TruSpire Retirement Insurance Company Rating Report

Table of Contents

Ratings

Rating Summary

Outlook

Key Credit Considerations

Strong Current Risk-Based Capitalization and 400% CAL RBC Target

Favorable Financial Flexibility Supported by Explicit Capital Support

Strategic Importance to MLHL and Access to Third Point Resources

Favorable Current Liquidity and ALM Framework

Experienced Annuity Management and Operating Infrastructure

Developing ERM, Governance, Capital Reporting, and Outsourcing Framework

Prospective Investment Complexity and Asset-Intensive Annuity Risk

Interest-Sensitive Liability and Hedging Risk

Execution, Distribution Concentration, and Limited Earnings Diversification in a Competitive Annuity Market

Rating Sensitivities

Recent Developments

Insurance Entity Financials

Stress Testing

Balance Sheet Management

Quality of Capital, Balance Sheet/Underwriting Leverage

Asset Quality and Investment Risk

Financial Flexibility and Access to Capital

Liquidity and Asset/Liability Management

Operating Fundamentals

Drivers of Profitability

Consistency of Profitability

Earnings Diversification: Product/Geography

Exposure to Event Risk

Company Profile and Risk Management

Management Profile and Strategy

Market Position

Distribution

Risk Management

External Considerations

Sovereign/Transfer & Convertibility (T&C) Risk

Rating Summary

The rating reflects TruSpire’s strong current capitalization relative to its legacy run-off block, unlevered statutory capital base, liquid investment portfolio, and defined capital, liquidity, asset liability management (ALM), and risk governance frameworks. At year-end 2025, TruSpire reported a company action level risk-based capital (CAL RBC) ratio of approximately 1,289%. The rating also incorporates TruSpire's prospective risk profile under its planned annuity strategy and reflects the executed capital support agreement with TruSpire’s indirect parent, Malibu Life Holdings Limited (LSE: MLHL), TruSpire’s role as MLHL’s U.S. retail annuity platform, access to MLHL and Third Point LLC resources, and an experienced annuity management team. TruSpire’s capital framework targets a CAL RBC ratio of at least 400%. At year-end 2025, MLHL reported approximately $569 million of shareholders’ equity and approximately $450 million of holding company investment resources,…

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