annual repor t 2015

A MESSAGE FROM

our chairman & ceo

American Fidelity Corporation remains a thriving, forward-thinking Company that still has the same values of hard work and success that my grandfather, C.W. Cameron and father, C.B. Cameron founded the Company on 55 years ago.

2015 brought a renewed focus on serving our Customer as we launched a new brand for American Fidelity Assurance Company (AFA), the flagship Company of the corporation. American Fidelity, a different opinion, doesn’t change who we are but it reinforces our history of serving our niche markets and provides a singular focus, understanding and message from the inside out to you, our Customer.

Along with the launch of the new brand, American Fidelity had another solid year with strong results with recognition from A.M. Best, one of the insurance industry’s oldest and most-respected ratings agencies, with an “A+” rating.

As we build upon our culture of service, we recognize that it takes great Colleagues to serve our Customers. Our Colleagues create the experience our Customers walk away with, and we’ve built a workplace that allows Colleagues to give their best each day. I’m happy to say that we were once again named to Fortune Magazine’s 100 Best Companies to Work For in 2016.

Because of our focus on serving our Customers with value-added products and services, American Fidelity and the other companies in the American Fidelity family stand poised to serve our unique Customers with options that meet the ever-changing needs of employees.

Throughout this report you will notice a theme. It’s all about you, our Customer, and the things we are doing to simplify working with us, allowing us to better serve you and provide you with the products and services you need. I am proud of the accomplishments in 2015 and look forward to the great things 2016 will bring.

2

2-3a message from our chariman & ceo

4-5making a difference in 2015

6-7a letter from our president

8-15our divisions

16-17our products

18-19our affiliates

20-21our community

22-23our culture

24-27our results

28our board of directors

2015 AFC ANNUAL REPORT

table of contentsBILL CAMERONChairman & CEO

3

OPENFOUNDED IN

1960

STRENGTH AND STABILITY

rated A+ by A.M. Best

ALL STATISTICS AS OF DEC. 31, 2015

AMERICAN FIDELITY CORPORATION

making a difference

POLICIES IN FORCE

nearly 1.9 million

OUR POLICYHOLDERS

nearly 1.3 million

4

AVERAGE COLLEAGUE TENURE

10 years

COLLEAGUES

1,781

AFA/APL/AFIBL 2015 EARNED PREMIUM INCOME

$846.4 millionAFA/APL/AFIBL 2015 TOTAL REVENUE

$993.9 million

LICENSED TO DO BUSINESS IN

49 states

5

A LETTER FROM

our president

Once again I thank you for your trust and confidence in American Fidelity Assurance Company. American Fidelity (AFA) was founded by C.W. and his son, C.B. Cameron based on the personal experiences of C.W. and his first-hand understanding that the ability to earn a living is an ability that should be protected. C.W.’s father was disabled and unable to work when C.W. was a young man. Because his father had no way to provide for the family, C.W. had to help care for the family. That experience is one of the reasons that today, 40 percent of AFA’s business is disability insurance. We understand the needs of our Customers, and we receive many letters each year from families reaffirming for us that their disability coverage was what enabled them to pay their mortgage, keep their children in school and gave them time to return to work.

I mention this because our purpose at AFA is twofold. One, we provide benefit administration solutions to employers that help them walk the lines of rules and regulations and provide meaningful, and fully-explained, benefits to their employees.

Two, we provide financial security solutions to employees to make certain their risks are understood and insured and life financial goals are planned. This is what sets us apart. We

6

take the time, our most precious and under-valued resource, to sit with employers and employees and provide a different opinion. An opinion that is valuable because we know your industry and we take the time to know you. We all have limited budgets. We all have risks. We all have long-term financial goals. Our commitment to you is to help provide you with the solution that fits you.

We recently launched an exciting re-branding effort. American Fidelity, a different opinion. We have intensified our efforts to understand your needs and deepen our focus on you, our Customer. We continue to invest in ways and means that allow you to interact with us in the manner and time you so choose.

