# EDGAR Filing Document

**Accession Number:** 0001074760
**File Stem:** 0001193125-26-176930
**Filing Date:** 2026-4
**Character Count:** 304391
**Document Hash:** c486dc5384f339ed05cd6e31f7026f3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176930.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176930

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE LIFE VARIABLE ACCOUNT I
- **CENTRAL INDEX KEY:** 0001074760

**ORGANIZATION NAME:**
- **EIN:** 042461439
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09137
- **FILM NUMBER:** 26893282

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** 230 THIRD AVENUE, 6TH FLOOR
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 7817908774

**MAIL ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** 230 THIRD AVENUE, 6TH FLOOR
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN LIFE OF CANADA U S VARIABLE ACCOUNT I
- **DATE OF NAME CHANGE:** 19981204

## Series and Classes Contracts Data

### DELAWARE LIFE VARIABLE ACCOUNT I (Series ID: S000008065)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000021890 | Futurity and Futurity Protector                    |  |
| C000021891 | Futurity Protector II                              |  |
| C000021892 | Futurity Accumulator                               |  |
| C000021893 | Futurity Accumulator II                            |  |
| C000021894 | Futurity Survivorship and Futurity Survivorship II |  |
| C000051351 | Executive VUL                                      |  |
| C000051352 | Prime VUL                                          |  |
| C000052831 | Protector VUL                                      |  |
| C000060327 | Prime Survivorship                                 |  |

##### [**Table of Contents**](#toc)
Delaware Life

Variable Account I

Financial Statements as of and for the Year Ended December 31, 2025 and

Report of Independent Registered Public Accounting Firm

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**Index** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Page(s)** | **Page(s)** |
|  **[Report of Independent Registered Public Accounting Firm](#tx23766_1)** |  | 1-5 |
|  **Financial Statements** |  |  |
|  [Statement of Assets and Liabilities](#tx23766_2) |  | 6-11 |
|  [Statement of Operations](#tx23766_3) |  | 12-46 |
|  [Statements of Changes in Net Assets](#tx23766_4) |  | 47-98 |
|  [Notes to the Financial Statements](#tx23766_5) |  | 99-129 |

---

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account I:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account I (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Sub-Accounts' management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Sub-Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds; when replies were not received from the transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

------

##### [**Table of Contents**](#toc)
**Appendix** 

Unless noted otherwise, statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)

AB VPS Relative Value Portfolio Class B Sub-Account (A71)

AB VPS International Value Portfolio (Class B) Sub-Account (A98)

Alger Growth & Income Portfolio I-2 Sub-Account (A55)

Alger Mid Cap Growth Portfolio I-2 Sub-Account (A54)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)

American Funds Insurance Series Washington Mutual Investors Fund Class 2 Sub-Account (308)

American Funds Insurance Series The Bond Fund of America Class 2 Sub-Account (301)

American Funds Insurance Series Global Growth Fund Class 2 Sub-Account (304)

American Funds Insurance Series Capital World Growth and Income Fund Class 2 Sub-Account (309)

American Funds Insurance Series Global Small Capitalization Fund Class 2 Sub-Account (306)

American Funds Insurance Series Growth Fund Class 2 Sub-Account (303)

American Funds Insurance Series Growth Income Fund Class 2 Sub-Account (302)

American Funds Insurance Series American High-Income Trust Class 2 Sub-Account (305)

American Funds Insurance Series International Fund Class 2 Sub-Account (300)

BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)

LVIP Nomura SMID Cap Core Fund Standard Class Sub-Account (D37) (2)

DWS Small Cap Index VIP Class B Sub-Account (D55)

DWS Small Mid Cap Value VIP Class A Sub-Account (S61)

BNY Mellon Investment Portfolios: MidCap Stock Portfolio, Initial Shares Sub-Account (D18)

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)

Fidelity VIP Contrafund Portfolio (Service Class) Sub-Account (F29)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)

------

##### [**Table of Contents**](#toc)
Fidelity VIP Freedom 2030 Portfolio (Service Class 2) Sub-Account (F14)

Fidelity VIP Growth Portfolio (Service Class) Sub-Account (F21)

Fidelity VIP Index 500 Portfolio (Service Class 2) Sub-Account (F26)

Fidelity VIP Index 500 Portfolio (Service Class) Sub-Account (FM7)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)

Fidelity VIP Government Money Market Portfolio (Service Class) Sub-Account (FM8)

Fidelity VIP Overseas Portfolio (Service Class) Sub-Account (F23)

First Eagle Overseas Variable Fund Sub-Account (FE3)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)

Franklin Templeton U.S. Government Securities VIP Fund Class 2 Sub-Account (T29) (1)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)

Goldman Sachs VIT Mid Cap Value Fund I Sub-Account (G32)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15)

Invesco V.I. American Value Fund Series II Sub-Account (V35)

Invesco V.I. Comstock Fund Series II Sub-Account (V13)

Invesco V.I. Core Equity Fund I Sub-Account (A39)

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)

Invesco V.I. Growth and Income Fund Series I Sub-Account (IB1)

Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)

------

##### [**Table of Contents**](#toc)
M Capital Appreciation Fund Sub-Account (MB0)

M International Equity Fund Sub-Account (MB1)

M Large Cap Growth Value Fund Sub-Account (MB5)

M Large Cap Value Fund Sub-Account (MA9)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)

MFS VIT Total Return Series Initial Class Sub-Account (M07)

MFS VIT Total Return Series Service Class Sub-Account (M35)

MFS VIT I Growth Series Initial Class Sub-Account (M31)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05)

MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)

MFS VIT I Research Series Initial Class Sub-Account (M33)

MFS VIT I Utilities Series Initial Class Sub-Account (M44)

MFS VIT I Utilities Series Service Class Sub-Account (M40)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT I Value Series Service Class Sub-Account (M08)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)

MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)

MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)

MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)

MFS VIT II International Growth Portfolio I Class Sub-Account (M97)

MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)

MFS VIT II Research International Portfolio S Class Sub-Account (ME3)

MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)

------

##### [**Table of Contents**](#toc)
MFS VIT III Conservative Allocation Portfolio Initial Class Sub-Account (MF4)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)

MFS VIT III Growth Allocation Portfolio Initial Class Sub-Account (MF8)

MFS VIT III Inflation Adjusted Bond Portfolio Initial Class Sub-Account (MG0)

MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

MFS VIT III Moderate Allocation Portfolio Initial Class Sub-Account (MG5)

MFS VIT III New Discovery Value Portfolio Initial Class Sub-Account (ME0)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)

Invesco V.I. Discovery Large Cap Fund-Series I Sub-Account (O01) (3)

Invesco V.I. Discovery Large Cap Fund-Series II Sub-Account (O19) (4)

Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)

Invesco V.I. Global Fund, Series II Sub-Account (O20)

Invesco V.I. Main Street Fund, Series II Sub-Account (O21)

PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)

PIMCO VIT Global Managed Asset Allocation Portfolio Administrative Class Sub-Account (PK9)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

T. Rowe Price Blue Chip Growth Portfolio Sub-Account (307)

Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) (5)

*(1) Statement of assets and liabilities as of December 31, 2025.* 

*(2) Formerly LVIP Macquarie SMID Cap Core Fund Standard Class Sub-Account.* 

*(3) Formerly Invesco V.I. Capital Appreciation Fund, Series I Sub-Account.* 

*(4) Formerly Invesco V.I. Capital Appreciation Fund, Series II Sub-Account.* 

*(5) Formerly Wanger Acorn Sub-Account.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Total Assets | Net Assets |
|  AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1) | 16807 | $165504 | $165207 | $165207 | $165207 |
|  AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) | 2827 | 93652 | 85551 | 85551 | 85551 |
|  AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) | 168996 | 4824109 | 5213532 | 5213532 | 5213532 |
|  AB VPS International Value Portfolio (Class B) Sub-Account (A98) | 2891 | 45831 | 60185 | 60185 | 60185 |
|  Alger Growth & Income Portfolio I-2 Sub-Account (A55) | 21467 | 602701 | 753928 | 753928 | 753928 |
|  Alger Mid Cap Growth Portfolio I-2 Sub-Account (A54) | 63075 | 1363330 | 1502452 | 1502452 | 1502452 |
|  Alger Small Cap Growth Portfolio I-2 Sub-Account (A51) | 2587 | 48331 | 48222 | 48222 | 48222 |
|  American Funds Insurance Series Washington Mutual Investors Fund Class 2 Sub-Account (308) | 64629 | 895702 | 1149748 | 1149748 | 1149748 |
|  American Funds Insurance Series The Bond Fund of America Class 2 Sub-Account (301) | 462932 | 4349101 | 4337674 | 4337674 | 4337674 |
|  American Funds Insurance Series Global Growth Fund Class 2 Sub-Account (304) | 5670 | 183788 | 216077 | 216077 | 216077 |
|  American Funds Insurance Series Capital World Growth and Income Fund Class 2 Sub-Account (309) | 23863 | 335578 | 438605 | 438605 | 438605 |
|  American Funds Insurance Series Global Small Capitalization Fund Class 2 Sub-Account (306) | 53 | 939 | 1018 | 1018 | 1018 |
|  American Funds Insurance Series Growth Fund Class 2 Sub-Account (303) | 13798 | 1290723 | 1915152 | 1915152 | 1915152 |
|  American Funds Insurance Series Growth Income Fund Class 2 Sub-Account (302) | 9381 | 511049 | 621772 | 621772 | 621772 |
|  American Funds Insurance Series American High-Income Trust Class 2 Sub-Account (305) | 8418 | 74611 | 76431 | 76431 | 76431 |
|  American Funds Insurance Series International Fund Class 2 Sub-Account (300) | 270358 | 5100523 | 6007363 | 6007363 | 6007363 |
|  BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18) | 214177 | 3119622 | 2857129 | 2857129 | 2857129 |
|  Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) | 12640 | 309069 | 691034 | 691034 | 691034 |
|  LVIP Nomura SMID Cap Core Fund Standard Class Sub-Account (D37) ¹ | 34439 | 804977 | 1011074 | 1011074 | 1011074 |
|  DWS Small Cap Index VIP Class B Sub-Account (D55) | 295745 | 3998815 | 4448009 | 4448009 | 4448009 |
|  DWS Small Mid Cap Value VIP Class A Sub-Account (S61) | 196687 | 2579701 | 2771324 | 2771324 | 2771324 |
|  BNY Mellon Investment Portfolios: MidCap Stock Portfolio, Initial Shares Sub-Account (D18) | 222779 | 4071186 | 4531327 | 4531327 | 4531327 |
|  Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) | 109379 | 2437999 | 2783712 | 2783712 | 2783712 |
|  Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) | 55380 | 2664973 | 3148934 | 3148934 | 3148934 |
|  Fidelity VIP Contrafund Portfolio (Service Class) Sub-Account (F29) | 255127 | 11176665 | 15136694 | 15136694 | 15136694 |
|  Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) | 355 | 4464 | 4659 | 4659 | 4659 |
|  Fidelity VIP Freedom 2030 Portfolio (Service Class 2) Sub-Account (F14) | 3971 | 59745 | 69619 | 69619 | 69619 |
|  Fidelity VIP Growth Portfolio (Service Class) Sub-Account (F21) | 74351 | 6993510 | 7179372 | 7179372 | 7179372 |
|  Fidelity VIP Index 500 Portfolio (Service Class 2) Sub-Account (F26) | 57970 | 18988978 | 37692615 | 37692615 | 37692615 |
|  Fidelity VIP Index 500 Portfolio (Service Class) Sub-Account (FM7) | 34206 | 11213664 | 22470760 | 22470760 | 22470760 |
|  Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) | 62063 | 2301489 | 2182762 | 2182762 | 2182762 |
|  Fidelity VIP Government Money Market Portfolio (Service Class) Sub-Account (FM8) | 2244912 | 2244912 | 2244912 | 2244912 | 2244912 |
|  Fidelity VIP Overseas Portfolio (Service Class) Sub-Account (F23) | 249910 | 5676755 | 6827535 | 6827535 | 6827535 |
|  First Eagle Overseas Variable Fund Sub-Account (FE3) | 54148 | 1327631 | 1511798 | 1511798 | 1511798 |
|  Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) | 314968 | 4182618 | 5108784 | 5108784 | 5108784 |
|  Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) | 6827 | 39588 | 37823 | 37823 | 37823 |
|  Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) | 113461 | 1290209 | 1605466 | 1605466 | 1605466 |
|  Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) | 93612 | 1359032 | 1419157 | 1419157 | 1419157 |
|  Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) | 48633 | 791174 | 782996 | 782996 | 782996 |
|  Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) | 73084 | 962432 | 1013678 | 1013678 | 1013678 |
|  Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) | 55914 | 549793 | 510489 | 510489 | 510489 |
|  Franklin Templeton U.S. Government Securities VIP Fund Class 2 Sub-Account (T29) ² |  |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Total Assets | Net Assets |
|  Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30) | 13347 | $116947 | $109181 | $109181 | $109181 |
|  Goldman Sachs VIT Mid Cap Value Fund I Sub-Account (G32) | 37963 | 658367 | 618421 | 618421 | 618421 |
|  Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521) | 20110 | 253494 | 287177 | 287177 | 287177 |
|  Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33) | 26868 | 232414 | 279159 | 279159 | 279159 |
|  Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31) | 341644 | 6781660 | 7444419 | 7444419 | 7444419 |
|  Invesco V.I. American Franchise Fund Series I Sub-Account (V15) | 18203 | 1128589 | 1474447 | 1474447 | 1474447 |
|  Invesco V.I. American Value Fund Series II Sub-Account (V35) | 60310 | 934741 | 1071103 | 1071103 | 1071103 |
|  Invesco V.I. Comstock Fund Series II Sub-Account (V13) | 10056 | 202509 | 214087 | 214087 | 214087 |
|  Invesco V.I. Core Equity Fund I Sub-Account (A39) | 30229 | 926930 | 1089160 | 1089160 | 1089160 |
|  Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) | 30114 | 538414 | 545665 | 545665 | 545665 |
|  Invesco V.I. Growth and Income Fund Series I Sub-Account (IB1) | 114482 | 2278402 | 2441896 | 2441896 | 2441896 |
|  Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21) | 136292 | 4665833 | 4921477 | 4921477 | 4921477 |
|  Invesco V.I. Small Cap Equity Fund I Sub-Account (I76) | 25226 | 441074 | 506034 | 506034 | 506034 |
|  M Capital Appreciation Fund Sub-Account (MB0) | 63768 | 1662913 | 1564235 | 1564235 | 1564235 |
|  M International Equity Fund Sub-Account (MB1) | 48869 | 610579 | 864006 | 864006 | 864006 |
|  M Large Cap Growth Value Fund Sub-Account (MB5) | 79600 | 2702751 | 2372872 | 2372872 | 2372872 |
|  M Large Cap Value Fund Sub-Account (MA9) | 32570 | 446774 | 554999 | 554999 | 554999 |
|  MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) | 1980142 | 1980142 | 1980142 | 1980142 | 1980142 |
|  MFS VIT Total Return Series Initial Class Sub-Account (M07) | 127914 | 3061004 | 2984228 | 2984228 | 2984228 |
|  MFS VIT Total Return Series Service Class Sub-Account (M35) | 13832 | 322449 | 313157 | 313157 | 313157 |
|  MFS VIT I Growth Series Initial Class Sub-Account (M31) | 42220 | 2633574 | 2864627 | 2864627 | 2864627 |
|  MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) | 668467 | 6235294 | 5334369 | 5334369 | 5334369 |
|  MFS VIT I New Discovery Series Initial Class Sub-Account (M05) | 155863 | 2650304 | 2431458 | 2431458 | 2431458 |
|  MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06) | 455027 | 5501234 | 5360219 | 5360219 | 5360219 |
|  MFS VIT I Research Series Initial Class Sub-Account (M33) | 175644 | 5242480 | 5355384 | 5355384 | 5355384 |
|  MFS VIT I Utilities Series Initial Class Sub-Account (M44) | 68694 | 2265112 | 2591816 | 2591816 | 2591816 |
|  MFS VIT I Utilities Series Service Class Sub-Account (M40) | 5972 | 197291 | 219901 | 219901 | 219901 |
|  MFS VIT I Value Series Initial Class Sub-Account (M83) | 370093 | 7658377 | 8238269 | 8238269 | 8238269 |
|  MFS VIT I Value Series Service Class Sub-Account (M08) | 53618 | 1072911 | 1156544 | 1156544 | 1156544 |
|  MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) | 35942 | 1980067 | 2185980 | 2185980 | 2185980 |
|  MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) | 162244 | 1714077 | 1538071 | 1538071 | 1538071 |
|  MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) | 189030 | 2499396 | 3274006 | 3274006 | 3274006 |
|  MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) | 3599 | 49512 | 51035 | 51035 | 51035 |
|  MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) | 115987 | 1351520 | 1254977 | 1254977 | 1254977 |
|  MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) | 10583 | 124490 | 113881 | 113881 | 113881 |
|  MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) | 681429 | 3616847 | 3468475 | 3468475 | 3468475 |
|  MFS VIT II International Growth Portfolio I Class Sub-Account (M97) | 158970 | 2510685 | 2851922 | 2851922 | 2851922 |
|  MFS VIT II International Growth Portfolio S Class Sub-Account (MD5) | 21418 | 319747 | 376955 | 376955 | 376955 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) | 106391 | 2315248 | 2399126 | 2399126 | 2399126 |
|  MFS VIT II Research International Portfolio S Class Sub-Account (ME3) | 14863 | 226518 | 301274 | 301274 | 301274 |
|  MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8) | 395822 | 3954489 | 3867180 | 3867180 | 3867180 |
|  MFS VIT III Conservative Allocation Portfolio Initial Class Sub-Account (MF4) | 184932 | 1986138 | 1810488 | 1810488 | 1810488 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Total Assets | Net Assets |
|  MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) | 348615 | $4744070 | $4423928 | $4423928 | $4423928 |
|  MFS VIT III Growth Allocation Portfolio Initial Class Sub-Account (MF8) | 269063 | 2903515 | 2862826 | 2862826 | 2862826 |
|  MFS VIT III Inflation Adjusted Bond Portfolio Initial Class Sub-Account (MG0) | 45912 | 384751 | 371429 | 371429 | 371429 |
|  MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) | 427725 | 4311141 | 4371347 | 4371347 | 4371347 |
|  MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) | 585523 | 5405162 | 5919638 | 5919638 | 5919638 |
|  MFS VIT III Moderate Allocation Portfolio Initial Class Sub-Account (MG5) | 397844 | 4703000 | 4495638 | 4495638 | 4495638 |
|  MFS VIT III New Discovery Value Portfolio Initial Class Sub-Account (ME0) | 92567 | 732217 | 682219 | 682219 | 682219 |
|  Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43) | 122549 | 776042 | 787986 | 787986 | 787986 |
|  Invesco V.I. Discovery Large Cap Fund-Series I Sub-Account (O01) ¹ | 40339 | 2088089 | 2551417 | 2551417 | 2551417 |
|  Invesco V.I. Discovery Large Cap Fund-Series II Sub-Account (O19) ¹ | 2344 | 108505 | 138847 | 138847 | 138847 |
|  Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00) | 2265 | 159877 | 170321 | 170321 | 170321 |
|  Invesco V.I. Global Fund, Series II Sub-Account (O20) | 6633 | 245649 | 240776 | 240776 | 240776 |
|  Invesco V.I. Main Street Fund, Series II Sub-Account (O21) | 2172 | 39436 | 46593 | 46593 | 46593 |
|  PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10) | 64276 | 373228 | 404297 | 404297 | 404297 |
|  PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) | 200466 | 2381182 | 2289323 | 2289323 | 2289323 |
|  PIMCO VIT Global Managed Asset Allocation Portfolio Administrative Class Sub-Account (PK9) | 2138 | 22434 | 24970 | 24970 | 24970 |
|  PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) | 119261 | 1484619 | 1432324 | 1432324 | 1432324 |
|  PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) | 775570 | 7131966 | 7329139 | 7329139 | 7329139 |
| T. Rowe Price Blue Chip Growth Portfolio Sub-Account (307) | 184581 | 7223479 | 12058708 | 12058708 | 12058708 |
|  Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) ¹ | 2285 | 31379 | 36326 | 36326 | 36326 |

