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PLAY VIDEO2020 ANNUAL REPORTA COMMITMENT TOOUR FUTURE2020 ANNUAL REPORT PAGE A

PIVOTING FOR THESE UNPRECEDENTEDTIMES TO TAKE CONTROL OF OUR FUTUREAs we have done over the course of our company’s history, even withsimilar events in our country’s past to those experienced in 2020, weremain committed and focused on delivering on our promises to thosewho rely on us.Our team continues to work together to do everything we can totake care of our policyholders, producers, communities aroundus and each other.Delivered solid operating resultsand grew an already strongbalance sheet, positioning uswell operationally, financially andstrategically as we head into 2021Boston Mutual’s CEO, Paul A.Quaranto, Jr., signed the CEO Actionfor Diversity & Inclusion pledge,the largest CEO-driven businesscommitment to advance diversityand inclusion in the workplaceBoston Mutual donated toover 120 different charitableorganizations with 20 contributionsdedicated to supporting coronavirusrelief efforts through the Making AnImpact programAM Best affirmed Boston Mutual’sfinancial strength rating of A(Excellent), with a Stable Outlook

TO OUR POLICYHOLDERS:Throughout 2020, our guiding principles and foundation,along with an inherent flexibility to pivot with marketand customer needs, provided a firm framework for anever-changing environment in the world around us. At the coreof who we are and what we do is to provide peace of mind for thosewe serve, and that is unwavering.WE REMAIN COMMITTED AND FOCUSEDAgainst the backdrop of unprecedented times, we remain focused and committed to our guiding principles,values and long-term strategic plans. We moved forward on a number of initiatives and planned activities,including completing the build out of our Strategic Project Management Office (SPMO), new InnovationLab, and acquiring information technology expertise to help drive our technology plans, while expanding ourleadership team—all to enable us to maintain our progress while not losing sight of what we stand for.For our policyholders, our business operations continued with minimal interruption due to the coronavirus,and we closely monitored and followed the various state regulations in order to meet the needs of all of ourcustomers. We continued to offer a range of solutions for our producer partners, implemented a number ofinitiatives for the safety, health, and benefit of our employees and introduced new platforms and frameworksto continue to evolve our organization with the changing world around us. In our communities, we continued toengage in critical conversations at the federal, state, and local levels, and participated in virtual opportunities tosupport worthy causes.As we ease into the next normal, seeing that the pandemic will last longer than initially anticipated, we view ourlong-term plans through the lens of a different environment than when originally designed, building newadaptations into our strategic roadmap going forward. Our aim is to maintain the core of our strategic trajectoryand discipline while continuing to be nimble to support potentially changing needs—while keeping our sightforward on future growth and success.It is with our efforts and hard work that we will continue to build on our success and move ahead togethereach year with a future-forward focus, never losing sight of our mission to provide peace of mind to you, ourpolicyholders, as well as our producers, communities—and each other.Sincerely,PAUL A. QUARANTO, JR., MBA, LLIFChairman, Chief Executive Officer and President2020 ANNUAL REPORT PAGE 1

Launch and Expansion ofStrategic Project ManagementOffice and Innovation LabThe launch of these two teams bringsstrong project management experience andcreative perspectives in partnership withbusiness teams on current and future-stateINITIATIVE HIGHLIGHTS FROM2020Building on our solid foundation, weadded new frameworks to reinforceprojects to drive key innovative projectsand growth opportunities.Acquisition of IT OperationsWe acquired the Information Technology (IT)Outsourcing Service from our long-termpartner Onyx Data Solutions. The acquisitionincreased jobs within the organization byour future growth and success. With10% and facilitated a turnkey insourcing ofthese initiatives, we strengthen ourIT operations and readiness to supportcommitment to our future.sustainable, profitable growth—allowing usto create an even better customer experience.Leveraging ExpandedLeadershipStrong leadership teams are key to our pathto success. Boston Mutual expanded theExecutive and Senior Leadership Teams toreflect the changing needs of the market andadded two positions to the Executive Team: VicePresident of Market Strategies, as well as VicePresident—Human Resource and ChiefDiversity, Equity and Inclusion (DEI) Officer.A COMMITMENT TOOUR FUTUREOur commitment starts with the effective management of current state operations to support theattainment of our short-term goals, while looking ahead to build a better foundation of growth inthe years ahead.PAGE 2 2020 ANNUAL REPORT

FINANCIAL STRENGTHTHROUGH A TURBULENT MARKETBoston Mutual continued delivering solid financials and operating performance in 2020.Looking towards the present and the future, we will stay disciplined and focused on ourlong-term strategic plans.DESPITE THE MANYCHALLENGES OF 2020PROFITABLEGROWTHPAID OUT IN BENEFITS 135 MILLIONLOW-RISK AND HIGH-QUALITYASSETS AND LIABILITIESEXCELLENTBALANCE SHEETIN THE LAST NINE YEARSSURPLUS MORETHAN DOUBLEDClick the button below for more 1,582,423 1,529,502 1,465,057ASSETS 1,359,712 1,430,482Dollars in Thousands andYear Ended December 3120162017201820192020TAKE A CLOSER LOOKAT THE 2020 FINANCIALS2020 ANNUAL REPORT PAGE 3

