# EDGAR Filing Document

**Accession Number:** 0001934234
**File Stem:** 0001104659-25-085511
**Filing Date:** 2025-8
**Character Count:** 715549
**Document Hash:** 4cc0c54c18fe79965feef17c4b476cc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085511.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085511

**CONFORMED SUBMISSION TYPE**: N-4/A

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspida Life Insurance Co
- **CENTRAL INDEX KEY:** 0001934234

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-4/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283346
- **FILM NUMBER:** 251279545

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** (310) 201-4100

**MAIL ADDRESS:**
- **STREET 1:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

## Series and Classes Contracts Data

### Aspida Life Insurance Co (Series ID: S000090019)

| Class ID   | Class Name                                                                                | Ticker Symbol   |
|:---|:---|:---|
| C000256895 | Aspida DreamPath Annuity Individual Single Premium Deferred Index-Linked Annuity Contract |  |

**As filed with the Securities and Exchange Commission on August 29, 2025**

Registration No. 333-283346

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM N-4**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

Pre-Effective Amendment No. 1

Post-Effective Amendment No.

and/or

**ASPIDA LIFE INSURANCE COMPANY**

(Name of Insurance Company)

2327 Englert Drive, Durham, NC 27713

(Address of Insurance Company's Principal Executive Offices)

(866) 511-6910

(Insurance Company's Telephone Number, including Area Code)

Taiesha McBroom

Chief Legal Officer

Aspida Life Insurance Company

2327 Englert Drive

Durham, NC 27713

(919) 246-3105

(Name and Address of Agent for Service)

Copies of all communications to:

Stephen E. Roth, Esq.

Partner

Eversheds Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

(202) 383-0100

**Approximate Date of Proposed Public Offering:** As soon as practicable after the effective date of this Registration Statement.

**Check each box that appropriately characterizes the Registrant:**

&nbsp;&nbsp;&nbsp;&nbsp;☒ New
 Registrant (as applicable, a Registered Separate Account or Insurance Company that has not
 filed a Securities Act registration statement or amendment thereto within 3 years preceding
 this filing)

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

&nbsp;&nbsp;&nbsp;&nbsp;☒ Insurance
 Company relying on Rule 12h-7 under the Exchange Act

☐ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such dates as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

 **Aspida DreamPath<sup>SM</sup> Annuity**

**Individual Single Premium Deferred Index-Linked Annuity Contract**

**Issued By:**

**ASPIDA LIFE INSURANCE COMPANY**

 **Prospectus Dated: September 15, 2025**

This prospectus provides information you should know before you purchase the Aspida DreamPath<sup>SM</sup> Annuity (the "Contract"), issued by Aspida Life Insurance Company (the "Company," "we," "our," or "us"). The Contract is a single premium deferred index-linked annuity contract that is designed to help you invest on a tax-deferred basis and meet long-term financial goals. You may not make additional Premium Payments after your initial Premium Payment. This prospectus is not your Contract. This prospectus describes all material terms of the Contract, including material state variations. You should carefully read this prospectus and speak with your financial professional about whether the Contract is appropriate for you. You should also consult with a tax professional. Certain words and phrases used and capitalized throughout the prospectus are defined in the section titled "Definitions."

The Contract is a complex investment and involves risks, including potential loss of principal.

The Contract allows you to allocate your Premium among the Contract's Investment Options ("Investment Options"), which include index-linked investment options ("Indexed Crediting Rate Strategies") and a Fixed Crediting Rate Strategy.

● Each Indexed Crediting Rate Strategy
 is tied to the performance of a market index for a specific period (a "Strategy Period"). Each Indexed Crediting Rate Strategy
 has an applicable crediting strategy that includes either a "Buffer Percentage" or "Floor Percentage" downside
 feature that provides limited protection against a negative Index Return for the Strategy Period (or, for Indexed Crediting Rate Strategies
 with a Guaranteed Annual Cap Rate and Buffer, each Contract Year during a Strategy Period). **At the end of a Strategy Period, you may lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage**. Each
 Indexed Crediting Rate Strategy has either (1) an "Index Cap Rate," which is the maximum positive Index Return that
 can be credited under an Indexed Crediting Rate Strategy for a Strategy Period (or, in the case of an Indexed Crediting Rate Strategy
 with a Guaranteed Annual Cap Rate and Buffer, for each Contract Year during a Strategy Period); (2) an "Index Participation
 Rate," which is the factor by which any positive Index Return is multiplied to determine your interest credit for a Strategy
 Period; or (3) an "Index Trigger Rate," which is a fixed percentage that will determine your interest credit for
 a Strategy Period if the Index Return equals or exceeds the Trigger Threshold, which will never be greater than -1% or lower than
 the Buffer Percentage. We may change Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds
 for each Strategy Period. We may add or remove Indexed Crediting Rate Strategies from time to time. **The Index Cap, Index Participation Rate or Index Trigger Rate may limit the amount that will be credited to your Contract, and you may earn less than the Index Return during a Strategy Period. We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. We will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2%. We will not establish an Index Participation Rate below 10%. We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively, and we will not establish a Trigger Threshold greater than -1%.** 

● The Fixed Crediting Rate Strategy guarantees principal and a rate of interest for a 1-year Strategy Period.

For additional information about each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy, please see **Appendix A: Investment Options Available Under the Contract**.

The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, negative Strategy Interim Value Adjustments, taxes and tax penalties. Transactions,

including withdrawals, surrenders, annuitization and payment of Death Benefits, will be based on your Contract Value. During a Strategy Period prior to the Strategy Maturity Date, your Contract Value in an Indexed Crediting Rate Strategy is the Strategy Interim Value, which represents the value of the hypothetical investments and derivatives designed to replicate interest credits provided on the Strategy Maturity Date. The Strategy Interim Value may be higher or lower than the Strategy Base Value. **Under extreme circumstances, you could lose up to 100% of your investment in an Indexed Crediting Rate Strategy if you remove funds prior to the Strategy Maturity Date due to a Strategy Interim Value Adjustment. The Contract permits ongoing Withdrawals from the Investment Options prior to the end of a term and these Withdrawals may have an adverse effect on Contract Value. If you intend to make such ongoing Withdrawals, you should consult with a financial professional about the appropriateness of the Contract for you.**

Our obligations under the Contract are subject to our financial strength and claims paying ability. **You should not buy this Contract if you are not willing to assume its investment risks. See 4. Principal Risks of Investing in the** **Contract.**

If a Contract is purchased as a qualified Contract, such as an Individual Retirement Annuity ("IRA"), it does not provide tax deferral benefits beyond those already provided under the Internal Revenue Code. Amounts withdrawn from the Contract may be taxable, and, if you are under age 59½, amounts you withdraw from the Contract may also be subject to a 10% federal tax, in addition to any other state and federal income tax payable. Investors should consult with their tax advisor for more information.

If you are a new investor in the Contract, you may cancel your Contract within 21 days (30 days if this Contract replaces another annuity contract) of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive a full refund of the amount you paid with your application minus any withdrawals. In certain states, we may be required to refund your Contract Value, in which case you may incur a negative Strategy Interim Value Adjustment. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

Please read this prospectus before investing and keep it for future reference. This prospectus does not constitute an offering in any jurisdiction in which the Contract may not lawfully be sold.

The Contracts may be distributed through broker-dealers that have relationships with banks or other financial institutions or by employees of such banks. However, an investment in the Contract is not a deposit or obligation of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (the "FDIC") or any other government agency.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.** Additional information about certain investment products, including index-linked annuity contracts, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Definitions** | **Definitions** | **1** |
| **1.** | **Overview of the Contract** | **5** |
| **2.** | **Important Information You Should Consider About the Contract** | **8** |
| **3.** | **Fee Table** | **12** |
| **4.** | **Principal Risks of Investing in the Contract** | **13** |
|  | **Market Risk and Risk of Loss in Indexed Crediting Rate Strategies** | 13 |
|  | **Early Withdrawal Risk** | 13 |
|  | **Indexed Crediting Rate Strategy Risk** | 13 |
|  | **Liquidity Risk** | 19 |
|  | **Strategy Interim Value Risk** | 19 |
|  | **Performance Lock Risk** | 20 |
|  | **Fixed Crediting Rate Strategy Risk** | 21 |
|  | **Insurance Company Risks** | 21 |
|  | **Risk of Adverse Tax Consequences** | 21 |
|  | **Business Disruption and Cybersecurity Risks** | 22 |
| **5.** | **About the Company and How to Contact Us** | **23** |
| **6.** | **Fees, Charges and Adjustments** | **24** |
|  | **Withdrawal Charges** | 24 |
|  | **Free Withdrawals** | 24 |
|  | **Transaction Fees** | 25 |
|  | **State Premium Taxes** | 25 |
|  | **Adjustments** | 25 |
| **7.** | **Purchasing the Contract** | **27** |
|  | **Single Premium Payment** | 27 |
|  | **Initial Rates and Rate Lock** | 27 |
|  | **Allocating Your Premium Payment** | 28 |
|  | **Contract Owner's Rights** | 28 |
|  | **Assignment** | 28 |
|  | **Right To Examine** | 29 |

---

---

| | | |
|:---|:---|:---|
|  | **Electronic Delivery** | 29 |
| **8.** | **The Indexed Crediting Rate Strategies** | **30** |
|  | **General** | 30 |
|  | **Strategy Periods** | 30 |
|  | **Crediting Methods** | 31 |
|  | **Performance Lock Feature** | 38 |
|  | **Indices** | 40 |
|  | **New, Replaced or Discontinued Indices and Indexed Crediting Rate Strategies** | 44 |
| **9.** | **The Fixed Crediting Rate Strategy** | **46** |
| **10.** | **Valuing Your Contract** | **47** |
|  | **Contract Value** | 47 |
|  | **Fixed Crediting Rate Strategy Value** | 47 |
|  | **Indexed Crediting Rate Strategy Value** | 47 |
|  | **Impact of Withdrawals from Indexed Crediting Rate Strategies** | 48 |
| **11.** | **Options at End of Strategy Period** | **50** |
| **12.** | **Access to Your Money During the Accumulation Phase** | **50** |
|  | **Types Of Withdrawals** | 50 |
|  | **Partial Withdrawals** | 51 |
|  | **Systematic Withdrawals** | 51 |
|  | **Full Surrenders** | 52 |
|  | **Withdrawal Charge Waivers** | 52 |
| **13.** | **Annuity Payments** | **55** |
|  | **Annuitization Date** | 55 |
|  | **Annuity Payments** | 55 |
|  | **Annuitization Options** | 55 |
|  | **Death During Annuity Phase** | 56 |
|  | **Proof of Age or Sex** | 56 |
| **14.** | **Benefits Available Under the Contract** | **58** |
|  | **Death Benefit** | 59 |
| **15.** | **Taxes** | **62** |

---

---

| | | |
|:---|:---|:---|
| **16.** | **Additional Information** | **69** |
|  | **General Account** | 69 |
|  | **Unregistered Separate Account** | 69 |
|  | **Changes to the Separate Account** | 69 |
|  | **Abandoned Property Requirements** | 69 |
|  | **Suspension of Payments or Transfers** | 69 |
|  | **Restrictions on Financial Transactions** | 70 |
|  | **Distribution** | 70 |
|  | **Amendments to the Contract** | 71 |
|  | **Account Statements** | 71 |
|  | **Certain Transactions** | 71 |
|  | **Legal Proceedings** | 72 |
|  | **Financial Statements** | 72 |
|  | **State Variations** | 72 |
| **Appendix A: Investment Options Available Under the Contract** | **Appendix A: Investment Options Available Under the Contract** | **73** |
| **Appendix B: Material State Variations** | **Appendix B: Material State Variations** | **76** |
| **Appendix C: Index Disclosures** | **Appendix C: Index Disclosures** | **77** |

---

Definitions

---

| | |
|:---|:---|
| **Administrative Office —** | The address for submitting all correspondence and Notices to the Company, which is: |

---

2327 Englert Drive

Durham, NC 27713

**Annuitant** — The person, including any Joint Annuitant, whose life determines the annuity benefit under this Contract. Except in the case of ownership by a non-natural person, the Annuitant must be an Owner.

**Annuitization Date** — The date the annuity phase of the Contract begins. If you do not elect an earlier Annuitization Date, the Annuitization Date will be the Maturity Date. You may not elect an Annuitization Date earlier than the first Contract Anniversary Date.

**Buffer Percentage** — The portion of any negative Index Return that we absorb on a Strategy Maturity Date for a particular Strategy. Any percentage decline in a Strategy's Index Return in excess of the Buffer Percentage reduces your Strategy Maturity Value. We currently offer Buffer Percentages of –10% and -20%.

**Business Day** — Any day the New York Stock Exchange ("NYSE") is open for regular trading. The Business Day generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). If the SEC determines the existence of emergency conditions on any day, and consequently, the NYSE does not open, then that day is not a Business Day.

**Cash Value** — The Contract's Cash Value is equal to the Contract Value, less any applicable Withdrawal Charges.

**Company** — Refers to Aspida Life Insurance Company. The terms "we", "us", and "our" are also used to identify the Company.

 **Contract Anniversary Date** — The annual anniversary of the Contract Effective Date for every year the Contract is in force.

**Contract Effective Date** — The date the Contract goes into effect. Contract Year and Contract Anniversaries are computed from the Contract Effective Date.

**Contract Value** — The total of the values you have allocated to (i) the Indexed Crediting Rate Strategies and (ii) the Fixed Crediting Rate Strategy. On the Strategy Start Date, your value in an Indexed Crediting Rate Strategy is the Strategy Base Value. Thereafter, prior to the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Interim Value. On the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Maturity Value. These amounts are also subject to certain fees and charges discussed in "Fees, Charges, and Adjustments" in this prospectus.

**Contract Year** — Each period of 12-months beginning on the Contract Effective Date and each Contract Anniversary Date.

**Due Proof** — Information or evidence submitted to us that we find sufficient to confirm the existence of a fact or condition.

**Fixed Crediting Rate Strategy** — The Fixed Crediting Rate Strategy is part of our general account and pays interest at guaranteed rates. We assign an interest rate to each amount allocated to the guaranteed interest option. This rate is guaranteed for a Contract Year.

**Floor Percentage** — The maximum amount of negative Index Return you could absorb at the end of the Strategy Period. You will not bear any negative Index Return beyond the Floor Percentage.

**Good Order** — When an instruction or request is received in our Administrative Office, or other place we may specify, and it has such clarity and completeness that we do not have to exercise any discretion to carry out the instruction or request. We may require that the instruction or request be given in a certain form.

 **Guaranteed Annual Cap Rate and Buffer** — If an Indexed Crediting Rate Strategy has a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate and the Buffer Percentage will apply separately for each Contract Year during the 6-year Strategy Period. The annual Indexed Crediting Rate will be calculated in the same manner as for a point-to-point Indexed Crediting Rate Strategy, except it will be calculated on each Contract Anniversary. However, no Indexed Strategy Interest will be credited to the Indexed Crediting Rate Strategy until the Strategy Maturity Date.

**Guaranteed Minimum Cap Rate** — We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

**Guaranteed Minimum Participation Rate** — We will not establish an Index Participation Rate below 10%.

**Guaranteed Minimum Trigger Rate** — We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

**Index or Indices** — An Index used to determine the Index Strategy Interest for an Indexed Crediting Rate Strategy. We currently offer Indexed Crediting Rate Strategies based on the performance of the S&P 500<sup>®</sup> Index, the Russell 2000<sup>®</sup> Index, the Nasdaq-100 Index and the MSCI EM Index. Each Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index. In the future, we may offer Indexed Crediting Rate Strategies based on other Indices.

**Index Cap Rate** — The maximum percentage rate that will apply to the calculation of any Indexed Strategy Interest. For example, if the Indexed Crediting Rate Strategy has a 10% Index Cap Rate and the Index Return at the end of the Strategy Period is 8%, your investment tied to that Indexed Crediting Rate Strategy will gain 8%. If the Index Return at the end of that Strategy Period had been 15%, your investment would only have gained 10% due to the Index Cap Rate limitation.

 **Index Participation Rate** — The percentage rate that will be multiplied by a positive Index Return to determine the Indexed Strategy Interest credited on the Strategy Maturity Date. For example, if the Indexed Crediting Rate Strategy has a 90% Index Participation Rate and the Index Return at the end of the Strategy Period is 10%, your Indexed Crediting Rate will be 9%, meaning your investment will gain 9%.

**Index Return** — For an Indexed Crediting Rate Strategy, the percentage change in the value of the related Index from the Strategy Start Date to the Strategy Maturity Date (or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Cap Rate and Buffer, from the beginning to the end of each Contract Year during a Strategy Period). The Index Return may be positive or negative.

**Index Trigger Rate** —The percentage rate that will be used as the Indexed Crediting Rate to determine the Indexed Strategy Interest credited on the Strategy Maturity Date if the Index Return equals or exceeds the Trigger Threshold. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Indexed Crediting Rate Strategy has a 6% Index Trigger Rate and a Trigger Threshold of -3% and the Index Return at the end of the Strategy Period is -3% or higher, your Indexed Crediting Rate will be 6%, meaning your investment will gain 6%. The Index Trigger Rate may be more or less than the Index Return for the Strategy Period.

