# EDGAR Filing Document

**Accession Number:** 0001054782
**File Stem:** 0001104659-26-050093
**Filing Date:** 2026-4
**Character Count:** 123441
**Document Hash:** 5400024cf6df83fcc32af629c667f222
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-050093.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001104659-26-050093

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KBL VARIABLE ACCOUNT A
- **CENTRAL INDEX KEY:** 0001054782

**ORGANIZATION NAME:**
- **EIN:** 141697459
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08635
- **FILM NUMBER:** 26905409

**BUSINESS ADDRESS:**
- **STREET 1:** DELAWARE LIFE INSURANCE COMPANY OF NY
- **STREET 2:** ONE AMERICAN ROW, 10TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06102
- **BUSINESS PHONE:** 8604036461

**MAIL ADDRESS:**
- **STREET 1:** DELAWARE LIFE INSURANCE COMPANY OF NY
- **STREET 2:** ONE AMERICAN ROW, 10TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VARIABLE ACCOUNT A OF KEYPORT BENEFIT LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 19980206

## Series and Classes Contracts Data

### KBL VARIABLE ACCOUNT A (Series ID: S000002963)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000244983 | New York Keyport Vista Variable Annuity (NNY)           |  |
| C000244984 | New York Keyport Advisor Vista Variable Annuity (NNY)   |  |
| C000244985 | New York Keyport Advisor Variable Annuity (NNY)         |  |
| C000244986 | New York Keyport Advisor Charter Variable Annuity (NNY) |  |
| C000244987 | New York Keyport Charter Variable Annuity (NNY)         |  |
| C000244988 | New York Keyport Advisor Optima Variable Annuity (NNY)  |  |
| C000244989 | New York Keyport Optima Variable Annuity (NNY)          |  |
| C000244990 | New York Keyport Latitude Variable Annuity (NNY)        |  |

![](tm2610770d13_kblvariaimg01.jpg)

------

Financial Statements

KBL Variable Account A

December 31, 2025

With Report of Independent Registered Public Accounting Firm

KBL Variable Account A

Financial Statements

December 31, 2025

Contents

Audited Financial Statements

---

| | |
|:---|:---|
| Statements of Net Assets | 5 |
| Statements of Operations and Change in Net Assets | 8 |
| Notes to Financial Statements | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 1. Organization | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 2. Additions, Mergers, Liquidations and Name Changes | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 3. Significant Accounting Policies | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 4. Purchases and Proceeds from Sales of Investments | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 5. Related Party Transactions and Charges and Deductions | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 6. Summary of Unit Transactions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 7. Financial Highlights | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note 8. Subsequent Events | 41 |
| Report of Independent Registered Public Accounting Firm | 42 |

---

KBL Variable Account A

Statements of Net Assets

December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Uncollected |  |  |  |  |
|  | Number of |  | Assets at |  | Actuarial Risk |  | Units |  |  |
| Subaccount | Shares | Cost | Market Value | Total Assets | Fee Payable | Net Assets | Outstanding | Range of Unit Values | Range of Unit Values |
| AB VPS Relative Value Portfolio Class A | 4364 | $126594 | $138509 | $138509 | $- | $138509 | 2346 | $59.03 | $59.03 |
| AB VPS Relative Value Portfolio Class B | 16847 | 479642 | 519725 | 519725 |  | 519725 | 11675 | 44.20 | 45.99 |
| AB VPS Sustainable Global Thematic Portfolio | 5296 | 170113 | 160257 | 160257 |  | 160257 | 8003 | 20.02 | 20.02 |
| Alger Small Cap Growth Portfolio | 15942 | 367220 | 297154 | 297154 |  | 297154 | 7147 | 41.57 | 43.12 |
| Columbia Variable Portfolio – Acorn Fund (a) | 64812 | 787600 | 1030505 | 1030505 |  | 1030505 | 17757 | 57.94 | 60.17 |
| Columbia Variable Portfolio – Acorn International Fund (a) | 12187 | 262029 | 249108 | 249108 |  | 249108 | 8200 | 30.38 | 31.55 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | 18591 | 455505 | 975294 | 975294 |  | 975294 | 32807 | 29.72 | 30.38 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | 6447 | 205207 | 325050 | 325050 |  | 325050 | 11317 | 28.67 | 29.30 |
| Columbia Variable Portfolio - Government Money Market Fund | 2558204 | 2558204 | 2558204 | 2558204 | (239) | 2558443 | 252913 | 10.11 | 10.31 |
| Columbia Variable Portfolio - Income Opportunities Fund Class 1 | 3395 | 23530 | 22984 | 22984 |  | 22984 | 1547 | 14.86 | 14.86 |
| Columbia Variable Portfolio - Income Opportunities Fund Class 2 | 19497 | 130965 | 130826 | 130826 |  | 130826 | 9063 | 14.43 | 14.71 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | 18191 | 210395 | 1034320 | 1034320 |  | 1034320 | 16787 | 61.57 | 62.93 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 2 | 11096 | 279561 | 606635 | 606635 |  | 606635 | 10190 | 59.35 | 60.67 |
| Columbia Variable Portfolio - Large Cap Index Fund | 19686 | 454007 | 1123883 | 1123883 |  | 1123883 | 22624 | 49.68 | 50.78 |
| Columbia Variable Portfolio - Overseas Core Fund Class 1 | 10467 | 129267 | 187257 | 187257 |  | 187257 | 9761 | 19.18 | 19.18 |
| Columbia Variable Portfolio - Overseas Core Fund Class 2 | 2278 | 29668 | 40321 | 40321 |  | 40321 | 2181 | 18.48 | 18.48 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | 5706 | 169077 | 270136 | 270136 |  | 270136 | 8396 | 32.11 | 32.82 |

---

(a) Name change. See Note 2.

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

KBL Variable Account A

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Uncollected |  |  |  |  |
|  | Number of |  | Assets at |  | Actuarial Risk |  | Units |  |  |
| Subaccount | Shares | Cost | Market Value | Total Assets | Fee Payable | Net Assets | Outstanding | Range of Unit Values | Range of Unit Values |
| Columbia Variable Portfolio - Small Cap Value Fund Class 1 | 7641 | $90319 | $96657 | $96657 | $- | $96657 | 1300 | $74.33 | $74.33 |
| Columbia Variable Portfolio - Small Cap Value Fund Class 2 | 21932 | 258876 | 272839 | 272839 |  | 272839 | 3832 | 70.89 | 73.77 |
| Columbia Variable Portfolio - Small Company Growth Fund | 8229 | 99160 | 123267 | 123267 |  | 123267 | 611 | 201.91 | 201.91 |
| Columbia Variable Portfolio - Strategic Income Fund Class 1 | 54266 | 213363 | 205669 | 205669 |  | 205669 | 5331 | 38.58 | 38.58 |
| Columbia Variable Portfolio - Strategic Income Fund Class 2 | 59963 | 235653 | 224261 | 224261 |  | 224261 | 6168 | 36.35 | 37.96 |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | 14855 | 149739 | 139047 | 139047 |  | 139047 | 13040 | 10.66 | 10.66 |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | 55761 | 573782 | 520253 | 520253 |  | 520253 | 50615 | 10.27 | 10.50 |
| Fidelity VIP Dynamic Capital Appreciation Portfolio | 2181 | 28783 | 40291 | 40291 |  | 40291 | 578 | 69.73 | 69.73 |
| Fidelity VIP Equity-Income Portfolio | 30454 | 705980 | 856678 | 856678 |  | 856678 | 19773 | 43.17 | 44.85 |
| Fidelity VIP Growth Opportunities Portfolio | 6314 | 321838 | 608663 | 608663 |  | 608663 | 8376 | 72.67 | 75.50 |
| Invesco V.I. American Franchise Fund | 5079 | 313202 | 411419 | 411419 |  | 411419 | 7987 | 51.43 | 52.50 |
| Invesco V.I. Core Equity Fund | 10001 | 302233 | 360351 | 360351 |  | 360351 | 8949 | 40.07 | 41.26 |
| Invesco V.I. EQV International Equity Fund | 8245 | 292203 | 297712 | 297712 |  | 297712 | 10155 | 29.32 | 29.32 |
| MFS VIT I Growth Series Initial Class | 26784 | 1668166 | 1817279 | 1817279 |  | 1817279 | 16386 | 110.84 | 115.78 |
| MFS VIT I Growth Series Service Class | 16124 | 904409 | 978377 | 978377 |  | 978377 | 9369 | 104.29 | 108.94 |
| MFS VIT I Investors Trust Series | 12730 | 374810 | 325494 | 325494 |  | 325494 | 7996 | 40.71 | 42.30 |
| MFS VIT I New Discovery Series | 21084 | 280463 | 255111 | 255111 |  | 255111 | 7128 | 35.79 | 35.79 |
| MFS VIT I Research Series | 10853 | 329555 | 330915 | 330915 |  | 330915 | 4374 | 75.63 | 79.00 |
| MFS VIT I Total Return Bond Series | 447 | 5836 | 5266 | 5266 |  | 5266 | 244 | 21.62 | 21.62 |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio | 23065 | 482152 | 504423 | 504423 |  | 504423 | 16088 | 31.35 | 31.35 |
| Rydex VT NASDAQ-100 Fund | 666 | 42299 | 64456 | 64456 |  | 64456 | 1826 | 35.30 | 35.30 |

---

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

KBL Variable Account A

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Uncollected |  |  |  |
|  | Number of |  | Assets at |  | Actuarial Risk |  | Units |  |
| Subaccount | Shares | Cost | Market Value | Total Assets | Fee Payable | Net Assets | Outstanding | Range of Unit Values |
| Templeton Developing Markets VIP Fund | 3386 | 30396 | 40905 | 40905 |  | 40905 | 1245 | 32.85 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | AB VPS Relative<br>Value Portfolio<br>Class A | AB VPS Relative<br>Value Portfolio<br>Class B | AB VPS<br>Sustainable Global<br>Thematic Portfolio |
| Net assets as of December 31, 2023 | $126265 | $536562 | $162850 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1994 | 6887 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (1888) | (7626) | (2375) |
| Net investment income (loss) | 106 | (739) | (2375) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 4737 | 19378 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 1044 | 27983 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 8892 | 12015 | 8618 |
| Net gain (loss) on investments | 14673 | 59376 | 9765 |
| Net increase (decrease) in net assets from operations | 14779 | 58637 | 7390 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 86286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (13909) | (64987) | (6794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net |  | (82918) | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | - | (143) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from contract transactions | (13909) | (61762) | (6415) |
| Total increase (decrease) in net assets | 870 | (3125) | 975 |
| Net assets as of December 31, 2024 | $127135 | $533437 | $163825 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1465 | 4700 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (1829) | (7124) | (2249) |
| Net investment income (loss) | (364) | (2424) | (2249) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 10677 | 43885 | 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 84 | 9381 | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 976 | (7481) | (15566) |
| Net gain (loss) on investments | 11737 | 45785 | 9078 |
| Net increase (decrease) in net assets from operations | 11373 | 43361 | 6829 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments |  | (54346) | (11305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 91 | (2308) | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (90) | (419) | (201) |
| Increase (decrease) in net assets from contract transactions | 1 | (57073) | (10397) |
| Total increase (decrease) in net assets | 11374 | (13712) | (3568) |
| Net assets as of December 31, 2025 | $138509 | $519725 | $160257 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Alger Small Cap<br> Growth Portfolio | Columbia Variable<br> Portfolio – Acorn<br> Fund (a) | Columbia Variable<br> Portfolio – Acorn<br> International <br> Fund (a) |
| Net assets as of December 31, 2023 | $329382 | $1254222 | $256822 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1270 |  | 3340 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (4637) | (16257) | (3391) |
| Net investment income (loss) | (3367) | (16257) | (51) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (7841) | (120868) | (2709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 32540 | 271530 | (20736) |
| Net gain (loss) on investments | 24699 | 150662 | (23445) |
| Net increase (decrease) in net assets from operations | 21332 | 134405 | (23496) |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 1108 | 99404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (18727) | (385296) | (16222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 211 | 6570 | 12152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (51) | (497) | (84) |
| Increase (decrease) in net assets from contract transactions | (17459) | (279819) | (4154) |
| Total increase (decrease) in net assets | 3873 | (145414) | (27650) |
| Net assets as of December 31, 2024 | $333255 | $1108808 | $229172 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 3106 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (4228) | (14222) | (3407) |
| Net investment income (loss) | (4228) | (14222) | (301) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 3446 |  | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (8975) | 26257 | (2273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 21142 | 13618 | 26763 |
| Net gain (loss) on investments | 15613 | 39875 | 25687 |
| Net increase (decrease) in net assets from operations | 11385 | 25653 | 25386 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 1705 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (47681) | (102974) | (5842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 462 | (1550) | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (267) | (1137) | (244) |
| Increase (decrease) in net assets from contract transactions | (47486) | (103956) | (5450) |
| Total increase (decrease) in net assets | (36101) | (78303) | 19936 |
| Net assets as of December 31, 2025 | $297154 | $1030505 | $249108 |

---

(a) Name change. See Note 2.

