IUL Benchmark Index

This index is intended to track the weekly Cap and Participation Rate for a 1-year, point-to-point S&P 500 indexed crediting strategy that would be offered in a market-priced Indexed UL product using Black-Scholes with the following parameters calculated on the specified date:

Implied volatility using 3rd party institutional data
12 month CME Term SOFR
A hypothetical insurer new money option budget equal to:
1. 70% of the current Moody’s Aaa yield plus
2. 30% of the current Moody’s Baa yield

While no methodology can perfectly reflect the many factors that play into each carrier’s decision about how to set caps and participation rates, this index can serve as a check on what is “fair” in today’s market.

Date	Option Budget	Market Index Cap	Market Index Par Rate	10% Cap Price
4/20/2022	4.22%	8.3%	51%	4.9%
4/13/2022	4.03%	7.7%	48%	5.0%
4/6/2022	3.77%	7.1%	45%	5.0%
3/30/2022	3.66%	7.0%	47%	4.9%
3/23/2022	3.76%	7.3%	47%	4.9%
3/16/2022	3.82%	7.4%	46%	4.9%
3/9/2022	3.67%	7.1%	44%	4.9%
3/2/2022	3.55%	6.9%	43%	4.8%
2/23/2022	3.58%	6.9%	42%	4.8%
2/16/2022	3.57%	6.8%	46%	4.9%
2/9/2022	3.38%	6.4%	46%	4.8%
2/2/2022	3.24%	6.1%	45%	4.8%
1/26/2022	3.26%	6.2%	38%	4.9%
1/19/2022	3.15%	5.9%	41%	4.9%
1/12/2022	3.06%	5.7%	42%	4.8%
1/5/2022	3.02%	5.7%	42%	4.7%
12/29/2021	2.91%	5.5%	42%	4.6%
12/22/2021	2.88%	5.4%	41%	4.7%
12/15/2021	2.86%	5.3%	39%	4.8%
12/8/2021	2.76%	5.2%	39%	4.7%
12/1/2021	2.79%	5.2%	35%	4.9%
11/24/2021	2.91%	5.7%	43%	4.6%
11/17/2021	2.86%	5.5%	43%	4.6%
11/10/2021	2.77%	5.3%	42%	4.6%
11/3/2021	2.78%	5.4%	44%	4.5%
10/27/2021	2.78%	5.7%	42%	4.6%
10/20/2021	2.93%	5.7%	46%	4.5%
10/13/2021	2.87%	5.5%	42%	4.6%
10/6/2021	2.89%	5.5%	40%	4.7%
9/29/2021	2.89%	5.4%	39%	4.8%
9/22/2021	2.65%	4.9%	37%	4.8%
9/15/2021	2.66%	5.0%	39%	4.7%
9/8/2021	2.76%	5.2%	41%	4.6%
9/1/2021	2.75%	5.2%	42%	4.6%
8/25/2021	2.79%	5.3%	43%	4.6%
8/18/2021	2.74%	5.2%	40%	4.7%
8/11/2021	2.86%	5.5%	45%	4.5%
8/4/2021	2.69%	5.2%	41%	4.5%
7/28/2021	2.73%	5.3%	42%	4.5%
7/21/2021	2.80%	5.3%	43%	4.5%
