# EDGAR Filing Document

**Accession Number:** 0000869627
**File Stem:** 0001104659-26-039891
**Filing Date:** 2026-4
**Character Count:** 165375
**Document Hash:** 064e96829e0a5ba6994ca5f90dd4e352
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-039891.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001104659-26-039891

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONY VARIABLE ACCOUNT L
- **CENTRAL INDEX KEY:** 0000869627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06215
- **FILM NUMBER:** 26840745

**BUSINESS ADDRESS:**
- **STREET 1:** PROTECTIVE LIFE INSURANCE COMPANY
- **STREET 2:** 2801 HIGHWAY 280 SOUTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223
- **BUSINESS PHONE:** 2052683109

**MAIL ADDRESS:**
- **STREET 1:** PROTECTIVE LIFE INSURANCE COMPANY
- **STREET 2:** 2801 HIGHWAY 280 SOUTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223

## Series and Classes Contracts Data

### MONY VARIABLE ACCOUNT L (Series ID: S000009934)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000027475 | MONY Variable Universal Life (New York only 333-104156)   |  |
| C000027476 | MONY Variable Universal Life (New York only 333-72590)    |  |
| C000032274 | MONY Survivorship Variable Universal Life (New York only) |  |
| C000032275 | MONY Custom Equity Master (New York only)                 |  |
| C000032276 | MONY Custom Estate Master (New York only)                 |  |
| C000032277 | The MONYEquity Master (New York only)                     |  |
| C000032278 | The Strategist (New York only)                            |  |

![](tm263258d2_monycofin-01img01.jpg)

**MONY Life Insurance Company**

**Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2025 and 2024**

**Statutory Statements of Operations, Changes in Capital and Surplus, and Cash Flow for Each of the Years in the Three-Year Period Ended December 31, 2025**

**Supplemental Schedules as of and for the years ended December 31, 2025, 2024, and 2023**

**Financial Statements and Supplementary Data**

Index to MONY Life Insurance Company Financial Statements

The following financial statements are located in this report on the pages indicated.

---

| | |
|:---|:---|
|  | **Page** |
| [Independent Auditors' Report](#sp_001) | [3](#sp_001) |
| [Statements of Admitted Assets, Liabilities, and Capital and Surplus](#sp_003) | [6](#sp_003) |
| [Statements of Operations](#sp_004) | [8](#sp_004) |
| [Statements of Changes in Capital and Surplus](#sp_005) | [9](#sp_005) |
| [Statements of Cash Flows](#sp_006) | [10](#sp_006) |
| [Notes to Financial Statements](#sp_007) |  |
| &nbsp;&nbsp;&nbsp;[General](#sp_0012) | [11](#sp_0012) |
| &nbsp;&nbsp;&nbsp;[Statutory and Generally Accepted Accounting Principles Differences](#sp_008) | [17](#sp_008) |
| &nbsp;&nbsp;&nbsp;[Accounting Changes and Prior Period Adjustments](#sp_009) | [19](#sp_009) |
| &nbsp;&nbsp;&nbsp;[Investments](#sp_010) | [20](#sp_010) |
| &nbsp;&nbsp;&nbsp;[Income Taxes](#sp_011) | [29](#sp_011) |
| &nbsp;&nbsp;&nbsp;[Information Concerning Parent, Subsidiaries, and Affiliates](#sp05_001) | [36](#sp05_001) |
| &nbsp;&nbsp;&nbsp;[Capital and Surplus, Shareholder's Dividend Restrictions](#sp05_002) | [37](#sp05_002) |
| &nbsp;&nbsp;&nbsp;[Liabilities, Commitments, and Contingencies](#sp05_003) | [38](#sp05_003) |
| &nbsp;&nbsp;&nbsp;[Reinsurance](#sp05_004) | [38](#sp05_004) |
| &nbsp;&nbsp;&nbsp;[Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk](#sp05_005) | [40](#sp05_005) |
| &nbsp;&nbsp;&nbsp;[Closed Block and Participating Policies](#sp05_006) | [41](#sp05_006) |
| &nbsp;&nbsp;&nbsp;[Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics](#sp05_007) | [42](#sp05_007) |
| &nbsp;&nbsp;&nbsp;[Analysis of Life Actuarial Reserves by Withdrawal Characteristics](#s7_001) | [46](#s7_001) |
| &nbsp;&nbsp;&nbsp;[Separate Accounts](#s7_002) | [48](#s7_002) |
| &nbsp;&nbsp;&nbsp;[Fair Value Measurements](#s7_003) | [51](#s7_003) |
| &nbsp;&nbsp;&nbsp;[Subsequent Events](#s7_004) | [56](#s7_004) |
| [Supplemental Schedules](#s7_005) | [57](#s7_005) |

---

![](tm263258d2_monycofin-01img02.jpg)

KPMG LLP <br> Suite 1800<br> 420 20th Street North<br> Birmingham, AL 35203-3207

**Independent Auditors' Report**

The Board of Directors

MONY Life Insurance Company:

*Opinions*

We have audited the financial statements of MONY Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements.

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025 in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services described in Notes 1 and 2.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2025.

*Basis for Opinions*

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles*

As described in Notes 1 and 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

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.

![](tm263258d2_monycofin-01img03.jpg)

*Responsibilities of Management for the Financial Statements*

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

*Auditors' Responsibilities for the Audit of the Financial Statements*

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](tm263258d2_monycofin-01img03.jpg)

*Supplementary Information*

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the supplemental Schedule I Summary of Investments - Other than Investments in Related Parties and Schedule IV Reinsurance is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission's Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Birmingham, Alabama<br> April 1, 2026

**MONY LIFE INSURANCE COMPANY**

**STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS**

**(Statutory Basis)**

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
|  | ($ in thousands, except share amounts) | ($ in thousands, except share amounts) |
| **ADMITTED ASSETS** |  |  |
| Bonds (fair value: 2025 - $4,015,772; 2024 - $3,848,609) | $4635977 | $4590552 |
| Preferred stocks (fair value: 2025 - $3,742; 2024 - $3,704) | 3742 | 3704 |
| Common stocks-unaffiliated (cost: 2025 - $1,202; 2024 - $1,268) | 1202 | 1268 |
| Mortgage loans on real estate | 193959 | 253451 |
| Contract loans | 504806 | 529190 |
| Cash and cash equivalents | 25949 | 136147 |
| Short-term investments |  | 48473 |
| Other invested assets | 160575 | 160588 |
| Receivable for securities | 150 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and investments | 5526360 | 5723686 |
| Amounts recoverable from reinsurers | 2355 | 4357 |
| Deferred and uncollected premiums | 23517 | 26123 |
| Investment income due and accrued | 56227 | 56377 |
| Current federal and foreign income tax recoverable | 1025 | 2332 |
| Deferred tax asset | 29171 | 30113 |
| Other assets | 18142 | 20296 |
| Assets held in Separate Accounts | 157892 | 155411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted assets | $5814689 | $6018695 |

---

(Continued)

**MONY LIFE INSURANCE COMPANY**

**STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS**

**(Statutory Basis)**

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
|  | ($ in thousands, except share amounts) | ($ in thousands, except share amounts) |
| **LIABILITIES AND CAPITAL AND SURPLUS** |  |  |
| Aggregate reserves: |  |  |
| &nbsp;&nbsp;&nbsp;Life policies and contracts | $4927968 | $5107627 |
| &nbsp;&nbsp;&nbsp;Accident and health | 4187 | 5080 |
| Liability for deposit-type contracts | 171430 | 184500 |
| Policy and contract claims: |  |  |
| &nbsp;&nbsp;&nbsp;Life | 43029 | 46596 |
| &nbsp;&nbsp;&nbsp;Accident and health | 332 | 267 |
| Policyholders' dividends | 56541 | 58310 |
| Interest maintenance reserve (IMR) | 9870 | 15053 |
| General expenses due or accrued | 19 | 20 |
| Transfers to (from) Separate Accounts due or accrued, net | 1276 | 1072 |
| Remittances and items not allocated | 3725 | 9587 |
| Asset valuation reserve (AVR) | 38820 | 39986 |
| Payable to parent, subsidiaries, and affiliates | 2538 | 2304 |
| Funds held under reinsurance treaties | 3340 | 3240 |
| Other liabilities | 21800 | 22955 |
| Liabilities held in Separate Accounts | 157892 | 155410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5442767 | 5652007 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;Gross paid-in and contributed surplus | 325988 | 325988 |
| &nbsp;&nbsp;&nbsp;Group contingency life reserve | 175 | 200 |
| &nbsp;&nbsp;&nbsp;Unassigned funds - surplus | 43259 | 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 371922 | 366688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and capital and surplus | $5814689 | $6018695 |

---

See Notes to the Financial Statements (Statutory Basis).

**MONY LIFE INSURANCE COMPANY**

**STATEMENTS OF OPERATIONS**

**(Statutory Basis)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $133047 | $142520 | $155504 |
| &nbsp;&nbsp;&nbsp;Net investment income | 224278 | 228345 | 233064 |
| &nbsp;&nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 561 | 1235 | 936 |
| &nbsp;&nbsp;&nbsp;Amortization of interest maintenance reserve | 2163 | 4920 | 6710 |
| &nbsp;&nbsp;&nbsp;Net loss from operations from Separate Accounts |  |  | (1) |
| &nbsp;&nbsp;&nbsp;Reserve adjustments on reinsurance ceded | (73) | (61) | 98 |
| &nbsp;&nbsp;&nbsp;Other income | 4494 | 5954 | 6793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 364470 | 382913 | 403104 |
| Benefits and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Death and annuity benefits | 239956 | 243809 | 240505 |
| &nbsp;&nbsp;&nbsp;Accident and health benefits | 4168 | 3763 | 4119 |
| &nbsp;&nbsp;&nbsp;Surrender benefits and other fund withdrawals | 186580 | 172861 | 200403 |
| &nbsp;&nbsp;&nbsp;Other policy and contract benefits | 9450 | 10410 | 9866 |
| &nbsp;&nbsp;&nbsp;Decrease in aggregate reserves | (180552) | (158319) | (154026) |
| &nbsp;&nbsp;&nbsp;Commissions and commission expense allowances | 2374 | 2604 | 2909 |
| &nbsp;&nbsp;&nbsp;General expenses | 12113 | 12845 | 12615 |
| &nbsp;&nbsp;&nbsp;Insurance taxes, licenses, and fees | 3377 | 3322 | 2899 |
| &nbsp;&nbsp;&nbsp;Transfers to (from) Separate Accounts, net | (13358) | (12227) | (7567) |
| &nbsp;&nbsp;&nbsp;Other expenses | 95 | 772 | (1368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 264203 | 279840 | 310355 |
| Net income from operations before dividends to policyholders and federal income taxes | 100267 | 103073 | 92749 |
| Dividends to policyholders | 51098 | 51307 | 56853 |
| Federal income tax expense | 6427 | 7379 | 3517 |
| Net income from operations | 42742 | 44387 | 32379 |
| Net realized capital gains (losses) (less $(648), $228, and $(3442) of capital gains tax (benefit) in 2025, 2024, and 2023, respectively, and excluding $(3020), $1,978, and $(709) transferred to (from) the IMR in 2025, 2024 and 2023, respectively) | (128) | 320 | (1600) |
| Net income | $42614 | $44707 | $30779 |

---

See Notes to the Financial Statements (Statutory Basis).

**MONY LIFE INSURANCE COMPANY**

**STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS**

**(Statutory Basis)**

---

| | |
|:---|:---|
|  | ($ in thousands) |
| Capital and surplus, December 31, 2022 | $350843 |
| Net income | 30779 |
| Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $(86) | (323) |
| Change in nonadmitted assets | 16479 |
| Change in asset valuation reserve | (596) |
| Change in net deferred income tax | (7022) |
| Dividend to parent | (35000) |
| Capital and surplus, December 31, 2023 | 355160 |
| Net income | 44707 |
| Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $96 | 361 |
| Change in nonadmitted assets | (369) |
| Change in asset valuation reserve | 968 |
| Change in net deferred income tax | (1839) |
| Dividend to parent | (32300) |
| Capital and surplus, December 31, 2024 | 366688 |
| Net income | 42614 |
| Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $8 | 30 |
| Change in nonadmitted assets | 2297 |
| Change in asset valuation reserve | 1166 |
| Change in net deferred income tax | (3273) |
| Dividend to parent | (37600) |
| Capital and surplus, December 31, 2025 | $371922 |

---

See Notes to the Financial Statements (Statutory Basis).

**MONY LIFE INSURANCE COMPANY**

**STATEMENTS OF CASH FLOW**

**(Statutory Basis)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| **Cash from operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $136098 | $143206 | $157505 |
| &nbsp;&nbsp;&nbsp;Net investment income | 223162 | 231065 | 234774 |
| &nbsp;&nbsp;&nbsp;Miscellaneous income | 6582 | 5771 | 7960 |
| &nbsp;&nbsp;&nbsp;Benefit and loss payments | (446804) | (439367) | (478632) |
| &nbsp;&nbsp;&nbsp;Net transfers from Separate Accounts | 13562 | 12071 | 9003 |
| &nbsp;&nbsp;&nbsp;Commissions, expenses paid and miscellaneous | (18470) | (19531) | (19054) |
| &nbsp;&nbsp;&nbsp;Dividends paid to policyholders | (52867) | (56247) | (62521) |
| &nbsp;&nbsp;&nbsp;Federal income taxes | (4472) | (8279) | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (to) operations | (143209) | (131311) | (150408) |
| **Cash from investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 542335 | 538409 | 428478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 66 |  | 13570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 59496 | 28482 | 17826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other miscellaneous proceeds | 163 | 776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 602060 | 567667 | 459874 |
| &nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | (590288) | (340451) | (252763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks |  | (24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans |  | (5000) | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other miscellaneous applications |  |  | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | (590288) | (345475) | (257564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in contract loans | 24320 | 13533 | 14668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from investments | 36092 | 235725 | 216978 |
| **Cash from financing and miscellaneous sources** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash provided (applied): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deposits on deposit-type contract funds | (8362) | (9969) | (10655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to parent | (37600) | (32300) | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cash provided (applied), net | (5592) | 4633 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (to) financing and miscellaneous sources | (51554) | (37636) | (41221) |
| Net change in cash, cash equivalents, and short-term investments | (158671) | 66778 | 25349 |
| Cash, cash equivalents, and short-term investments, beginning of year | 184620 | 117842 | 92493 |
| Cash, cash equivalents, and short-term investments, end of year | $25949 | $184620 | $117842 |
| **Non-cash transactions** |  |  |  |
| Non-cash exchange of securities (Investments) | $52999 | $24203 | $11024 |
| Non-cash change in retained asset account (Operations and Financing and miscellaneous sources) | 4708 | 11157 | 14547 |
| Non-cash change in reinsurance loss contingency reserve (Operations and Financing and miscellaneous sources) |  |  | 1922 |

---

See Notes to the Financial Statements (Statutory Basis).