2016 builds on the foundation laid in 2015 as work continues on a state of the art policy administration system – a system aimed to improve billing and claim handling and even inform you of the status of your claim and bill.

We streamlined our Customer service unit, including more information at their desktop to better assist you. We are intensifying their training so you receive the service you expect each and every time you reach out to us.

While many companies may be increasing their use of data to sell, we are increasing our use of data to serve. The better we understand your needs, the better we can design products and services to meet those needs.

Finally, I want all of you to know that we had another solid year of profitability and growth. Profitability means further assurance that we will be ready and able to fulfill our promises to you in your time of need; and growth means that more of our chosen niche Customers can spend each day with “peace of mind” knowing we have solutions in place for you and your employees.

We thank you for your trust and confidence.

DAVE CARPENTERAF President

7

MAKING A DIFFERENCE

american fidelity educational services

WHO WE AREAmerican Fidelity Educational Services (AFES) provides supplemental insurance, investment products, important financial services and administrative solutions to the education community. With improvements to online capabilities, AFES offers Customers the products and services they need at a value they can appreciate.

2015 ACCOMPLISHMENTSAmerican Fidelity Educational Services recorded another great sales year with much of its success coming from efforts to be a 365-day solutions Company for our Customers. Improvement in new issues, the lapse rate and in-force growth made 2015 a

very robust year for premium performance.

New account growth continued as AFES utilized technology to find additional

ways to best serve our unique employer Customers.

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AFES implemented Salesforce, a customer relationship management tool, to help give account managers a one-stop shop for all Customer data. Continued and increased use of the tool has led to a better Customer experience.

2016 GOALSAFES will continue working on being a 365-day solutions company, looking to build the skills and qualities required for account managers to handle all of the unique needs of our complex niche market.

The Division will focus on increasing annual premium growth by reducing lapse accounts. Efforts will be made through targeting VIP accounts. AFES also looks to increase annuity sales and focus on expense management.

With the excitement and renewed focus from the brand rollout, AFES will continue to develop a culture where Customers and Colleagues want to hire American Fidelity and retire with American Fidelity's assistance.

KEITH JOHNSONAFES Chief Sales Officer

A DIFFERENT APPROACH

a 365-day solutions company for Customers 365

9

MAKING A DIFFERENCE

association and worksite division

WHO WE AREThe Association and Worksite Division is focused on expanding its market share in the automobile, municipal and healthcare niche markets. The ultimate objective is to provide business Customers with single-source, solutions-based benefits assistance through the use of technology and enrollment solutions along with additional services.

The division provides services that help employer groups manage expenses through our expense management tools along with supplemental benefits for employees. The philosophy used by our senior lead account managers and our salaried career account managers is to educate employees on all the benefits and services as we work with the employer to be a one-stop shop.

2015 ACCOMPLISHMENTSAWD exceeded our sales goals in all areas in 2015, achieving annualized premium growth and an impressive scorecard

rating. We now are working directly with Penske Trucking, the Kentucky League of Cities and Wayne County,

Michigan, and have significantly increased our enrollments within the Montana Auto

Dealers Association. Additionally, 2015 saw the establishment of two new

training programs for new and mid-level account managers.

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NANCEE ROBERSON-CALDWELLAWD Chief Sales Officer

2016 GOALSExpansion remains a priority for AWD in 2016 along with growing and developing our brokerage block of business. The division plans to grow in existing markets while also selectively expanding into new markets, especially those tied to our municipal market. We will roll out our private exchange and medical packages for Customers in Florida and Utah by finding partners through associations or risk pools to roll out the AF exchange.

To continue our growth, we will need to recruit new sales talent by promoting our compensation program and hiring candidates who can help the Company achieve success while advancing their own careers. Our new training programs - New Group, Leaders Growing Leaders and the Mid-Level Account Manager Program - will strengthen new and established talent.