---

<sup>1</sup> *This Sub-Account had a name change in 2025. Refer to Note 1 in the Variable Account's Notes to Financial Statements for more information.*

<sup>2</sup> *This Sub-Account is active but had zero balance since 2022 and is , therefore, not disclosed in the Statement of Operations and Statements of Changes in Net Assets*<sup>.</sup>

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Units | Net Assets |
|  **Net Assets:** |  |  |
|  AL1 | 4969 | $165207 |
|  A70 | 3389 | 85551 |
|  A71 | 99002 | 5213532 |
|  A98 | 4801 | 60185 |
|  A55 | 11612 | 753928 |
|  A54 | 21392 | 1502452 |
|  A51 | 926 | 48222 |
| 308 | 17159 | 1149748 |
| 301 | 254746 | 4337674 |
| 304 | 3076 | 216077 |
| 309 | 7828 | 438605 |
| 306 | 26 | 1018 |
| 303 | 15510 | 1915152 |
| 302 | 7751 | 621772 |
| 305 | 2423 | 76431 |
| 300 | 194441 | 6007363 |
|  B18 | 88908 | 2857129 |
|  C60 | 15408 | 691034 |
|  D37 | 10863 | 1011074 |
|  D55 | 64979 | 4448009 |
|  S61 | 48511 | 2771324 |
|  D18 | 74403 | 4531327 |
|  FD7 | 47639 | 2783712 |
|  F24 | 50461 | 3148934 |
|  F29 | 121538 | 15136694 |
|  F15 | 180 | 4659 |
|  F14 | 2347 | 69619 |
|  F21 | 80701 | 7179372 |
|  F26 | 620137 | 37692615 |
|  FM7 | 284285 | 22470760 |
|  F41 | 53720 | 2182762 |
|  FM8 | 148868 | 2244912 |
|  F23 | 188079 | 6827535 |
|  FE3 | 52310 | 1511798 |
|  T20 | 120316 | 5108784 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Units | Value |
|  **Net Assets (continued):** |  |  |
|  FE6 | 1082 | $37823 |
|  F56 | 34579 | 1605466 |
|  F59 | 51967 | 1419157 |
|  F54 | 29866 | 782996 |
|  F53 | 25600 | 1013678 |
|  T28 | 26104 | 510489 |
|  T29 |  |  |
|  G30 | 2393 | 109181 |
|  G32 | 9204 | 618421 |
| 521 | 3803 | 287177 |
|  G33 | 11129 | 279159 |
|  G31 | 105387 | 7444419 |
|  V15 | 23799 | 1474447 |
|  V35 | 16222 | 1071103 |
|  V13 | 4804 | 214087 |
|  A39 | 23627 | 1089160 |
|  V11 | 12780 | 545665 |
|  IB1 | 37700 | 2441896 |
|  A21 | 137178 | 4921477 |
|  I76 | 12915 | 506034 |
|  MB0 | 30332 | 1564235 |
|  MB1 | 51790 | 864006 |
|  MB5 | 34148 | 2372872 |
|  MA9 | 15079 | 554999 |
|  MD8 | 168216 | 1980142 |
|  M07 | 124073 | 2984228 |
|  M35 | 13284 | 313157 |
|  M31 | 40802 | 2864627 |
|  MF1 | 109904 | 5334369 |
|  M05 | 64402 | 2431458 |
|  M06 | 395864 | 5360219 |
|  M33 | 104727 | 5355384 |
|  M44 | 119329 | 2591816 |
|  M40 | 10534 | 219901 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Units | Value |
|  **Net Assets (continued):** |  |  |
|  M83 | 209272 | $8238269 |
|  M08 | 42625 | 1156544 |
|  MB6 | 29186 | 2185980 |
|  MA0 | 73325 | 1538071 |
|  MA1 | 236080 | 3274006 |
|  M92 | 2466 | 51035 |
|  M96 | 59243 | 1254977 |
|  MD2 | 8162 | 113881 |
|  MA6 | 109708 | 3468475 |
|  M97 | 66472 | 2851922 |
|  MD5 | 9148 | 376955 |
|  MD6 | 37316 | 2399126 |
|  ME3 | 16449 | 301274 |
|  MB8 | 73156 | 3867180 |
|  MF4 | 66171 | 1810488 |
|  MF6 | 101914 | 4423928 |
|  MF8 | 60325 | 2862826 |
|  MG0 | 26433 | 371429 |
|  MF2 | 290180 | 4371347 |
|  MG3 | 130392 | 5919638 |
|  MG5 | 120193 | 4495638 |
|  ME0 | 12569 | 682219 |
|  V43 | 9046 | 787986 |
|  O01 | 30631 | 2551417 |
|  O19 | 2623 | 138847 |
|  O00 | 9487 | 170321 |
|  O20 | 6300 | 240776 |
|  O21 | 963 | 46593 |
|  P10 | 41203 | 404297 |
|  PK8 | 55619 | 2289323 |
|  PK9 | 1082 | 24970 |
|  P06 | 58593 | 1432324 |
|  P07 | 301833 | 7329139 |
| 307 | 95800 | 12058708 |
|  W42 | 950 | 36326 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AL1<br>Sub-Account | A70<br>Sub-Account | A71<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2910 | $— | $45219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2910 |  | 45219 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (180) | 9754 | 17279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 8066 | 11136 | 422249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 7886 | 20890 | 439528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13290 | (16328) | 12143 |
|  Net realized and change in unrealized gains (losses) | 21176 | 4562 | 451671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $24086 | $4562 | $496890 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A98<br>Sub-Account | A55<br>Sub-Account | A54<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1237 | $10741 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (47) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1237 | 10694 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 10640 | 6060 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 83810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 10640 | 89870 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9434 | 31042 | 214039 |
|  Net realized and change in unrealized gains (losses) | 20074 | 120912 | 216898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $21311 | $131606 | $216898 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A51<br>Sub-Account | 308<br>Sub-Account | 301<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $15268 | $180300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (9) | 15268 | 180300 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (1011) | 12680 | (46657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 559 | 68797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (452) | 81477 | (46657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3595 | 68025 | 153904 |
|  Net realized and change in unrealized gains (losses) | 3143 | 149502 | 107247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $3134 | $164770 | $287547 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | 304<br>Sub-Account | 309<br>Sub-Account | 306<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2915 | $5600 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2915 | 5600 | 3 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (1514) | 158 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 31426 | 14004 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 29912 | 14162 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12167 | 67794 | 92 |
|  Net realized and change in unrealized gains (losses) | 42079 | 81956 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $44994 | $87556 | $156 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | 303<br>Sub-Account | 302<br>Sub-Account | 305<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2750 | $5345 | $4854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2750 | 5345 | 4854 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 61908 | 1177 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 140522 | 95442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 202430 | 96619 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 128911 | (5517) | 1018 |
|  Net realized and change in unrealized gains (losses) | 331341 | 91102 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $334091 | $96447 | $5925 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | 300<br>Sub-Account | B18<br>Sub-Account | C60<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $73675 | $112638 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (101) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 73675 | 112537 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (68107) | (7176) | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 270319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (68107) | 263143 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1238066 | 23836 | 73267 |
|  Net realized and change in unrealized gains (losses) | 1169959 | 286979 | 93649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $1243634 | $399516 | $93649 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | D37<br>Sub-Account | D55<br>Sub-Account | S61<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $5441 | $47717 | $24376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5441 | 47717 | 24376 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 17988 | (81438) | (18876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 24295 | 263505 | 275355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 42283 | 182067 | 256479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32547 | 342216 | 149526 |
|  Net realized and change in unrealized gains (losses) | 74830 | 524283 | 406005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $80271 | $572000 | $430381 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | D18<br>Sub-Account | FD7<br>Sub-Account | F24<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $29989 | $41506 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (338) | (885) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 29651 | 40621 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 26107 | 31729 | 61326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 389839 | 129077 | 489873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 415946 | 160806 | 551199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26494) | 161135 | 8901 |
|  Net realized and change in unrealized gains (losses) | 389452 | 321941 | 560100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $419103 | $362562 | $560100 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F29<br>Sub-Account | F15<br>Sub-Account | F14<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7169 | $114 | $1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 7169 | 114 | 1444 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 403275 | (26) | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 2276072 | 241 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2679347 | 215 | 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 39888 | 223 | 3688 |
|  Net realized and change in unrealized gains (losses) | 2719235 | 438 | 7789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $2726404 | $552 | $9233 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F21<br>Sub-Account | F26<br>Sub-Account | FM7<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $13936 | $322587 | $215406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 13936 | 322587 | 215406 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 115177 | 415885 | 940514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 886024 | 174649 | 104211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1001201 | 590534 | 1044725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (78683) | 4646893 | 2028383 |
|  Net realized and change in unrealized gains (losses) | 922518 | 5237427 | 3073108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $936454 | $5560014 | $3288514 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F41<br>Sub-Account | FM8<br>Sub-Account | F23<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $5118 | $110334 | $102132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5118 | 110334 | 102132 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2007 |  | 166884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 242566 |  | 594823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 244573 |  | 761707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20535) |  | 327024 |
|  Net realized and change in unrealized gains (losses) | 224038 |  | 1088731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $229156 | $110334 | $1190863 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | FE3<br>Sub-Account | T20<br>Sub-Account | FE6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $24057 | $109955 | $691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 24057 | 109955 | 691 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 6436 | 32318 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 173156 | 307020 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 179592 | 339338 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 212977 | 776050 | 2109 |
|  Net realized and change in unrealized gains (losses) | 392569 | 1115388 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $416626 | $1225343 | $4251 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F56<br>Sub-Account | F59<br>Sub-Account | F54<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $12744 | $28985 | $15593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 12744 | 28985 | 15593 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (12602) | (5070) | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 109406 | 6092 | 76828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 96804 | 1022 | 77108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 201866 | 74908 | (9442) |
|  Net realized and change in unrealized gains (losses) | 298670 | 75930 | 67666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $311414 | $104915 | $83259 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F53<br>Sub-Account | T28<br>Sub-Account | G30<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $10231 | $24512 | $1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  | (331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 10231 | 24512 | 835 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2063 | (3245) | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 79789 | 6 | 14503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 81852 | (3239) | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18623) | 14188 | (5074) |
|  Net realized and change in unrealized gains (losses) | 63229 | 10949 | 9699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $73460 | $35461 | $10534 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | G32<br>Sub-Account | 521<br>Sub-Account | G33<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7130 | $1957 | $6735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (94) | (937) | (1003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 7036 | 1020 | 5732 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2261 | 2015 | 6615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 64640 | 22269 | 33036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 66901 | 24284 | 39651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20608) | 14250 | 34370 |
|  Net realized and change in unrealized gains (losses) | 46293 | 38534 | 74021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $53329 | $39554 | $79753 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | G31<br>Sub-Account | V15<br>Sub-Account | V35<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $48998 | $— | $2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1951) | (628) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 47047 | (628) | 2686 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 84621 | 46152 | 87775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 927488 | 134251 | 195455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1012109 | 180403 | 283230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31889) | (23029) | (44029) |
|  Net realized and change in unrealized gains (losses) | 980220 | 157374 | 239201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $1027267 | $156746 | $241887 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V13<br>Sub-Account | A39<br>Sub-Account | V11<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3258 | $6597 | $9821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (324) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3258 | 6273 | 9821 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 8674 | (548) | 7601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 24145 | 75944 | 28178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 32819 | 75396 | 35779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (854) | 68939 | 19360 |
|  Net realized and change in unrealized gains (losses) | 31965 | 144335 | 55139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $35223 | $150608 | $64960 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | IB1<br>Sub-Account | A21<br>Sub-Account | I76<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $33487 | $82435 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (935) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 33487 | 81500 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (640) | (38676) | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 176918 | 365881 | 21671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 176278 | 327205 | 23085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 124219 | 454009 | 14908 |
|  Net realized and change in unrealized gains (losses) | 300497 | 781214 | 37993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $333984 | $862714 | $37993 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MB0<br>Sub-Account | MB1<br>Sub-Account | MB5<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $14183 | $22748 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 14183 | 22748 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1836 | 14796 | (11705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 230092 |  | 584225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 231928 | 14796 | 572520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3133) | 179212 | (274760) |
|  Net realized and change in unrealized gains (losses) | 228795 | 194008 | 297760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $242978 | $216756 | $297760 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | MA9<br>Sub-Account | M07<br>Sub-Account | MD8<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $9011 | $77821 | $142430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (1656) | (1886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 9011 | 76165 | 140544 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 16491 | 313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 31970 | 207513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 48461 | 207826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27299 | 19331 |  |
|  Net realized and change in unrealized gains (losses) | 75760 | 227157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $84771 | $303322 | $140544 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | M35<br>Sub-Account | M31<br>Sub-Account | MF1<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7659 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (141) | (2139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 7659 | (141) | (2139) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (5313) | 37429 | (22771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 22533 | 499014 | 902412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 17220 | 536443 | 879641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6608 | (213506) | (685178) |
|  Net realized and change in unrealized gains (losses) | 23828 | 322937 | 194463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $31487 | $322796 | $192324 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | M05<br>Sub-Account | M06<br>Sub-Account | M33<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $232540 | $49218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (497) | (1162) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (497) | 231378 | 49218 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (55176) | (17902) | 66295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 1206148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (55176) | (17902) | 1272443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 340453 | 129609 | (696177) |
|  Net realized and change in unrealized gains (losses) | 285277 | 111707 | 576266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $284780 | $343085 | $625484 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | M44<br>Sub-Account | M40<br>Sub-Account | M83<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $74028 | $5712 | $126765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (742) |  | (1095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 73286 | 5712 | 125670 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 78236 | 1796 | 69096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 33855 | 2849 | 589716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 112091 | 4645 | 658812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 172874 | 17881 | 187577 |
|  Net realized and change in unrealized gains (losses) | 284965 | 22526 | 846389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $358251 | $28238 | $972059 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M08<br>Sub-Account | MB6<br>Sub-Account | MA0<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $15288 | $21080 | $71402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (2615) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 15288 | 18465 | 71402 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 5044 | 25720 | (27521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 84471 | 362336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 89515 | 388056 | (27521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26529 | (106234) | 65946 |
|  Net realized and change in unrealized gains (losses) | 116044 | 281822 | 38425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $131332 | $300287 | $109827 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MA1<br>Sub-Account | M92<br>Sub-Account | M96<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $55363 | $2962 | $53555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 55363 | 2962 | 53348 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (2004) | (129) | (19191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 21173 | 2567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 19169 | 2438 | (19191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 756210 | 4300 | 49857 |
|  Net realized and change in unrealized gains (losses) | 775379 | 6738 | 30666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $830742 | $9700 | $84014 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MD2<br>Sub-Account | MA6<br>Sub-Account | M97<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $4827 | $229221 | $18220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (296) | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4827 | 228925 | 17800 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 13057 | (41065) | 31894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 108392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 13057 | (41065) | 140286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4965) | 96231 | 207090 |
|  Net realized and change in unrealized gains (losses) | 8092 | 55166 | 347376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $12919 | $284091 | $365176 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MD5<br>Sub-Account | MD6<br>Sub-Account | ME3<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2651 | $6977 | $3617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (1260) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2651 | 5717 | 3617 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 10369 | 73971 | 19404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 19658 | 367793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 30027 | 441764 | 19404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 43162 | (203504) | 46518 |
|  Net realized and change in unrealized gains (losses) | 73189 | 238260 | 65922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $75840 | $243977 | $69539 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MB8<br>Sub-Account | MF4<br>Sub-Account | MF6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $37801 | $51312 | $72849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (333) |  | (302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 37468 | 51312 | 72547 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (180498) | (20805) | (27218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 373410 | 79146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 192912 | 58341 | (27218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5154) | 57594 | 99973 |
|  Net realized and change in unrealized gains (losses) | 187758 | 115935 | 72755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $225226 | $167247 | $145302 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MF8<br>Sub-Account | MG0<br>Sub-Account | MF2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $41144 | $12642 | $190098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (135) | (7) | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 41009 | 12635 | 189659 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (16949) | (780) | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 135572 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 118623 | (780) | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 164138 | 19097 | 47200 |
|  Net realized and change in unrealized gains (losses) | 282761 | 18317 | 51044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $323770 | $30952 | $240703 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MG3<br>Sub-Account | MG5<br>Sub-Account | ME0<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $65295 | $101777 | $12044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | (10) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 65295 | 101767 | 11989 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 192658 | (27736) | (6022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 568308 | 297523 | 73392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 760966 | 269787 | 67370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (451367) | 91845 | (58482) |
|  Net realized and change in unrealized gains (losses) | 309599 | 361632 | 8888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $374894 | $463399 | $20877 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V43<br>Sub-Account | O01<br>Sub-Account | O19<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3191 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (225) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2966 |  |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (8029) | 46980 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 307861 | 16764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (8029) | 354841 | 16886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 97661 | (46928) | (1344) |
|  Net realized and change in unrealized gains (losses) | 89632 | 307913 | 15542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $92598 | $307913 | $15542 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | O00<br>Sub-Account | O20<br>Sub-Account | O21<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  | 135 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 3187 | 511 | (2675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 19212 | 43857 | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 22399 | 44368 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11821) | (13085) | 6239 |
|  Net realized and change in unrealized gains (losses) | 10578 | 31283 | 6265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $10578 | $31283 | $6400 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P10<br>Sub-Account | PK8<br>Sub-Account | PK9<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $11010 | $149827 | $1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 11010 | 149827 | 1075 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (6926) | (46859) | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (6926) | (46859) | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 61445 | 200391 | 4195 |
|  Net realized and change in unrealized gains (losses) | 54519 | 153532 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $65529 | $303359 | $4835 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P06<br>Sub-Account | P07<br>Sub-Account | 307<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $46296 | $266502 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 46296 | 266502 |  |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (1835) | (97566) | 583954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 1007063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (1835) | (97566) | 1591017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 59839 | 382647 | 354045 |
|  Net realized and change in unrealized gains (losses) | 58004 | 285081 | 1945062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $104300 | $551583 | $1945062 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | |
|:---|:---|
|  | W42<br>Sub-Account |
|  **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |
|  **Net realized and change in unrealized gains (losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4636 |
|  Net realized and change in unrealized gains (losses) | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | $2155 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AL1 Sub-Account | AL1 Sub-Account | A70 Sub-Account | A70 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $2910 | $2348 | $— | $— |
|  Net realized gains (losses) | 7886 | 1915 | 20890 | 1104 |
|  Net change in unrealized appreciation (depreciation) | 13290 | 6409 | (16328) | 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 24086 | 10672 | 4562 | 6461 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 8586 | 12055 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net |  |  | (14739) |  |
|  Withdrawals, surrenders, annuitizations and contract charges | (84) | (23) | (14588) | (226) |
|  Mortality and expense risk charges |  | (55) |  |  |
|  Charges for life insurance protection and monthly administration charge | (1614) | (5439) | (1711) | (2323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 6888 | 6538 | (31038) | (2549) |
|  Total increase (decrease) in net assets | 30974 | 17210 | (26476) | 3912 |
|  Net assets at beginning of year | 134233 | 117023 | 112027 | 108115 |