**Indexed Crediting Rate** — If the Index Return is positive (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return equals or exceeds the Trigger Threshold), then the Indexed Crediting Rate is a rate equal to the Index Return adjusted by either the Index Cap Rate, Index Participation Rate or Index Trigger Rate. For Indexed Crediting Rate Strategies with a Buffer Percentage, if the Index Return is negative (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return is less than the Trigger Threshold) but declines by a percentage less than or equal to the Buffer Percentage, then the Indexed Crediting Rate is 0%. If the Index Return is negative, and declines by more than the Buffer Percentage, then the Indexed Crediting Rate is negative, but will not reflect the first -10% or -20% of downside performance, depending on the Buffer Percentage applicable to that Indexed Crediting Rate Strategy. For Indexed Crediting Rate Strategies with a Floor Percentage, if the Index Return is negative, but declines by a

percentage less than or equal to the Floor Percentage, then the Indexed Crediting Rate is the Index Return. If the Index Return is negative, and declines by more than the Floor Percentage, then the Indexed Crediting Rate is the Floor Percentage.

**Indexed Crediting Rate Strategy —** An Investment Option we establish with a specific Index; Strategy Period; Floor Percentage or Buffer Percentage; Index Cap Rate, Index Trigger Rate and Trigger Threshold or Index Participation Rate; and Strategy Maturity Date.

**Indexed Strategy Interest** —The dollar amount that is credited to the Indexed Crediting Rate Strategy on the Strategy Maturity Date. Indexed Strategy Interest may be positive, negative or equal to zero.

**Investment Options —** The Fixed Crediting Rate Strategy and the Indexed Crediting Rate Strategies.

 **Joint Annuitant** — If two people are named as Annuitants, each Annuitant will be a Joint Annuitant.

**Maturity Date** — The Contract Anniversary Date in the year following the date that the Annuitant reaches the maturity age, which is set forth in the Contract and is generally the Annuitant's 115<sup>th</sup> birthday. The Maturity Date is the date on which income payments begin if you do not elect an earlier Annuitization Date.

 **Minimum Nonforfeiture Amount** — The minimum nonforfeiture amount equals eighty-seven and a half percent (87.5%) of any allocation to the Fixed Crediting Rate Strategy, plus interest credited daily at the nonforfeiture interest rate (0.25% to 3.00%), less any partial Withdrawals and transfers out of the Fixed Crediting Rate Strategy. The nonforfeiture interest rate used to calculate the minimum nonforfeiture amount is determined by us at issue according to the Standard Nonforfeiture Law for Individual Deferred Annuities.

**Owner** — The person who owns all rights and privileges of this Contract (includes a Joint Owner, if any). If the Owner is not a natural person, the Owner must be an entity with its own taxpayer identification number (TIN). The terms "you" and "your" are also used to identify the Owner.

**Premium or Premium Payment —**Your investment in the Contract on the Contract Effective Date. This is a single premium Contract, and you cannot add to your initial investment.

**Request, Notice, or Written Request** — A request in writing on a form acceptable to us, signed and dated by you and received by us at our Administrative Office.

**Required Minimum Distribution (or RMD)** — The amount required to be distributed each calendar year for purposes of satisfying the RMD rules of Section 401(a)(9) of the Internal Revenue Code and related Code provisions, provided that the amount does not exceed the minimum distribution amount that would have been calculated based on the value of this Contract alone.

**SEC** — Securities and Exchange Commission.

**Strategy Base Value** — The amount transferred to a Crediting Rate Strategy on its Strategy Start Date, as adjusted for any Withdrawals and charges from that Crediting Rate Strategy.

**Strategy Interim Value** — The value of your investment in an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, based on the market value of a hypothetical portfolio of derivatives supporting the Indexed Crediting Rate Strategy.

 **Strategy Interim Value Adjustment** — A gain or loss that you incur if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date that is reflected in the value of your investment in the Indexed Crediting Rate Strategy. The Strategy Interim Value Adjustment is based on the Strategy Interim Value on the date such amounts are removed.

**Strategy Maturity Date** — The Business Day on which a Strategy Period ends.

**Strategy Maturity Value** — The value of your investment in an Indexed Crediting Rate Strategy on the Strategy Maturity Date, which equals the Strategy Base Value x (1 + the Indexed Crediting Rate).

**Strategy Period** — The period from the Strategy Start Date to the Strategy Maturity Date. We currently offer Strategy Periods of one year, three years or six years.

**Strategy Start Date** — The Business Day on which a new Strategy Period is established.

**Surrender** — A full Withdrawal and termination of the Contract.

**Surrender Value** — The Contract Value, based on applicable Strategy Interim Values, minus any applicable Withdrawal Charges. For the amount allocated to the Fixed Crediting Rate Strategy, upon surrender you will not receive less than the Minimum Nonforfeiture Amount.

**Trigger Threshold** — The level of Index Return at or above which we will credit Indexed Strategy Interest in the amount of the Index Trigger Rate on the Strategy Maturity Date of an Indexed Crediting Rate Strategy with an Index Trigger Rate. The Trigger Threshold will never be greater than -1% or lower than the Buffer Percentage.

**Withdrawal** — Any withdrawal under the Contract, including a full withdrawal (Surrender), partial withdrawal, withdrawal of the Free Withdrawal Amount, Required Minimum Distribution withdrawal, scheduled withdrawal or unscheduled withdrawal.

**1.** **Overview of the Contract**

**Purpose of the Contract**

The Contract is designed to help you accumulate assets through investments in the Indexed Crediting Rate Strategies and Fixed Crediting Rate Strategy during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides death benefits to protect your beneficiaries. The Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently.

The Contract may be purchased as either "qualified" or "non-qualified" under the Internal Revenue Code. If you purchase a non-qualified Contract, it will provide you with certain tax deferral features under the Code. If you are investing in this Contract through a traditional or Roth Individual Retirement Account ("IRA"), the Contract is a qualified Contract and will not provide you tax deferral benefits in addition to those already provided by your IRA.

**Phases of the Contract**

The Contract has two phases: an accumulation (savings) phase and an annuity (income) phase.

*Accumulation (Savings) Phase*

During the accumulation phase, you can allocate your Contract Value to one or more of the available Indexed Crediting Rate Strategies and/or the Fixed Crediting Rate Strategy.

Indexed Crediting Rate Strategies. We will credit positive or negative Indexed Strategy Interest to amounts allocated to an Indexed Crediting Rate Strategy on the Strategy Maturity Date based, in part, on the performance of the applicable Index. You could lose a significant amount of money if the Index declines in value.

We limit the negative Index Return used in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either: (i) a Buffer Percentage to absorb negative Index Return up to the amount of the Buffer Percentage; or (ii) a Floor Percentage to absorb negative Index Return in excess of the Floor Percentage. For example, if the Indexed Crediting Rate Strategy has a Buffer Percentage, if the Index Return is -25% and the Buffer Percentage is -10%, the Indexed Crediting Rate would be -15% (the amount that the Index Return exceeds the Buffer Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 15% decrease from your Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will absorb negative Index Return up to the amount of the Buffer Percentage each Contract Year during the Strategy Period<u>.</u> Alternatively, if the Indexed Crediting Rate Strategy has a Floor Percentage, if the Index Return is -25% and the Floor Percentage is -10%, the Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 10% decrease from your Strategy Base Value. **We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.**

If the Index Return is positive (or, in the case of an Index Trigger Rate, equals or exceeds the Trigger Threshold) we determine whether it must be adjusted in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either the Index Cap Rate, the Index Participation Rate or the Index Trigger Rate, as follows:

● If the Strategy includes an Index Cap Rate, we limit the Indexed Crediting Rate to the lesser of the Index Return or the Index Cap Rate. For example, if the Index Return is 12% and the Index Cap Rate is 8%, the Indexed Crediting Rate would be 8% (the lesser of the Index Return and the Index Cap Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show an 8% increase from your

Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, we limit the annual performance to the lesser of the Index Return or the Index Cap Rate each Contract Year during the Strategy Period<u>.</u> **We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively, and we will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2%** (the "Guaranteed Minimum Cap Rate")**.** 

&nbsp;&nbsp;&nbsp;&nbsp;● If the
 Strategy includes an Index Participation Rate, we determine the Indexed Crediting Rate by multiplying the Index Return by the Participation
 Rate, which will limit the Indexed Crediting Rate on the Strategy Maturity Date if the Participation Rate is below 100%. For example,
 if the Index Return is 12% and the Index Participation Rate is 50%, the Indexed Crediting Rate would be 6% (the Index Return multiplied
 by the Index Participation Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 6% increase
 from your Strategy Base Value. Alternatively, if the Index Return is 12% and the Index Participation Rate is 10%, the Indexed Crediting
 Rate would be 1.2% (the Index Return multiplied by the Index Participation Rate) on the Strategy Maturity Date, meaning that your
 Strategy Maturity Value will show a 1.2% increase from your Strategy Base Value. **We will not establish an Index Participation Rate below 10%** (the "Guaranteed Minimum Participation Rate").

● If the Strategy includes an Index Trigger Rate, if the Index Return equals or exceeds the Trigger Threshold, the Indexed Crediting Rate will equal the Index Trigger Rate. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Index Return is 8%, the Trigger Threshold is -1% and the Index Trigger Rate is 5%, the Indexed Crediting Rate would be 5% on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 5% increase from your Strategy Base Value. **We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively** (the "Guaranteed Minimum Trigger Rate"), **and we will not establish a Trigger Threshold greater than -1%.** 

Fixed Crediting Rate Strategy. There is only one Fixed Crediting Rate Strategy for the Contract. The Fixed Crediting Rate Strategy has a one-year Strategy Period. Amounts allocated to the Fixed Crediting Rate Strategy earn interest at an annual interest rate declared by us for the Strategy Period.

**Additional information about each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy is provided in Appendix A: Investment Options Available Under the Contract.**

*Annuity (Income) Phase*

You enter the annuity phase when you annuitize your Contract. During the annuity phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for a fixed period of time; (2) for life; (3) for life plus a fixed period; (4) payments of fixed amounts; or (5) for life of Joint Annuitants. Please note that when you annuitize, your investments are converted to income payments, and you will no longer be able to make any additional Withdrawals from your Contract. All accumulation phase benefits, including the Death Benefit, terminate on the Annuitization Date. The Contract has a maximum annuity commencement date (Maturity Date).

**Contract Features**

The Contract provides for the accumulation of retirement savings and income. The Contract offers death benefit protection and offers various payout options.

*Performance Lock*

This feature allows you to lock in an Indexed Crediting Rate Strategy's Strategy Interim Value prior to the Strategy Maturity Date. Performance Lock is available with each of the Indexed Crediting Rate Strategies for no additional charge. Performance Lock may be of interest to investors who are interested in eliminating some of the uncertainty regarding Index performance for the remainder of a Strategy Period, or who seek to potentially limit the impact of negative Indexed Strategy Interest they may otherwise receive.

You should consult with a financial professional before executing a Performance Lock for Indexed Crediting Rate Strategy. There are significant risks associated with Performance Lock. At the time you exercise a Performance Lock, you will not know the locked-in Strategy Interim Value because it is determined at the end of the Business Day. The locked-in Strategy Interim Value could be lower (or higher) than you anticipated. If you lock-in a Strategy Interim Value that is less than your Strategy Base Value, you will be locking-in a loss,

which could be significant. See **4. Principal Risks of Investing in the Contract — Performance Lock Risk** and **8. The Indexed Crediting Rate Strategies — Performance Lock Feature.**

*Access to Your Money*

During the accumulation phase you can take Withdrawals from your Contract. Withdrawals will reduce your Contract Value and may be subject to Withdrawal Charges, adjustments for Strategy Interim Value, income taxes and a tax penalty. Withdrawals will also reduce your death benefit (possibly on a greater than dollar-for-dollar basis).

 *Withdrawal Charge Waivers*

Under certain circumstances, we will waive Withdrawal Charges when you take a Withdrawal from your Contract. The Waiver of Withdrawal Charges for Nursing Home Confinement Endorsement (Nursing Home Benefit) allows you to take Withdrawals without incurring any Withdrawal Charges during a period of confinement to a nursing home. The Waiver of Withdrawal Charges for Terminal Illness Endorsement (Terminal Illness Benefit) allows you to take a one-time Withdrawal without incurring any Withdrawal Charges in the event you are diagnosed with a terminal illness after the Contract Effective Date.

*Death Benefits*

During the accumulation phase, if your age on the Contract Effective Date is younger than 81, your Contract includes a death benefit that pays your beneficiaries an amount equal to the greater of (i) your Premium (reduced proportionally for Withdrawals) or (ii) your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any. If your age on the Contract Effective Date is 81 or older, the death benefit is your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any.

 **Strategy Interim Value Adjustments**

We will apply a Strategy Interim Value Adjustment if you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), annuitize your Contract or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date because the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. You could lose a significant amount of money due to the Strategy Interim Value Adjustments if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. Your Strategy Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment in the Indexed Crediting Rate Strategy until the Strategy Maturity Date. The Strategy Interim Value will generally be negatively affected by the expected volatility of index prices and by poor market performance. All other factors being equal, the Strategy Interim Value generally would be lower the earlier a Withdrawal or surrender is made during a Strategy Period.

**2.** **Important Information You Should Consider About the Contract**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp; **Are There Charges or Adjustments for Early Withdrawals?** | &nbsp;&nbsp; **Yes**. If you surrender your Contract or withdraw money from the Contract for up to 6 years following the Contract Effective Date, you will be assessed a withdrawal charge of up to 7% of Contract Value withdrawn. For example, if you make a Withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. This loss will be greater if there is a negative Strategy Interim Value Adjustment, taxes, or tax penalties. <br>The portion of your Contract Value in the Indexed Crediting Rate Strategy will be subject to a Strategy Interim Value Adjustment if amounts are removed from an Indexed Crediting Rate Strategy before the Strategy Maturity Date. The Strategy Interim Value could be less than your investment in the Indexed Crediting Rate Strategy even if the Index is performing positively. You could lose up to 100% of your Strategy Base Value due to the Strategy Interim Value Adustment in extreme situations. For example, if you allocate $100,000 to an Indexed Crediting Rate Strategy with a 3-year Strategy Period and later withdraw the entire amount before the 3 years have elapsed, you could lose up to $100,000 of your investment. This loss will be greater (but never more than 100%) if you also have to pay a withdrawal charge, taxes and tax penalties. If you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), on annuitization or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date, the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value.  | &nbsp;&nbsp; **3. Fee Table** <br>**6. Fees, Charges and Adjustments – Withdrawal Charges** <br>**6. Fees, Charges and Adjustments – Adjustments** <br>**10. Valuing Your Contract – Indexed Crediting Rate Strategy Value**  |
| &nbsp;&nbsp; **Are There Transaction Charges?** | &nbsp;&nbsp; **Yes**. In addition to withdrawal charges and Strategy Interim Value Adjustments, you may also be charged for other transactions (including special requests such as duplicate contracts and duplicate statements). | &nbsp;&nbsp; **3. Fee Table** <br>**6. Fees, Charges and Adjustments – Transaction Fees** <br>|
| &nbsp;&nbsp;**Are There Ongoing Fees and Expenses?** | &nbsp;&nbsp;**No. However, there is an implicit ongoing fee on the Indexed Crediting Rate Strategies to the extent that your participation in Index gains is limited by each Indexed Crediting Rate Strategy's Index Cap Rate, Index Participation Rate or Index Trigger Rate. This means that your returns may be lower than Index returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses.** | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**Is There a Risk of Loss from Poor Performance?** | &nbsp;&nbsp;**Yes**. You could lose money by investing in the Contract. **If you invest in an Indexed Crediting Rate Strategy, under extreme circumstances, you could lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will** | &nbsp;&nbsp;**4. Principal Risks of Investing in the Contract** |

---

**always offer a strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.** 

the
 Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity
 Date.Each Index is a price return index, not a total return index, and therefore does not
 reflect dividends paid on the securities composing the Index. This will reduce the Index
 Return and will cause the Index to underperform a direct investment in the securities composing
 the Index. 

**RESTRICTIONS** **Location in** **Prospectus** 

**TAXES** **Location in** **Prospectus** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**What are the Contract's Tax Implications?** | &nbsp;&nbsp;You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Contract. There is no additional tax benefit to you if the Contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a Withdrawal from the Contract. | &nbsp;&nbsp;**15. Taxes** |
|  | &nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**How are Investment Professionals Compensated?** | &nbsp;&nbsp;Some financial professionals may receive compensation for selling the Contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). This conflict of interest may influence the financial professional to recommend this Contract over another investment. | &nbsp;&nbsp;**16. Additional Information - Distribution** |
| &nbsp;&nbsp; **Should I Exchange My Contract?** | &nbsp;&nbsp; Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts and any fees or penalties to terminate the existing Contract, that it is preferable to purchase the new contract rather than continue to own your existing Contract. <br>| &nbsp;&nbsp; **16. Additional Information - Distribution** <br>|

---

**3.** **Fee Table**

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making Withdrawals from an Investment Option or from the Contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.**

**The first table describes fees and expenses that you will pay at the time that you buy the Contract, surrender or make Withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Transaction Expenses** | &nbsp;&nbsp;**Transaction Expenses** |
| Sales Load Imposed on Purchases (as a percentage of purchase payments) |  |
| Withdrawal Charge (as a percentage of the amount withdrawn)<sup>(1)</sup> | &nbsp;&nbsp;7.00% |
| Transfer Fee |  |
| Duplicate Contract Fee | &nbsp;&nbsp;$25 |
| Duplicate Report Fee | &nbsp;&nbsp;$25 |

---

(1) The charge percentage is deducted upon a Withdrawal of amounts in excess
of the 10% free withdrawal amount. Important exceptions and limitations may eliminate or reduce this charge. For a complete description
of charges, please see **6. Fees, Charges and Adjustments – Withdrawal Charges** in the prospectus. See **Appendix B: Material State Variations** in the prospectus for more information.

