ESBD_564831_1791234430555_IBNR Reserve Estimate.pdf

Mitchell L. Bilbe, F.S.A.

Evan L. Dial, F.S.A.

Philip S. Dial, F.S.A.

Charles V. Faerber, F.S.A., A.C.A.S.

Mark R. Fenlaw, F.S.A.

Brandon L. Fuller, F.S.A.

Shannon R. Hatfield, F.S.A.

Christopher S. Johnson, F.S.A.

Oliver B. Kiel, F.S.A.

Dustin J. Kim, F.S.A.

Edward A. Mire, F.S.A.

Rebecca B. Morris, A.S.A.

Amanda L. Murphy, F.S.A.

Michael J. Muth, F.S.A.

Khiem Ngo, F.S.A., A.C.A.S.

Timothy B. Seifert, F.S.A.

Chelsea E. Stewart, F.S.A.

Raymond W. Tilotta

Ronald W. Tobleman, F.S.A.

David G. Wilkes, F.S.A.

9500 Arboretum Blvd., Suite 200 Austin, Texas 78759 www.ruddwisdom.com Phone: (512) 346-1590 Fax: (512) 345-7437

September 16, 2025

Ms. Sheri Meyer System Benefits Administration The Texas A&M University System 301 Tarrow, 5th Floor College Station, Texas 77840-7896

RE: The Texas A&M University System IBNR Reserve Estimate – As of August 31, 2025

Dear Ms. Meyer

Rudd and Wisdom, Inc. has been retained to provide an estimate of the Texas A&M University System’s (A&M System) reserve for claims incurred but not yet reported (IBNR) under A&M System’s self-funded health plans as of August 31, 2025. This letter documents the process performed to estimate the reserves and presents the results.

IBNR Reserve Estimate – Medical, Rx and Dental

The IBNR reserve estimate as of August 31, 2025 totals $28.6 million ($31.5 million with 10% margin) and is broken down by type of service in the table below. Details of the IBNR development are provided in the attached exhibits.

IBNR Estimate (without margin)

IBNR Estimate (with margin)

Medical $27,246,000 $29,970,000 Pharmacy $406,000 $446,000 Dental $970,000 $1,067,000 Total $28,622,000 $31,484,000

It is our understanding that the A&M System has established accruals for all claims which had been processed by the vendors but which had not yet been paid by the A&M System as of August 31, 2025.

Methodology

To develop the monthly incurred claim estimates, we analyzed historical claim payment patterns to develop completion factors that allow claims for incurred months with incomplete run out to be projected. The completion factors were developed separately by type of service – medical, pharmacy and dental. The medical completion factors were further broken down into inpatient, outpatient and professional services. In more recent months, where experience is insufficient to produce credible completion factors, we estimated the incurred claims per employee per month (PEPM) based on recent monthly trend levels. The IBNR is intended as a point-in-time estimate, and may not be appropriate for other dates.

Data

The incurred claims estimates are based on historical incurred and paid medical, prescription drug and dental claims data for the period September 1, 2012 through August 31, 2025 as provided by Blue Cross Blue Shield of Texas, Express Scripts Inc and Delta Dental. The claims data has been reviewed for reasonableness but has not been audited.

In addition, TAMU provided monthly enrollment data during the time period September 1, 2012 through August 31, 2025.

Reliance and Limitations

The purpose of this letter is to provide an estimate of the IBNR reserves under the Texas A&M University System’s self-funded medical, prescription drug and dental plans as of August 31, 2025 and document the methods and assumptions used in developing this estimate. Any other use of this information may be inappropriate.

Although we have not independently audited the BCBS, ESI and Delta Dental claims data we have no reason to doubt the accuracy of the data at this time.

These estimates are based on generally accepted actuarial techniques. Although we have used our best professional judgment, estimates of incurred claims are uncertain due to the random nature of claim occurrences and the possibility of changes in payment patterns. We recommend that these estimates are updated and reviewed monthly in order to detect any material deviations from the expected results.

I am a Member of the American Academy of Actuaries and meet its Qualification Standards for signing Statements of Actuarial Opinion regarding health plan liabilities and assets.

Once you have had a chance to review, please let us know if you have any questions.

