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FINANCIALS

GCU Balance Sheet Comparison

AS OF DECEMBER 31,
ASSETS (000’s omitted) 2025 2024 Difference

Bonds $2,555,138 $2,567,927 $(12,789)
Preferred Stocks 16,369 16,761 (392)
Common Stocks 29,471 27,230 2,241

Cash//Short Term Investments 41,455 37,292 4,162
Mortgages 2,521 2,570 (50)

Certificate Loans 1,087 971 117
Derivatives 6,419 5,557 862
Real Estate 15,069 15,463 (394)

Investment Income Due & Accrued 27,869 29,331 (1,462)
Alternative Investments 85,354 77,363 7,991

Interest Maintenance Reserve - IMR admitted 11,869 — 11,869
Other 1,462 1,460 2
Total Assets $2,794,082 $2,781,926 $ 12,156

Percentage Total Change Year to Year 0.4% 2.9%

LIABILITIES
Life Reserves $ 104,505 $ 101,248 $ 3,257
Annuity Reserves 2,398,815 2,382,269 16,546

Liability for Deposit-type Contracts 39,846 30,791 9,055
Accident & Health Reserves 81 76 5

Employee Pension Liability 6,482 6,108 374
Advance Premium & Future Refund Reserves 1,570 1,517 53
Pending Investment Trades 5 4 1

Accounts Payable 3,179 1,720 1,459
Refund Accumulations 310 310 —

Asset Valuation Reserve-AVR 43,154 37,761 5,393
Interest Maintenance Reserve-IMR — 13,146 (13,146)
Total Liabilities $2,597,947 $2,574,950 $ 22,997

Surplus Fund 196,135 206,976 (10,841)
Total Liabilities & Surplus $2,794,082 $2,781,926 $ 12,156

Solvency Ratio* 109.4% 109.7%
*Adds AVR and one half dividend liability to surplus
Financial information is unaudited and is presented on the statutory basis of accounting.

GCU MAGAZINE MAY 2026 7