|                                    |      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                    |
|                                    |
| UNITED STATES                      |
| SECURITIES AND EXCHANGE COMMISSION |
| WASHINGTON, D.C. 20549             |
| FORM                               | 10-Q |

|                                                                                |                    |  |                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------|--------------------|--|----------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                | ☒            |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934       |  |
| For the Quarterly Period Ended                                                 | September 30, 2023 |  |
| OR                                                                             |                    |
|                                                                                | ☐            |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |  |
| For the Transition Period from_______________________to_______________________ |                    |

|                     |           |  |  |  |  |
|---------------------|-----------|--|--|--|--|
| Commission File No. | 811-00002 |

|                                                        |  |  |
|--------------------------------------------------------|--|--|
| AMERIPRISE CERTIFICATE COMPANY                         |
| (Exact name of registrant as specified in its charter) |

|                                                                |                                      |        |            |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------|--------------------------------------|--------|------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                | Delaware                             |   | 41-6009975 |  |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

|                                          |                                  |  |             |  |           |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|----------------------------------|--|-------------|--|-----------|--|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          | 1099 Ameriprise Financial Center |  | Minneapolis |  | Minnesota |  | 55474 |  |
| (Address of principal executive offices) | (Zip Code)                       |

|  |                                                               |       |          |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------|-------|----------|--|--|--|--|--|--|--|--|--|--|--|
|  | Registrant’s telephone number, including area code: | (612) | 671-3131 |  |

|                                                                                       |                |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------|----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Former name, former address and former fiscal year, if changed since last report: | Not Applicable |

|                                                                 |                     |      |                |        |                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|---------------------|------|----------------|--------|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Securities registered pursuant to Section 12(b) of the Act: |
|                                                                 | Title of each class |      | Trading Symbol |   | Name of each exchange on which registered |  |
| Common Stock (par value $10 per share)                          | None                | None |

|                                                                                                                                                                                                                                                                                                                                                                                   |     |         |    |         |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|---------|----|---------|--|--|--|--|--|--|--|--|--|--|
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐ |

|                                                                                                                                                                                                                                                                                                                                     |     |         |    |         |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|---------|----|---------|--|--|--|--|--|--|--|--|--|--|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ |

|                                                                                                                                                                                                                                                                                                                                                                                                                |         |                   |         |                       |         |                           |         |                         |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-------------------|---------|-----------------------|---------|---------------------------|---------|-------------------------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
| Large Accelerated Filer                                                                                                                                                                                                                                                                                                                                                                                        | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |

|                                                                                                                                                                                                                                                            |         |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--|--|--|--|
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

|                                                                                                                       |     |         |    |         |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------|-----|---------|----|---------|--|--|--|--|--|--|--|--|--|--|
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |

|                                                                                                                                                                                         |                |        |                                      |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|--------------------------------------|--|--|--|--|--|--|--|--|--|--|--|
| Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.                                                     |
|                                                                                                                                                                                         | Class          |   | Outstanding at November 2, 2023 |  |
| Common Stock (par value $10 per share)                                                                                                                                                  | 150,000 shares |
|                                                                                                                                                                                         |
| THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT. |
|                                                                                                                                                                                         |                |        |                                      |  |
|                                                                                                                                                                                         |

----

Index

|                                                          |                                                                                                                 |                                                                      |    |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|----|--|--|--|--|--|--|--|--|
| Part I.  Financial Information                      | 3                                                                                                               |
| Item 1. Financial Statements (Unaudited)                 | 3                                                                                                               |
|                                                          | Consolidated Statements of Operations — Three and nine months ended September 30, 2023 and 2022           | 3                                                                    |
|                                                          | Consolidated Statements of Comprehensive Income — Three and nine months ended September 30, 2023 and 2022 | 3                                                                    |
|                                                          | Consolidated Balance Sheets — September 30, 2023 and December 31, 2022                                    | 4                                                                    |
|                                                          | Consolidated Statements of Shareholder's Equity — Three and nine months ended September 30, 2023 and 2022 | 5                                                                    |
|                                                          | Consolidated Statements of Cash Flows — Nine months ended September 30, 2023 and 2022                     | 6                                                                    |
|                                                          | Notes to Consolidated Financial Statements                                                                      | 7                                                                    |
|                                                          | 1.                                                                                                              | Basis of Presentation and Summary of Significant Accounting Policies | 7  |
|                                                          | 2.                                                                                                              | Recent Accounting Pronouncements                                     | 7  |
|                                                          | 3.                                                                                                              | Investments                                                          | 7  |
|                                                          | 4.                                                                                                              | Financing Receivables                                                | 11 |
|                                                          | 5.                                                                                                              | Fair Values of Assets and Liabilities                                | 13 |
|                                                          | 6.                                                                                                              | Offsetting Assets and Liabilities                                    | 18 |
|                                                          | 7.                                                                                                              | Derivatives and Hedging Activities                                   | 19 |
|                                                          | 8.                                                                                                              | Contingencies                                                        | 20 |
|                                                          | 9.                                                                                                              | Shareholder’s Equity                                           | 20 |
|                                                          | 10.                                                                                                             | Income Taxes                                                         | 21 |
| Item 2.  Management’s Narrative Analysis | 22                                                                                                              |
| Item 4.  Controls and Procedures               | 23                                                                                                              |
|                                                          |                                                                                                                 |
| Part II.  Other Information               | 24                                                                                                              |
| Item 1.  Legal Proceedings                     | 24                                                                                                              |
| Item 1A.  Risk Factors                         | 24                                                                                                              |
| Item 6.  Exhibits                              | 24                                                                                                              |
| Signatures                                               | 25                                                                                                              |

----

Index

|                                                                                  |                                  |               |                                 |              |   |              |               |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|----------------------------------|---------------|---------------------------------|--------------|---|--------------|---------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                             | Three Months Ended September 30, |               | Nine Months Ended September 30, |
|                                                                                  | 2023                             |               | 2022                            | 2023         |   | 2022         |
|                                                                                  | (in thousands)                   |
| Investment income                                                                | $                                | 177,903  |                                 |              | $ | 41,647  |               |  | $ | 467,515  |  |  | $ | 77,072  |  |
| Investment expenses                                                              | 14,048                      |               |                                 | 6,957   |   |              | 39,334   |  |   | 19,341   |  |
| Net investment income before provision for certificate reserves and income taxes | 163,855                     |               |                                 | 34,690  |   |              | 428,181  |  |   | 57,731   |  |
| Net provision for certificate reserves                                           | 126,660                     |               |                                 | 8,818   |   |              | 318,973  |  |   | 12,202   |  |
| Net investment income before income taxes                                        | 37,195                      |               |                                 | 25,872  |   |              | 109,208  |  |   | 45,529   |  |
| Income tax expense                                                               | 9,356                       |               |                                 | 6,434   |   |              | 27,592   |  |   | 11,329   |  |
| Net investment income, after-tax                                                 | 27,839                      |               |                                 | 19,438  |   |              | 81,616   |  |   | 34,200   |  |
|                                                                                  |                                  |               |                                 |              |   |              |               |
| Net realized gain (loss) on investments before income taxes                      | 144                         |               |                                 | 85      |   |              | (765)         |  |   | 42       |  |
| Income tax expense (benefit)                                                     | 30                          |               |                                 | 18      |   |              | (161)         |  |   | 9        |  |
| Net realized gain (loss) on investments, after-tax                               | 114                         |               |                                 | 67      |   |              | (604)         |  |   | 33       |  |
| Net income                                                                       | $                                | 27,953   |                                 |              | $ | 19,505  |               |  | $ | 81,012   |  |  | $ | 34,233  |  |
| See Notes to Consolidated Financial Statements.                                  |

|                                                                                       |                                  |              |                                 |          |   |              |           |  |   |              |  |  |   |              |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------|----------------------------------|--------------|---------------------------------|----------|---|--------------|-----------|--|---|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                                       | Three Months Ended September 30, |              | Nine Months Ended September 30, |
|                                                                                       | 2023                             |              | 2022                            | 2023     |   | 2022         |
|                                                                                       | (in thousands)                   |
| Net income                                                                            | $                                | 27,953  |                                 |          | $ | 19,505  |           |  | $ | 81,012  |  |  | $ | 34,233  |  |
| Other comprehensive income (loss), net of tax:                                    |                                  |              |                                 |          |   |              |           |
| Net unrealized gains (losses) on securities:                                      |                                  |              |                                 |          |   |              |           |
| Net unrealized gains (losses) on securities arising during the period            | (23,064)                         |              |                                 | (41,387) |   |              | (30,351)  |  |   | (121,911)    |  |
| Reclassification of net (gains) losses on securities included in net income | (40)                             |              |                                 | (9)      |   |              | 217  |  |   | (15)         |  |
| Total other comprehensive income (loss), net of tax                                   | (23,104)                         |              |                                 | (41,396) |   |              | (30,134)  |  |   | (121,926)    |  |
| Total comprehensive income (loss)                                                     | $                                | 4,849   |                                 |          | $ | (21,891)     |           |  | $ | 50,878  |  |  | $ | (87,693)     |  |
| See Notes to Consolidated Financial Statements.                                       |