**The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the Contract Value is removed from an Investment Option or from the Contract before the expiration of a specified period.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** |
| Maximum Potential Loss Due to Strategy Interim Value Adjustment (as a percentage of Contract Value allocated to an Indexed Crediting Rate Strategy)<sup>(1)</sup> | &nbsp;&nbsp;100% |

---

(1) We use the Strategy Interim Values for your Indexed Crediting Rate
 Strategies if you make any Withdrawals (including Surrender of your Contract, including if you exercise
 your right to cancel your contract in a state where we are required to refund your Contract Value),
 annuitize or upon payment of a Death Benefit from an Indexed Crediting Rate Strategy on any date prior
 to the Strategy Maturity Date. The actual amount of the Strategy Interim Value calculation is determined
 by a formula that depends on, among other things, the Buffer Percentage or Floor Percentage and how
 the Index has performed since the Strategy Start Date. If you Surrender your Contract, die, annuitize
 your Contract, or make a Withdrawal from an Indexed Crediting Rate Strategy before the Strategy Maturity
 Date, the Buffer Percentage or Floor Percentage will not apply. See **8. Valuing Your Contract – Indexed Crediting Rate Strategy Value** for more information.

**4.** **Principal Risks of Investing in the Contract** 

The risks identified below are the principal risks of investing in the Contract. The Contract may be subject to additional risks other than those identified and described in this prospectus.

**Market Risk and Risk of Loss in Indexed Crediting Rate Strategies**

An investment in this Contract is subject to the risk of poor investment performance of the Indexed Crediting Rate Strategies to which you have allocated Contract Value. You can lose money by investing in this Contract, including loss of principal and/or prior earnings. While limited protection from losses is provided under your Contract through a Buffer Percentage or Floor Percentage, you bear some level of the risk of decline in your Contract Value resulting from the performance of the Indexed Crediting Rate Strategies and the risk of losses may be significant. **Under extreme circumstances, you could lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will always offer a strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.** If you take a Withdrawal from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, it will be based on the Strategy Interim Value and the Buffer Percentage or Floor Percentage will not apply. See **Early Withdrawal Risk**, below.

An investment in the Contract is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Early Withdrawal Risk**

The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the Contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the Contract as a short-term investment or savings vehicle, and you should consider whether investing in the Contract is consistent with the purpose for which the investment is being considered.

Withdrawals could significantly reduce the minimum death benefit by an amount greater than the value withdrawn, because your Premium will be reduced in proportion to reductions in your Contract Value.

Withdrawals may be subject to Withdrawal Charges, Strategy Interim Value Adjustments, loss of interest and the possibility of adverse tax consequences. **If you take a Withdrawal from an Indexed Crediting Rate Strategy prior to a Strategy Maturity Date, in extreme circumstances, you could lose up to 100% of your investment in an Indexed Crediting Rate Strategy due to a Strategy Interim Value Adjustment (*i.e.*, a complete loss of your Premium and any prior earnings).** For additional information, see **10. Valuing Your Contract – Indexed Crediting Rate Strategy Value.**

While the Contract provides for a Free Withdrawal Amount not subject to Withdrawal Charges, the Free Withdrawal Amount is limited, and Withdrawals of the Free Withdrawal Amount may be subject to negative Strategy Interim Value Adjustments and taxes. There also may be adverse tax consequences if you take early Withdrawals from the Contract, including amounts withdrawn from the Contract being subject to a 10% federal penalty if taken before age 59½, which would be in addition to any other federal or state income taxes payable.

**Indexed Crediting Rate Strategy Risk**

An investment in an Indexed Crediting Rate Strategy is not an investment in the Index or in the securities tracked by the Index, and you will not own such securities. Your investment in the Indexed Crediting Rate

Strategies is subject to the risk of poor performance and can vary depending on the performance of the underlying Indices. Each Indexed Crediting Rate Strategy will have its own unique risks, and you should review the available Indexed Crediting Rate Strategies carefully before making an investment decision. When you invest in an Indexed Crediting Rate Strategy, you will be exposed to certain risks, including the following:

*Buffer Percentage and Floor Percentage Risk*

The Buffer Percentage or Floor Percentage that is applicable to an Indexed Crediting Rate Strategy only provides you with limited protection from negative Index performance at the end of a Strategy Period, or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, each Contract Year during the Strategy Period. You could lose a significant amount of your Premium and/or prior earnings under the Contract despite these limits on negative Index Returns.

Under an Indexed Crediting Rate Strategy, the maximum amount of loss that you could experience due to negative Index performance at the end of a Strategy Period, after taking into account the minimum limits on Index loss currently provided under the Contract, would be up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. You could lose a significant amount of money if an Index declines in value. The limits on Index loss offered under the Contract may change from one Strategy Period to the next; however, we will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.

You also bear the risk that continued negative Index Returns may result in zero or negative Indexed Strategy Interest being credited to your Contract Value over multiple Strategy Periods. Given that the Floor Percentage and Buffer Percentage (as applicable) apply only to a single Strategy Period, if an Indexed Crediting Rate Strategy is credited with negative Strategy Interest for multiple Strategy Periods, the cumulative loss may exceed any single Strategy Period's stated limit of the Buffer Percentage or Floor Percentage. Similarly, if you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will apply each Contract Year during a Strategy Period, so if the Index has negative performance for multiple Contract Years during the Strategy Period, the cumulative loss reflected in the Indexed Crediting Rate on the Strategy Maturity Date may exceed any single Contract Year's stated Buffer Percentage. For the 0% Floor Rate Strategy, Strategy Interest will not be negative so long as you do not remove any Contract Value from the Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. In addition, the limits on downside loss provided by the Floor Percentage or Buffer Percentage, as applicable, are for the entire Strategy Period for a particular Indexed Crediting Rate Strategy and are not annual limits. For additional information, see **8. The Indexed Crediting Rate Strategies – Crediting Methods**.

For Withdrawals, annuitizations and death benefits that occur during a Strategy Period, you or your beneficiaries (as applicable) will not receive the full protection of the Buffer Percentage or Floor Percentage in the calculation of the Strategy Interim Value. In order to receive the full protection, the particular transaction must occur on the Strategy Maturity Date.

*Index Cap Rate Risk*

Amounts allocated to an Indexed Crediting Rate Strategy may be subject to an Index Cap Rate. The Index Cap Rate limits the positive Index Return, if any, that may be credited to your Contract for a given Strategy Period, or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, each Contract Year during the Strategy Period. The Index Cap Rates do not guarantee a certain amount of Strategy Interest. The Indexed Crediting Rate for an Indexed Crediting Rate Strategy may be less than the positive Index Return of the applicable Index because any positive return of the respective Index is subject to a maximum in the form of the Index Cap Rate. **The Index Cap Rate may result in you earning less than the Index Return.** For example, if you invest in an Indexed Crediting Rate Strategy with an Index Cap Rate

of 5%, and the Index Return for the Strategy Period is 10%, we will credit 5% in Indexed Strategy Interest at the end of the Strategy Period.

The Index Cap Rate limits the amount of positive Strategy Interest that we may be obligated to credit for any Strategy Period. We set the Index Cap Rates at our discretion. You bear the risk that we will not set the Index Cap Rates higher than the Guaranteed Minimum Cap Rate. Your risk of investment loss could be significantly greater than the potential for investment gain. For example, assuming the Guaranteed Minimum Cap Rate of 2.0% for 1 year Strategy Period, the maximum potential gain at the end of the Strategy Period due to positive Index Return would be 2.0%.

The Index Cap Rate declared for a Strategy Period is for the entire Strategy Period for a particular Indexed Crediting Rate Strategy. It is not an annual limit unless the Strategy Period is one year or in the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer. Indexed Crediting Rate Strategies can have different Buffer Percentage Rates or Floor Percentage Rates, which will impact the Index Cap Rate offered on the Indexed Crediting Rate Strategies. The Buffer Percentage Rate or Floor Percentage Rate, as applicable, will never change for a specific Indexed Crediting Rate Strategy. If a different Buffer Percentage Rate or Floor Percentage Rate is introduced, it will be offered on a new Indexed Crediting Rate Strategy.

For additional information, see **8. The Indexed Crediting Rate Strategies – Crediting Methods**.

*Index Participation Rate Risk*

Amounts allocated to an Indexed Crediting Rate Strategy may be subject to an Index Participation Rate. At the end of the Strategy Period, your participation in any positive Index Return will be limited to a percentage of the positive Index Return. That percentage will equal the Index Participation Rate. **The Index Participation Rate may result in you earning less than the Index Return.** For example, if you invest in an Indexed Crediting Rate Strategy with an Index Participation Rate of 80%, and the Index Return for the Strategy Period is 10%, we will credit 8% (80% of 10%) in Indexed Strategy Interest at the end of the Strategy Period.

The Index Participation Rate may limit the positive Index Return, if any, that may be credited to your Contract for a given Strategy Period. The Indexed Crediting Rate for an Indexed Crediting Rate Strategy subject to an Index Participation Rate may be less than the positive Index Return of the applicable Index. We set the Index Participation Rates at our discretion. You bear the risk that we will not set the Index Participation Rates higher than the Guaranteed Minimum Participation Rate.

The Index Participation Rate declared for a Strategy Period is for the entire Strategy Period for a particular Indexed Crediting Rate Strategy. Indexed Crediting Rate Strategies can have different Buffer Percentage Rates or Floor Percentage Rates, which will impact the Index Participation Rate offered on the Indexed Crediting Rate Strategies. The Buffer Percentage Rate or Floor Percentage Rate, as applicable, will never change for a specific Indexed Crediting Rate Strategy. If a different Buffer Percentage Rate or Floor Percentage Rate is introduced, it will be offered on a new Indexed Crediting Rate Strategy.

For additional information, see **8. The Indexed Crediting Rate Strategies – Crediting Methods**.

*Index Trigger Rate Risk*

Amounts allocated to an Indexed Crediting Rate Strategy may be subject to an Index Trigger Rate. The Index Trigger Rate is the Indexed Crediting Rate that will be credited to your Contract for a given Strategy Period if the Index Return equals or exceeds the Trigger Threshold. The Index Trigger Rate for an Indexed Crediting Rate Strategy may be less than the positive Index Return of the applicable Index because any positive return of the respective Index will result in an Indexed Crediting Rate equal to the Index Trigger Rate, which may be less than the positive Index Return. **The Index Trigger Rate may result in you earning less than the Index Return.** For example, if you invest in an Indexed Crediting Rate Strategy with an Index Trigger Rate of 5% and a Trigger Threshold of -5%,

and the Index Return for the Strategy Period is 10%, we will credit 5% in Indexed Strategy Interest at the end of the Strategy Period.

The Index Trigger Rate limits the amount of positive Indexed Strategy Interest that we may be obligated to credit for any Strategy Period. We set the Index Trigger Rates and Trigger Thresholds at our discretion. You bear the risk that we will not set the Index Trigger Rates higher than the Guaranteed Minimum Trigger Rate and that we will not set the Trigger Threshold lower than -1%. Your risk of investment loss could be significantly greater than the potential for investment gain. For example, assuming a Guaranteed Minimum Trigger Rate of 2.0% for 1 year Strategy Period, the maximum potential gain at the end of the Strategy Period due to positive Index performance would be 2.0%.

The Index Trigger Rate and Trigger Threshold declared for a Strategy Period are for the entire Strategy Period for a particular Indexed Crediting Rate Strategy. They is not an annual amount unless the Strategy Period is one year. Indexed Crediting Rate Strategies can have different Buffer Percentage Rates or Floor Percentage Rates, which will impact the Index Trigger Rate and Trigger Threshold offered on the Indexed Crediting Rate Strategies. The Buffer Percentage Rate or Floor Percentage Rate, as applicable, will never change for a specific Indexed Crediting Rate Strategy. If a different Buffer Percentage Rate or Floor Percentage Rate is introduced, it will be offered on a new Indexed Crediting Rate Strategy.

For additional information, see **8. The Indexed Crediting Rate Strategies – Crediting Methods**.

*Indexed Crediting Rate Strategy and Index Availability Risk*

There is no guarantee that any particular Indexed Crediting Rate Strategy or Index will be available during the entire period that you own your Contract, although we will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. If you are not comfortable with the possibility that the Indexed Crediting Rate Strategies available in the future may be different, you should not buy this Contract, as we do not guarantee the availability of any Indexed Crediting Rate Strategy or the Fixed Crediting Rate Strategy. In the future, we may not offer any Indexed Crediting Rate Strategies with a Floor Percentage, and we do not guarantee a minimum Floor Percentage for any new Indexed Crediting Rate Strategy with a Floor Percentage that we may decide to offer.

We may remove or replace an Index in the event of the Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by applicable regulators.

Other considerations relating to this risk include:

● In addition to the investment performance and risks of loss that already are part of your Contract, the returns you otherwise may have anticipated may not be available in situations where the Company reserves the right to discontinue an Index in the middle of a Strategy Period. This is because if we remove an Index during a Strategy Period, we will end, (i.e., mature), the Strategy Period on the date the Index is removed, and calculate the Indexed Crediting Rate based on the Indexed Crediting Rate Strategy's features (i.e. Index Cap Rate, Index Participation Rate, or Index Trigger Rate and Trigger Threshold, and Buffer Percentage or Floor Percentage, as applicable). Your Contract Value in the applicable Indexed Crediting Rate Strategy will be transferred to the Fixed Crediting Rate Strategy, and you will not be able to reallocate it until the next Contract Anniversary Date. This may negatively affect the Strategy Interest you earn during the Strategy Period.

● On the next Contract Anniversary, you may transfer your Contract Value in the Fixed Crediting Rate Strategy to an Indexed Crediting Rate Strategy without charge. If you do not want to remain invested in the Fixed Crediting Rate Strategy until the next Contract Anniversary, your only option will be to withdraw the Contract Value, which may may be lower than the amount you invested

and cause you to incur Withdrawal Charges, taxes and tax penalties, as discussed in this section. If you purchase another investment vehicle, it may have different features, fees and risks than this Contract.

● Changes to the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold for an Indexed Crediting Rate Strategy, if any, occur at the beginning of the next Strategy Period. We will provide written notice at least 30 calendar days prior to each Strategy Start Date instructing you how to obtain the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold for the next Strategy Period. Those Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds will be made available to you at least 15 calendar days prior to the Strategy Start Date. You are only able to make Transfers of Contract Value among the various Indexed Crediting Rate Strategies at the end of a Strategy Period (or, following exercise of a Performance Lock, on the next Contract Anniversary. *See Limits on Transfers Between Indexed Crediting Rate Strategies, below*.

● If you do not like a new Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold for a particular Indexed Crediting Rate Strategy, at the end of the current Strategy Period, you may transfer your Strategy Maturity Value to another Indexed Crediting Rate Strategy without charge.

● If you do not want to invest in any Indexed Crediting Rate Strategy or the Fixed Crediting Rate Strategy under the Contract, your only option will be to fully withdraw or annuitize your Contract. Fully withdrawing or annuitizing your Contract may cause you to incur Withdrawal Charges, Strategy Interim Value Adjustments, taxes and tax penalties, as discussed in this section. If you purchase another investment vehicle, it may have different features, fees and risks than this Contract.

● We will not substitute any Index until the new Index has received any necessary regulatory approvals. Any addition, substitution, or removal of an Indexed Crediting Rate Strategy or Index will be communicated to you in writing. If we add or remove an Index, the changes will not be effective for your Contract until the start of the next Strategy Period. Adding or removing an Index does not cause a change in the Floor Percentage or Buffer Percentage Rates, as applicable. Any Indexed Crediting Rate Strategy based on the performance of the newly added Index may have a different Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold.

● You should evaluate whether our ability to make the changes described above, and your ability to react to such changes, are appropriate based on your investment goals. When such changes occur, you should also evaluate whether those changes are appropriate based on your investment goals and, if not, you should evaluate your options under the Contract, which may be limited and may have negative consequences associated with them, as described in this section.

For additional information, see **8. The Indexed Crediting Rate Strategies** and **11. Options at End of Strategy Period**.

*Risks Associated with the Indices*

● The performance of an Index is based on changes in the values of the securities or other assets that comprise or define the Index. The securities and assets comprising or defining the Indices are subject to a variety of investment risks, many of which are complicated.

● The performance of an Index will fluctuate, sometimes rapidly and unpredictably. Both short-term and long-term negative Index performance, over one or multiple Strategy Periods, may cause you to lose principal and/or previous earnings. The historical performance of an Index does not guarantee future results. It is impossible to predict whether an Index will perform positively or negatively over the course of a Strategy Period or multiple Strategy Periods.