7/14/2021	2.82%	5.5%	44%	4.5%
7/7/2021	2.77%	5.4%	44%	4.4%
6/30/2021	2.86%	5.6%	46%	4.4%
6/23/2021	2.92%	5.6%	47%	4.5%
6/16/2021	3.00%	5.8%	47%	4.5%
6/9/2021	3.01%	6.0%	46%	4.5%
6/2/2021	3.13%	6.3%	49%	4.4%
5/26/2021	3.09%	6.2%	48%	4.5%
5/19/2021	3.24%	6.4%	46%	4.6%
5/12/2021	3.27%	6.4%	44%	4.7%
5/5/2021	3.09%	6.4%	47%	4.4%
4/28/2021	3.13%	6.4%	48%	4.4%
4/21/2021	3.12%	6.4%	48%	4.3%
4/14/2021	3.12%	6.5%	47%	4.3%
4/7/2021	3.16%	6.5%	49%	4.3%
3/31/2021	3.26%	6.5%	49%	4.5%
3/24/2021	3.24%	6.4%	44%	4.7%
3/17/2021	3.38%	6.8%	46%	4.6%
3/10/2021	3.20%	6.4%	42%	4.6%
3/3/2021	3.14%	6.1%	39%	4.8%
2/24/2021	3.08%	6.0%	39%	4.7%
2/17/2021	2.89%	5.5%	36%	4.8%
2/10/2021	2.80%	5.3%	35%	4.8%
2/3/2021	2.84%	5.4%	35%	4.8%
1/27/2021	2.65%	5.0%	30%	4.9%
1/20/2021	2.68%	5.0%	36%	4.8%
1/13/2021	2.68%	5.1%	36%	4.7%
1/6/2021	2.65%	5.0%	34%	4.8%
12/30/2020	2.49%	4.6%	33%	4.8%
12/23/2020	2.56%	4.8%	34%	4.8%
12/16/2020	2.54%	4.7%	34%	4.8%
12/9/2020	2.56%	4.9%	35%	4.7%
12/2/2020	2.53%	4.8%	34%	4.6%
11/25/2020	2.54%	5.0%	34%	4.6%
11/18/2020	2.56%	5.0%	33%	4.6%
11/11/2020	2.72%	5.2%	36%	4.7%
11/4/2020	2.61%	5.0%	32%	4.7%
10/28/2020	2.65%	5.0%	28%	4.8%
10/21/2020	2.72%	5.2%	33%	4.8%
10/14/2020	2.60%	5.0%	32%	4.7%
10/7/2020	2.72%	5.3%	31%	4.7%
9/30/2020	2.66%	5.2%	30%	4.8%
9/23/2020	2.63%	4.9%	29%	4.9%
9/16/2020	2.63%	5.0%	31%	4.7%
9/9/2020	2.69%	5.1%	31%	4.8%
9/2/2020	2.57%	4.9%	30%	4.8%
8/26/2020	2.69%	5.0%	34%	4.8%
8/20/2020	2.63%	4.9%	32%	4.8%
8/12/2020	2.49%	4.6%	31%	4.8%
8/5/2020	2.36%	4.3%	29%	4.9%
7/29/2020	2.37%	4.3%	28%	4.9%
7/22/2020	2.43%	4.4%	30%	5.0%
7/15/2020	2.51%	4.6%	29%	5.0%
7/9/2020	2.60%	4.8%	30%	5.0%
7/2/2020	2.75%	5.0%	31%	5.0%
6/24/2020	2.78%	5.1%	30%	5.0%
6/18/2020	2.78%	5.1%	29%	5.0%
6/11/2020	2.82%	5.2%	34%	4.9%
6/4/2020	2.82%	5.3%	33%	4.9%
5/27/2020	2.82%	5.2%	32%	5.0%
5/20/2020	2.91%	5.4%	32%	5.0%
5/13/2020	3.09%	5.8%	28%	5.1%
5/6/2020	3.04%	5.8%	28%	5.0%
4/29/2020	2.83%	5.3%	30%	5.0%
4/22/2020	2.83%	5.4%	25%	5.0%
4/16/2020	2.78%	5.3%	26%	4.9%