----

Index

|                                                                                                                   |                    |                  |                        |                 |   |                 |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|--------------------|------------------|------------------------|-----------------|---|-----------------|--|--|--|--|--|
|                                                                                                                   | September 30, 2023 |                  | December 31, 2022 |
| (in thousands, except share data)                                                                                 |
| Assets                                                                                                            |                    |                  |                        |
| Qualified Assets                                                                                                  |                    |                  |                        |
| Cash and cash equivalents                                                                                         | $                  | 1,141,649   |                        |                 | $ | 1,180,868  |  |
|   Investments in unaffiliated issuers (allowance for credit losses: 2023, $1,382; 2022, $1,472) | 12,150,252    |                  |                        | 8,573,481  |   |
| Receivables                                                                                                       | 49,414        |                  |                        | 24,937     |   |
| Derivative assets                                                                                                 | 11,860        |                  |                        | 8,786      |   |
| Total qualified assets                                                                                            | 13,353,175    |                  |                        | 9,788,072  |   |
| Deferred taxes, net                                                                                               | 45,351        |                  |                        | 37,892     |   |
| Taxes receivable from parent                                                                                      | 1,946         |                  |                        | —    |   |
| Due from related party                                                                                            | 18,843        |                  |                        | —    |   |
| Total assets                                                                                                      | $                  | 13,419,315  |                        |                 | $ | 9,825,964  |  |
|                                                                                                                   |                    |                  |                        |
| Liabilities and Shareholder’s Equity                                                                        |                    |                  |                        |
| Liabilities                                                                                                       |                    |                  |                        |
| Certificate reserves                                                                                              | $                  | 12,612,464  |                        |                 | $ | 9,313,405  |  |
| Due to related party                                                                                              | 4,501         |                  |                        | 3,047      |   |
| Taxes payable to parent                                                                                           | 1,862         |                  |                        | 5,708      |   |
| Payables to brokers, dealers and clearing organizations                                                           | 169,753       |                  |                        | 68,533     |   |
| Derivative liabilities                                                                                            | 6,737         |                  |                        | 6,649      |   |
|                                                                                                                   |                    |                  |                        |
| Other liabilities                                                                                                 | 55,637        |                  |                        | 14,139     |   |
| Total liabilities                                                                                                 | 12,850,954    |                  |                        | 9,411,481  |   |
|                                                                                                                   |                    |                  |                        |
| Shareholder’s Equity                                                                                        |                    |                  |                        |
| Common shares ($10 par value, 150,000 shares authorized and issued)                                               | 1,500         |                  |                        | 1,500      |   |
| Additional paid-in capital                                                                                        | 584,667       |                  |                        | 481,667    |   |
| Retained earnings                                                                                                 | 127,673       |                  |                        | 46,661     |   |
| Accumulated other comprehensive income (loss), net of tax                                                         | (145,479)          |                  |                        | (115,345)       |   |
| Total shareholder’s equity                                                                                  | 568,361       |                  |                        | 414,483    |   |
| Total liabilities and shareholder’s equity                                                                  | $                  | 13,419,315  |                        |                 | $ | 9,825,964  |  |
|                                                                                                                   |                    |                  |                        |
|                                                                                                                   |
| See Notes to Consolidated Financial Statements.                                                                   |

----

Index

|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |               |               |               |   |               |  |               |               |  |   |              |  |   |               |  |  |  |  |
|--------------------------------------------------------------------|---------------------------------------------------------------|-----------------|----------------------------|-------------------|----------------------------------------------------------------|-------|---------------|--|---------------|---------------|---------------|---|---------------|--|---------------|---------------|--|---|--------------|--|---|---------------|--|--|--|--|
|                                                                    | Number of Outstanding Shares                                  | Common Shares   | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total |
| Appropriated for Pre-Declared Additional Credits and Interest | Appropriated for Additional Interest on Advance Payments | Un-appropriated |
| (in thousands, except share data)                                  |
| Balance at July 1, 2023                                            | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 584,667  |  | $             | 16,158   |               | $ | 15       |  | $             | 83,547   |  | $ | (122,375)    |  | $ | 563,512  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Net income                                                         | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | 27,953   |   | —  |  | 27,953   |               |
| Other comprehensive income (loss), net of tax                      | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | —  |   | (23,104)      |  | (23,104)      |               |
| Transfers between appropriated and unappropriated, net             | —                                                  |                 | —               |                   | —                                                   |       | 454      |  | —  |               | (454)         |   | —  |  | —  |               |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Balance at September 30, 2023                                      | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 584,667  |  | $             | 16,612   |               | $ | 15       |  | $             | 111,046  |  | $ | (145,479)    |  | $ | 568,361  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Balance at July 1, 2022                                            | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 295,667  |  | $             | 370      |               | $ | 15       |  | $             | 3,170    |  | $ | (64,794)     |  | $ | 235,928  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Net income                                                         | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | 19,505   |   | —  |  | 19,505   |               |
| Other comprehensive income (loss), net of tax                      | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | —  |   | (41,396)      |  | (41,396)      |               |
| Transfers between appropriated and unappropriated, net             | —                                                  |                 | —               |                   | —                                                   |       | 3,039    |  | —  |               | (3,039)       |   | —  |  | —  |               |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Capital contribution from parent                                   | —                                                  |                 | —               |                   | 33,000                                                    |       | —  |  | —  |               | —  |   | —  |  | 33,000   |               |
| Balance at September 30, 2022                                      | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 328,667  |  | $             | 3,409    |               | $ | 15       |  | $             | 19,636   |  | $ | (106,190)    |  | $ | 247,037  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Balance at January 1, 2023                                         | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 481,667  |  | $             | 15,960   |               | $ | 15       |  | $             | 30,686   |  | $ | (115,345)    |  | $ | 414,483  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Net income                                                         | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | 81,012   |   | —  |  | 81,012   |               |
| Other comprehensive income (loss), net of tax                      | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | —  |   | (30,134)      |  | (30,134)      |               |
| Transfers between appropriated and unappropriated, net             | —                                                  |                 | —               |                   | —                                                   |       | 652      |  | —  |               | (652)         |   | —  |  | —  |               |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Capital contribution from parent                                   | —                                                  |                 | —               |                   | 103,000                                                   |       | —  |  | —  |               | —  |   | —  |  | 103,000  |               |
| Balance at September 30, 2023                                      | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 584,667  |  | $             | 16,612   |               | $ | 15       |  | $             | 111,046  |  | $ | (145,479)    |  | $ | 568,361  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Balance at January 1, 2022                                         | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 302,709  |  | $             | —  |               | $ | 15       |  | $             | 70       |  | $ | 15,736  |  | $ | 320,030  |  |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Net income                                                         | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | 34,233   |   | —  |  | 34,233   |               |
| Other comprehensive income (loss), net of tax                      | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | —  |   | (121,926)     |  | (121,926)     |               |
| Transfers between appropriated and unappropriated, net             | —                                                  |                 | —               |                   | —                                                   |       | 3,409    |  | —  |               | (3,409)       |   | —  |  | —  |               |
|                                                                    |                                                               |                 |                            |                   |                                                                |       |               |  |
| Dividend to parent                                                 | —                                                  |                 | —               |                   | —                                                   |       | —  |  | —  |               | (11,258)      |   | —  |  | (11,258)      |               |
| Return of capital to parent                                        | —                                                  |                 | —               |                   | (7,042)                                                        |       | —  |  | —  |               | —  |   | —  |  | (7,042)       |               |
| Capital contribution from parent                                   | —                                                  |                 | —               |                   | 33,000                                                    |       | —  |  | —  |               | —  |   | —  |  | 33,000   |               |
| Balance at September 30, 2022                                      | 150,000                                                  |                 | $                          | 1,500        |                                                                | $     | 328,667  |  | $             | 3,409    |               | $ | 15       |  | $             | 19,636   |  | $ | (106,190)    |  | $ | 247,037  |  |
| See Notes to Consolidated Financial Statements.                    |