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Columbia Variable<br>Portfolio - Dividend<br>Opportunity Fund<br>Class 1 |<br>Columbia Variable<br>Portfolio - Dividend<br>Opportunity Fund<br>Class 2 | Columbia Variable<br>Portfolio -<br>Government<br>Money Market<br>Fund |
| Net assets as of December 31, 2023 | $988957 | $470965 | $2768218 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 140641 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (13971) | (6131) | (40201) |
| Net investment income (loss) | (13971) | (6131) | 100440 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 83719 | 170100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 58551 | (100774) | - |
| Net gain (loss) on investments | 142270 | 69326 | - |
| Net increase (decrease) in net assets from operations | 128299 | 63195 | 100440 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 2657 |  | 15545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (111568) | (264415) | (323203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (4109) | 49676 | 232016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (425) | (201) | (2014) |
| Increase (decrease) in net assets from contract transactions | (113445) | (214940) | (77656) |
| Total increase (decrease) in net assets | 14854 | (151745) | 22784 |
| Net assets as of December 31, 2024 | $1003811 | $319220 | $2791002 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 105267 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (13787) | (4454) | (37401) |
| Net investment income (loss) | (13787) | (4454) | 67866 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 120348 | 20084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 24963 | 26777 | - |
| Net gain (loss) on investments | 145311 | 46861 | - |
| Net increase (decrease) in net assets from operations | 131524 | 42407 | 67866 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (159634) | (35683) | (355221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 674 | (499) | 57365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (1081) | (395) | (3618) |
| Increase (decrease) in net assets from contract transactions | (160041) | (36577) | (300425) |
| Total increase (decrease) in net assets | (28517) | 5830 | (232559) |
| Net assets as of December 31, 2025 | $975294 | $325050 | $2558443 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Columbia Variable<br>Portfolio - Income<br>Opportunities Fund<br>Class 1 | Columbia Variable<br>Portfolio - Income<br>Opportunities Fund<br>Class 2 | Columbia Variable<br>Portfolio - Large<br>Cap Growth Fund<br>Class 1 |
| Net assets as of December 31, 2023 | $32851 | $133208 | $874395 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1868 | 6746 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (433) | (1803) | (13502) |
| Net investment income (loss) | 1435 | 4943 | (13502) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (2254) | (2087) | 81135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 2328 | 2454 | 179565 |
| Net gain (loss) on investments | 74 | 367 | 260700 |
| Net increase (decrease) in net assets from operations | 1509 | 5310 | 247198 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (12917) | (13666) | (83416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 1 | 124 | (1173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (11) | (46) | (376) |
| Increase (decrease) in net assets from contract transactions | (12927) | (13588) | (84965) |
| Total increase (decrease) in net assets | (11418) | (8278) | 162233 |
| Net assets as of December 31, 2024 | $21433 | $124930 | $1036628 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 447 | 2273 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (309) | (1771) | (14355) |
| Net investment income (loss) | 138 | 502 | (14355) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (45) | (722) | 134190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 1468 | 8724 | 26339 |
| Net gain (loss) on investments | 1423 | 8002 | 160529 |
| Net increase (decrease) in net assets from operations | 1561 | 8504 | 146174 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments |  | (2767) | (134912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 14 | 293 | (12529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (24) | (134) | (1041) |
| Increase (decrease) in net assets from contract transactions | (10) | (2608) | (148482) |
| Total increase (decrease) in net assets | 1551 | 5896 | (2308) |
| Net assets as of December 31, 2025 | $22984 | $130826 | $1034320 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Columbia Variable<br>Portfolio - Large<br>Cap Growth Fund<br>Class 2 |<br>Columbia Variable<br>Portfolio - Large<br>Cap Index Fund | Columbia Variable<br>Portfolio -<br>Overseas Core<br>Fund Class 1 |
| Net assets as of December 31, 2023 | $580636 | $936095 | $186657 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 7715 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (7626) | (14517) | (2444) |
| Net investment income (loss) | (7626) | (14517) | 5271 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 169704 | 247095 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (23791) | (22280) | (2193) |
| Net gain (loss) on investments | 145913 | 224815 | (1092) |
| Net increase (decrease) in net assets from operations | 138287 | 210298 | 4179 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 78330 | 83689 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (143498) | (282083) | (32826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (78485) | 89992 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (124) | (601) | (95) |
| Increase (decrease) in net assets from contract transactions | (143777) | (109003) | (31755) |
| Total increase (decrease) in net assets | (5490) | 101295 | (27576) |
| Net assets as of December 31, 2024 | $575146 | $1037390 | $159081 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 3537 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (7830) | (14799) | (2450) |
| Net investment income (loss) | (7830) | (14799) | 1087 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 49117 | 82615 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 33853 | 89135 | 50750 |
| Net gain (loss) on investments | 82970 | 171750 | 53140 |
| Net increase (decrease) in net assets from operations | 75140 | 156951 | 54227 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 1311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (45513) | (56313) | (22100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 2309 | (14142) | (3735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (447) | (1314) | (216) |
| Increase (decrease) in net assets from contract transactions | (43651) | (70458) | (26051) |
| Total increase (decrease) in net assets | 31489 | 86493 | 28176 |
| Net assets as of December 31, 2025 | $606635 | $1123883 | $187257 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Columbia Variable<br>Portfolio -<br>Overseas Core<br>Fund Class 2 | Columbia Variable<br>Portfolio - Select<br>Mid Cap Value<br>Fund | Columbia Variable<br>Portfolio - Small<br>Cap Value Fund<br>Class 1 |
| Net assets as of December 31, 2023 | $31529 | $290816 | $137623 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1340 |  | 625 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (451) | (4907) | (1291) |
| Net investment income (loss) | 889 | (4907) | (666) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (48) | 24875 | (17307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (166) | 17035 | 19400 |
| Net gain (loss) on investments | (214) | 41910 | 5745 |
| Net increase (decrease) in net assets from operations | 675 | 37003 | 5079 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (2092) | (38898) | (56835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 395 | 61169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (29) | (224) | (23) |
| Increase (decrease) in net assets from contract transactions | (1726) | 22047 | (56858) |
| Total increase (decrease) in net assets | (1051) | 59050 | (51779) |
| Net assets as of December 31, 2024 | $30478 | $349866 | $85844 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 616 |  | 1047 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (499) | (4329) | (1207) |
| Net investment income (loss) | 117 | (4329) | (160) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 190 | 77121 | (1185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 10485 | (34944) | (1673) |
| Net gain (loss) on investments | 10675 | 42177 | 11608 |
| Net increase (decrease) in net assets from operations | 10792 | 37848 | 11448 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (122) | (116111) | (612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (765) | (1748) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (62) | (375) | (84) |
| Increase (decrease) in net assets from contract transactions | (949) | (117578) | (635) |
| Total increase (decrease) in net assets | 9843 | (79730) | 10813 |
| Net assets as of December 31, 2025 | $40321 | $270136 | $96657 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Columbia Variable<br>Portfolio - Small<br>Cap Value Fund<br>Class 2 | Columbia Variable<br>Portfolio - Small<br>Company Growth<br>Fund | Columbia Variable<br>Portfolio - Strategic<br>Income Fund<br>Class 1 |
| Net assets as of December 31, 2023 | $251536 | $87477 | $281631 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 1435 | 2177 | 11968 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (3939) | (1328) | (3754) |
| Net investment income (loss) | (2504) | 849 | 8214 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 11802 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 12783 | (2381) | (2687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (4266) | 20248 | 2928 |
| Net gain (loss) on investments | 20319 | 17867 | 241 |
| Net increase (decrease) in net assets from operations | 17815 | 18716 | 8455 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 50340 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (121455) | (3432) | (31134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 65549 |  | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (83) | (23) | (93) |
| Increase (decrease) in net assets from contract transactions | (5649) | (3455) | (29817) |
| Total increase (decrease) in net assets | 12166 | 15261 | (21362) |
| Net assets as of December 31, 2024 | $263702 | $102738 | $260269 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 2548 |  | 10846 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (3555) | (1491) | (3334) |
| Net investment income (loss) | (1007) | (1491) | 7512 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 43874 | 13996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 2213 | (1207) | (4545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (11921) | 9252 | 10847 |
| Net gain (loss) on investments | 34166 | 22041 | 6302 |
| Net increase (decrease) in net assets from operations | 33159 | 20550 | 13814 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (21999) |  | (69333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (1803) | 82 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (220) | (103) | (240) |
| Increase (decrease) in net assets from contract transactions | (24022) | (21) | (68414) |
| Total increase (decrease) in net assets | 9137 | 20529 | (54600) |
| Net assets as of December 31, 2025 | $272839 | $123267 | $205669 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Columbia Variable<br>Portfolio - Strategic<br>Income Fund<br>Class 2 | Columbia Variable<br>Portfolio - U.S.<br>Government<br>Mortgage Fund<br>Class 1 | Columbia Variable<br>Portfolio - U.S.<br>Government<br>Mortgage Fund<br>Class 2 |
| Net assets as of December 31, 2023 | $348794 | $151510 | $651077 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 12578 | 4832 | 18759 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (4136) | (2052) | (7974) |
| Net investment income (loss) | 8442 | 2780 | 10785 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (15992) | (2136) | (26363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 16105 | (532) | 15471 |
| Net gain (loss) on investments | 113 | (2668) | (10892) |
| Net increase (decrease) in net assets from operations | 8555 | 112 | (107) |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 32459 | 650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (149701) | (9795) | (155823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 2107 | 1551 | 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (256) | (44) | (258) |
| Increase (decrease) in net assets from contract transactions | (115391) | (7638) | (136021) |
| Total increase (decrease) in net assets | (106836) | (7526) | (136128) |
| Net assets as of December 31, 2024 | $241958 | $143984 | $514949 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 10887 | 3287 | 10500 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (3375) | (2022) | (7171) |
| Net investment income (loss) | 7512 | 1265 | 3329 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (3096) | (2301) | (8056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 9151 | 11850 | 41343 |
| Net gain (loss) on investments | 6055 | 9549 | 33287 |
| Net increase (decrease) in net assets from operations | 13567 | 10814 | 36616 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (27232) | (16486) | (28108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (3580) | 867 | (5001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (452) | (132) | (563) |
| Increase (decrease) in net assets from contract transactions | (31264) | (15751) | (31312) |
| Total increase (decrease) in net assets | (17697) | (4937) | 5304 |
| Net assets as of December 31, 2025 | $224261 | $139047 | $520253 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Fidelity VIP<br>Dynamic Capital<br>Appreciation<br>Portfolio |<br>Fidelity VIP Equity-<br>Income Portfolio |<br>Fidelity VIP Growth<br>Opportunities<br>Portfolio |
| Net assets as of December 31, 2023 | $29222 | $790765 | $427541 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 16 | 12276 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (465) | (11005) | (6643) |
| Net investment income (loss) | (449) | 1271 | (6643) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 1419 | 46384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 741 | 38135 | 36548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 5026 | 13874 | 117133 |
| Net gain (loss) on investments | 7186 | 98393 | 153681 |
| Net increase (decrease) in net assets from operations | 6737 | 99664 | 147038 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 110151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (680) | (138761) | (40119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net |  | (88238) | (15489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (17) | (467) | (257) |
| Increase (decrease) in net assets from contract transactions | (697) | (117315) | (55865) |
| Total increase (decrease) in net assets | 6040 | (17651) | 91173 |
| Net assets as of December 31, 2024 | $35262 | $773114 | $518714 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 156 | 13364 |  |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (507) | (11133) | (7652) |
| Net investment income (loss) | (351) | 2231 | (7652) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 6783 | 47139 | 7719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 875 | 15636 | 17414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (1469) | 63690 | 85760 |
| Net gain (loss) on investments | 6189 | 126465 | 110893 |
| Net increase (decrease) in net assets from operations | 5838 | 128696 | 103241 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 1049 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (791) | (34453) | (10080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 26 | (10745) | (3756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (44) | (983) | (636) |
| Increase (decrease) in net assets from contract transactions | (809) | (45132) | (13292) |
| Total increase (decrease) in net assets | 5029 | 83564 | 89949 |
| Net assets as of December 31, 2025 | $40291 | $856678 | $608663 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Invesco V.I.<br>American<br>Franchise Fund |<br>Invesco V.I. Core<br>Equity Fund | Invesco V.I. EQV<br>International Equity<br>Fund |
| Net assets as of December 31, 2023 | $358137 | $307839 | $329693 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  | 2304 | 5027 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (5835) | (4551) | (4260) |
| Net investment income (loss) | (5835) | (2247) | 767 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  | 27671 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (468) | (7642) | (5557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 123532 | 52201 | 2519 |
| Net gain (loss) on investments | 123064 | 72230 | (1543) |
| Net increase (decrease) in net assets from operations | 117229 | 69983 | (776) |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 33517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (20970) | (36560) | (63361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 274 | (33217) | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (188) | (88) | (117) |
| Increase (decrease) in net assets from contract transactions | (20884) | (36348) | (56345) |
| Total increase (decrease) in net assets | 96345 | 33635 | (57121) |
| Net assets as of December 31, 2024 | $454482 | $341474 | $272572 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  | 2229 | 4080 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (5745) | (4734) | (3996) |
| Net investment income (loss) | (5745) | (2505) | 84 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 37055 | 25661 | 18108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 9003 | 5668 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (7302) | 19105 | 21067 |
| Net gain (loss) on investments | 38756 | 50434 | 39649 |
| Net increase (decrease) in net assets from operations | 33011 | 47929 | 39733 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (64128) | (16601) | (6555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (11503) | (12161) | (9194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (443) | (290) | (286) |
| Increase (decrease) in net assets from contract transactions | (76074) | (29052) | (14593) |
| Total increase (decrease) in net assets | (43063) | 18877 | 25140 |
| Net assets as of December 31, 2025 | $411419 | $360351 | $297712 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  |<br>MFS VIT I Growth<br>Series Initial Class | MFS VIT I Growth<br>Series Service<br>Class | MFS VIT I<br>Investors Trust<br>Series |
| Net assets as of December 31, 2023 | $1728932 | $789866 | $364291 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 1778 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (26761) | (12602) | (5346) |
| Net investment income (loss) | (26761) | (12602) | (3568) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 146120 | 74828 | 27749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 100717 | 38792 | 12132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 265457 | 125072 | 23964 |
| Net gain (loss) on investments | 512294 | 238692 | 63845 |
| Net increase (decrease) in net assets from operations | 485533 | 226090 | 60277 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 5122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (202579) | (72595) | (36589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | (4448) | (3385) | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (846) | (388) | (98) |
| Increase (decrease) in net assets from contract transactions | (202751) | (76368) | (25277) |
| Total increase (decrease) in net assets | 282782 | 149722 | 35000 |
| Net assets as of December 31, 2024 | $2011714 | $939588 | $399291 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  |  | 1833 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (26860) | (13177) | (5043) |
| Net investment income (loss) | (26860) | (13177) | (3210) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 341686 | 191239 | 129667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 121310 | 26973 | 36464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (248032) | (110815) | (121752) |
| Net gain (loss) on investments | 214964 | 107397 | 44379 |
| Net increase (decrease) in net assets from operations | 188104 | 94220 | 41169 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (381578) | (45777) | (115078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 1099 | (8656) | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (2060) | (998) | (311) |
| Increase (decrease) in net assets from contract transactions | (382539) | (55431) | (114966) |
| Total increase (decrease) in net assets | (194435) | 38789 | (73797) |
| Net assets as of December 31, 2025 | $1817279 | $978377 | $325494 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  |<br>MFS VIT I New<br>Discovery Series |<br>MFS VIT I<br>Research Series | MFS VIT I Total<br>Return Bond<br>Series |
| Net assets as of December 31, 2023 | $289743 | $342497 | $4926 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  | 2055 | 211 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (4339) | (4834) | (69) |
| Net investment income (loss) | (4339) | (2779) | 142 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  | 19754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (5505) | 7518 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 25342 | 30139 | (77) |
| Net gain (loss) on investments | 19837 | 57411 | (86) |
| Net increase (decrease) in net assets from operations | 15498 | 54632 | 56 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (8475) | (48678) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 14224 | (285) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (6) | (111) | - |
| Increase (decrease) in net assets from contract transactions | 5743 | (49074) | - |
| Total increase (decrease) in net assets | 21241 | 5558 | 56 |
| Net assets as of December 31, 2024 | $310984 | $348055 | $4982 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions |  | 3270 | 228 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (3936) | (4701) | (71) |
| Net investment income (loss) | (3936) | (1431) | 157 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions |  | 80143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | (39059) | 4241 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 72322 | (46496) | 137 |
| Net gain (loss) on investments | 33263 | 37888 | 127 |
| Net increase (decrease) in net assets from operations | 29327 | 36457 | 284 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (85112) | (53435) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 89 | 145 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (177) | (307) | (3) |
| Increase (decrease) in net assets from contract transactions | (85200) | (53597) | - |
| Total increase (decrease) in net assets | (55873) | (17140) | 284 |
| Net assets as of December 31, 2025 | $255111 | $330915 | $5266 |