Sincerely, Evan Dial, F.S.A, MAAA

Texas A&M University System A&M Care Claims Experience

Inpatient Facility

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 6,953,417 1.0000 6,953,417 0 218.28 1.546 Oct-22 31,980 4,133,584 1.0000 4,133,584 0 129.26 0.950 Nov-22 32,248 4,692,603 1.0000 4,692,603 0 145.52 1.088 Dec-22 32,318 4,742,042 1.0000 4,742,042 0 146.73 0.914 Jan-23 32,386 3,217,686 1.0000 3,217,686 0 99.35 0.611 Feb-23 32,376 3,475,039 1.0000 3,475,039 0 107.33 0.691 Mar-23 32,324 3,763,293 1.0000 3,763,293 0 116.42 0.728 Apr-23 32,457 3,852,797 1.0000 3,852,797 0 118.70 0.702 May-23 32,579 6,361,231 1.0000 6,361,231 0 195.26 1.157 Jun-23 32,554 4,721,855 1.0000 4,721,855 0 145.05 0.659 Jul-23 32,533 3,596,687 1.0000 3,596,687 0 110.56 0.793

Aug-23 32,629 4,418,914 1.0000 4,418,914 0 135.43 0.796

FY2023 388,240 53,929,148 53,929,148 0 138.91 0.869

Sep-23 32,738 5,379,107 1.0000 5,379,107 0 164.31 0.753 Oct-23 32,865 6,263,389 1.0000 6,263,389 0 190.58 1.474 Nov-23 33,227 4,323,416 1.0000 4,323,416 0 130.12 0.894 Dec-23 33,406 5,870,969 1.0000 5,870,969 0 175.75 1.198 Jan-24 33,424 4,657,418 1.0000 4,657,418 0 139.34 1.402 Feb-24 33,462 3,878,050 1.0000 3,878,050 0 115.89 1.080 Mar-24 33,463 6,841,739 1.0000 6,841,739 0 204.46 1.756 Apr-24 33,570 4,019,993 1.0000 4,019,993 0 119.75 1.009 May-24 33,658 4,740,221 1.0000 4,740,221 0 140.83 0.721 Jun-24 33,672 4,847,102 1.0000 4,847,102 0 143.95 0.992 Jul-24 33,641 5,656,262 1.0000 5,656,262 0 168.14 1.521

Aug-24 33,699 5,334,216 1.0000 5,334,216 0 158.29 1.169

FY2024 400,825 61,811,883 61,811,883 0 154.21 1.110

Sep-24 33,926 4,464,231 1.0000 4,464,231 0 131.59 0.801 Oct-24 34,215 4,146,217 0.9940 4,171,245 25,027 121.91 0.640 Nov-24 34,567 4,783,285 0.9960 4,802,495 19,210 138.93 1.068 Dec-24 34,733 4,351,680 0.9910 4,391,201 39,521 126.43 0.719 Jan-25 34,829 3,896,296 0.9860 3,951,619 55,323 113.46 0.814 Feb-25 34,829 3,396,644 0.9590 3,541,860 145,216 101.69 0.877 Mar-25 34,760 6,127,559 0.9680 6,330,122 202,564 182.11 0.891 Apr-25 34,876 4,619,634 0.9520 4,852,556 232,923 139.14 1.162 May-25 35,011 5,441,301 0.9230 5,895,234 453,933 168.38 1.196 Jun-25 34,983 4,158,721 0.9030 4,605,450 446,729 131.65 0.915 Jul-25 34,914 4,286,438 0.8000 5,358,048 1,071,610 153.46 0.913