4/9/2020	3.15%	6.1%	30%	4.9%
4/2/2020	3.30%	6.5%	26%	4.9%
3/25/2020	3.84%	8.0%	34%	4.7%
3/18/2020	3.73%	7.0%	23%	5.2%
3/12/2020	3.01%	5.9%	24%	4.9%
3/4/2020	2.89%	5.3%	42%	4.8%
2/26/2020	2.96%	5.4%	43%	4.8%
2/20/2020	3.01%	5.8%	52%	4.5%
2/5/2020	3.11%	5.9%	54%	4.5%
1/29/2020	3.12%	5.8%	53%	4.7%
1/23/2020	3.17%	5.9%	55%	4.6%
1/16/2020	3.22%	6.1%	56%	4.5%
1/8/2020	3.27%	6.2%	55%	4.6%
1/2/2020	3.30%	6.2%	55%	4.6%
12/18/2019	3.28%	6.1%	54%	4.7%
12/13/2019	3.23%	6.0%	52%	4.7%
12/3/2019	3.30%	5.9%	50%	4.9%
11/27/2019	3.26%	6.0%	53%	4.7%
11/20/2019	3.34%	6.2%	53%	4.7%
11/13/2019	3.40%	6.4%	53%	4.7%
10/31/2019	3.35%	6.2%	54%	4.6%
10/24/2019	3.30%	6.1%	52%	4.7%
10/16/2019	3.34%	6.2%	52%	4.8%
10/9/2019	3.20%	5.8%	46%	5.0%
10/2/2019	3.24%	6.0%	46%	4.9%
9/24/2019	3.28%	6.0%	48%	4.9%
9/4/2019	3.13%	5.9%	47%	4.7%
8/27/2019	3.17%	5.9%	45%	4.8%
8/21/2019	3.18%	6.0%	49%	4.7%
8/14/2019	3.28%	6.3%	48%	4.7%
8/8/2019	3.40%	6.7%	54%	4.6%
7/25/2019	3.61%	7.0%	62%	4.5%
7/9/2019	3.55%	6.9%	61%	4.5%
7/3/2019	3.54%	6.9%	63%	4.5%
6/26/2019	3.62%	7.2%	59%	4.6%
6/20/2019	3.72%	7.7%	64%	4.4%
6/12/2019	3.80%	7.6%	61%	4.6%
6/5/2019	3.83%	7.6%	61%	4.6%
5/16/2019	3.97%	7.8%	64%	4.8%
5/1/2019	3.99%	7.7%	67%	4.7%
4/18/2019	4.03%	7.8%	67%	4.6%
4/12/2019	3.96%	7.8%	63%	4.6%
3/27/2019	3.98%	7.6%	63%	4.7%
3/20/2019	4.14%	8.5%	68%	4.7%
3/13/2019	4.12%	8.2%	66%	4.7%
3/7/2019	4.18%	8.2%	64%	4.8%
2/27/2019	4.11%	8.2%	65%	4.7%
2/15/2019	4.13%	8.3%	61%	4.6%
1/30/2019	4.22%	8.9%	62%	4.8%
1/23/2019	4.32%	8.9%	61%	4.8%
1/16/2019	4.35%	8.8%	61%	4.7%
1/2/2019	4.36%	9.2%	55%	4.6%
12/12/2018	4.35%	9.2%	56%	4.7%
11/14/2018	4.51%	9.3%	61%	4.9%
10/17/2018	4.41%	9.5%	68%	4.8%
9/12/2018	4.22%	9.1%	71%	4.6%
8/15/2018	4.14%	9.0%	69%	4.7%
7/18/2018	4.13%	9.3%	71%	4.6%
6/13/2018	4.24%	9.3%	72%	4.6%
5/16/2018	4.31%	9.4%	73%	4.6%
4/18/2018	4.06%	8.6%	64%	4.7%
3/14/2018	4.08%	8.5%	63%	4.7%
2/14/2018	4.09%	8.9%	63%	4.6%
1/17/2018	3.72%	8.7%	71%	4.2%
12/13/2017	3.69%	8.2%	71%	4.3%
11/15/2017	3.80%	8.2%	68%	4.4%
10/18/2017	3.79%	8.9%	75%	4.2%