---

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

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | MFS VIT II<br>Massachusetts<br>Investors Growth<br>Stock Portfolio |<br>Rydex VT<br>NASDAQ-100<br>Fund |<br>Templeton<br>Developing<br>Markets VIP Fund |
| Net assets as of December 31, 2023 | $514159 | $282727 | $29041 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 745 | 105 | 1193 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (7989) | (1101) | (424) |
| Net investment income (loss) | (7244) | (996) | 769 |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 51827 | 973 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 5301 | 97692 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 25487 | (84723) | 524 |
| Net gain (loss) on investments | 82615 | 13942 | 1159 |
| Net increase (decrease) in net assets from operations | 75371 | 12946 | 1928 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (10258) | (61174) | (2610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 11893 | (179137) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (225) | (6) | (3) |
| Increase (decrease) in net assets from contract transactions | 1410 | (240317) | (2613) |
| Total increase (decrease) in net assets | 76781 | (227371) | (685) |
| Net assets as of December 31, 2024 | $590940 | $55356 | $28356 |
| Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend distributions | 83 | 18 | 182 |
| Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | (7611) | (814) | (474) |
| Net investment income (loss) | (7528) | (796) | (292) |
| Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 71789 | 3322 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized capital gain (loss) on investments | 41552 | 429 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (62328) | 6689 | 12157 |
| Net gain (loss) on investments | 51013 | 10440 | 12840 |
| Net increase (decrease) in net assets from operations | 43485 | 9644 | 12548 |
| Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminations, withdrawals and annuity payments | (131334) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers between subaccounts, net | 1233 | (496) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance charges and mortality adjustments | (557) | (48) | (25) |
| Increase (decrease) in net assets from contract transactions | (130002) | (544) | 1 |
| Total increase (decrease) in net assets | (86517) | 9100 | 12549 |
| Net assets as of December 31, 2025 | $504423 | $64456 | $40905 |

---

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

KBL Variable Account A

Notes to Financial Statements

December 31, 2025

**Note 1. Organization**

Keyport Benefit Life ("KBL") Variable Account A (the "Separate Account") is a separate account of Nassau Life Insurance Company ("NNY", the "Company", the "Sponsor", "we" or "us"). NNY is a wholly-owned subsidiary of The Nassau Companies of New York ("NCNY"), whose ultimate parent is Nassau Insurance Group Holdings G.P., LLC ("Nassau"). Founded in April 2015, Nassau is a privately held insurance and reinsurance business focused on building a franchise across the insurance value chain. NCNY is a holding company for NNY. On July 1, 2023, NNY completed its acquisition of Delaware Life Insurance Company of New York ("DLNY") from Delaware Life Insurance Company, after receipt of insurance regulatory approval by the New York Department of Financial Services (the "NYDFS" or the "Department"). Effective July 5, 2023, DLNY merged with and into NNY pursuant to a merger agreement with NNY as the surviving entity.The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended and was established on April 2015. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:

---

| | |
|:---|:---|
| **Subaccount** | **Share Class** |
| AB VPS Balanced Hedged Allocation Portfolio | Class B |
| AB VPS Large Cap Growth | Class B |
| AB VPS Relative Value Portfolio | Class A |
| AB VPS Relative Value Portfolio | Class B |
| AB VPS Sustainable Global Thematic Portfolio | Class B |
| Alger Small Cap Growth Portfolio | I-2 |
| Columbia Variable Portfolio – Acorn Fund |  |
| Columbia Variable Portfolio – Acorn International Fund |  |
| Columbia Variable Portfolio - Dividend Opportunity Fund | Class 1 |
| Columbia Variable Portfolio - Dividend Opportunity Fund | Class 2 |
| Columbia Variable Portfolio - Government Money Market Fund | Class 1 |
| Columbia Variable Portfolio - Income Opportunities Fund | Class 1 |
| Columbia Variable Portfolio - Income Opportunities Fund | Class 2 |
| Columbia Variable Portfolio - Large Cap Growth Fund | Class 1 |
| Columbia Variable Portfolio - Large Cap Growth Fund | Class 2 |
| Columbia Variable Portfolio - Large Cap Index Fund | Class 2 |
| Columbia Variable Portfolio - Overseas Core Fund | Class 1 |
| Columbia Variable Portfolio - Overseas Core Fund | Class 2 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | Class 1 |
| Columbia Variable Portfolio - Small Cap Value Fund | Class 1 |
| Columbia Variable Portfolio - Small Cap Value Fund | Class 2 |
| Columbia Variable Portfolio - Small Company Growth Fund | Class 1 |
| Columbia Variable Portfolio - Strategic Income Fund | Class 1 |
| Columbia Variable Portfolio - Strategic Income Fund | Class 2 |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund | Class 1 |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund | Class 2 |
| Fidelity VIP Dynamic Capital Appreciation Portfolio | Service Class 2 |
| Fidelity VIP Equity-Income Portfolio | Service Class 2 |
| Fidelity VIP Growth Opportunities Portfolio | Service Class 2 |
| Invesco V.I. American Franchise Fund | Series I |
| Invesco V.I. Core Equity Fund | Series I |
| Invesco V.I. EQV International Equity Fund | Series I |
| MFS VIT I Growth Series | Initial Class |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 1. Organization (continued)**

---

| | |
|:---|:---|
| **Subaccount** | **Share Class** |
| MFS VIT I Growth Series | Service Class |
| MFS VIT I Investors Trust Series | Service Class |
| MFS VIT I New Discovery Series | Service Class |
| MFS VIT I Research Series | Initial Class |
| MFS VIT I Total Return Bond Series | Initial Class |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio | S Class |
| Rydex VT NASDAQ-100 Fund |  |
| Templeton Developing Markets VIP Fund | Class 2 |

---

Forty-one subaccounts are currently offered by the Separate Account. The following subaccounts had no activity for two consecutive years and are not included in the Statements of Net Assets or the Statements of Operations and Change in Net Assets:

**Subaccount**

AB VPS Balanced Hedged Allocation Portfolio

AB VPS Large Cap Growth

**Note 2. Additions, Mergers, Liquidations and Name Changes**

A. Additions

There were no fund additions in 2024 or 2025.