Aug-25 34,914 1,465,155 0.2800 5,232,698 3,767,542 149.87 0.947

FY2025 416,557 51,137,160 57,596,757 6,459,597 138.27 0.897

Outpatient Facility

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 6,809,542 1.0000 6,809,542 0 213.76 1.140 Oct-22 31,980 7,759,281 1.0000 7,759,281 0 242.63 1.225 Nov-22 32,248 7,683,907 1.0000 7,683,907 0 238.28 1.103 Dec-22 32,318 7,731,595 1.0000 7,731,595 0 239.23 1.068 Jan-23 32,386 9,184,492 1.0000 9,184,492 0 283.59 1.342 Feb-23 32,376 7,308,651 1.0000 7,308,651 0 225.74 1.160 Mar-23 32,324 8,847,836 1.0000 8,847,836 0 273.72 1.209 Apr-23 32,457 7,555,507 1.0000 7,555,507 0 232.79 1.080 May-23 32,579 8,909,402 1.0000 8,909,402 0 273.47 1.041 Jun-23 32,554 9,534,590 1.0000 9,534,590 0 292.89 1.137 Jul-23 32,533 8,100,682 1.0000 8,100,682 0 249.00 1.036

Aug-23 32,629 9,790,152 1.0000 9,790,152 0 300.04 1.065

FY2023 388,240 99,215,637 99,215,637 0 255.55 1.129

Sep-23 32,738 7,168,954 1.0000 7,168,954 0 218.98 1.024 Oct-23 32,865 8,930,131 1.0000 8,930,131 0 271.72 1.120 Nov-23 33,227 9,041,528 1.0000 9,041,528 0 272.11 1.142 Dec-23 33,406 8,592,312 1.0000 8,592,312 0 257.21 1.075 Jan-24 33,424 7,806,531 1.0000 7,806,531 0 233.56 0.824 Feb-24 33,462 7,157,907 1.0000 7,157,907 0 213.91 0.948 Mar-24 33,463 9,029,855 1.0000 9,029,855 0 269.85 0.986 Apr-24 33,570 8,405,209 1.0000 8,405,209 0 250.38 1.076 May-24 33,658 10,283,573 1.0000 10,283,573 0 305.53 1.117 Jun-24 33,672 9,265,963 0.9990 9,275,238 9,275 275.46 0.940 Jul-24 33,641 11,282,959 0.9980 11,305,570 22,611 336.07 1.350

Aug-24 33,699 10,427,785 0.9980 10,448,682 20,897 310.06 1.033

FY2024 400,825 107,392,705 107,445,489 52,784 268.06 1.049

Sep-24 33,926 8,617,926 0.9970 8,643,858 25,932 254.79 1.164 Oct-24 34,215 10,485,823 0.9960 10,527,935 42,112 307.70 1.132 Nov-24 34,567 9,155,645 0.9950 9,201,653 46,008 266.20 0.978 Dec-24 34,733 10,279,376 0.9930 10,351,839 72,463 298.04 1.159 Jan-25 34,829 10,754,511 0.9910 10,852,181 97,670 311.58 1.334 Feb-25 34,829 9,225,142 0.9850 9,365,627 140,484 268.90 1.257 Mar-25 34,760 11,507,041 0.9810 11,729,909 222,868 337.45 1.251 Apr-25 34,876 10,743,569 0.9680 11,098,729 355,159 318.23 1.271 May-25 35,011 10,593,779 0.9550 11,092,963 499,183 316.84 1.037 Jun-25 34,983 11,196,758 0.9400 11,911,444 714,687 340.49 1.236 Jul-25 34,914 10,846,468 0.8980 12,078,472 1,232,004 345.95 1.029

Aug-25 34,914 5,838,711 0.5050 11,561,803 5,723,093 331.15 1.068

FY2025 416,557 119,244,750 128,416,413 9,171,663 308.28 1.150

Professional Services

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 9,546,142 1.0000 9,546,142 0 299.67 1.024 Oct-22 31,980 9,987,080 1.0000 9,987,080 0 312.29 1.084 Nov-22 32,248 9,729,692 1.0000 9,729,692 0 301.71 1.025 Dec-22 32,318 9,783,185 1.0000 9,783,185 0 302.72 1.009 Jan-23 32,386 10,816,846 1.0000 10,816,846 0 334.00 1.047 Feb-23 32,376 9,662,703 1.0000 9,662,703 0 298.45 1.070 Mar-23 32,324 10,825,857 1.0000 10,825,857 0 334.92 1.013 Apr-23 32,457 10,033,465 1.0000 10,033,465 0 309.13 1.030 May-23 32,579 11,503,828 1.0000 11,503,828 0 353.11 1.067 Jun-23 32,554 12,062,170 1.0000 12,062,170 0 370.53 1.064 Jul-23 32,533 10,003,124 1.0000 10,003,124 0 307.48 0.993

