SBL Holdings, Inc. (“Security Benefit”), the parent of Security Benefit Life Insurance Company, today announced that the annual dividend rate on its 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B (the “Series B”) (CUSIP 78397DAC2) will reset in November as provided in the Series B terms. The rate will be reset to a benchmark of five-year U.S. Treasury yields to maturity plus a spread of 5.62%. No Series B shares will be redeemed in connection with the reset, and the reset requires no action by holders.
The Series B dividend rate has been 6.5% since the shares were issued in 2021, and the 6.5% rate will still apply to the dividend payable on November 13, 2026 to holders of record as of October 30, 2026. The new fixed reset rate will first apply to the dividend period that runs from November 2026 to May 2027, which relates to the May 13, 2027 dividend payment date. It will continue to apply to dividend periods through November 2031.
“We weighed the decision to let the rate reset or redeem the shares with care,” said Brian Beckett, CFO and CIO of Security Benefit. “We considered all relevant factors, including prevailing rates and spreads, the built-in spread in the Series B terms, and efficiency of execution. We landed on the reset, which we believe is attractive for our investors, particularly in light of Treasury yields and the built-in spread.”
The benchmark for the reset will be determined as of November 10, 2026, based on the average of the yields to maturity for the five business days immediately before that date for U.S. Treasury securities with a maturity of five years from November 13, 2026, and trading in the public securities markets. Yields used will be those reported under “Treasury constant maturities” (non-inflation indexed) in the Federal Reserve’s H.15 publication published closest in time before the close of business on November 10, 2026.
Mr. Beckett added, “The result of the reset calculations to be performed by the calculation agent will be announced promptly. Dividends on the Series B shares are payable when, as, and if declared—the dividend payable on November 13, 2026 (at the current 6.5% rate) has been declared.”
The dividend rate on Security Benefit’s 7.000% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A”) will not be affected by the Series B reset. With respect to the Series A shares, the 9.508% dividend rate resulting from the May 2025 reset will apply to the dividend payable November 13, 2026.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Security Benefit or Security Benefit Life Insurance Company. The summary of the Series B dividend rate reset mechanics in this press release is subject to the more detailed definitive terms of such mechanics in the Certificate of Designations governing the Series B shares.
About Security Benefit
SBL Holdings, Inc. (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBLIC), a Kansas-domiciled insurance company that has been in business for 134 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $63.8 billion in assets under management as of June 30, 2026. Security Benefit, an Eldridge Industries business, continues its mission of helping Americans To and Through Retirement®.
Learn more at www.securitybenefit.com and follow us on LinkedIn, Facebook, and X.
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