----

Index

|                                                                                                 |                                 |                 |  |                 |   |               |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------|---------------------------------|-----------------|--|-----------------|---|---------------|--|--|--|--|--|
|                                                                                            | Nine Months Ended September 30, |
| 2023                                                                                            |                                 | 2022            |
| (in thousands)                                                                                  |
| Cash Flows from Operating Activities                                                            |                                 |                 |  |
| Net income                                                                                      | $                               | 81,012     |  |                 | $ | 34,233   |  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |                                 |                 |  |
| Amortization of premiums, accretion of discounts, net                                           | (97,388)                        |                 |  | (6,356)         |   |
| Deferred income tax expense (benefit)                                                           | 2,090                      |                 |  | —    |   |
| Net realized (gain) loss on Available-for-Sale securities                                       | 275                        |                 |  | (19)            |   |
| Other net realized (gain) loss                                                                  | 580                        |                 |  | 30         |   |
| Provision for credit losses                                                                     | (90)                            |                 |  | (53)            |   |
| Changes in operating assets and liabilities:                                                |                                 |                 |  |
| Dividends and interest receivable                                                               | 32,917                     |                 |  | (6,135)         |   |
| Certificate reserves, net                                                                       | 15,408                     |                 |  | (377)           |   |
| Deferred taxes, net                                                                             | —                    |                 |  | 369        |   |
| Taxes payable to/receivable from parent, net                                                | (5,792)                         |                 |  | 4,201      |   |
| Derivatives, net of collateral                                                                  | 244                        |                 |  | (222)           |   |
| Other liabilities                                                                               | 13,862                     |                 |  | (4,193)         |   |
| Other receivables                                                                               | (208)                           |                 |  | 330        |   |
|                                                                                                 |                                 |                 |  |
|                                                                                                 |                                 |                 |  |
| Other, net                                                                                      | (1,874)                         |                 |  | (35)            |   |
| Net cash provided by (used in) operating activities                                             | 41,036                     |                 |  | 21,773     |   |
|                                                                                                 |                                 |                 |  |
| Cash Flows from Investing Activities                                                            |                                 |                 |  |
| Available-for-Sale securities:                                                              |                                 |                 |  |
| Sales                                                                                           | 112,023                    |                 |  | —    |   |
| Maturities, redemptions, calls and other                                                        | 3,836,466                  |                 |  | 2,704,743  |   |
| Purchases                                                                                       | (7,450,787)                     |                 |  | (3,577,566)     |   |
| Syndicated loans and commercial mortgage loans:                                             |                                 |                 |  |
| Sales, maturities and repayments                                                                | 37,701                     |                 |  | 38,858     |   |
| Purchases and fundings                                                                          | (11,330)                        |                 |  | (20,233)        |   |
|                                                                                                 |                                 |                 |  |
|                                                                                                 |                                 |                 |  |
|                                                                                                 |                                 |                 |  |
| Certificate loans, net                                                                          | 36                         |                 |  | 4          |   |
| Net cash provided by (used in) investing activities                                             | (3,475,891)                     |                 |  | (854,194)       |   |
|                                                                                                 |                                 |                 |  |
| Cash Flows from Financing Activities                                                            |                                 |                 |  |
| Payments from certificate holders and other additions                                           | 8,571,751                  |                 |  | 3,843,511  |   |
| Certificate maturities and cash surrenders                                                      | (5,279,115)                     |                 |  | (2,942,059)     |   |
| Capital contribution from parent                                                                | 103,000                    |                 |  | 33,000     |   |
| Dividend to parent                                                                              | —                    |                 |  | (11,258)        |   |
| Return of capital to parent                                                                     | —                    |                 |  | (7,042)         |   |
| Net cash provided by (used in) financing activities                                             | 3,395,636                  |                 |  | 916,152    |   |
|                                                                                                 |                                 |                 |  |
| Net increase (decrease) in cash and cash equivalents                                            | (39,219)                        |                 |  | 83,731     |   |
| Cash and cash equivalents at beginning of period                                                | 1,180,868                  |                 |  | 689,792    |   |
| Cash and cash equivalents at end of period                                                      | $                               | 1,141,649  |  |                 | $ | 773,523  |  |
|                                                                                                 |                                 |                 |  |
| Supplemental disclosures including non-cash transactions:                                   |                                 |                 |  |
| Cash paid (received) for income taxes                                                           | $                               | 29,956     |  |                 | $ | 5,987    |  |
| Cash paid for interest                                                                          | 307,029                    |                 |  | 12,194     |   |
| See Notes to Consolidated Financial Statements.                                                 |

----

|                                                                                                                                                                                                |  |                    |                  |                  |               |   |                 |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------------------|------------------|------------------|---------------|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                                                                                                                |  | September 30, 2023 |                  | December 31,2022 |
|                                                                                                                                                                                                |  | (in thousands)     |
| Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2023 and 2022, nil; amortized cost: 2023, $12,154,407; 2022, $8,523,011) |  | $                  | 11,960,628  |                  |               | $ | 8,368,916  |  |
| Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2023, $1,382; 2022, $1,472; fair value: 2023, $181,833; 2022, $195,252)         |  | 189,588       |                  |                  | 204,493  |   |
|                                                                                                                                                                                                |  |                    |                  |                  |
| Certificate loans — secured by certificate reserves, at cost, which approximates fair value                                                                                              |  | 36            |                  |                  | 72       |   |
| Total                                                                                                                                                                                          |  | $                  | 12,150,252  |                  |               | $ | 8,573,481  |  |

----

Index

|                                        |                     |                        |                         |  |               |   |              |           |  |   |           |  |                 |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|---------------------|------------------------|-------------------------|--|---------------|---|--------------|-----------|--|---|-----------|--|-----------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
| Description of Securities    |                     | September 30, 2023     |
|                                        | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  | Fair Value    |
|                                   |                     | (in thousands)    |
| Corporate debt securities              |                     | $                      | 1,659,830          |  |               | $ | 7       |           |  | $ | (14,612)  |  |                 |  |  | $ | 1,645,225   |  |
| Residential mortgage backed securities |                     | 3,496,975         |                         |  | 4,162    |   |              | (157,200) |  |   |           |  | 3,343,937  |  |
| Commercial mortgage backed securities  |                     | 2,009,044         |                         |  | 3,281    |   |              | (25,105)  |  |   |           |  | 1,987,220  |  |
| Asset backed securities                |                     | 2,529,134         |                         |  | 3,956    |   |              | (5,837)   |  |   |           |  | 2,527,253  |  |
| State and municipal obligations        |                     | 2,700             |                         |  | —  |   |              | (146)     |  |   |           |  | 2,554      |  |
| U.S. government and agency obligations |                     | 2,456,724         |                         |  | 197      |   |              | (2,482)   |  |   |           |  | 2,454,439  |  |
| Total                                  |                     | $                      | 12,154,407         |  |               | $ | 11,603  |           |  | $ | (205,382) |  |                 |  |  | $ | 11,960,628  |  |

|                                        |                     |                        |                         |  |               |            |             |           |  |   |           |  |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|---------------------|------------------------|-------------------------|--|---------------|------------|-------------|-----------|--|---|-----------|--|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|
| Description of Securities    |                     | December 31, 2022      |
|                                        | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |  |               | Fair Value |
|                                        |                     | (in thousands)    |
| Corporate debt securities              |                     | $                      | 800,596            |  |               | $          | 497    |           |  | $ | (8,151)   |  |                 |  |  | $ | 792,942    |  |
| Residential mortgage backed securities |                     | 2,210,633         |                         |  | 4,202    |            |             | (114,971) |  |   |           |  | 2,099,864  |  |
| Commercial mortgage backed securities  |                     | 1,976,401         |                         |  | 872      |            |             | (28,521)  |  |   |           |  | 1,948,752  |  |
| Asset backed securities                |                     | 1,463,147         |                         |  | 2,599    |            |             | (10,474)  |  |   |           |  | 1,455,272  |  |
| State and municipal obligations        |                     | 9,451             |                         |  | —  |            |             | (296)     |  |   |           |  | 9,155      |  |
| U.S. government and agency obligations |                     | 2,062,783         |                         |  | 819      |            |             | (671)     |  |   |           |  | 2,062,931  |  |
| Total                                  |                     | $                      | 8,523,011          |  |               | $          | 8,989  |           |  | $ | (163,084) |  |                 |  |  | $ | 8,368,916  |  |

|                        |                |                                                   |                  |                        |                                  |                |                  |                 |  |                                  |               |  |   |                 |  |  |               |                 |  |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------|----------------|---------------------------------------------------|------------------|------------------------|----------------------------------|----------------|------------------|-----------------|--|----------------------------------|---------------|--|---|-----------------|--|--|---------------|-----------------|--|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Ratings                |                | September 30, 2023                                |                  | December 31, 2022 |
|                        | Amortized Cost |                                                   | Fair Value  |                        | Percent of Total Fair Value | Amortized Cost |                  | Fair Value |  | Percent of Total Fair Value |
|                   |                | (in thousands, except percentages) |
| AAA                    |                | $                                                 | 6,133,303   |                        |                                  | $              | 6,028,382   |                 |  | 50                          | %             |  | $ | 7,504,912  |  |  | $             | 7,361,766  |  |  | 88   | % |
| AA                     |                | 4,227,703                                    |                  |                        | 4,151,805                   |                |                  | 35         |  |                                  | 104,049  |  |   | 100,303    |  |  | 1        |                 |
| A                      |                | 284,055                                      |                  |                        | 282,985                     |                |                  | 2          |  |                                  | 165,663  |  |   | 164,265    |  |  | 2        |                 |
| BBB                    |                | 1,503,623                                    |                  |                        | 1,492,044                   |                |                  | 13         |  |                                  | 732,811  |  |   | 727,450    |  |  | 9        |                 |
| Below investment grade |                | 5,723                                        |                  |                        | 5,412                       |                |                  | —    |  |                                  | 15,576   |  |   | 15,132     |  |  | —  |                 |
| Total fixed maturities |                | $                                                 | 12,154,407  |                        |                                  | $              | 11,960,628  |                 |  | 100                         | %             |  | $ | 8,523,011  |  |  | $             | 8,368,916  |  |  | 100  | % |