Aug-23 32,629 11,824,709 1.0000 11,824,709 0 362.40 1.069

FY2023 388,240 125,778,800 125,778,800 0 323.97 1.042

Sep-23 32,738 9,391,128 1.0000 9,391,128 0 286.86 0.957 Oct-23 32,865 11,012,953 1.0000 11,012,953 0 335.10 1.073 Nov-23 33,227 11,603,667 1.0000 11,603,667 0 349.22 1.157 Dec-23 33,406 11,418,091 1.0000 11,418,091 0 341.80 1.129 Jan-24 33,424 10,416,452 1.0000 10,416,452 0 311.65 0.933 Feb-24 33,462 9,516,011 1.0000 9,516,011 0 284.38 0.953 Mar-24 33,463 9,578,272 1.0000 9,578,272 0 286.23 0.855 Apr-24 33,570 10,214,585 0.9990 10,224,810 10,225 304.58 0.985 May-24 33,658 11,234,498 0.9980 11,257,012 22,514 334.45 0.947 Jun-24 33,672 10,640,150 0.9980 10,661,472 21,323 316.63 0.855 Jul-24 33,641 11,945,558 0.9970 11,981,502 35,945 356.16 1.158

Aug-24 33,699 11,868,602 0.9960 11,916,267 47,665 353.61 0.976

FY2024 400,825 128,839,965 128,977,637 137,671 321.78 0.993

Sep-24 33,926 10,129,836 0.9950 10,180,740 50,904 300.09 1.046 Oct-24 34,215 11,624,914 0.9940 11,695,085 70,171 341.81 1.020 Nov-24 34,567 10,299,993 0.9920 10,383,057 83,064 300.37 0.860 Dec-24 34,733 11,897,667 0.9900 12,017,845 120,178 346.01 1.012 Jan-25 34,829 11,873,378 0.9860 12,041,965 168,588 345.75 1.109 Feb-25 34,829 11,072,329 0.9820 11,275,284 202,955 323.73 1.138 Mar-25 34,760 11,963,089 0.9720 12,307,704 344,616 354.08 1.237 Apr-25 34,876 12,412,094 0.9590 12,942,747 530,653 371.11 1.218 May-25 35,011 12,093,421 0.9380 12,892,773 799,352 368.25 1.101 Jun-25 34,983 12,250,285 0.9140 13,402,937 1,152,653 383.13 1.210 Jul-25 34,914 11,630,925 0.8500 13,683,441 2,052,516 391.92 1.100

Aug-25 34,914 7,148,114 0.5500 12,996,570 5,848,457 372.25 1.053

FY2025 416,557 134,396,043 145,820,149 11,424,105 350.06 1.088

Medicare Advantage Premium

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 0 1.0000 0 0 0.00 Oct-22 31,980 0 1.0000 0 0 0.00 Nov-22 32,248 0 1.0000 0 0 0.00 Dec-22 32,318 0 1.0000 0 0 0.00 Jan-23 32,386 0 1.0000 0 0 0.00 Feb-23 32,376 0 1.0000 0 0 0.00 Mar-23 32,324 0 1.0000 0 0 0.00 Apr-23 32,457 0 1.0000 0 0 0.00 May-23 32,579 0 1.0000 0 0 0.00 Jun-23 32,554 0 1.0000 0 0 0.00 Jul-23 32,533 0 1.0000 0 0 0.00

Aug-23 32,629 0 1.0000 0 0 0.00

FY2023 388,240 0 0 0 0.00

Sep-23 32,738 0 1.0000 0 0 0.00 Oct-23 32,865 0 1.0000 0 0 0.00 Nov-23 33,227 0 1.0000 0 0 0.00 Dec-23 33,406 0 1.0000 0 0 0.00 Jan-24 33,424 424,268 1.0000 424,268 0 12.69 Feb-24 33,462 443,456 1.0000 443,456 0 13.25 Mar-24 33,463 444,768 1.0000 444,768 0 13.29 Apr-24 33,570 439,315 1.0000 439,315 0 13.09 May-24 33,658 437,593 1.0000 437,593 0 13.00 Jun-24 33,672 436,404 1.0000 436,404 0 12.96 Jul-24 33,641 440,914 1.0000 440,914 0 13.11