|  Net assets at end of year | $165207 | $134233 | $85551 | $112027 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A71 Sub-Account | A71 Sub-Account | A98 Sub-Account | A98 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $45219 | $76744 | $1237 | $1301 |
|  Net realized gains (losses) | 439528 | 289541 | 10640 | 472 |
|  Net change in unrealized appreciation (depreciation) | 12143 | 403837 | 9434 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 496890 | 770122 | 21311 | 2535 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 76867 | 98343 | 2892 | 2982 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (81669) | (7980) | (17695) | 1544 |
|  Withdrawals, surrenders, annuitizations and contract charges | (251198) | (1167343) | (377) | (240) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (189022) | (196836) | (2128) | (2436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (445022) | (1273816) | (17308) | 1850 |
|  Total increase (decrease) in net assets | 51868 | (503694) | 4003 | 4385 |
|  Net assets at beginning of year | 5161664 | 5665358 | 56182 | 51797 |
|  Net assets at end of year | $5213532 | $5161664 | $60185 | $56182 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A55 Sub-Account | A55 Sub-Account | A54 Sub-Account | A54 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $10694 | $3544 | $— | $— |
|  Net realized gains (losses) | 89870 | 5126 | 2859 | (865) |
|  Net change in unrealized appreciation (depreciation) | 31042 | 112491 | 214039 | 220596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 131606 | 121161 | 216898 | 219731 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 171 | 3638 | 46183 | 30996 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (4) | 9121 | 29493 | 65320 |
|  Withdrawals, surrenders, annuitizations and contract charges | (1664) | (1423) | (3444) | (39672) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (24502) | (21451) | (51091) | (44031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (25999) | (10115) | 21141 | 12613 |
|  Total increase (decrease) in net assets | 105607 | 111046 | 238039 | 232344 |
|  Net assets at beginning of year | 648321 | 537275 | 1264413 | 1032069 |
|  Net assets at end of year | $753928 | $648321 | $1502452 | $1264413 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A51 Sub-Account | A51 Sub-Account | 308 Sub-Account | 308 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(9) | $152 | $15268 | $17571 |
|  Net realized gains (losses) | (452) | (624) | 81477 | 72750 |
|  Net change in unrealized appreciation (depreciation) | 3595 | 3567 | 68025 | 116768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3134 | 3095 | 164770 | 207089 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 2694 | 1757 | 23586 | 7582 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1008 | 12295 | 80126 | (262792) |
|  Withdrawals, surrenders, annuitizations and contract charges | (133) | (46) | (16669) | (114978) |
|  Mortality and expense risk charges |  |  |  | (563) |
|  Charges for life insurance protection and monthly administration charge | (990) | (677) | (65567) | (51506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 2579 | 13329 | 21476 | (422257) |
|  Total increase (decrease) in net assets | 5713 | 16424 | 186246 | (215168) |
|  Net assets at beginning of year | 42509 | 26085 | 963502 | 1178670 |
|  Net assets at end of year | $48222 | $42509 | $1149748 | $963502 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 301 Sub-Account | 301 Sub-Account | 304 Sub-Account | 304 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $180300 | $157594 | $2915 | $6740 |
|  Net realized gains (losses) | (46657) | (88282) | 29912 | 129197 |
|  Net change in unrealized appreciation (depreciation) | 153904 | (18624) | 12167 | (55899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 287547 | 50688 | 44994 | 80038 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 11228 |  | 7788 | 386 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 224897 | 1421524 | (64651) | (270296) |
|  Withdrawals, surrenders, annuitizations and contract charges | 2 | (109499) | (2529) | (109358) |
|  Mortality and expense risk charges |  | (3375) |  | (217) |
|  Charges for life insurance protection and monthly administration charge | (38165) | (30559) | (9368) | (15559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 197962 | 1278091 | (68760) | (395044) |
|  Total increase (decrease) in net assets | 485509 | 1328779 | (23766) | (315006) |
|  Net assets at beginning of year | 3852165 | 2523386 | 239843 | 554849 |
|  Net assets at end of year | $4337674 | $3852165 | $216077 | $239843 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 309 Sub-Account | 309 Sub-Account | 306 Sub-Account | 306 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $5600 | $6968 | $3 | $3310 |
|  Net realized gains (losses) | 14162 | 11345 | 61 | (28339) |
|  Net change in unrealized appreciation (depreciation) | 67794 | 35611 | 92 | 42533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 87556 | 53924 | 156 | 17504 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received |  |  |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (7514) | (14939) | 6 | (96543) |
|  Withdrawals, surrenders, annuitizations and contract charges |  | (64209) |  | (247099) |
|  Mortality and expense risk charges |  | (204) |  | (134) |
|  Charges for life insurance protection and monthly administration charge | (3821) | (3574) | (660) | (5255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (11335) | (82926) | (654) | (349031) |
|  Total increase (decrease) in net assets | 76221 | (29002) | (498) | (331527) |
|  Net assets at beginning of year | 362384 | 391386 | 1516 | 333043 |
|  Net assets at end of year | $438605 | $362384 | $1018 | $1516 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 303 Sub-Account | 303 Sub-Account | 302 Sub-Account | 302 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $2750 | $6031 | $5345 | $6722 |
|  Net realized gains (losses) | 202430 | 218483 | 96619 | 35854 |
|  Net change in unrealized appreciation (depreciation) | 128911 | 279602 | (5517) | 86645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 334091 | 504116 | 96447 | 129221 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 15446 | 4270 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (44740) | (53696) | (14027) | (14865) |
|  Withdrawals, surrenders, annuitizations and contract charges | (44339) | (315594) | (2) | (106511) |
|  Mortality and expense risk charges |  | (1077) |  | (297) |
|  Charges for life insurance protection and monthly administration charge | (29045) | (23642) | (1908) | (1812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (102678) | (389739) | (15937) | (123485) |
|  Total increase (decrease) in net assets | 231413 | 114377 | 80510 | 5736 |
|  Net assets at beginning of year | 1683739 | 1569362 | 541262 | 535526 |
|  Net assets at end of year | $1915152 | $1683739 | $621772 | $541262 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 305 Sub-Account | 305 Sub-Account | 300 Sub-Account | 300 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $4854 | $4841 | $73675 | $54881 |
|  Net realized gains (losses) | 53 | (1507) | (68107) | (6881) |
|  Net change in unrealized appreciation (depreciation) | 1018 | 3909 | 1238066 | 16793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 5925 | 7243 | 1243634 | 64793 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 645 | 1089 | 14384 | 6402 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (384) | 365 | 214685 | 1215564 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3581) | (45403) | (22487) | (2633) |
|  Mortality and expense risk charges |  | (45) |  | (1932) |
|  Charges for life insurance protection and monthly administration charge | (945) | (983) | (66620) | (39995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (4265) | (44977) | 139962 | 1177406 |
|  Total increase (decrease) in net assets | 1660 | (37734) | 1383596 | 1242199 |
|  Net assets at beginning of year | 74771 | 112505 | 4623767 | 3381568 |
|  Net assets at end of year | $76431 | $74771 | $6007363 | $4623767 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | B18 Sub-Account | B18 Sub-Account | C60 Sub-Account | C60 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $112537 | $29093 | $— | $— |
|  Net realized gains (losses) | 263143 | 165912 | 20382 | 15315 |
|  Net change in unrealized appreciation (depreciation) | 23836 | (26769) | 73267 | 123899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 399516 | 168236 | 93649 | 139214 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 38486 | 32448 | 19825 | 19144 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 541350 | 192239 | 25964 | (15681) |
|  Withdrawals, surrenders, annuitizations and contract charges | (36303) | (202199) | (6605) | (898) |
|  Mortality and expense risk charges |  | (214) |  | (180) |
|  Charges for life insurance protection and monthly administration charge | (93218) | (95140) | (22358) | (19619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 450315 | (72866) | 16826 | (17234) |
|  Total increase (decrease) in net assets | 849831 | 95370 | 110475 | 121980 |
|  Net assets at beginning of year | 2007298 | 1911928 | 580559 | 458579 |
|  Net assets at end of year | $2857129 | $2007298 | $691034 | $580559 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | D37 Sub-Account | D37 Sub-Account | D55 Sub-Account | D55 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $5441 | $5785 | $47717 | $39446 |
|  Net realized gains (losses) | 42283 | 51904 | 182067 | (183536) |
|  Net change in unrealized appreciation (depreciation) | 32547 | 70268 | 342216 | 630922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 80271 | 127957 | 572000 | 486832 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 41853 | 16668 | 30300 | 32234 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1996 | (7673) | (458482) | (1203634) |
|  Withdrawals, surrenders, annuitizations and contract charges | (63079) | (6753) | (112333) | (45524) |
|  Mortality and expense risk charges |  |  |  | (237) |
|  Charges for life insurance protection and monthly administration charge | (33227) | (34994) | (136069) | (180157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (52457) | (32752) | (676584) | (1397318) |
|  Total increase (decrease) in net assets | 27814 | 95205 | (104584) | (910486) |
|  Net assets at beginning of year | 983260 | 888055 | 4552593 | 5463079 |
|  Net assets at end of year | $1011074 | $983260 | $4448009 | $4552593 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | S61 Sub-Account | S61 Sub-Account | D18 Sub-Account | D18 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $24376 | $28809 | $29651 | $35173 |
|  Net realized gains (losses) | 256479 | 102572 | 415946 | 72039 |
|  Net change in unrealized appreciation (depreciation) | 149526 | 14156 | (26494) | 393659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 430381 | 145537 | 419103 | 500871 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 60765 | 49524 | 53047 | 70346 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 3590 | (22584) | 190335 | (177455) |
|  Withdrawals, surrenders, annuitizations and contract charges | (32767) | (85689) | (240337) | (72542) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (73454) | (94692) | (123753) | (134273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (41866) | (153441) | (120708) | (313924) |
|  Total increase (decrease) in net assets | 388515 | (7904) | 298395 | 186947 |
|  Net assets at beginning of year | 2382809 | 2390713 | 4232932 | 4045985 |
|  Net assets at end of year | $2771324 | $2382809 | $4531327 | $4232932 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FD7 Sub-Account | FD7 Sub-Account | F24 Sub-Account | F24 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $40621 | $41289 | $— | $833 |
|  Net realized gains (losses) | 160806 | 91740 | 551199 | 592221 |
|  Net change in unrealized appreciation (depreciation) | 161135 | 211444 | 8901 | 72596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 362562 | 344473 | 560100 | 665650 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 115422 | 102732 | 31440 | 36741 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (1605) | 26860 | (61574) | 106294 |
|  Withdrawals, surrenders, annuitizations and contract charges | (86988) | (1891) | (18371) | (214899) |
|  Mortality and expense risk charges |  | (405) |  | (446) |
|  Charges for life insurance protection and monthly administration charge | (166292) | (150529) | (75333) | (67381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (139463) | (23233) | (123838) | (139691) |
|  Total increase (decrease) in net assets | 223099 | 321240 | 436262 | 525959 |
|  Net assets at beginning of year | 2560613 | 2239373 | 2712672 | 2186713 |
|  Net assets at end of year | $2783712 | $2560613 | $3148934 | $2712672 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F29 Sub-Account | F29 Sub-Account | F15 Sub-Account | F15 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7169 | $11234 | $114 | $112 |
|  Net realized gains (losses) | 2679347 | 1798590 | 215 | 56 |
|  Net change in unrealized appreciation (depreciation) | 39888 | 1613592 | 223 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2726404 | 3423416 | 552 | 277 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 146440 | 130029 |  | 790 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (207853) | (4002) |  |  |
|  Withdrawals, surrenders, annuitizations and contract charges | (330203) | (207269) | (86) | (68) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (427091) | (504981) | (183) | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (818707) | (586223) | (269) | 532 |
|  Total increase (decrease) in net assets | 1907697 | 2837193 | 283 | 809 |
|  Net assets at beginning of year | 13228997 | 10391804 | 4376 | 3567 |
|  Net assets at end of year | $15136694 | $13228997 | $4659 | $4376 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F14 Sub-Account | F14 Sub-Account | F21 Sub-Account | F21 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1444 | $1242 | $13936 | $— |
|  Net realized gains (losses) | 4101 | 1067 | 1001201 | 1571435 |
|  Net change in unrealized appreciation (depreciation) | 3688 | 2947 | (78683) | (214219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 9233 | 5256 | 936454 | 1357216 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 3160 | 2742 | 74788 | 74581 |
|  Transfers between Sub-Accounts (including the Fixed Account), net |  |  | (70005) | 823416 |
|  Withdrawals, surrenders, annuitizations and contract charges | (697) | (451) | (15025) | (374049) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (3425) | (3422) | (196436) | (180839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (962) | (1131) | (206678) | 343109 |
|  Total increase (decrease) in net assets | 8271 | 4125 | 729776 | 1700325 |
|  Net assets at beginning of year | 61348 | 57223 | 6449596 | 4749271 |
|  Net assets at end of year | $69619 | $61348 | $7179372 | $6449596 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F26 Sub-Account | F26 Sub-Account | FM7 Sub-Account | FM7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $322587 | $319598 | $215406 | $225970 |
|  Net realized gains (losses) | 590534 | 1413183 | 1044725 | 2624107 |
|  Net change in unrealized appreciation (depreciation) | 4646893 | 4700012 | 2028383 | 1375378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 5560014 | 6432793 | 3288514 | 4225455 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 83349 | 134302 | 190151 | 188861 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 879707 | (747184) | 792867 | (3042837) |
|  Withdrawals, surrenders, annuitizations and contract charges | (76500) | (695165) | (617884) | (743847) |
|  Mortality and expense risk charges |  | (11573) |  |  |
|  Charges for life insurance protection and monthly administration charge | (330989) | (310594) | (629719) | (721180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 555567 | (1630214) | (264585) | (4319003) |
|  Total increase (decrease) in net assets | 6115581 | 4802579 | 3023929 | (93548) |
|  Net assets at beginning of year | 31577034 | 26774455 | 19446831 | 19540379 |
|  Net assets at end of year | $37692615 | $31577034 | $22470760 | $19446831 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F41 Sub-Account | F41 Sub-Account | FM8 Sub-Account | FM8 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $5118 | $6771 | $110334 | $171990 |
|  Net realized gains (losses) | 244573 | 288085 |  |  |
|  Net change in unrealized appreciation (depreciation) | (20535) | 4888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 229156 | 299744 | 110334 | 171990 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 19796 | 16596 | 135740 | 241046 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 433 | 24504 | (100602) | (69480) |
|  Withdrawals, surrenders, annuitizations and contract charges | (17243) | (85080) | (1171730) | (224751) |
|  Mortality and expense risk charges |  | (373) |  |  |
|  Charges for life insurance protection and monthly administration charge | (48437) | (45553) | (176705) | (284512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (45451) | (89906) | (1313297) | (337697) |
|  Total increase (decrease) in net assets | 183705 | 209838 | (1202963) | (165707) |
|  Net assets at beginning of year | 1999057 | 1789219 | 3447875 | 3613582 |
|  Net assets at end of year | $2182762 | $1999057 | $2244912 | $3447875 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F23 Sub-Account | F23 Sub-Account | FE3 Sub-Account | FE3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $102132 | $99672 | $24057 | $19966 |
|  Net realized gains (losses) | 761707 | 475117 | 179592 | 6679 |
|  Net change in unrealized appreciation (depreciation) | 327024 | (273764) | 212977 | 38277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1190863 | 301025 | 416626 | 64922 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 111803 | 136587 | 40322 | 39508 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1079 | 5148 | (43649) | 20128 |
|  Withdrawals, surrenders, annuitizations and contract charges | (229626) | (277389) | (8119) | (49071) |
|  Mortality and expense risk charges |  |  |  | (187) |
|  Charges for life insurance protection and monthly administration charge | (245306) | (259547) | (26223) | (24356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (362050) | (395201) | (37669) | (13978) |
|  Total increase (decrease) in net assets | 828813 | (94176) | 378957 | 50944 |
|  Net assets at beginning of year | 5998722 | 6092898 | 1132841 | 1081897 |
|  Net assets at end of year | $6827535 | $5998722 | $1511798 | $1132841 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T20 Sub-Account | T20 Sub-Account | FE6 Sub-Account | FE6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $109955 | $109920 | $691 | $674 |
|  Net realized gains (losses) | 339338 | 5809 | 1451 | (22) |
|  Net change in unrealized appreciation (depreciation) | 776050 | (162278) | 2109 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1225343 | (46549) | 4251 | 2863 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 164120 | 184392 | 118 | 118 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (150251) | 253304 | (22) | (21) |
|  Withdrawals, surrenders, annuitizations and contract charges | (249725) | (95088) | (100) | (71) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (260183) | (242206) | (346) | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (496039) | 100402 | (350) | (313) |
|  Total increase (decrease) in net assets | 729304 | 53853 | 3901 | 2550 |
|  Net assets at beginning of year | 4379480 | 4325627 | 33922 | 31372 |
|  Net assets at end of year | $5108784 | $4379480 | $37823 | $33922 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F56 Sub-Account | F56 Sub-Account | F59 Sub-Account | F59 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $12744 | $13618 | $28985 | $37690 |
|  Net realized gains (losses) | 96804 | 6430 | 1022 | (15015) |
|  Net change in unrealized appreciation (depreciation) | 201866 | 55751 | 74908 | 30513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 311414 | 75799 | 104915 | 53188 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 44527 | 50339 | 11212 | 10221 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (10918) | (48719) | 757247 | 31478 |
|  Withdrawals, surrenders, annuitizations and contract charges | (8222) | (10784) | (389) | (203456) |
|  Mortality and expense risk charges |  | (20) |  | (174) |
|  Charges for life insurance protection and monthly administration charge | (76732) | (102164) | (11538) | (15507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (51345) | (111348) | 756532 | (177438) |
|  Total increase (decrease) in net assets | 260069 | (35549) | 861447 | (124250) |
|  Net assets at beginning of year | 1345397 | 1380946 | 557710 | 681960 |
|  Net assets at end of year | $1605466 | $1345397 | $1419157 | $557710 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F54 Sub-Account | F54 Sub-Account | F53 Sub-Account | F53 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $15593 | $18935 | $10231 | $13349 |
|  Net realized gains (losses) | 77108 | 18444 | 81852 | 149057 |
|  Net change in unrealized appreciation (depreciation) | (9442) | 68690 | (18623) | 54431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 83259 | 106069 | 73460 | 216837 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 17558 | 17628 | 18169 | 14705 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (7714) | (3096) | (5271) | 33574 |
|  Withdrawals, surrenders, annuitizations and contract charges | (27087) | (237212) | (4309) | (469631) |
|  Mortality and expense risk charges |  | (195) |  | (498) |
|  Charges for life insurance protection and monthly administration charge | (22005) | (27312) | (25156) | (34221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (39248) | (250187) | (16567) | (456071) |
|  Total increase (decrease) in net assets | 44011 | (144118) | 56893 | (239234) |
|  Net assets at beginning of year | 738985 | 883103 | 956785 | 1196019 |
|  Net assets at end of year | $782996 | $738985 | $1013678 | $956785 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T28 Sub-Account | T28 Sub-Account | G30 Sub-Account | G30 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $24512 | $23895 | $835 | $1062 |
|  Net realized gains (losses) | (3239) | (14145) | 14773 | 15152 |
|  Net change in unrealized appreciation (depreciation) | 14188 | 11991 | (5074) | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 35461 | 21741 | 10534 | 21367 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 7174 | 6784 |  | 1706 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 5662 | 7630 | (982) | (68361) |
|  Withdrawals, surrenders, annuitizations and contract charges | (15046) | (66624) | (61) | (21) |
|  Mortality and expense risk charges |  | (193) |  |  |
|  Charges for life insurance protection and monthly administration charge | (8012) | (9654) | (3514) | (4021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (10222) | (62057) | (4557) | (70697) |
|  Total increase (decrease) in net assets | 25239 | (40316) | 5977 | (49330) |
|  Net assets at beginning of year | 485250 | 525566 | 103204 | 152534 |
|  Net assets at end of year | $510489 | $485250 | $109181 | $103204 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G32 Sub-Account | G32 Sub-Account | 521 Sub-Account | 521 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7036 | $5959 | $1020 | $1543 |
|  Net realized gains (losses) | 66901 | 36087 | 24284 | 20988 |
|  Net change in unrealized appreciation (depreciation) | (20608) | 27226 | 14250 | 18789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 53329 | 69272 | 39554 | 41320 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 569 | 569 | 4037 | 4037 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (12083) | (4333) | (4798) | (8288) |
|  Withdrawals, surrenders, annuitizations and contract charges | (10415) | (8350) | (243) | (85) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (15172) | (19760) | (7734) | (7052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (37101) | (31874) | (8738) | (11388) |
|  Total increase (decrease) in net assets | 16228 | 37398 | 30816 | 29932 |
|  Net assets at beginning of year | 602193 | 564795 | 256361 | 226429 |
|  Net assets at end of year | $618421 | $602193 | $287177 | $256361 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G33 Sub-Account | G33 Sub-Account | G31 Sub-Account | G31 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $5732 | $5900 | $47047 | $38775 |
|  Net realized gains (losses) | 39651 | 11922 | 1012109 | 987321 |
|  Net change in unrealized appreciation (depreciation) | 34370 | (5429) | (31889) | 313436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 79753 | 12393 | 1027267 | 1339532 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 8684 | 12371 | 74476 | 83713 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (6970) | (801) | (50148) | 713832 |
|  Withdrawals, surrenders, annuitizations and contract charges | (163) | (56) | (25341) | (199060) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (20295) | (21168) | (257870) | (247463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (18744) | (9654) | (258883) | 351022 |
|  Total increase (decrease) in net assets | 61009 | 2739 | 768384 | 1690554 |
|  Net assets at beginning of year | 218150 | 215411 | 6676035 | 4985481 |
|  Net assets at end of year | $279159 | $218150 | $7444419 | $6676035 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V15 Sub-Account | V15 Sub-Account | V35 Sub-Account | V35 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(628) | $(854) | $2686 | $13513 |
|  Net realized gains (losses) | 180403 | 23300 | 283230 | 114779 |
|  Net change in unrealized appreciation (depreciation) | (23029) | 369992 | (44029) | 265233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 156746 | 392438 | 241887 | 393525 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 13107 | 17400 | 7094 | 16608 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (41402) | 21136 | (331385) | 694279 |
|  Withdrawals, surrenders, annuitizations and contract charges | (24582) | (78396) | (2235) | (709090) |
|  Mortality and expense risk charges |  |  |  | (8) |
|  Charges for life insurance protection and monthly administration charge | (88092) | (81844) | (42741) | (35321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (140969) | (121704) | (369267) | (33532) |
|  Total increase (decrease) in net assets | 15777 | 270734 | (127380) | 359993 |
|  Net assets at beginning of year | 1458670 | 1187936 | 1198483 | 838490 |
|  Net assets at end of year | $1474447 | $1458670 | $1071103 | $1198483 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V13 Sub-Account | V13 Sub-Account | A39 Sub-Account | A39 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $3258 | $1562 | $6273 | $5992 |
|  Net realized gains (losses) | 32819 | 8279 | 75396 | 74685 |
|  Net change in unrealized appreciation (depreciation) | (854) | (316) | 68939 | 116298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 35223 | 9525 | 150608 | 196975 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 7819 | 4405 | 2993 | 2623 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (120) | 99841 | 1053 | (8361) |
|  Withdrawals, surrenders, annuitizations and contract charges | (26768) | (134) | (1445) | (904) |
|  Mortality and expense risk charges |  | (31) |  | (66) |
|  Charges for life insurance protection and monthly administration charge | (4015) | (3730) | (19762) | (18272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (23084) | 100351 | (17161) | (24980) |
|  Total increase (decrease) in net assets | 12139 | 109876 | 133447 | 171995 |
|  Net assets at beginning of year | 201948 | 92072 | 955713 | 783718 |
|  Net assets at end of year | $214087 | $201948 | $1089160 | $955713 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V11 Sub-Account | V11 Sub-Account | IB1 Sub-Account | IB1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $9821 | $8771 | $33487 | $20660 |
|  Net realized gains (losses) | 35779 | 21782 | 176278 | 80428 |
|  Net change in unrealized appreciation (depreciation) | 19360 | 29577 | 124219 | 68650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 64960 | 60130 | 333984 | 169738 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 7731 | 4781 | 69545 | 53103 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (61476) | 1494 | (7036) | 767977 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3589) | (500) | (4063) | (30900) |
|  Mortality and expense risk charges |  | (26) |  |  |
|  Charges for life insurance protection and monthly administration charge | (17343) | (17204) | (100461) | (101560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (74677) | (11455) | (42015) | 688620 |
|  Total increase (decrease) in net assets | (9717) | 48675 | 291969 | 858358 |
|  Net assets at beginning of year | 555382 | 506707 | 2149927 | 1291569 |
|  Net assets at end of year | $545665 | $555382 | $2441896 | $2149927 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A21 Sub-Account | A21 Sub-Account | I76 Sub-Account | I76 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $81500 | $101185 | $— | $598 |
|  Net realized gains (losses) | 327205 | 51047 | 23085 | 21785 |
|  Net change in unrealized appreciation (depreciation) | 454009 | (134605) | 14908 | 52633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 862714 | 17627 | 37993 | 75016 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 95200 | 104563 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (1224512) | 807552 | (198) | (82) |