----

Index

|                                        |                                    |                                                                      |                                  |                 |                   |  |                      |   |            |     |                   |                 |                      |   |                 |  |                   |     |           |                 |  |     |           |   |                 |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|------------------------------------|----------------------------------------------------------------------|----------------------------------|-----------------|-------------------|--|----------------------|---|------------|-----|-------------------|-----------------|----------------------|---|-----------------|--|-------------------|-----|-----------|-----------------|--|-----|-----------|---|-----------------|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Description of Securities         |                                    | September 30, 2023                                                   |
|                                        | Less than 12 Months |                                                                      | 12 Months or More |                 | Total             |
|                                        | Number of Securities               |                                                                      | Fair Value                       |                 | Unrealized Losses |  | Number of Securities |   | Fair Value |     | Unrealized Losses |                 | Number of Securities |   | Fair Value      |  | Unrealized Losses |
|                                        |                                    | (in thousands, except number of securities) |
| Corporate debt securities              |                                    | 74                                                                   |                                  | $               | 1,300,341    |  |                      | $ | (10,217)   |     |                   | 33              |                      | $ | 340,186    |  |                   | $   | (4,395)   |                 |  | 107 |           | $ | 1,640,527  |  |  | $ | (14,612)  |  |
| Residential mortgage backed securities |                                    | 44                                                                   |                                  | 1,524,889  |                   |  | (27,843)             |   |            | 262 |                   | 1,538,923  |                      |   | (129,357)       |  |                   | 306 |           | 3,063,812  |  |     | (157,200) |   |
| Commercial mortgage backed securities  |                                    | 15                                                                   |                                  | 449,560    |                   |  | (2,821)              |   |            | 59  |                   | 839,225    |                      |   | (22,284)        |  |                   | 74  |           | 1,288,785  |  |     | (25,105)  |   |
| Asset backed securities                |                                    | 53                                                                   |                                  | 1,231,559  |                   |  | (3,527)              |   |            | 30  |                   | 425,314    |                      |   | (2,310)         |  |                   | 83  |           | 1,656,873  |  |     | (5,837)   |   |
| State and municipal obligations        |                                    | —                                                              |                                  | —    |                   |  | —         |   |            | 5   |                   | 2,554      |                      |   | (146)           |  |                   | 5   |           | 2,554      |  |     | (146)     |   |
| U.S. government and agency obligations |                                    | 13                                                                   |                                  | 1,141,447  |                   |  | (2,481)              |   |            | 1   |                   | 54         |                      |   | (1)             |  |                   | 14  |           | 1,141,501  |  |     | (2,482)   |   |
| Total                                  |                                    | 199                                                                  |                                  | $               | 5,647,796    |  |                      | $ | (46,889)   |     |                   | 390             |                      | $ | 3,146,256  |  |                   | $   | (158,493) |                 |  | 589 |           | $ | 8,794,052  |  |  | $ | (205,382) |  |

|                                        |                                                                      |                        |                                  |  |                   |                 |                      |          |            |           |                   |  |                      |               |            |   |                   |  |  |           |               |  |                 |           |  |           |   |                 |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|----------------------------------------------------------------------|------------------------|----------------------------------|--|-------------------|-----------------|----------------------|----------|------------|-----------|-------------------|--|----------------------|---------------|------------|---|-------------------|--|--|-----------|---------------|--|-----------------|-----------|--|-----------|---|-----------------|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Description of Securities         |                                                                      | December 31, 2022 |
|                                        | Less than 12 Months                                   |                        | 12 Months or More |  | Total             |
|                                        | Number of Securities                                                 |                        | Fair Value                       |  | Unrealized Losses |                 | Number of Securities |          | Fair Value |           | Unrealized Losses |  | Number of Securities |               | Fair Value |   | Unrealized Losses |
|                                        | (in thousands, except number of securities) |
| Corporate debt securities              |                                                                      | 48                |                                  |  | $                 | 598,028    |                      |          | $          | (8,151)   |                   |  | —         |               |            | $ | —      |  |  | $         | —  |  |                 | 48   |  |           | $ | 598,028    |  |  | $ | (8,151)   |  |
| Residential mortgage backed securities |                                                                      | 208               |                                  |  | 1,609,795    |                 |                      | (83,810) |            |           | 78           |  |                      | 253,759  |            |   | (31,161)          |  |  | 286  |               |  | 1,863,554  |           |  | (114,971) |   |
| Commercial mortgage backed securities  |                                                                      | 64                |                                  |  | 1,396,001    |                 |                      | (16,637) |            |           | 21           |  |                      | 379,588  |            |   | (11,884)          |  |  | 85   |               |  | 1,775,589  |           |  | (28,521)  |   |
| Asset backed securities                |                                                                      | 42                |                                  |  | 816,065      |                 |                      | (8,671)  |            |           | 5            |  |                      | 87,706   |            |   | (1,803)           |  |  | 47   |               |  | 903,771    |           |  | (10,474)  |   |
| State and municipal obligations        |                                                                      | 7                 |                                  |  | 8,251        |                 |                      | (200)    |            |           | 1            |  |                      | 904      |            |   | (96)              |  |  | 8    |               |  | 9,155      |           |  | (296)     |   |
| U.S. government and agency obligations |                                                                      | 11                |                                  |  | 559,320      |                 |                      | (671)    |            |           | —      |  |                      | —  |            |   | —      |  |  | 11   |               |  | 559,320    |           |  | (671)     |   |
| Total                                  |                                                                      | 380               |                                  |  | $                 | 4,987,460  |                      |          | $          | (118,140) |                   |  | 105             |               |            | $ | 721,957      |  |  | $         | (44,944)      |  |                 | 485  |  |           | $ | 5,709,417  |  |  | $ | (163,084) |  |

----

Index

|                                                                                 |                                                  |              |                          |              |                                                                                                                          |              |           |  |   |              |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|--------------------------------------------------|--------------|--------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------|--------------|-----------|--|---|--------------|--|--|--|--|--|--|--|
|                                                                                 | Net Unrealized Gains (Losses) on Securities |              | Deferred Income Tax |              | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains (Losses) on Securities |
|                                                                                 | (in thousands)                              |
| Balance at July 1, 2023                                                         | $                                                | (163,354)    |                          |              | $                                                                                                                        | 40,979  |           |  | $ | (122,375)    |  |
| Net unrealized gains (losses) on securities arising during the period (1)       | (30,373)                                         |              |                          | 7,309   |                                                                                                                          |              | (23,064)  |  |
| Reclassification of net (gains) losses on securities included in net income (2) | (51)                                             |              |                          | 11      |                                                                                                                          |              | (40)      |  |
| Balance at September 30, 2023                                                   | $                                                | (193,778)    |                          |              | $                                                                                                                        | 48,299  |           |  | $ | (145,479)    |  |
|                                                                                 |                                                  |              |                          |              |                                                                                                                          |
| Balance at July 1, 2022                                                         | $                                                | (87,448)     |                          |              | $                                                                                                                        | 22,654  |           |  | $ | (64,794)     |  |
| Net unrealized gains (losses) on securities arising during the period (1)       | (54,454)                                         |              |                          | 13,067  |                                                                                                                          |              | (41,387)  |  |
| Reclassification of net (gains) losses on securities included in net income (2) | (12)                                             |              |                          | 3       |                                                                                                                          |              | (9)       |  |
| Balance at September 30, 2022                                                   | $                                                | (141,914)    |                          |              | $                                                                                                                        | 35,724  |           |  | $ | (106,190)    |  |
|                                                                                 |                                                  |              |                          |              |                                                                                                                          |
| Balance at January 1, 2023                                                      | $                                                | (154,094)    |                          |              | $                                                                                                                        | 38,749  |           |  | $ | (115,345)    |  |
| Net unrealized gains (losses) on securities arising during the period (1)       | (39,959)                                         |              |                          | 9,608   |                                                                                                                          |              | (30,351)  |  |
| Reclassification of net (gains) losses on securities included in net income (2) | 275                                         |              |                          | (58)         |                                                                                                                          |              | 217  |  |
| Balance at September 30, 2023                                                   | $                                                | (193,778)    |                          |              | $                                                                                                                        | 48,299  |           |  | $ | (145,479)    |  |
|                                                                                 |                                                  |              |                          |              |                                                                                                                          |
| Balance at January 1, 2022                                                      | $                                                | 18,509  |                          |              | $                                                                                                                        | (2,773)      |           |  | $ | 15,736  |  |
| Net unrealized gains (losses) on securities arising during the period (1)       | (160,404)                                        |              |                          | 38,493  |                                                                                                                          |              | (121,911) |  |
| Reclassification of net (gains) losses on securities included in net income (2) | (19)                                             |              |                          | 4       |                                                                                                                          |              | (15)      |  |
| Balance at September 30, 2022                                                   | $                                                | (141,914)    |                          |              | $                                                                                                                        | 35,724  |           |  | $ | (106,190)    |  |

|                                  |                                  |          |                                 |               |   |          |       |  |   |               |  |  |   |          |  |  |  |  |  |  |  |  |  |
|----------------------------------|----------------------------------|----------|---------------------------------|---------------|---|----------|-------|--|---|---------------|--|--|---|----------|--|--|--|--|--|--|--|--|--|
|                                  | Three Months Ended September 30, |          | Nine Months Ended September 30, |
|                                  | 2023                             |          | 2022                            | 2023          |   | 2022     |
|                                  | (in thousands)                   |
| Gross realized investment gains  | $                                | 51  |                                 |               | $ | 12  |       |  | $ | 250      |  |  | $ | 19  |  |
| Gross realized investment losses | —                     |          |                                 | —  |   |          | (525) |  |   | —  |  |
| Total                            | $                                | 51  |                                 |               | $ | 12  |       |  | $ | (275)         |  |  | $ | 19  |  |

|                                        |                     |                  |            |                 |   |                  |  |  |  |  |  |
|----------------------------------------|---------------------|------------------|------------|-----------------|---|------------------|--|--|--|--|--|
|                                   | Amortized Cost |                  | Fair Value |
| (in thousands)                    |
| Due within one year                    | $                   | 3,157,771   |            |                 | $ | 3,150,174   |  |
| Due after one year through five years  | 961,277        |                  |            | 951,839    |   |
| Due after five years through 10 years  | 206            |                  |            | 205        |   |
|                                        |                     |                  |            |
|                                   | 4,119,254      |                  |            | 4,102,218  |   |
| Residential mortgage backed securities | 3,496,975      |                  |            | 3,343,937  |   |
| Commercial mortgage backed securities  | 2,009,044      |                  |            | 1,987,220  |   |
| Asset backed securities                | 2,529,134      |                  |            | 2,527,253  |   |
| Total                                  | $                   | 12,154,407  |            |                 | $ | 11,960,628  |  |