Aug-24 33,699 442,185 1.0000 442,185 0 13.12

FY2024 400,825 3,508,903 3,508,903 0 8.75

Sep-24 33,926 442,349 1.0000 442,349 0 13.04 Oct-24 34,215 446,367 1.0000 446,367 0 13.05 Nov-24 34,567 442,636 1.0000 442,636 0 12.81 Dec-24 34,733 441,652 1.0000 441,652 0 12.72 Jan-25 34,829 555,979 1.0000 555,979 0 15.96 1.258 Feb-25 34,829 559,624 1.0000 559,624 0 16.07 1.212 Mar-25 34,760 561,637 1.0000 561,637 0 16.16 1.216 Apr-25 34,876 561,895 1.0000 561,895 0 16.11 1.231 May-25 35,011 563,857 1.0000 563,857 0 16.11 1.239 Jun-25 34,983 565,716 1.0000 565,716 0 16.17 1.248 Jul-25 34,914 567,472 1.0000 567,472 0 16.25 1.240

Aug-25 34,914 567,627 1.0000 567,627 0 16.26 1.239

FY2025 416,557 6,276,811 6,276,811 0 15.07 1.721

Medical Total

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 23,309,101 1.0000 23,309,101 0 731.70 1.177 Oct-22 31,980 21,879,945 1.0000 21,879,945 0 684.18 1.100 Nov-22 32,248 22,106,201 1.0000 22,106,201 0 685.51 1.064 Dec-22 32,318 22,256,823 1.0000 22,256,823 0 688.68 1.006 Jan-23 32,386 23,219,025 1.0000 23,219,025 0 716.95 1.035 Feb-23 32,376 20,446,393 1.0000 20,446,393 0 631.53 1.004 Mar-23 32,324 23,436,986 1.0000 23,436,986 0 725.06 1.011 Apr-23 32,457 21,441,768 1.0000 21,441,768 0 660.62 0.965 May-23 32,579 26,774,461 1.0000 26,774,461 0 821.83 1.078 Jun-23 32,554 26,318,615 1.0000 26,318,615 0 808.46 0.979 Jul-23 32,533 21,700,492 1.0000 21,700,492 0 667.03 0.968

Aug-23 32,629 26,033,775 1.0000 26,033,775 0 797.87 1.009

FY2023 388,240 278,923,585 278,923,585 0 718.43 1.031

Sep-23 32,738 21,939,189 1.0000 21,939,189 0 670.14 0.916 Oct-23 32,865 26,206,473 1.0000 26,206,473 0 797.40 1.165 Nov-23 33,227 24,968,611 1.0000 24,968,611 0 751.46 1.096 Dec-23 33,406 25,881,371 1.0000 25,881,371 0 774.75 1.125 Jan-24 33,424 23,304,669 1.0000 23,304,669 0 697.24 0.973 Feb-24 33,462 20,995,424 1.0000 20,995,424 0 627.44 0.994 Mar-24 33,463 25,894,634 1.0000 25,894,634 0 773.83 1.067 Apr-24 33,570 23,079,102 0.9996 23,089,327 10,225 687.80 1.041 May-24 33,658 26,695,885 0.9992 26,718,399 22,514 793.82 0.966 Jun-24 33,672 25,189,619 0.9988 25,220,217 30,598 749.00 0.926 Jul-24 33,641 29,325,693 0.9980 29,384,249 58,556 873.47 1.309