B. Mergers

There were no fund mergers in 2024 or 2025.

C. Liquidations

During the last two years the following subaccount was liquidated and subsequently reinvested:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Date** | <br>**Liquidated Subaccount** | <br>**Reinvested Subaccount** | **Transferred**<br>**Assets ($)** |
| April 15, 2024 | AB VPS Sustainable International Thematic Portfolio | Columbia VP - Government Money Market Fund |  |

---

D. Name Changes

During the last two years the following subaccount name changes were made effective:

---

| | | |
|:---|:---|:---|
| **Date** | **New Name** | **Old Name** |
| June 2, 2025 | Columbia Variable Portfolio – Acorn Fund | Wanger Acorn |
| June 2, 2025 | Columbia Variable Portfolio – Acorn International Fund | Wanger International |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 3. Significant Accounting Policies**

**Investment Valuation**

Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

**Market Risk**

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holder's investments in the funds and the amounts reported in the statements of net assets. The contract holder assumes all of the investment performance risk for the subaccounts selected.

**Contracts in Payout (Annuitization) Period**

Net assets allocated to contracts in the payout period are computed according to the 1983a Individual Annuitant Mortality Table, Annuity 2000 Mortality Table, or 2012 Individual Annuity Reserving Mortality Table depending on the particular product. The assumed interest return is also dependent on the particular product, and could range from 0.75 percent to 5.25 percent, as regulated by the laws of the respective states. During the payout period, the mortality risk is fully borne by NNY and may result in additional amounts being transferred into the Separate Account from NNY to cover greater longevity of annuitants than expected. Conversely, if amounts allocated during the payout period exceed amounts required, transfers of excess amounts from the Separate Account may be made to NNY. These amounts will appear in the "Maintenance charges and mortality adjustments" of the Statements of Operations and Change in Net Assets.

**Annuity Assets**

Annuity Assets relate to contracts that have annuitized and are in the payout period. Such assets are computed on the basis of published mortality tables using assumed interest rates that will provide assets as prescribed by law. In cases where the payout option selected is life contingent, NNY periodically recalculates the required annuity assets, and any resulting adjustment is either charged or credited to NNY and not to the Separate Account.

The annuity assets for December 31, 2025 by subaccount are as follows:

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
| AB VPS Relative Value Portfolio Class B | $15277 |
| Alger Small Cap Growth Portfolio | 128 |
| Columbia Variable Portfolio – Acorn Fund | 11641 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | 1338 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | 7491 |
| Columbia Variable Portfolio - Government Money Market Fund | 12745 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | 9191 |
| Columbia Variable Portfolio - Large Cap Index Fund | 142 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | 6329 |
| Columbia Variable Portfolio - Small Cap Value Fund Class 2 | 7736 |
| Columbia Variable Portfolio - Strategic Income Fund Class 2 | 109 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 3. Significant Accounting Policies (continued)**

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | 536 |
| Fidelity VIP Equity-Income Portfolio | 11738 |
| Invesco V.I. American Franchise Fund | 8011 |
| Invesco V.I. Core Equity Fund | 11668 |
| MFS VIT I Growth Series Initial Class | 3945 |
| MFS VIT I Growth Series Service Class | 8075 |
| MFS VIT I Research Series | 412 |

---

**Reinvestment of Dividends**

Dividend and capital gain distributions paid by the mutual funds to the Separate Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

**Federal Income Taxes**

The operations of the Separate Account are included in the federal income tax return of NNY, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, NNY does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Separate Account for federal income taxes. NNY will review periodically the status of this policy in the event of changes in the tax law.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change such as possibility for elevated mortality and investment market volatility.

**Fair Value Measurements**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The Separate Account invests in shares of open-end mutual funds, which process contract holders directed purchases, sales and transfers on a daily basis at the funds' computed net asset values (NAVs). The fair value of the Separate Account's assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 3. Significant Accounting Policies (continued)**

The Separate Account measures the fair value of its investment in the Fund on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Separate Account has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs for the asset or liability, to the extent observable inputs are not available, representing the Separate Account's own assumptions about the assumptions a market participant would use in valuing the assets or liability, and would be based on the best information available.

Investments in Fund shares are valued using the reported net asset value of the respective Funds at the end of each New York Stock Exchange business day, as determined by the respective Funds. Investments held by the Separate Account are Level 1 within the hierarchy. There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.

**Segment Disclosures**

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the 2VP Finance, Accounting Operations Department, who is responsible for reviewing subaccount financial statements and related Separate Account controls. The Separate Account represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on the investment selections of its contract holders. The financial information which is used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reported on the Statements of Operations and Change in Net Assets as net assets and significant segment expenses are reported in the Statements of Operations and Change in Net Assets. The CODM does not evaluate the business using asset or subaccount expense information.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 4. Purchases and Proceeds from Sales of Investments**

The cost of investment purchases and proceeds from investments sold for the years ended December 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Subaccount** | **Cost of Purchases** | **Proceeds from<br> Sales** | **Cost of Purchases** | **Proceeds from<br> Sales** |
| AB VPS Relative Value Portfolio Class A | $12143 | $1829 | $6731 | $15806 |
| AB VPS Relative Value Portfolio Class B | 73563 | 89176 | 104957 | 151052 |
| AB VPS Sustainable Global Thematic Portfolio | 28983 | 20680 | 1256 | 9543 |
| Alger Small Cap Growth Portfolio | 4318 | 52586 | 3124 | 24013 |
| Columbia Variable Portfolio – Acorn Fund (a) | 13789 | 131968 | 109418 | 413373 |
| Columbia Variable Portfolio – Acorn International Fund (a) | 12459 | 17014 | 14854 | 19079 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | 1214 | 175041 | 3090 | 130804 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | 11527 | 52557 | 842 | 280724 |
| Columbia Variable Portfolio - Government Money Market Fund | 174115 | 406590 | 488769 | 476324 |
| Columbia Variable Portfolio - Income Opportunities Fund Class 1 | 447 | 319 | 1868 | 13362 |
| Columbia Variable Portfolio - Income Opportunities Fund Class 2 | 5804 | 7910 | 8555 | 17216 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | 2134 | 164971 | 4343 | 103027 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 2 | 39918 | 91399 | 70582 | 222472 |
| Columbia Variable Portfolio - Large Cap Index Fund | 15273 | 100529 | 189792 | 313763 |
| Columbia Variable Portfolio - Overseas Core Fund Class 1 | 3537 | 28501 | 9572 | 36044 |
| Columbia Variable Portfolio - Overseas Core Fund Class 2 | 616 | 1448 | 1889 | 2728 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | 5931 | 127838 | 15250 | 49093 |
| Columbia Variable Portfolio - Small Cap Value Fund Class 1 | 15513 | 1842 | 4277 | 58160 |
| Columbia Variable Portfolio - Small Cap Value Fund Class 2 | 49137 | 30292 | 66227 | 126816 |
| Columbia Variable Portfolio - Small Company Growth Fund | 13997 | 1514 | 2177 | 4790 |
| Columbia Variable Portfolio - Strategic Income Fund Class 1 | 12091 | 72994 | 13381 | 34984 |
| Columbia Variable Portfolio - Strategic Income Fund Class 2 | 14321 | 38072 | 49260 | 156584 |

---

(a) Name change. See Note 2.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 4. Purchases and Proceeds from Sales of Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Subaccount** | **Cost of Purchases** | **Proceeds from<br> Sales** | **Cost of Purchases** | **Proceeds from<br> Sales** |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | $4343 | $18830 | $7686 | $12541 |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | 25278 | 53262 | 38914 | 165347 |
| Fidelity VIP Dynamic Capital Appreciation Portfolio | 6940 | 1316 | 1435 | 1163 |
| Fidelity VIP Equity-Income Portfolio | 89958 | 85720 | 159900 | 233043 |
| Fidelity VIP Growth Opportunities Portfolio | 12876 | 26101 | 823 | 63365 |
| Invesco V.I. American Franchise Fund | 39468 | 84231 | 4930 | 32667 |
| Invesco V.I. Core Equity Fund | 37757 | 43654 | 63507 | 75346 |
| Invesco V.I. EQV International Equity Fund | 25299 | 21700 | 13904 | 68012 |
| MFS VIT I Growth Series Initial Class | 344239 | 411952 | 152832 | 236648 |
| MFS VIT I Growth Series Service Class | 212683 | 90052 | 80528 | 95756 |
| MFS VIT I Investors Trust Series | 132658 | 121167 | 44027 | 45587 |
| MFS VIT I New Discovery Series | 275 | 89411 | 14409 | 13026 |
| MFS VIT I Research Series | 83484 | 58370 | 21999 | 54256 |
| MFS VIT I Total Return Bond Series | 228 | 71 | 211 | 69 |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio | 73841 | 139582 | 66800 | 20847 |
| Rydex VT NASDAQ-100 Fund | 3558 | 1576 | 1116 | 241477 |
| Templeton Developing Markets VIP Fund | 750 | 473 | 1423 | 3039 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 5. Related Party Transactions and Charges and Deductions**

*Related-Party Transactions*

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

*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 Separate Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statements of Operations and Change in Net Assets. As of December 31, 2025, the deduction is at an effective annual rate of 1.25% of average separate account assets.

*Distribution and administrative charges*

A daily deduction from the Separate Account is made for distribution costs incurred by the Sponsor at an effective annual rate of 0.15% of contract value for New York Keyport Advisor Variable Annuity, New York Keyport Advisor Charter Variable Annuity, New York Keyport Advisor Optima Variable Annuity, New York Keyport Charter Variable Annuity, New York Keyport Optima Variable Annuity and New York Keyport Latitude Variable Annuity. There are no distribution charge deductions from the Separate Account for New York Keyport Advisor Variable Annuity contracts during the annuity period.

A daily deduction from the Separate Account is also made for administrative charge at an effective annual rate of 0.15% of contract value for New York Keyport Advisor Vista and New York Keyport Vista Variable Annuity. This charge is designed to compensate the Sponsor for administrative expenses that are not covered by the certificate maintenance charge.

These charges are reflected in the Statements of Operations and Change in Net Assets as a component of "Mortality and expense risk and administrative charges".

*Certificate maintenance charge*

Each year on the account anniversary date, an annual $36 certificate maintenance charge is deducted from the contract owner's account in the case of New York Keyport Advisor, New York Keyport Advisor Charter, New York Keyport Advisor Optima, New York Keyport Charter, New York Keyport Optima and New York Keyport Latitude to reimburse the Sponsor for certain administrative expenses. This charge is reflected in the Statements of Operations and Change in Net Assets as a component of "Maintenance charges and mortality adjustments".

*Surrender charges*

The Sponsor does not deduct a sales charge from purchase payments. However, a surrender charge (contingent deferred sales charge) is deducted based on a graded table of charges for New York Keyport Advisor, New York Keyport Advisor Charter, New York Keyport Advisor Optima, New York Keyport Charter, New York Keyport Optima and New York Keyport Latitude if the contract holder requests a full withdrawal prior to reaching the pay-out phase. The surrender charge is deducted from the Sub-Account and the Fixed Account in the same manner as the amount withdrawn. These charges are reflected in the Statements of Operations and Change in Net Assets as a component of "Maintenance charges and mortality adjustments".