----

Index

|                               |                  |             |  |  |  |
|-------------------------------|------------------|-------------|--|--|--|
|                               | Commercial Loans |
| (in thousands)           |
| Balance at January 1, 2023    | $                | 1,472  |  |
| Provisions                    | (90)             |             |
|                               |                  |
|                               |                  |
| Balance at September 30, 2023 | $                | 1,382  |  |
|                               |                  |
|                               |                  |
|                               |                  |
| Balance at January 1, 2022    | $                | 1,518  |  |
| Provisions                    | (53)             |             |
|                               |                  |
|                               |                  |
| Balance at September 30, 2022 | $                | 1,465  |  |

|                     |                     |                    |               |      |               |      |               |               |  |      |               |       |  |               |               |  |               |   |               |               |  |   |              |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------|---------------------|--------------------|---------------|------|---------------|------|---------------|---------------|--|------|---------------|-------|--|---------------|---------------|--|---------------|---|---------------|---------------|--|---|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                     |                     | September 30, 2023 |
| Loan-to-Value Ratio |                     | 2023               |               | 2022 |               | 2021 |               | 2020          |  | 2019 |               | Prior |  | Total         |
|                     | (in thousands) |
| > 100%          |                     | $                  | —  |      |               | $    | —  |               |  | $    | —  |       |  | $             | —  |  |               | $ | —  |               |  | $ | 3,157   |  |  | $ | 3,157   |  |
| 80% - 100%          |                     | —       |               |      | 5,441    |      |               | —  |  |      | —  |       |  | —  |               |  | —  |   |               | 5,441    |  |
| 60% - 80%           |                     | —       |               |      | —  |      |               | —  |  |      | —  |       |  | —  |               |  | —  |   |               | —  |  |
| 40% - 60%           |                     | 1,083         |               |      | —  |      |               | 4,025    |  |      | 3,993    |       |  | 5,000    |               |  | 8,472    |   |               | 22,573   |  |
| < 40%           |                     | 2,600         |               |      | 1,517    |      |               | 6,451    |  |      | 3,000    |       |  | 8,860    |               |  | 40,482   |   |               | 62,910   |  |
| Total               |                     | $                  | 3,683    |      |               | $    | 6,958    |               |  | $    | 10,476   |       |  | $             | 6,993    |  |               | $ | 13,860   |               |  | $ | 52,111  |  |  | $ | 94,081  |  |

----

Index

|                     |                     |                        |               |      |               |      |               |               |  |      |               |       |  |               |               |  |               |   |              |              |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------|---------------------|------------------------|---------------|------|---------------|------|---------------|---------------|--|------|---------------|-------|--|---------------|---------------|--|---------------|---|--------------|--------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                     |                     | December 31, 2022 |
| Loan-to-Value Ratio |                     | 2022                   |               | 2021 |               | 2020 |               | 2019          |  | 2018 |               | Prior |  | Total         |
|                     | (in thousands) |
| > 100%          |                     | $                      | —  |      |               | $    | —  |               |  | $    | —  |       |  | $             | —  |  |               | $ | 3,211   |              |  | $ | —  |  |  | $ | 3,211    |  |
| 80% - 100%          |                     | 5,500             |               |      | —  |      |               | —  |  |      | —  |       |  | —  |               |  | —  |   |              | 5,500   |  |
| 60% - 80%           |                     | —           |               |      | 1,727    |      |               | —  |  |      | —  |       |  | —  |               |  | 3,411    |   |              | 5,138   |  |
| 40% - 60%           |                     | —           |               |      | 4,963    |      |               | 4,062    |  |      | 10,630   |       |  | 2,570    |               |  | 8,299    |   |              | 30,524  |  |
| < 40%           |                     | 1,628             |               |      | 4,544    |      |               | 3,000    |  |      | 3,646    |       |  | 6,589    |               |  | 38,834   |   |              | 58,241  |  |
| Total               |                     | $                      | 7,128    |      |               | $    | 11,234   |               |  | $    | 7,062    |       |  | $             | 14,276   |  |               | $ | 12,370  |              |  | $ | 50,544   |  |  | $ | 102,614  |  |

|                                       |              |                        |            |                    |   |                        |           |   |         |           |   |         |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|--------------|------------------------|------------|--------------------|---|------------------------|-----------|---|---------|-----------|---|---------|---|--|--|--|--|--|--|--|--|--|--|
|                                  | Loans        |                        | Percentage |
| September 30, 2023                    |              | December 31, 2022 |            | September 30, 2023 |   | December 31, 2022 |
| (in thousands)                   |              |                   |            |               |
| East North Central                    | $            | 8,452             |            |                    | $ | 9,116             |           |   | 9  | %         |   | 9  | % |
| East South Central                    | 1,697   |                        |            | 2,239         |   |                        | 2    |   |         | 2    |   |
| Middle Atlantic                       | 14,995  |                        |            | 14,640        |   |                        | 16   |   |         | 14   |   |
| Mountain                              | 8,853   |                        |            | 9,135         |   |                        | 9    |   |         | 9    |   |
| New England                           | 6,367   |                        |            | 6,542         |   |                        | 7    |   |         | 6    |   |
| Pacific                               | 30,588  |                        |            | 36,432        |   |                        | 32   |   |         | 36   |   |
| South Atlantic                        | 13,147  |                        |            | 12,003        |   |                        | 14   |   |         | 12   |   |
| West North Central                    | 3,610   |                        |            | 4,215         |   |                        | 4    |   |         | 4    |   |
| West South Central                    | 6,372   |                        |            | 8,292         |   |                        | 7    |   |         | 8    |   |
|                                  | 94,081  |                        |            | 102,614       |   |                        | 100  | % |         | 100  | % |
| Less: allowance for credit losses | 349     |                        |            | 451           |   |                   |
| Total                                 | $            | 93,732            |            |                    | $ | 102,163           |           |

|                                       |              |                        |            |                    |   |                        |           |   |          |           |   |          |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|--------------|------------------------|------------|--------------------|---|------------------------|-----------|---|----------|-----------|---|----------|---|--|--|--|--|--|--|--|--|--|--|
|                                  | Loans        |                        | Percentage |
| September 30, 2023                    |              | December 31, 2022 |            | September 30, 2023 |   | December 31, 2022 |
| (in thousands)                   |              |                   |            |               |
| Apartments                            | $            | 30,954            |            |                    | $ | 29,969            |           |   | 33  | %         |   | 29  | % |
| Industrial                            | 24,075  |                        |            | 25,668        |   |                        | 26   |   |          | 25   |   |
| Mixed use                             | 10,256  |                        |            | 10,658        |   |                        | 11   |   |          | 11   |   |
| Office                                | 11,533  |                        |            | 16,293        |   |                        | 12   |   |          | 16   |   |
| Retail                                | 15,010  |                        |            | 17,592        |   |                        | 16   |   |          | 17   |   |
|                                       |              |                        |            |                    |   |                        |           |
| Other                                 | 2,253   |                        |            | 2,434         |   |                        | 2    |   |          | 2    |   |
|                                  | 94,081  |                        |            | 102,614       |   |                        | 100  | % |          | 100  | % |
| Less: allowance for credit losses | 349     |                        |            | 451           |   |                   |
| Total                                 | $            | 93,732            |            |                    | $ | 102,163           |           |

----

Index

|                      |                     |                    |               |      |               |      |              |               |  |      |               |       |  |             |               |  |               |   |               |              |  |   |              |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------|---------------------|--------------------|---------------|------|---------------|------|--------------|---------------|--|------|---------------|-------|--|-------------|---------------|--|---------------|---|---------------|--------------|--|---|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                      |                     | September 30, 2023 |
| Internal Risk Rating |                     | 2023               |               | 2022 |               | 2021 |              | 2020          |  | 2019 |               | Prior |  | Total       |
|                      | (in thousands) |
| Risk 5               |                     | $                  | —  |      |               | $    | 1,129   |               |  | $    | —  |       |  | $           | —  |  |               | $ | —  |              |  | $ | 413     |  |  | $ | 1,542   |  |
| Risk 4               |                     | —       |               |      | —  |      |              | —  |  |      | 1,203    |       |  | 1,928  |               |  | —  |   |               | 3,131   |  |
| Risk 3               |                     | —       |               |      | —  |      |              | 5,107    |  |      | 710      |       |  | 1,912  |               |  | 10,930   |   |               | 18,659  |  |
| Risk 2               |                     | 11,759        |               |      | 7,691    |      |              | 9,328    |  |      | 2,744    |       |  | 4,919  |               |  | 8,563    |   |               | 45,004  |  |
| Risk 1               |                     | 2,618         |               |      | 4,077    |      |              | 3,706    |  |      | 2,482    |       |  | 3,446  |               |  | 12,224   |   |               | 28,553  |  |
| Total                |                     | $                  | 14,377   |      |               | $    | 12,897  |               |  | $    | 18,141   |       |  | $           | 7,139    |  |               | $ | 12,205   |              |  | $ | 32,130  |  |  | $ | 96,889  |  |