9/13/2017	3.87%	9.2%	73%	4.2%
8/16/2017	3.84%	9.1%	75%	4.2%
7/12/2017	3.93%	9.4%	75%	4.2%
6/14/2017	3.86%	9.0%	72%	4.2%
5/17/2017	3.98%	9.1%	69%	4.3%
4/12/2017	4.06%	9.8%	73%	4.3%
3/15/2017	4.26%	10.4%	76%	4.3%
2/15/2017	4.22%	10.5%	77%	4.2%
1/18/2017	4.13%	9.5%	70%	4.4%
12/14/2016	4.31%	10.2%	70%	4.4%
11/16/2016	4.13%	9.3%	66%	4.5%
10/12/2016	3.77%	7.7%	59%	4.6%
9/14/2016	3.77%	7.6%	55%	4.7%
8/17/2016	3.59%	7.4%	58%	4.5%
7/13/2016	3.52%	7.6%	59%	4.4%
6/15/2016	3.75%	7.4%	53%	4.7%
5/18/2016	4.02%	8.4%	60%	4.6%
4/13/2016	3.95%	8.3%	63%	4.6%
3/16/2016	4.22%	9.0%	64%	4.6%
2/17/2016	4.46%	9.4%	57%	4.7%
1/13/2016	4.33%	9.2%	56%	4.7%
12/16/2015	4.46%	9.9%	68%	4.5%
11/18/2015	4.50%	10.4%	70%	4.4%
10/14/2015	4.32%	9.6%	63%	4.5%
9/16/2015	4.56%	10.3%	65%	4.5%
8/12/2015	4.33%	10.4%	75%	4.3%
7/15/2015	4.52%	12.0%	81%	4.2%
6/17/2015	4.43%	10.8%	75%	4.3%
5/13/2015	4.33%	10.2%	72%	4.3%
4/15/2015	3.77%	8.4%	65%	4.3%
3/18/2015	3.86%	8.8%	67%	4.3%
2/18/2015	3.99%	9.2%	67%	4.3%
1/14/2015	3.75%	8.2%	57%	4.4%
12/17/2014	4.05%	9.3%	61%	4.3%
11/12/2014	4.21%	10.9%	75%	4.1%
10/15/2014	4.02%	8.8%	57%	4.4%
9/17/2014	4.43%	12.4%	83%	4.0%
8/13/2014	4.30%	11.1%	76%	4.1%
7/16/2014	4.34%	12.9%	87%	3.9%
6/18/2014	4.42%	14.5%	88%	3.8%
5/14/2014	4.31%	12.6%	82%	3.9%
4/16/2014	4.39%	11.9%	81%	4.0%
3/19/2014	4.66%	13.7%	84%	4.0%
2/19/2014	4.69%	14.0%	84%	4.0%
1/15/2014	4.72%	15.5%	89%	3.9%
12/18/2013	4.86%	14.6%	87%	4.0%
11/13/2013	4.90%	14.6%	85%	4.0%
10/16/2013	4.80%	13.7%	83%	4.0%
9/18/2013	4.87%	14.6%	86%	4.0%
8/14/2013	4.80%	13.8%	84%	4.0%
7/17/2013	4.58%	12.9%	78%	4.0%
6/19/2013	4.57%	11.6%	73%	4.1%
5/15/2013	4.18%	11.7%	72%	3.9%
4/17/2013	3.94%	9.7%	64%	4.1%
3/13/2013	4.25%	12.0%	76%	4.0%
2/13/2013	4.23%	11.3%	74%	4.0%
1/16/2013	4.02%	9.4%	63%	4.2%
12/19/2012	4.03%	9.3%	59%	4.2%
11/14/2012	3.75%	8.2%	51%	4.3%
10/17/2012	3.87%	8.9%	58%	4.3%
9/19/2012	3.94%	8.7%	56%	4.4%
8/15/2012	4.07%	8.8%	52%	4.5%
7/18/2012	3.80%	7.9%	50%	4.5%
6/13/2012	4.07%	8.2%	44%	4.9%
5/16/2012	4.11%	8.7%	48%	4.7%