Developing the Account Manager of the Future will be a key goal for AWD and our Sales Supervisors in 2016. Account Managers will grow by exceeding production requirements and keeping their areas competitive.

TRAINED TO BE DIFFERENT

growing sales force abilities with two neweducation programs

11

MAKING A DIFFERENCE

worksite group

WHO WE AREThe Worksite Group completed its fourth year growing premium, improving efficiencies and building synergy between our two largest divisions: American Fidelity Educational Services (AFES) and Association and Worksite Division (AWD). This group provides products and services that support both divisions.

2015 ACCOMPLISHMENTSThe Worksite Group added advanced technology and improved operations to support sustained growth for the Company.

The Division introduced Salesforce, a customer relationship management tool, to help account representatives in the field connect with customized workflows based on information from our data hub and supported by our administrative system. The new tool, combined with other improvements, helped sales

teams in both divisions to exceed expectations and led to strong financial results in 2015.

The Worksite Group offered solutions to our Customers’ needs related to the

Affordable Care Act by launching AF Benefit Market, the Company’s own

private exchange, in five states. AF Benefit Market includes a self-

funded medical package.

Other technological advancements included increased functionality that allows Customers to file benefit claims through our mobile application, improvements

12

to our Online Service Center to allow Customers to easily view and navigate the site on all devices including mobile, and implemented Asset Allocations Modeling to assist our Customers with their investment selections.

Departments and processes were restructured to eliminate duplications between AFES and AWD operations. This included integrating the Benefits departments including leadership teams and adjusters to form a single Claims Operations department. In addition, about 90 percent of all Customer calls now are managed through a single Call Center with only one toll-free telephone number. The integration has made it simpler for our Customers to do business with us.

2016 GOALSThe Worksite Group will continue to focus on providing exceptional benefit assistance and other services to our employer groups and their employees in 2016. We look forward to expanding our benefit consulting services to the thousands of employer groups that we have the opportunity and privilege to serve.

PROVIDING DIFFERENT SOLUTIONS

AF Benefit Market and technology advancements aid our Customers

GARY TREDWAYWorksite Group Chairman & CEO

13

MAKING A DIFFERENCE

strategic alliances

WHO WE AREStrategic Alliances seeks opportunities with a variety of insurance marketing and administrative partners. Our primary solutions are medical stop loss and direct first dollar benefits. Employers and health plans use stop loss coverage as a risk management tool to mitigate catastrophic risk. Employers offer direct benefits to full- and part-time employees as an affordable way to support their individual health insurance needs. We also participate in the growing market for Medicare Supplement insurance.

2015 ACCOMPLISHMENTS2015 was a year of significant disruption in our producer relationships driven by competitor acquisitions, and premium growth was challenged by a soft market for employer stop loss. Keeping an eye on the future, we completed the onboarding of four additional ventures. These new ventures, combined with those added in 2014, produced significant new premium in 2015.

We also enjoyed strong growth using a new approach to self-funding, working in

collaboration with an external partner and one of our enterprise family companies.

For a second year in a row our loss ratios bested budgeted levels,

and we continued to take appropriate steps to maintain a strong earnings position.

14

2016 GOALSOur 2016 goals include increasing annualized premium by eleven percent. An important component of our growth strategy is continued development of opportunities within the American Fidelity enterprise family, working closely with our corporate partners.

In response to increasing market interest in medical benefit self-funding, we are actively supporting innovative employer stop loss initiatives with our current strong external partner group. While we are always developing new ideas and venture opportunities, we are focused in 2016 on leveraging our existing relationships.

A DIFFERENT WAY OF THINKING

offering affordable solutions that allow partners to support the coverage needs of employees

MARC MARIONCOO, Strategic Alliances

15

MAKING A DIFFERENCE

our products

OUR PRODUCTSMore than 55 years ago, C.W. and C.B. Cameron founded American Fidelity Assurance Company based on a fundamental belief: The most important asset anyone has is their ability to work and earn a living. The Camerons wanted to help ensure that workers were able to protect that asset through disability insurance.