|                      |                     |                        |             |      |               |      |               |               |  |      |               |       |  |               |               |  |              |   |              |              |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------|---------------------|------------------------|-------------|------|---------------|------|---------------|---------------|--|------|---------------|-------|--|---------------|---------------|--|--------------|---|--------------|--------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                      |                     | December 31, 2022 |
| Internal Risk Rating |                     | 2022                   |             | 2021 |               | 2020 |               | 2019          |  | 2018 |               | Prior |  | Total         |
|                      | (in thousands) |
| Risk 5               |                     | $                      | 1,132  |      |               | $    | —  |               |  | $    | —  |       |  | $             | —  |  |              | $ | 337     |              |  | $ | —  |  |  | $ | 1,469    |  |
| Risk 4               |                     | —           |             |      | —  |      |               | —  |  |      | 1,937    |       |  | —  |               |  | 1,786   |   |              | 3,723   |  |
| Risk 3               |                     | —           |             |      | 3,561    |      |               | 717      |  |      | 3,058    |       |  | 4,740    |               |  | 6,859   |   |              | 18,935  |  |
| Risk 2               |                     | 2,948             |             |      | 7,993    |      |               | 5,387    |  |      | 6,813    |       |  | 5,284    |               |  | 16,242  |   |              | 44,667  |  |
| Risk 1               |                     | 3,342             |             |      | 4,423    |      |               | 2,556    |  |      | 3,467    |       |  | 7,880    |               |  | 12,889  |   |              | 34,557  |  |
| Total                |                     | $                      | 7,422  |      |               | $    | 15,977   |               |  | $    | 8,660    |       |  | $             | 15,275   |  |              | $ | 18,241  |              |  | $ | 37,776   |  |  | $ | 103,351  |  |

----

Index

|                                               |                    |                 |        |                 |        |                  |               |  |   |                  |  |  |   |                  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|--------------------|-----------------|--------|-----------------|--------|------------------|---------------|--|---|------------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|
|                                          | September 30, 2023 |
| Level 1                                  |                    | Level 2    |        | Level 3    |        | Total            |
| (in thousands)                           |
| Assets                                        |               |                 |        |                 |        |                  |               |
| Cash equivalents                              | $                  | 49,601     |        |                 | $      | 1,072,152   |               |  | $ | —     |  |  | $ | 1,121,753   |  |
| Available-for-Sale securities:            |                    |                 |   |                 |   |                  |          |
| Corporate debt securities                     | —       |                 |        | 1,627,004  |        |                  | 18,221   |  |   | 1,645,225   |  |
| Residential mortgage backed securities        | —       |                 |        | 3,343,937  |        |                  | —  |  |   | 3,343,937   |  |
| Commercial mortgage backed securities         | —       |                 |        | 1,987,220  |        |                  | —  |  |   | 1,987,220   |  |
| Asset backed securities                       | —       |                 |        | 2,525,688  |        |                  | 1,565    |  |   | 2,527,253   |  |
| State and municipal obligations               | —       |                 |        | 2,554      |        |                  | —  |  |   | 2,554       |  |
| U.S. government and agency obligations        | 2,354,636     |                 |        | 99,803     |        |                  | —  |  |   | 2,454,439   |  |
| Total Available-for-Sale securities           | 2,354,636     |                 |        | 9,586,206  |        |                  | 19,786   |  |   | 11,960,628  |  |
|                                               |                    |                 |        |                 |        |                  |               |
| Equity derivative contracts                   | —       |                 |        | 11,860     |        |                  | —  |  |   | 11,860      |  |
| Total assets at fair value                    | $                  | 2,404,237  |        |                 | $      | 10,670,218  |               |  | $ | 19,786      |  |  | $ | 13,094,241  |  |
|                                               |                    |                 |        |                 |        |                  |               |
| Liabilities                                   |               |                 |        |                 |        |                  |               |
| Stock market certificate embedded derivatives | $                  | —    |        |                 | $      | 7,987       |               |  | $ | —     |  |  | $ | 7,987       |  |
| Equity derivative contracts                   | 20            |                 |        | 6,717      |        |                  | —  |  |   | 6,737       |  |
| Total liabilities at fair value               | $                  | 20         |        |                 | $      | 14,704      |               |  | $ | —     |  |  | $ | 14,724      |  |

|                                               |                        |                 |  |                 |   |                 |               |  |   |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|------------------------|-----------------|--|-----------------|---|-----------------|---------------|--|---|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                          | December 31, 2022 |
| Level 1                                  |                        | Level 2    |  | Level 3    |   | Total           |
| (in thousands)                           |
| Assets                                        |                   |                 |  |                 |   |                 |               |
| Cash equivalents                              | $                      | —    |  |                 | $ | 1,159,470  |               |  | $ | —    |  |  | $ | 1,159,470  |  |
| Available-for-Sale securities:            |                        |                 |  |                 |   |                 |               |
| Corporate debt securities                     | —           |                 |  | 783,289    |   |                 | 9,653    |  |   | 792,942    |  |
| Residential mortgage backed securities        | —           |                 |  | 2,099,864  |   |                 | —  |  |   | 2,099,864  |  |
| Commercial mortgage backed securities         | —           |                 |  | 1,948,752  |   |                 | —  |  |   | 1,948,752  |  |
| Asset backed securities                       | —           |                 |  | 1,450,381  |   |                 | 4,891    |  |   | 1,455,272  |  |
| State and municipal obligations               | —           |                 |  | 9,155      |   |                 | —  |  |   | 9,155      |  |
| U.S. government and agency obligations        | 2,062,931         |                 |  | —    |   |                 | —  |  |   | 2,062,931  |  |
| Total Available-for-Sale securities           | 2,062,931         |                 |  | 6,291,441  |   |                 | 14,544   |  |   | 8,368,916  |  |
|                                               |                        |                 |  |                 |   |                 |               |
| Equity derivative contracts                   | —           |                 |  | 8,786      |   |                 | —  |  |   | 8,786      |  |
| Total assets at fair value                    | $                      | 2,062,931  |  |                 | $ | 7,459,697  |               |  | $ | 14,544     |  |  | $ | 9,537,172  |  |
|                                               |                        |                 |  |                 |   |                 |               |
| Liabilities                                   |                        |                 |  |                 |   |                 |               |
| Stock market certificate embedded derivatives | $                      | —    |  |                 | $ | 3,572      |               |  | $ | —    |  |  | $ | 3,572      |  |
| Equity derivative contracts                   | 8                 |                 |  | 6,641      |   |                 | —  |  |   | 6,649      |  |
| Total liabilities at fair value               | $                      | 8          |  |                 | $ | 10,213     |               |  | $ | —    |  |  | $ | 10,221     |  |

----

Index

|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |  |     |              |  |     |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|-------------------------------|--------------|--|--|--|--|-------------------------|----------|-------|-------------|-----------|--|-----|--------------|--|-----|--|--|--|--|--|--|--|--|--|
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
|                                                                                                                         | Available-for-Sale Securities |              |  |
|                                                                                                                         | Corporate Debt Securities     |              |  |  |  |  | Asset Backed Securities |          | Total |             |
|                                                                                                                         | (in thousands)                |              |  |
| Balance at July 1, 2023                                                                                                 | $                             | 13,403  |  |  |  |  |                         |          | $     | 2,299  |           |  | $   | 15,702  |  |     |  |
| Total gains (losses) included in:                                                                                   |                               |              |  |  |  |  |                         |          |       |             |           |
| Net income                                                                                                              | 73                       |              |  |  |  |  |                         | 32  |       |             | 105  |  | (1) |              |
| Other comprehensive income (loss)                                                                                       | 62                       |              |  |  |  |  |                         | (16)     |       |             | 46   |  |     |              |
| Purchases                                                                                                               | 4,683                    |              |  |  |  |  |                         | —  |       | 4,683  |           |  |     |
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
| Settlements                                                                                                             | —                  |              |  |  |  |  |                         | (750)    |       |             | (750)     |  |     |              |
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
| Balance at September 30, 2023                                                                                           | $                             | 18,221  |  |  |  |  |                         |          | $     | 1,565  |           |  | $   | 19,786  |  |     |  |
|                                                                                                                         |                               |              |  |  |  |  |                         |          |       |             |           |
| Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2023                        | $                             | 73      |  |  |  |  |                         |          | $     | 32     |           |  | $   | 105     |  | (1) |  |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023 | $                             | 62      |  |  |  |  |                         |          | $     | (16)        |           |  | $   | 46      |  |     |  |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |  |     |   |               |  |     |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------|----------------------------------------|---------------|---|---------------|-------------------------|--|--------------|--|---|---------------|--|-----|---|---------------|--|-----|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
|                                                                                                                         | Available-for-Sale Securities |             |                                        |               |
|                                                                                                                         | Corporate Debt Securities     |             | Residential Mortgage Backed Securities |               |   |               | Asset Backed Securities |  | Total        |  |
|                                                                                                                         | (in thousands)                |             |                                        |               |
| Balance at July 1, 2022                                                                                                 | $                             | 3      |                                        |               | $ | —  |                         |  |              |  | $ | 4,891    |  |     | $ | 4,894    |  |     |  |  |
| Total gains (losses) included in:                                                                                   |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
| Net income                                                                                                              | 23                       |             |                                        | —  |   |               |                         |  | (4)          |  |   | 19       |  | (1) |   |               |
| Other comprehensive income (loss)                                                                                       | (211)                         |             |                                        | (504)         |   |               |                         |  | (151)        |  |   | (866)         |  |     |   |               |
| Purchases                                                                                                               | 9,818                    |             |                                        | 99,956   |   |               |                         |  | 17,582  |  |   | 127,356  |  |     |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
| Balance at September 30, 2022                                                                                           | $                             | 9,633  |                                        |               | $ | 99,452   |                         |  |              |  | $ | 22,318   |  |     | $ | 131,403  |  |     |  |  |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |              |  |   |               |
| Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2022                        | $                             | 23     |                                        |               | $ | —  |                         |  |              |  | $ | (4)           |  |     | $ | 19       |  | (1) |  |  |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2022 | $                             | (211)       |                                        |               | $ | (504)         |                         |  |              |  | $ | (151)         |  |     | $ | (866)         |  |     |  |  |