Aug-24 33,699 28,072,787 0.9976 28,141,350 68,562 835.08 1.047

FY2024 400,825 301,553,456 301,743,911 190,455 752.81 1.048

Sep-24 33,926 23,654,342 0.9968 23,731,178 76,835 699.50 1.044 Oct-24 34,215 26,703,322 0.9949 26,840,631 137,310 784.47 0.984 Nov-24 34,567 24,681,559 0.9940 24,829,841 148,283 718.31 0.956 Dec-24 34,733 26,970,375 0.9915 27,202,537 232,162 783.19 1.011 Jan-25 34,829 27,080,164 0.9883 27,401,744 321,580 786.75 1.128 Feb-25 34,829 24,253,738 0.9803 24,742,394 488,656 710.40 1.132 Mar-25 34,760 30,159,325 0.9751 30,929,373 770,048 889.80 1.150 Apr-25 34,876 28,337,192 0.9620 29,455,927 1,118,735 844.59 1.228 May-25 35,011 28,692,359 0.9424 30,444,827 1,752,468 869.58 1.095 Jun-25 34,983 28,171,479 0.9241 30,485,547 2,314,068 871.44 1.163 Jul-25 34,914 27,331,303 0.8625 31,687,433 4,356,130 907.59 1.039

Aug-25 34,914 15,019,606 0.4947 30,358,698 15,339,091 869.53 1.041

FY2025 416,557 311,054,764 338,110,129 27,055,365 811.68 1.078

Prescription Drug Program

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 31,856 12,427,251 1.0000 12,427,251 0 390.11 1.122 Oct-22 31,980 13,753,831 1.0000 13,753,831 0 430.08 1.192 Nov-22 32,248 13,327,182 1.0000 13,327,182 0 413.27 1.130 Dec-22 32,318 13,544,782 1.0000 13,544,782 0 419.11 1.061 Jan-23 32,386 13,736,096 1.0000 13,736,096 0 424.14 1.155 Feb-23 32,376 12,396,830 1.0000 12,396,830 0 382.90 1.106 Mar-23 32,324 14,586,138 1.0000 14,586,138 0 451.25 1.191 Apr-23 32,457 13,520,512 1.0000 13,520,512 0 416.57 1.108 May-23 32,579 15,444,937 1.0000 15,444,937 0 474.08 1.212 Jun-23 32,554 14,639,056 1.0000 14,639,056 0 449.69 1.149 Jul-23 32,533 14,971,405 1.0000 14,971,405 0 460.19 1.145

Aug-23 32,629 16,838,638 1.0000 16,838,638 0 516.06 1.133

FY2023 388,240 169,186,658 169,186,658 0 435.78 1.142

Sep-23 32,738 15,216,113 1.0000 15,216,113 0 464.78 1.191 Oct-23 32,865 17,440,636 1.0000 17,440,636 0 530.68 1.234 Nov-23 33,227 17,015,755 1.0000 17,015,755 0 512.11 1.239 Dec-23 33,406 16,178,147 1.0000 16,178,147 0 484.29 1.156 Jan-24 33,424 16,582,681 1.0000 16,582,681 0 496.13 1.170 Feb-24 33,462 15,352,652 0.9999 15,354,187 1,535 458.85 1.198 Mar-24 33,463 16,019,505 0.9999 16,021,107 1,602 478.77 1.061 Apr-24 33,570 17,916,777 0.9999 17,918,569 1,792 533.77 1.281 May-24 33,658 18,406,749 0.9999 18,408,590 1,841 546.93 1.154 Jun-24 33,672 17,305,072 0.9999 17,306,802 1,731 513.98 1.143 Jul-24 33,641 18,716,257 0.9999 18,718,129 1,872 556.41 1.209

Aug-24 33,699 19,725,126 0.9999 19,727,098 1,973 585.39 1.134

FY2024 400,825 205,875,469 205,887,814 12,345 513.66 1.179

Sep-24 33,926 18,409,245 0.9999 18,411,086 1,841 542.68 1.168 Oct-24 34,215 20,334,217 0.9999 20,336,251 2,034 594.37 1.120 Nov-24 34,567 17,942,480 0.9999 17,944,275 1,794 519.12 1.014 Dec-24 34,733 19,712,984 0.9999 19,714,956 1,971 567.61 1.172 Jan-25 34,829 18,191,351 0.9998 18,194,990 3,639 522.41 1.053 Feb-25 34,829 17,077,114 0.9997 17,082,239 5,125 490.46 1.069 Mar-25 34,760 18,696,963 0.9996 18,704,444 7,482 538.10 1.124 Apr-25 34,876 19,052,058 0.9995 19,061,589 9,531 546.55 1.024 May-25 35,011 19,435,340 0.9994 19,447,008 11,668 555.45 1.016 Jun-25 34,983 20,047,820 0.9993 20,061,863 14,043 573.47 1.116 Jul-25 34,914 20,318,429 0.9989 20,340,804 22,375 582.60 1.047