As new needs arise, additional products and services are added to the lineup, but the one thing they all have in common is that they are designed to help protect the financial security of our nearly 1.3 million policyholders. Whether it’s providing insurance to sustain a family during a time of loss or critical illness or helping workers save for their retirement years, American Fidelity is dedicated to the employers and customers we serve. We offer products with flexible designs and various riders that can supplement and fit specific needs at the employee level. In 2016, we will introduce new underwriting processes that will have a profound impact on simplifying the enrollment process for new plan participants. Our goals include product and enrollment simplification, ease of understanding benefits and educating employees

on their available benefits.

DISABILITY INSURANCEOur disability insurance products provide monthly benefit payments for those who are sick or injured and unable to work. Plans are offered to customer groups in education, automobile associations, health care, municipalities and more. We offer both long term and short term disability plans with state specific coverage based on each employers benefit structure.

SUPPLEMENTAL HEALTH INSURANCEWe offer a wide range of supplemental health insurance products to provide financial assistance for our Customers and their families in the event of a covered illness or accident. As out-of-pocket medical costs continue to increase through high-deductible medical plans, our supplemental

products can help our Customers cover some of the

LARRY ALKIRESenior Vice President & Vice Chairman Worksite Group Products & Services

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costs that arise from unexpected accidents, hospitalizations or critical illnesses. Supplemental offerings include benefits for cancer, critical illness, accident and hospital indemnity.

ANNUITIESAmerican Fidelity provides fixed and variable annuities for our Customers who want to save for their retirement years. We offer these products on both a tax-qualified and non-tax qualified basis. In addition, we offer our products through a variety of employer sponsored 403(b) and 457 arrangements to help our Customers maximize the value of their hard-earned savings. It just takes a little bit of smart planning – and an annuity can be a great part of any retirement strategy.

LIFE INSURANCELife insurance remains an important part of a family’s financial security plan. Helping make sure that families are financially protected in the event of a loved one’s death is an important way of caring for their future needs. We offer several types of individual life insurance products, including whole life and several forms of term life. In 2016, we will introduce a new series of express issue term and whole life products complimented with accelerated riders for critical illness, long term illness and a new paid-up-whole life policy.

SERVICESIn addition to our products, American Fidelity provides employer administrative services such as recordkeeping services for Flexible Spending Accounts and Section 125 Plans. Health Saving Accounts and Health Reimbursement Arrangements round out the offerings. As a service to our Customers, we offer import products through American Fidelity General Agency. We work with many major carriers to provide additional benefits offerings such as universal life, dental, vision and long-term care coverage. American Fidelity Administrative Services offers consulting services for employers and associations including Affordable Care Act compliance services, employer health plan assessments and employee time tracking services.

ALEX BAGBYSenior Vice President, Life, Health & Annuity Products

A DIFFERENT APPROACH FROM THE START

protecting the ability to earn a living

17

MAKING A DIFFERENCE

our affiliates

American Fidelity Assurance Company is committed to providing unique financial security solutions for our Customers, and we are affiliated with a variety of other organizations that have the same goals in mind.

AMERICAN PUBLIC LIFE INSURANCE COMPANYOffers a variety of supplemental policies such as cancer, critical illness and disability insurance policies through a broker-partner distribution system

AMERICAN FIDELITY INTERNATIONAL (BERMUDA), LTD.Delivers high-quality financial protection products to individuals throughout Latin America through a consultant distribution system

AMERICAN FIDELITY PROPERTY COMPANYFocuses on real estate and property management services, including office, multi-family units and commercial developments