|  Withdrawals, surrenders, annuitizations and contract charges | (161048) | (163447) | (1548) | (4192) |
|  Mortality and expense risk charges |  | (72) |  |  |
|  Charges for life insurance protection and monthly administration charge | (229567) | (260913) | (12080) | (11591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1519927) | 487683 | (13826) | (15865) |
|  Total increase (decrease) in net assets | (657213) | 505310 | 24167 | 59151 |
|  Net assets at beginning of year | 5578690 | 5073380 | 481867 | 422716 |
|  Net assets at end of year | $4921477 | $5578690 | $506034 | $481867 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB0 Sub-Account | MB0 Sub-Account | MB1 Sub-Account | MB1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $14183 | $26562 | $22748 | $20322 |
|  Net realized gains (losses) | 231928 | 88989 | 14796 | 6588 |
|  Net change in unrealized appreciation (depreciation) | (3133) | (94420) | 179212 | (1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 242978 | 21131 | 216756 | 25632 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 17567 | 23850 | 12236 | 14280 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 14592 | 469753 | (13873) | 13686 |
|  Withdrawals, surrenders, annuitizations and contract charges | (10839) | (655) | (2970) | (798) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (44861) | (29728) | (34570) | (30254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (23541) | 463220 | (39177) | (3086) |
|  Total increase (decrease) in net assets | 219437 | 484351 | 177579 | 22546 |
|  Net assets at beginning of year | 1344798 | 860447 | 686427 | 663881 |
|  Net assets at end of year | $1564235 | $1344798 | $864006 | $686427 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB5 Sub-Account | MB5 Sub-Account | MA9 Sub-Account | MA9 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $— | $— | $9011 | $9719 |
|  Net realized gains (losses) | 572520 | 96927 | 48461 | 51981 |
|  Net change in unrealized appreciation (depreciation) | (274760) | 155999 | 27299 | 20037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 297760 | 252926 | 84771 | 81737 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 18973 | 27048 | 9906 | 13415 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 893471 | (28061) | (29422) | 391 |
|  Withdrawals, surrenders, annuitizations and contract charges | (10316) | (844) | (9879) | (571) |
|  Mortality and expense risk charges |  |  |  |  |
|  Charges for life insurance protection and monthly administration charge | (48178) | (44318) | (21785) | (20929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 853950 | (46175) | (51180) | (7694) |
|  Total increase (decrease) in net assets | 1151710 | 206751 | 33591 | 74043 |
|  Net assets at beginning of year | 1221162 | 1014411 | 521408 | 447365 |
|  Net assets at end of year | $2372872 | $1221162 | $554999 | $521408 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD8 Sub-Account | MD8 Sub-Account | M07 Sub-Account | M07 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $140544 | $272650 | $76165 | $66457 |
|  Net realized gains (losses) |  |  | 207826 | 136022 |
|  Net change in unrealized appreciation (depreciation) |  |  | 19331 | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 140544 | 272650 | 303322 | 201678 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 182458 | 232247 | 79983 | 79597 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2488435) | (814668) | 6919 | 15674 |
|  Withdrawals, surrenders, annuitizations and contract charges | (34606) | (534701) | (12841) | (27266) |
|  Mortality and expense risk charges |  | (606) |  |  |
|  Charges for life insurance protection and monthly administration charge | (373237) | (365479) | (167701) | (153574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (2713820) | (1483207) | (93640) | (85569) |
|  Total increase (decrease) in net assets | (2573276) | (1210557) | 209682 | 116109 |
|  Net assets at beginning of year | 4553418 | 5763975 | 2774546 | 2658437 |
|  Net assets at end of year | $1980142 | $4553418 | $2984228 | $2774546 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M35 Sub-Account | M35 Sub-Account | M31 Sub-Account | M31 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7659 | $6817 | $(141) | $(158) |
|  Net realized gains (losses) | 17220 | 12226 | 536443 | 236291 |
|  Net change in unrealized appreciation (depreciation) | 6608 | 1699 | (213506) | 474493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 31487 | 20742 | 322796 | 710626 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 2016 | 9810 | 33759 | 42515 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 975 | 6545 | (29688) | (284559) |
|  Withdrawals, surrenders, annuitizations and contract charges | (12743) | (4607) | (38749) | (163560) |
|  Mortality and expense risk charges |  | (111) |  | (224) |
|  Charges for life insurance protection and monthly administration charge | (10132) | (9499) | (119082) | (117726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (19884) | 2138 | (153760) | (523554) |
|  Total increase (decrease) in net assets | 11603 | 22880 | 169036 | 187072 |
|  Net assets at beginning of year | 301554 | 278674 | 2695591 | 2508519 |
|  Net assets at end of year | $313157 | $301554 | $2864627 | $2695591 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF1 Sub-Account | MF1 Sub-Account | M05 Sub-Account | M05 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(2139) | $(2063) | $(497) | $(497) |
|  Net realized gains (losses) | 879641 | 320220 | (55176) | (121964) |
|  Net change in unrealized appreciation (depreciation) | (685178) | 387257 | 340453 | 267774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 192324 | 705414 | 284780 | 145313 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 63744 | 60238 | 23569 | 31500 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (200911) | 158983 | (14600) | (67698) |
|  Withdrawals, surrenders, annuitizations and contract charges | (23165) | (22228) | (11934) | (85400) |
|  Mortality and expense risk charges |  | (492) |  | (19) |
|  Charges for life insurance protection and monthly administration charge | (191088) | (253890) | (103756) | (129240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (351420) | (57389) | (106721) | (250857) |
|  Total increase (decrease) in net assets | (159096) | 648025 | 178059 | (105544) |
|  Net assets at beginning of year | 5493465 | 4845440 | 2253399 | 2358943 |
|  Net assets at end of year | $5334369 | $5493465 | $2431458 | $2253399 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M06 Sub-Account | M06 Sub-Account | M33 Sub-Account | M33 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $231378 | $224888 | $49218 | $29925 |
|  Net realized gains (losses) | (17902) | (153492) | 1272443 | 394164 |
|  Net change in unrealized appreciation (depreciation) | 129609 | 63191 | (696177) | 423627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 343085 | 134587 | 625484 | 847716 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 94213 | 111882 | 60548 | 84598 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 893262 | (815489) | (110646) | (90904) |
|  Withdrawals, surrenders, annuitizations and contract charges | (85448) | (338998) | (125670) | (135609) |
|  Mortality and expense risk charges |  | (802) |  | (137) |
|  Charges for life insurance protection and monthly administration charge | (236377) | (203576) | (184017) | (261385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 665650 | (1246983) | (359785) | (403437) |
|  Total increase (decrease) in net assets | 1008735 | (1112396) | 265699 | 444279 |
|  Net assets at beginning of year | 4351484 | 5463880 | 5089685 | 4645406 |
|  Net assets at end of year | $5360219 | $4351484 | $5355384 | $5089685 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M44 Sub-Account | M44 Sub-Account | M40 Sub-Account | M40 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $73286 | $54477 | $5712 | $4047 |
|  Net realized gains (losses) | 112091 | 84312 | 4645 | 6707 |
|  Net change in unrealized appreciation (depreciation) | 172874 | 110537 | 17881 | 9491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 358251 | 249326 | 28238 | 20245 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 82379 | 45440 | 4119 | 6485 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (173094) | 10139 | (7166) | 3799 |
|  Withdrawals, surrenders, annuitizations and contract charges | (51656) | (248410) | (661) | (506) |
|  Mortality and expense risk charges |  |  |  | (63) |
|  Charges for life insurance protection and monthly administration charge | (80126) | (80004) | (5382) | (4937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (222497) | (272835) | (9090) | 4778 |
|  Total increase (decrease) in net assets | 135754 | (23509) | 19148 | 25023 |
|  Net assets at beginning of year | 2456062 | 2479571 | 200753 | 175730 |
|  Net assets at end of year | $2591816 | $2456062 | $219901 | $200753 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M83 Sub-Account | M83 Sub-Account | M08 Sub-Account | M08 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $125670 | $139899 | $15288 | $22956 |
|  Net realized gains (losses) | 658812 | 928788 | 89515 | 148825 |
|  Net change in unrealized appreciation (depreciation) | 187577 | (93608) | 26529 | (20245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 972059 | 975079 | 131332 | 151536 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 91045 | 128185 | 16825 | 15034 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (174948) | (801085) | 8210 | 440021 |
|  Withdrawals, surrenders, annuitizations and contract charges | (152574) | (456485) | (5597) | (587276) |
|  Mortality and expense risk charges |  | (622) |  | (206) |
|  Charges for life insurance protection and monthly administration charge | (259362) | (339595) | (29569) | (39631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (495839) | (1469602) | (10131) | (172058) |
|  Total increase (decrease) in net assets | 476220 | (494523) | 121201 | (20522) |
|  Net assets at beginning of year | 7762049 | 8256572 | 1035343 | 1055865 |
|  Net assets at end of year | $8238269 | $7762049 | $1156544 | $1035343 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB6 Sub-Account | MB6 Sub-Account | MA0 Sub-Account | MA0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $18465 | $16076 | $71402 | $55231 |
|  Net realized gains (losses) | 388056 | 144059 | (27521) | (8681) |
|  Net change in unrealized appreciation (depreciation) | (106234) | 236359 | 65946 | (8637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 300287 | 396494 | 109827 | 37913 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 37709 | 25718 | 18926 | 9113 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (45952) | 72381 | (83092) | 85373 |
|  Withdrawals, surrenders, annuitizations and contract charges | (14090) | (11914) | (7090) | (267) |
|  Mortality and expense risk charges |  |  |  | (547) |
|  Charges for life insurance protection and monthly administration charge | (93866) | (75715) | (37035) | (39311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (116199) | 10470 | (108291) | 54361 |
|  Total increase (decrease) in net assets | 184088 | 406964 | 1536 | 92274 |
|  Net assets at beginning of year | 2001892 | 1594928 | 1536535 | 1444261 |
|  Net assets at end of year | $2185980 | $2001892 | $1538071 | $1536535 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MA1 Sub-Account | MA1 Sub-Account | M92 Sub-Account | M92 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $55363 | $70722 | $2962 | $392 |
|  Net realized gains (losses) | 19169 | (135145) | 2438 | (435) |
|  Net change in unrealized appreciation (depreciation) | 756210 | 383432 | 4300 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 830742 | 319009 | 9700 | 3523 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 19770 | 18058 | 8601 |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (45510) | (1721) | (26746) |  |
|  Withdrawals, surrenders, annuitizations and contract charges | (10432) | (2766) | (3302) | 1 |
|  Mortality and expense risk charges |  | (1835) |  | (13) |
|  Charges for life insurance protection and monthly administration charge | (46814) | (40064) | (10176) | (7100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (82986) | (28328) | (31623) | (7112) |
|  Total increase (decrease) in net assets | 747756 | 290681 | (21923) | (3589) |
|  Net assets at beginning of year | 2526250 | 2235569 | 72958 | 76547 |
|  Net assets at end of year | $3274006 | $2526250 | $51035 | $72958 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M96 Sub-Account | M96 Sub-Account | MD2 Sub-Account | MD2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $53348 | $46057 | $4827 | $9800 |
|  Net realized gains (losses) | (19191) | (32838) | 13057 | (2278) |
|  Net change in unrealized appreciation (depreciation) | 49857 | (5288) | (4965) | (7273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 84014 | 7931 | 12919 | 249 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 46450 | 64358 | 4243 | 4271 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 7740 | (22768) | (162628) | 9949 |
|  Withdrawals, surrenders, annuitizations and contract charges | (89316) | (173254) | (6148) | (43819) |
|  Mortality and expense risk charges |  |  |  | (115) |
|  Charges for life insurance protection and monthly administration charge | (74216) | (83791) | (17971) | (33179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (109342) | (215455) | (182504) | (62893) |
|  Total increase (decrease) in net assets | (25328) | (207524) | (169585) | (62644) |
|  Net assets at beginning of year | 1280305 | 1487829 | 283466 | 346110 |
|  Net assets at end of year | $1254977 | $1280305 | $113881 | $283466 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MA6 Sub-Account | MA6 Sub-Account | M97 Sub-Account | M97 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $228925 | $215694 | $17800 | $15205 |
|  Net realized gains (losses) | (41065) | (56894) | 140286 | 16387 |
|  Net change in unrealized appreciation (depreciation) | 96231 | 76419 | 207090 | 101472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 284091 | 235219 | 365176 | 133064 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 87512 | 86920 | 47793 | 17281 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (4997) | (39230) | 964415 | 16885 |
|  Withdrawals, surrenders, annuitizations and contract charges | (127298) | (250103) | (28701) | (62259) |
|  Mortality and expense risk charges |  | (246) |  |  |
|  Charges for life insurance protection and monthly administration charge | (156932) | (176117) | (72229) | (52847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (201715) | (378776) | 911278 | (80940) |
|  Total increase (decrease) in net assets | 82376 | (143557) | 1276454 | 52124 |
|  Net assets at beginning of year | 3386099 | 3529656 | 1575468 | 1523344 |
|  Net assets at end of year | $3468475 | $3386099 | $2851922 | $1575468 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD5 Sub-Account | MD5 Sub-Account | MD6 Sub-Account | MD6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $2651 | $3214 | $5717 | $7826 |
|  Net realized gains (losses) | 30027 | 973 | 441764 | 315439 |
|  Net change in unrealized appreciation (depreciation) | 43162 | 27610 | (203504) | 68292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 75840 | 31797 | 243977 | 391557 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 6709 | 2258 | 26030 | 37438 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (71368) | 6399 | (218766) | 96073 |
|  Withdrawals, surrenders, annuitizations and contract charges | (6275) | (397) | (303633) | (282213) |
|  Mortality and expense risk charges |  | (119) |  |  |
|  Charges for life insurance protection and monthly administration charge | (14719) | (14333) | (71281) | (75827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (85653) | (6192) | (567650) | (224529) |
|  Total increase (decrease) in net assets | (9813) | 25605 | (323673) | 167028 |
|  Net assets at beginning of year | 386768 | 361163 | 2722799 | 2555771 |
|  Net assets at end of year | $376955 | $386768 | $2399126 | $2722799 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ME3 Sub-Account | ME3 Sub-Account | MB8 Sub-Account | MB8 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $3617 | $9548 | $37468 | $37259 |
|  Net realized gains (losses) | 19404 | 12071 | 192912 | (15797) |
|  Net change in unrealized appreciation (depreciation) | 46518 | 17269 | (5154) | 167134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 69539 | 38888 | 225226 | 188596 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 6742 | 7633 | 50549 | 49516 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (21980) | (1338492) | (51033) | 10429 |
|  Withdrawals, surrenders, annuitizations and contract charges | (167) | (105) | (227454) | (116371) |
|  Mortality and expense risk charges |  | (719) |  | (473) |
|  Charges for life insurance protection and monthly administration charge | (2952) | (7578) | (103890) | (123638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (18357) | (1339261) | (331828) | (180537) |
|  Total increase (decrease) in net assets | 51182 | (1300373) | (106602) | 8059 |
|  Net assets at beginning of year | 250092 | 1550465 | 3973782 | 3965723 |
|  Net assets at end of year | $301274 | $250092 | $3867180 | $3973782 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF4 Sub-Account | MF4 Sub-Account | MF6 Sub-Account | MF6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $51312 | $34141 | $72547 | $89193 |
|  Net realized gains (losses) | 58341 | (2952) | (27218) | (24237) |
|  Net change in unrealized appreciation (depreciation) | 57594 | 66412 | 99973 | (170166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 167247 | 97601 | 145302 | (105210) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 22367 | 23918 | 74216 | 89901 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (4889) | (4959) | 268102 | 195575 |
|  Withdrawals, surrenders, annuitizations and contract charges | (74853) | (43469) | (69808) | (128736) |
|  Mortality and expense risk charges |  | (705) |  | (156) |
|  Charges for life insurance protection and monthly administration charge | (53507) | (52290) | (127655) | (145402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (110882) | (77505) | 144855 | 11182 |
|  Total increase (decrease) in net assets | 56365 | 20096 | 290157 | (94028) |
|  Net assets at beginning of year | 1754123 | 1734027 | 4133771 | 4227799 |
|  Net assets at end of year | $1810488 | $1754123 | $4423928 | $4133771 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF8 Sub-Account | MF8 Sub-Account | MG0 Sub-Account | MG0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $41009 | $30711 | $12635 | $24291 |
|  Net realized gains (losses) | 118623 | 9065 | (780) | (65569) |
|  Net change in unrealized appreciation (depreciation) | 164138 | 235829 | 19097 | 20215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 323770 | 275605 | 30952 | (21063) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 29753 | 28817 | 5895 | 5845 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (111041) | 66588 | (3307) | (299570) |
|  Withdrawals, surrenders, annuitizations and contract charges | (32546) | (377139) | (11398) | (113) |
|  Mortality and expense risk charges |  | (279) |  | (489) |
|  Charges for life insurance protection and monthly administration charge | (62772) | (64879) | (8909) | (10752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (176606) | (346892) | (17719) | (305079) |
|  Total increase (decrease) in net assets | 147164 | (71287) | 13233 | (326142) |
|  Net assets at beginning of year | 2715662 | 2786949 | 358196 | 684338 |
|  Net assets at end of year | $2862826 | $2715662 | $371429 | $358196 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF2 Sub-Account | MF2 Sub-Account | MG3 Sub-Account | MG3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $189659 | $174592 | $65295 | $76806 |
|  Net realized gains (losses) | 3844 | (12450) | 760966 | 372662 |
|  Net change in unrealized appreciation (depreciation) | 47200 | 72251 | (451367) | 290243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 240703 | 234393 | 374894 | 739711 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 128568 | 171896 | 125995 | 121850 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 247161 | (76939) | (639152) | 918490 |
|  Withdrawals, surrenders, annuitizations and contract charges | (299407) | (393628) | (20356) | (180187) |
|  Mortality and expense risk charges |  | (372) |  | (102) |
|  Charges for life insurance protection and monthly administration charge | (235517) | (262745) | (239000) | (230844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (159195) | (561788) | (772513) | 629207 |
|  Total increase (decrease) in net assets | 81508 | (327395) | (397619) | 1368918 |
|  Net assets at beginning of year | 4289839 | 4617234 | 6317257 | 4948339 |
|  Net assets at end of year | $4371347 | $4289839 | $5919638 | $6317257 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MG5 Sub-Account | MG5 Sub-Account | ME0 Sub-Account | ME0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $101767 | $68642 | $11989 | $14461 |
|  Net realized gains (losses) | 269787 | (37033) | 67370 | 1784 |
|  Net change in unrealized appreciation (depreciation) | 91845 | 334315 | (58482) | 114097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 463399 | 365924 | 20877 | 130342 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 78062 | 80800 | 11469 | 21856 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2745) | (2972) | (21085) | (8035) |
|  Withdrawals, surrenders, annuitizations and contract charges | (7132) | (792303) | (1619) | (567721) |
|  Mortality and expense risk charges |  | (1411) |  | (47) |
|  Charges for life insurance protection and monthly administration charge | (183179) | (171354) | (32597) | (32073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (114994) | (887240) | (43832) | (586020) |
|  Total increase (decrease) in net assets | 348405 | (521316) | (22955) | (455678) |
|  Net assets at beginning of year | 4147233 | 4668549 | 705174 | 1160852 |
|  Net assets at end of year | $4495638 | $4147233 | $682219 | $705174 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V43 Sub-Account | V43 Sub-Account | O01 Sub-Account | O01 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $2966 | $— | $— | $— |
|  Net realized gains (losses) | (8029) | (27329) | 354841 | 17332 |
|  Net change in unrealized appreciation (depreciation) | 97661 | 80372 | (46928) | 542791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 92598 | 53043 | 307913 | 560123 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 6113 | 2956 | 25305 | 25424 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 52085 | 421094 | (138228) | 680290 |
|  Withdrawals, surrenders, annuitizations and contract charges | (910) | (221) | (4781) | (21884) |
|  Mortality and expense risk charges |  | (28) |  |  |
|  Charges for life insurance protection and monthly administration charge | (32592) | (7458) | (102564) | (88648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 24696 | 416343 | (220268) | 595182 |
|  Total increase (decrease) in net assets | 117294 | 469386 | 87645 | 1155305 |
|  Net assets at beginning of year | 670692 | 201306 | 2463772 | 1308467 |
|  Net assets at end of year | $787986 | $670692 | $2551417 | $2463772 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | O19 Sub-Account | O19 Sub-Account | O00 Sub-Account | O00 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $— | $— | $— | $— |
|  Net realized gains (losses) | 16886 | (88) | 22399 | (227) |
|  Net change in unrealized appreciation (depreciation) | (1344) | 31716 | (11821) | 46283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 15542 | 31628 | 10578 | 46056 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 395 | 395 |  | 470 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 49 | (306) | (60392) | 733 |
|  Withdrawals, surrenders, annuitizations and contract charges | (168) | (128) | (1428) | (558) |
|  Mortality and expense risk charges |  | (35) |  |  |
|  Charges for life insurance protection and monthly administration charge | (1256) | (1095) | (9104) | (9375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (980) | (1169) | (70924) | (8730) |
|  Total increase (decrease) in net assets | 14562 | 30459 | (60346) | 37326 |
|  Net assets at beginning of year | 124285 | 93826 | 230667 | 193341 |
|  Net assets at end of year | $138847 | $124285 | $170321 | $230667 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | O20 Sub-Account | O20 Sub-Account | O21 Sub-Account | O21 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $— | $— | $135 | $— |
|  Net realized gains (losses) | 44368 | 12890 | 26 | 1610 |
|  Net change in unrealized appreciation (depreciation) | (13085) | 15079 | 6239 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 31283 | 27969 | 6400 | 7998 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 2104 | 2064 | 4550 | 3044 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 3476 | (3) | (1369) | (3963) |
|  Withdrawals, surrenders, annuitizations and contract charges | (375) | (228) | (397) | (290) |
|  Mortality and expense risk charges |  | (10) |  |  |
|  Charges for life insurance protection and monthly administration charge | (1525) | (1528) | (2233) | (2647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 3680 | 295 | 551 | (3856) |
|  Total increase (decrease) in net assets | 34963 | 28264 | 6951 | 4142 |
|  Net assets at beginning of year | 205813 | 177549 | 39642 | 35500 |
|  Net assets at end of year | $240776 | $205813 | $46593 | $39642 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P10 Sub-Account | P10 Sub-Account | PK8 Sub-Account | PK8 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $11010 | $7484 | $149827 | $126802 |
|  Net realized gains (losses) | (6926) | (7471) | (46859) | (19515) |
|  Net change in unrealized appreciation (depreciation) | 61445 | 13478 | 200391 | 33311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 65529 | 13491 | 303359 | 140598 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 19955 | 18144 | 54460 | 63281 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (483) | 16801 | (10752) | 144155 |
|  Withdrawals, surrenders, annuitizations and contract charges | (11828) | (208) | (112870) | (63288) |
|  Mortality and expense risk charges |  | (135) |  | (56) |
|  Charges for life insurance protection and monthly administration charge | (14066) | (12898) | (80596) | (85156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (6422) | 21704 | (149758) | 58936 |
|  Total increase (decrease) in net assets | 59107 | 35195 | 153601 | 199534 |
|  Net assets at beginning of year | 345190 | 309995 | 2135722 | 1936188 |
|  Net assets at end of year | $404297 | $345190 | $2289323 | $2135722 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PK9 Sub-Account | PK9 Sub-Account | P06 Sub-Account | P06 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1075 | $839 | $46296 | $34385 |
|  Net realized gains (losses) | (435) | (446) | (1835) | (3221) |
|  Net change in unrealized appreciation (depreciation) | 4195 | 1994 | 59839 | (3208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 4835 | 2387 | 104300 | 27956 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received |  | 2279 | 41860 | 43789 |
|  Transfers between Sub-Accounts (including the Fixed Account), net |  |  | 30576 | 8315 |
|  Withdrawals, surrenders, annuitizations and contract charges | (42) | (25) | (2647) | (7276) |
|  Mortality and expense risk charges |  | (4) |  |  |
|  Charges for life insurance protection and monthly administration charge | (3801) | (3360) | (60862) | (57071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (3843) | (1110) | 8927 | (12243) |
|  Total increase (decrease) in net assets | 992 | 1277 | 113227 | 15713 |
|  Net assets at beginning of year | 23978 | 22701 | 1319097 | 1303384 |
|  Net assets at end of year | $24970 | $23978 | $1432324 | $1319097 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P07 Sub-Account | P07 Sub-Account | 307 Sub-Account | 307 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $266502 | $343248 | $— | $— |
|  Net realized gains (losses) | (97566) | (672061) | 1591017 | 954501 |
|  Net change in unrealized appreciation (depreciation) | 382647 | 573425 | 354045 | 2026902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 551583 | 244612 | 1945062 | 2981403 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  Purchase payments received | 150636 | 171993 | 89678 | 104544 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 686284 | 29569 | (235805) | (302638) |
|  Withdrawals, surrenders, annuitizations and contract charges | (125407) | (2288740) | (325140) | (160805) |
|  Mortality and expense risk charges |  | (11) |  |  |
|  Charges for life insurance protection and monthly administration charge | (231146) | (232192) | (299962) | (346327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 480367 | (2319381) | (771229) | (705226) |
|  Total increase (decrease) in net assets | 1031950 | (2074769) | 1173833 | 2276177 |
|  Net assets at beginning of year | 6297189 | 8371958 | 10884875 | 8608698 |
|  Net assets at end of year | $7329139 | $6297189 | $12058708 | $10884875 |