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**1.**  **<u>General</u>** 

<u>Basis of Presentation</u> – The statutory basis financial statements of MONY Life Insurance Company (the "Company") have been prepared in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services (the "Department"). The Company is a stock, legal reserve, life, and accident and health insurer.

All outstanding shares of the Company's common stock are owned by Protective Life Insurance Company ("PLICO"), a life insurance company domiciled in the State of Nebraska. PLICO is a wholly owned subsidiary of Protective Life Corporation ("PLC"), an insurance holding company domiciled in the State of Delaware. PLC is a wholly owned subsidiary of Dai-ichi Life International Holdings, LLC ("Dai-ichi Life International"), a *godo kaisha* organized under the laws of Japan and subsidiary of Dai-ichi Life Holdings, Inc. ("Dai-ichi Life"). Effective April 1, 2026, Dai-ichi Life will be renamed Daiichi Life Group, Inc., and Dai-ichi Life International will be renamed Daiichi Life International Holdings LLC. Other affiliated insurers include Protective Property & Casualty Insurance Company, Protective Life and Annuity Insurance Company, Magnolia Re. Inc., ShelterPoint Life Insurance Company and Golden Gate Captive Insurance Company.

The Department recognizes only statutory practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners' ("NAIC") *Accounting Practices and Procedures Manual,* effective January 1, 2001 ("NAIC SAP"), has been adopted as a component of prescribed or permitted practices by the State of New York. The State of New York has adopted certain prescribed accounting practices that differ from those found in the NAIC SAP, none of which had a material impact on the Company's Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2025 and 2024, or Statements of Operations for each of the years in the three-year period ended December 31, 2025.

The Company had no permitted practices as of December 31, 2025 and 2024 or for each of the years in the three-year period ended December 31, 2025.

The preparation of financial statements in conformity with NAIC SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as well as the reported amounts of revenues and expenses. Actual results could differ from those estimates.

The Company elected to use rounding in reporting amounts throughout the statutory financial statements and in the accompanying notes to the financial statements (collectively, the "statements") and therefore summation of amounts and consistency between related amounts within the statements may be impacted by immaterial amounts.

<u>Acquisition of the Company by PLICO on October 1, 2013</u> – PLICO purchased the Company on October 1, 2013. The Company was previously owned by AXA Equitable Financial Services, LLC ("AEFS"), a wholly-owned subsidiary of AXA Financial, Inc. ("AXA"). Pursuant to the master agreement (the "Master Agreement") dated April 11, 2013 with AXA and AEFS, PLICO acquired the stock of the Company from AEFS.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

<u>Nature of Operations</u> – The Company previously offered a broad portfolio of life insurance products consisting primarily of variable life and interest-sensitive life insurance products (including group universal life insurance), in addition to a whole life and a variety of term life insurance products. The Company also offered a variety of annuity products, such as variable annuities, fixed deferred annuities and payout annuities. As part of the acquisition by PLICO, the Company no longer writes new business, but continues to service existing business.

The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to competition, economic conditions, interest rates, investment performance, maintenance of insurance ratings, inflation, and other factors.

<u>Summary of Significant Accounting Policies</u> – The Company uses the following significant accounting policies:

**Cash and Investments**

Investments are stated at values determined by methodologies prescribed by the NAIC. Bonds not backed by other loans are stated at amortized cost using the interest method, except for bonds with an NAIC designation of 6 which are carried at the lower of amortized cost or fair value. For bonds carried at fair value, the difference between cost and fair value is reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Asset-backed securities stated at amortized cost utilize anticipated prepayments to determine the effective yield at purchase. The majority of prepayment assumptions for asset-backed securities are obtained from Bloomberg; other sources are: broker-dealer surveys, trustee information, and internal estimates. These assumptions are consistent with current interest rates and the economic environment. Changes in the timing of estimated future cash flows from the original purchase assumptions are accounted for using the prospective method.

Bond and preferred stock fair values are obtained from nationally-recognized pricing services. The Company uses quotes obtained from brokers and internally developed pricing models to price those bonds that are not priced by these services.

Redeemable preferred stocks are stated at amortized cost or fair value, depending on the assigned credit ratings. Perpetual preferred stocks are stated at fair value, not to exceed any currently effective call price. For preferred stocks carried at fair value, the difference between cost and fair value is reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Common stocks are generally stated at a fair value obtained from a nationally recognized pricing service.

Mortgage loans on real estate are stated at the aggregate unpaid principal balance. Book value adjustments are made for other-than-temporary declines. Temporary declines in value are reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Contract loans are carried at the unpaid principal balance. The excess of the unpaid contract loan balance over the cash surrender value, if any, is nonadmitted and reflected as an adjustment to unassigned funds. Interest is capitalized on the anniversary date.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. The Company has deposits with certain financial institutions which exceed federally-insured limits; however, total deposits are maintained within the bank-specific deposit level guidelines established by the Investments Policy Committee. The Company reviews the creditworthiness of these financial institutions and believes there is minimal risk of material loss.

Short-term investments are stated at amortized cost, which the Company believes approximates fair value. The short-term investment category includes those investments whose maturities at the time of acquisition were one year or less. Money market mutual funds are classified as cash equivalents with measurement at fair value.

The Company's investments in surplus notes with an NAIC Credit Rating Providers ("NAIC CRP") designation of NAIC 1 or NAIC 2 are reported at amortized cost. Surplus notes held with no NAIC CRP designation, or with a designation of NAIC 3, 4, 5, or 6, are carried at the lesser of amortized cost or fair value. Investments in surplus notes are reported as "Other invested assets".

Receivables and payables for securities represent balances outstanding with brokers related to purchase and sale transactions. These balances are cleared as amounts are received or paid.

Investment income is recorded when earned.

Realized gains and losses on the sale or maturity of investments are determined on the basis of specific identification and are included in the Statements of Operations on the trade date, net of the amount transferred to the Interest Maintenance Reserve ("IMR") and net of applicable federal income taxes. The Company analyzes various factors to determine if any specific other-than-temporary asset impairments exist. Once a determination has been made that a specific other-than-temporary impairment ("OTTI") exists, a realized loss is incurred and the cost basis of the impaired asset, other than asset-backed securities, is adjusted to its fair value. Impaired asset-backed securities are adjusted to the sum of their discounted future expected cash flows.

**Premium Revenue and Related Commissions**

Annuity considerations are recognized as revenue when received. Life premiums are recognized as revenue when due from policyholders under the terms of the insurance contract. Accident and health premiums are earned ratably over the terms of the related insurance contracts.

Considerations for deposit type contracts, which do not have any life contingencies, are recorded directly to the related liability.

Acquisition costs, such as commissions and other costs related to new business, are expensed as incurred.

Life insurance premiums deferred and uncollected represent annual or fractional premiums, either due and uncollected or not yet due, where policy reserves have been provided on the assumption that the full premium for the current policy year has been collected.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**Policyholders' Dividends**

A portion of the Company's business has been issued on a participating basis. The amount of policyholders' dividends to be paid is determined annually by the Company's Board of Directors, and is included in "Dividends to policyholders" shown in the Company's Statements of Operations. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and to management's judgment as to the appropriate level of statutory capital and surplus to be retained by the Company.

The Company is subject to limitations on the amounts of statutory profits which can be retained with respect to certain classes of individual participating policies that were in force on November 16, 1998 which are not included in the Closed Block (see Note 11) and with respect to participating policies issued subsequent to November 16, 1998. Excess statutory profits, if any, will be distributed over time to such policyholders and are not available to the stockholder of the Company.

**Aggregate Reserves for Policies and Contracts**

Policy reserves for future life insurance policy benefits are actuarially computed using methods and assumptions in accordance with certain state statutes and administrative regulations. The mortality table and interest assumptions currently being used on the majority of policies in force are the 1941, 1958, 1980, and 2001 Commissioner's Standard Ordinary tables with 2.25% to 6.0% interest for 2025, 2024, and 2023.

Liabilities for policy reserves on fixed annuity contracts are calculated based on the Commissioner's Annuity Reserve Valuation Method ("CARVM"). The reserve calculation considers the interest credited rates and guarantee periods specific to each policy as well as the appropriate mortality table depending on the contract issue date.

Reserves for deposit-type funds are equal to deposits received and interest credited to contract holders less surrenders and withdrawals that represent a return to the contract holder. Interest rates credited ranged from 1.0% to 11.25% for immediate annuities during 2025, 1.0% to 11.25% for 2024, and 0.75% to 11.25% for 2023.

Pension reserves are generally established at an amount equal to the total experience funds or contractholders' balances, except for certain funds with unconditional surrender charges, where the reserves are equal to the contractholders' balances less the applicable surrender charge. Additional reserves for the group and individual annuity contract business are maintained at an amount required to meet the New York State formula.

Liabilities for accident and health policies include unearned premiums and additional reserves. The liability for future policy benefits and claims on life and health insurance products includes estimated unpaid claims that have been reported to the Company and claims incurred but not yet reported. Changes in estimates are reflected in operations during the period in which the change occurred.

The Company waives deduction of deferred fractional premiums upon death of the insureds and returns any portion of the final premium beyond the month of death. The Company has certain surrender values in excess of the legally computed reserves which are included in "Aggregate reserves: Life policies and contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Substandard policies are valued from basic actuarial principles using the policy's substandard rating.

As of December 31, 2025 and 2024, the Company had $178.6 million and $190.6 million, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the State of New York. Reserves to cover this insurance totaled $3.6 million and $4.0 million net of reinsurance as of December 31, 2025 and 2024, respectively, and are reported in "Aggregate reserves: Life policies and contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The tabular interest, the tabular less actual reserve released, and the tabular cost, have been determined by formulas. For the determination of investment earnings on funds not involving life contingencies, for each valuation rate of interest the tabular interest is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amounts of funds subject to such valuation rate of interest held at the beginning and the end of the year of valuation. The tabular interest on funds not involving life contingencies is generally the interest actually credited or paid on such funds.

The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with Statement of Statutory Accounting Principles ("SSAP") No. 54, "Individual and Group Accident and Health Contracts."

Liabilities for losses and loss adjustment expenses for accident and health contracts are estimated by the Company's valuation actuary using statistical claim development models to develop best estimates of liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates specified by regulatory authorities for disability income business.

**Policy and Contract Claims**

Policy and contract claims include provisions for reported life, accident and health claims in process of settlement, valued in accordance with the terms of the related policies and contracts, as well as provisions for claims incurred but not reported based primarily on prior experience of the Company. As such amounts are necessarily estimates, the ultimate liability may differ from the amount recorded and will be reflected in the results of operations when additional information becomes known.

**Retained Assets**

In the event of a claim, the beneficiary is given the option of direct payment, a settlement option provided by the policy or a retained asset account.

The Company accounts for retained assets in a manner similar to supplementary contracts. Claims expense is reported in "Death and annuity benefits" in the Statements of Operations. In lieu of a cash payment to the beneficiary, a liability is established in "Liability for deposit-type contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The balance of retained asset accounts were $25.6 million as of December 31, 2025 and $30.3 million as of December 31, 2024.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**Asset Valuation Reserve ("AVR") and Interest Maintenance Reserve ("IMR")**

The Company established certain reserves as required by NAIC SAP. The AVR is based upon a statutory formula as prescribed by the NAIC to provide a standardized reserve for realized and unrealized losses from default and/or equity risks associated with all invested assets, excluding cash, contract loans, premium notes, collateral loans, and investment receivables. Realized gains and losses related to fixed maturity investments resulting from changes in credit quality and capital gains and losses related to all other investments, net of applicable federal income taxes, are reflected in the calculation of AVR. Unrealized gains and losses, net of applicable deferred federal income taxes, are also reflected in the calculation. Changes in AVR are charged or credited directly to unassigned funds.

The IMR captures realized gains and losses, net of applicable federal income taxes, from the sale of certain investments. The portion of these realized gains and losses resulting from changes in the general level of interest rates is not recognized currently but is amortized into income over the approximate remaining life of the investment sold.

**Federal Income Taxes**

The provision for federal income taxes is computed in accordance with those sections of the Internal Revenue Code applicable to life insurance companies. Deferred income taxes are provided based upon the expected future impact of differences between the financial statement and tax basis of assets and liabilities. The admission of gross deferred income tax assets is subject to various limitations as specified by NAIC SAP. Changes in deferred tax assets and liabilities are recognized as a separate component of unassigned funds.

**Reinsurance**

In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on large risks by purchasing reinsurance from other reinsurers. Amounts recoverable from reinsurers related to paid policy claims are included in "Amounts recoverable from reinsurers" and insurance liabilities are reported net of reinsurance recoverables in the Statements of Admitted Assets, Liabilities, and Capital and Surplus. Receivables and payables from the same reinsurer, including funds withheld, are generally offset. For reserve credits taken related to reinsurers considered to be unauthorized by the Department, the Company must obtain letters of credit, funds withheld, or other forms of collateral in amounts at least equal to reserve credits. To the extent such collateral is not obtained, the Company must record a liability for reinsurance in unauthorized companies.

Reinsurance premiums ceded and reinsurance recoveries on policy claims are netted against the respective "Premiums and annuity considerations" and "Death and annuity benefits" in the Statements of Operations. Revenues from commissions and expense allowances on reinsurance ceded are recognized in the period in which the transaction occurs and recorded in "Commissions and expense allowances on reinsurance ceded" in the Statements of Operations.