INVESTRUST WEALTH AND MANAGEMENTIncludes Asset Management, Trust and Retirement

Specialists. Combined, InvesTrust offers corporate trust, investment management and custodial

services; defined benefit and contribution plans; and consulting on asset growth strategies

for corporations, institutional pension plans and endowments

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AMERICAN FIDELITY GENERAL AGENCYActs as an agent for insuring groups and individuals for a variety of insurance products

THE ALCOTT GROUPProvides Human Resources support and employer services to small and mid-sized organizations as a Professional Employer Organization (PEO)

AMERICAN FIDELITY HEALTH SERVICES ADMINISTRATIONHandles administration needs while allowing Customers to make medical plan decisions independently with a Health Savings Account solution

AMERICAN FIDELITY ADMINISTRATIVE SERVICES, LLCProvides Customers with health and welfare benefit plan consulting, Health Care Reform eligibility software, notices and reporting support services

MAPPING A DIFFERENT PATH

unique financial security solutions for our Customers

American Fidelity

Property Company

American Fidelity International

(Bermuda), LTD.

American Fidelity General Agency

The Alcott Group

InvesTrust Wealth and Management

American Fidelity Health

Services Administration

American Public Life Insurance Company

American

Fidelity

19

MAKING A DIFFERENCE

community efforts

WHO WE AREAmerican Fidelity’s leaders believe that to have a strong company, you must have a strong community. As a result, the American Fidelity Foundation distributed more than $1 million in 2015 to organizations dedicated to improving the quality of life in Oklahoma City and beyond. The Company also partners directly with other organizations to support education and other important community initiatives.

Our Colleagues get in on the act of giving as well. Each month, they donate nearly $1,000 to a designated charity. Collectively, they also support the United Way, Allied Arts, the Regional Food Bank of Oklahoma and Buchanan Elementary, our partner school. Individual divisions and departments also sponsor volunteer efforts and donation drives to organizations of their choice.

2015 ACCOMPLISHMENTSAnnually, American Fidelity hosts a pair of worksite giving campaigns to support Allied Arts and the United Way. Each spring, Colleagues host a variety of creative fundraisers to support Allied Arts. In 2015, Colleagues pledged more than $44,000 to Allied Arts, and the AF Foundation also contributed

$60,000. The fall campaign helps set the pace for the United Way of Central Oklahoma’s annual effort.

Colleagues pledged to donate more than $300,000 while the Foundation added

$220,000 to the mix.

The AF Foundation, coupled with corporate donations, provided grants totaling nearly $750,000 to more than 150 individual agencies. The Foundation matched $53,845 in donations made by individual Colleagues, doubling the impact of those individual donations to assist worthy organizations nationwide.

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TOM MCDANIELAF Foundation President

The Company continued its partnerships with the NBA’s Oklahoma City Thunder, the WNBA’s Tulsa Shock, KFOR’s Weatherschool, the Teacher Feature on Magic 104 FM radio, our partner school Buchanan Elementary and others.

AF sponsors the Thunder’s literacy programs including the Rolling Thunder Book Bus, Teacher of the Game, Read to Achieve Reading Timeouts and the Reading Challenge. In March of 2015, the Book Bus celebrated the distribution of more than 100,000 books to area schoolchildren since its inception. The celebration was held at AF’s partner school, whose students also were featured in the book bus debut. Nearly 300 schools participated in the Reading Challenge, and about 36,000 students logged more than 29 million minutes of reading through the program during the 2014-15 school year.

The Company’s paid volunteer time program completed its first full year in 2015. Colleagues are allowed to volunteer for non-profit organizations or schools and match their paid personal time with paid volunteer time. Colleagues used nearly 750 hours of paid volunteer time, meaning they spent about 1,500 hours working in the community during business hours. Colleagues are allowed up to 20 hours a year.

This year’s Famboree, an event held each fall for Colleagues and their family members, raised funds and awareness for four local agencies. Citizens Caring for Children earned the highest number of Colleague votes and collected $5,000, plus donations during the event. Neighborhood Services Organization, Special Care and Sunbeam were awarded $1,000 each in honor of the event.