*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 certificate value upon full surrender (including surrender for the death benefit) or annuitization. The certificate value is the sum of the separate account value and the fixed account value under the policyholder's certificates.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 6. Summary of Unit Transactions**

The changes in units outstanding for the periods December 31, 2025 and 2024, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| AB VPS Relative Value Portfolio Class A |  |  |  |  | (251) | (251) |
| AB VPS Relative Value Portfolio Class B | 577 | (1915) | (1338) | 1972 | (3670) | (1698) |
| AB VPS Sustainable Global Thematic Portfolio | 398 | (949) | (551) | 40 | (371) | (331) |
| Alger Small Cap Growth Portfolio | 27 | (1252) | (1225) | 49 | (502) | (453) |
| Columbia Variable Portfolio – Acorn Fund (a) | 276 | (2187) | (1911) | 2165 | (7681) | (5516) |
| Columbia Variable Portfolio – Acorn International Fund (a) | 266 | (454) | (188) | 412 | (529) | (117) |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | 51 | (5813) | (5762) | 127 | (4817) | (4690) |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | 466 | (1806) | (1340) | 36 | (11216) | (11180) |
| Columbia Variable Portfolio - Government Money Market Fund | 6974 | (36932) | (29958) | 36620 | (45272) | (8652) |
| Columbia Variable Portfolio - Income Opportunities Fund Class 1 |  | (1) | (1) |  | (930) | (930) |
| Columbia Variable Portfolio - Income Opportunities Fund Class 2 | 255 | (447) | (192) | 139 | (1170) | (1031) |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | 46 | (2525) | (2479) | 90 | (1876) | (1786) |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 2 | 704 | (1552) | (848) | 1602 | (5006) | (3404) |
| Columbia Variable Portfolio - Large Cap Index Fund | 339 | (1862) | (1523) | 5043 | (7638) | (2595) |
| Columbia Variable Portfolio - Overseas Core Fund Class 1 |  | (1546) | (1546) | 135 | (2360) | (2225) |
| Columbia Variable Portfolio - Overseas Core Fund Class 2 |  | (61) | (61) | 41 | (159) | (118) |

---

(a) Name change. See Note 2.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 6. Summary of Unit Transactions (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | 217 | (4065) | (3848) | 578 | (1597) | (1019) |
| Columbia Variable Portfolio - Small Cap Value Fund Class 1 |  | (10) | (10) |  | (944) | (944) |
| Columbia Variable Portfolio - Small Cap Value Fund Class 2 | 48 | (395) | (347) | 930 | (2109) | (1179) |
| Columbia Variable Portfolio - Small Company Growth Fund |  |  |  |  | (25) | (25) |
| Columbia Variable Portfolio - Strategic Income Fund Class 1 | 34 | (1843) | (1809) | 41 | (877) | (836) |
| Columbia Variable Portfolio - Strategic Income Fund Class 2 | 97 | (963) | (866) | 1095 | (4513) | (3418) |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | 106 | (1606) | (1500) | 294 | (1077) | (783) |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | 1486 | (4634) | (3148) | 2145 | (16420) | (14275) |
| Fidelity VIP Dynamic Capital Appreciation Portfolio |  | (13) | (13) |  | (14) | (14) |
| Fidelity VIP Equity-Income Portfolio | 729 | (1848) | (1119) | 2858 | (6380) | (3522) |
| Fidelity VIP Growth Opportunities Portfolio | 88 | (274) | (186) | 15 | (1096) | (1081) |
| Invesco V.I. American Franchise Fund | 57 | (1783) | (1726) | 112 | (609) | (497) |
| Invesco V.I. Core Equity Fund | 257 | (1015) | (758) | 1069 | (2266) | (1197) |
| Invesco V.I. EQV International Equity Fund | 111 | (638) | (527) | 283 | (2422) | (2139) |
| MFS VIT I Growth Series Initial Class | 30 | (3716) | (3686) | 77 | (2373) | (2296) |
| MFS VIT I Growth Series Service Class | 213 | (767) | (554) | 62 | (944) | (882) |
| MFS VIT I Investors Trust Series | 32 | (2998) | (2966) | 445 | (1234) | (789) |
| MFS VIT I New Discovery Series | 10 | (2528) | (2518) | 474 | (261) | 213 |
| MFS VIT I Research Series | 1 | (747) | (746) | 3 | (792) | (789) |
| MFS VIT I Total Return Bond Series |  |  |  |  |  |  |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio | 74 | (4359) | (4285) | 546 | (447) | 99 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 6. Summary of Unit Transactions (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Units**<br>**Issued** | <br>**Units**<br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| Rydex VT NASDAQ-100 Fund | 8 | (23) | (15) | 2 | (9651) | (9649) |
| Templeton Developing Markets VIP Fund |  |  |  |  | (109) | (109) |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 7. Financial Highlights**

The Separate Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner's subaccount balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding unit values and total returns. The summary may not reflect the minimum and maximum contract charges offered by the Separate Account as contract owners may not have selected all available and applicable contract options as discussed in Note 5.

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios and total return ratios for each of the five years in the period ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br> **(%) (3)(4)** |
| AB VPS Relative Value Portfolio Class A | AB VPS Relative Value Portfolio Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2346 | 59.03 | 59.03 | 138509 | 1.11 | 1.39 | 1.39 | 8.95 | 8.95 |
| &nbsp;&nbsp;&nbsp;2024 | 2346 | 54.18 | 54.18 | 127135 | 1.48 | 1.39 | 1.39 | 11.44 | 11.44 |
| &nbsp;&nbsp;&nbsp;2023 | 2597 | 48.62 | 48.62 | 126265 | 1.50 | 1.39 | 1.39 | 10.48 | 10.48 |
| &nbsp;&nbsp;&nbsp;2022 | 2646 | 44.00 | 44.00 | 116413 | 1.41 | 1.39 | 1.39 | (5.51) | (5.51) |
| &nbsp;&nbsp;&nbsp;2021 | 2646 | 46.57 | 46.57 | 123208 | 0.82 | 1.39 | 1.39 | 26.39 | 26.39 |
| AB VPS Relative Value Portfolio Class B | AB VPS Relative Value Portfolio Class B |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11675 | 44.20 | 45.99 | 519725 | 0.90 | 1.24 | 1.39 | 8.68 | 8.85 |
| &nbsp;&nbsp;&nbsp;2024 | 13013 | 40.67 | 42.25 | 533437 | 1.24 | 1.24 | 1.39 | 11.18 | 11.36 |
| &nbsp;&nbsp;&nbsp;2023 | 14711 | 37.94 | 36.58 | 536562 | 1.26 | 1.24 | 1.39 | 10.18 | 10.35 |
| &nbsp;&nbsp;&nbsp;2022 | 17447 | 34.38 | 34.38 | 579922 | 1.07 | 1.24 | 1.24 | (5.60) | (5.60) |
| &nbsp;&nbsp;&nbsp;2021 | 18539 | 35.22 | 35.22 | 652851 | 0.63 | 1.39 | 1.39 | 26.07 | 26.07 |
| AB VPS Sustainable Global Thematic Portfolio | AB VPS Sustainable Global Thematic Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8003 | 20.02 | 20.02 | 160257 |  | 1.39 | 1.39 | 4.54 | 4.54 |
| &nbsp;&nbsp;&nbsp;2024 | 8554 | 19.15 | 19.15 | 163825 |  | 1.39 | 1.39 | 4.47 | 4.47 |
| &nbsp;&nbsp;&nbsp;2023 | 8885 | 18.33 | 18.33 | 162850 | 0.03 | 1.39 | 1.39 | 14.11 | 14.11 |
| &nbsp;&nbsp;&nbsp;2022 | 11739 | 16.06 | 16.06 | 188560 |  | 1.39 | 1.39 | (28.17) | (28.17) |
| &nbsp;&nbsp;&nbsp;2021 | 12554 | 22.36 | 22.36 | 280762 |  | 1.39 | 1.39 | 20.88 | 20.88 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 7. Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7147 | 41.57 | 43.12 | 297154 |  | 1.24 | 1.39 | 4.45 | 4.58 |
| &nbsp;&nbsp;&nbsp;2024 | 8372 | 39.80 | 41.23 | 333255 | 0.38 | 1.24 | 1.39 | 6.62 | 6.79 |
| &nbsp;&nbsp;&nbsp;2023 | 8825 | 38.61 | 37.33 | 329382 |  | 1.39 | 1.39 | 14.89 | 15.06 |
| &nbsp;&nbsp;&nbsp;2022 | 8916 | 32.49 | 32.49 | 289671 |  | 1.39 | 1.39 | (38.87) | (38.87) |
| &nbsp;&nbsp;&nbsp;2021 | 9207 | 54.81 | 53.15 | 489367 |  | 1.24 | 1.39 | (7.36) | (7.22) |
| Columbia Variable Portfolio – Acorn Fund (a) | Columbia Variable Portfolio – Acorn Fund (a) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 17757 | 57.94 | 60.17 | 1030505 |  | 1.24 | 1.39 | 3.02 | 3.17 |
| &nbsp;&nbsp;&nbsp;2024 | 19668 | 56.24 | 58.32 | 1108808 |  | 1.24 | 1.39 | 12.59 | 12.76 |
| &nbsp;&nbsp;&nbsp;2023 | 25184 | 51.72 | 49.95 | 1254222 |  | 1.24 | 1.39 | 20.06 | 20.24 |
| &nbsp;&nbsp;&nbsp;2022 | 18121 | 43.01 | 41.61 | 754805 |  | 1.24 | 1.39 | (34.38) | (34.28) |
| &nbsp;&nbsp;&nbsp;2021 | 18545 | 65.45 | 63.41 | 1175902 | 0.74 | 1.24 | 1.39 | 7.40 | 7.56 |
| Columbia Variable Portfolio – Acorn International Fund (a) | Columbia Variable Portfolio – Acorn International Fund (a) | Columbia Variable Portfolio – Acorn International Fund (a) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8200 | 30.38 | 31.55 | 249108 | 1.27 | 1.24 | 1.39 | 11.20 | 11.37 |
| &nbsp;&nbsp;&nbsp;2024 | 8388 | 27.32 | 28.33 | 229172 | 1.38 | 1.24 | 1.39 | (9.54) | (9.37) |
| &nbsp;&nbsp;&nbsp;2023 | 8505 | 31.26 | 30.20 | 256822 | 0.32 | 1.24 | 1.39 | 15.34 | 15.52 |
| &nbsp;&nbsp;&nbsp;2022 | 8988 | 27.07 | 26.18 | 235305 | 0.93 | 1.24 | 1.39 | (34.76) | (34.66) |
| &nbsp;&nbsp;&nbsp;2021 | 9646 | 41.42 | 40.13 | 387075 | 0.54 | 1.24 | 1.39 | 17.17 | 17.34 |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 32807 | 29.72 | 30.38 | 975294 |  | 1.24 | 1.39 | 14.22 | 14.38 |
| &nbsp;&nbsp;&nbsp;2024 | 38569 | 26.02 | 26.56 | 1003811 |  | 1.24 | 1.39 | 13.82 | 13.99 |
| &nbsp;&nbsp;&nbsp;2023 | 43259 | 23.30 | 22.86 | 988957 |  | 1.24 | 1.39 | 3.64 | 3.80 |
| &nbsp;&nbsp;&nbsp;2022 | 47182 | 22.45 | 22.06 | 1042213 |  | 1.24 | 1.39 | (2.47) | (2.33) |
| &nbsp;&nbsp;&nbsp;2021 | 49983 | 22.98 | 22.62 | 1131872 |  | 1.24 | 1.39 | 24.42 | 24.61 |