● Each Index's performance is subject to market risk, equity risk, and issuer risk (in addition to other risks identified in this section):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Market Risk*. Each Index could decrease in value over short periods due to short-term market movements
and over longer periods during more prolonged market downturns. Negative fluctuations in the value of an Index may be significant and
unpredictable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Equity Risk*. Each Index is comprised of equity securities. Equity securities are subject to changes

in value, and their values may be more volatile than those of other asset classes. Equity securities may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Issuer Risk*. The performance of each Index depends on the performance of individual securities
included in the Index. Changes in the financial condition, credit rating, or public perception of an issuer of those securities may cause
the value of the issuer's securities to decline.

In recent years, the financial markets have at times experienced periods of significant volatility and negative returns, contributing to an uncertain and evolving economic environment. The performance of the markets has been impacted by several interrelating factors such as, but not limited to, natural disasters, public health crises, inflation, political and social developments, and military and governmental actions. You should consult with your financial professional about how market conditions may impact your investment decisions under the Contract.

● We calculate an Index Return by comparing the value of the Index between two specific points in time, which means the performance of the Index may be negative or flat for the Strategy Period as a whole (including a multi-year Strategy Period) even if the Index performed positively for certain periods of time during the Strategy Period.

● An investment in an Indexed Crediting Rate Strategy is not an investment in the companies that comprise the applicable Index. You will have no voting rights, no rights to receive cash dividends or other distributions, and no other rights with respect to the companies that make up the Indices.

● Each Index is a "price return index," not "total return index," meaning the Index Return does not include any dividends or other distributions declared by the companies included in the Index. This will reduce the Index Return and will cause the Index to underperform a direct investment in the companies included in the Index.

In addition to the foregoing, each Index has its own unique risks, as follows:

● <u>The S&P 500<sup>®</sup> Index</u>: This Index is comprised of equity securities issued by large-capitalization ("large cap") U.S. companies. Generally, it is more difficult for large-cap companies to pivot their strategies quickly in response to changes in their industry. In addition, because they typically are more well-established, it is rare to see large-cap companies have the high growth rates that can be seen with small-capitalization ("small cap") companies.

● <u>Russell 2000<sup>®</sup> Index</u>: This Index is comprised of equity securities of small-cap U.S. companies. Generally, the securities of small-cap companies are more volatile and riskier than the securities of large-cap companies.

● <u>Nasdaq-100<sup>®</sup> Index</u>: This Index is comprised of equity securities of the largest U.S. and non-U.S. companies listed on the Nasdaq Stock Market, including companies across all major industry groups except financial companies. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges and may not be able to attain the high growth rate of successful smaller companies. To the extent that the Index is comprised of securities issued by companies in a particular sector, those securities may not perform as well as the securities of companies in other sectors or the market as a whole. Also, any securities issued by non-U.S. companies (including related depositary receipts) are subject to the risks related to investments in foreign markets (*e.g.*, increased volatility; changing currency exchange rates; and greater political, regulatory, and economic uncertainty).

● <u>MSCI Emerging Markets (EM) Index</u> **:** This Index is an equity index that is designed to measure equity market performance of emerging markets. The MSCI EM Price Return Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The MSCI EM Price Return Index does not include dividends declared by any of the companies included in this index. The securities comprising the MSCI EM Price Return Index are subject to the risks related to investments in foreign markets (e.g. increased price volatility; changing currency exchange rates; and greater political, regulatory, and economic uncertainty). In general, foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. These risks are heightened in emerging markets, due to the potential for errors in Index data, Index computation, and/or Index construction if information on non-U.S. companies is unreliable or outdated, or if less information about the non-U.S. companies is publicly available due to differences in regulatory, accounting, auditing and financial recordkeeping standards. The potential for significant such errors may impact the Index's performance. The rights and remedies of investors in an index that tracks foreign securities may be different from investments that track an index of domestic securities. Certain jurisdictions, such as China, limit oversight of audit work papers and practices of registered accouinting firms.

For additional information, see **8. The Indexed Crediting Rate Strategies - Indices**

**Liquidity Risk**

The restrictions applicable to transfers between Investment Options create liquidity risk. You are only able to make transfers of Contract Value among the various Investment Options at the end of a Strategy Period. This significantly limits your ability to react to changes in market conditions during Strategy Periods.

Your Transfer requests must be received by us at least one Business Day prior to the end of a Strategy Period. If you submit a Transfer request but we do not receive it prior to that time, your Strategy Maturity Value will be automatically re-invested as described in **11. Options at End of Strategy Period**. If the Strategy Maturity Date is not on a Business Day, we must receive your Transfer request by the Business Day prior to the last Business Day before the Strategy Maturity Date. For example, if the Strategy Maturity Date is a Saturday, and the last preceding business Day is the preceding Friday, your Transfer request must be received by us before the end of the Business Day on the preceding Thursday. This example assumes no holidays during this period.

In the absence of timely instructions in Good Order, the Strategy Maturity Value in the ended Investment Option will be automatically re-invested in the same Investment Option (Indexed Crediting Rate Strategy or Fixed Crediting Rate Strategy) for a new Strategy Period (subject to the Index Cap Rate, Index Participation Rate, Index Trigger Rate and Trigger Threshold or annual interest rate applicable to a new Strategy Period), provided that the same Crediting Rate Strategy is available for a new Strategy Period.

If we do not receive timely instructions in Good Order and the same Investment Option is no longer available, the Strategy Maturity Value in the ended Investment Option will be automatically Transferred to the Fixed Crediting Rate Strategy. We reserve the right to change the default options as described above in the future.

Please note that the Index Cap Rate, Index Participation Rate, Index Trigger Rate and Trigger Threshold or annual interest rate we declare for the new Strategy Period may be higher or lower than the previous Strategy Period, subject to the guaranteed limits described in this prospectus.

Because Transfers from an Investment Option are only allowed on the Strategy Maturity Date, if you fail to Transfer Strategy Maturity Value at the end of a Strategy Period and do not wish to remain invested in a particular Investment for another Strategy Period, you may take a full Withdrawal of the related Contract Value. Withdrawing all or some of the Contract Value may cause you to incur Withdrawal Charges, negative Strategy Interim Value Adjustments, taxes and tax penalties, as discussed in this section. If you purchase another investment vehicle, it may have different features, fees and risks than this Contract. Additionally, if you are invested in a multi-year Indexed Crediting Rate Strategy, you can exercise the Performance Lock and reallocate your Contract Value in the Indexed Crediting Rate Strategy on the next Contract Anniversary. For additional information, see **11. Options at End of Strategy Period**.

**Strategy Interim Value Risk**

On each Business Day of the Strategy Period, other than the first and last day, we determine the Strategy Interim Value for each Indexed Crediting Rate Strategy. In order to calculate your Strategy Interim Value, we apply a formula that is not directly tied to the actual performance of the applicable Index. Instead, we calculate it by determining the value of hypothetical investments and derivatives (which we may or may not actually hold) less a provision for the cost attributable to reasonably expected or actual trading costs at the time of calculation in order to provide a current estimate of the value of the Indexed Crediting Rate Strategy at the end of the Strategy Period. This means that even if the Index has performed positively, it is possible that the Strategy Interim Value may have decreased. For more information and to see how we calculate the Strategy Interim Value, see **10. Valuing Your Contract – Indexed Crediting Rate Strategy Value** and the **Statement of Additional Information**.

A Strategy Interim Value Adjustment will apply to your Contract when one of the following transactions occurs: (i) any Withdrawal from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, including a full surrender, partial Withdrawal, Withdrawal of the Free Surrender Amount, RMD Withdrawal, scheduled Withdrawal, or unscheduled Withdrawal; (ii) any Annuitization of Contract Value in an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date; or (iii) any death benefit based on Contract Value, if Contract Value is allocated to an Indexed Crediting Rate Strategy and the death benefit is calculated prior to the Strategy Maturity Date.

If you allocate Contract Value to an Indexed Crediting Rate Strategy, Indexed Strategy Interest will not be credited to your Contract Value in the particular Indexed Crediting Rate Strategy until the end of the Strategy Period. Amounts withdrawn from an Indexed Crediting Rate Strategy prior to the end of a Strategy Period will not have Indexed Strategy Interest applied to it. This includes Contract Value being applied to pay a death benefit or to an Annuitization option during a Strategy Period. Except for the first and last Business Day of a Strategy Period, your Strategy Interim Value is the amount available for Withdrawals, surrenders, annuitization and death benefits. There is a risk that this Strategy Interim Value could be less than your original Premium, resulting in a negative Strategy Interim Value Adjustment, even if the applicable Index has been performing positively.

Partial Withdrawals prior to the Strategy Maturity Date for an Indexed Crediting Rate Strategy will also reduce your Strategy Base Value for that Indexed Crediting Rate Strategy. The Strategy Base Value represents the amount contributed to the Indexed Crediting Rate Strategy, subject to reductions during the Strategy Period. Generally, when a partial Withdrawal is taken from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, the Strategy Base Value will be proportionately reduced, and this reduction could be greater than the amount withdrawn. When a partial Withdrawal is taken from an Indexed Crediting Rate Strategy on the Strategy Maturity Date, the Strategy Base Value is reduced by the amount withdrawn. A reduction to your Strategy Base Value prior to the end of the Strategy Period for an Indexed Crediting Rate Strategy will result in lower Strategy Interim Values for the remainder of the Strategy Period. Also, a reduction to your Strategy Base Value will result in less gain or more loss, as applicable, at the end of a Strategy Period.

For additional information, see **10. Valuing Your Contract – Impact of Withdrawals from Indexed Crediting Rate Strategies.**

**Performance Lock Risk**

If you exercise a Performance Lock, and the locked-in Strategy Interim Value is less than your Strategy Base Value, you will be locking-in a loss rather than a gain. The loss could be significant. The Indexed Strategy Interest you receive upon exercising the Performance Lock may be lower than the Indexed Strategy Interest you would have received on the Strategy Maturity Date if you hadn't exercised the Performance Lock. Similarly, you may receive a negative Indexed Strategy Interest due to exercising Performance Lock when, had you not exercised Performance Lock, you would have received a positive Indexed Strategy Interest on the Strategy Maturity Date. You also may receive less than the full protection of the Buffer Percentage or Floor Percentage (as applicable). This is due to the Strategy Interim Value being applied in calculating the Indexed Strategy Interest instead of the point-to-point crediting method. If a Performance Lock is exercised, the Indexed Crediting Rate Strategy's Floor Percentage or Buffer Percentage, Index Cap Rate, Index Participation Rate and Index Trigger Rate and Trigger Threshold (as applicable) will no longer be applied on the Strategy Maturity Date. If a Performance Lock has been exercised and the current Strategy Maturity Date is later than the next Contract Anniversary, the Strategy Period is shortened, and the Strategy Maturity Date is moved up to the next Contract Anniversary.

In addition, at the time you exercise a Performance Lock, you will not know the locked-in Strategy Interim Value in advance because the Strategy Interim Value is calculated at the end of the Business Day. The locked-in Strategy Interim Value could be lower than you anticipated. If you submit a Performance Lock request, the locked-in Strategy Interim Value may be lower or higher than the Strategy Interim Value that was last calculated before you submitted your request. If you establish a Lock Threshold, you will not know the locked-in Strategy Interim Value in advance, although the locked-in Strategy Interim Value will be at least equal to the Lock Threshold. For additional information on how the Strategy Interim Value is calculated, see **10. Valuing Your Contract – Indexed Crediting Rate Strategy Value and the Statement of Additional Information**.

You can obtain the current Strategy Interim Value by calling us at 1-833-4-ASPIDA (1-833-427-7432) or by visiting https://sso.aspida.com/ and using your secure login. However, as explained above, if you were to exercise Performance Lock, the locked-in Strategy Interim Value may be more or less than the quoted value. You should speak to your financial professional before executing a Performance Lock.

We will not provide advice or notify you regarding whether you should exercise the Performance Lock features or the optimal time for doing so. It is possible that you may exercise Performance Lock at a sub-optimal time during the Strategy Period, or that there is no optimal time to exercise Performance Lock during a Strategy Period. We will not warn you if you exercise the Performance Lock features at a sub-optimal time. We are not responsible for any losses or foregone gains related to your decision whether or not to exercise the Performance Lock features.

Once a Performance Lock is executed, it is irrevocable for that Strategy Period. A lock-in will not be applied retroactively and can only be exercised for the entire Indexed Crediting Rate Strategy. A Performance Lock may only be exercised once per Strategy Period for each Indexed Crediting Rate Strategy.

For additional information, see **8. The Indexed Crediting Rate Strategies – Performance Lock Feature**.

**Fixed Crediting Rate Strategy Risk**

We determine the annual interest rate for the Fixed Crediting Rate Strategy at our discretion. In no event will we declare an annual interest rate lower than the Guaranteed Minimum Interest Rate of 0.25%. You bear the risk that we will not credit interest for a new Strategy Period at a rate greater than the Guaranteed Minimum Interest Rate. There is no guarantee that the Fixed Crediting Rate Strategy will be made available for future Strategy Periods.

For additional information, see **9. The Fixed Crediting Rate Strategy**.

**Insurance Company Risks**

An investment in the Contract is subject to risks related to the Company. No company other than us has any legal responsibility to pay amounts that we owe under the Contract including amounts allocated to the Indexed Crediting Rate Strategies and Fixed Crediting Rate Strategy. The general obligations and any guaranteed benefits under the Contract are supported by our general account and are subject to our claims paying ability. You should look solely to our financial strength for our claims-paying ability.

The Unregistered Separate Account, which we use to support the Indexed Crediting Rate Strategies, is not insulated and, like our general account, is subject to the claims of our creditors. It is also non-unitized, which means neither a Contract Owner nor amounts allocated to the Indexed Crediting Rate Strategies participate in the performance of the assets held in the Unregistered Separate Account.

**Risk of Adverse Tax Consequences**

The tax considerations associated with the Contract vary and can be complicated. We cannot provide detailed information on all tax aspects of the Contracts. Moreover, the tax aspects that apply to a particular person's Contract may vary depending on the facts applicable to that person. Tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect contracts purchased before the change. Congress may also consider further proposals to comprehensively reform or overhaul the United States tax and retirement systems, which if enacted, could affect the tax benefits of a contract. We cannot predict what, if any, legislation will actually be proposed or enacted. Before making contributions to your Contract or taking other action related to your Contract, you should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Contract.

**Business Disruption and Cybersecurity Risks**

We rely heavily on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our business. Because our business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyberattacks. Cyber-attacks may be systemic (e.g., affecting the internet, cloud services, or other infrastructure) or targeted (e.g., failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks). Cybersecurity risks include, among other things, the loss, theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on our websites (or the websites of third parties on whom we rely), other operational disruption and unauthorized release, use or abuse of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil. Due to the increasing sophistication of cyber-attacks, a cybersecurity breach could occur and persist for an extended period of time without detection. Systems failures and cyberattacks, as well as, any other catastrophic event, including natural and manmade disasters, public health emergencies, pandemic diseases, terrorist attacks, floods or severe storms affecting us, any third-party administrator, intermediaries and other affiliated or third-party service providers may adversely affect us, our business operations and your Contract Value and interfere with our ability to process contract transactions and calculate Contract Values. Systems failures and cyberattacks may also interfere with our processing of contract transactions, including the processing of orders from our website, impact our ability to calculate Contract Values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or cause other operational issues, subject us and/or our service providers and intermediaries to regulatory fines, litigation and financial losses and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities of which the Indices are comprised, which may cause the Indices to lose value. The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your Contract Value. There can be no assurance that we or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your Contract.

In addition, we are also exposed to risks related to natural and man-made disasters, including, but not limited to, storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, or any other event, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic such as COVID-19, could result in our workforce, and/or employees of service providers and/or third-party administrators, being compromised and unable or unwilling to fully perform their responsibilities, which could likewise result in interruptions in our service. This could interfere with our processing of contract transactions, including processing orders from owners, impact our ability to calculate Contract Value, or have other adverse impacts on our operations. These events may also negatively affect our service providers and intermediaries, and issuers of securities of which the Indices are comprised, which may cause the Indices to lose value. There can be no assurance that we or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

**5.** **About the Company and How to Contact Us**

Our obligations under the Contract (including the Indexed Crediting Rate Strategies, Fixed Crediting Rate Strategy, death benefits, income payments and other benefits available under the Contract) are obligations of Aspida Life Insurance Company and are subject to the Company's financial strength and claims-paying ability. Certain assets supporting the Indexed Crediting Rate Strategies are held in an uninsulated separate account, which, like the Company's general account, are subject to the claims of the Company's creditors. The Company is obligated to pay all amounts promised to investors under the Contracts.

We rely on the exemption from the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), provided by Rule 12h-7 under the 1934 Act with respect to registered non-variable insurance contracts (such as the Contract) that we issue.

The Company's business address is 2327 Englert Drive, Durham, NC 27713.

**How to contact us**:

● Call us at 1-833-4-ASPIDA (1-833-427-7432) between the hours of 9 a.m. and 6 p.m. Eastern Time.

● Mail your instructions to us at our Administrative Office.

● Visit us at www.aspida.com using your secure login.

● Email us at <u>clientsupport@aspida.com</u>.

**6.** **Fees, Charges and Adjustments**

There are fees, charges and adjustments associated with the Contract that may reduce the return on your investment.