The American Fidelity Foundation and the family of companies are proud to be strong corporate citizens committed to building a vibrant community for our Colleagues and Customers. We believe it’s always the right time to do the right thing.

DARE TO MAKE A DIFFERENCE

162 organizations benefit from the AF Foundation andcorporate contributions

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MAKING A DIFFERENCE

our culture

When you look at organizations who focus their energies on providing exceptional customer service and solutions, usually there is a supporting culture of innovation and excellence in the background.

Over the past 55 years, American Fidelity has built its business on the foundation of service. This year brought a renewed energy and focus to our Customer-focused culture with the launch of our new brand message. Who we are did not change. What changed was how we communicate our value proposition.

Supporting the launch of our new brand messaging, champions throughout the organization are leading the way to look at all of our processes and determine ways to make Customer’s lives easier. Simply put, Colleagues are weaving our brand into the cultural fiber of American Fidelity. With the right culture, great service will fall in line. A company’s culture is what brings its brand to life. Our brand is the experience that our Customers walk away with. Our Colleagues create that experience.

Building a service culture involves fostering an organization where Colleagues want to stay and work for their entire career.

Ninety-one percent of our Colleagues tell us that American Fidelity is that place. This year, American Fidelity was

ranked on Fortune Magazine’s List of the 100 Best Places to Work For in America for the tenth time. 

We are dedicated to creating an outstanding working environment reflective of the

expected service provided to our Customers.

PROUD TO BE ONE OF THE

Best Places to Work in IT and Training Top 125

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JEANETTE RICEExecutive Vice President & Assistant COO

As we continue our move to a new Home Office location, we have purposefully planned our space to build in advanced technology and an open, collaborative environment. These efforts were highlighted in Fortune’s Human Capital 30: Companies that Put Employees Front and Center recognizing 30 companies that have created stellar work environments that support the development of their employees.

We believe that creating this environment for our Colleagues drives consistency in our service. As our employers business becomes more complex, we provide a different opinion for our unique Customers with products and services that enable them to make informed decisions. To be this type of specialist, it takes a culture of innovation and Colleagues who are supported to understand the challenges of our Customers so they can respond with creative and practical solutions.

DIFFERENT IS GREAT

AFA earns spot on Fortune Magazine’s List of the 100 Best Places to Work in America

#64

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MAKING A DIFFERENCE

our results

American Fidelity Corporation and subsidiaries remained financially stable in 2015. Our sound investing and financial strategies continue to produce solid earnings and maintenance of our A.M. Best rating.

Maintaining strong capital ratios in AFA and APL continues to be one of our top priorities. From a U.S. regulatory standpoint, our risk-based capital (RBC) ratios are 812 percent and 932 percent for AFA and APL, respectively.

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BOB BREARTONCFO

FISCAL STRENGTH MAKES A DIFFERENCE

strong capital ratiosa top priority

CAPITALRATIOS

RBC is used by the National Association of Insurance Commissioners (NAIC) to measure the amount of capital needed to operate an insurance company, based on its size and business-risk profile. Our RBC ratio continues to be well above the NAIC’s requirements. Our strong capital ratios reflect the ongoing strength of our balance sheet and commitment to maintaining financial strength for the benefit of our policyholders.

Our solid foundation of financial stability and Customer service helps us stay well positioned to meet future challenges. In 2016, we will continue to diligently monitor our investment

portfolio and investigate new opportunities to grow while continuing our conservative approach to produce

consistent returns. Our long-term planning will help prepare us to meet future regulatory and legislative

challenges, produce strong operating earnings and continue to offer the right products and services.