---

(a) Name change. See Note 2.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 7. Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11317 | 28.67 | 29.30 | 325050 |  | 1.24 | 1.39 | 14.00 | 14.14 |
| &nbsp;&nbsp;&nbsp;2024 | 12657 | 25.15 | 25.67 | 319220 |  | 1.24 | 1.39 | 13.49 | 13.68 |
| &nbsp;&nbsp;&nbsp;2023 | 23837 | 22.58 | 22.16 | 470965 |  | 1.24 | 1.39 | 3.40 | 3.55 |
| &nbsp;&nbsp;&nbsp;2022 | 26542 | 21.81 | 21.43 | 535638 |  | 1.24 | 1.39 | (2.75) | (2.60) |
| &nbsp;&nbsp;&nbsp;2021 | 28440 | 22.39 | 22.04 | 627484 |  | 1.24 | 1.39 | 24.16 | 24.34 |
| Columbia Variable Portfolio - Government Money Market Fund | Columbia Variable Portfolio - Government Money Market Fund | Columbia Variable Portfolio - Government Money Market Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 252913 | 10.11 | 10.31 | 2558443 | 3.90 | 1.24 | 1.39 | 2.54 | 2.69 |
| &nbsp;&nbsp;&nbsp;2024 | 282871 | 9.86 | 10.04 | 2791002 | 4.88 | 1.24 | 1.39 | 3.57 | 3.72 |
| &nbsp;&nbsp;&nbsp;2023 | 291523 | 9.68 | 9.52 | 2768218 | 4.61 | 1.24 | 1.39 | 3.28 | 3.44 |
| &nbsp;&nbsp;&nbsp;2022 | 317022 | 9.36 | 9.22 | 2922860 | 1.16 | 1.24 | 1.39 | (0.19) | (0.04) |
| &nbsp;&nbsp;&nbsp;2021 | 323295 | 9.36 | 9.24 | 2978350 | 0.02 | 1.24 | 1.39 | (1.36) | (1.21) |
| Columbia Variable Portfolio - Income Opportunities Fund Class 1 | Columbia Variable Portfolio - Income Opportunities Fund Class 1 | Columbia Variable Portfolio - Income Opportunities Fund Class 1 | Columbia Variable Portfolio - Income Opportunities Fund Class 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1547 | 14.86 | 14.86 | 22984 | 2.01 | 1.39 | 1.39 | 7.29 | 7.29 |
| &nbsp;&nbsp;&nbsp;2024 | 1548 | 13.85 | 13.85 | 21433 | 6.05 | 1.39 | 1.39 | 4.45 | 4.45 |
| &nbsp;&nbsp;&nbsp;2023 | 2478 | 13.26 | 13.26 | 32851 | 5.17 | 1.39 | 1.39 | 10.02 | 10.02 |
| &nbsp;&nbsp;&nbsp;2022 | 2553 | 12.05 | 12.05 | 30772 | 5.39 | 1.39 | 1.39 | (11.25) | (11.25) |
| &nbsp;&nbsp;&nbsp;2021 | 2554 | 13.58 | 13.58 | 34687 | 9.03 | 1.39 | 1.39 | 3.05 | 3.05 |
| Columbia Variable Portfolio - Income Opportunities Fund Class 2 | Columbia Variable Portfolio - Income Opportunities Fund Class 2 | Columbia Variable Portfolio - Income Opportunities Fund Class 2 | Columbia Variable Portfolio - Income Opportunities Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9063 | 14.43 | 14.71 | 130826 | 1.78 | 1.24 | 1.39 | 6.89 | 7.06 |
| &nbsp;&nbsp;&nbsp;2024 | 9255 | 13.50 | 13.74 | 124930 | 5.24 | 1.24 | 1.39 | 4.25 | 4.41 |
| &nbsp;&nbsp;&nbsp;2023 | 10286 | 13.16 | 12.95 | 133208 | 5.50 | 1.24 | 1.39 | 9.83 | 9.99 |
| &nbsp;&nbsp;&nbsp;2022 | 22086 | 11.96 | 11.79 | 260430 | 5.23 | 1.24 | 1.39 | (11.45) | (11.32) |
| &nbsp;&nbsp;&nbsp;2021 | 25424 | 13.49 | 13.32 | 338755 | 8.84 | 1.24 | 1.39 | 2.70 | 2.85 |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | Columbia Variable Portfolio - Large Cap Growth Fund Class 1 | Columbia Variable Portfolio - Large Cap Growth Fund Class 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 16787 | 61.57 | 62.93 | 1034320 |  | 1.24 | 1.39 | 14.55 | 14.69 |
| &nbsp;&nbsp;&nbsp;2024 | 19266 | 53.75 | 54.87 | 1036628 |  | 1.24 | 1.39 | 29.49 | 29.72 |
| &nbsp;&nbsp;&nbsp;2023 | 21052 | 42.30 | 41.51 | 874395 |  | 1.24 | 1.39 | 41.20 | 41.41 |
| &nbsp;&nbsp;&nbsp;2022 | 24755 | 29.92 | 29.40 | 727915 |  | 1.24 | 1.39 | (32.33) | (32.23) |
| &nbsp;&nbsp;&nbsp;2021 | 25183 | 44.14 | 43.44 | 1093733 |  | 1.24 | 1.39 | 26.95 | 27.14 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 7. Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br> **(%) (3)(4)** |
| Columbia Variable Portfolio - Large Cap Growth Fund Class 2 | Columbia Variable Portfolio - Large Cap Growth Fund Class 2 | Columbia Variable Portfolio - Large Cap Growth Fund Class 2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 10190 | 59.35 | 60.67 | 606635 |  | 1.24 | 1.39 | 14.24 | 14.43 |
| &nbsp;&nbsp;&nbsp;2024 | 11038 | 51.95 | 53.02 | 575146 |  | 1.24 | 1.39 | 29.20 | 29.38 |
| &nbsp;&nbsp;&nbsp;2023 | 14442 | 40.98 | 40.21 | 580636 |  | 1.24 | 1.39 | 40.80 | 41.01 |
| &nbsp;&nbsp;&nbsp;2022 | 15164 | 29.06 | 28.56 | 433375 |  | 1.24 | 1.39 | (32.48) | (32.38) |
| &nbsp;&nbsp;&nbsp;2021 | 16399 | 42.98 | 42.30 | 694062 |  | 1.24 | 1.39 | 26.58 | 26.77 |
| Columbia Variable Portfolio - Large Cap Index Fund | Columbia Variable Portfolio - Large Cap Index Fund | Columbia Variable Portfolio - Large Cap Index Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 22624 | 49.68 | 50.78 | 1123883 |  | 1.24 | 1.39 | 15.64 | 15.80 |
| &nbsp;&nbsp;&nbsp;2024 | 24147 | 42.96 | 43.85 | 1037390 |  | 1.24 | 1.39 | 22.67 | 22.86 |
| &nbsp;&nbsp;&nbsp;2023 | 26742 | 35.69 | 35.02 | 936095 |  | 1.24 | 1.39 | 23.92 | 24.11 |
| &nbsp;&nbsp;&nbsp;2022 | 29794 | 28.76 | 28.26 | 842536 |  | 1.24 | 1.39 | (19.66) | (19.54) |
| &nbsp;&nbsp;&nbsp;2021 | 32663 | 35.75 | 35.18 | 1149793 |  | 1.24 | 1.39 | 26.30 | 26.49 |
| Columbia Variable Portfolio - Overseas Core Fund Class 1 | Columbia Variable Portfolio - Overseas Core Fund Class 1 | Columbia Variable Portfolio - Overseas Core Fund Class 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9761 | 19.18 | 19.18 | 187257 | 2.01 | 1.39 | 1.39 | 36.32 | 36.32 |
| &nbsp;&nbsp;&nbsp;2024 | 11307 | 14.07 | 14.36 | 159081 | 4.43 | 1.24 | 1.39 | 2.03 | 2.13 |
| &nbsp;&nbsp;&nbsp;2023 | 13532 | 14.06 | 13.79 | 186657 | 1.92 | 1.24 | 1.39 | 14.05 | 14.22 |
| &nbsp;&nbsp;&nbsp;2022 | 14477 | 12.31 | 12.09 | 175099 | 0.86 | 1.24 | 1.39 | (15.85) | (15.73) |
| &nbsp;&nbsp;&nbsp;2021 | 15766 | 14.60 | 14.37 | 226620 | 1.26 | 1.24 | 1.39 | 8.44 | 8.60 |
| Columbia Variable Portfolio - Overseas Core Fund Class 2 | Columbia Variable Portfolio - Overseas Core Fund Class 2 | Columbia Variable Portfolio - Overseas Core Fund Class 2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2181 | 18.48 | 18.48 | 40321 | 1.72 | 1.39 | 1.39 | 35.88 | 35.88 |
| &nbsp;&nbsp;&nbsp;2024 | 2242 | 13.60 | 13.60 | 30478 | 4.17 | 1.39 | 1.39 | 1.80 | 1.80 |
| &nbsp;&nbsp;&nbsp;2023 | 2360 | 13.36 | 13.36 | 31529 | 1.67 | 1.39 | 1.39 | 13.73 | 13.73 |
| &nbsp;&nbsp;&nbsp;2022 | 2391 | 11.74 | 11.74 | 28082 | 0.76 | 1.39 | 1.39 | (16.08) | (16.08) |
| &nbsp;&nbsp;&nbsp;2021 | 2474 | 14.22 | 13.99 | 34620 | 1.09 | 1.24 | 1.39 | 8.23 | 8.39 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund | Columbia Variable Portfolio - Select Mid Cap Value Fund | Columbia Variable Portfolio - Select Mid Cap Value Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8396 | 32.11 | 32.82 | 270136 |  | 1.24 | 1.39 | 12.63 | 12.78 |
| &nbsp;&nbsp;&nbsp;2024 | 12244 | 28.51 | 29.10 | 349866 |  | 1.24 | 1.39 | 10.93 | 11.11 |
| &nbsp;&nbsp;&nbsp;2023 | 13263 | 26.19 | 25.70 | 290816 |  | 1.24 | 1.39 | 8.78 | 8.94 |
| &nbsp;&nbsp;&nbsp;2022 | 15359 | 24.04 | 23.62 | 334969 |  | 1.24 | 1.39 | (10.69) | (10.55) |
| &nbsp;&nbsp;&nbsp;2021 | 16429 | 26.87 | 26.45 | 434612 |  | 1.24 | 1.39 | 30.50 | 30.70 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 7. Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | **Expense** <br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Columbia Variable Portfolio - Small Cap Value Fund Class 1 | Columbia Variable Portfolio - Small Cap Value Fund Class 1 | Columbia Variable Portfolio - Small Cap Value Fund Class 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1300 | 74.33 | 74.33 | 96657 | 1.21 | 1.39 | 1.39 | 13.41 | 13.41 |
| &nbsp;&nbsp;&nbsp;2024 | 1310 | 65.54 | 65.54 | 85844 | 0.68 | 1.39 | 1.39 | 7.34 | 7.34 |
| &nbsp;&nbsp;&nbsp;2023 | 2254 | 61.06 | 61.06 | 137623 | 0.76 | 1.39 | 1.39 | 20.26 | 20.26 |
| &nbsp;&nbsp;&nbsp;2022 | 2649 | 50.77 | 50.77 | 134463 | 0.75 | 1.39 | 1.39 | (9.95) | (9.95) |
| &nbsp;&nbsp;&nbsp;2021 | 2743 | 56.38 | 56.38 | 154654 | 0.68 | 1.39 | 1.39 | 27.40 | 27.40 |
| Columbia Variable Portfolio - Small Cap Value Fund Class 2 | Columbia Variable Portfolio - Small Cap Value Fund Class 2 | Columbia Variable Portfolio - Small Cap Value Fund Class 2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3832 | 70.89 | 73.77 | 272839 | 0.98 | 1.24 | 1.39 | 13.08 | 13.25 |
| &nbsp;&nbsp;&nbsp;2024 | 4179 | 62.69 | 65.14 | 263702 | 0.50 | 1.24 | 1.39 | 7.14 | 7.31 |
| &nbsp;&nbsp;&nbsp;2023 | 5358 | 60.70 | 58.51 | 251536 | 0.43 | 1.24 | 1.39 | 19.99 | 20.17 |
| &nbsp;&nbsp;&nbsp;2022 | 5796 | 50.51 | 50.51 | 251288 | 0.51 | 1.39 | 1.39 | (10.09) | (10.09) |
| &nbsp;&nbsp;&nbsp;2021 | 6015 | 54.31 | 54.31 | 326699 | 0.51 | 1.39 | 1.39 | 27.03 | 27.03 |
| Columbia Variable Portfolio - Small Company Growth Fund | Columbia Variable Portfolio - Small Company Growth Fund | Columbia Variable Portfolio - Small Company Growth Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 611 | 201.91 | 201.91 | 123267 |  | 1.39 | 1.39 | 20.01 | 20.01 |
| &nbsp;&nbsp;&nbsp;2024 | 611 | 168.25 | 168.25 | 102738 | 2.30 | 1.39 | 1.39 | 22.39 | 22.39 |
| &nbsp;&nbsp;&nbsp;2023 | 636 | 137.47 | 137.47 | 87477 |  | 1.39 | 1.39 | 24.89 | 24.89 |
| &nbsp;&nbsp;&nbsp;2022 | 752 | 110.08 | 110.08 | 82803 |  | 1.39 | 1.39 | (36.65) | (36.65) |
| &nbsp;&nbsp;&nbsp;2021 | 759 | 173.77 | 173.77 | 131941 |  | 1.39 | 1.39 | (4.24) | (4.24) |
| Columbia Variable Portfolio - Strategic Income Fund Class 1 | Columbia Variable Portfolio - Strategic Income Fund Class 1 | Columbia Variable Portfolio - Strategic Income Fund Class 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5331 | 38.58 | 38.58 | 205669 | 4.52 | 1.39 | 1.39 | 5.84 | 5.84 |
| &nbsp;&nbsp;&nbsp;2024 | 7140 | 36.45 | 37.44 | 260269 | 4.47 | 1.24 | 1.39 | 3.23 | 3.40 |
| &nbsp;&nbsp;&nbsp;2023 | 7976 | 36.76 | 35.31 | 281631 | 3.65 | 1.24 | 1.39 | 8.16 | 8.32 |
| &nbsp;&nbsp;&nbsp;2022 | 8899 | 33.94 | 32.65 | 290557 | 2.91 | 1.24 | 1.39 | (12.59) | (12.46) |
| &nbsp;&nbsp;&nbsp;2021 | 10068 | 38.77 | 26.67 | 375902 | 5.38 | 1.24 | 1.39 | 0.68 | 0.83 |
| Columbia Variable Portfolio - Strategic Income Fund Class 2 | Columbia Variable Portfolio - Strategic Income Fund Class 2 | Columbia Variable Portfolio - Strategic Income Fund Class 2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6168 | 36.35 | 37.96 | 224261 | 4.48 | 1.24 | 1.39 | 5.67 | 5.83 |
| &nbsp;&nbsp;&nbsp;2024 | 7034 | 34.40 | 35.87 | 241958 | 4.26 | 1.24 | 1.39 | 3.06 | 3.22 |
| &nbsp;&nbsp;&nbsp;2023 | 10452 | 34.75 | 33.38 | 348794 | 3.47 | 1.24 | 1.39 | 7.70 | 7.86 |
| &nbsp;&nbsp;&nbsp;2022 | 11377 | 32.22 | 30.99 | 352689 | 2.73 | 1.24 | 1.39 | (12.74) | (12.61) |