**Withdrawal Charges**

Prior to the Annuitization Date, you can take a Withdrawal of part or all of your Contract Value. Restrictions may apply to qualified Contracts. During the first six Contract Years, we may apply a Withdrawal Charge to amounts you withdraw to compensate us for expenses of the Contract relating to sales, including commissions to registered representatives and other promotional expenses.

If a Withdrawal Charge applies to a Withdrawal, the charge will be a percentage of the amount withdrawn to which the Withdrawal Charge applies. We will deduct the Withdrawal Charge from the amount withdrawn. If you surrender your Contract, the Withdrawal Charge is calculated as part of your Surrender Value.

The applicable Withdrawal Charge percentage will depend on the Contract Year during which the Withdrawal is taken. The schedule below sets forth the Withdrawal Charge percentages under the Contract. The Withdrawal Charge schedule starts at 7% and declines until the seventh Contract Year when it reaches 0%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Contract Year** | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7+ |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawal Charge<br>(As a percentage of the amount withdrawn that is subject to<br> Withdrawal Charges) | &nbsp;&nbsp;7% | &nbsp;&nbsp;7% | &nbsp;&nbsp;6% | &nbsp;&nbsp;5% | &nbsp;&nbsp;4% | &nbsp;&nbsp;3% | &nbsp;&nbsp;0% |

---

**Free Withdrawals**

After the first Contract Anniversary, you can withdraw up to the Free Withdrawal Amount each Contract Year without incurring Withdrawal Charges; however, if you take a Withdrawal from an Indexed Crediting Rate Strategy prior to Strategy Maturity, we will apply the Strategy Interim Value Adjustment, which could be negative and could result in significant loss of your investment. Your Free Withdrawal Amount for each Contract Year is 10% of your Contract Value on the first day of that Contract Year or, if you own a qualified Contract, your Required Minimum Distribution for the calendar year if greater. After the sixth Contract Year, your entire Contract Value is available for Withdrawal without Withdrawal Charges. However, Withdrawals from the Indexed Crediting Rate Strategies in which you invest after the sixth Contract Year that are taken prior to the Strategy Maturity date will continue to be subject to Strategy Interim Value Adjustments.

If you Surrender your Contract, the Withdrawal Charge will apply to your Contract Value in excess of the remaining Free Withdrawal amount for the Contract Year in which the Surrender is taken.

While Withdrawal Charges will not apply to amounts taken as a Free Withdrawal, all Withdrawals, including Free Withdrawals, will be based on your Contract Value, which, if taken prior to Strategy Maturity, will be based on the Strategy Interim Values of the Indexed Crediting Rate Strategies in which you invest. The Strategy Interim Value of an Indexed Crediting Rate Strategy may reflect a gain or loss.

The Free Withdrawal amount is not cumulative, so any Free Withdrawal amount not used in one year does not increase the Free Withdrawal amount in subsequent years. If the Withdrawal is in excess of the Free Withdrawal amount, you will have to pay any applicable Withdrawal Charge on the excess amount, unless the Withdrawal Charges are subject to a waiver. See **12. Access to Your Money During the Accumulation Phase – Withdrawal Charge Waivers** for information about the Contract's Withdrawal Charge waivers. Please note that any amounts withdrawn pursuant to a Withdrawal Charge waiver will count against the Free Withdrawal Amount for a Contract Year.

For example, assume your Contract Value is $125,000 at the beginning of the second Contract Year and you request a Withdrawal of $25,000. Since that amount is more than your Free Withdrawal amount ($12,500), you would pay a Withdrawal Charge of $875 on the remaining $12,500 (e.g., 7% x ($25,000- $12,500) = $875).

Keep in mind that Withdrawals may be taxable and, if taken before age 59½, may be subject to a 10% federal penalty tax, in addition to any other income taxes payable. For tax purposes, Withdrawals from non-qualified Contracts are considered to come from taxable earnings first.

**Transaction Fees**

If you request a duplicate copy of your Contract or a periodic report, you will be assessed a fee of $25.

**State Premium Taxes**

Premium Taxes are any taxes related to this Contract imposed on us by states or other governmental jurisdictions, which currently range from 0% to 3.5%. If We incur Premium Taxes, we reserve the right to deduct such taxes from the Contract Value. Premium taxes may be deducted:

&nbsp;&nbsp;&nbsp;&nbsp;(1) At the time the single Premium Payment is made;

&nbsp;&nbsp;&nbsp;&nbsp;(2) On the Annuitization Date;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The date any Withdrawals are made; or

&nbsp;&nbsp;&nbsp;&nbsp;(4) On a mutual date we decide after such Premium Taxes are Imposed. The time at which a Premium Tax, of any, Is
Imposed may depend on Your place of residence.

We have the right to postpone the payment until the latest possible date if We are given an option as to when to pay Premium Taxes.

 **Strategy Interim Value Adjustments**

We will apply a Strategy Interim Value Adjustment if you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), upon payment of a death benefit or upon annuitization from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date because the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. The Strategy Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment until maturity. The Strategy Interim Value Adjustment could result in up to a 100% loss of the Strategy Base Value in extreme situations.

The Strategy Interim Value is based on the value of the hypothetical investments and derivatives established at the beginning of the Strategy Period (which we may or may not actually hold) that are designed to replicate interest provided by an Indexed Crediting Rate Strategy at the end of a Strategy Period less a provision for the cost attributable to reasonably expected or actual trading costs at the time of calculation. The Strategy Interim Value will generally be negatively affected by increases in the expected volatility of index prices and by poor market performance. All other factors being equal, the Strategy Interim Value would be lower the earlier a Withdrawal or surrender is made during a Strategy Period.

Withdrawals from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date reduce the Strategy Base Value on a pro rata basis by the same proportion that the Strategy Interim Value is reduced on the date of the Withdrawal. We use the Strategy Base Value to determine your Strategy Maturity Value, and removing funds from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date may result in less positive Indexed Strategy Interest being credited on the Strategy Maturity Date. Because of the pro rata reduction in your Strategy Base Values, in the event of a negative adjustment based on the Strategy Interim Values, your future Contract Value, Surrender Value, and Death Benefit could be reduced by an amount greater than the value

withdrawn. For more information about the Strategy Interim Values, including examples illustrating the operation of the Strategy Interim Values, please see the **Statement of Additional Information**.

The use of Strategy Interim Values transfers risk from us to you to protect us from losses on our investments supporting the Indexed Crediting Rate Strategies if amounts are removed prematurely.

You can obtain the Strategy Interim Values for the Indexed Crediting Rate Strategies in which you invest by calling us at 1-833-4-ASPIDA (1-833-427-7432) or by visiting https://sso.aspida.com/ and using your secure login. This value can fluctuate daily, and the current value quoted may differ from the actual Strategy Interim Values at the time of a transaction.

For more information, see **10. Valuing Your Contract – Indexed Crediting Rate Strategy Value.**

**7.** **Purchasing the Contract**

You may purchase a Contract only through a registered representative of a broker-dealer that has a selling agreement with our affiliated distributor, Aspida Financial Distributors, LLC. The Contract may not be available through all broker-dealers who have a selling agreement with Aspida Financial Distributors, LLC. Some selling broker-dealers may limit the availability of certain Indexed Crediting Rate Strategies or other features available under the Contract. Your broker-dealer may impose additional conditions on the purchase of the Contract other than those which we or other selling firms impose. We reserve the right to reject any application for a Contract at our discretion. We also reserve the right to discontinue the sale of the Contracts at any time.

To purchase the Contract, any Owner and any Annuitant must be no older than Age 85. If you are purchasing a Qualified Contract, you must be no younger than Age 18.

**Single Premium Payment**

You may purchase the Contract by completing an application and submitting a minimum Premium Payment of $25,000. The Contract is a single premium annuity contract. This means only one Premium Payment is allowed under the Contract. However, the single Premium Payment may be received from multiple sources. For IRAs, because the minimum Premium Payment we accept exceeds the annual contribution limits for IRAs, your Premium Payment must include a rollover contribution from an existing IRA or qualified retirement plan balance.

We will not deem correspondence, including transactional inquiries including applications and Premium Payments to be received by us until picked up at our Administrative Office address.

We reserve the right not to accept third-party checks. In some circumstances and at our discretion, we may accept third-party checks that are from a rollover or transfer from other financial institutions.

Any Premium Payment that exceeds $2.0 million and any Premium Payment that, when aggregated with previous Premium Payments made under other contracts issued by us, exceeds $2.0 million is subject to our approval. Additionally, we reserve the right to refuse any Premium Payment that does not meet our minimum Premium Payment requirements, is not in Good Order, or is otherwise contrary to law for us to accept. In addition, we reserve the right to refuse any application. If we refuse your application, we will return your Premium Payment to you.

We will not issue the Contract until your application is in Good Order and we have received the full amount of the Premium Payment. We are not responsible for lost investment opportunities while we review your application or await payment of your Premium. Any Premium Payment we receive before we issue the Contract will be held in our general account until we credit the full Premium amount to your Contract on the Contract Effective Date, and it will not be held in the Fixed Crediting Rate strategy or earn interest during this time. See **16. Additional Information – General Account** We do not accept any additional Premiums after the Contract Effective Date. Your application will not be considered to be in Good Order and your Contract will not be issued until your Premium Payments from all sources have been received by us.

**Initial Rates and Rate Lock**

When we issue the Contract, we will apply the higher of our current rates or the rates in effect on the date you signed the Contract application, including Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds, as long as we issue the Contract within 60 days of the date you signed the application. If we issue the Contract more than 60 days after the date you signed the application, we will apply the rates in place on the Contract Effective Date, which will be made available to you at least seven days before your Contract Effective Date, even if those rates are lower than the rates in place on the date you signed the application. If the rates in place on the Contract Effective Date are lower than the rates in place at the time you signed the application and you are dissatisfied with those rates, you can cancel your Contract within 21 days of receiving it

and have your Premium (less Withdrawals) returned to you, without deduction for Withdrawal Charges or any other fees or charges. There may be tax consequences if you cancel your Contract, so you should consult with your financial or tax professional before doing so. We will post new Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds to our public website at <u>https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf</u> at least 15 days prior to becoming effective.

**Allocating Your Premium Payment**

You must tell us how to apply your Premium Payment by specifying in the Contract application your desired allocation (by percentage) among the Indexed Crediting Rate Strategies and the Fixed Crediting Rate Strategy. There are no default allocation options and your application will not be considered to be in Good Order if you do not provide your desired allocations. All allocations must be in whole percentages totaling 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%. Your Premium Payment will be allocated according to your instructions on the Contract Effective Date.

**Contract Owner's Rights**

During the accumulation phase, the Owner has all rights to the benefits under the Contract. The Annuitant and any Joint Annuitant (if not the Owner or Joint Owner, respectively) do not have any rights to the Contract. All of your rights of ownership cease upon your death.

A non-qualified Contract can be owned by Joint Owners. Both Joint Owners must be natural persons who are lawfully wedded to each other. All references to "you" or "Owner" throughout this prospectus and in the Contract shall mean both Joint Owners. Each Joint Owner has equal ownership rights and either Joint Owner may exercise all rights of an Owner under this Contract. Only two Owners are allowed per Contract. An Owner who is a non-natural person (e.g., a corporation or trust) may not name a Joint Owner.

During the annuity phase you are still the only person with material rights to the Contract. For more details on the annuity phase, see **13. Annuity Payments**. After the death of the Owner, the primary beneficiary(ies) have the rights to the death benefit, if any.

If your Contract is Qualified, you may not change either the Owner or the Annuitant.

If an Annuitant who is not an Owner dies while the Contract is in the accumulation phase, a new Annuitant may be named unless the Owner is a corporation, trust or other entity.

During the accumulation phase, the Beneficiary is the person(s) or entity (or entities) that the Owner designates to receive the Death Benefit. For more information, see **14. Benefits Available Under the Contract - Death Benefit**. If there are Joint Owners, the surviving Owner is automatically treated as the Beneficiary upon the death of an Owner. You initially name the Beneficiary (or Beneficiaries) on your Contract application, and you may change a Beneficiary at any time by sending us Notice. If you have designated a Beneficiary as irrevocable, the Beneficiary must consent in writing to any change. A new Beneficiary designation revokes any prior designation and is effective when signed by you. We are not responsible for the validity of any Beneficiary designation or for any legitimate actions we may take under the Contract (including payments) prior to receiving a request to change a Beneficiary. If an Owner dies during the annuity phase, we will make any remaining guaranteed Annuity Payments to the surviving Joint Owner. If there is not a surviving Joint Owner, we will pay your Beneficiary any remaining Annuity Payments.

**Assignment**

To the extent allowed by state law, we reserve the right to refuse our consent to any assignment at any time on a nondiscriminatory basis if the assignment would violate or result in noncompliance with any applicable state or federal law or regulation. You may request to assign or transfer your rights under the Contract by sending us a signed and dated request. We will not be bound by an assignment until we acknowledge it.

Unless you specify otherwise, an assignment or transfer is effective as of the date you signed the notice of change. However, we are not responsible for any legitimate actions (including payments) that we take under the Contract prior to receiving the notice. We are not responsible for the validity of any assignment or transfer. To the extent allowed by law, payments under the Contract are not subject to legal process for the claims of creditors.

A Qualified Contract may not be assigned except as permitted by the Internal Revenue Code.

**Right To Examine**

You may cancel the Contract without charge by returning it to us within 21 days after you receive your Contract (30 days if this Contract replaces another annuity contract), or such longer period as may be required by your state. If you cancel your Contract during this period, we will issue a refund in the amount of your Premium Payment (less Withdrawals), including all charges that may have been deducted from your Contract and you will not be subject to a Withdrawal Charge.

We do not limit the available Investment Options during the Right to Examine period and we will be subject to the investment risk if you cancel your Contract during the right to examine period.

The amount of your refund may depend on if your Contract is a replacement of another insurance or annuity contract.

If you cancel your Contract by exercising your Right to Examine, regardless of the reason, and then attempt to purchase a substantially similar Contract we may refuse to issue the similar Contract.

For a state-by-state description of material variations of this Contract, including the right to examine period, see **Appendix B: Material State Variations**.

**Electronic Delivery**

To apply for a Contract, you must consent to receive your Contract, prospectus, prospectus supplements, statements, transaction confirmations, and other notices, correspondence, and documentation in electronic format instead of receiving paper copies. We will not send you paper copies of any Contract documents which are available to you in electronic format. Not all documents may be available in electronic format. Any documents not available in electronic format will be mailed to you. Electronic documents will be available through your online account on our website, and we will send you an e-mail message when any new Contract document becomes available. The e-mail message will also contain instructions about how to access the document. It is your responsibility to provide us with your current e-mail address. You may request a paper copy of any document free of charge, and you may revoke your consent to receive all documents in electronic format at any time without cost, by contacting us.

**8.** **The Indexed Crediting Rate Strategies**

**General**

The Contract currently offers several Indexed Crediting Rate Strategies to which you may allocate your premium, including some Indexed Crediting Rate Strategies that provide a Buffer Percentage and some that provide a Floor Percentage.

We will credit positive or negative Indexed Strategy Interest at the end of a Strategy Period to amounts allocated to an Indexed Crediting Rate Strategy based, in part, on the performance of the Index. An investment in an Indexed Crediting Rate Strategy is not an investment in the Index or in any Index fund.

With the exception of Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, each of the available Indexed Crediting Rate Strategies utilizes a point-to-point Crediting Strategy with either an Index Cap Rate, Index Participation Rate or Index Trigger Rate to calculate Indexed Strategy Interest based on the Index Return from the Strategy Start Date to the Strategy Maturity Date. Additional information about how each Crediting Strategy works is provided below. You can select Indexed Crediting Rate Strategies with Strategy Periods of either one year, three years or six years. The Indexed Crediting Rate Strategies provide different Buffer Percentage or Floor Percentage options. Greater downside protection in the form of a higher Buffer Percentage or lower Floor Percentage may result in less upside potential in the form of a lower Index Cap Rate, Index Participation Rate or Index Trigger Rate.

You could lose a significant amount of money if the Index declines in value, and you can lose a significant amount of money due to the use a Strategy Interim Value Adjustment if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. We can add or remove Indexed Crediting Rate Strategies and change the features of an Indexed Crediting Rate Strategy from one Strategy Period to the next, including the Index and the current limits on Index gains (the Index Cap Rate, Index Participation Rate or Index Trigger Rate) and losses (the Buffer Percentage or Floor Percentage), subject to the minimum guarantees described in this Prospectus.

**Information regarding the features of each currently offered Indexed Crediting Rate Strategy, including (i) its name, (ii) the type of Index, (iii) its Strategy Period, (iv) its Index Crediting Methodology; (v) its current limit on Index loss, and (vi) its minimum limit on Index gain, is available in an appendix to the prospectus. See Appendix A – Investment Options Available Under the Contract.**

**Strategy Periods**

The Strategy Period for an Indexed Crediting Rate Strategy is either one, three or six years. Strategy Periods always begin and end on a Contract Anniversary, meaning the Strategy Maturity Date for a Strategy Period is the Strategy Start Date for the next Strategy Period. Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional which Strategy Period lengths may be appropriate for you based on your liquidity needs, investment horizon and financial goals. Investing in Indexed Crediting Rate Strategies with shorter Strategy Periods will provide more frequent crediting of Indexed Strategy Interest Crediting and opportunities to transfer Contract Value; however, assuming the same Index and limit on Index loss, Indexed Crediting Rate Strategies with shorter Strategy Periods generally tend to have less potential for gain. Conversely, investing in Indexed Crediting Rate Strategies with longer Strategy Periods will provide less frequent crediting of Indexed Strategy Interest Crediting and opportunities to transfer Contract Value; however, assuming the same Index and limit on Index loss, Indexed Crediting Rate Strategies with longer Strategy Periods generally tend to have more potential for gain.