4/18/2012	4.28%	9.1%	55%	4.6%
3/14/2012	4.51%	9.6%	59%	4.6%
2/15/2012	4.20%	8.8%	50%	4.7%
1/18/2012	4.20%	8.8%	49%	4.7%
12/14/2011	4.26%	8.6%	41%	4.8%
11/16/2011	4.29%	8.6%	40%	4.9%
10/19/2011	4.40%	9.1%	41%	4.8%
9/14/2011	4.50%	9.4%	43%	4.7%
8/17/2011	4.64%	10.0%	52%	4.7%
7/13/2011	5.11%	12.3%	68%	4.4%
6/15/2011	5.19%	12.7%	69%	4.4%
5/18/2011	5.18%	12.9%	73%	4.4%
4/13/2011	5.43%	13.5%	74%	4.5%
3/16/2011	5.29%	12.3%	62%	4.6%
2/16/2011	5.53%	16.0%	85%	4.2%
1/19/2011	5.34%	13.7%	72%	4.4%
12/15/2010	5.50%	14.0%	72%	4.4%
11/17/2010	5.29%	12.6%	61%	4.5%
10/13/2010	4.97%	11.2%	56%	4.6%
9/15/2010	4.94%	10.8%	54%	4.7%
8/18/2010	4.78%	10.2%	48%	4.7%
7/14/2010	5.16%	11.1%	51%	4.8%
6/16/2010	5.37%	11.7%	56%	4.8%
5/19/2010	5.22%	11.6%	49%	4.7%
4/14/2010	5.60%	14.9%	77%	4.3%
3/17/2010	5.48%	14.5%	76%	4.3%
2/17/2010	5.76%	15.2%	71%	4.4%
1/13/2010	5.61%	14.7%	74%	4.3%
12/16/2009	5.62%	13.7%	63%	4.4%
11/18/2009	5.52%	13.2%	60%	4.5%
10/14/2009	5.59%	13.6%	61%	4.4%
9/16/2009	5.54%	13.1%	59%	4.5%
8/19/2009	5.61%	13.1%	56%	4.5%
7/15/2009	6.04%	14.0%	58%	4.6%
6/17/2009	6.12%	14.2%	55%	4.6%
5/13/2009	6.18%	14.7%	52%	4.5%
4/15/2009	6.21%	14.8%	45%	4.5%
3/18/2009	6.37%	15.1%	47%	4.5%
2/18/2009	6.02%	13.4%	41%	4.7%
1/14/2009	5.76%	12.9%	38%	4.6%
12/17/2008	5.92%	13.5%	37%	4.6%
11/12/2008	7.16%	15.9%	43%	4.8%
10/15/2008	7.12%	16.0%	48%	4.8%
9/17/2008	6.08%	13.8%	56%	4.7%
8/13/2008	6.15%	14.2%	67%	4.7%
7/16/2008	6.15%	14.0%	65%	4.7%
6/18/2008	6.12%	13.6%	65%	4.8%
5/14/2008	6.02%	14.6%	73%	4.7%
4/16/2008	6.11%	14.7%	69%	4.6%
3/12/2008	5.91%	13.4%	60%	4.7%
2/13/2008	5.91%	13.4%	63%	4.7%
1/16/2008	5.66%	12.6%	59%	4.8%
12/12/2007	5.86%	12.4%	61%	5.0%
11/14/2007	5.80%	12.1%	57%	5.0%
10/17/2007	5.91%	12.8%	66%	5.0%
9/12/2007	5.92%	12.4%	63%	5.1%
8/15/2007	6.14%	13.0%	62%	5.1%
7/18/2007	5.98%	13.3%	74%	5.0%
6/13/2007	6.15%	14.6%	84%	4.9%
5/16/2007	5.73%	12.7%	82%	4.9%
4/18/2007	5.69%	13.2%	85%	4.9%
3/14/2007	5.57%	12.5%	78%	4.9%
2/14/2007	5.67%	14.9%	87%	4.8%
1/17/2007	5.71%	13.7%	85%	4.9%