The Company remains liable with respect to ceded insurance should any reinsurer fail to meet the obligations it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**Separate Accounts**

The majority of securities in the Company's Separate Accounts consist of mutual funds valued at fair value. All other publicly traded bonds and stocks are also valued at fair value. Direct placement bonds are stated at fair value, as determined by the Company or third-party appraisers. Short-term investments held in money market Separate Accounts are stated at fair value regardless of the length of maturity. Short-term investments held in all other Separate Accounts with remaining maturity at acquisition of (i) sixty days or less are stated at amortized cost, which the Company believes when combined with accrued income, approximates fair value; or (ii) more than sixty days are stated at fair value. Investments in shares of variable insurance trusts are stated at fair value, which reflects the net asset value of the various portfolios. Net asset values are based upon market or fair values of the securities held in each of the corresponding portfolios of the funds. Please refer to Note 14 for further information regarding the Company's Separate Accounts.

**2.**  **<u>Statutory and Generally Accepted Accounting Principles Differences</u>** 

Accounting practices prescribed or permitted by the Department vary in some respects from accounting principles generally accepted in the United States of America ("GAAP"). A summary of significant Statutory Accounting Principles ("SAP") and their difference to GAAP, is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The costs
 related to acquiring business, principally commissions and certain policy issue expenses,
 are charged to operations in the year incurred and thus are not amortized over the period
 benefited, whereas premiums are taken into revenue over the premium paying period of the
 related policies. Under GAAP, acquisition costs on successful efforts are capitalized and
 charged to operations on a constant level basis over the expected term of the subject policies;

&nbsp;&nbsp;&nbsp;&nbsp;2. Deposits
 to universal life contracts, investment contracts and limited payment contracts are credited
 to revenue. Under GAAP, these items are accounted for as deposits on the balance sheet and
 do not flow through the income statement;

&nbsp;&nbsp;&nbsp;&nbsp;3. Under SAP
 rules that precede Principles Based Reserves ("PBR"), policy reserves for
 future policy benefits are actuarially computed in accordance with certain state statutes
 and administrative regulations including reserve bases appropriate for life, accident and
 health, and annuity products. These liabilities are computed using statutory actuarial tables
 which do not allow for modification based on the Company's experience. Under PBR, company
 experience is utilized in setting certain assumptions for the scenario-based reserves for
 life and annuity products as defined under NAIC Valuation Manual 20, "Requirements
 for Principle-Based Reserves for Life Products" ("VM-20") and NAIC Valuation
 Manual 21, "Requirements for Principle-Based Reserves for Variable Annuities"
 ("VM-21"). Aggregate statutory reserves are shown net of the credit taken for
 reinsurance. Under GAAP, reserves for life-contingent annuity and traditional life insurance
 products are based on the present value of future benefits less the present value of future
 net premiums based on mortality, lapse, and other assumptions. Reserves for non-life-contingent
 annuity and universal life insurance products are recognized by establishing a liability
 equal to the current account value of the policyholders' contracts, with an additional
 reserve for certain guaranteed benefits. Aggregate reserves are shown gross with an offsetting
 reinsurance recoverable;

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

&nbsp;&nbsp;&nbsp;&nbsp;4. Certain
 assets must be included in the statutory financial statements at "admitted asset value"
 and "nonadmitted assets" must be excluded through a charge against surplus. No
 such reduction of asset values is required under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;5. Bonds and
 redeemable preferred stocks are generally stated at amortized cost and perpetual preferred
 stocks are stated at fair value. For bonds and preferred stocks stated at fair value, the
 difference between cost and fair value is reflected in "Change in net unrealized capital
 gains and losses" in unassigned funds. Under GAAP, bonds and preferred stocks, other
 than those classified as held to maturity, are stated at fair value with changes recorded
 in accumulated other comprehensive income (loss) in the balance sheet if classified as available-for-sale
 securities or in the income statement if classified as trading securities;

&nbsp;&nbsp;&nbsp;&nbsp;6. Certain
 assets and liabilities are reported net of ceded reinsurance balances, which is not permitted
 by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;7. Realized
 capital gains and losses are reflected net of transfers to IMR and federal income tax in
 the Statements of Operations. Under GAAP realized capital gains and losses are reflected
 on a gross basis in the income statement as the IMR concept does not exist in GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;8. Deferred
 federal income tax is provided based upon the expected future impact of differences between
 the financial statement and tax basis of assets and liabilities. Gross deferred tax assets
 are reduced by a valuation allowance if it is more likely than not that some portion or all
 of the assets will not be realized. The admission of gross deferred income taxes, after any
 valuation allowance, is additionally subject to various limitations as specified by NAIC
 SAP. No such admissions test exists under GAAP. Changes in deferred tax assets and liabilities
 are recognized as a separate component of unassigned funds, while under GAAP, these changes
 are included in income tax expense or benefit in the income statement;

&nbsp;&nbsp;&nbsp;&nbsp;9. The AVR
 is reported as a liability rather than as a reduction in investments and is charged directly
 to surplus. No such reserve is required under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;10. The IMR
 is reported as a liability or contra-liability and the amortization of the IMR is reported
 in the revenue section of the Statements of Operations. No such reserve is required under
 GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;11. The Statements
 of Cash Flow are presented in the required statutory format which differs in certain respects
 from the presentation required by GAAP, including the presentation of the changes in cash,
 cash equivalents and short-term investments instead of cash and cash equivalents. Short-term
 investments include securities with maturities of one year or less at the time of acquisition.
 SAP requires no reconciliation between net income and net cash provided by operating activities
 as required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;12. The change
 in the unrealized gains or losses on certain investments is recorded as an increase or decrease
 in statutory surplus under SAP. Under GAAP, such unrealized gains and losses are recorded
 as a component of comprehensive income (loss);

&nbsp;&nbsp;&nbsp;&nbsp;13. Any premiums
 due that are not yet paid, and premiums paid on other than an annual basis, are included
 in premiums deferred and uncollected on the Statements of Admitted Assets, Liabilities, and
 Capital and Surplus. On a GAAP basis, deferred premiums are netted against policy reserves
 and are generally calculated as a component of gross premiums;

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

&nbsp;&nbsp;&nbsp;&nbsp;14. For reserve
 credits taken related to reinsurers considered "unauthorized" by the Department,
 the Company must obtain letters of credit, funds withheld or other forms of collateral in
 amounts at least equal to the reserve credits. To the extent such collateral is not obtained,
 the Company must record a liability for reinsurance in unauthorized companies with a charge
 to unassigned funds. No such liability is recorded for GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;15. Market
 value adjusted annuities are included in the Company's general account for GAAP purposes,
 but are included in Separate Accounts on a statutory basis;

&nbsp;&nbsp;&nbsp;&nbsp;16. Goodwill
 of entities acquired is recorded at the parent level for NAIC SAP and amortized. Under GAAP,
 goodwill is recorded at the subsidiary level at cost and tested for impairment using a fair
 value methodology at least annually;

&nbsp;&nbsp;&nbsp;&nbsp;17. Under
 SAP, surplus notes are reported as equity rather than as a liability for GAAP; and

&nbsp;&nbsp;&nbsp;&nbsp;18. Acquisitions
 and reinsurance transactions can be subject to different accounting treatments due to differences
 in risk transfer and business combination assessments. Certain acquisitions of inforce business
 are accounted for as reinsurance pursuant to Statutory guidelines and business combinations
 for GAAP reporting purposes, depending on whether they constitute the acquisition of a business
 under GAAP guidance.

The differences between NAIC SAP and GAAP have not been quantified as of December 31, 2025 and 2024 or for each of the years in the three-year period ended December 31, 2025; however, the differences are presumed to be material.

**3.**  **<u>Accounting Changes and Prior Period Adjustments</u>** 

**Accounting Changes** 

Effective January 1, 2025, the NAIC Statutory Accounting Principles Working Group adopted revisions to SSAP No. 26, "Bonds," and SSAP No. 43, "Asset-Backed Securities" for the principles-based bond definition, the accounting for bonds (issuer credit obligations and asset-backed securities), as well as revisions to various SSAPs that have been updated to reflect the revised definition or SSAP references. This guidance did not impact the Company's financial statements upon adoption, and the Company did not reclassify any securities that were classified as bonds on the Statements of Admitted Assets, Liabilities, and Capital and Surplus. Prior period disclosures have not been updated to reflect the new breakout of bond classifications resulting from the adoption of this guidance.

Effective January 1, 2025, the NAIC Statutory Accounting Principles Working Group adopted revisions to expand and amend guidance within SSAP No. 93, "Low-Income Housing Tax Credit Property Investments" ("SSAP No. 93") to include all tax credit investments regardless of structure and type of state or federal tax credit program. Additionally, the NAIC revised SSAP No. 94, "Transferable and Non-Transferable State Tax Credits" ("SSAP No. 94") to expand and amend guidance to include both purchased state and federal tax credits. Lastly, consistency revisions were adopted to SSAP No. 34, "Investment Income Due and Accrued" and SSAP No. 48, "Joint Ventures, Partnerships, and Limited Liability Companies" resulting from changes in SSAP No. 93 and SSAP No. 94. This guidance did not impact the Company upon adoption, as it does not currently have tax credit investments in scope of the revisions.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Effective January 1, 2023, the NAIC Statutory Accounting Principles Working Group adopted revisions to SSAP No. 86 "Derivatives". These revisions provide for more consistency between SAP and U.S. GAAP with respect to the assessment of effective hedge relationships and introduce additional guidance for the application of certain hedging methods. The revised guidance did not impact the Company's financial position or results of operations.

Effective August 13, 2023, the NAIC Statutory Accounting Principles Working Group adopted INT 23-01 Net Negative (Disallowed) Interest Maintenance Reserve ("INT 23-01"). INT 23-01 provides a limited-time, optional exception to the existing guidance in SSAP No. 7 "Asset Valuation Reserve and Interest Maintenance Reserve" and the annual statement instructions that requires net negative (disallowed) IMR in the general account to be nonadmitted. Companies who elect the optional exception are permitted to admit negative IMR up to 10% of adjusted capital and surplus, subject to certain disclosure requirements and other constraints. The revised guidance did not impact the Company, as it did not have a negative IMR balance at the end of the reporting period.

**4.**  **<u>Investments</u>** 

**Net Investment Income**

Net investment income consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds | $184745 | $191005 | $197116 |
| Stocks | 384 | 403 | 586 |
| Mortgage loans | 9936 | 10720 | 11484 |
| Cash, cash equivalents, and short-term investments | 9390 | 6197 | 4308 |
| Contract loans | 30195 | 31379 | 31706 |
| Other invested assets | 6968 | 6969 | 6969 |
| Miscellaneous investment income | 28 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 241646 | 246683 | 252169 |
| Less: Investment expenses | 17368 | 18338 | 19105 |
| Net investment income | $224278 | $228345 | $233064 |

---

Due and accrued income is excluded from investment income on the following basis:

---

| | |
|:---|:---|
| Mortgage loans - | Income is excluded on loans delinquent more than 90 days. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. |
| Bonds - | When the Company determines collection of interest to be uncertain or interest is 90 days past due, the accrual of interest is discontinued. |

---

No amounts were excluded from investment income due and accrued as of December 31, 2025 and 2024.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The admitted amounts for interest income due and accrued were $42.4 million and $56.4 million as of December 31, 2025 and 2024.

The Company had no amounts of deferred interest as of December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the cumulative amounts of paid-in-kind (PIK) interest included in the current principal balance were $1.0 million and $1.0 million, respectively.

**Realized Gains and Losses**

Realized investment gains (losses) are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds | $(3801) | $2526 | $(6934) |
| Preferred stocks |  |  | (2306) |
| Common stocks (unaffiliated) |  |  | 3489 |
| Other foreign realized loss | 5 |  |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amount transferred to interest maintenance reserve | (3020) | 1978 | (709) |
| &nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | (648) | 228 | (3442) |
| Net realized investment gains (losses) | $(128) | $320 | $(1600) |

---

Proceeds from the sales of investments in bonds, common stocks, and preferred stocks are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Proceeds from sales | $355217 | $307600 | $185461 |
| Gross gains | 4294 | 7608 | 7857 |
| Gross losses | 8094 | 5081 | 13607 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**Unrealized Gains and Losses**

The change in net unrealized capital gains and losses included in unassigned funds is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** |
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds | $— | $69 | $(68) |
| Preferred stocks | 38 | 388 | 2366 |
| Common stocks (unaffiliated) |  |  | (2707) |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | 8 | 96 | (86) |
| Total change in net unrealized capital gains and losses | $30 | $361 | $(323) |

---

**Bonds and Preferred Stocks**

The statement value and estimated fair value of the Company's bond and preferred stock investments as of December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Statement<br> Value** | **Gross<br> Unrealized<br> Gains** | **Gross<br> Unrealized<br> Losses** | **Estimated<br> Fair Value** |
| **2025** | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds - Issuer Credit Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations | $7986 | $105 | $(48) | $8043 |
| &nbsp;&nbsp;&nbsp;Other U.S. Government Obligations | 8501 |  | (190) | 8311 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds - Special Revenue | 103998 | 528 | (12933) | 91593 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 3345200 | 3953 | (508749) | 2840404 |
| &nbsp;&nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities | 44752 |  | (3796) | 40956 |
| &nbsp;&nbsp;&nbsp;Other Issuer Credit Obligations | 20000 |  | (209) | 19791 |
| &nbsp;&nbsp;&nbsp;Total | 3530437 | 4586 | (525925) | 3009098 |
| Bonds - Asset Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency residential mortgage-backed securities | 42610 | 95 | (6818) | 35887 |
| &nbsp;&nbsp;&nbsp;Non-Agency residential mortgage-backed securities | 929567 | 1890 | (81669) | 849788 |
| &nbsp;&nbsp;&nbsp;Non-Agency commercial mortgage-backed securities | 133363 |  | (12364) | 120999 |
| &nbsp;&nbsp;&nbsp;Total | 1105540 | 1985 | (100851) | 1006674 |
| &nbsp;&nbsp;&nbsp;Total bonds | 4635977 | 6571 | (626776) | 4015772 |
| Preferred stocks | 3742 |  |  | 3742 |
| Total bonds and preferred stocks | $4639719 | $6571 | $(626776) | $4019514 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Statement<br> Value** | **Gross<br> Unrealized<br> Gains** | **Gross<br> Unrealized<br> Losses** | **Estimated<br> Fair Value** |
| **<u>2024</u>** | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;US Government | $7969 | $— | $(178) | $7791 |
| &nbsp;&nbsp;&nbsp;US special revenue & special assessment | 131485 | 283 | (15079) | 116689 |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 3510514 | 1574 | (600172) | 2911916 |
| &nbsp;&nbsp;&nbsp;Total bonds, excluding loan-backed and structured securities | 3649968 | 1857 | (615429) | 3036396 |
| Loan-backed and structured securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 707993 | 736 | (110510) | 598219 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 219503 |  | (18619) | 200884 |
| &nbsp;&nbsp;&nbsp;Other loan-backed and structured securities | 13088 | 22 |  | 13110 |
| &nbsp;&nbsp;&nbsp;Total loan-backed and structured securities | 940584 | 758 | (129129) | 812213 |
| &nbsp;&nbsp;&nbsp;Total bonds | 4590552 | 2615 | (744558) | 3848609 |
| Preferred stocks | 3704 |  |  | 3704 |
| Total bonds and preferred stocks | $4594256 | $2615 | $(744558) | $3852313 |

---

The statement value and estimated fair value of bonds as of December 31, 2025, by expected maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay certain of these obligations.