| &nbsp;&nbsp;&nbsp;2021 | 12582 | 36.87 | 35.52 | 447534 | 5.22 | 1.24 | 1.39 | 0.22 | 0.37 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Note 7. Financial Highlights (continued)** | **Note 7. Financial Highlights (continued)** | | | | | | | | |
| **Subaccount** | **Units** | <br>**Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | <br>**Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | <br>**Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | <br>**Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | <br>**Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | <br>**Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | <br>**Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 13040 | 10.66 | 10.66 | 139047 | 2.26 | 1.39 | 1.39 | 7.68 | 7.68 |
| &nbsp;&nbsp;&nbsp;2024 | 14540 | 9.90 | 10.11 | 143984 | 3.30 | 1.24 | 1.39 | 0.10 | 0.30 |
| &nbsp;&nbsp;&nbsp;2023 | 15323 | 10.08 | 9.89 | 151510 | 2.78 | 1.24 | 1.39 | 4.24 | 4.40 |
| &nbsp;&nbsp;&nbsp;2022 | 16031 | 9.65 | 9.48 | 152059 | 2.13 | 1.24 | 1.39 | (15.32) | (15.20) |
| &nbsp;&nbsp;&nbsp;2021 | 20295 | 11.38 | 11.20 | 227346 | 2.05 | 1.24 | 1.39 | (2.32) | (2.17) |
| Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 50615 | 10.27 | 10.50 | 520253 | 2.03 | 1.24 | 1.39 | 7.31 | 7.47 |
| &nbsp;&nbsp;&nbsp;2024 | 53763 | 9.57 | 9.77 | 514949 | 3.29 | 1.24 | 1.39 | (0.10) | 0.10 |
| &nbsp;&nbsp;&nbsp;2023 | 68038 | 9.76 | 9.58 | 651077 | 2.55 | 1.24 | 1.39 | 3.98 | 4.13 |
| &nbsp;&nbsp;&nbsp;2022 | 71997 | 9.38 | 9.21 | 661345 | 1.85 | 1.24 | 1.39 | (15.51) | (15.38) |
| &nbsp;&nbsp;&nbsp;2021 | 79315 | 11.08 | 10.90 | 863957 | 1.76 | 1.24 | 1.39 | (2.57) | (2.42) |
| Fidelity VIP Dynamic Capital Appreciation Portfolio | Fidelity VIP Dynamic Capital Appreciation Portfolio | Fidelity VIP Dynamic Capital Appreciation Portfolio | Fidelity VIP Dynamic Capital Appreciation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 578 | 69.73 | 69.73 | 40291 | 0.43 | 1.39 | 1.39 | 16.84 | 16.84 |
| &nbsp;&nbsp;&nbsp;2024 | 591 | 59.68 | 59.68 | 35262 | 0.05 | 1.39 | 1.39 | 23.46 | 23.46 |
| &nbsp;&nbsp;&nbsp;2023 | 605 | 48.34 | 48.34 | 29222 | 0.12 | 1.39 | 1.39 | 26.95 | 26.95 |
| &nbsp;&nbsp;&nbsp;2022 | 617 | 38.08 | 38.08 | 23504 | 0.11 | 1.39 | 1.39 | (22.14) | (22.14) |
| &nbsp;&nbsp;&nbsp;2021 | 633 | 48.90 | 48.90 | 30963 | 0.12 | 1.39 | 1.39 | 22.55 | 22.55 |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Equity-Income Portfolio |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 19773 | 43.17 | 44.85 | 856678 | 1.65 | 1.24 | 1.39 | 17.12 | 17.29 |
| &nbsp;&nbsp;&nbsp;2024 | 20892 | 36.86 | 38.24 | 773114 | 1.55 | 1.24 | 1.39 | 13.45 | 13.61 |
| &nbsp;&nbsp;&nbsp;2023 | 24414 | 33.66 | 32.49 | 790765 | 1.75 | 1.24 | 1.39 | 8.86 | 9.02 |
| &nbsp;&nbsp;&nbsp;2022 | 25885 | 30.87 | 29.85 | 772091 | 1.68 | 1.24 | 1.39 | (6.55) | (6.41) |
| &nbsp;&nbsp;&nbsp;2021 | 28565 | 32.99 | 31.94 | 913625 | 1.63 | 1.24 | 1.39 | 22.89 | 23.07 |
| Fidelity VIP Growth Opportunities Portfolio | Fidelity VIP Growth Opportunities Portfolio | Fidelity VIP Growth Opportunities Portfolio |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8376 | 72.67 | 75.50 | 608663 |  | 1.24 | 1.39 | 19.96 | 20.13 |
| &nbsp;&nbsp;&nbsp;2024 | 8562 | 60.58 | 62.85 | 518714 |  | 1.24 | 1.39 | 36.63 | 36.84 |
| &nbsp;&nbsp;&nbsp;2023 | 9643 | 45.93 | 44.34 | 427541 |  | 1.24 | 1.39 | 43.30 | 43.52 |
| &nbsp;&nbsp;&nbsp;2022 | 11176 | 32.00 | 30.94 | 345761 |  | 1.24 | 1.39 | (39.17) | (39.08) |
| &nbsp;&nbsp;&nbsp;2021 | 11051 | 52.53 | 50.86 | 562061 |  | 1.24 | 1.39 | 10.13 | 10.29 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Note 7. Financial Highlights (continued)** | **Note 7. Financial Highlights (continued)** | | | | | | | | |
| **Subaccount** | **Units** | <br>**Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | <br>**Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | <br>**Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | <br>**Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | <br>**Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | <br>**Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | <br>**Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Invesco V.I. American Franchise Fund | Invesco V.I. American Franchise Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7987 | 51.43 | 52.50 | 411419 |  | 1.24 | 1.39 | 10.10 | 10.29 |
| &nbsp;&nbsp;&nbsp;2024 | 9713 | 46.71 | 47.60 | 454482 |  | 1.24 | 1.39 | 33.04 | 33.22 |
| &nbsp;&nbsp;&nbsp;2023 | 10210 | 35.73 | 35.11 | 358137 |  | 1.24 | 1.39 | 38.99 | 39.19 |
| &nbsp;&nbsp;&nbsp;2022 | 12135 | 25.67 | 25.26 | 305988 |  | 1.24 | 1.39 | (32.06) | (31.96) |
| &nbsp;&nbsp;&nbsp;2021 | 13324 | 37.73 | 37.19 | 494275 |  | 1.24 | 1.39 | 10.38 | 10.55 |
| Invesco V.I. Core Equity Fund |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8949 | 40.07 | 41.26 | 360351 | 0.64 | 1.24 | 1.39 | 14.58 | 14.74 |
| &nbsp;&nbsp;&nbsp;2024 | 9707 | 34.97 | 35.96 | 341474 | 0.70 | 1.24 | 1.39 | 23.83 | 24.04 |
| &nbsp;&nbsp;&nbsp;2023 | 10904 | 28.99 | 28.24 | 307839 | 0.74 | 1.24 | 1.39 | 21.67 | 21.85 |
| &nbsp;&nbsp;&nbsp;2022 | 11663 | 23.79 | 23.21 | 270356 | 0.89 | 1.24 | 1.39 | (21.64) | (21.53) |
| &nbsp;&nbsp;&nbsp;2021 | 12796 | 30.32 | 29.62 | 378295 | 0.63 | 1.24 | 1.39 | 25.98 | 26.16 |
| Invesco V.I. EQV International Equity Fund | Invesco V.I. EQV International Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 10155 | 29.32 | 29.32 | 297712 | 1.42 | 1.39 | 1.39 | 14.89 | 14.89 |
| &nbsp;&nbsp;&nbsp;2024 | 10682 | 25.52 | 25.52 | 272572 | 1.66 | 1.39 | 1.39 | (0.78) | (0.78) |
| &nbsp;&nbsp;&nbsp;2023 | 12821 | 19.39 | 25.72 | 329693 | 0.19 | 1.24 | 1.39 | 16.52 | 16.69 |
| &nbsp;&nbsp;&nbsp;2022 | 14352 | 16.62 | 22.07 | 317302 | 1.73 | 1.24 | 1.39 | (19.43) | (19.31) |
| &nbsp;&nbsp;&nbsp;2021 | 14911 | 20.60 | 27.39 | 409534 | 1.27 | 1.24 | 1.39 | 4.43 | 4.58 |
| MFS VIT I Growth Series Initial Class |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 16386 | 110.84 | 115.78 | 1817279 |  | 1.24 | 1.39 | 10.65 | 10.82 |
| &nbsp;&nbsp;&nbsp;2024 | 20072 | 100.17 | 104.48 | 2011714 |  | 1.24 | 1.39 | 29.64 | 29.84 |
| &nbsp;&nbsp;&nbsp;2023 | 22368 | 80.47 | 77.27 | 1728932 |  | 1.24 | 1.39 | 33.99 | 34.19 |
| &nbsp;&nbsp;&nbsp;2022 | 24976 | 59.97 | 57.67 | 1441293 |  | 1.24 | 1.39 | (32.58) | (32.48) |
| &nbsp;&nbsp;&nbsp;2021 | 26872 | 88.81 | 85.53 | 2299367 |  | 1.24 | 1.39 | 21.83 | 22.01 |
| MFS VIT I Growth Series Service Class | MFS VIT I Growth Series Service Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9369 | 104.29 | 108.94 | 978377 |  | 1.24 | 1.39 | 10.36 | 10.53 |
| &nbsp;&nbsp;&nbsp;2024 | 9923 | 94.50 | 98.56 | 939588 |  | 1.24 | 1.39 | 29.33 | 29.51 |
| &nbsp;&nbsp;&nbsp;2023 | 10805 | 76.10 | 73.07 | 789866 |  | 1.24 | 1.39 | 33.64 | 33.84 |
| &nbsp;&nbsp;&nbsp;2022 | 12538 | 56.85 | 54.67 | 685575 |  | 1.24 | 1.39 | (32.75) | (32.65) |
| &nbsp;&nbsp;&nbsp;2021 | 12905 | 84.41 | 81.30 | 1049027 |  | 1.24 | 1.39 | 21.54 | 21.72 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Note 7. Financial Highlights (continued)** | **Note 7. Financial Highlights (continued)** | | | | | | | | |
| **Subaccount** | **Units** | <br>**Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | <br>**Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | <br>**Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | <br>**Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | <br>**Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | <br>**Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | <br>**Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| MFS VIT I Investors Trust Series |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7996 | 40.71 | 42.30 | 325494 | 0.51 | 1.24 | 1.39 | 11.75 | 11.93 |
| &nbsp;&nbsp;&nbsp;2024 | 10962 | 36.43 | 37.79 | 399291 | 0.47 | 1.24 | 1.39 | 17.59 | 17.73 |
| &nbsp;&nbsp;&nbsp;2023 | 11751 | 32.10 | 30.98 | 364291 | 0.46 | 1.24 | 1.39 | 17.03 | 17.21 |
| &nbsp;&nbsp;&nbsp;2022 | 13148 | 27.38 | 26.48 | 348712 | 0.39 | 1.24 | 1.39 | (17.84) | (17.71) |
| &nbsp;&nbsp;&nbsp;2021 | 13732 | 33.28 | 32.22 | 443318 | 0.41 | 1.24 | 1.39 | 24.76 | 24.95 |
| MFS VIT I New Discovery Series |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7128 | 35.79 | 35.79 | 255111 |  | 1.39 | 1.39 | 11.01 | 11.01 |
| &nbsp;&nbsp;&nbsp;2024 | 9646 | 32.24 | 32.24 | 310984 |  | 1.39 | 1.39 | 4.95 | 4.95 |
| &nbsp;&nbsp;&nbsp;2023 | 9433 | 30.72 | 30.72 | 289743 |  | 1.39 | 1.39 | 12.68 | 12.68 |
| &nbsp;&nbsp;&nbsp;2022 | 9732 | 27.26 | 27.26 | 265300 |  | 1.39 | 1.39 | (30.96) | (30.96) |
| &nbsp;&nbsp;&nbsp;2021 | 10358 | 39.49 | 39.49 | 409021 |  | 1.39 | 1.39 | 0.17 | 0.17 |
| MFS VIT I Research Series |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4374 | 75.63 | 79.00 | 330915 | 0.97 | 1.24 | 1.39 | 11.30 | 11.46 |
| &nbsp;&nbsp;&nbsp;2024 | 5120 | 67.95 | 70.88 | 348055 | 0.60 | 1.24 | 1.39 | 17.22 | 17.39 |
| &nbsp;&nbsp;&nbsp;2023 | 5909 | 60.38 | 57.97 | 342497 | 0.51 | 1.24 | 1.39 | 20.73 | 20.91 |
| &nbsp;&nbsp;&nbsp;2022 | 6595 | 48.02 | 48.02 | 316657 | 0.49 | 1.39 | 1.39 | (18.35) | (18.35) |
| &nbsp;&nbsp;&nbsp;2021 | 6883 | 58.81 | 58.81 | 404800 | 0.54 | 1.39 | 1.39 | 23.08 | 23.08 |
| MFS VIT I Total Return Bond Series |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 244 | 21.62 | 21.62 | 5266 | 4.44 | 1.39 | 1.39 | 5.72 | 5.72 |
| &nbsp;&nbsp;&nbsp;2024 | 244 | 20.45 | 20.45 | 4982 | 4.26 | 1.39 | 1.39 | 1.14 | 1.14 |
| &nbsp;&nbsp;&nbsp;2023 | 244 | 20.23 | 20.23 | 4926 | 3.19 | 1.39 | 1.39 | 5.90 | 5.90 |
| &nbsp;&nbsp;&nbsp;2022 | 244 | 19.10 | 19.10 | 4652 | 2.78 | 1.39 | 1.39 | (15.12) | (15.12) |
| &nbsp;&nbsp;&nbsp;2021 | 244 | 22.50 | 22.50 | 5480 | 2.58 | 1.39 | 1.39 | (2.18) | (2.18) |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio | MFS VIT II Massachusetts Investors Growth Stock Portfolio | MFS VIT II Massachusetts Investors Growth Stock Portfolio |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 16088 | 31.35 | 31.35 | 504423 | 0.02 | 1.39 | 1.39 | 8.07 | 8.07 |
| &nbsp;&nbsp;&nbsp;2024 | 20373 | 29.01 | 29.01 | 590940 | 0.13 | 1.39 | 1.39 | 14.39 | 14.39 |
| &nbsp;&nbsp;&nbsp;2023 | 20274 | 25.36 | 25.36 | 514159 | 0.05 | 1.39 | 1.39 | 22.00 | 22.00 |
| &nbsp;&nbsp;&nbsp;2022 | 21218 | 21.03 | 20.79 | 441086 |  | 1.24 | 1.39 | (20.56) | (20.44) |
| &nbsp;&nbsp;&nbsp;2021 | 22024 | 26.44 | 26.17 | 576334 | 0.03 | 1.24 | 1.39 | 23.92 | 24.11 |