---

*The accompanying notes are an integral part of these financial statements.* 

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | W42 Sub-Account | W42 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |
|  Net investment income (loss) | $— | $— |
|  Net realized gains (losses) | (2481) | (1435) |
|  Net change in unrealized appreciation (depreciation) | 4636 | 5559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2155 | 4124 |
|  **Contract Owner Transactions:** |  |  |
|  Purchase payments received | 3369 | 2314 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1012 | (1205) |
|  Withdrawals, surrenders, annuitizations and contract charges | (239) | (173) |
|  Mortality and expense risk charges |  |  |
|  Charges for life insurance protection and monthly administration charge | (1610) | (1888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 2532 | (952) |
|  Total increase (decrease) in net assets | 4687 | 3172 |
|  Net assets at beginning of year | 31639 | 28467 |
|  Net assets at end of year | $36326 | $31639 |

---

*The accompanying notes are an integral part of these financial statements.* 

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**1. BUSINESS AND ORGANIZATION** 

Delaware Life Variable Account I (the "**Variable Account**") is a separate account of Delaware Life Insurance Company (the "**Sponsor**"). The Variable Account was established on August 25, 1999 as a funding vehicle for the variable portion of Futurity Variable Universal Life ("**VUL**") contracts, Futurity Protector VUL contracts, Futurity Protector II VUL contracts, Futurity Accumulator VUL contracts, Futurity Accumulator II VUL contracts, Futurity Survivorship VUL contracts, Futurity Survivorship II VUL contracts, Executive VUL contracts, Prime VUL contracts, Protector VUL contracts, Prime Survivorship VUL contracts and certain other individual variable universal life insurance contracts (the "**Contracts**") issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 946, "Financial Services – Investment Companies".

The assets of the Variable Account are divided into "**Sub-Accounts**". Each Sub-Account is invested in shares of a specific mutual fund (collectively the "**Funds**"), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor's other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Previous Name** | **Effective Date** |
| D37 | LVIP Macquarie SMID Cap Core Fund Standard Class | November 3, 2025 |
| O01 | Invesco V.I. Capital Appreciation Fund, Series I | April 30, 2025 |
| O19 | Invesco V.I. Capital Appreciation Fund, Series II | April 30, 2025 |
| W42 | Wanger Acorn | June 2, 2025 |

---

There were no Sub-Accounts held by the contract owners of the Variable Account that were closed, merged into another Sub-Account or commenced operations during the current year.

There were no Sub-Accounts held by the contract owners of the Variable Account, with commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***General***

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"). The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

***Investment Valuation and Transactions***

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2025. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

***Units***

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

***Purchase Payments***

Upon issuance of new contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

***Transfers***

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the "**Fixed Account**". The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** 

***Contract Loans***

Contract holders are permitted to borrow against the cash value of their accounts. The loan proceeds are deducted from the Variable Account and recorded in the Sponsor's general account as an asset. Contract loan activity is reflected in the "Transfer between Sub-Accounts (including the Fixed Account), net" line on the Statements of Changes in Net Assets.

***Federal Income Taxes***

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the "**Code**"). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary a provision may be made in future years.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimate is the fair value measurements of investments. Actual results could vary from the amounts derived from the Sponsor management's estimates.

***Subsequent events***

The Sponsor's management has evaluated events subsequent to December 31, 2025 through the date the financial statements are issued, noting that there are no subsequent events requiring accounting adjustments or disclosure.

**3. FAIR VALUE MEASUREMENTS** 

The Sub-Accounts' investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("**Topic 820**"), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity's estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three level hierarchy described above. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

The Variable Account uses the Funds' closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2025, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2025. There were no transfers between levels during the year ended December 31, 2025.

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**4. RELATED-PARTY TRANSACTIONS** 

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

Charges related to contracts sold to persons who are officers, directors, or employees of the Sponsor or an affiliate of the Sponsor may be waived.

**5. CONTRACT CHARGES** 

***Mortality and expense risk charges***

Charges for mortality and expense risks are based on the value of the Sub-Account and are deducted from the contract's account value, through the redemption of fund units for the mortality and expense risks assumed by the Sponsor. For the Executive Product this charge is deducted daily over the duration of the policy, and is guaranteed not to exceed an annual rate of 0.60% of the Variable Account assets. For the Single Life (Futurity VUL, Futurity Protector VUL, Protector II VUL, Accumulator VUL, Accumulator II VUL, Prime VUL and Protector VUL) and Survivorship Products (Futurity Survivorship VUL, Futurity Survivorship II VUL and Prime Survivorship VUL) the charge is deducted monthly with the maximum deduction not exceeding an annual rate of 0.75% of the Variable Account assets over a range of five to 15 policy years, depending on the product purchased. Thereafter, the effective annual rates range from 0.10% to 0.20% for the Single Life Products, and 0.5% for the Survivorship Products. These charges are reflected in the Statements of Changes in Net Assets.

***Administration charges***

An account administration fee ("**Account Fee**") is deducted from the participant's account to reimburse the Sponsor for certain administrative expenses and issuances costs. For the Executive Product, the monthly expense charge of $5 to $10 is deducted over the duration of the policy, combined with a monthly charge based on the specified face amount of the policy. The monthly charge for the Single Life Products ranges from $8 to $10 for all policy years, combined with a monthly face amount charge for the first 5 to 20 policy years following policy issue, or each specified face amount increase, depending on the product purchased. For the Futurity Survivorship and Futurity Survivorship II Products, the monthly expense charge is deducted for the first 10 policy years, and for the first 10 policy years following the effective date of each specified face amount increase. The charge is based on the specified face amount or increase thereof, times a rate determined by the age, sex and rating class of each insured. For the Prime Survivorship Product, the monthly expense charge is $10 for all policy years, combined with a monthly face amount charge for the first 10 policy years, and for the first 10 policy years following the effective date of each specified face amount increase. The charge is based on the specified face amount or increase thereof, times a rate determined by the age, sex and rating class of each insured. The Account Fee is reflected in the Statements of Changes in Net Assets as part of "Charges for life insurance protection and monthly administration charge".

***Sales charges***

Certain charges are deducted from the premium before it is allocated by Sub-Account. For the Executive Product the charge on premiums up to and including the premium amount used to determine commission payments to Selling Broker-Dealers ("**Target Premium**") will not exceed 35% in Policy Year 1, 12% in Policy Years 2-10 and 5% thereafter. The charge on premium in excess of Target Premium will not exceed 5%. The current charge for the Single Life Products can range from 5.25% to 15.00% of premium payments, depending on the product and riders purchased. For the Futurity Survivorship and Futurity Survivorship II Products, the charge is 6% of premiums and is guaranteed not to exceed 8%. For the Prime Survivorship Product, the charge is 18.50% of premiums and is guaranteed not to exceed 25%.

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**5. CONTRACT CHARGES (CONTINUED)** 

***Charges for Life Insurance Protection***

On the monthly anniversary of the contract, the cost of insurance is deducted from each Sub-Account through a redemption of units to cover the anticipated cost of providing life insurance. The charge is based on the length of time a policy has been in force and other factors, including issue age, sex and rating class of the insured, and will not exceed the guaranteed maximum monthly cost of insurance rates based on the applicable Commissioner's Standard Ordinary Smoker and Nonsmoker Mortality Tables. These charges are reported in the Statements of Changes in Net Assets as part of "Charges for life insurance protection and monthly administration charge".

***Surrender charges***

A surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses relating to the sale of the contract if the contract holder requests a full withdrawal prior to reaching the pay-out phase. The surrender charge is based on certain factors, including the specified face amount, the insured's age, sex and rating class. For the Futurity Survivorship and Futurity Survivorship II Products, the surrender charge period will generally end after 15 policy years from the date of policy issue, or 15 policy years from the effective date of each specified face amount increase. For the Single Life Products, depending on the product purchased, the surrender charge can apply to the first 9 to 15 policy years following the date of policy issue, or the respective policy years from the effective date of each specified face amount increase. The Executive Product and Prime Survivorship Product do not currently impose such surrender charges. Surrender charges when deducted are retained by the Sponsor. These charges are reflected as part of "Withdrawals, surrenders, annuitizations and contract charges" in the Statements of Changes in Net Assets.

***Premium Taxes***

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the premium payment.