**All amounts allocated to an Indexed Crediting Rate Strategy must remain in the indexed Crediting Rate Strategy until the Strategy Maturity Date to be credited with Indexed Strategy Interest and to avoid a possible negative Strategy Interim Value Adjustment in addition to Withdrawal Charges and tax consequences.**

In addition to Withdrawals, annuitization and Death Benefit payments are based on Strategy Interim Value. See **10. Valuing Your Contract- Indexed Crediting Rate Strategy Value**.

**Crediting Methods**

We calculate and credit interest for each Indexed Crediting Rate Strategy based on the performance of an Index. Interest is calculated by multiplying the Strategy Base Value by the Indexed Crediting Rate. The Indexed Crediting Rate is the Index Return measured over the applicable Strategy Period, adjusted for any applicable Index Cap Rate, Index Participation Rate, Index Trigger Rate, Buffer Percentage and Floor Percentage.

*Calculating the Index Return*. With the exception of Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, which is described below, each Indexed Crediting Rate Strategy uses a "point-to-point" method for calculating the Index Return. For any Strategy Period, a "point-to-point" method compares the Index Value on the Strategy Start Date and Strategy Maturity Date. Example: Assume that you allocate funds to an Indexed Crediting Rate Strategy using the S&P 500<sup>®</sup> Index and between the Strategy Start Date and Strategy Maturity Date, the closing value of the S&P 500<sup>®</sup> on those two dates increased by 8%. There would be a positive Index Return of 8% for that Indexed Crediting Rate Strategy for the Strategy Period. If instead the S&P 500<sup>®</sup> decreased by 5%, there would be a 5% negative Index Return for the Indexed Crediting Rate Strategy for the Strategy Period.

*Calculating the Indexed Crediting Rate*. After the Index Return is calculated at the end of the Strategy Period, for any positive Index Return, we then limit your Index gains by applying the Index Cap Rate, Index Participation Rate or Index Trigger Rate for that Indexed Crediting Rate Strategy to calculate the Indexed Crediting Rate. For any negative Index Return, we will then limit your Index losses by applying the Buffer Percentage or Floor Percentage for the Indexed Crediting Rate Strategy to calculate the Indexed Crediting Rate.

*Limits on Index Losses*

● <u>Buffer Percentage</u>. If an Indexed Crediting Rate Strategy has a Buffer Percentage, the Buffer Percentage represents the amount of any negative Index Return the Company will absorb before you are credited with negative interest. Each Indexed Crediting Rate Strategy with a Buffer Percentage will specify the Buffer Percentage for that strategy. Depending on which Indexed Crediting Rate Strategy you select, the Buffer Percentage will provide protection from a negative Index Return of up to -10% or up to -20%. The Buffer Percentage will not change during a Strategy Period.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes a Buffer Percentage when the Index Return is negative assuming hypothetical Index Returns and hypothetical limits on Index losses. The examples assume no Withdrawals.

*Example 1*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Buffer Percentage of -10% and, at the end of the Strategy Period, there is a negative Index Return of -8%. In this case, to determine the Indexed Crediting Rate we would compare the Buffer Percentage of -10% to the negative Index Return of- 8%. Because the negative Index Return (-8%) does not exceed the Buffer Percentage of -10%, the Indexed Crediting Rate would be 0%. As a result, we would not credit any negative interest to your Strategy Base Value. In this example, the Buffer Percentage provided complete downside protection by preventing you from being credited with negative interest.

*Example 2*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Buffer Percentage of -10% and, at the end of the Strategy Period, there is a negative Index Return of -15%. In this case, to determine the Indexed Crediting Rate, we would compare the Buffer Percentage of -10% to the negative Index Return of -15%. Because the negative Index Return (-15%) exceeds the Buffer Percentage of -10%, the Indexed Crediting Rate would be -5% (Index Return of -15% offset by a Buffer Percentage of -10%). As a result, we would credit negative interest equivalent to your Strategy Base

Value multiplied by -5%. In this example, the Buffer Percentage provided downside protection because it did limit your loss from -15% to -5%, but it did not provide complete downside protection.

**The Buffer Percentage for an Indexed Crediting Rate Strategy will not change while we continue to offer that Indexed Crediting Rate Strategy. However, we reserve the right to add and remove Indexed Crediting Rate Strategies as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next, provided that we will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. The Buffer Percentage provides only limited protection from downside risk. You should understand that the Buffer Percentage does not provide absolute protection against negative interest being credited. You may lose money.**

**Every Indexed Crediting Rate Strategy has its own Buffer Percentage or Floor Percentage. Any portion of your Contract Value that is not allocated to an Indexed Crediting Rate Strategy that includes a Buffer Percentage will not benefit from the protection afforded by a Buffer Percentage.**

● <u>Floor Percentage</u>. If an Indexed Crediting Rate Strategy has a Floor Percentage, the Floor Percentage is the maximum negative Indexed Crediting Rate for that Indexed Crediting Rate Strategy for a given Strategy Period. Each Indexed Crediting Rate Strategy with a Floor Percentage will specify the Floor Percentage for that strategy. Depending on which Indexed Crediting Rate Strategy you select, the Floor Percentage will provide protection from a negative Index Return greater than -10% or greater than 0%. If the Floor Percentage is 0%, you are protected from all losses on the Strategy Maturity Date. Before selecting an Indexed Crediting Rate Strategy, you should consider whether the limit on Index gains imposed under the Indexed Crediting Rate Strategy and the protections against Index losses offered by the Floor Percentage are appropriate based on your risk tolerance and investment needs. The Floor Percentage will not change during a Strategy Period. **We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.** 

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes a Floor Percentage when the Index Return is negative assuming hypothetical Index Returns and hypothetical limits on Index losses. The examples assume no Withdrawals.

*Example 1:* Assume that you allocate Funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of -10% and, at the end of the Strategy Period, the Index Return is -5%. In this case, to calculate the Indexed Crediting Rate, we would compare the Index Floor of -10% to the Index Return of -5%. Because the Floor Percentage (-10%) is less (more negative) than the Index Return (-5%), the Indexed Crediting Rate would be -5%. As a result, we would credit negative interest to your Strategy Base Value at the Indexed Crediting Rate of -5%. In this example, the Floor Percentage did not provide any downside protection.

*Example 2:* Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of -10% and, at the end of the Strategy Period, the Index Return is -15%. In this case, to calculate the Indexed Crediting Rate, we would compare the Floor Percentage of -10% to the Index Return of -15%. Because the Floor Percentage (-10%) is higher (less negative) than the Index Return (-15%), the Indexed Crediting Rate would be -10%. As a result, we would credit negative interest to your Strategy Base Value at the Indexed Crediting Rate of -10%. In this example, the Floor Percentage provided downside protection by limiting your loss.

*Example 3:* Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of 0% and, at the end of the Strategy Period, the Index Return is -15%. Because a Floor Percentage of 0% protects you against all negative Index Returns, the Indexed Crediting Rate would be 0%. As a result, we would not credit any negative or positive interest to your Strategy Base Value. A Floor Percentage of 0% provides downside protection by ensuring you have no loss on the Strategy Maturity Date.

**The Floor Percentage for an Indexed Crediting Rate Strategy will not change while we continue to offer that Indexed Crediting Rate Strategy. However, we reserve the right to add and remove Indexed Crediting Rate Strategies as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next. Unless the Floor Percentage is 0%, the Floor Percentage provides only limited protection from downside risk. You should understand that the Floor Percentage does not provide absolute protection against negative interest being credited. You may lose money.**

**Every Indexed Crediting Rate Strategy has its own Buffer Percentage or Floor Percentage. Any portion of your Contract Value that is not allocated to an Indexed Crediting Rate Strategy that includes a Floor Percentage will not benefit from the protection afforded by a Floor Percentage.**

We set the limit on Index losses for each Indexed Crediting Rate Strategy at our sole discretion. We consider various factors in determining the limit on Index losses, including the cost of our risk management techniques, sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors. Generally, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides more protection from Index losses will tend to have less potential for Index gains. Conversely, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides less protection from Index losses will generally tend to have more potential for Index gains.

Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional the limits on Index losses that may be appropriate for you based on your risk tolerance, investment horizon and financial goals.

*Limits on Index Gains*

● <u>Index Cap Rate.</u> If an Indexed Crediting Rate Strategy has an Index Cap Rate, the Index Cap Rate represents the maximum positive Index Return that would be used to calculate the Indexed Crediting Rate for a given Strategy Period, which will limit your positive returns. The Indexed Crediting Rate for the Strategy Period will be the lesser of (i) the Index Return and (ii) the Index Cap Rate. We set the Index Cap Rate for each Indexed Crediting Rate Strategy prior to the Strategy Start Date. The Index Cap Rate may be different for different Indexed Crediting Rate Strategies and may vary for any Strategy Period for any Indexed Crediting Rate Strategy. In no event will an Index Cap Rate be lower than the Guaranteed Minimum Cap Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Cap Rate when the Index Return is positive assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

*Example 1*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Cap Rate of 6%. Also assume that at the end of the Strategy Period, the positive Index Return is 5%. In this case, to determine the Indexed Crediting Rate, we would compare the 5% to the Index Cap Rate of 6%. Because the positive Index Return is less than the Index Cap Rate (6%), the full 5% would be used for the Indexed Crediting Rate. As a result, you would be credited with Indexed Strategy Interest equivalent to 5% of your Strategy Base Value. In this example, the Index Cap Rate did not limit your potential gain.

*Example 2*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Cap Rate of 7%. Also assume that at the end of the Strategy Period, the positive Index Return is 10%. In this case, to determine the Indexed Crediting Rate, we would compare the 10% to the Index Cap Rate of 7%. Because the positive Index Return is higher than the Index Cap Rate (7%), the Index Cap Rate of 7% would be used for the Indexed Crediting Rate. As a result, you would be credited with Indexed

Strategy Interest equivalent to 7% of your Strategy Base Value. In this example, the Index Cap Rate limited your potential gain.

**The Index Cap Rates do not guarantee a certain amount of interest will be credited. The Index Cap Rates benefit us because they limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Cap Rates at our discretion. You bear the risk that we will not set the Index Cap Rates higher than the Guaranteed Minimum Cap Rates.**

● <u>Index Participation Rate</u>. If an Indexed Crediting Rate Strategy has an Index Participation Rate, the Index Participation Rate represents the percentage of any positive Index Return that will be used to calculate the Indexed Crediting Rate for a given Strategy Period. The Index Participation Rate is a percentage, which can be more, less or equal to 100%, that is multiplied by the positive Index Return to determine the interest that would be credited for a given Strategy Period for an Indexed Crediting Rate Strategy. We will not apply an Index Participation Rate if the Index Return is less than zero.

● If the Index Participation Rate is greater than 100%, it will increase your upside potential when there is a positive Index Return. For example, if your Index Participation Rate is 150%, we will multiply any positive Index Return by 150%

● If the Index Participation Rate is less than 100%, it will decrease your upside potential when there is a positive Index Return. For example, if your Index Participation Rate is 50%, we will apply only 50% of the positive Index Return.

● If the Index Participation Rate is equal to 100%, it will neither increase nor decrease your upside potential. If your Index Participation Rate is 100%, we will apply the amount of the positive Index Return.

We set the Index Participation Rate for each Indexed Crediting Rate Strategy prior to the Strategy Start Date. The Index Participation Rate may be different for different Indexed Crediting Rate Strategies and may vary for any Strategy Period for any Indexed Crediting Rate Strategy. In no event will an Index Participation Rate be lower than the Guaranteed Minimum Participation Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Participation Rate when the Index Return is positive assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

*Example 1*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 120%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 120% by the Index Return of 6.0% to determine the Indexed Crediting Rate of 7.2%. You would then be credited with interest equivalent to 7.2% (120% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate increased your potential gain.

*Example 2*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 90%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 90% by the Index Return of 6.0% to determine the Indexed Crediting Rate of 5.4%. You would then be credited with interest equivalent to 5.4% (90% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate decreased your potential gain.

*Example 3*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 100%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 100% by the Index Return of 6.0% to determine the Index Crediting Rate of 6.0%. You would then be credited with interest equivalent to

6.0% (100% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate did not impact your potential gain.

**The Index Participation Rates do not guarantee a certain amount of interest will be credited. The Index Participation Rates benefit us because they may limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Participation Rates at our discretion. You bear the risk that we will not set the Index Participation Rates higher than the Guaranteed Minimum Participation Rate.**

● <u>Index Trigger Rate</u>. If an Indexed Crediting Rate Strategy has an Index Trigger Rate, the Index Trigger Rate represents the positive Crediting Rate for a given Strategy Period if the Index Return for the Strategy Period equals or exceeds the Trigger Threshold. We set the Index Trigger Rate and the Trigger Threshold for each Indexed Crediting Rate Strategy prior to the beginning of a Strategy Period, and the Index Trigger Rate and Trigger Threshold may vary between Indexed Crediting Rate Strategies. An Index Trigger Rate and/or a Trigger Threshold for a Strategy Period may be higher or lower than the Index Trigger Rates and/or Trigger Threshold for previous or future Strategy Periods. In no event will an Index Trigger Rate be lower than the Guaranteed Minimum Trigger Rate. The Trigger Threshold will never be greater than -1% or lower than the Buffer Percentage. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Trigger Rate when the Index Return equals or exceeds the Trigger Threshold assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

*Example 1:* Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is 5%. Because the Index Return is greater than the Trigger Threshold (-3%), the Index Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Index Trigger Rate was greater than the Index Return.

*Example 2:* Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is 10%. Because the Index Return is greater than the Trigger Threshold (-3%), the Indexed Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Trigger Rate limited your potential gain.

*Example 3:* Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is -1%. Because the Index Return (-1%) is greater than the Trigger Threshold (-3%), the Indexed Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Trigger Rate was greater than the Index Return.

Example 4: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is -5%. Because the Index Return (-5%) is lower than the Trigger Threshold (-3%) but above the selected Buffer Percentage (10%), the Indexed Crediting Rate will equal 0%. In this example, you were protected from the Index loss, but you were not credited with interest because the Index Return was below the Trigger Threshold but was within the Buffer Percentage.

Example 5: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the

end of the Strategy Period, the Index Return is -12%. Because the Index Return of -12% is lower than the Trigger Threshold (-3%) and also below the Buffer Percentage (10%), the Indexed Crediting Rate will equal -2% (the amount by which the Index Return exceeded the Buffer Percentage). You would then be credited with interest equivalent to -2% of your Strategy Base Value. In this example, you were protected from the first -10% of Index loss due to the Buffer Percentage.

 **The Index Trigger Rates do not guarantee a certain amount of interest will be credited unless the applicable Index Return equals or exceeds the Trigger Threshold. The Index Trigger Rates limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Trigger Rates and Trigger Thresholds at our discretion. You bear the risk that we will not set the Index Trigger Rates higher than the Guaranteed Minimum Trigger Rate and that we will not set the Trigger Threshold lower than -1%.**

*Guaranteed Annual Cap Rate and Buffer*

If an Indexed Crediting Rate Strategy has a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate and the Buffer Percentage will apply separately for each Contract Year during the 6-year Strategy Period. The annual Indexed Crediting Rate will be calculated in the same manner as for a point-to-point Indexed Crediting Rate Strategy, except it will be calculated on each Contract Anniversary. **However, no Indexed Strategy Interest will be credited to the Indexed Crediting Rate Strategy until the Strategy Maturity Date.**

If you take a Withdrawal from an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer prior to the end of the Strategy Period, your Withdrawal will be based on the Strategy Interim Value on the date of the Withdrawal, and not the gains or losses locked in for the completed Contract Years during the Strategy Period. An Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer is not appropriate for investors who intend to take withdrawals during the Strategy Period.

The Indexed Crediting Rate for the full Strategy Period will equal the cumulative result of each successive Indexed Crediting Rate for each Contract Year during the Strategy Period. The Indexed Crediting Rate for the full Strategy Period is the product of multiplying (1+ Indexed Crediting Rate) for each Contract Year during the Strategy Period and subtracting 1 from the product.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that has a Guaranteed Annual Cap and Buffer in multiple scenarios, assuming hypothetical Index performance and hypothetical limits on Index gains. The examples assume no Withdrawals.

