United of Omaha Life Insurance Company
Supplement to the Prospectus
Dated May 1, 1999
Ultrannuity Series V Variable Deferred Annuity Prospectus
The following modifies the section titled, "Financial Statements" on pages 10-12
in the prospectus:
- -----------------------------------------------------------
FINANCIAL STATEMENTS
The Financial Statements for United of Omaha and the Variable Account and the
related independent auditor's reports are contained in the Statement of
Additional Information. (See the cover page on how to get a copy.) At December
31, 1998, net assets of the Subaccounts were represented by the following
Accumulation Unit Values and Accumulation Units. This information should be read
in conjunction with the Variable Account's financial statements and related
notes included in the Statement of Additional Information.
<TABLE>
<CAPTION>
This table demonstrates information for Policies without the
Enhanced Death Benefit and for Policies issued before May
1, 1998 with the Enhanced Death Benefit.
- ------------------------------------------------------------------------------------------------
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C> <C>
Alger American Growth (6/5/95) 10.000
1995..................................... 11.673 140,897
1996..................................... 13.071 1,358,882
1997..................................... 16.240 1,918,481
1998..................................... 23.759 2,036,293
Alger American Small Capitalization 10.000
(6/5/95)
1995..................................... 12.094 148,670
1996..................................... 12.448 1,474,107
1997..................................... 13.690 2,021,476
1998..................................... 15.638 2,100,494
Federated Prime Money Fund II (6/5/95) 1.000
1995..................................... 1.023 3,065,603
1996..................................... 1.059 21,525,823
1997..................................... 1.098 19,485,025
1998..................................... 1.138 33,973,580
Federated Fund for U.S. Government 10.000
Securities II (6/5/95)
1995..................................... 10.570 122,440
1996..................................... 10.882 1,128,539
1997..................................... 11.674 1,824,790
1998..................................... 12.417 2,467,353
Fidelity VIP II Asset Manager: Growth 10.000
(6/5/95)
1995..................................... 11.269 199,570
1996..................................... 13.353 1,655,034
1997..................................... 16.500 2,748,520
1998..................................... 19.167 2,845,580
Fidelity VIP II Contrafund (6/5/95) 10.000
1995..................................... 11.740 150,364
1996..................................... 14.070 1,785,274
1997..................................... 17.257 2,992,115
1998..................................... 22.162 3,141,626
<PAGE>
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Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
Fidelity VIP Equity Income (6/5/95) 10.000
1995..................................... 11.596 233,679
1996..................................... 13.090 2,256,678
1997..................................... 16.571 3,528,096
1998..................................... 18.276 3,872,254
Fidelity VIP II Index 500 (5/1/97) 10.000
1997..................................... 12.166 829,118
1998..................................... 15.425 2,004,924
MFS Emerging Growth Series (6/5/95) 10.000
1995..................................... 11.659 123,460
1996..................................... 13.480 1,854,145
1997..................................... 16.230 2,890,806
1998..................................... 21.521 3,070,829
MFS High Income Series (6/5/95) 10.000
1995..................................... 10.452 87,378
1996..................................... 11.548 859,361
1997..................................... 12.960 1,729,635
1998..................................... 12.782 1,972,690
MFS Research Series (6/5/95) 10.000
1995..................................... 10.986 117,165
1996..................................... 13.277 1,381,316
1997..................................... 15.775 2,608,735
1998..................................... 19.231 2,790,110
MFS Capital Opportunities Series (5/1/97) 10.000
1997..................................... 12.394 292,197
1998..................................... 15.528 1,051,754
MFS Global Governments Series (6/5/95) 10.000
1995..................................... 10.243 56,393
1996..................................... 10.527 819,686
1997..................................... 10.283 1,302,843
1998..................................... 10.963 1,429,007
MSDW Emerging Markets Equity 10.000
(5/1/98)
1998 7.002 14,713
MSDW Fixed Income (5/1/98) 10.000
1998 10.462 78,062
Pioneer Capital Growth (5/1/97) 10.000
1997..................................... 11.756 383,956
1998..................................... 11.156 704,800
Pioneer Real Estate Growth (5/1/97) 10.000
1997..................................... 12.229 428,572
1998..................................... 9.818 632,249
Scudder VLIF Global Discovery (5/1/97) 10.000
1997..................................... 11.478 194,110