NAVIGATINGTHE CHANGING ENVIRONMENTAs the coronavirus pandemic began to spread, we closelymonitored the initial impact on our industry, the markets weserve, and various state guidelines.We quickly adjusted business operations to ensure our abilityto continue to support our clients’ needs while also maintainingthe safety of our employees.Our guiding principles remained a solid foundation of support—one company, working together, living the Boston Mutual brand,and being proud of who we are: a family of policyholders,producers, and employees.A COMMITMENT TOOUR FUTURENavigating the uncertain times that have come up during this global pandemic, we continueto provide ongoing communication support to our policyholders, producers, and employees.PAGE 4 2020 ANNUAL REPORT

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REMAINING FOCUSED ON PROVIDINGPEACE OF MINDIN UNCERTAIN TIMESIn August, we honored our 129th anniversary, recognizing ourfounding as a progressive life insurance company in 1891,and we have not wavered from the core values our foundersinstituted over a century ago. Boston Mutual was built on astrong foundation, and we have weathered storms before.In our steadfast commitment to providing peace of mind forour stakeholders, we entered the pandemic well positioned tobe there in their time of need. We are financially strong enoughto deliver on our promises with balance sheet strength, a strongsurplus position, and rigorous financial stress testing to ensureour ability to meet our financial commitments in the event ofsituations like the pandemic. While events of 2020 affectedour industry beyond what was originally anticipated, we havemaintained our strong balance sheet position and good overalloperating performance.OUR COMMITMENT TOA COMMITMENT TOOUR FUTUREEven in uncertain times, we remained committed to acting in the best interests of all ofthose who rely on us and with the confidence that we have the operational and financialcapacity to do so.PPAAGGEE 66 22002200 AANNNNUUAALL RREEPPOORRTT

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CONNECTING WITH OURCOMMUNITIESIN NEW WAYSWhile in-person activities may have been limited in 2020,we continued to hold virtual conversations with select industrystakeholders to discuss key issues, including the potentialimpact of the pandemic. We also explored opportunities tosupport worthy causes through virtual participation—as ourregular charitable activities, such as volunteering, were tabled.Boston Mutual was announced as a top corporate charitablecontributor by a leading Massachusetts business publicationfor the second year in a row, which speaks to the commitmentof our employees and our company to the communities weserve. Within the Making An Impact program, we continued tofocus our charitable efforts on three pillars that align with ourcore mission—Community & Family, Education, and Environment—to coordinate activities throughout the year to give back safely tovarious worthy causes and organizations.A COMMITMENT TOOUR FUTURECharitable giving maintained pace with planned levels with the Making An Impactprogram donating to over 120 different organizations to provide support during thecoronavirus pandemic.PPAAGGEE 88 22002200 AANNNNUUAALL RREEPPOORRTT

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LIVING THE BRANDFAMILY DOESMATTER“Family Matters. No Matter What.” We continue to live that corebelief through a changing world as we head into the next normal.Throughout 2020, Boston Mutual provided peace of mind to ouremployees. A variety of employee engagement opportunities wereoffered, ranging from virtual team meetings and coffee hours toremote activities that were shared with colleagues.In 2020, we implemented a Diversity, Equity and Inclusion (DEI)program to emphasize our commitment to inclusivity. Within theprogram, the Executive Leadership Team hosted an interactiveforum where teams discussed our commitment to view differencesas strengths and to create a workplace environment where all arewelcome and encouraged to succeed.We are also committed to being a learning organization, whichseeks to create its own future by becoming an agile, diverse,strengths-based organization. We facilitate learning, knowledgesharing, and risk-taking with new ideas, and look to opportunitiesfor team members to contribute and play to their diversestrengths daily.A COMMITMENT TOOUR FUTUREBy working together during these challenging times, we continue to deliver on the promiseswe make to our customers—to provide financial peace of mind for working Americans andtheir families.PPAAGGEE 11 00 22002200 AANNNNUUAALL RREEPPOORRTT

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PLANNING FOR THE FUTURELOOKINGAHEADTO 2021 AND BEYONDLooking ahead to 2021 and beyond, ourfocus will be on managing the currentstate as efficiently as possible to achieveour sales, service, and financial goals—capitalizing on the sales and serviceexperience that has allowed us to deliveron our promises for 129 years. While thecurrent state has served us well, we willcontinue to look to the future and fullycommit our resources to building thefoundation for future success.PAGE 12 2020 ANNUAL REPORT