*Example 1*: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% with varying Index Returns each Contract Year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract Year | &nbsp;&nbsp; Index <br> Performance | &nbsp;&nbsp; Index Cap<br> Rate | &nbsp;&nbsp; Buffer Percentage | &nbsp;&nbsp; Index <br> Crediting <br> Rate | &nbsp;&nbsp; Cumulative<br> Index <br> Crediting<br> Rate <br>|
| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6.0% |
| &nbsp;&nbsp; 2 | &nbsp;&nbsp; -5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 6.0% |
| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 10.2% |
| &nbsp;&nbsp; 4 | &nbsp;&nbsp; -12% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; -2% | &nbsp;&nbsp; 8.0% |
| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 14.5% |
| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 21.4% |
| &nbsp;&nbsp; Strategy Maturity Date (Cumulative) |  |  |  |  | &nbsp;&nbsp; 21.4% |

---

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal 21.4% ((1.06 \* 1.00 \* 1.04 \* 0.98 \* 1.06 \* 1.06) -1 = 21.4%).

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% and an annual Buffer of 10% with flat or negative returns each year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract <br> Year | &nbsp;&nbsp; Index<br> Performance | &nbsp;&nbsp; Index Cap <br> Rate | &nbsp;&nbsp; Buffer Percentage | &nbsp;&nbsp; Index Crediting<br> Rate | &nbsp;&nbsp; Cumulative <br> Index Crediting <br> Rate |
| &nbsp;&nbsp; 1 | &nbsp;&nbsp; -15% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; -5% | &nbsp;&nbsp; -5.0% |
| &nbsp;&nbsp; 2 | &nbsp;&nbsp; -5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; -5.0% |
| &nbsp;&nbsp; 3 | &nbsp;&nbsp; -20% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; -10% | &nbsp;&nbsp; -14.5% |
| &nbsp;&nbsp; 4 | &nbsp;&nbsp; -12% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; -2% | &nbsp;&nbsp; -16.8% |
| &nbsp;&nbsp; 5 | &nbsp;&nbsp; -7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; -16.8% |
| &nbsp;&nbsp; 6 | &nbsp;&nbsp; -25% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; -15% | &nbsp;&nbsp; -28.8% |
| &nbsp;&nbsp; Strategy Maturity Date (Cumulative) |  |  |  |  | &nbsp;&nbsp; -28.8% |

---

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal -28.8% ((0.95 \* 1.00 \* 0.90 \* 0.98 \* 1.00 \* 0.85) -1 = -28.8%).

Example 3: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% and an annual Buffer of 10% where the returns are flat or positive each year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract <br> Year | &nbsp;&nbsp; Index<br> Performance | &nbsp;&nbsp; Index Cap <br> Rate | &nbsp;&nbsp; Buffer Percentage | &nbsp;&nbsp; Index <br> Crediting Rate | &nbsp;&nbsp; Cumulative<br> Index <br> Crediting <br> Rate |
| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6.0% |
| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12.4% |
| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 12.4% |
| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 15.7% |
| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 21.5% |
| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 28.8% |
| &nbsp;&nbsp; Strategy Maturity Date (Cumulative) |  |  |  |  | &nbsp;&nbsp; 28.8% |

---

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal 28.8% ((1.06 \* 1.06 \* 1.00 \* 1.03 \* 1.05 \* 1.06) -1 = 28.8%).

**Indexed Strategy Interest is not credited to your Indexed Crediting Rate Strategy until the Strategy Maturity Date at the end of the 6-year Strategy Period. Until that time, your Contract Value will be subject to the Strategy Interim Value calculations. The Cumulative Index Crediting Rate on each**

**Contract Anniversary shown in the examples above is not available to you and is used only for the purpose of illustrating the calculation of the Indexed Strategy Interest ultimately credited on the Strategy Maturity Date.**

*Determination of Crediting Rates*

The Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds (collectively known as "crediting rates") for your initial Strategy Periods will be set forth in your Contract, will be disclosed to you at the time you apply for a Contract and will be no lower for 60 days thereafter. If your Contract is issued after that 60-day period, the crediting rates for any Indexed Crediting Rate Strategy to which you have allocated Premium will be based on our Rates in place on the Contract Effective Date and those rates will be made available at least seven days prior to the Contract Effective Date. If those rates are lower on the Contract Effective Date than at the time of your application and you are dissatisfied with those rates, you may cancel your Contract within 21 days of receiving your Contract and have the amount of your Premium returned to you without any surrender charges. Prior to the beginning of each subsequent Strategy Period, we will provide 30-day advance notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds, which we will establish at least 15 days prior to the next Strategy Period. Information about current crediting rates can be found at <u>https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf</u> and are incorporated in this prospectus by reference.

We determine Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds for each new Strategy Period at our discretion, subject to the Guaranteed Minimum Cap Rates, Guaranteed Minimum Participation Rates, Guaranteed Minimum Trigger Rates and the maximum Trigger Threshold of -1%. We consider a number of factors when declaring Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds. Generally, we seek to manage our risk associated with our obligations, in part, by trading call and put options and other derivative instruments on the available Indices. The costs of these instruments impact the rates we declare, and those costs can be impacted by market conditions and forces. We also consider sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors. You bear the risk that we may declare lower Index Cap Rates, Index Participation Rates and Index Trigger Rates and higher Trigger Thresholds for future Strategy Periods, and that such rates could be as low as the Guaranteed Minimum Cap Rates, Guaranteed Minimum Participation Rates or Guaranteed Minimum Trigger Rates and as high as a Trigger Threshold of -1% for that Indexed Crediting Rate Strategy. Rates offered for new Strategy Periods may be different from those offered to new investors or offered to you at Contract issuance. **We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. We will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2%. We will not establish an Index Participation Rate below 10%. We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively and we will not establish a Trigger Threshold greater than -1%**.

Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional the limits on Index gains that may be appropriate for you based on your risk tolerance, investment horizon and financial goals. Generally, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides less potential for Index gains will tend to have more protection from Index losses. Conversely, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides more potential for Index gains will generally tend to have less protection from Index losses.

**Performance Lock Feature**

The Contract's Performance Lock feature allows you to lock in an Indexed Crediting Rate Strategy's Strategy Interim Value prior to the Strategy Maturity Date. The Performance Lock feature is available with all of the Indexed Crediting Rate Strategies under the Contract. There is no additional charge for the Performance Lock feature.

The lock-in features may be of interest to investors who:

● Are interested in eliminating some of the uncertainty regarding future Index performance; or

● Are seeking to potentially limit the impact of a negative Indexed Strategy Interest they may otherwise receive if they don't lock in the Strategy Interim Value.

Upon exercising a Performance Lock, the Owner will receive Indexed Strategy Interest on the Strategy Maturity Date based on the Strategy Interim Value at the time of the lock instead of being calculated using the point- to- point crediting method. The Strategy Interim Value is not directly tied to the performance of the relevant Index (although Index performance impacts the Strategy Interim Value), and even if the Index has performed positively, it is possible that the Strategy Interim Value may have decreased. When you exercise a Performance Lock, you are not locking in Index Performance.

The Indexed Strategy Interest you receive on the Strategy Maturity Date after exercising a Performance Lock may be lower than the Indexed Strategy Interest you would have received on the Strategy Maturity Date if you hadn't exercised the Performance Lock. Similarly, you may receive negative Indexed Strategy Interest due to exercising Performance Lock when, had you not exercised Performance Lock, you would have received positive Indexed Strategy Interest on the Strategy Maturity Date. You also may receive less than the full protection of the Buffer Percentage or Floor Percentage (as applicable). This is due to the Strategy Interim Value being applied in calculating the Indexed Strategy Interest instead of the point-to-point crediting method. If a Performance Lock is exercised, the Indexed Crediting Rate Strategy's Floor Percentage, Buffer Percentage, Index Cap Rate, Index Participation Rate and Index Trigger Rate (as applicable) will no longer be applied on the Strategy Maturity Date. The Strategy Interim Value you lock in by exercising a Performance Lock is intended to reflect the value of your investment in an Indexed Crediting Rate Strategy when you exercise the Performance Lock. If there is a difference between your starting investment in the Indexed Crediting Rate Strategy as adjusted for any withdrawals (the Strategy Base Value) and the Strategy Interim Value, you will realize the difference as a gain or loss. This reconciles the portion of your Contract Value in the Indexed Crediting Rate Strategy with the value of assets backing the Indexed Crediting Rate Strategy.

Between the date of the lock and the Strategy Maturity Date, the Strategy Interim Value will be the locked Strategy Interim Value. You will not earn any additional interest between the date of the lock and the Strategy Maturity Date.

**If a Performance Lock has been exercised and the current Strategy Maturity Date is later than the next Contract Anniversary, the Strategy Period is shortened, and the Strategy Maturity Date is moved up to the next Contract Anniversary.** For example, if the Strategy Start Date is 9/1/2025 for a 6-year Indexed Crediting Rate Strategy (Strategy Maturity Date is 9/1/2031 before exercise of the Performance Lock) and you exercise a Performance Lock on 7/12/2028, the Strategy Maturity Date will move to 9/1/2028 at the time of exercising the Performance Lock.

**If you exercise Performance Lock and the locked-in Strategy Interim Value is less than the Strategy Base Value, you will be locking-in a loss, which could be significant. The Buffer Percentage or Floor Percentage will not apply, and the loss could be significant. You should speak to your financial professional before executing the Performance Lock.**

There are two ways to exercise the Performance Lock for an Indexed Crediting Rate Strategy: Manual Performance Lock and Target Performance Lock. We reserve the right to discontinue offering either method of exercising Performance Lock at any time, however, at least one method of exercising Performance Lock will always be available to You.

● *Manual Performance Lock* **.** Under this method, you exercise a Performance Lock by submitting a Request directing us to lock in the Strategy Interim Value for Indexed Crediting Rate Strategy. We will lock in the Strategy Interim Value on the Business Day we receive your request in Good Order. For example, if you submit a request in Good Order prior to the end of the Business Day (generally 4:00 p.m. E.T.) to lock in an Indexed Crediting Rate Strategy, the Performance Lock will be effective on that day (Performance Lock Date). If your request is received in Good Order after the end of the Business Day (generally 4:00 p.m. E.T.), or on a weekend or on a holiday, the Performance Lock will be effective on the next Business Day (Performance Lock Date).

● *Target Performance Lock.* Under this method, if a Performance Lock has not yet occurred, you may Request to set a Performance Lock Threshold. If you set a Performance Lock Threshold, we will automatically lock in the Strategy Interim Value during the remainder of the Strategy Period if the Strategy Interim Value at the end of a Business Day reaches and/or exceeds the Performance Lock Threshold. Please note that if you set a Performance Lock Threshold at a level that is below or at the Strategy Interim Value at the end of the Business Day we received your request, the Performance Lock will be exercised that day.

For example, if a Performance Lock Threshold of 10% is set, the Indexed Crediting Rate Strategy will not lock in until the Strategy Interim Value at the end of a Business Day reflects an increase from your Strategy Base Value of at least 10%. A Performance Lock Threshold may be removed or changed if you provide us with notice in Good Order at least four Business Days prior to the Strategy Maturity Date, provided a Performance Lock has not yet occurred for the specified Indexed Crediting Rate Strategy during the Strategy Period. The Strategy

Maturity Date counts as one of those four Business Days if the Strategy Maturity Date is on a Business Day.

You can Request a Performance Lock or set a Performance Lock Threshold on any Business Day up to four Business Days prior to the applicable Strategy Maturity Date. The Strategy Maturity Date counts as one of those four Business Days if the Strategy Maturity Date is on a Business Day. In order to request a Performance Lock or set Performance Lock Threshold(s) you must provide us with Notice. If you submit a Performance Lock request, the Performance Lock Date will be the Business Day we receive notice in Good Order to lock the Indexed Crediting Rate Strategy. If you establish a Performance Lock Threshold, the Performance Lock Date will be the Business Day where the increase in the Strategy Interim Value triggers the threshold you set.

Under either method for exercising a Performance Lock, you will not know the locked-in Strategy Interim Value in advance because the Strategy Interim Value is calculated at the end of the Business Day after you exercise the Performance Lock. The locked-in Strategy Interim Value could be lower than you anticipated. If you submit a Performance Lock request, the locked-in Strategy Interim Value may be lower or higher than the Strategy Interim Value that was last calculated before you submitted your request. If you establish a Performance Lock Threshold, the locked-in Strategy Interim Value will be at least equal to the threshold. For example, if Performance Lock Threshold of 10% is set, the Indexed Crediting Rate Strategy will not lock in until the Strategy Interim Value at the end of a Business Day reflects an increase from your Strategy Base Value of at least 10%.

You can obtain the current Strategy Interim Value by calling us at 1-833-4-ASPIDA (1-833-427-7432) or by visiting <u>https://sso.aspida.com/</u> and using your secure login. However, as explained above, if you were to exercise Performance Lock, the locked-in Strategy Interim Value may be more or less than the quoted value.

We will not provide advice or notify you regarding whether you should exercise the Performance Lock feature or the optimal time for doing so. It is possible that you may exercise a Performance Lock at a sub-optimal time during the Strategy Period, or that there is no optimal time to exercise Performance Lock during a Strategy Period. We will not warn you if you exercise the Performance Lock at a sub-optimal time. We are not responsible for any losses or forgone gains related to your decision whether or not to exercise the Performance Lock feature.

A potential advantage of setting a higher Performance Lock Threshold is that you can capture positive Indexed Crediting Rate Strategy performance (through a positive Indexed Strategy Interest) even if the Indexed Crediting Rate Strategy's performance later turns negative. A potential disadvantage of setting a Performance Lock Threshold is that the positive Indexed Crediting Rate Strategy performance beyond the threshold could move even higher, i.e., more positive, in which case you would miss out on a more positive Indexed Strategy Interest than the one resulting from your exercise of the Performance Lock.

Once a Performance Lock is executed, it is irrevocable for that Strategy Period. A Performance Lock will not be applied retroactively and can only be exercised for the entire Indexed Crediting Rate Strategy. A Performance Lock may only be exercised once per Strategy Period for each Indexed Crediting Rate Strategy.

We reserve the right to limit the availability of the Performance Lock feature to only certain Indexed Crediting Rate Strategies in the future.

**Indices**

Currently, each Indexed Crediting Rate Strategy credits interest based on the performance of one of the following Indices, each covering different asset classes. Not all Indices are available with each crediting strategy. There are risks associated with each of these Indices. See **4. Principal Risks of Investing in the Contract – Indexed Crediting Rate Strategy Risk** for more information about these risks.

● S&P 500<sup>®</sup> Index (SPX). The S&P 500® Index is widely regarded as the best single gauge of US large-cap equities. The index includes 500 leading companies spanning all sectors of the US stock market. It covers approximately 80% of the US equity market capitalization.

● Nasdaq-100<sup>®</sup> Index (NDX). The Nasdaq-100<sup>®</sup> Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies, including investment companies.

● Russell 2000<sup>®</sup> Index (RTY). The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

● MSCI Emerging Markets (EM) Index (MXEF). The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of the date of this prospectus, the MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and UAE .

Please note that each Index is a price return index, which means that changes in the value of the Index are determined solely by changes in the price of each security included in the Index. By contrast, a total return index also includes the value of all dividends, interest, rights offerings or other distributions associated with each security included in the index. This will reduce the Index return and will cause the Index to underperform a direct investment in the securities composing the Index. For example, the value of the S&P 500 Total Return Index incorporates dividends and other distributions by assuming that they are reinvested in the entire index.

The bar charts shown below provide each Index's annual returns for the last 10 calendar years, as well as the Index returns after applying a hypothetical 5% Index Cap and a hypothetical -10% Buffer Percentage. The chart illustrates the variability of the returns from year to year and shows how hypothetical limits on Index gains and losses may affect these returns. Past performance is not necessarily an indication of future performance.

**The performance below is NOT the performance of *any* Indexed Crediting Rate Strategy. Your performance under the Contract will differ, perhaps significantly. The performance below may reflect a different return calculation, time period, and limit on Index gains and losses than the Indexed Crediting Rate Strategy, and does not reflect Contract fees and charges, including surrender charges and the adjustment for Strategy Interim Values, which reduce performance.**

![](tm2518749d1_prosimg001.jpg)

<sup>1</sup> This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

![](tm2518749d1_prosimg002.jpg)

<sup>1</sup> This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

![](tm2518749d1_prosimg003.jpg)

<sup>1</sup> This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

![](tm2518749d1_prosimg004.jpg)

<sup>1</sup> This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

**New, Replaced or Discontinued Indices and Indexed Crediting Rate Strategies**

We reserve the right to add, remove or replace any Index or Indexed Crediting Rate Strategy in the future, subject to any necessary regulatory approvals. If we replace an Index, this will not cause a change in the Index Cap Rate, Index Participation Rate, Index Trigger Rate, Trigger Threshold, Buffer Percentage or Floor Percentage for the current Strategy Period. Adding, replacing or removing an Index does not cause a change in the Buffer Percentage or Floor Percentage because that element does not change while we continue to offer that Indexed Crediting Rate Strategy. Any new Indexed Crediting Rate Strategy based on the performance of a newly added Index will have a new Buffer Percentage or Floor Percentage and a new Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, provided that an Index Cap Rate will never be lower than the Guaranteed Minimum Cap Rate, an Index Participation Rate will never be lower than the Guaranteed Minimum Participation Rate, an Index Trigger Rate will never be lower than the Guaranteed Minimum Trigger Rate and a Trigger Threshold will never be greater than -1%. Changes to the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, if any, occur at the start of the next Strategy Period.

We may remove or replace an Index in the event of the Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by applicable regulators. We may do so at the end of a Strategy Period or during a Strategy Period. We will notify you in writing at least 30 days before we remove or replace an Index.