1998..................................... 13.176 297,502
Scudder VLIF Growth & Income (5/1/97) 10.000
1997..................................... 12.190 561,594
1998..................................... 12.847 1,049,444
Scudder VLIF International (6/5/95) 10.000
1995..................................... 10.642 99,029
1996..................................... 12.067 1,269,457
1997..................................... 13.004 2,391,655
1998..................................... 15.223 2,421,576
<PAGE>
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Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
T.Rowe Price Equity Income (6/5/95) 10.000
1995..................................... 11.625 121,994
1996..................................... 13.731 1,861,298
1997..................................... 17.481 3,837,388
1998..................................... 18.839 4,275,300
T.Rowe Price International (6/5/95) 10.000
1995..................................... 10.569 181,399
1996..................................... 11.976 1,736,784
1997..................................... 12.200 2,857,269
1998..................................... 13.964 2,922,881
T.Rowe Price Limited-Term Bond (6/5/95) 10.000
1995..................................... 10.373 56,018
1996..................................... 10.582 631,437
1997..................................... 11.160 1,302,580
1998..................................... 11.828 2,255,863
T.Rowe Price New America Growth (6/5/95) 10.000
1995..................................... 13.061 58,555
1996..................................... 15.496 917,255
1997..................................... 18.543 1,599,824
1998..................................... 21.712 1,885,279
T.Rowe Price Personal Strategy Balanced 10.000
(6/5/95)
1995..................................... 11.272 123,287
1996..................................... 12.719 1,703,217
1997..................................... 14.833 2,792,934
1998..................................... 16.755 3,064,410
* Accumulation Unit Values are rounded to the nearest hundredth of a cent.
** Number of Accumulation Units is rounded to the nearest unit.
</TABLE>
<TABLE>
<CAPTION>
This table demonstrates information for
Policies issued on or after May 1, 1998
with the Enhanced Death Benefit.
- ------------------------------------------------------------------------------------------------
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C> <C>
Alger American Growth (5/1/98) 10.000
1998..................................... 12.418 28,408
Alger American Small Capitalization 10.000
(5/1/98)
1998..................................... 10.202 37,709
Federated Prime Money Fund II (5/1/98) 1.000
1998..................................... 1.021 441,406
Federated Fund for U.S. Government 10.000
Securities II (5/1/98)
1998..................................... 10.430 20,339
<PAGE>
- ------------------------------------------------------------------------------------------------
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
Fidelity VIP II Asset Manager: Growth 10.000
(5/1/98)
1998..................................... 10.560 30,011
Fidelity VIP II Contrafund (5/1/98) 10.000
1998..................................... 11.260 31,672
Fidelity VIP Equity Income (5/1/98) 10.000
1998..................................... 9.842 123,838
Fidelity VIP II Index 500 (5/1/98) 10.000
1998..................................... 10.964 145,269
MFS Emerging Growth Series (5/1/98) 10.000
1998..................................... 11.125 13,343
MFS High Income Series (5/1/98) 10.000
1998..................................... 9.469 29,844
MFS Research Series (5/1/98) 10.000
1998..................................... 10.382 21,020
MFS Capital Opportunities Series (5/1/98) 10.000
1998..................................... 10.447 65,927
MFS Global Governments Series (5/1/98) 10.000
1998..................................... 10.495 15,750
MSDW Emerging Markets Equity (5/1/98) 10.000
1998 6.985 0
MSDW Fixed Income (5/1/98) 10.000
1998 10.438 2,775
Pioneer Capital Growth (5/1/98) 10.000
1998..................................... 8.379 17,889
Pioneer Real Estate Growth (5/1/98) 10.000
1998..................................... 8.215 18,420
Scudder VLIF Global Discovery (5/1/98) 10.000
1998..................................... 9.609 2,498
Scudder VLIF Growth & Income (5/1/98) 10.000
1998..................................... 9.367 26,462
Scudder VLIF International (5/1/98) 10.000
1998..................................... 9.972 34,058
T.Rowe Price Equity Income (5/1/98) 10.000
1998..................................... 9.870 131,786
T.Rowe Price International (5/1/98) 10.000
1998..................................... 9.937 43,648
T.Rowe Price Limited-Term Bond (5/1/98) 10.000
1998..................................... 10.391 90,690
T.Rowe Price New America Growth (5/1/98) 10.000
1998..................................... 10.183 29,468
T.Rowe Price Personal Strategy Balanced 10.000
(5/1/98)
1998..................................... 10.361 25,663
* Accumulation Unit Values are rounded to the nearest hundredth of a cent.
** Number of Accumulation Units is rounded to the nearest unit.
</TABLE>