|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |  |     |              |  |     |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|-------------------------------|--------------|--|--|--|--|-------------------------|---------------|-------|-------------|-------------|--|-----|--------------|--|-----|--|--|--|--|--|--|--|--|--|
|                                                                                                                         | Available-for-Sale Securities |              |  |
|                                                                                                                         | Corporate Debt Securities     |              |  |  |  |  | Asset Backed Securities |               | Total |             |
|                                                                                                                         | (in thousands)                |              |  |
| Balance at January 1, 2023                                                                                              | $                             | 9,653   |  |  |  |  |                         |               | $     | 4,891  |             |  | $   | 14,544  |  |     |  |
| Total gains (losses) included in:                                                                                   |                               |              |  |  |  |  |                         |               |       |             |             |
| Net income                                                                                                              | 150                      |              |  |  |  |  |                         | 120      |       |             | 270    |  | (1) |              |
| Other comprehensive income (loss)                                                                                       | 70                       |              |  |  |  |  |                         | (46)          |       |             | 24     |  |     |              |
| Purchases                                                                                                               | 9,716                    |              |  |  |  |  |                         | —  |       |             | 9,716  |  |     |              |
|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |
|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |
| Settlements                                                                                                             | (1,368)                       |              |  |  |  |  |                         | (3,400)       |       |             | (4,768)     |  |     |              |
|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |
|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |
| Balance at September 30, 2023                                                                                           | $                             | 18,221  |  |  |  |  |                         |               | $     | 1,565  |             |  | $   | 19,786  |  |     |  |
|                                                                                                                         |                               |              |  |  |  |  |                         |               |       |             |             |
| Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2023                        | $                             | 150     |  |  |  |  |                         |               | $     | 120    |             |  | $   | 270     |  | (1) |  |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023 | $                             | 70      |  |  |  |  |                         |               | $     | (46)        |             |  | $   | 24      |  |     |  |

----

Index

|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |  |     |   |               |  |     |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------|----------------------------------------|---------------|---|---------------|-------------------------|--|---------------|--|---|---------------|--|-----|---|---------------|--|-----|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                         | Available-for-Sale Securities |             |                                        |               |
|                                                                                                                         | Corporate Debt Securities     |             | Residential Mortgage Backed Securities |               |   |               | Asset Backed Securities |  | Total         |  |
|                                                                                                                         | (in thousands)                |             |                                        |               |
| Balance at January 1, 2022                                                                                              | $                             | 6,004  |                                        |               | $ | —  |                         |  |               |  | $ | 4,891    |  |     | $ | 10,895   |  |     |  |  |
| Total gains (losses) included in:                                                                                   |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
| Net income                                                                                                              | 23                       |             |                                        | —  |   |               |                         |  | 18       |  |   | 41       |  | (1) |   |               |
| Other comprehensive income (loss)                                                                                       | (212)                         |             |                                        | (504)         |   |               |                         |  | (173)         |  |   | (889)         |  |     |   |               |
| Purchases                                                                                                               | 9,818                    |             |                                        | 99,956   |   |               |                         |  | 17,582   |  |   | 127,356  |  |     |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
| Settlements                                                                                                             | (6,000)                       |             |                                        | —  |   |               |                         |  | —  |  |   | (6,000)       |  |     |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
| Balance at September 30, 2022                                                                                           | $                             | 9,633  |                                        |               | $ | 99,452   |                         |  |               |  | $ | 22,318   |  |     | $ | 131,403  |  |     |  |  |
|                                                                                                                         |                               |             |                                        |               |   |               |                         |  |               |  |   |               |
| Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2022                        | $                             | 23     |                                        |               | $ | —  |                         |  |               |  | $ | 18       |  |     | $ | 41       |  | (1) |  |  |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2022 | $                             | (211)       |                                        |               | $ | (504)         |                         |  |               |  | $ | (173)         |  |     | $ | (888)         |  |     |  |  |

|                                                                  |                    |                          |  |                         |                      |       |                                     |                  |      |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--------------------|--------------------------|--|-------------------------|----------------------|-------|-------------------------------------|------------------|------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                  | September 30, 2023 |
| Fair Value                                                  |                    | Valuation Technique |  | Unobservable Input |                      | Range |                                     | Weighted Average |
| (in thousands)                                              |                    |                          |  |                         |                      |       |                                     |                  |      |  |
| Corporate debt securities    (private placements) | $                  | 18,218              |  |                         | Discounted cash flow |       | Yield/spread to U.S. Treasuries |                  | 1.0% |  | 1.0% |

|                                                                  |                        |                          |  |                         |                      |       |                                     |                  |      |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|------------------------|--------------------------|--|-------------------------|----------------------|-------|-------------------------------------|------------------|------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                  | December 31, 2022 |
| Fair Value                                                  |                        | Valuation Technique |  | Unobservable Input |                      | Range |                                     | Weighted Average |
| (in thousands)                                              |                        |                          |  |                         |                      |       |                                     |                  |      |  |
| Corporate debt securities    (private placements) | $                      | 9,650               |  |                         | Discounted cash flow |       | Yield/spread to U.S. Treasuries |                  | 1.1% |  | 1.1% |

----

Index

----

Index

|                           |                    |                  |  |               |   |               |               |  |   |               |  |  |              |                  |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------|--------------------|------------------|--|---------------|---|---------------|---------------|--|---|---------------|--|--|--------------|------------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
|                           | September 30, 2023 |
| Carrying Value       |                    | Fair Value  |
| Level 1              |                    | Level 2     |  | Level 3  |   | Total         |
| (in thousands)       |
| Financial Assets          |                    |                  |  |               |   |               |               |  |   |
| Syndicated loans          | $                  | 95,856      |  |               | $ | —  |               |  | $ | 92,195   |  |  | $            | 2,303       |  |  | $ | 94,498      |  |
| Commercial mortgage loans | 93,732        |                  |  | —  |   |               | —  |  |   | 87,335   |  |  | 87,335  |                  |
| Certificate loans         | 36            |                  |  | —  |   |               | 36       |  |   | —  |  |  | 36      |                  |
| Financial Liabilities     |                    |                  |  |               |   |               |               |  |   |
| Certificate reserves      | $                  | 12,604,477  |  |               | $ | —  |               |  | $ | —  |  |  | $            | 12,537,167  |  |  | $ | 12,537,167  |  |

|                           |                        |                 |  |               |   |               |               |  |   |               |  |  |              |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------|------------------------|-----------------|--|---------------|---|---------------|---------------|--|---|---------------|--|--|--------------|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|
|                           | December 31, 2022 |
| Carrying Value       |                        | Fair Value |
| Level 1              |                        | Level 2    |  | Level 3  |   | Total         |
| (in thousands)       |
| Financial Assets          |                        |                 |  |               |   |               |               |  |   |
| Syndicated loans          | $                      | 102,330    |  |               | $ | —  |               |  | $ | 96,552   |  |  | $            | 3,024      |  |  | $ | 99,576     |  |
| Commercial mortgage loans | 102,163           |                 |  | —  |   |               | —  |  |   | 95,676   |  |  | 95,676  |                 |
| Certificate loans         | 72                |                 |  | —  |   |               | 72       |  |   | —  |  |  | 72      |                 |
| Financial Liabilities     |                        |                 |  |               |   |               |               |  |   |
| Certificate reserves      | $                      | 9,309,833  |  |               | $ | —  |               |  | $ | —  |  |  | $            | 9,253,304  |  |  | $ | 9,253,304  |  |

|                                    |                    |                                                         |  |                                                                |   |                                                             |  |            |   |              |  |  |   |         |  |  |   |         |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--------------------|---------------------------------------------------------|--|----------------------------------------------------------------|---|-------------------------------------------------------------|--|------------|---|--------------|--|--|---|---------|--|--|---|---------|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                    | September 30, 2023 |
| Gross Amounts of Recognized Assets |                    | Gross Amounts Offset in the Consolidated Balance Sheets |  | Amounts of Assets Presented in the Consolidated Balance Sheets |   | Gross Amounts Not Offset in the Consolidated Balance Sheets |  | Net Amount |
| Financial Instruments (1)          |                    | Cash Collateral                                         |
| (in thousands)                |
| Derivatives:                   |                    |                                                         |  |                                                                |   |                                                             |  |            |   |              |  |
| OTC                                | $                  | 11,860                                             |  |                                                                | $ | —                                                |  |            | $ | 11,860  |  |  | $ | (6,717) |  |  | $ | (4,985) |  |  | $ | 158  |  |
|                                    |                    |                                                         |  |                                                                |   |                                                             |  |            |   |              |  |
| Total                              | $                  | 11,860                                             |  |                                                                | $ | —                                                |  |            | $ | 11,860  |  |  | $ | (6,717) |  |  | $ | (4,985) |  |  | $ | 158  |  |