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##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**6. INVESTMENT PURCHASES AND SALES** 

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  AL1 | $19563 | $1698 |
|  A70 | 11136 | 31038 |
|  A71 | 536162 | 513717 |
|  A98 | 61395 | 77467 |
|  A55 | 94671 | 26166 |
|  A54 | 72306 | 51164 |
|  A51 | 5468 | 2338 |
| 308 | 187494 | 81953 |
| 301 | 607734 | 229473 |
| 304 | 46901 | 81321 |
| 309 | 19604 | 11335 |
| 306 | 37 | 658 |
| 303 | 173511 | 132917 |
| 302 | 104101 | 19251 |
| 305 | 5416 | 4827 |
| 300 | 662307 | 448671 |
|  B18 | 984704 | 151533 |
|  C60 | 60203 | 43378 |
|  D37 | 65877 | 88598 |
|  D55 | 565013 | 930375 |
|  S61 | 366577 | 108712 |
|  D18 | 655815 | 357033 |
|  FD7 | 336885 | 306650 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**6. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  F24 | $520374 | $154339 |
|  F29 | 2399335 | 934801 |
|  F15 | 356 | 270 |
|  F14 | 7424 | 4103 |
|  F21 | 1077374 | 384091 |
|  F26 | 1687264 | 634461 |
|  FM7 | 1538111 | 1483079 |
|  F41 | 284954 | 82721 |
|  FM8 | 241277 | 1444240 |
|  F23 | 833666 | 498760 |
|  FE3 | 241619 | 82074 |
|  T20 | 781192 | 860256 |
|  FE6 | 2201 | 402 |
|  F56 | 163381 | 92576 |
|  F59 | 837597 | 45988 |
|  F54 | 114351 | 61178 |
|  F53 | 128183 | 54730 |
|  T28 | 39442 | 25145 |
|  G30 | 15934 | 5153 |
|  G32 | 71865 | 37290 |
| 521 | 28807 | 14255 |
|  G33 | 50283 | 30258 |
|  G31 | 1056040 | 340388 |
|  V15 | 177016 | 184363 |
|  V35 | 205477 | 376602 |
|  V13 | 35754 | 31436 |
|  A39 | 98947 | 33892 |
|  V11 | 60611 | 97289 |
|  IB1 | 321825 | 153435 |
|  A21 | 559933 | 1632479 |
|  I76 | 21703 | 13858 |
|  MB0 | 277582 | 56848 |
|  MB1 | 39457 | 55886 |
|  MB5 | 1519516 | 81341 |
|  MA9 | 53335 | 63534 |
|  MD8 | 550832 | 3124108 |
|  M07 | 409754 | 219716 |
|  M35 | 53620 | 43311 |
|  M31 | 549948 | 204836 |
|  MF1 | 1011125 | 462273 |
|  M05 | 28391 | 135610 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**6. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  M06 | $1258312 | $361284 |
|  M33 | 1317468 | 421886 |
|  M44 | 183833 | 299189 |
|  M40 | 12641 | 13170 |
|  M83 | 842049 | 622503 |
|  M08 | 127463 | 37835 |
|  MB6 | 414173 | 149572 |
|  MA0 | 110696 | 147584 |
|  MA1 | 108411 | 114861 |
|  M92 | 15179 | 41274 |
|  M96 | 99741 | 155735 |
|  MD2 | 16546 | 194222 |
|  MA6 | 396619 | 369409 |
|  M97 | 1203980 | 166510 |
|  MD5 | 36320 | 99663 |
|  MD6 | 394019 | 588159 |
|  ME3 | 395102 | 409842 |
|  MB8 | 526829 | 447779 |
|  MF4 | 150921 | 131346 |
|  MF6 | 431961 | 214559 |
|  MF8 | 206479 | 206503 |
|  MG0 | 114326 | 119411 |
|  MF2 | 646748 | 616284 |
|  MG3 | 820366 | 959278 |
|  MG5 | 468140 | 183842 |
|  ME0 | 99653 | 58104 |
|  V43 | 86531 | 58869 |
|  O01 | 328608 | 241015 |
|  O19 | 17360 | 1577 |
|  O00 | 19212 | 70924 |
|  O20 | 49472 | 1935 |
|  O21 | 8395 | 5008 |
|  P10 | 35942 | 31354 |
|  PK8 | 252863 | 252794 |
|  PK9 | 1075 | 3843 |
|  P06 | 136164 | 80941 |
|  P07 | 1296050 | 549180 |
| 307 | 1128628 | 892794 |
|  W42 | 6578 | 4047 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING** 

The changes in units outstanding for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  AL1 | 287 | 56 | 231 |
|  A70 |  | 1316 | (1316) |
|  A71 | 3262 | 12274 | (9012) |
|  A98 | 5024 | 6554 | (1530) |
|  A55 | 3 | 455 | (452) |
|  A54 | 1437 | 1066 | 371 |
|  A51 | 170 | 112 | 58 |
| 308 | 2108 | 1803 | 305 |
| 301 | 68601 | 56512 | 12089 |
| 304 | 498 | 1575 | (1077) |
| 309 | 4672 | 4915 | (243) |
| 306 | 13 | 31 | (18) |
| 303 | 909 | 1793 | (884) |
| 302 | 3271 | 3486 | (215) |
| 305 | 25 | 168 | (143) |
| 300 | 23149 | 18421 | 4728 |
|  B18 | 20756 | 6505 | 14251 |
|  C60 | 2928 | 2516 | 412 |
|  D37 | 496 | 1133 | (637) |
|  D55 | 6802 | 14976 | (8174) |
|  S61 | 1794 | 2590 | (796) |
|  D18 | 5523 | 7615 | (2092) |
|  FD7 | 20194 | 22907 | (2713) |
|  F24 | 708 | 2930 | (2222) |
|  F29 | 4071 | 11460 | (7389) |
|  F15 |  | 11 | (11) |
|  F14 | 115 | 150 | (35) |
|  F21 | 2746 | 5257 | (2511) |
|  F26 | 52354 | 42558 | 9796 |
|  FM7 | 19800 | 24984 | (5184) |
|  F41 | 2257 | 3388 | (1131) |
|  FM8 | 13801 | 102804 | (89003) |
|  F23 | 8235 | 18912 | (10677) |
|  FE3 | 2537 | 4110 | (1573) |
|  T20 | 12178 | 25114 | (12936) |
|  FE6 | 4 | 15 | (11) |
|  F56 | 1533 | 2809 | (1276) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  F59 | 32860 | 3880 | 28980 |
|  F54 | 1029 | 2597 | (1568) |
|  F53 | 1267 | 1679 | (412) |
|  T28 | 884 | 1391 | (507) |
|  G30 | 6 | 114 | (108) |
|  G32 | 9 | 606 | (597) |
| 521 | 93 | 215 | (122) |
|  G33 | 662 | 1461 | (799) |
|  G31 | 2037 | 6177 | (4140) |
|  V15 | 1066 | 3635 | (2569) |
|  V35 | 160 | 5851 | (5691) |
|  V13 | 227 | 731 | (504) |
|  A39 | 474 | 920 | (446) |
|  V11 | 643 | 2506 | (1863) |
|  IB1 | 2297 | 2973 | (676) |
|  A21 | 8148 | 46509 | (38361) |
|  I76 | 1 | 374 | (373) |
|  MB0 | 1025 | 1479 | (454) |
|  MB1 | 1498 | 4200 | (2702) |
|  MB5 | 14541 | 1414 | 13127 |
|  MA9 | 473 | 2013 | (1540) |
|  MD8 | 141556 | 372120 | (230564) |
|  M07 | 7505 | 11511 | (4006) |
|  M35 | 2647 | 3550 | (903) |
|  M31 | 913 | 3189 | (2276) |
|  MF1 | 3748 | 11091 | (7343) |
|  M05 | 5626 | 8636 | (3010) |
|  M06 | 84648 | 33300 | 51348 |
|  M33 | 2991 | 10577 | (7586) |
|  M44 | 4113 | 14769 | (10656) |
|  M40 | 2040 | 2541 | (501) |
|  M83 | 7842 | 20926 | (13084) |
|  M08 | 1352 | 1756 | (404) |
|  MB6 | 588 | 2462 | (1874) |
|  MA0 | 6293 | 11571 | (5278) |
|  MA1 | 6533 | 13368 | (6835) |
|  M92 | 1718 | 3314 | (1596) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  M96 | 5880 | 11293 | (5413) |
|  MD2 | 36639 | 50141 | (13502) |
|  MA6 | 16132 | 21762 | (5630) |
|  M97 | 26592 | 4552 | 22040 |
|  MD5 | 404 | 2595 | (2191) |
|  MD6 | 588 | 9792 | (9204) |
|  ME3 | 34773 | 34949 | (176) |
|  MB8 | 3467 | 8726 | (5259) |
|  MF4 | 142916 | 147265 | (4349) |
|  MF6 | 16168 | 13151 | 3017 |
|  MF8 | 22827 | 26690 | (3863) |
|  MG0 | 8131 | 9387 | (1256) |
|  MF2 | 41070 | 52201 | (11131) |
|  MG3 | 10746 | 27774 | (17028) |
|  MG5 | 19925 | 23132 | (3207) |
|  ME0 | 290 | 1111 | (821) |
|  V43 | 1562 | 1120 | 442 |
|  O01 | 325 | 3058 | (2733) |
|  O19 | 17 | 36 | (19) |
|  O00 |  | 3977 | (3977) |
|  O20 | 956 | 850 | 106 |
|  O21 | 143 | 128 | 15 |
|  P10 | 7439 | 8026 | (587) |
|  PK8 | 9577 | 12752 | (3175) |
|  PK9 |  | 186 | (186) |
|  P06 | 4118 | 3704 | 414 |
|  P07 | 48367 | 29613 | 18754 |
| 307 | 2051 | 8927 | (6876) |
|  W42 | 205 | 120 | 85 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

The changes in units outstanding for the year ended December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  AL1 | 453 | 201 | 252 |
|  A70 |  | 106 | (106) |
|  A71 | 3079 | 28753 | (25674) |
|  A98 | 970 | 757 | 213 |
|  A55 | 8821 | 9047 | (226) |
|  A54 | 2551 | 2303 | 248 |
|  A51 | 321 | 40 | 281 |
| 308 | 505 | 8216 | (7711) |
| 301 | 140194 | 58329 | 81865 |
| 304 | 296 | 7064 | (6768) |
| 309 | 1780 | 3647 | (1867) |
| 306 | 14 | 9910 | (9896) |
| 303 | 862 | 4581 | (3719) |
| 302 | 437 | 2262 | (1825) |
| 305 | 61 | 1730 | (1669) |
| 300 | 48490 | 1907 | 46583 |
|  B18 | 10734 | 13529 | (2795) |
|  C60 | 2537 | 3060 | (523) |
|  D37 | 2915 | 3331 | (416) |
|  D55 | 6640 | 28497 | (21857) |
|  S61 | 5356 | 8591 | (3235) |
|  D18 | 1945 | 7794 | (5849) |
|  FD7 | 18239 | 18767 | (528) |
|  F24 | 33382 | 37372 | (3990) |
|  F29 | 18293 | 24704 | (6411) |
|  F15 | 35 | 11 | 24 |
|  F14 | 155 | 198 | (43) |
|  F21 | 14686 | 11293 | 3393 |
|  F26 | 67687 | 102101 | (34414) |
|  FM7 | 19415 | 92861 | (73446) |
|  F41 | 2858 | 5532 | (2674) |
|  FM8 | 25757 | 49679 | (23922) |
|  F23 | 15977 | 29099 | (13122) |
|  FE3 | 21624 | 22338 | (714) |
|  T20 | 21401 | 18449 | 2952 |
|  FE6 | 11 | 21 | (10) |
|  F56 | 8504 | 11361 | (2857) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  F59 | 4053 | 11200 | (7147) |
|  F54 | 1698 | 12062 | (10364) |
|  F53 | 11242 | 21552 | (10310) |
|  T28 | 1196 | 4566 | (3370) |
|  G30 | 51 | 1877 | (1826) |
|  G32 | 113 | 642 | (529) |
| 521 | 76 | 258 | (182) |
|  G33 | 656 | 1134 | (478) |
|  G31 | 15389 | 11090 | 4299 |
|  V15 | 996 | 3583 | (2587) |
|  V35 | 15540 | 13574 | 1966 |
|  V13 | 2673 | 145 | 2528 |
|  A39 | 504 | 1231 | (727) |
|  V11 | 440 | 748 | (308) |
|  IB1 | 15539 | 3906 | 11633 |
|  A21 | 33394 | 21330 | 12064 |
|  I76 | 2350 | 2828 | (478) |
|  MB0 | 16891 | 7762 | 9129 |
|  MB1 | 4631 | 4926 | (295) |
|  MB5 | 1438 | 2331 | (893) |
|  MA9 | 2873 | 3169 | (296) |
|  MD8 | 326484 | 457279 | (130795) |
|  M07 | 15074 | 19200 | (4126) |
|  M35 | 2505 | 2407 | 98 |
|  M31 | 7186 | 16799 | (9613) |
|  MF1 | 20203 | 21568 | (1365) |
|  M05 | 34148 | 42066 | (7918) |
|  M06 | 32429 | 131092 | (98663) |
|  M33 | 39993 | 49525 | (9532) |
|  M44 | 18232 | 34701 | (16469) |
|  M40 | 2573 | 2293 | 280 |
|  M83 | 37539 | 77684 | (40145) |
|  M08 | 20722 | 26554 | (5832) |
|  MB6 | 2601 | 2461 | 140 |
|  MA0 | 8754 | 6029 | 2725 |
|  MA1 | 86291 | 82659 | 3632 |
|  M92 | 811 | 1210 | (399) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  M96 | 22870 | 33900 | (11030) |
|  MD2 | 37226 | 42152 | (4926) |
|  MA6 | 10577 | 24753 | (14176) |
|  M97 | 1175 | 3515 | (2340) |
|  MD5 | 535 | 712 | (177) |
|  MD6 | 8748 | 13016 | (4268) |
|  ME3 | 14444 | 103757 | (89313) |
|  MB8 | 3455 | 7173 | (3718) |
|  MF4 | 90323 | 93599 | (3276) |
|  MF6 | 22642 | 22962 | (320) |
|  MF8 | 24885 | 33678 | (8793) |
|  MG0 | 3150 | 26253 | (23103) |
|  MF2 | 30015 | 70048 | (40033) |
|  MG3 | 37694 | 21589 | 16105 |
|  MG5 | 20428 | 47859 | (27431) |
|  ME0 | 5436 | 16178 | (10742) |
|  V43 | 5857 | 913 | 4944 |
|  O01 | 11854 | 2262 | 9592 |
|  O19 | 21 | 49 | (28) |
|  O00 | 733 | 1289 | (556) |
|  O20 | 933 | 925 | 8 |
|  O21 | 156 | 255 | (99) |
|  P10 | 7321 | 4622 | 2699 |
|  PK8 | 11819 | 6360 | 5459 |
|  PK9 | 186 | 247 | (61) |
|  P06 | 8031 | 8516 | (485) |
|  P07 | 65822 | 164205 | (98383) |
| 307 | 2974 | 10341 | (7367) |
|  W42 | 143 | 166 | (23) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. TAX DIVERSIFICATION REQUIREMENTS** 

Under the provisions of Section 817(h) of the Code, a variable life contract, other than a pension plan contract, is not treated as a life contract for federal tax purposes for any period in which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Sponsor believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

**9. SEGMENT REPORTING** 

The Variable Account derives revenues from the variable portion of certain variable universal life products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account's variable universal life products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account's products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds' activities and performance. Investment performance of the Funds may vary based on the Fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account's Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS**