Aug-25 34,914 20,476,649 0.9850 20,788,476 311,827 595.42 1.017

FY2025 416,557 229,694,650 230,087,980 393,330 552.36 1.075

Dental Plan Experience

Incurred Estimated Number of and Paid Compl Incurred Incurred Trend

Month Certs to Date Factor Claims Reserve per Cont Factor

Sep-22 26,776 1,329,471 1.000 1,329,471 0 49.65 1.049 Oct-22 26,828 1,235,077 1.000 1,235,077 0 46.04 0.993 Nov-22 27,073 1,200,404 1.000 1,200,404 0 44.34 0.957 Dec-22 27,113 1,149,172 1.000 1,149,172 0 42.38 0.935 Jan-23 27,084 1,285,452 1.000 1,285,452 0 47.46 1.104 Feb-23 27,053 1,110,079 1.000 1,110,079 0 41.03 1.029 Mar-23 27,039 1,229,651 1.000 1,229,651 0 45.48 0.956 Apr-23 27,138 1,089,804 1.000 1,089,804 0 40.16 0.925 May-23 27,207 1,242,400 1.000 1,242,400 0 45.66 1.014 Jun-23 26,979 1,272,074 1.000 1,272,074 0 47.15 0.970 Jul-23 26,951 1,126,328 1.000 1,126,328 0 41.79 0.999

Aug-23 26,999 1,348,311 1.000 1,348,311 0 49.94 0.980

FY2023 324,240 14,618,223 14,618,223 0 45.08 0.992

Sep-23 27,719 1,236,534 1.000 1,236,534 0 44.61 0.898 Oct-23 27,789 1,338,669 1.000 1,338,669 0 48.17 1.046 Nov-23 28,090 1,257,083 1.000 1,257,083 0 44.75 1.009 Dec-23 28,223 1,126,048 1.000 1,126,048 0 39.90 0.941 Jan-24 28,228 1,362,901 1.000 1,362,901 0 48.28 1.017 Feb-24 28,225 1,278,973 1.000 1,278,973 0 45.31 1.104 Mar-24 28,210 1,230,887 1.000 1,230,887 0 43.63 0.959 Apr-24 28,303 1,337,342 1.000 1,337,342 0 47.25 1.177 May-24 28,341 1,384,124 1.000 1,384,124 0 48.84 1.069 Jun-24 28,110 1,229,816 1.000 1,229,816 0 43.75 0.928 Jul-24 28,068 1,327,544 0.999 1,328,872 1,329 47.34 1.133

Aug-24 28,103 1,362,766 0.999 1,364,130 1,364 48.54 0.972

FY2024 337,409 15,472,686 15,475,379 2,693 45.87 1.017

Sep-24 28,928 1,387,070 0.999 1,388,459 1,388 48.00 1.076 Oct-24 29,107 1,466,278 0.998 1,469,217 2,938 50.48 1.048 Nov-24 29,490 1,220,695 0.997 1,224,368 3,673 41.52 0.928 Dec-24 29,601 1,251,595 0.996 1,256,621 5,026 42.45 1.064 Jan-25 29,608 1,382,395 0.995 1,389,342 6,947 46.92 0.972 Feb-25 29,553 1,217,595 0.991 1,228,653 11,058 41.57 0.917 Mar-25 29,495 1,313,274 0.988 1,329,225 15,951 45.07 1.033 Apr-25 29,630 1,386,374 0.983 1,410,350 23,976 47.60 1.007 May-25 29,659 1,284,373 0.976 1,315,956 31,583 44.37 0.909 Jun-25 29,423 1,342,516 0.965 1,391,209 48,692 47.28 1.081 Jul-25 29,354 1,418,685 0.940 1,509,239 90,554 51.42 1.086

Aug-25 29,331 710,071 0.495 1,435,936 725,866 48.96 1.009

FY2025 353,179 15,380,922 16,348,575 967,653 46.29 1.009