---

| | | |
|:---|:---|:---|
|  | **Statement<br> Value** | **Estimated <br> Fair Value** |
|  | ($ in thousands) | ($ in thousands) |
| Bonds - Issuer Credit Obligations: |  |  |
| Due in 1 year or less | $22338 | $22164 |
| Due after 1 year through 5 years | 112184 | 106797 |
| Due after 5 years through 10 years | 395479 | 362617 |
| Due after 10 years | 3000436 | 2517520 |
| &nbsp;&nbsp;&nbsp;Subtotal | $3530437 | $3009098 |
| Bonds - Asset Backed Securities: |  |  |
| Due in 1 year or less | $74860 | $68166 |
| Due after 1 year through 5 years | 345501 | 346322 |
| Due after 5 years through 10 years | 157010 | 151478 |
| Due after 10 years | 528169 | 440708 |
| &nbsp;&nbsp;&nbsp;Subtotal | 1105540 | 1006674 |
| &nbsp;&nbsp;&nbsp;Total bonds | $4635977 | $4015772 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The Company's investment gross unrealized losses and estimated fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
|  | **Estimated<br> Fair Value** | **Gross <br> Unrealized<br> Loss** | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Loss** | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Loss** |
| **2025** | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds - Issuer Credit Obligations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations | $— | $— | $2962 | $(48) | $2962 | $(48) |
| &nbsp;&nbsp;&nbsp;Other U.S. Government Obligations | 8311 | (190) |  |  | 8311 | (190) |
| &nbsp;&nbsp;&nbsp;Municipal Bonds - Special Revenue | 2907 | (175) | 79576 | (12758) | 82483 | (12933) |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 76813 | (5549) | 2660602 | (503200) | 2737415 | (508749) |
| &nbsp;&nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities | 18020 | (154) | 22935 | (3642) | 40955 | (3796) |
| &nbsp;&nbsp;&nbsp;Other Issuer Credit Obligations |  |  | 19791 | (209) | 19791 | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 106051 | (6068) | 2785866 | (519857) | 2891917 | (525925) |
| Bonds - Asset Backed Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential mortgage-backed securities | 15 |  | 32011 | (6818) | 32026 | (6818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency residential mortgage-backed securities | 76538 | (214) | 346555 | (81455) | 423093 | (81669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency commercial mortgage-backed securities |  |  | 120999 | (12364) | 120999 | (12364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 76553 | (214) | 499565 | (100637) | 576118 | (100851) |
| Total bonds | 182604 | (6282) | 3285431 | (620494) | 3468035 | (626776) |
| Preferred stocks |  |  |  |  |  |  |
| Total bonds and preferred stocks | $182604 | $(6282) | $3285431 | $(620494) | $3468035 | $(626776) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
|  | **Estimated<br> Fair Value** | **Gross <br> Unrealized<br> Loss** | **Estimated<br> Fair Value** | **Gross<br> Unrealized<br> Loss** | **Estimated<br> Fair Value** | **Gross<br> Unrealized<br> Loss** |
| **2024** | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;US Government | $4102 | $(12) | $3689 | $(166) | $7791 | $(178) |
| &nbsp;&nbsp;&nbsp;US special revenue & special assessment | 32840 | (1046) | 65807 | (14033) | 98647 | (15079) |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 219260 | (16877) | 2639435 | (583295) | 2858695 | (600172) |
| &nbsp;&nbsp;&nbsp;Total bonds, excluding loan-backed and structured securities | 256202 | (17935) | 2708931 | (597494) | 2965133 | (615429) |
| Loan-backed and structured securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 206301 | (4895) | 340420 | (105615) | 546721 | (110510) |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 26392 | (411) | 174491 | (18208) | 200883 | (18619) |
| &nbsp;&nbsp;&nbsp;Total loan-backed and structured securities | 232693 | (5306) | 514911 | (123823) | 747604 | (129129) |
| Total bonds | $488895 | $(23241) | $3223842 | $(721317) | $3712737 | $(744558) |

---

For securities other than asset-backed securities, the Company generally considers a number of factors in determining whether an impairment is other than temporary (please see the "Asset-Backed Securities" section for information on asset-backed security OTTIs). These include, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company's intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security's amortized cost, 5) the duration of the decline, 6) an economic analysis of the issuer's industry, and 7) the financial strength, liquidity, and recoverability of the issuer. Management performs a security-by-security review each quarter in evaluating the need for any OTTIs. Although no set formula is used in this process, the investment performance, collateral position, and continued viability of the issuer are significant measures considered. For securities in an unrealized loss position for which an OTTI was not recognized, the Company believes that it is probable that all amounts will be collected as due according to the contractual terms of the debt security in effect at the date of acquisition and has the intent and ability to hold these securities until recovery. The Company recognized no OTTIs on non-asset-backed securities during 2025, 2024, or 2023.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The Company had securities with a fair value of $3,285.4 million in an unrealized loss position for greater than twelve months as of December 31, 2025, and the related unrealized loss of $620.5 million pertains primarily to consumer, mortgage-backed, utility, banking, energy and insurance securities. The Company had securities with a fair value of $3,223.8 million in an unrealized loss position for greater than twelve months as of December 31, 2024, and the related unrealized loss of $721.3 million pertains primarily to consumer, utility, residential mortgage-backed, banking and insurance securities. The aggregate decline in fair value of these securities each year was deemed temporary due to positive factors such as the financial health of the investee, the continued access of the investee to capital markets, the average life of the securities, and the performance of the underlying collateral that support the recoverability of these investments.

The Company had individual bonds from the following issuers that exceeded 10% of capital and surplus as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Carrying Value** |
|  | ($ in thousands) |
| JP Morgan Mortgage Trust | $43999 |
| Chase Mortgage Finance Corporation | 43999 |

---

The Company had individual bonds from the following issuers that exceeded 10% of capital and surplus as of December 31, 2024.

---

| | |
|:---|:---|
|  | **Carrying Value** |
|  | ($ in thousands) |
| GS Mortgage-Backed Securities | $45224 |

---

As of December 31, 2025 and 2024, bonds and cash having a fair value of $8.7 million and $8.3 million, respectively, were on deposit with various governmental authorities as required by law.

**Asset-Backed Securities**

For the impairment review of asset-backed securities, the Company employed the prospective method during the period, and based its assumptions regarding expected maturity dates on market interest rates and overall economic conditions. The information used for these assumptions was provided by a nationally recognized, real-time database.

For the three-year period ended December 31, 2025, the Company recognized no OTTIs for asset-backed securities.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

All impaired securities (fair value is less than cost or amortized cost) for which an OTTI has not been recognized in the Statements of Operations as a realized loss (including securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains) are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | ($ in thousands) | ($ in thousands) |
| The aggregate amount of unrealized losses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 12 months | $214 | $5306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 months or longer | $100637 | $123824 |
| The aggregate related fair value of securities with unrealized losses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 12 months | $76553 | $232692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 months or longer | $499565 | $514911 |

---

In determining whether an asset-backed security had experienced an OTTI, the Company considered the delinquency (and foreclosure status, if applicable) of the underlying loans or mortgages, the expected recovery value of the underlying collateral (if any) in relation to the current amount of the investment, and the degree to which such losses, based upon the foregoing factors, will first be absorbed by tranches that are subordinate to the Company's securities.

**Repurchase Agreements**

For repurchase agreements, the Company initiates short-term (typically less than 30 days) collateralized borrowings whereby cash is received, and securities are posted as collateral. The Company reports the cash proceeds as a liability, and the difference between the cash proceeds and the amount at which the securities are reacquired as interest expense. As of December 31, 2025 and December 31, 2024, the Company had no repurchase agreements outstanding.

**Repurchase Agreements Transactions Accounted for as Secured Borrowing** 

While the Company anticipates that the cash flows of its operations will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs to provide liquidity when needed. The Company expects that the rate received on collateral posted will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The fair value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturity securities, and the agreements provided for net settlement in the event of default or on termination of the agreements. Due to the short tenor of the repurchase agreements, the Company would not expect any stress on liquidity to be an issue.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

If market deterioration is detected and/or additional sources of liquidity are needed to manage asset/liability mismatches, the Company would draw down short-term investment positions and conserve cash by ceasing new investment activity. The Company also has an intercompany loan agreement set up with the Company's parent, PLICO, if needed.

The Company participates in both bilateral and tri-party repurchase agreements.

The Company had no repurchase agreement activity as of December 31, 2025 and 2024.

**Mortgage Loans**

The Company's mortgage loan portfolio was characterized by the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **Percent of Portfolio** | **Percent of Portfolio** |
|  | **2025** | **2024** |
| Retail | 31.5% | 31.7% |
| Lodging | 21.1 | 30.2 |
| Apartments | 9.2 | 7.3 |
| Industrial | 18.6 | 15.1 |
| Office | 19.6 | 15.7 |
| Total | 100.0% | 100.0% |

---

The Company specializes in making mortgage loans on either credit-oriented or credit-anchored commercial properties, most of which are strip shopping centers in smaller towns and cities. The Company's mortgage loan portfolio had the following concentrations by location greater than or equal to 5% as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Percent of <br> Portfolio** | | **Percent of <br> Portfolio** |
| <br>**State** | **2025** | <br>**State** | **2024** |
| North Carolina | 21.1% | North Carolina | 19.4% |
| Utah | 12.4 | Georgia | 17.3 |
| Alabama | 8.4 | Utah | 9.8 |
| Florida | 7.0 | Alabama | 6.7 |
| Michigan | 6.7 | California | 6.5 |
| Virginia | 6.5 | Florida | 5.5 |
| New Jersey | 6.5 | Michigan | 5.4 |
|  |  | Virginia | 5.4 |
|  |  | New Jersey | 5.1 |

---

There were no commercial mortgage loans originated during 2025. The minimum and maximum lending rates for commercial mortgage loans originated by the Company during 2024 was 7.5%.

The target percentage of any one loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, is generally 75%. The Company uses this loan-to-value ratio as a credit quality indicator, which is a component of the Company's ongoing monitoring of the credit risk of its mortgage loan portfolio. The Company also monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assesses the risk of each loan. As of December 31, 2025 and 2024, the Company had no mortgage loans that exceeded a 75% loan to value ratio based on the most recent appraisal. For loans the Company held as of December 31, 2025 and 2024, the maximum percentage of any one loan to the value of security at the time of the loan did not exceed 75%.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

As of December 31, 2025 and 2024, the Company did not have any mortgages with interest more than 90 days past due.

As of December 31, 2025 and 2024, no taxes and/or assessments had been advanced but not repaid or included in the mortgage loan total.

The Company's mortgage loans of $194.0 million and $253.5 million as of December 31, 2025 and 2024, respectively, were current.

As of December 31, 2025 and 2024, the Company had no foreclosed properties or impaired loans. The Company reported no valuation allowances on any loans at either December 31, 2025 and 2024. No activity occurred in the allowance for credit losses during 2025, 2024, and 2023.

The Company did not restructure any debt during 2025 and 2024.

**Common Stock-Federal Home Loan Bank ("FHLB") Agreements** 

The Company is a member of the FHLB of New York. Through its membership, the Company may receive cash advances as a result of issuing funding agreements to and entering repurchase agreements with the FHLB of New York. The Company had no advances outstanding as of December 31, 2025 and 2024.

The Company uses funds obtained from the funding agreements in an investment spread strategy, consistent with its other investment spread operations. The Company applies SSAP No. 52, "Deposit-Type Contracts" accounting treatment to the funding agreements, consistent with its other deposit-type contracts. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained from the FHLB of New York for use in general operations would be accounted for consistently with SSAP No. 15, "Debt and Holding Company Obligations".

Amounts received under repurchase agreements are accounted for pursuant to SSAP No. 103, "Transfers and Servicing of Financial Assets and Extinguishments of Liabilities".