|                                    |                        |                                                         |  |                                                                |   |                                                             |  |            |   |             |  |  |   |         |  |  |   |         |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|------------------------|---------------------------------------------------------|--|----------------------------------------------------------------|---|-------------------------------------------------------------|--|------------|---|-------------|--|--|---|---------|--|--|---|---------|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                    | December 31, 2022 |
| Gross Amounts of Recognized Assets |                        | Gross Amounts Offset in the Consolidated Balance Sheets |  | Amounts of Assets Presented in the Consolidated Balance Sheets |   | Gross Amounts Not Offset in the Consolidated Balance Sheets |  | Net Amount |
| Financial Instruments (1)          |                        | Cash Collateral                                         |
| (in thousands)                |
| Derivatives:                   |                        |                                                         |  |                                                                |   |                                                             |  |            |   |             |  |
| OTC                                | $                      | 8,786                                              |  |                                                                | $ | —                                                |  |            | $ | 8,786  |  |  | $ | (6,641) |  |  | $ | (1,893) |  |  | $ | 252  |  |
|                                    |                        |                                                         |  |                                                                |   |                                                             |  |            |   |             |  |
| Total                              | $                      | 8,786                                              |  |                                                                | $ | —                                                |  |            | $ | 8,786  |  |  | $ | (6,641) |  |  | $ | (1,893) |  |  | $ | 252  |  |

----

Index

|                                         |                    |                                                         |  |                                                                     |   |                                                             |          |            |   |               |  |  |               |         |  |          |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--------------------|---------------------------------------------------------|--|---------------------------------------------------------------------|---|-------------------------------------------------------------|----------|------------|---|---------------|--|--|---------------|---------|--|----------|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                         | September 30, 2023 |
| Gross Amounts of Recognized Liabilities |                    | Gross Amounts Offset in the Consolidated Balance Sheets |  | Amounts of Liabilities Presented in the Consolidated Balance Sheets |   | Gross Amounts Not Offset in the Consolidated Balance Sheets |          | Net Amount |
| Financial Instruments (1)               |                    | Cash Collateral                                         |
| (in thousands)                     |
| Derivatives:                        |                    |                                                         |  |                                                                     |   |                                                             |          |            |   |               |  |
| OTC                                     | $                  | 6,717                                              |  |                                                                     | $ | —                                                |          |            | $ | 6,717    |  |  | $             | (6,717) |  |          | $ | —  |  |  | $ | —  |  |
| Exchange-traded                         | 20            |                                                         |  | —                                                        |   |                                                             | 20  |            |   | —  |  |  | —  |         |  | 20  |   |
| Total                                   | $                  | 6,737                                              |  |                                                                     | $ | —                                                |          |            | $ | 6,737    |  |  | $             | (6,717) |  |          | $ | —  |  |  | $ | 20       |  |

|                                         |                        |                                                         |  |                                                                     |   |                                                             |         |            |   |               |  |  |               |         |  |         |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|------------------------|---------------------------------------------------------|--|---------------------------------------------------------------------|---|-------------------------------------------------------------|---------|------------|---|---------------|--|--|---------------|---------|--|---------|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                         | December 31, 2022 |
| Gross Amounts of Recognized Liabilities |                        | Gross Amounts Offset in the Consolidated Balance Sheets |  | Amounts of Liabilities Presented in the Consolidated Balance Sheets |   | Gross Amounts Not Offset in the Consolidated Balance Sheets |         | Net Amount |
| Financial Instruments (1)               |                        | Cash Collateral                                         |
| (in thousands)                     |
| Derivatives:                        |                        |                                                         |  |                                                                     |   |                                                             |         |            |   |               |  |
| OTC                                     | $                      | 6,641                                              |  |                                                                     | $ | —                                                |         |            | $ | 6,641    |  |  | $             | (6,641) |  |         | $ | —  |  |  | $ | —  |  |
| Exchange-traded                         | 8                 |                                                         |  | —                                                        |   |                                                             | 8  |            |   | —  |  |  | —  |         |  | 8  |   |
| Total                                   | $                      | 6,649                                              |  |                                                                     | $ | —                                                |         |            | $ | 6,649    |  |  | $             | (6,641) |  |         | $ | —  |  |  | $ | 8        |  |

|                                                             |                    |               |                        |             |   |                  |  |             |         |              |               |  |   |               |  |  |   |             |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--------------------|---------------|------------------------|-------------|---|------------------|--|-------------|---------|--------------|---------------|--|---|---------------|--|--|---|-------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                             | September 30, 2023 |               | December 31, 2022 |
|                                                             | Notional           |               | Gross Fair Value       | Notional    |   | Gross Fair Value |
|                                                             |                    | Assets        |                        | Liabilities |   | Assets           |  | Liabilities |
|                                                             | (in thousands)     |
| Derivatives not designated as hedging instruments |                    |               |                        |             |   |                  |  |             |         |              |               |
| Equity contracts (1)                                        | $                  | 241,286  |                        |             | $ | 11,860      |  |             | $       | 6,737   |               |  | $ | 283,681  |  |  | $ | 8,786  |  |  | $ | 6,649   |  |
| Embedded derivatives                                        |                    |               |                        |             |   |                  |  |             |         |              |               |
| Stock market certificates (2)                               | N/A            |               | —           |             |   | 7,987       |  |             | N/A |              | —  |  |   | 3,572    |  |
| Total derivatives                                           | $                  | 241,286  |                        |             | $ | 11,860      |  |             | $       | 14,724  |               |  | $ | 283,681  |  |  | $ | 8,786  |  |  | $ | 10,221  |  |

----

Index

|                                                                       |                                  |                                                                                 |                                 |                                                                                              |           |  |           |   |       |         |  |   |             |  |  |   |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|----------------------------------|---------------------------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------|-----------|--|-----------|---|-------|---------|--|---|-------------|--|--|---|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Derivatives not designated as hedging instruments |                                  | Location of Gain (Loss) on Derivatives Recognized in Income |                                 | Amount of Gain (Loss) on Derivatives Recognized in Income |
|                                                                       | Three Months Ended September 30, |                                                                                 | Nine Months Ended September 30, |
|                                                                       | 2023                             |                                                                                 | 2022                            |                                                                                              | 2023      |  | 2022      |
|                                                                       |                                  |                                                                                 |                                 | (in thousands)                                                                               |
| Equity contracts                                                      |                                  |                                                                                 |                                 |                                                                                              |           |  |           |   |       |         |
| Stock market certificates                                             |                                  | Net provision for certificate reserves                                          |                                 | $                                                                                            | (760)     |  |           | $ | (436) |         |  | $ | 2,005  |  |  | $ | (891) |  |
| Stock market certificates embedded derivatives                        |                                  | Net provision for certificate reserves                                          |                                 | 865                                                                                     |           |  | 274  |   |       | (2,918) |  |   | 697    |  |
| Total                                                                 |                                  |                                                                                 |                                 | $                                                                                            | 105  |  |           | $ | (162) |         |  | $ | (913)       |  |  | $ | (194) |  |

----

Index

----

Index

----

Index

----

Index

|                                    |                                                                                                                                                                                                                                                                                        |  |  |  |  |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Exhibit                            | Description                                                                                                                                                                                                                                                                            |
|                                    |                                                                                                                                                                                                                                                                                        |
| 3(a)                               | Amended and Restated Certificate of Incorporation of American Express Certificate Company, dated August 1, 2005, filed electronically on or about March 10, 2006 as Exhibit 3(a) to Registrant’s Form 10-K is incorporated by reference. |
| 3(b)                               | By-Laws of Ameriprise Certificate Company, filed electronically on or about November 5, 2010 as Exhibit 3(b) to Registrant’s Form 10-Q, are incorporated herein by reference.                                                                                |
| 31.1*                              | Certification of Abu M. Arif pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.                                                                                                                                              |
| 31.2*                              | Certification of James R. Hill pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.                                                                                                                                            |
| 32*                                | Certification of Abu M. Arif and James R. Hill pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                |
| * Filed electronically herewithin. |

----

Index

|              |                                |  |  |  |  |  |  |  |  |  |  |
|--------------|--------------------------------|--|--|--|--|--|--|--|--|--|--|
|              | AMERIPRISE CERTIFICATE COMPANY |
| (Registrant) |

|           |                  |         |                         |  |  |  |  |  |  |  |  |
|-----------|------------------|---------|-------------------------|--|--|--|--|--|--|--|--|
| Date: | November 2, 2023 | By: | /s/ Abu M. Arif |
|           | Abu M. Arif      |
|           |                  |         | Chief Executive Officer |

|           |                  |         |                           |  |  |  |  |  |  |  |  |
|-----------|------------------|---------|---------------------------|--|--|--|--|--|--|--|--|
| Date: | November 2, 2023 | By: | /s/ James R. Hill |
|           | James R. Hill    |
|           |                  |         | Chief Financial Officer   |