410-PS

3,000,000

AXA826-110509-IC

1,250,000

AXA994-011510-BD

2,100,000

AXA729-112009-SF

2,000,000

AXA146-090409-GJ

2,000,000

ING036-071509-EB

3,000,000

Total

$20,850,000

 Based on the most recent actuarial analyses (performed in February 2016), the Receiver believes that these cost of insurance increases by AXA and Voya will reduce recoveries by investors between $1.8 million and $2.5 million with the most likely outcome being recoveries reduced by $2.2 million.  Because of the performance of the portfolio to date, however, the Receiver still anticipates that the portfolio will yield distributable net cash flow roughly equal to 100% of investors’ initial investment, plus or minus 20%.  In short, the Plan remains on track despite these rate increases.  This issue is discussed in more detail in the Receiver’s December 31, 2015 Annual Report.