The Company's FHLB stock was classified as "Membership stock – Class B" and was not eligible for redemption. All of the FHLB stock was held in the General Account and totaled $1.2 million and $1.3 million as of December 31, 2025 and 2024, respectively.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**Restricted Assets**

The Company had the following restricted assets, all within the General Account, as of December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Asset Category** | **2025** | **2024** | **Increase/<br> (Decrease)** | **% of<br> Admitted<br> Assets** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |  |
| Federal Home Loan Bank capital stock | $1202 | $1268 | $(66) | 0.02% |
| On deposit with states | 8305 | 8288 | 17 | 0.14% |
| &nbsp;&nbsp;&nbsp;Total restricted assets | $9507 | $9556 | $(49) | 0.16% |

---

**5.**  **<u>Income Taxes</u>** 

The Company is included in the consolidated federal income tax return of PLC and its subsidiaries. The method of allocation of current income taxes between the affiliates is subject to a written agreement under which the Company incurs a liability to PLC to the extent that a separate return calculation indicates that the Company has a federal income tax liability. If the Company has an income tax benefit, the benefit is recorded currently to the extent that it can be carried back against prior years' separate company income tax expense. Any amount not carried back is carried forward on a separate company basis. Income taxes recoverable (payable) are recorded in the federal income taxes receivable (payable) account and are settled periodically, per the tax sharing agreement.

The components of the net deferred tax asset/(deferred tax liability) ("DTA"/("DTL")) as of December 31 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** | Change | Change | Change |
|  | **(1)** | **(2)** | **(3)** | (4) | (5) | (6) | (7) | (8) | (9) |
| 1. | **Ordinary** | **Capital** | **(Col 1+2)<br> Total** | Ordinary | Capital | (Col 4+5) <br> Total | Ordinary | Capital | (Col 7+8)<br> Total |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (a) Gross Deferred Tax Assets | $83278 | $1485 | $84763 | $87483 | $1485 | $88968 | $(4205) | $— | $(4205) |
| (b) Statutory Valuation Allowance Adjustments |  |  |  |  |  |  |  |  |  |
| (c) Adjusted Gross Deferred Tax Assets (1a - 1b) | 83278 | 1485 | 84763 | 87483 | 1485 | 88968 | (4205) |  | (4205) |
| (d) Deferred Tax Assets Nonadmitted | 48104 |  | 48104 | 50444 |  | 50444 | (2340) |  | (2340) |
| (e) Subtotal Net Admitted Deferred Tax Asset) (1c-1d) | 35174 | 1485 | 36659 | 37039 | 1485 | 38524 | (1865) |  | (1865) |
| (f) Deferred Tax Liabilities | 7488 |  | 7488 | 8411 |  | 8411 | (923) |  | (923) |
| (g)Net Admitted Deferred Tax Asset/(Net Deferred Tax Liability) (1e-1f) | $27686 | $1485 | $29171 | $28628 | $1485 | $30113 | $(942) | $— | $(942) |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** | Change | Change | Change |
|  | **(1)** | **(2)** | **(3)** | (4) | (5) | (6) | (7) | (8) | (9) |
| 2. | **Ordinary** | **Capital** | **(Col 1+2)<br> Total** | Ordinary | Capital | (Col 4+5)<br> Total | Ordinary | Capital | (Col 7+8)<br> Total |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| **Admission Calculation Components - SSAP No. 101** |  |  |  |  |  |  |  |  |  |
| (a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carryback | $— | $— | $— | $— | $322 | $322 | $— | $(322) | $(322) |
| (b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets from 2(a) above) After Application of the Threshold Limitation (The Lesser of 2(b)(1) and 2(b)2 Below) | 27686 | 1485 | 29171 | 28628 | 1163 | 29791 | (942) | 322 | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp;1) Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date | 27686 | 1485 | 29171 | 28628 | 1163 | 29791 | (942) | 322 | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp;2) Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | XXX | XXX | 51413 | XXX | XXX | 50486 | XXX | XXX | 927 |
| (c) Adjusted Gross Deferred Tax Assets (Excluding The Amount of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities | 7488 |  | 7488 | 8411 |  | 8411 | (923) |  | (923) |
| (d) Deferred Tax Assets Admitted as the result of Application of SSAP No. 101. Total 2(a) +2(b) +2(c) | $35174 | $1485 | $36659 | $37039 | $1485 | $38524 | $(1865) | $— | $(1865) |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | ($ in thousands) | ($ in thousands) |
| (a) Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount | 1043% | 1009% |
| (b) Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation In 2(b)2 Above. | $408878 | $404652 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** | **Change** | **Change** |
|  | **(1)**<br>**Ordinary** | **(2)**<br>**Capital** | **(3)**<br>**Ordinary** | **(4)**<br>**Capital** | **(5)**<br>**(Col 1-3)<br> Ordinary** | **(6)**<br>**(Col 2-4)<br> Capital** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| **Impact of Tax Planning Strategies** |  |  |  |  |  |  |
| (a) Determination of Adjusted Gross Deferred Tax Assets and Net Admitted Deferred Tax assets, By Tax Character as a Percentage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross DTA Amount From 1(c) | $83278 | $1485 | $87483 | $1485 | $(4205) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of Adjusted Gross DTAs By Tax Character Attributable to the Impact of Tax Planning Strategies | —% | 100% | —% | 100% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Net Admitted Adjusted Gross DTA Amount From 1(e) | $35174 | $1485 | $37039 | $1485 | $(1865) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character Admitted Because of the Impact of Tax Planning Strategies | —% | 100% | —% | 100% | —% | —% |
| Does the Company's tax-planning strategies include the use of reinsurance |  |  | Yes |  | No | X |

---

The Company has no DTLs that are not recognized.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Current income taxes incurred consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** |
| 1. | **2025** | **2024** | **(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (a) Federal | $6427 | $7379 | $(952) |
| (b) Foreign |  |  |  |
| (c) Subtotal (1a+1b) | 6427 | 7379 | (952) |
| (d) Federal income tax on capital gains | (648) | 228 | (876) |
| (e) Utilization of capital loss carryforwards |  |  |  |
| (f) Other |  |  |  |
| (g) Federal and foreign income taxes incurred (1c+1d+1e+1f) | $5779 | $7607 | $(1828) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** |
| 1. | **2024** | **2023** | **(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (a) Federal | $7379 | $3517 | $3862 |
| (b) Foreign |  |  |  |
| (c) Subtotal (1a+1b) | 7379 | 3517 | 3862 |
| (d) Federal income tax on capital gains | 228 | (3442) | 3670 |
| (e) Utilization of capital loss carryforwards |  |  |  |
| (f) Other |  |  |  |
| (g) Federal and foreign income taxes incurred (1c+1d+1e+1f) | $7607 | $75 | $7532 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| 2. |  |  |  |
|  | **(1)** | **(2)** | **(3)** |
| **Deferred Tax Assets** | **12/31/2025** | **12/31/2024** | **(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (a) Ordinary: |  |  |  |
| (1) Discounting of unpaid losses | $— | $— | $— |
| (2) Unearned premium reserve |  |  |  |
| (3) Policyholder reserves | 13481 | 15795 | (2314) |
| (4) Investments |  |  |  |
| (5) Deferred acquisition costs | 25660 | 25845 | (185) |
| (6) Policyholder dividends accrual | 11468 | 11798 | (330) |
| (7) Fixed assets |  |  |  |
| (8) Compensation and benefits accrual | 32617 | 34000 | (1383) |
| (9) Pension accrual |  |  |  |
| (10) Receivables - nonadmitted | 52 | 45 | 7 |
| (11) Net operating loss carryforward |  |  |  |
| (12) Tax credit carryforward |  |  |  |
| (13) Other |  |  |  |
| (99) Subtotal (sum of 2a1 through 2a13) | 83278 | 87483 | (4205) |
| (b) Statutory valuation allowance adjustment |  |  |  |
| (c) Nonadmitted | 48104 | 50444 | (2340) |
| (d) Admitted ordinary deferred tax assets (2a99-2b-2c) | 35174 | 37039 | (1865) |
| (e) Capital: |  |  |  |
| (1) Investments | 1485 | 1485 |  |
| (2) Net capital loss carryforward |  |  |  |
| (3) Real estate |  |  |  |
| (4) Other |  |  |  |
| (99) Subtotal (2e1+2e2+2e3+2e4) | 1485 | 1485 |  |
| (f) Statutory valuation allowance adjustment |  |  |  |
| (g) Nonadmitted |  |  |  |
| (h) Admitted capital deferred tax assets (2e99-2f-2g) | 1485 | 1485 |  |
| (i) Admitted deferred tax assets (2d+2h) | $36659 | $38524 | $(1865) |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

3. ---

| | | | |
|:---|:---|:---|:---|
| <br>**Deferred Tax Liabilities** | **(1)**<br>**12/31/2025** | **(2)**<br>**12/31/2024** | **(3)**<br>**(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (a) Ordinary |  |  |  |
| (1) Investments | $2514 | $2173 | $341 |
| (2) Fixed assets |  |  |  |
| (3) Deferred and uncollected premium | 4939 | 5486 | (547) |
| (4) Policyholder reserves |  | 694 | (694) |
| (5) Other | 35 | 58 | (23) |
| (99) Subtotal (3a1+3a2+3a3+3a4+3a5) | 7488 | 8411 | (923) |
| (b) Capital: |  |  |  |
| (1) Investments |  |  |  |
| (2) Real estate |  |  |  |
| (3) Other |  |  |  |
| (99) Subtotal (3b1+3b2+3b3) |  |  |  |
| (c) Deferred tax liabilities (3a99+3b99) | $7488 | $8411 | $(923) |
| 4. Net deferred tax assets/liabilities (2i-3c) | $29171 | $30113 | $(942) |

---

The change in net deferred income taxes as of December 31 is comprised of the following (this analysis is exclusive of nonadmitted assets as the change in nonadmitted assets is reported separately from the change in net deferred income tax in the Statements of Changes in Capital and Surplus):

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)**<br>**12/31/2025** | **(2)**<br>**12/31/2024** | **(3)**<br>**(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Adjusted gross deferred tax assets | $84763 | $88968 | $(4205) |
| Total deferred tax liabilities | 7488 | 8411 | (923) |
| Net deferred tax assets (liabilities) | $77275 | $80557 | (3282) |
| Tax effect of unrealized gains/(losses) |  |  | 9 |
| Change in net deferred income tax |  |  | $(3273) |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)**<br>**12/31/2024** | **(2)**<br>**12/31/2023** | **(3)**<br>**(Col 1-2)<br> Change** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Adjusted gross deferred tax assets | $88968 | $90902 | $(1934) |
| Total deferred tax liabilities | 8411 | 8410 | 1 |
| Net deferred tax assets (liabilities) | $80557 | $82492 | (1935) |
| Tax effect of unrealized gains/(losses) |  |  | 96 |
| Change in net deferred income tax |  |  | $(1839) |

---

On July 4, 2025, H.R. 1, the One, Big, Beautiful Bill Act ("OBBBA") was signed into law. Among other changes, it allows certain domestic research and development expenses to be deducted in the year incurred and imposes new limits on certain charitable contribution deductions. The income tax related impacts of the OBBBA are not material to the Company's financial statements.

The provision for federal and foreign income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference at December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **Effective<br> Tax Rate<br> (%)** | **2024** | **Effective<br> Tax Rate<br> (%)** | **2023** | **Effective<br> Tax Rate<br> (%)** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Provision computed at statutory rate | $10325 | 21.0% | $10871 | 21.0% | $7538 | 21.0% |
| Tax on STAT capital gains (losses) | (797) | (1.6) | 531 | 1 | (1208) | (3.4) |
| Amortization of IMR | (454) | (0.9) | (1033) | (2.0) | (1409) | (3.9) |
| Change in nonadmitted assets | (9) |  | 46 | 0.1 | 3078 | 8.6 |
| Nondeductible expense | 5 |  | 7 |  | 3 |  |
| Tax-exempt income deduction | (102) | (0.2) | (104) | (0.2) | (105) | (0.3) |
| Prior year deferred tax true-up | (575) | (1.2) | (1212) | (2.3) | (170) | (0.5) |
| Prior year current tax true-up | 354 | 0.7 | 366 | 0.7 | (620) | (1.7) |
| Intercompany operating loss carryforward | 326 | 0.7 |  |  |  |  |
| Foreign tax credit | (21) |  | (25) |  | (10) |  |
| Total | $9052 | 18.5% | $9447 | 18.3% | $7097 | 19.8% |
| Federal and foreign income taxes incurred | $6427 | 13.1% | $7379 | 14.3% | $3517 | 9.8% |
| Tax on capital gains/(losses) | (648) | (1.3) | 229 | 0.4 | (3442) | (9.6) |
| Change in net deferred income taxes charge/(benefit) | 3273 | 6.7 | 1839 | 3.6 | 7022 | 19.6 |
| Total statutory income taxes | $9052 | 18.5% | $9447 | 18.3% | $7097 | 19.8% |

---

As of December 31, 2025, the Company had no operating loss and no capital loss carryforwards available to offset future net income subject to federal income taxes.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The Company incurred no income taxes in 2025 and preceding years that would be available for recoupment in the event of future net losses.

The Company had no deposits admitted under Section 6603 of the Internal Revenue Code as of December 31, 2025 or 2024.

The Company had no state transferable tax credits at December 31, 2025 or 2024.

The Company's federal income tax return for 2025 will be consolidated with the following entities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.U.L. Corp. | PIPCO Reinsurance Company, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Protection Financial, Inc. | Protective Administrative Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Peak Insurance Company, Ltd. | Protective Asset Protection, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUL Insurance Agency, Inc. | Protective Life Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesterfield International Reinsurance Limited | Protective Life and Annuity Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concourse Distributors, Inc. | Protective Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concourse Financial Group Securities, Inc. | Protective Life Reinsurance Bermuda, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R.G., Inc. | Protective Property & Casualty Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Reinsurance, Ltd. | ShelterPoint Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Financial Resources, Inc. | ShelterPoint Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Protection Company | ShelterPoint Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Protection Corporation | The Advantage Warranty Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Protection Corporation of Florida | United States Warranty Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Gate Captive Insurance Company | USWC Holding Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate Administrative Services, Inc. | USWC Installment Program, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate National Corporation | Warranty Business Services Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate National Dealer Services of Florida, Inc. | Warranty Direct, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate National Dealer Services, Inc. | Warranty Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Distributors, Inc. | West Coast Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LASAS Technologies, Inc. | Western Diversified Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Re, Inc. | Western General Dealer Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MONY Life Insurance Company | Western General Warranty Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Warranty Corp. | Wisconsin A.U.L., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New World Warranty Corp. |  |

---

The Company does not have any federal income tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

**6.**  **<u>Information Concerning Parent, Subsidiaries and Affiliates</u>** 

The Company received no capital contributions in 2025, 2024, and 2023.