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, and the total return, for each of the five years in the period ended December 31, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>AL1</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4969 | $33.2471 | $165207 | 1.94% | — % | 17.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4738 | 28.3287 | 134233 | 1.83 |  | 8.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4486 | 26.0909 | 117023 | 0.94 |  | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4229 | 23.1593 | 97943 | 3.15 |  | (19.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4472 | 28.6513 | 128136 | 0.27 |  | 13.36 |
|  <u>A70</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3389 | 25.2473 | 85551 |  |  | 6.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4705 | 23.8125 | 112027 |  |  | 5.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4811 | 22.4732 | 108115 | 0.03 |  | 15.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4155 | 19.4232 | 80710 |  |  | (27.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5377 | 26.6683 | 143392 |  |  | 22.57 |
|  <u>A71</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 99002 | 52.6607 | 5213532 | 0.88 |  | 10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 108014 | 47.7870 | 5161664 | 1.29 |  | 12.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 133688 | 42.3776 | 5665358 | 1.27 |  | 14.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 146833 | 37.9314 | 5569578 | 1.15 |  | (4.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 142706 | 39.6852 | 5663320 | 0.65 |  | 27.84 |
|  <u>A98</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4801 | 12.5369 | 60185 | 2.10 |  | 41.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6331 | 8.8742 | 56182 | 2.33 |  | 4.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6118 | 8.4670 | 51797 | 0.54 |  | 11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9671 | 7.3734 | 71309 | 3.54 |  | (13.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16918 | 8.5533 | 144701 | 1.67 |  | 10.85 |
|  <u>A55</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11612 | 64.7298 to 57.0136 | 753928 | 1.57 | — to 0.50 | 20.82 to 20.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12064 | 53.5764 to 47.4254 | 648321 | 0.60 | — to 0.50 | 22.66 to 22.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12290 | 43.6776 to 38.8573 | 537275 | 1.39 | — to 0.50 | 23.93 to 23.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12966 | 35.2438 to 31.5105 | 456454 | 1.41 | — to 0.50 | (14.98) to (15.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13367 | 41.4534 to 37.2473 | 553548 | 1.23 | — to 0.50 | 31.66 to 31.01 |
|  <u>A54</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21392 | 70.2334 | 1502452 |  |  | 16.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21021 | 60.1495 | 1264413 |  |  | 21.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 20773 | 49.6823 | 1032069 |  |  | 23.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21200 | 40.3356 | 855103 |  |  | (36.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21414 | 63.0958 | 1351112 |  |  | 4.20 |
|  <u>A51</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 926 | 53.8722 to 40.2674 | 48222 |  | — to 0.20 | 5.91 to 5.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 868 | 50.8654 to 38.0958 | 42509 | 0.48 | — to 0.20 | 8.13 to 7.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 587 | 47.0405 to 35.3020 | 26085 |  | — to 0.20 | 16.49 to 16.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 960 | 40.3814 to 30.3650 | 37398 |  | — to 0.20 | (38.01) to (38.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2083 | 65.1452 to 49.0844 | 133383 |  | — to 0.20 | (6.06) to (6.25) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Ne<br>t Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
| <u>308</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17159 | $67.0067 | $1149748 | 1.45% | —% | 17.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16854 | 57.1685 | 963502 | 1.55 |  | 19.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24565 | 47.9826 | 1178670 | 1.83 |  | 17.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 27319 | 40.9107 | 1117627 | 1.90 |  | (8.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28737 | 44.6881 | 1284206 | 1.41 |  | 27.78 |
| <u>301</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 254746 | 17.0274 | 4337674 | 4.38 |  | 7.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 242657 | 15.8749 | 3852165 | 5.11 |  | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 160792 | 15.6936 | 2523386 | 3.76 |  | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 116609 | 14.9436 | 1742555 | 3.61 |  | (12.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 77010 | 17.0940 | 1316410 | 2.83 |  | (0.31) |
| <u>304</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3076 | 70.2452 | 216077 | 1.29 |  | 21.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4153 | 57.7550 | 239843 | 1.51 |  | 13.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10921 | 50.8038 | 554849 | 0.84 |  | 22.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13016 | 41.4377 | 539346 | 0.66 |  | (24.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13838 | 55.0582 | 761919 | 0.34 |  | 16.42 |
| <u>309</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7828 | 56.0337 | 438605 | 1.42 |  | 24.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8071 | 44.8971 | 362384 | 1.72 |  | 14.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9938 | 39.3820 | 391386 | 1.72 |  | 20.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12832 | 32.5796 | 418072 | 2.33 |  | (17.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13234 | 39.4111 | 521574 | 1.64 |  | 14.78 |
| <u>306</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26 | 39.3034 | 1018 | 0.24 |  | 14.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 44 | 34.2853 | 1516 | 1.25 |  | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9940 | 33.5041 | 333043 | 0.27 |  | 16.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10173 | 28.8400 | 293393 |  |  | (29.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10404 | 40.9391 | 425943 |  |  | 6.74 |
| <u>303</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 15510 | 123.4782 | 1915152 | 0.15 |  | 20.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16394 | 102.7021 | 1683739 | 0.34 |  | 31.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 20113 | 78.0262 | 1569362 | 0.38 |  | 38.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19226 | 56.3443 | 1083324 | 0.32 |  | (29.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19286 | 80.4191 | 1550973 | 0.21 |  | 21.99 |
| <u>302</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7751 | 80.2317 | 621772 | 0.93 |  | 18.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7966 | 67.9560 | 541262 | 1.14 |  | 24.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9791 | 54.7030 | 535526 | 1.54 |  | 26.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7153 | 43.3679 | 310155 | 1.35 |  | (16.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5875 | 51.9331 | 305020 | 1.05 |  | 24.10 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
| <u>305</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2423 | $31.5376 | $76431 | 6.50% | — % | 8.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2566 | 29.1362 | 74771 | 5.67 |  | 9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4235 | 26.5678 | 112505 | 4.86 |  | 12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7766 | 23.6257 | 183488 | 12.40 |  | (9.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4263 | 26.0380 | 110996 | 3.48 |  | 8.42 |
| <u>300</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 194441 | 30.8957 | 6007363 | 1.41 |  | 26.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 189713 | 24.3724 | 4623767 | 1.46 |  | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 143130 | 23.6260 | 3381568 | 1.33 |  | 15.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 156051 | 20.3947 | 3182602 | 1.74 |  | (20.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 157805 | 25.7462 | 4062872 | 2.45 |  | (1.50) |
|  <u>B18</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 88908 | 32.1610 to 29.5123 | 2857129 | 5.08 | — to 0.50 | 19.51 to 18.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 74657 | 26.9106 to 24.8177 | 2007298 | 1.47 | — to 0.50 | 8.93 to 8.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77452 | 24.7053 to 22.8984 | 1911928 | 2.48 | — to 0.50 | 12.49 to 11.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 84773 | 21.9622 to 20.4574 | 1860516 | 0.00 | — to 0.50 | (16.07) to (16.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 86614 | 26.1685 to 24.4972 | 2265145 | 0.85 | — to 0.50 | 6.42 to 5.89 |
|  <u>C60</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 15408 | 44.8482 | 691034 |  |  | 15.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14996 | 38.7120 | 580559 |  |  | 31.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 15519 | 29.5488 | 458579 |  |  | 42.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16258 | 20.6973 | 336522 |  |  | (31.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 27388 | 30.2297 | 827958 |  |  | 28.35 |
|  <u>D37</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10863 | 93.0710 | 1011074 | 0.57 |  | 8.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11500 | 85.5020 | 983260 | 0.62 |  | 14.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11916 | 74.5243 | 888055 | 1.09 |  | 16.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14636 | 63.9958 | 936668 | 0.44 |  | (13.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16156 | 74.1807 | 1198497 | 0.97 |  | 23.18 |
|  <u>D55</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 64979 | 81.9298 to 36.4756 | 4448009 | 1.05 |  | 12.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 73153 | 72.9126 to 32.4611 | 4552593 | 0.82 |  | 10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 95010 | 65.7538 to 29.2740 | 5463079 | 0.83 |  | 16.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 97658 | 56.5237 to 25.1647 | 4910393 | 0.62 |  | (20.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 96745 | 71.4475 to 31.8088 | 6268480 | 0.54 |  | 14.18 |
|  <u>S61</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 48511 | 57.1282 | 2771324 | 0.98 |  | 18.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 49307 | 48.3258 | 2382809 | 1.18 |  | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 52542 | 45.5009 | 2390713 | 1.16 |  | 14.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 57295 | 39.5837 | 2267965 | 0.85 |  | (15.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 58673 | 47.0134 | 2758437 | 1.28 |  | 30.50 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>D18</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 74403 | $61.0449 to $54.8639 | $4531327 | 0.69% | — % to 0.50% | 10.07% to 9.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 76495 | 55.4608 to 50.0942 | 4232932 | 0.85 | — to 0.50 | 12.62 to 12.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 82344 | 49.2480 to 44.7063 | 4045985 | 0.75 | — to 0.50 | 18.31 to 17.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 79033 | 41.6259 to 37.9754 | 3282079 | 0.73 | — to 0.50 | (14.08) to (14.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 86422 | 48.4457 to 44.4177 | 4177819 | 0.62 | — to 0.50 | 25.88 to 25.26 |
|  <u>FD7</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47639 | 58.7858 to 53.9448 | 2783712 | 1.60 | — to 0.50 | 14.96 to 14.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 50352 | 51.1375 to 47.1607 | 2560613 | 1.74 | — to 0.50 | 15.63 to 15.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 50880 | 44.2255 to 40.9913 | 2239373 | 1.39 | — to 0.50 | 21.23 to 20.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 67062 | 36.4795 to 33.9802 | 2441726 | 1.05 | — to 0.50 | (18.19) to (18.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 71123 | 44.5890 to 41.7414 | 3156100 | 0.79 | — to 0.50 | 17.99 to 17.40 |
|  <u>F24</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 50461 | 62.4025 | 3148934 |  |  | 21.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 52683 | 51.4896 | 2712672 | 0.03 |  | 33.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 56673 | 38.5838 | 2186713 | 0.26 |  | 33.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56984 | 28.9851 | 1651742 | 0.26 |  | (26.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 57905 | 39.4290 | 2283193 | 0.03 |  | 27.51 |
|  <u>F29</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 121538 | 124.5428 | 15136694 | 0.05 |  | 21.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 128927 | 102.6087 | 13228997 | 0.09 |  | 33.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 135338 | 76.7840 | 10391804 | 0.40 |  | 33.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 141870 | 57.5857 | 8169669 | 0.40 |  | (26.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 149829 | 78.2229 | 11720056 | 0.05 |  | 27.71 |
|  <u>F15</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 180 | 25.9017 | 4659 | 2.51 |  | 12.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 191 | 22.9229 | 4376 | 2.84 |  | 7.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 167 | 21.3426 | 3567 | 3.65 |  | 12.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2244 | 19.0182 | 42672 | 1.74 |  | (15.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2738 | 22.6321 | 61966 | 0.89 |  | 9.26 |
|  <u>F14</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2347 | 29.6617 | 69619 | 2.20 |  | 15.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2382 | 25.7558 | 61348 | 2.04 |  | 9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2425 | 23.5996 | 57223 | 2.26 |  | 14.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2459 | 20.6187 | 50689 | 1.57 |  | (17.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3791 | 24.8676 | 94266 | 0.88 |  | 12.07 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit<br>Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>F21</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 80701 | $88.9627 | $7179372 | 0.21% | — % | 14.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 83212 | 77.5082 | 6449596 |  |  | 30.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 79819 | 59.5004 | 4749271 | 0.03 |  | 36.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 103279 | 43.7198 | 4515347 | 0.51 |  | (24.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 106323 | 57.9247 | 6158722 | 0.00 |  | 23.08 |
|  <u>F26</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 620137 | 60.7813 | 37692615 | 0.95 |  | 17.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 610341 | 51.7368 | 31577034 | 1.07 |  | 24.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 644755 | 41.5268 | 26774455 | 1.29 |  | 25.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 602350 | 32.9894 | 19871133 | 1.24 |  | (18.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 587952 | 40.4373 | 23775134 | 1.10 |  | 28.26 |
|  <u>FM7</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 284285 | 79.0432 | 22470760 | 1.07 |  | 17.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 289469 | 67.1810 | 19446831 | 1.18 |  | 24.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 362915 | 53.8428 | 19540379 | 1.28 |  | 26.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 449722 | 42.7088 | 19207093 | 1.37 |  | (18.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 465688 | 52.2724 | 24342637 | 1.18 |  | 28.45 |
|  <u>F41</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53720 | 40.6321 | 2182762 | 0.25 |  | 11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 54851 | 36.4454 | 1999057 | 0.35 |  | 17.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 57525 | 31.1032 | 1789219 | 0.37 |  | 14.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 64293 | 27.0930 | 1741896 | 0.28 |  | (14.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62875 | 31.8617 | 2003305 | 0.34 |  | 25.31 |
|  <u>FM8</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 148868 | 15.0800 | 2244912 | 3.97 |  | 4.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 237871 | 14.4948 | 3447875 | 4.88 |  | 5.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 261793 | 13.8033 | 3613582 | 4.68 |  | 4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 337631 | 13.1709 | 4446903 | 1.15 |  | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 518626 | 12.9938 | 6738949 | 0.01 |  | 0.01 |
|  <u>F23</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 188079 | 36.3015 | 6827535 | 1.55 |  | 20.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 198756 | 30.1814 | 5998722 | 1.60 |  | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 211878 | 28.7567 | 6092898 | 0.95 |  | 20.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 228405 | 23.8826 | 5454914 | 0.99 |  | (24.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 233568 | 31.6676 | 7396529 | 0.45 |  | 19.57 |
|  <u>FE3</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52310 | 28.9012 | 1511798 | 1.82 |  | 37.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 53883 | 21.0243 | 1132841 | 1.76 |  | 6.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54597 | 19.8164 | 1081897 | 0.00 |  | 10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 69070 | 18.0025 | 1243428 | 2.08 |  | (8.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 75204 | 19.6033 | 1474249 | 0.89 |  | 4.44 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>T20</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 120316 | $42.4613 | $5108784 | 2.31% | — % | 29.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 133252 | 32.8663 | 4379480 | 2.43 |  | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 130300 | 33.1974 | 4325627 | 3.21 |  | 20.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 139969 | 27.4912 | 3847918 | 3.11 |  | (7.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 154431 | 29.7541 | 4594971 | 1.85 |  | 4.16 |
|  <u>FE6</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1082 | 34.9519 | 37823 | 1.93 |  | 12.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1093 | 31.0412 | 33922 | 2.03 |  | 9.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1103 | 28.4388 | 31372 | 1.45 |  | 14.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1117 | 24.8132 | 27710 | 1.61 |  | (16.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1130 | 29.5395 | 33375 | 1.74 |  | 11.68 |
|  <u>F56</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34579 | 47.5066 to 32.0417 | 1605466 | 0.87 |  | 23.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 35855 | 38.3656 to 25.8763 | 1345397 | 0.96 |  | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 38712 | 36.3988 to 24.5498 | 1380946 | 3.31 | — to 0.50 | 21.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 42474 | 30.0794 to 20.2876 | 1254099 | 0.16 | — to 0.20 | (11.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46661 | 33.9892 to 21.4602 | 1557321 | 1.18 | — to 0.20 | 4.35 |
|  <u>F59</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 51967 | 27.3087 | 1419157 | 3.29 |  | 12.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22987 | 24.2620 | 557710 | 5.30 |  | 7.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30134 | 22.6316 | 681960 | 5.12 |  | 8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29544 | 20.8350 | 615549 | 4.79 |  | (5.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 27774 | 22.0416 | 612179 | 4.63 |  | 16.75 |
|  <u>F54</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 29866 | 26.2166 | 782996 | 2.05 |  | 11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31434 | 23.5087 | 738985 | 2.04 |  | 11.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 41798 | 21.1274 | 883103 | 1.49 |  | 13.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 61802 | 18.6205 | 1150801 | 1.85 |  | (7.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 64223 | 20.1153 | 1291873 | 2.97 |  | 19.17 |
|  <u>F53</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25600 | 39.5982 | 1013678 | 1.07 |  | 7.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 26012 | 36.7830 | 956785 | 0.97 |  | 11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 36322 | 32.9285 | 1196019 | 0.55 |  | 12.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45188 | 29.2062 | 1319749 | 1.00 |  | (10.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49985 | 32.4746 | 1623244 | 1.02 |  | 25.37 |
|  <u>T28</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26104 | 19.5563 | 510489 | 4.84 |  | 7.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 26611 | 18.2352 | 485250 | 4.48 |  | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29981 | 17.5303 | 525566 | 4.44 |  | 8.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33498 | 16.2045 | 542824 | 4.34 |  | (10.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34221 | 18.1566 | 621329 | 3.52 |  | 2.11 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>T29</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 14.2660 | 3 | —% | — % | — 1.83% |
|  <u>G30</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2393 | 45.4116 to 45.9660 | 109181 | 1.11 | 0.20 to 0.50 | 10.66 to 10.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2501 | 41.0359 to 41.6612 | 103204 | 1.12 | 0.20 to 0.50 | 16.86 to 16.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4327 | 35.1150 to 35.7574 | 152534 | 1.81 | 0.20 to 0.50 | 12.79 to 12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4350 | 31.1340 to 31.7981 | 136078 | 1.35 | 0.20 to 0.50 | (6.56) to (6.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4622 | 33.3183 to 34.1307 | 154788 | 1.19 | 0.20 to 0.50 | 23.88 to 23.52 |
|  <u>G32</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9204 | 67.4335 to 60.6058 | 618421 | 1.20 | — to 0.50 | 9.39 to 8.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9801 | 61.6431 to 55.6785 | 602193 | 1.01 | — to 0.50 | 12.40 to 11.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10330 | 54.8432 to 49.7856 | 564795 | 1.00 | — to 0.50 | 11.42 to 10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11408 | 49.2226 to 44.9060 | 560011 | 0.71 | — to 0.50 | (9.99) to (10.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11171 | 54.6843 to 50.1378 | 609258 | 0.55 | — to 0.50 | 30.95 to 30.30 |
| <u>521</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3803 | 78.1664 to 73.4790 | 287177 | 0.76 | 0.20 to 0.50 | 15.91 to 15.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3925 | 67.4372 to 63.5827 | 256361 | 0.98 | 0.20 to 0.50 | 18.81 to 18.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4107 | 56.7594 to 53.6763 | 226429 | 1.04 | 0.20 to 0.50 | 19.04 to 18.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4095 | 47.6817 to 45.2263 | 190072 | 0.32 | 0.20 to 0.50 | (19.54) to (19.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4105 | 59.2623 to 56.3786 | 237315 | 0.47 | 0.20 to 0.50 | 23.54 to 23.17 |
|  <u>G33</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11129 | 28.4539 to 23.7506 | 279159 | 2.68 | 0.20 to 0.50 | 38.21 to 37.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11928 | 20.5876 to 17.2360 | 218150 | 2.99 | 0.20 to 0.50 | 5.92 to 5.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12406 | 19.4368 to 16.3215 | 215411 | 2.76 | 0.20 to 0.50 | 18.47 to 18.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12727 | 16.4065 to 13.8180 | 187759 | 3.31 | 0.20 to 0.50 | (13.73) to (13.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13031 | 19.0169 to 16.0644 | 224046 | 2.87 | 0.20 to 0.50 | 11.95 to 11.61 |
|  <u>G31</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 105387 | 71.4430 to 59.8596 | 7444419 | 0.71 | — to 0.50 | 15.75 to 15.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 109527 | 61.7232 to 51.9741 | 6676035 | 0.73 | — to 0.50 | 28.32 to 27.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 105228 | 48.1000 to 40.7061 | 4985481 | 0.67 | — to 0.50 | 23.81 to 23.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122062 | 38.8508 to 33.0425 | 4675041 | 0.82 | — to 0.50 | (19.74) to (20.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 127346 | 48.4055 to 41.3742 | 6073085 | 0.83 | — to 0.50 | 29.41 to 28.76 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>V15</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 23799 | $62.2824 to $58.1759 | $1474447 | —% | — % to 0.50% | 11.66% to 11.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 26368 | 55.7766 to 52.3594 | 1458670 |  | — to 0.50 | 34.89 to 34.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28955 | 41.3503 to 39.0120 | 1187936 |  | — to 0.50 | 0.41 to 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32103 | 29.3420 to 27.8205 | 937274 |  | — to 0.50 | (31.11) to (31.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 33629 | 42.5943 to 40.5874 | 1425874 |  | — to 0.50 | 11.93 to 11.37 |
|  <u>V35</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16222 | 66.0845 to 63.0705 | 1071103 | 0.23 | — to 0.20 | 20.76 to 20.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21913 | 54.7255 to 52.3339 | 1198483 | 0.98 | — to 0.20 | 30.10 to 29.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 19947 | 42.0653 to 40.3078 | 838490 | 0.39 | — to 0.50 | 15.29 to 15.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19967 | 36.4865 to 33.9863 | 727988 | 0.67 | — to 0.50 | (2.86) to (3.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8384 | 37.5620 | 312139 | 0.22 |  | 27.62 to 26.99 |
|  <u>V13</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4804 | 44.5633 | 214087 | 1.50 |  | 17.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5308 | 38.0422 | 201948 | 1.34 |  | 14.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2780 | 33.1181 | 92072 | 1.61 |  | 12.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2780 | 29.5448 | 82142 | 1.35 |  | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2896 | 29.2970 | 84842 | 1.23 |  | 33.04 |
|  <u>A39</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 23627 | 55.3932 to 41.0794 | 1089160 | 0.66 | — to 0.50 | 16.17 to 15.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24073 | 47.6843 to 35.5391 | 955713 | 0.71 | — to 0.50 | 25.61 to 24.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24800 | 37.9629 to 28.4360 | 783718 | 0.54 | — to 0.50 | 23.36 to 22.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 42329 | 30.7734 to 23.1654 | 1062076 | 0.92 | — to 0.50 | (20.55) to (20.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 43948 | 38.7314 to 29.3017 | 1388099 | 0.67 | — to 0.50 | 27.74 to 27.10 |
|  <u>V11</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12780 | 42.6962 to 42.5096 | 545665 | 1.79 |  | 12.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14643 | 37.9465 | 555382 | 1.62 |  | 11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14951 | 33.9087 | 506707 | 1.52 | — to 0.50 | 10.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18620 | 30.7596 to 28.6522 | 570191 | 1.40 | — to 0.50 | (7.71) to (8.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21086 | 33.1850 to 31.2020 | 700029 | 1.64 |  | 18.35 to 17.76 |
|  <u>IB1</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37700 | 64.7715 | 2441896 | 1.48 |  | 15.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38376 | 56.0228 | 2149927 | 1.37 |  | 16.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26743 | 48.2959 | 1291569 | 1.59 |  | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 31126 | 42.8681 | 1334331 | 1.67 |  | (5.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32033 | 45.4842 | 1456995 | 1.57 |  | 28.51 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>A21</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 137178 | $41.5271 to $28.5416 | $4921477 | 1.46% | — %to 0.50% | 16.50% to 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 175539 | 35.6459 to 17.1497 | 5578690 | 1.83 | — to 0.50 | 0.62 to 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 163475 | 35.4267 to 24.5935 | 5073380 | 0.19 | — to 0.50 | 18.15 to 17.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 187541 | 29.9858 to 20.9201 | 4750258 | 1.68 | — to 0.50 | (18.31) to (18.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 206616 | 36.7047 to 25.7356 | 6466984 | 1.29 | — to 0.50 | 5.89 to 5.36 |
|  <u>I76</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12915 | 39.1816 | 506034 |  |  | 8.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13288 | 36.2637 | 481867 | 0.13 |  | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13766 | 30.7082 | 422716 |  |  | 16.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8137 | 26.3421 | 214347 |  |  | (20.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7687 | 33.1373 | 254742 | 0.18 |  | 20.40 |
|  <u>MB0</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30332 | 51.5706 | 1564235 | 1.02 |  | 18.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30786 | 43.6822 | 1344798 | 2.76 |  | 9.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21657 | 39.7314 | 860447 | 0.42 |  | 23.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 23421 | 32.1561 | 753122 |  |  | (18.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23317 | 39.2814 | 915919 |  |  | 17.74 |
|  <u>MB1</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 51790 | 16.6830 | 864006 | 2.95 |  | 32.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 54492 | 12.5969 | 686427 | 2.95 |  | 3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54787 | 12.1175 | 663881 | 2.82 |  | 16.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 64103 | 10.4457 | 669600 | 2.77 |  | (14.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 63064 | 12.1684 | 767392 | 2.46 |  | 11.05 |
|  <u>MB5</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34148 | 69.4877 | 2372872 |  |  | 19.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21021 | 58.0936 | 1221162 |  |  | 25.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21914 | 46.2902 | 1014411 |  |  | 32.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24157 | 35.0585 | 846925 |  |  | (25.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 56842 | 47.0015 | 2671640 |  |  | 21.49 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>MA9</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 15079 | $36.8052 | $554999 | 1.73% | — % | 17.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16619 | 31.3746 | 521408 | 1.97 |  | 18.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16915 | 26.4480 | 447365 | 2.08 |  | 7.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18482 | 24.5788 | 454254 | 1.94 |  | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21019 | 24.9405 | 524229 | 1.59 |  | 30.01 |
|  <u>MD8</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 168216 | 11.9219 to 11.1671 | 1980142 | 3.89 | — to 0.50 | 3.86 to 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 398780 | 11.4789 to 10.8059 | 4553418 | 4.76 | — to 0.50 | 4.85 to 4.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 529575 | 10.9477 to 10.3576 | 5763975 | 4.48 | — to 0.50 | 4.59 to 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 687139 | 10.4670 to 9.9522 | 7155243 | 1.28 | — to 0.50 | 1.17 to 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 299238 | 10.3457 to 9.8859 | 3074569 |  | — to 0.50 | 0.00 to (0.50) |
|  <u>M07</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 124073 | 24.2293 to 22.7791 | 2984228 | 2.71 | — to 0.50 | 11.16 to 10.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 128079 | 21.7961 to 20.5939 | 2774546 | 2.48 | — to 0.50 | 7.75 to 7.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 132205 | 20.2280 to 19.2084 | 2658437 | 2.03 | — to 0.50 | 10.44 to 9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 146938 | 18.3153 to 17.4788 | 2676449 | 1.72 | — to 0.50 | (9.58) to (10.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 156350 | 20.2563 to 19.4276 | 3151184 | 1.96 | — to 0.50 | 14.12 to 13.55 |
|  <u>M35</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13284 | 23.5745 | 313157 | 2.51 |  | 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14187 | 21.2546 | 301554 | 2.33 |  | 7.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14089 | 19.7790 | 278674 | 1.82 |  | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15064 | 17.9455 | 270333 | 1.54 |  | (9.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10791 | 19.9038 | 214772 | 1.46 |  | 13.84 |
|  <u>M31</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 40802 | 70.7559 to 68.4975 | 2864627 |  | — to 0.20 | 12.19 to 11.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 43078 | 63.0651 to 61.1742 | 2695591 |  | — to 0.20 | 31.47 to 31.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 52691 | 47.9709 to 46.6260 | 2508519 |  | — to 0.50 | 35.86 to 35.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 53048 | 35.3083 to 34.3868 | 1855676 |  | — to 0.50 | (31.63) to (31.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 60092 | 51.6465 to 49.0068 | 3075037 |  | — to 0.50 | 23.53 to 22.92 |
|  <u>MF1</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 109904 | 49.0142 to 45.9114 | 5334369 |  | — to 0.50 | 3.66 to 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 117247 | 47.2819 to 44.5101 | 5493465 |  | — to 0.50 | 14.72 to 14.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 118612 | 41.2143 to 38.9932 | 4845440 |  | — to 0.50 | 21.32 to 20.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 133866 | 33.9711 to 32.3005 | 4509721 |  | — to 0.50 | (28.70) to (29.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 178030 | 47.6438 to 45.5271 | 8428223 |  | — to 0.50 | 14.11 to 13.54 |
|  <u>M05</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 64402 | 37.8732 to 35.4755 | 2431458 |  | — to 0.50 | 12.96 to 12.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 67412 | 33.5275 to 31.5618 | 2253399 |  | — to 0.50 | 6.72 to 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75330 | 31.4153 to 29.7222 | 2358943 |  | — to 0.50 | 14.41 to 13.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 96778 | 27.4581 to 26.1076 | 2641563 |  | — to 0.50 | (29.76) to (30.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 121279 | 39.0905 to 37.3537 | 4719585 |  | — to 0.50 | 1.80 to 1.29 |
|  <u>M06</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 395864 | 13.5949 to 12.7342 | 5360219 | 4.60 | — to 0.50 | 7.17 to 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 344516 | 12.6852 to 11.9415 | 4351484 | 4.34 | — to 0.50 | 2.55 to 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 443179 | 12.3700 to 11.7033 | 5463880 | 3.44 | — to 0.50 | 7.38 to 6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 387668 | 11.5199 to 10.9534 | 4448405 | 2.62 | — to 0.50 | (13.94) to (14.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 340425 | 13.3851 to 12.7904 | 4537195 | 2.90 | — to 0.50 | (0.81) to (1.31) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>M33</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 104727 | $51.1995 to $50.1797 | $5355384 | 0.96% | — % | 12.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 112313 | 45.3694 to 44.4657 | 5089685 | 0.60 |  | 18.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 121845 | 38.1665 to 37.4063 | 4645406 | 0.50 |  | 22.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 138306 | 31.1771 to 30.5561 | 4307698 | 0.48 |  | (17.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 147349 | 37.6584 to 36.9083 | 5543619 | 0.54 |  | 24.80 |
|  <u>M44</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 119329 | 21.7956 to 20.5910 | 2591816 | 2.88 | — to 0.50 | 15.01 to 14.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 129985 | 18.9512 to 17.9933 | 2456062 | 2.26 | — to 0.50 | 11.66 to 11.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 146454 | 16.9721 to 16.1952 | 2479571 | 3.54 | — to 0.50 | (2.11) to (2.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 154637 | 17.3376 to 16.6266 | 2672236 | 2.33 | — to 0.50 | 0.76 to 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 148921 | 17.2077 to 16.5843 | 2555726 | 1.74 | — to 0.50 | 14.09 to 13.52 |
|  <u>M40</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10534 | 20.9419 to 20.7807 | 219901 | 2.73 |  | 14.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11035 | 18.2487 to 18.1083 | 200753 | 2.10 |  | 11.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10755 | 16.3894 to 16.2633 | 175730 | 2.99 |  | (2.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14831 | 16.7805 to 16.6513 | 248353 | 2.21 |  | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16665 | 16.7005 to 16.5719 | 277662 | 1.57 |  | 13.82 |
|  <u>M83</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 209272 | 40.1401 to 26.6098 | 8238269 | 1.60 | — to 0.50 | 13.01 to 12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 222356 | 35.5181 to 23.6635 | 7762049 | 1.65 | — to 0.50 | 11.61 to 11.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 262501 | 31.8228 to 21.3080 | 8256572 | 1.63 | — to 0.50 | 7.93 to 7.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 283832 | 29.4842 to 19.8405 | 8267121 | 1.38 | — to 0.50 | (5.91) to (6.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 297819 | 31.3354 to 21.1914 | 9217867 | 1.36 | — to 0.50 | 25.45 to 24.83 |
|  <u>M08</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 42625 | 27.1463 to 27.0767 | 1156544 | 1.40 |  | 12.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 43029 | 24.0731 to 24.0114 | 1035343 | 1.70 |  | 11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 48861 | 21.6185 to 21.5631 | 1055865 | 1.32 |  | 7.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56414 | 20.0854 to 20.0339 | 1132336 | 1.16 |  | (6.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 71620 | 21.4000 to 21.3451 | 1531183 | 1.15 |  | 25.16 |
|  <u>MB6</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 29186 | 78.0605 to 68.9403 | 2185980 | 1.02 | — to 0.50 | 16.10 to 15.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31060 | 67.2360 to 59.6771 | 2001892 | 1.01 | — to 0.50 | 25.50 to 24.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30920 | 53.5737 to 47.7897 | 1594928 | 1.30 | — to 0.50 | 28.53 to 27.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 38048 | 41.6834 to 37.3683 | 1537246 | 1.14 | — to 0.50 | (16.00) to (16.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41520 | 49.6257 to 44.7104 | 1990856 | 1.12 | — to 0.50 | 29.53 to 28.88 |
|  <u>MA0</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 73325 | 20.9761 | 1538071 | 4.59 |  | 7.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 78603 | 19.5481 | 1536535 | 3.76 |  | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75878 | 19.0340 | 1444261 | 3.65 |  | 8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 64166 | 17.4796 | 1121609 | 3.14 |  | (16.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 64154 | 20.9644 | 1344959 | 2.73 |  | (1.66) |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>MA1</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 236080 | $13.8681 | $3274006 | 1.92% | — % | 33.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 242915 | 10.3997 | 2526250 | 2.51 |  | 11.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 239283 | 9.3428 | 2235569 | 1.19 |  | 10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 231365 | 8.4393 | 1952567 | 3.95 |  | (19.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 231187 | 10.5418 | 2437144 | 0.27 |  | (7.02) |
|  <u>M92</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2466 | 20.6944 | 51035 | 4.47 |  | 15.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4062 | 17.9629 | 72958 | 0.52 |  | 4.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4461 | 17.1595 | 76547 | 0.15 |  | 9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8459 | 15.6927 | 132749 | 1.87 |  | (7.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9502 | 16.9548 | 161097 | 0.78 |  | 2.58 |
|  <u>M96</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 59243 | 21.1650 to 20.8017 | 1254977 | 4.26 | — to 0.50 | 6.99 to 6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 64656 | 19.7822 to 19.5398 | 1280305 | 3.47 | — to 0.50 | 0.77 to 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75686 | 19.6301 to 19.4872 | 1487829 | 1.50 | — to 0.50 | 4.15 to 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 107768 | 18.8487 to 18.8047 | 2033367 | 2.06 | — to 0.50 | (12.26) to (12.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112720 | 21.4816 to 21.5385 | 2424034 | 2.14 | — to 0.50 | (1.89) to (2.38) |
|  <u>MD2</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8162 | 13.9529 | 113881 | 2.35 |  | 6.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21664 | 13.0849 | 283466 | 3.18 |  | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26590 | 13.0161 | 346110 | 0.72 |  | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 20712 | 12.5329 | 259592 | 1.78 |  | (12.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19140 | 14.3148 | 273985 | 1.58 |  | (2.14) |
|  <u>MA6</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 109708 | 40.0784 to 34.5721 | 3468475 | 6.66 | — to 0.50 | 8.65 to 8.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 115338 | 36.8892 to 16.6732 | 3386099 | 6.17 | — to 0.50 | 6.92 to 6.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 129514 | 34.5002 to 30.0593 | 3529656 | 5.76 | — to 0.50 | 12.41 to 11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 149899 | 30.6919 to 26.8746 | 3571092 | 5.38 | — to 0.50 | (10.51) to (10.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 159553 | 34.2983 to 30.1822 | 4329793 | 5.05 | — to 0.50 | 3.49 to 2.97 |
|  <u>M97</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 66472 | 43.0409 to 39.4960 | 2851922 | 0.91 | — to 0.50 | 21.12 to 20.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 44432 | 35.5370 to 32.7731 | 1575468 | 0.98 | — to 0.50 | 9.00 to 8.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 46772 | 32.6022 to 30.2177 | 1523344 | 1.06 | — to 0.50 | 14.72 to 14.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 59890 | 28.4193 to 26.4720 | 1700782 | 0.60 | — to 0.50 | (14.95) to (15.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 55964 | 33.4165 to 31.2822 | 1868715 | 0.53 | — to 0.50 | 9.27 to 8.72 |
|  <u>MD5</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9148 | 41.2057 | 376955 | 0.67 |  | 20.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11339 | 34.1085 | 386768 | 0.83 |  | 8.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11516 | 31.3609 | 361163 | 0.94 |  | 14.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11828 | 27.4149 | 324268 | 0.35 |  | (15.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14412 | 32.3220 | 465827 | 0.46 |  | 8.99 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>MD6</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37316 | $65.6256 to $50.5338 | $2399126 | 0.27% | — % to 0.50% | 9.90% to 9.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46520 | 59.7139 to 46.2113 | 2722799 | 0.35 | — to 0.50 | 16.27 to 15.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 50788 | 51.3598 to 39.9460 | 2555771 | 0.31 | — to 0.50 | 24.01 to 23.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51582 | 41.4170 to 32.3733 | 2104963 | 0.10 | — to 0.50 | (19.26) to (19.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51365 | 51.2955 to 40.2950 | 2596216 | 0.25 | — to 0.50 | 25.97 to 25.35 |
|  <u>ME3</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16449 | 18.3158 | 301274 | 1.29 |  | 21.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16625 | 15.0432 | 250092 | 1.07 |  | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 105938 | 14.6357 | 1550465 | 0.77 |  | 12.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 90645 | 12.9717 | 1175815 | 1.66 |  | (17.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 63884 | 15.7808 | 1008140 | 0.49 |  | 11.27 |
|  <u>MB8</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 73156 | 65.1462 to 52.8228 | 3867180 | 0.99 | — to 0.50 | 5.76 to 5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 78415 | 61.6010 to 37.2373 | 3973782 | 0.95 | — to 0.50 | 4.95 to 4.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 82133 | 58.6956 to 48.0707 | 3965723 | 0.78 | — to 0.50 | 18.96 to 18.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 97708 | 49.3417 to 40.6114 | 3859761 | 0.74 | — to 0.50 | (18.37) to (18.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 101635 | 60.4485 to 50.0015 | 4958465 | 0.89 | — to 0.50 | 29.64 to 28.99 |
|  <u>MF4</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 66171 | 27.3609 | 1810488 | 2.90 |  | 10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 70520 | 24.8741 | 1754123 | 1.96 |  | 5.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 73796 | 23.4976 | 1734027 | 2.96 |  | 10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 78596 | 21.2795 | 1672498 | 1.86 |  | (15.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126450 | 25.1486 | 3180043 | 2.31 |  | 7.00 |
|  <u>MF6</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 101914 | 55.2211 to 59.5296 | 4423928 | 1.71 | — to 0.50 | 3.53 to 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 98897 | 53.3401 to 17.5999 | 4133771 | 2.12 | — to 0.50 | (2.69) to (3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 99217 | 54.8141 to 59.6849 | 4227799 | 0.84 | — to 0.50 | 11.46 to 10.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 119248 | 49.1799 to 53.8169 | 4336336 | 1.59 | — to 0.50 | (26.94) to (27.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126576 | 67.3116 to 74.0262 | 6188574 | 1.51 | — to 0.50 | 30.12 to 29.48 |
|  <u>MF8</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 60325 | 47.5128 to 45.3461 | 2862826 | 1.47 | — to 0.20 | 12.18 to 11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 64188 | 42.3536 to 40.5030 | 2715662 | 1.11 | — to 0.20 | 10.34 to 10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 72981 | 38.3859 to 36.7824 | 2786949 | 2.57 | — to 0.20 | 15.29 to 15.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75929 | 33.2956 to 31.9683 | 2516274 | 1.67 | — to 0.20 | (18.27) to (18.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 81540 | 40.7379 to 39.1921 | 3308212 | 1.71 | — to 0.20 | 15.76 to 15.53 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>MG0</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26433 | $14.0672 to $13.4257 | $371429 | 3.41% | — % to 0.20% | 8.63% to 8.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27689 | 12.9496 to 12.3838 | 358196 | 3.82 | — to 0.20 | (3.94) to (4.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 50792 | 13.4806 to 12.9175 | 684338 | 2.83 | — to 0.20 | 2.74 to 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 69590 | 13.1209 to 12.5979 | 912722 | 4.29 | — to 0.20 | (21.55) to (21.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 56000 | 16.7255 to 16.0908 | 936171 | 1.01 | — to 0.20 | 1.63 to 1.42 |
|  <u>MF2</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 290180 | 15.1016 to 13.8210 | 4371347 | 4.45 | — to 0.50 | 5.83 to 5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 301311 | 14.2698 to 13.1250 | 4289839 | 3.84 | — to 0.50 | 5.30 to 4.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 341344 | 13.5519 to 12.5274 | 4617234 | 1.56 | — to 0.50 | 6.08 to 5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 361474 | 12.7752 to 11.8682 | 4609889 | 2.02 | — to 0.50 | (4.14) to (4.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 359287 | 13.3263 to 12.4420 | 4779418 | 2.23 | — to 0.50 | 0.16 to (0.34) |
|  <u>MG3</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 130392 | 48.8186 to 45.3252 | 5919638 | 1.04 |  | 5.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 147420 | 46.0650 to 42.7686 | 6317257 | 1.29 |  | 13.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 131315 | 40.4976 to 37.5996 | 4948339 | 1.68 |  | 12.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 149759 | 35.9257 to 33.3549 | 5009572 | 0.98 |  | (8.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 160471 | 39.3859 to 36.5674 | 5893730 | 0.81 |  | 30.99 |
|  <u>MG5</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 120193 | 37.4059 to 35.7001 | 4495638 | 2.34 | — to 0.20 | 11.29 to 11.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 123400 | 33.6098 to 32.1412 | 4147233 | 1.54 | — to 0.20 | 8.31 to 8.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 150831 | 31.0301 to 29.7339 | 4668549 | 2.41 | — to 0.20 | 12.99 to 12.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205288 | 27.4623 to 26.3676 | 5627993 | 2.05 | — to 0.20 | (16.76) to (16.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 210347 | 32.9932 to 31.7413 | 6929251 | 2.07 | — to 0.20 | 11.61 to 11.38 |
|  <u>ME0</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12569 | 54.3640 to 49.8866 | 682219 | 1.80 | — to 0.50 | 3.08 to 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13390 | 52.7377 to 48.6361 | 705174 | 1.34 | — to 0.50 | 9.52 to 8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24132 | 48.1529 to 44.6311 | 1160852 | 1.15 | — to 0.50 | 11.46 to 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24975 | 43.2018 to 40.2418 | 1077945 | 0.77 | — to 0.50 | (10.96) to (11.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17813 | 48.5189 to 45.4202 | 860870 | 0.78 | — to 0.50 | 34.05 to 33.39 |
|  <u>V43</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9046 | 87.6305 to 80.4129 | 787986 | 0.41 | — to 0.50 | 12.44 to 11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8604 | 77.9369 | 670692 |  |  | 41.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3660 | 54.9903 | 201306 |  |  | 44.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4591 | 38.1538 | 175191 |  |  | (62.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4678 | 103.0271 | 482030 |  |  | (11.19) |
|  <u>O01</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30631 | 83.2945 | 2551417 |  |  | 12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33364 | 73.8454 | 2463772 |  |  | 34.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23772 | 55.0420 | 1308467 |  |  | 35.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24795 | 40.6588 | 1008136 |  |  | (30.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26762 | 58.7406 | 1572008 |  |  | 22.57 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> |
|  <u>O19</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2623 | $52.9283 | $138847 | —% | — % | 12.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2642 | 47.0336 | 124285 |  |  | 33.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2670 | 35.1453 | 93826 |  |  | 35.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3456 | 26.0283 | 89970 |  |  | (30.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3439 | 37.7018 | 129655 |  |  | 22.28 |
|  <u>O00</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9487 | 17.9524 | 170321 |  |  | 4.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13464 | 17.1320 | 230667 |  |  | 24.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14020 | 13.7903 | 193341 |  |  | 13.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14639 | 12.1876 | 178410 |  |  | (30.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15193 | 17.6584 | 268279 |  |  | 19.10 |
|  <u>O20</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6300 | 38.2141 | 240776 |  |  | 15.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6194 | 33.2259 | 205813 |  |  | 15.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6186 | 28.6966 | 177549 |  |  | 34.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6173 | 21.3444 | 131761 |  |  | (31.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5760 | 31.3594 | 180621 |  |  | 15.17 |
|  <u>O21</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 963 | 48.3605 | 46593 | 0.32 |  | 15.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 948 | 41.8201 | 39642 |  |  | 23.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1047 | 33.8919 | 35500 | 0.24 |  | 22.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3107 | 21.5929 | 85748 | 0.63 |  | (20.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8339 | 34.6251 | 288735 | 0.53 |  | 27.23 |
|  <u>P10</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 41203 | 9.8122 | 404297 | 2.89 |  | 18.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 41790 | 8.2599 | 345190 | 2.23 |  | 4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 39091 | 7.9300 | 309995 | 14.71 |  | (7.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 57310 | 8.6059 | 493208 | 22.20 |  | 8.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 71040 | 7.9233 | 562883 | 3.85 |  | 33.34 |
|  <u>PK8</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 55619 | 52.4520 to 23.7449 | 2289323 | 6.88 |  | 15.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 58794 | 45.5950 to 20.6576 | 2135722 | 6.40 |  | 7.55 to 7.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 53335 | 42.3937 to 19.2071 | 1936188 | 5.65 |  | 11.11 to 11.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 64259 | 38.1434 to 17.2815 | 2024161 | 4.77 |  | (15.71) to (15.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 68661 | 45.2649 to 20.5067 | 2574107 | 4.50 |  | (2.57) to (2.56) |
|  <u>PK9</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1082 | 23.1359 to 22.6515 | 24970 | 4.44 |  | 22.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1268 | 18.9635 to 18.5665 | 23978 | 3.54 |  | 10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1329 | 17.1139 to 16.7556 | 22701 | 2.25 |  | 13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1444 | 15.1421 to 14.8251 | 21817 | 2.03 |  | (18.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1550 | 18.5471 to 18.1588 | 28698 | 2.09 |  | 12.63 |
|  <u>P06</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 58593 | 24.6610 to 18.5718 | 1432324 | 3.32 |  | 7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 58179 | 22.8616 to 17.2167 | 1319097 | 2.61 |  | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 58664 | 22.3838 to 16.8568 | 1303384 | 2.91 |  | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 65228 | 21.5912 to 16.2599 | 1399839 | 6.89 |  | (11.90) to (11.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 65080 | 24.5104 to 18.4521 | 1581514 | 4.94 |  | 5.61 |