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AFC CONSOLIDATED GAAP

our results

total revenue capital & surplus

accumulated benefits paid TO CUSTOMERS

consolidated assets

2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

$970$1,002

$923

$1,104$1,031

$730$782 $773

$978 $1,004

$8.0$8.6

$9.0$9.5

$10.0

$5,931

$6,571$6,753

$7,356$7,517

IN MILLIONS IN MILLIONS

IN MILLIONSIN BILLIONSFROM COMPANY INCEPTION TO DATE

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2015 (CONSOLIDATED GAAP, IN THOUSANDS)

afc financial statement

POLICY AND OTHER CONTRACT RESERVE FUNDS SET ASIDE AND INVESTED TO ASSURE PAYMENT OF FUTURE BENEFITS TO POLICY OWNERS AND BENEFICIAIRIES

$4,057,097 $3,837,062

UNEARNED PREMIUMS $8,443 $7,085

NOTES PAYABLE $698,479 $706,688

INCOME TAX LIABILITY AND OTHER OBLIGATIONS $1,188,813 $1,175,069

SEPARATE ACCOUNT LIABILITIES $ 560,011 $650,522

CAPITAL SURPLUS AND RETAINED EARNINGS FOR THE FUTURE PROTECTION OF POLICY OWNERS AND BENEFICIARIES $1,004,255 $977,765

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY APPLICABLE TO AFC $7,517,098 $7,354,191

NON CONTROLLING INTEREST ($85) $1,313

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $7,517,013 $7,355,504

CAPITAL AND SURPLUS AS REPORTED ON STATUTORY BASIS $432,090 $401,999

NET DEFERRED POLICY ACQUISITION COSTS $560,733 $508,285

POLICY LIABILITIES ($22,421) ($23,036)

DEFERRED FEDERAL INCOME TAXES ($153,148) ($179,876)

OTHER $86,202 $187,774

STOCKHOLDER’S EQUITY OF NONINSURANCE SUBSIDIARIES, NET OF CONSOLIDATING ELIMINATIONS $100,799 $82,619

BALANCE AS DETERMINED IN ACCORDANCE WITHGENERALLY ACCEPTED ACCOUNTING PRINCIPLES $1,004,255 $977,765

CASH $321,542 $282,843

BONDS $3,268,74S $3,118,062

PREFERRED AND COMMON STOCKS $92,833 $79,118

TRADING INVESTMENTS $746,194 $829,148

SHORT TERM AND OTHER INVESTMENTS $7,447 $6,169

MORTGAGE LOANS $396,762 $355,434

REAL ESTATE AND POLICY LOANS $151,654 $146,660

ACCRUED INVESTMENT INCOME $41,823 $40,133

ACCOUNTS RECEIVABLE $1,145,843 $1,130,786

DEFERRED POLICY ACQUISITION COSTS $620,426 $562,583

EQUIPMENT AND OTHER ASSETS $163,733 $154,046

SEPARATE ACCOUNT ASSETS $560,011 $650,522

TOTAL ASSETS $7,517,013 $7,355,504

reserves, obligations and surplus

reconciliation of capital, surplus and retained earnings

assets 2015 2014

2015 2014

2015 2014

27

MAKING A DIFFERENCE

our board of directors

Greg Allen CEO MAINE STREET HOLDINGS, INC.

John Bendheim, Jr. PRESIDENT BENDHEIM ENTERPRISES, INC.

Bill CameronCHAIRMAN & CEO AMERICAN FIDELITY CORPORATION

Lynda CameronDIRECTOR, AFA, AFC VP CAMERON ASSOCIATES, INC.

Bill Durrett SENIOR CHAIRMAN AMERICAN FIDELITY CORPORATION

Charles Eitel CEO WS PACKAGING GROUP, INC.

Ted ElamATTORNEY MCAFEE & TAFT

Paula MarshallCEO THE BAMA COMPANIES, INC.

Tom McDanielPRESIDENT AMERICAN FIDELITY FOUNDATION

Stephen Prescott, MDPRESIDENT OKLAHOMA MEDICAL RESEARCH FOUNDATION

SB-2988428

9000 Cameron Pkw y . Oklahoma City, OK 73114 . americanfidelity.com