The Company paid ordinary dividends to its parent, PLICO, in the amount of $37.6 million, $32.3 million, and $35.0 million during the years ended December 31, 2025, 2024 and 2023, respectively.

The Company has no employees. The Company routinely receives from or pays to affiliates under the control of PLC reimbursements for expenses incurred on one another's behalf. Receivables and payables among affiliates are generally settled monthly. As of December 31, 2025 and 2024, the Company had intercompany payables of $2.5 million and $2.3 million, respectively.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

There are no guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the Company's or any affiliated insurer's assets to liability, other than insurance contracts entered into in the ordinary course of business.

PLC and certain subsidiaries have contracts with affiliates under which investment, legal and data processing services are supplied on a fee basis and other managerial and administrative services are supplied on a shared cost basis. In addition, the affiliates have a joint contract relating to allocation of costs for services performed by employees of one affiliate for another. The Company paid $29.4 million, $30.4 million, and $31.3 million for expenses associated with these agreements for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company entered into an agreement with PLICO in 2014, which was amended and restated in 2023, in which a loan can be given to or received from PLICO subject to certain limitations as described in the agreement. The Company had no loaned or borrowed amounts under this agreement as of December 31, 2025 and 2024.

**7.**  **<u>Capital and Surplus, Shareholder's Dividend Restrictions</u>** 

The Company has 2,500,000 common stock shares authorized, issued, and outstanding. All shares are owned by PLICO as of December 31, 2025 and 2024.

Under the insurance regulations of New York, the maximum amount of dividends which can be paid by New York insurance companies without the prior approval of the Insurance Commissioner is subject to certain restrictions. The Company, as a domestic stock life insurance company of the State of New York, may distribute without prior approval from, or notification provided to the New York Superintendent of Financial Services ("the Superintendent"), a dividend to its stockholder where the aggregate amount of such dividends in any calendar year does not exceed the lesser of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains. Additionally, the Company may distribute without prior approval from the Superintendent, dividends to its stockholder out of earned surplus where the aggregate amount of such dividends in any calendar year does not exceed the greater of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, provided that the dividend is reported to the Superintendent within five days following the dividend declaration, and at least ten days prior to the dividend payment, and that such payment is reasonable in relation to the Company's outstanding liabilities and ability to meet its financial needs. Payment of dividends exceeding the greater of ten percent of its surplus to policyholders as of the immediately preceding calendar year, or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, requires the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. The Company is eligible to pay ordinary dividends of $42.7 million during 2026, provided that notification is provided to the Superintendent within five days following the dividend declaration, and at least ten days prior to the dividend payment, and in which instance the Superintendent does not disallow or limit the distribution based on the impact of the dividend on the Company's financial position.

The Company had cumulative unrealized gains (losses) of $(1.5) million and $(1.5) million as of December 31, 2025 and 2024, respectively.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The portion of unassigned funds reduced for nonadmitted assets was $48.4 million and $50.7 million as of December 31, 2025 and 2024, respectively.

The NAIC's risk-based capital requirements require insurance companies to calculate and report information under a risk-based capital formula. These requirements are intended to allow insurance regulators to identify inadequately capitalized insurance companies based upon the types and mixtures of risk inherent in the insurer's operations. The formula includes components for asset risk, liability risk, interest rate exposure, and other factors. The Company was adequately capitalized under the formula at December 31, 2025 and 2024.

**8.**  **<u>Liabilities, Contingencies and Assessments</u>** 

A number of judgments have been returned against insurers, broker dealers and other providers of financial services involving, among other things, sales, underwriting practices, product design, product disclosure, administration, denial or delay of benefits, benefit payment methods, charging excessive or impermissible fees, recommending unsuitable products to customers, breaching fiduciary or other duties to customers, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or persons with whom the insurer does business, payment of sales and other contingent commissions, and other matters. Often these legal proceedings have resulted in the award of substantial judgments that are disproportionate to actual damages, including material amounts of punitive and non-economic compensatory damages. In some states, juries, judges, and arbitrators have substantial discretion in awarding punitive non-economic compensatory damages which creates the potential for unpredictable material adverse judgments or awards in any given legal proceeding. Arbitration awards are subject to very limited appellate review. In addition, in some legal proceedings, companies have made material settlement payments. In some instances, substantial judgments may be the result of a party's perceived ability to satisfy such judgments as opposed to the facts and circumstances regarding the claims made.

At any given time, a number of financial, market conduct, or other examinations or audits of the Company, as well as other insurance companies from whom the Company has coinsured blocks of life insurance and annuity policies, may be ongoing. It is possible that any examination or audit may result in payments of fines and penalties, payments to customers, or both, as well as changes in systems or procedures, or restrictions on business activities, any of which could have a material adverse effect on the Company's business, financial condition and results of operations. The Company monitors these matters for any developments that may make a loss contingency associated with any such audit or exam reasonably estimable.

The Company, like other insurance companies, in the ordinary course of business, is involved in legal proceedings. The Company cannot predict the outcome of any legal proceeding, nor can it provide an estimate of the possible loss, or range of loss, that may result from such legal proceeding. However, with respect to such legal proceedings, the Company does not expect that its ultimate liability, if any, will be material to its financial condition.

**9.**  **<u>Reinsurance</u>** 

The Company remains liable with respect to ceded reinsurance should any reinsurer fail to meet the obligations that it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The Company has ceded the following to non-affiliated insurers as of and for the years ended December 31 as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | ($ in thousands) | ($ in thousands) |
| Life: |  |  |
| &nbsp;&nbsp;&nbsp;Insurance in-force | $514548 | $772764 |
| &nbsp;&nbsp;&nbsp;Policy and claim reserves ceded | 38890 | 43480 |
| &nbsp;&nbsp;&nbsp;Policy and claim liabilities ceded | 1828 | 2154 |
| &nbsp;&nbsp;&nbsp;Premiums ceded | 8867 | 12504 |
| Accident and health: |  |  |
| &nbsp;&nbsp;&nbsp;Policy and claim reserves ceded | $120645 | $129729 |
| &nbsp;&nbsp;&nbsp;Policy and claim liabilities ceded | 2083 | 2103 |
| &nbsp;&nbsp;&nbsp;Premiums ceded | 8582 | 10311 |

---

For the year ended December 31, 2023, the Company ceded life premiums of $13.2 million and accident and health premiums of $11.7 million to non-affiliated insurers.

The Company assumed accident and health policy claim liabilities from non-affiliated insurers of $0.2 million and $0.2 million as of December 31, 2025 and 2024, respectively. For the three-year period ended December 31, 2025, the Company assumed no accident and health premiums from non-affiliated insurers.

The Company had previously ceded business to Scottish Re (U.S.), Inc. ("SRUS") which was placed in rehabilitation on March 6, 2019 by the State of Delaware. Under the rehabilitation order, the Insurance Commissioner of the State of Delaware was appointed the receiver of SRUS (the "Receiver") and provided with authority to conduct and continue the business of SRUS in the interest of its cedents, creditors, and stockholder.

On July 13, 2023, the Receiver filed a motion to convert the rehabilitation of SRUS into a liquidation, which was granted by the Delaware Court of Chancery ("Court") on July 18, 2023. Under the order entered by the court ("Liquidation Order"), all active ceding company agreements were terminated at 11:59 p.m. Eastern Time on September 30, 2023.

The Receiver filed a motion to approve procedures for claims on March 25, 2024, a motion to approve dispute resolution procedures on April 17, 2024, and a motion to approve final determination procedures on June 17, 2024. Various objections were filed in response to those motions, and the parties submitted supplemental briefing on the outstanding objections. On November 28, 2025, the Court granted the Receiver's motion to approve the proof of claim procedures, with certain modifications. The Court ordered the Receiver to file the modified procedures by December 29, 2025.

The Receiver's notice of modified proof of claim procedures was filed and approved on December 22, 2025. The bar date for cedent reinsurance claims (claims for amounts owed based on circumstances occurring on or before September 30, 2023) is June 23, 2026, and the bar date for all other claims is June 23, 2027.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Prior to 2023, the Company maintained a reinsurance loss contingency reserve in "Other liabilities" against the SRUS reinsurance receivable balances in "Amounts recoverable from reinsurers." The net of SRUS reinsurance receivable balances, after considering the reinsurance loss contingency reserve, was nonadmitted.

As a result of the Liquidation Order, the Company recaptured the policies previously ceded to SRUS in accordance with SSAP No. 61, "Life, Deposit-Type and Accident and Health Reinsurance", by writing off balances through the accounts, exhibits, and schedules in which they were originally recorded. The net impact of the recapture of the SRUS policies as of September 30, 2023 had no material impact to net income or surplus.

In accordance with the application of INT 23-04: "Scottish Re Life Reinsurance Liquidation Questions", during the fourth quarter of 2023, the Company recognized impairments of $0.6 million of "Other Assets" and $1.1 million of "Amounts recoverable from reinsurers" related to the SRUS receivables. The impairment of SRUS receivables was recorded against a previously established reinsurance loss contingency reserve, resulting in no material impact to net income. The admitted reinsurance receivables balance as of December 31, 2025 and December 31, 2024 was $1.7 million and $1.7 million, respectively.

This impairment amount is based on Management's judgment in consideration of the specific terms of its reinsurance agreements with SRUS, the uncertainty surrounding the sufficiency of assets at SRUS, the timing of expected payments under the Liquidation Order, and the level of estimation inherent in the individual components of the Company's receivable from SRUS. The Company continues to monitor SRUS and the actions of the Receiver through discussions with legal counsel and review of publicly available information. As of the date of these financial statements, management does not believe that the ultimate outcome of the liquidation process will have a material impact on the Company's financial position or results of operations.

The Company had no aggregate reductions to surplus for terminations of reinsurance agreements during 2025, 2024, and 2023. No new agreements were executed, or existing agreements amended, during 2025, 2024, and 2023 to include policies or contracts which were in force or which had existing reserves established by the Company as of the effective date of the agreement.

Other than SRUS mentioned above, the Company has not written any receivables off as uncollectible. The Company had $16 thousand and $0 non-admitted reinsurance receivables as of December 31, 2025 and 2024, respectively.

**10.**  **<u>Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk</u>** 

The Company had no contractual amounts of off-balance sheet financial instruments as of December 31, 2025 and 2024.

Commitments to extend mortgage loans are agreements to lend to a borrower, provided there is no violation of any condition established in the contract. The Company enters into these agreements to commit to future loan fundings at a predetermined interest rate. Commitments generally have fixed expiration dates or other termination clauses.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

For commitments to extend mortgage loans, the amounts do not represent amounts at risk if the counterparty defaults. The Company had no commitments to extend mortgage loans as of December 31, 2025 and 2024.

The collateral held for commitments to extend mortgage loans is a cash commitment fee, which is forfeited if the counterparty fails to perform.

**11.**  **<u>Closed Block and Participating Policies</u>** 

During 1998, for policyholder dividend purposes only, the Company established the closed block (the "Closed Block") of participating business for the exclusive benefit of the policies included therein. Assets were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from the in-force policies in the Closed Block, are reasonably expected to be sufficient to support the Closed Block including, but not limited to, provisions for payment of claims and surrender benefits, certain expenses and taxes, and to provide for continuation of dividend scales payable in 1998, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.

None of the assets held as of December 31, 2025 and 2024, including the revenue therefrom, allocated to the Closed Block or acquired by the Closed Block will revert to the benefit of PLICO as sole stockholder of the Company, or to the Company's former parent and stockholder. No assets may be reallocated or transferred between the Closed Block and any other portion of PLICO's General Account or any of its Separate Accounts or any person affiliated with PLICO without the prior approval of the Department. The Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account.

The 2026 Closed Block dividend interest rate scale will be the same as the 2025 dividend interest rate scale. The 2025 and 2024 Closed Block dividend interest rate scale were the same as the 2023 dividend interest rate scale. The 2023 Closed Block dividend scale reflected a decrease relative to the 2022 and 2021 scales due to a reduction in the dividend interest rate which was approved on October 19, 2022.

Summarized balance sheet information for the Closed Block is as follows:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended<br> December 31** | **For The Years Ended<br> December 31** |
|  | **2025** | **2024** |
|  | ($ in thousands) | ($ in thousands) |
| Bonds and common stocks | $3710245 | $3739410 |
| Mortgage loans on real estate | 1157 | 1424 |
| Contract loans | 483891 | 507274 |
| Cash and other invested assets | 133740 | 228481 |
| Other assets | 60726 | 63213 |
| Total Closed Block assets | $4389759 | $4539802 |
| Policy reserves & deposit type funds | 4610025 | 4769321 |
| Other liabilities | 110741 | 116865 |
| Total Closed Block liabilities | $4720766 | $4886186 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

For the years ended December 31, 2025, 2024, and 2023, respectively, total closed and open block direct premiums under life and accident and health participating policies were $127.3 million or 84.6%, $138.5 million or 83.8%, and $152.8 million or 84.9% of direct premiums earned. The aggregate amount of divisible surplus to be distributed during the year is determined by Company management with due recognition to factors including solvency of the Company, its ability to meet all contractual obligations, and the existence of the Closed Block which was established as part of MONY's Plan of Reorganization effective November 16, 1998. The aggregate divisible surplus is then divided among policyholders in the proportion that their policies are considered to have contributed to divisible surplus. In addition, as specified in MONY's Plan of Reorganization, dividend scales for Closed Block policies are based on changes in the specific experience for this business relative to the experience underlying the 1998 dividend scale. The liability for dividends payable in the following year is included in "Policyholders' dividends". The change in this liability is charged or credited to current year operations in "Dividends to policyholders". Dividends to policyholders were $51.1 million, $51.3 million, and $56.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company has not allocated any additional income to participating policyholders.