---

------

##### [**Table of Contents**](#toc)
**DELAWARE LIFE VARIABLE ACCOUNT I** 

**(A Separate Account of Delaware Life Insurance Company)** 

**10. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4,5</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense<br>Ratio<br>lowest to<br>highest<sup>2</sup> | total Return<sup>3</sup> |
|  <u>P07</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 301833 | $24.8901 to $19.4732 | $7329139 | 4.08% | — % | 8.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 283079 | 22.8527 to 17.8792 | 6297189 | 4.08 |  | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 381462 | 22.2874 to 17.4369 | 8371958 | 3.57 |  | 5.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 267882 | 21.0379 to 16.4569 | 5509973 | 2.58 |  | (14.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 299916 | 24.5506 to 19.2028 | 7212993 | 1.83 |  | (1.27) |
| <u>307</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 95800 | 125.8734 | 12058708 |  |  | 18.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 102676 | 106.0114 | 10884875 |  |  | 35.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 110043 | 78.2303 | 8608698 |  |  | 49.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 128845 | 52.4019 | 6751726 |  |  | (38.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 130662 | 85.2092 | 11133594 |  |  | 17.62 |
|  <u>W42</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 950 | 38.2010 | 36326 |  |  | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 865 | 36.5672 | 31639 |  |  | 14.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 888 | 32.0264 | 28467 |  |  | 21.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2219 | 26.3082 | 58401 |  |  | (33.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5401 | 39.5391 | 213604 | 0.77 |  | 8.90 |

---

<sup>1</sup> Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the SubAccounts invest. 

<sup>2</sup> Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded. 

<sup>3</sup> Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts when there are multiple price levels. 

<sup>4</sup> These unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account.The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts when there are multiple price levels. 

<sup>5</sup> Due to the timing difference of the launch date of certain VUL products, some Sub-Accounts may have multiple unit values even though these products have no expense charges that result in a direct reduction to unit values.