---

KBL Variable Account A

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Note 7. Financial Highlights (continued)** | **Note 7. Financial Highlights (continued)** | | | | | | |
| **Subaccount** | **Units** | <br>**Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | <br>**Net**<br>**Assets ($)** | <br>**Investment**<br>**Income**<br>**Ratios**<br>**(%) (1)** | <br>**Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | <br>**Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | <br>**Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Rydex VT NASDAQ-100 Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1826 | 35.30 | 64456 | 0.03 | 1.39 | 1.39 | 17.39 |
| &nbsp;&nbsp;&nbsp;2024 | 1841 | 30.07 | 55356 | 0.14 | 1.39 | 1.39 | 22.19 |
| &nbsp;&nbsp;&nbsp;2023 | 11490 | 24.61 | 282727 |  | 1.39 | 1.39 | 51.11 |
| &nbsp;&nbsp;&nbsp;2022 | 15888 | 16.29 | 258730 |  | 1.39 | 1.39 | (35.05) |
| &nbsp;&nbsp;&nbsp;2021 | 16002 | 25.07 | 401224 |  | 1.39 | 1.39 | 23.81 |
| Templeton Developing Markets VIP Fund | Templeton Developing Markets VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1245 | 32.85 | 40905 | 0.53 | 1.39 | 1.39 | 44.27 |
| &nbsp;&nbsp;&nbsp;2024 | 1245 | 22.77 | 28356 | 3.94 | 1.39 | 1.39 | 6.15 |
| &nbsp;&nbsp;&nbsp;2023 | 1354 | 21.45 | 29041 | 2.07 | 1.39 | 1.39 | 11.07 |
| &nbsp;&nbsp;&nbsp;2022 | 1357 | 19.31 | 26208 | 2.66 | 1.39 | 1.39 | (23.06) |
| &nbsp;&nbsp;&nbsp;2021 | 1490 | 25.10 | 37405 | 0.93 | 1.39 | 1.39 | (7.04) |

---

(1) The investment income ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(2) The expense ratios represent the annualized contract expenses of the Separate Account for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner contracts through the redemption of units and expenses of the Fund have been excluded.

(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4) Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contract holders.

KBL Variable Account A

Notes to Financial Statements (continued)

**Note 8. Subsequent Events**

The Separate Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.

![](tm2610770d13_kblvaria-03img.jpg)

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nassau Life Insurance Company and

Contract Owners of KBL Variable Account A:

*Opinion on the Financial Statements*

We have audited the accompanying statements of net assets of the subaccounts listed in the Appendix that comprise KBL Variable Account A (the Separate Account) as of December 31, 2025, the related statements of operations and change in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights in Note 7 for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of their operations and changes in their net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the financial highlights for each of the years or periods in the five-year period then ended (or for the period indicated in the Appendix), in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Separate Account 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds. 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 and financial highlights. 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 Nassau Insurance Group Holdings' separate accounts since 2015.

New York, New York

April 14, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

**Appendix**

<u>KBL Variable Account A</u>

AB VPS Relative Value Portfolio Class A

AB VPS Relative Value Portfolio Class B

AB VPS Sustainable Global Thematic Portfolio

AB VPS Sustainable International Thematic Portfolio

Alger Small Cap Growth Portfolio

Columbia Variable Portfolio – Acorn Fund **<sup>(1)</sup>**

Columbia Variable Portfolio – Acorn International Fund **<sup>(1)</sup>**

Columbia Variable Portfolio - Dividend Opportunity Fund Class 1

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2

Columbia Variable Portfolio - Government Money Market Fund

Columbia Variable Portfolio - Income Opportunities Fund Class 1

Columbia Variable Portfolio - Income Opportunities Fund Class 2

Columbia Variable Portfolio - Large Cap Growth Fund Class 1

Columbia Variable Portfolio - Large Cap Growth Fund Class 2

Columbia Variable Portfolio - Large Cap Index Fund

Columbia Variable Portfolio - Overseas Core Fund Class 1

Columbia Variable Portfolio - Overseas Core Fund Class 2

Columbia Variable Portfolio - Select Mid Cap Value Fund

Columbia Variable Portfolio - Small Cap Value Fund Class 1

Columbia Variable Portfolio - Small Cap Value Fund Class 2

Columbia Variable Portfolio - Small Company Growth Fund

Columbia Variable Portfolio - Strategic Income Fund Class 1

Columbia Variable Portfolio - Strategic Income Fund Class 2

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2

Fidelity VIP Dynamic Capital Appreciation Portfolio

Fidelity VIP Equity-Income Portfolio

Fidelity VIP Growth Opportunities Portfolio

Invesco V.I. American Franchise Fund

Invesco V.I. Core Equity Fund

Invesco V.I. EQV International Equity Fund

MFS VIT I Growth Series Initial Class

MFS VIT I Growth Series Service Class

MFS VIT I Investors Trust Series

MFS VIT I New Discovery Series

MFS VIT I Research Series

MFS VIT I Total Return Bond Series

MFS VIT II Massachusetts Investors Growth Stock Portfolio

Rydex VT NASDAQ-100 Fund

Templeton Developing Markets VIP Fund

**<sup>(1)</sup>** See Note 2 to the financial statements for the former name of the subaccount.