**12.**  **<u>Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics</u>** 

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2025 are as follows:

Individual Annuities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account <br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $11887 | $— | $— | $11887 | 7.0% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  | 66505 | 66505 | 39.0 |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) | 11887 |  | 66505 | 78392 | 46.0 |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 63922 |  |  | 63922 | 37.5 |
| (2) Not subject to discretionary withdrawal provision | 28204 |  |  | 28204 | 16.5 |
| (3) Total (gross: direct + assumed) | 104013 |  | 66505 | 170518 | 100.0% |
| (4) Reinsurance ceded | (284) |  |  | (284) |  |
| (5) Total (net) (3) - (4) | $104297 | $— | $66505 | $170802 |  |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Group Annuities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account <br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $4689 | $— | $— | $4689 | 6.0% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  | 8741 | 8741 | 11.1 |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) | 4689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8741 | 13430 | 17.1 |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 37516 | 133 |  | 37649 | 47.9 |
| (2) Not subject to discretionary withdrawal provision | 27468 |  |  | 27468 | 35.0 |
| (3) Total (gross: direct + assumed) | 69673 | 133 | 8741 | 78547 | 100.0% |
| (4) Reinsurance ceded | 16100 |  |  | 16100 |  |
| (5) Total (net) (3) - (4) | $53573 | $133 | $8741 | $62447 |  |

---

Deposit-type Contracts (no life contingencies):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account <br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 154029 |  |  | 154029 | 89.8 |
| (2) Not subject to discretionary withdrawal provision | 17401 |  |  | 17401 | 10.2 |
| (3) Total (gross: direct + assumed) | 171430 |  |  | 171430 | 100.0% |
| (4) Reinsurance ceded |  |  |  |  |  |
| (5) Total (net) (3) - (4) | $171430 | $— | $— | $171430 |  |

---

Reconciliation of Total Annuity Actuarial Reserves and Deposit Fund Liabilities:

---

| | |
|:---|:---|
| Life & Accident & Health Annual Statement: | ($ in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $140522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 17348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, column 1 | 171430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 329300 |
| Separate Accounts Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 75379 |
| Subtotal | 75379 |
| Combined total | $404679 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2024 are as follows:

Individual Annuities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account <br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $13727 | $— | $— | $13727 | 7.3% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  | 68384 | 68384 | 36.3 |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) | 13727 |  | 68384 | 82111 | 43.6 |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 75317 |  |  | 75317 | 40.0 |
| (2) Not subject to discretionary withdrawal provision | 30838 |  |  | 30838 | 16.4 |
| (3) Total (gross: direct + assumed) | 119882 |  | 68384 | 188266 | 100.0% |
| (4) Reinsurance ceded | (371) |  |  | (371) |  |
| (5) Total (net) (3) - (4) | $120253 | $— | $68384 | $188637 |  |

---

Group Annuities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account<br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $5007 | $— | $— | $5007 | 6.2% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  | 8454 | 8454 | 10.4 |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) | 5007 |  | 8454 | 13461 | 16.6 |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 37980 | 137 |  | 38117 | 47.0 |
| (2) Not subject to discretionary withdrawal provision | 29600 |  |  | 29600 | 36.4 |
| (3) Total (gross: direct + assumed) | 72587 | 137 | 8454 | 81178 | 100.0% |
| (4) Reinsurance ceded | 17183 |  |  | 17183 |  |
| (5) Total (net) (3) - (4) | $55404 | $137 | $8454 | $63995 |  |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Deposit-type Contracts (no life contingencies):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General<br> Account** | **Separate<br> Account<br> with<br> Guarantees** | **Separate<br> Account<br> Non-<br> guaranteed** | **Total** | **% of Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| (1) Subject to discretionary withdrawals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;a. With market value adjustments | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;c. At fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;d. Total with market value adjustment or at fair value (total of a through c) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or no charge or adj.) | 164489 |  |  | 164489 | 89.2 |
| (2) Not subject to discretionary withdrawal provision | 20011 |  |  | 20011 | 10.8 |
| (3) Total (gross: direct + assumed) | 184500 |  |  | 184500 | 100.0% |
| (4) Reinsurance ceded |  |  |  |  |  |
| (5) Total (net) (3) - (4) | $184500 | $— | $— | $184500 |  |

---

Reconciliation of Total Annuity Actuarial Reserves and Deposit Fund Liabilities:

---

| | |
|:---|:---|
| Life & Accident & Health Annual Statement: | ($ in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $155942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 19714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, column 1 | 184500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 360156 |
| Separate Accounts Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 76976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 76976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined total | $437132 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**13.**  **<u>Analysis of Life Actuarial Reserves by Withdrawal Characteristics</u>** 

Withdrawal characteristics of the Company's life actuarial reserves as of December 31, 2025, are as follows:

General Account

---

| | | | |
|:---|:---|:---|:---|
|  | **Account Value** | **Cash Value** | **Reserve** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life | $39358 | $39367 | $41585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance |  | 4650070 | 4684209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life | 18646 | 18646 | 20180 |
| Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Policies without cash value | XXX | XXX | 37198 |
| Total (Gross: direct + assumed) | 58004 | 4708083 | 4783172 |
| Reinsurance Ceded |  | 11162 | 23074 |
| Total (net) | $58004 | $4696921 | $4760098 |

---

The Company has no life actuarial reserves in Separate Accounts with guarantees.

Separate Account Nonguaranteed

---

| | | | |
|:---|:---|:---|:---|
|  | **Account Value** | **Cash Value** | **Reserve** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| Variable Universal Life | $82324 | $82324 | $83678 |
| Total (Gross: direct + assumed) | 82324 | 82324 | 83678 |
| Reinsurance Ceded |  |  |  |
| Total (net) | $82324 | $82324 | $83678 |

---

Reconciliation of Total Life Reserves

---

| | |
|:---|:---|
| Life & Accident & Health Annual Statement: | ($ in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $4739251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section Total (net) | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 4760098 |
| Separate Accounts Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 83678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal (lines (7) through (9)) | 83678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined Total ((6) and (10)) | $4843776 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Withdrawal characteristics of the Company's life actuarial reserves as of December 31, 2024, are as follows:

General Account

---

| | | | |
|:---|:---|:---|:---|
|  | **Account Value** | **Cash Value** | **Reserve** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life | $42002 | $42010 | $44558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance |  | 4798950 | 4835906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life | 18350 | 18350 | 19858 |
| Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Policies without cash value | XXX | XXX | 43317 |
| Total (Gross: direct + assumed) | 60352 | 4859310 | 4943639 |
| Reinsurance Ceded |  | 10730 | 26668 |
| Total (net) | $60352 | $4848580 | $4916971 |

---

The Company has no life actuarial reserves in Separate Accounts with guarantees.

Separate Account Nonguaranteed

---

| | | | |
|:---|:---|:---|:---|
|  | **Account Value** | **Cash Value** | **Reserve** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| Variable Universal Life | $78102 | $78102 | $79398 |
| Total (Gross: direct + assumed) | 78102 | 78102 | 79398 |
| Reinsurance Ceded |  |  |  |
| Total (net) | $78102 | $78102 | $79398 |

---

Reconciliation of Total Life Reserves

---

| | |
|:---|:---|
| Life & Accident & Health Annual Statement: | ($ in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $4894018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 15513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section Total (net) | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 4916971 |
| Separate Accounts Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 79398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal (lines (7) through (9)) | 79398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined Total ((6) and (10)) | $4996369 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**14.**  **<u>Separate Accounts</u>** 

The Company utilizes Separate Accounts to record and account for assets and liabilities for particular lines of business and/or transactions. For the current reporting year, the Company reported assets and liabilities from the following product lines/transactions into a Separate Account:

&nbsp;&nbsp;&nbsp;&nbsp;• Variable life

&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity

In accordance with the domiciliary state procedures approving items within the Separate Account, the Separate Account classification of variable life and variable annuity are supported by New York State Statute Section 4240.

In accordance with the products/transactions recorded within the Separate Account, some assets are considered legally insulated whereas others are not legally insulated from the General Account. (The legal insulation of the Separate Account assets prevents such assets from being generally available to satisfy claims resulting from the General Account.)

As of December 31, 2025 and 2024, the Company's Separate Account included legally insulated assets of $157.9 million and $155.4 million, respectively. The assets legally insulated from the General Account as of December 31 are attributed to the following products/transactions:

---

| | |
|:---|:---|
| **2025** |  |
| **Product** | **Legally Insulated<br> Assets** |
|  | ($ in thousands) |
| Variable annuities | $75311 |
| Variable life | 82581 |
| &nbsp;&nbsp;&nbsp;Total | $157892 |

---

---

| | |
|:---|:---|
| **2024** |  |
| **Product** | **Legally Insulated<br> Assets** |
|  | ($ in thousands) |
| Variable annuities | $76926 |
| Variable life | 78485 |
| &nbsp;&nbsp;&nbsp;Total | 155411 |

---

In accordance with the products/transaction recorded within the Separate Account, some Separate Account liabilities are guaranteed by the General Account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the General Account.

Any of the Separate Account products the Company offers with guarantees from the General Account do not have explicit charges broken out from other mortality and expense charges.

None of the Company's Separate Accounts engage in securities lending transactions.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

Most separate and variable accounts held by the Company relate to individual variable annuities and group annuities of a nonguaranteed return nature. These variable annuities generally provide an incidental death benefit of the greater of account value or premium paid less any surrenders and surrender charges. Certain other Separate Accounts are used as funding vehicles for flexible premium variable life insurance policies, variable life insurance with additional premium option policies and variable universal life policies. The net investment experience of the Separate Accounts is credited directly to the policyholder and can be positive or negative. The assets and liabilities of these accounts are carried at fair value. This business has been included in the "Nonguaranteed Separate Account" column of the table below.

Certain other Separate Accounts relate to experience-rated group annuity contracts, which fund defined contributions pension plans. These contracts provide guaranteed interest returns for one year only, where the guaranteed interest rate is re-established each year based on the investment experience of the Separate Account. The liabilities of these Separate Accounts are carried at book value. This business has been included in the "Nonindexed Guarantee Less Than 4%" column of the table below.

Information regarding the Company's Separate Accounts is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>2025</u>** |  |  |  |  |  |
|  | **Indexed** | **Nonindexed<br> Guarantee<br> Less Than<br> 4%** | **Nonindexed<br> Guarantee<br> More Than<br> 4%** | **Nonguaranteed<br> Separate<br> Account** | **Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (1) Premiums, consideration or deposits for the year ended 12/31/2025 | $— | $— | $— | $2481 | $2481 |
| &nbsp;&nbsp;&nbsp;Reserves at 12/31/2025 |  |  |  |  |  |
| (2) For accounts with assets at: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fair value | $— | $— | $— | $158924 | $158924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amortized cost |  | 133 |  |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Total reserves | $— | $133 | $— | $158924 | $159057 |
| (3) By withdrawal characteristics: |  |  |  |  |  |
| (a) Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With market value adjustment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At fair value |  |  |  | 158924 | 158924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At book value without market value adjustment and with current surrender charge less than 5% |  | 133 |  |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Subtotal |  | 133 |  | 158924 | 159057 |
| &nbsp;&nbsp;&nbsp;(b) Not subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(c) Total | $— | $133 | $— | $158924 | $159057 |
| (4) Reserves for Asset Default Risk in Lieu of AVR | $— | $— | $— | $— | $— |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>2024</u>** |  |  |  |  |  |
|  | **Indexed** | **Nonindexed<br> Guarantee<br> Less Than<br> 4%** | **Nonindexed<br> Guarantee<br> More Than<br> 4%** | **Nonguaranteed<br> Separate<br> Account** | **Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| (1) Premiums, consideration or deposits for the year ended 12/31/2024 | $— | $— | $— | $3102 | $3102 |
| &nbsp;&nbsp;&nbsp;Reserves at 12/31/2024 |  |  |  |  |  |
| (2) For accounts with assets at: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(a) Fair value | $— | $— | $— | $156237 | $156237 |
| &nbsp;&nbsp;&nbsp;(b) Amortized cost |  | 137 |  |  | 137 |
| &nbsp;&nbsp;&nbsp;(c) Total reserves | $— | $137 | $— | $156237 | $156374 |
| (3) By withdrawal characteristics: |  |  |  |  |  |
| (a) Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With market value adjustment | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At fair value |  |  |  | 156237 | 156237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At book value without market value adjustment and with current surrender charge less than 5% |  | 137 |  |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Subtotal |  | 137 |  | 156237 | 156374 |
| &nbsp;&nbsp;&nbsp;(b) Not subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(c) Total | $— | $137 | $— | $156237 | $156374 |
| (4) Reserves for Asset Default Risk in Lieu of AVR | $— | $— | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2023** |  |  |  |  |  |
|  | **Indexed** | **Nonindexed<br> Guarantee<br> Less Than<br> 4%** | **Nonindexed<br> Guarantee<br> More Than<br> 4%** | **Nonguaranteed<br> Separate<br> Account** | **Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Premiums, consideration or deposits for the year ended 12/31/2023 | $— | $1 | $— | $2559 | $2560 |

---

A reconciliation of net transfers to (from) Separate Accounts is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Transfers as reported in the Summary of Operations of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;Transfers to Separate Accounts | $2481 | $3101 | $2560 |
| &nbsp;&nbsp;Less: Transfers from Separate Accounts | 15839 | 15328 | 10127 |
| &nbsp;&nbsp;Net transfers to/(from) Separate Accounts | (13358) | (12227) | (7567) |
| Transfers as reported in the Statements of Operations | $(13358) | $(12227) | $(7567) |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

**15.**  **<u>Fair Value Measurements</u>** 

The Company determines the fair value of its financial instruments in accordance with SSAP No. 100, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about assets and liabilities measured at fair value. The definition of fair value in SSAP No. 100 focuses on an "exit price", the price that would be received to sell the asset or paid to transfer the liability. Included in various line items in the statutory financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks, when carried at the lower of cost or fair value.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. The hierarchy is defined as follows:

Level 1: Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2: Quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Quoted
 prices for similar assets or liabilities in active markets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quoted
 prices for identical or similar assets or liabilities in non-active markets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inputs
 other than quoted market prices that are observable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inputs
 that are derived principally from or corroborated by observable market data through correlation
 or other means.

Level 3: Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The following tables provides information as of December 31 about the Company's financial assets measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Net Asset<br> Value (NAV)** | **Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| **<u>Assets at fair value</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $3742 | $— | $— | $— | $3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total preferred stocks | 3742 |  |  |  | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous |  |  | 1202 |  | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stocks |  |  | 1202 |  | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts | 155825 | 2067 |  |  | 157892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $159567 | $2067 | $1202 | $— | $162836 |

---

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** |  |  |  |  |  |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Net Asset<br> Value (NAV)** | **Total** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| **<u>Assets at fair value</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $3704 | $— | $— | $— | $3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total preferred stocks | 3704 |  |  |  | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous |  |  | 1268 |  | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stocks |  |  | 1268 |  | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts | 153200 | 2211 |  |  | 155411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $156904 | $2211 | $1268 | $— | $160383 |

---

The following is the Level 3 reconciliation of the beginning balance to the ending balance for these assets:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |  |  |  |  |  |
| **Description** | **Beginning<br> Balance at<br> 1/1/2025** | **Transfers<br> into Level 3** | **Transfers<br> out of<br> Level 3** | **Total<br> gains and<br> (losses)<br> included<br> in Net<br> Income** | **Total <br> gains and<br> (losses)<br> included<br> in Surplus** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending<br> Balance at<br> 12/31/2025** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Common stocks - industrial and miscellaneous | $1268 | $— | $— | $— | $— | $— | $— | $(66) | $— | $1202 |
| Total Assets | $1268 | $— | $— | $— | $— | $— | $— | $(66) | $— | $1202 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** |  |  |  |  |  |  |  |  |  |  |
| **Description** | **Beginning<br> Balance at<br> 1/1/2024** | **Transfers<br> into Level 3** | **Transfers<br> out of <br> Level 3** | **Total <br> gains and<br> (losses)<br> included <br> in Net<br> Income** | **Total<br> gains and<br> (losses)<br> included <br> in Surplus** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending<br> Balance at<br> 12/31/2024** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Common stocks - industrial and miscellaneous | $1244 | $— | $— | $— | $— | $24 | $— | $— | $— | $1268 |
| Total Assets | $1244 | $— | $— | $— | $— | $24 | $— | $— | $— | $1268 |

---

There were no transfers between levels for the Company's financial assets and liabilities measured at fair value during the years ended December 31, 2025, 2024, and 2023.

**Fair Value Methodology**

<u>Description of Pricing Inputs</u>

The Company predominantly uses third-party pricing services and broker quotes to determine fair values. The third-party pricing services and brokers use certain inputs to determine the value of asset-backed securities, including residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities. For these securities, the valuation consists of inputs such as, but not limited to: 1) monthly principal and interest payments on the underlying assets, 2) average lives of the securities, 3) prepayment speeds, 4) credit spreads, 5) treasury and swap yield curves, 6) discount margins, and 7) credit ratings of the securities.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

To price corporate bonds, U.S. government-related securities, and other government-related securities, the brokers and third-party pricing services utilize a valuation model that consists of a hybrid income and market approach to valuation, while the Company uses a discounted cash flow model with both observable and unobservable inputs to determine a price when the securities are illiquid bonds. The external and internal pricing models include inputs such as, but not limited to: 1) principal and interest payments, 2) coupon, 3) maturity, 4) treasury yield curve, 5) credit spreads from new issue and secondary trading markets, 6) dealer quotes with adjustments for issues with early redemption features, 7) illiquidity premiums, 8) discount margins from dealers in the new issue market, 9) underlying collateral, and 10) comparative bond analysis.

The third-party pricing services price equity securities using market observable prices for the same or similar securities traded in an active market.

Mortgage loan valuations are categorized as Level 3. The Company utilizes an internally developed model to estimate fair value. This model includes inputs derived by the Company based on assumed discount rates relative to the Company's current mortgage lending rate and an expected cash flow analysis based on a review of the mortgage loan terms. The model also contains the Company's determined representative risk adjustment assumptions related to nonperformance and liquidity risks.

The Company's Separate Account assets consist of financial instruments similar to those held in the General Account. The Company utilizes the same valuation methodology as described above in determining the fair value of Separate Account assets as the Company does for General Account assets. All assets in the Separate Account are held at fair value. Excluding the impact of a less than $1 thousand and less than $1 thousand negative IMR held at December 31, 2025 and 2024, respectively, the Separate Account liability matches the Separate Account asset value and its fair value is determined from valuation methods that are consistent with the Separate Account assets.

<u>Determination of Fair Values</u>

The valuation methodologies used to determine the fair values of assets and liabilities reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and financial liabilities based on quoted market prices, where available. The Company also determines certain fair values based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company's credit standing, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for financial instruments owned by the Company.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The fair values of corporate bonds, government securities, equity securities, and mortgage-backed securities are determined by management after considering one of three primary sources of information: third-party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a ''waterfall'' approach whereby publicly available prices are first sought from third-party pricing services, and the remaining unpriced securities are submitted to independent brokers for non-binding prices. Typical inputs used by these pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services derive the majority of security prices from observable market inputs such as recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information outlined above. If there are no recent reported trades, the third-party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations, which are considered to have no significant unobservable inputs. When using non-binding independent broker quotations, the Company obtains two quotes per security when available. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm's-length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third-party pricing service or an independent broker quotation.

The Company has analyzed the third-party pricing services' valuation methodologies and related inputs and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on this evaluation and investment class analysis, each price was classified into Level 1, 2, or 3. Most prices provided by third-party pricing services are classified into Level 2 because the significant inputs used in pricing the securities are market observable and the observable inputs are corroborated by the Company. Since the matrix pricing of certain debt securities includes significant non-observable inputs, they are classified as Level 3.

The pricing matrix used by the Company begins with current spread levels to determine the market price for the security. The credit spreads, assigned by brokers, incorporate the issuer's credit rating, liquidity discounts, weighted average of contracted cash flows, risk premium, if warranted, due to the issuer's industry, and the security's time to maturity. The Company uses credit ratings provided by nationally recognized rating agencies.

For securities that are priced via non-binding independent broker quotations, the Company assesses whether prices received from independent brokers represent a reasonable estimate of fair value through an analysis using internal and external cash flow models developed based on spreads and, when available, market indices. The Company uses a market-based cash flow analysis to validate the reasonableness of prices received from independent brokers. These analytics, which are updated daily, incorporate various metrics (yield curves, credit spreads, prepayment rates, etc.) to determine the valuation of such holdings. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the analytics, the price received from the independent broker is adjusted accordingly. The Company did not adjust any quotes or prices received from brokers during the three years ended December 31, 2025.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The following table presents the Company's fair value hierarchy for its financial instruments as of December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **Type of Financial Instrument** | **Aggregate<br> Fair Value** | **Carrying <br> Value** | **Level 1** | **Level 2** | **Level 3** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: Issuer credit obligations | $3009098 | $3530437 | $8044 | $2921572 | $79482 |
| &nbsp;&nbsp;&nbsp;Bonds: Asset-backed securities | 1006674 | 1105540 |  | 1006674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks | 1202 | 1202 |  |  | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | 3742 | 3742 | 3742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 180893 | 193959 |  |  | 180893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 25949 | 25949 | 25949 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract loans | 504806 | 504806 |  |  | 504806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 129463 | 160575 |  | 129463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Account assets | 157892 | 157892 | 155825 | 2067 |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit-type contracts | 171540 | 171430 |  |  | 171540 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** |  |  |  |  |  |
| **Type of Financial Instrument** | **Aggregate<br> Fair Value** | **Carrying<br> Value** | **Level 1** | **Level 2** | **Level 3** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $3848609 | $4590552 | $7791 | $3752179 | $88639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks | 1268 | 1268 |  |  | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | 3704 | 3704 | 3704 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 232850 | 253451 |  |  | 232850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 136147 | 136147 | 136147 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 48531 | 48473 | 48531 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract loans | 529190 | 529190 |  |  | 529190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 125581 | 160588 |  | 125581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Account assets | 155411 | 155411 | 153200 | 2211 |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit-type contracts | 184583 | 184500 |  |  | 184583 |

---

The fair values of bonds, preferred stocks, common stocks, and certain surplus notes reported as "Other invested assets" are determined using methodologies prescribed by the NAIC. The fair values of bonds, preferred stocks, common stocks, and certain surplus notes are determined by management after considering one of three primary sources of information: third-party pricing services, non-binding independent broker quotations, or pricing matrices.

As of December 31, 2025 and 2024, the Company held $1.2 million and $1.3 million, respectively, of FHLB stock, which is classified as Level 3. The Company believes that the cost of the FHLB stock approximates fair value.

Cash and short-term investments can include cash deposit balances, money market mutual funds, and short-term commercial paper for which the Company considers net asset value or amortized cost to approximate fair value, and other highly-liquid debt instruments.

Cash equivalent fair values are determined using methodologies prescribed by the NAIC.

**MONY LIFE INSURANCE COMPANY**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Statutory Basis)**

The Company estimates the fair value of mortgage loans using an internally developed model. This model includes inputs derived by the Company based on assumed discount rates relative to the Company's current mortgage loan lending rate and an expected cash flow analysis based on a review of the mortgage loan terms. The model also contains the Company's determined representative risk adjustment assumptions related to nonperformance and liquidity risks.

Contract and policy loans are funds provided to policy holders in return for a claim on the account value of the policy. The funds provided are limited to a certain percent of the account balance. The nature of contract loans is to have low default risk as the loans are fully collateralized by the value of the policy. The majority of contract loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policy account balance. Due to the collateralized nature of contract loans and unpredictable timing of repayments, the Company's fair value of contract loans approximates carrying value.

The majority of securities in the Company's Separate Accounts consist of mutual funds valued at fair value. All other publicly traded bonds and stocks are also valued at fair value. Direct placement bonds and warrants are stated at fair value, as determined by the Company or third-party appraisers. Short-term investments held in money market Separate Accounts are stated at fair value regardless of the length of maturity. Short-term investments held in all other Separate Accounts with remaining maturity at acquisition of (i) sixty days or less are stated at amortized cost which, the Company believes when combined with accrued income, approximates fair value; or (ii) more than sixty days are stated at fair value. Investments in shares of respective trusts are stated at fair value, which reflects the net asset value of the various portfolios. Net asset values are based upon market or fair values of the securities held in each of the corresponding portfolios of the funds.

Deposit-type contracts include annuities certain, supplemental contracts, and dividend accumulations. The Company estimates the fair values of annuities certain and supplemental contracts using models based on discounted estimated cash flows. The discount rates used in the models were based on a current market rate for similar financial instruments. The Company estimates that the fair value of dividend accumulations and retained asset balances approximates carrying value.

The Company held no financial instruments as of December 31, 2025 and 2024, for which it was not practicable to estimate fair value. The Company held no investments measured at NAV as of December 31, 2025 and 2024.

**16.**  **<u>Subsequent Events</u>** 

In March 2026, the Company paid an ordinary dividend in the amount of $42.7 million to PLICO.

The Company has evaluated the effects of events subsequent to December 31, 2025, and through April 1, 2026 (the date at which the Statutory statements included herein were available to be issued), and there are no other material subsequent events to report.

SUPPLEMENTAL SCHEDULES

**MONY LIFE INSURANCE COMPANY**

**SCHEDULE I**

**Summary of Investments-Other than Investments in Related Parties**

**as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Type of investment** | **Cost** | **Fair Value** | **Amount at<br> which shown<br> in the balance<br> sheet** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) |
| <u>Fixed maturities:</u> |  |  |  |
| Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Government and government agencies and authorities | $59097 | $52241 | $59097 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | 103998 | 91593 | 103998 |
| &nbsp;&nbsp;&nbsp;Public utilities | 658466 | 563299 | 658466 |
| &nbsp;&nbsp;&nbsp;All other corporate bonds | 3814416 | 3308639 | 3814416 |
| Total fixed maturities | 4635977 | 4015772 | 4635977 |
| <u>Equity securities:</u> |  |  |  |
| Common stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks, trust and insurance companies | 1202 | 1202 | 1202 |
| Nonredeemable preferred stocks | 5250 | 3742 | 3742 |
| Total equity securities | 6452 | 4944 | 4944 |
| Mortgage loans on real estate | 193959 | 180893 | 193959 |
| Policy loans | 504806 | 504806 | 504806 |
| Other long-term investments | 160575 | 129463 | 160575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $5501769 | $4835878 | $5500261 |

---

See accompanying independent auditors' report.

**MONY LIFE INSURANCE COMPANY**

**SCHEDULE IV**

**Reinsurance**

**as of and for the years ended December 31, 2025, 2024, and 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br> amount** | **Ceded to<br> other<br> companies** | **Assumed<br> from other<br> companies** | **Net amount** | **Percentage of<br> amount<br> assumed to<br> net** |
|  | ($ in thousands) | ($ in thousands) | ($ in thousands) | ($ in thousands) | |
| <u>2025</u> |  |  |  |  |  |
| Life insurance in force | $10918369 | $514548 | $— | $10403821 | —% |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance | $141801 | $8867 | $— | $132934 | —% |
| &nbsp;&nbsp;&nbsp;Accident and health insurance | 8695 | 8582 |  | 113 | —% |
| Total | $150496 | $17449 | $— | $133047 | —% |
| <u>2024</u> |  |  |  |  |  |
| Life insurance in force | $12026497 | $772764 | $— | $11253733 | —% |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance | $154873 | $12504 | $— | $142369 | —% |
| &nbsp;&nbsp;&nbsp;Accident and health insurance | 10462 | 10311 |  | 151 | —% |
| Total | $165335 | $22815 | $— | $142520 | —% |
| <u>2023</u> |  |  |  |  |  |
| Life insurance in force | $13104560 | $1055931 | $— | $12048629 | —% |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance | $167993 | $13224 | $— | $154769 | —% |
| &nbsp;&nbsp;&nbsp;Accident and health insurance | 11970 | 11743 |  | 227 | —% |
| Total | $179963 | $24967 | $— | $154996 | —% |

---

See accompanying independent auditors' report.