If we replace an Index for future Strategy Periods, we will endeavor to select a new Index that is similar to the old Index. In making this evaluation, we will look at factors such as asset class, Index composition, strategy or methodology inherent to the Index and Index liquidity. If a similar index is not found, we will substitute the original Index with a domestic or international broad-based securities market index or discontinue offering the Indexed Crediting Rate Strategy.

If we remove an Index during a Strategy Period, we will end, (i.e., mature), the Strategy Period on the date the Index is removed, and calculate the Indexed Crediting Rate based on the Indexed Crediting Rate Strategy's features (i.e. Index Cap Rate, Index Participation Rate, or Index Trigger Rate and Trigger Threshold, and Buffer Percentage or Floor Percentage, as applicable). Your Contract Value in the applicable Indexed Crediting Rate Strategy will be transferred to the Fixed Crediting Rate Strategy, and you will not be able to reallocate it until the next Contract Anniversary Date. Your Contract Value transferred to the Fixed Crediting Rate Strategy will earn interest at the applicable annual interest rate that applies to the Fixed Crediting Rate Strategy.

For example, if the S&P 500 Index is discontinued, we will mature the Indexed Crediting Rate Strategies as of the date of the most recently available Index closing value. We will use that closing value to calculate the Index Return through that date. We will apply the Index Return calculated on that date in the same way we apply the Index Return calculated on the Strategy Maturity Date for the Indexed Crediting Rate Strategies that are not terminated early. This means we will apply the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, and Floor Percentage or Buffer Percentage, as applicable. For example, if the Index Return was 8% at the time we matured the Strategy Period for a Indexed Crediting Rate Strategy with a 6% Index Cap Rate, we would credit an 6% Index Crediting Rate to your Contract Value in the applicable Indexed Crediting Rate Strategy. If the Index Return was -30% at the time we matured the Strategy Period for an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, we would credit a -20% Index Crediting Rate to your Contract Value in the applicable Indexed Crediting Rate Strategy. We will not use the Strategy Interim Value when calculating the Index Crediting Rate when an Index is removed during a Strategy Period.

Additional Index information, including disclaimers, may be found in **Appendix C: Index Disclosures**.

**9.** **The Fixed Crediting Rate Strategy**

There is only one Fixed Crediting Rate Strategy for the Contract. The Fixed Crediting Rate Strategy has a one-year Strategy Period. Amounts allocated to the Fixed Crediting Rate Strategy earn interest at the applicable annual interest rate for the Strategy Period.

Information regarding the features of the Fixed Crediting Rate Strategy, including (i) its name, (ii) its Strategy Period, and (iii) its minimum guaranteed interest rate, is available in an appendix to this prospectus. See **Appendix A: Investment Options Available Under the Contract**.

Interests in the Fixed Crediting Rate Strategy are not registered under the Securities Act of 1933 and the Fixed Crediting Rate Strategy is not registered as an investment company under the Investment Company Act of 1940. The disclosures regarding the Fixed Crediting Rate Strategy are subject to certain generally applicable provisions of the federal securities laws regarding the accuracy and completeness of disclosures.

The annual interest rate declared at the beginning of the Strategy Period is guaranteed until the Strategy Maturity Date. Interest will be credited on a daily basis during the Strategy. The daily rate is calculated as (1+Annual Interest Rate) ˄ (1/365)-1, except in a leap year, when the daily rate generally is calculated as (1+Annual Interest Rate) ˄ (1/366)-1.

If you allocate Contract Value to the Fixed Crediting Rate Strategy, the Strategy Base Value at any time will be equal to the Contract Value allocated to the Fixed Crediting Rate Strategy on the Strategy Start Date, plus interest credited to the Fixed Crediting Rate Strategy during the Strategy Period, less any amount deducted from the Fixed Crediting Rate Strategy during the Strategy Period.

For the initial Strategy Period, the annual interest rates for the Fixed Crediting Rate Strategy will be listed in your Contract. We may declare different interest rates for subsequent Strategy Periods. At least 30 days prior to the end of any Strategy Period, we will provide notice of where to find the annual interest rate for the Fixed Crediting Rate Strategy that will be available for the next Strategy Period. This notice of the upcoming renewal will be in writing and the rates will be publicly available at least 15 days prior to the Strategy Start Date for the new Strategy Period on <u>https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf</u>.

We determine the annual interest rate for the Fixed Crediting Rate Strategy at our discretion. In no event will we declare an annual interest rate lower than the Guaranteed Minimum Interest Rate of 0.25%. You bear the risk that we will not credit interest for a new Strategy Period at a rate greater than the Guaranteed Minimum Interest Rate.

The Fixed Crediting Rate Strategy is subject to the Standard Nonforfeiture Law for Individual Deferred Annuities as adopted in your state. The minimum value of the Fixed Crediting Rate Strategy on any surrender will never be less than the Minimum Nonforfeiture Amount.

For the amount allocated to the Fixed Crediting Rate Strategy, upon surrender you will never receive less than the Minimum Nonforfeiture Amount.

Amounts allocated or transferred to the Indexed Crediting Rate Strategies are not subject to the Standard Nonforfeiture Law for Individual Deferred Annuities upon surrender.

We reserve the right to remove the Fixed Crediting Rate Strategy as an available Investment Option. There is no guarantee that the Fixed Crediting Rate Strategy will always be available for investment in the future. If we remove the Fixed Crediting Rate Strategy, it will be closed such that no reinvestments or transfers will be

allowed into the Fixed Crediting Rate Strategy. If you are currently invested in the Fixed Crediting Rate Strategy, you may remain in the Fixed Crediting Rate Strategy until the end of the Strategy Period.

**10.** **Valuing Your Contract**

**Contract Value**

Contract Value is the amount available for Withdrawal, surrender, annuitization, or as a Death Benefit at any time. The Contract Value is equal to the sum of your Indexed Crediting Rate Strategies and your Fixed Crediting Rate Strategy value. On the Strategy Start Date, your value in an Indexed Crediting Rate Strategy is the Strategy Base Value. Thereafter, prior to the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Interim Value. On the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Maturity Value. Each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy has its own value, calculated as described below.

**Fixed Crediting Rate Strategy Value**

On the Contract Effective Date, the Fixed Crediting Rate Strategy value is equal to the Premium you allocate to the Fixed Crediting Rate Strategy. We credit interest to the Fixed Crediting Rate Strategy daily at a declared annual rate. We will never declare an annual interest rate for the Fixed Crediting Rate Strategy lower than the Guaranteed Minimum Interest Rate. After the Contract Effective Date, the Fixed Crediting Rate Strategy value is equal to your initial allocation to the Fixed Crediting Rate Strategy, plus the daily interest credit, less any Withdrawals (including any applicable Withdrawal Charges) and transfers out of the Fixed Crediting Rate Strategy.

**Indexed Crediting Rate Strategy Value**

*Strategy Base Value*

Each Indexed Crediting Rate Strategy has its own Strategy Base Value. The Strategy Base Value is the value of your investment in an Indexed Crediting Rate Strategy that we use to calculate Strategy Interest for that Indexed Crediting Rate Strategy. On the Contract Effective Date and each Strategy Start Date, the Strategy Base Value for an Indexed Crediting Rate Strategy is equal to the amount you allocate to establish that Indexed Crediting Rate Strategy. In general, the Strategy Base Value for an Indexed Crediting Rate Strategy will not change during the Strategy Period unless you take a Withdrawal, surrender, annuitize or a Death Benefit becomes payable prior to the Strategy Maturity Date. For each Indexed Crediting Rate Strategy, on the Strategy Maturity Date, we will apply Indexed Strategy Interest to the current Strategy Base Value based on the specific crediting strategy employed by that Indexed Crediting Rate Strategy. Strategy Interest each Strategy Period may be positive, negative, or equal to zero.

The Strategy Base Value for an Indexed Crediting Rate Strategy is used to calculate other values under your Contract and is not an amount available for Withdrawal. However, Withdrawals will decrease the Strategy Base Value. See **Impact of Withdrawals from Index-Linked Segments,** below, for additional information about how Withdrawals impact your Strategy Base Value.

*Strategy Interim Value*

After the Strategy Start Date and prior to the Strategy Maturity Date, the value of an Indexed Crediting Rate Strategy is equal to its Strategy Interim Value. The Strategy Interim Value is calculated separately for each Indexed Crediting Rate Strategy. The Strategy Interim Value of an Indexed Crediting Rate Strategy is the amount available for Withdrawal, surrender, annuitization, or as a Death Benefit from that Indexed Crediting Rate Strategy on any day of the Strategy Period other than the Strategy Start Date and the Strategy Maturity Date.

Calculating the value of an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date is different if you exercise a Performance Lock. For additional information, see **8. The Indexed Crediting Rate Strategies – Performance Lock Feature.**

The Strategy Interim Value of an Indexed Crediting Rate Strategy reflects the value of a hypothetical portfolio of investments and derivatives established at the beginning of the Strategy Period (which we may or may not actually hold) that are designed to replicate interest provided by an Indexed Crediting Rate Strategy at the end of a Strategy Period, less a provision for the cost attributable to reasonably expected or actual trading costs at the time of calculation. The value of these instruments can be affected by factors such as Index performance, volatility, and interest rates. We calculate the Strategy Interim Value each Business Day. We do not apply a Strategy Interim Value Adjustment to funds in the Fixed Crediting Rate Strategy.

See the **Statement of Additional Information** for additional information about how we calculate the Strategy Interim Value for each Indexed Crediting Rate Strategy.

Your Strategy Interim Value is intended to reflect the value of your investment in an Indexed Crediting Rate Strategy on that particular day and is designed to shift investment risk from us to you to protect us from loss when having to pay out amounts from a Strategy Account Option prematurely. Changes to your Strategy Interim Value are not directly tied to the performance of the relevant Index (although Index performance impacts the Strategy Interim Value).

If you surrender your Contract, take a Withdrawal, annuitize or if a Death Benefit is paid during a Strategy Period, those transactions will be based on the Strategy Interim Value of each Indexed Crediting Rate Strategy in which you invest. If you take a Withdrawal from an Indexed Crediting Rate Strategy, your Strategy Interim Value on the date of the Withdrawal will be reduced by the Withdrawal amount, including any applicable Withdrawal Charges. In addition, any such Withdrawal will also reduce your Strategy Base Value proportionally. See **Impact of Withdrawals from Indexed Crediting Rate Strategies** below for more information.

*Strategy Base Value on Strategy Maturity Date*

On the Strategy Maturity Date, the value of an Indexed Crediting Rate Strategy is equal to the current Strategy Base Value plus Indexed Strategy Interest applied on the Strategy Maturity Date. Indexed Strategy Interest may be positive, negative, or equal to zero. On the Strategy Maturity Date, we calculate Indexed Strategy Interest for an Indexed Crediting Rate Strategy by multiplying its current Strategy Base Value by the Indexed Crediting Rate. See **8. The Indexed Crediting Rate Strategies – Crediting Methods** for additional information on how we calculate the Crediting Rate.

Interest is calculated separately for each Indexed Crediting Rate Strategy. Even if you are credited with positive interest for one or more Indexed Crediting Rate Strategies for a Strategy Period, your overall gain for that period of time will be reduced by any negative interest credited to any other Indexed Crediting Rate Strategy during that same time, and the negative interest may cause you to incur an overall loss during that Strategy Period.

The calculation of the value of an Indexed Crediting Rate Strategy on the Strategy Maturity Date is different if you exercise a Performance Lock. See **8. The Indexed Crediting Rate Strategies – Performance Lock Feature** for additional information.

**Impact of Withdrawals from Indexed Crediting Rate Strategies**

You may surrender or take Withdrawals at any time during the accumulation phase, subject to Withdrawal Charges, adjustments for Strategy Interim Values, taxes, and a potential tax penalty.

Withdrawals from an Indexed Crediting Rate Strategy during a Strategy Period will be based on your Strategy Interim Value. Your Strategy Interim Value will be reduced by the dollar amount of the Withdrawal, including any Withdrawal Charges. The Strategy Base Value will immediately be reduced in proportion to the reduction in the Strategy Interim Value.

This means that partial Withdrawals (including systematic Withdrawals and Required Minimum Distributions under the Contract) could result in a greater reduction of your Strategy Base Value for an Indexed Crediting Rate Strategy than if you waited until the end of the Strategy Period and your Withdrawal was not subject to the use of Strategy Interim Values. This will reduce any Indexed Strategy Interest credited at the end of the Strategy Period because the amount of interest is calculated based on your Strategy Base Value.

You should fully understand how a Withdrawal from an Indexed Crediting Rate Strategy reduces your Strategy Base Value, because reductions in your Strategy Base Value always result in reductions (perhaps significant reductions) to your investment in an Indexed Crediting Rate Strategy for the remainder of the current and subsequent Strategy Periods.

Reductions to your Strategy Base Value will negatively impact your investment in an Indexed Crediting Rate Strategy in three ways:

● First, a reduction in your Strategy Base Value may cause your Strategy Interim Value in the Indexed Crediting Rate Strategy for the remainder of the Strategy Period to be lower than if you did not take the Withdrawal.

● Second, at the end of each Strategy Period, any positive Indexed Strategy Interest credited to you will be lower than if you did not take the Withdrawal. This is because the positive Index Return (as limited by the applicable Index Cap Rate, Index Participation Rate or Index Trigger Rate) is applied to your Strategy Base Value in order to calculate your Strategy Interest, and a Withdrawal reduces your Strategy Base Value.

● Third, your Strategy Base Value for successive Strategy Periods will be lower than if you did not take a Withdrawal.

**11.** **Options at End of Strategy Period**

Prior to the end of each Strategy Period, we will provide 30-day advance written notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds for the next Strategy Period, which we will establish at least 15 days prior to the next Strategy Period.

At the end of each Strategy Period (including at each Contract Anniversary for funds in the Fixed Crediting Rate Strategy), or on the next Contract Anniversary after you have exercised the Performance Lock feature, you may transfer funds out of an ending Indexed Crediting Rate Strategy and into one or more of the available Indexed Crediting Rate Strategies and the Fixed Crediting Rate Strategy. You may not otherwise make a transfer during a Strategy Period, including Indexed Crediting Rate Strategies with multiple year Strategy Periods. If we do not receive a transfer request, funds in the Fixed Crediting Rate Strategy will remain in the Fixed Crediting Rate Strategy and funds in an Indexed Crediting Rate Strategy will remain in the same Indexed Crediting Rate Strategy for a new Strategy Period, subject to any new Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold. If funds remain in the same Indexed Crediting Rate Strategy for a new Strategy Period, the Strategy Base Value on the Strategy Start Date will be equal to the Strategy Base Value on last day of the ending Strategy Period, after the crediting of Indexed Strategy Interest. If we no longer offer the same Indexed Crediting Rate Strategy, then the Contract Value will be allocated to the Fixed Crediting Rate Strategy.

The amount allocated to an Indexed Crediting Rate Strategy at the beginning of a Strategy Period must be at least $2,000. If the Strategy Base Value of any Indexed Crediting Rate Strategy falls below $2,000, we will transfer the entire amount remaining in that Indexed Crediting Rate Strategy to the Fixed Crediting Rate Strategy at the end of the Strategy Period. We will reject any transfer request to the extent that it would result in less than $2,000 being allocated under your Contract to the Indexed Crediting Rate Strategy receiving the reallocated value. You may not transfer funds into an Indexed Crediting Rate Strategy if the Strategy Maturity Date would be later than your Maturity Date.

You must provide notice in Good Order of your transfer request to our Administrative Office at least one Business Day prior to the Strategy Maturity Date. At our discretion, we may accept transfer requests by telephone or, if available, by Internet.

If we receive your request on a non-Business Day or after 4:00 P.M. Eastern Time on a Business Day, your request will be deemed to be received on the next Business Day. In addition, your transfer request will not be deemed to be received until it is in Good Order.

**Automatic Transfer from an Indexed Crediting Rate Strategy to the Fixed Crediting Rate Strategy**

We may add or remove Indexed Crediting Rate Strategies from time to time. If you are invested in an Indexed Crediting Rate Strategy during a Strategy Period and we decide not to offer that Indexed Crediting Rate Strategy for the next Strategy Period, you must submit a transfer request to us no less than one Business Day prior to the end of the Strategy Period instructing us how to reallocate the Strategy Base Value for that Indexed Crediting Rate Strategy at the end of the Strategy Period. If you fail to do so, we will automatically transfer the entire amount of your Strategy Base Value to the Fixed Crediting Rate Strategy at the end of the Strategy Period and that portion of your Contract and any interest earned thereon will remain in the Fixed Crediting Rate Strategy unless we are otherwise instructed.

**12.** **Access to Your Money During the Accumulation Phase**

**Types Of Withdrawals**

During the accumulation phase and prior to the Death Benefit becoming payable, you may request a partial Withdrawal of your Contract Value or a full Surrender in exchange for the Surrender Value at any time by submitting Notice. If the Contract has Joint Owners, both Owners must consent to any Withdrawal. Your Contract Value, Strategy Interim Values and Strategy Base Values for each Indexed Crediting Rate Strategy will decline whenever you take partial Withdrawals.

A Withdrawal from an Indexed Crediting Rate Strategy is based on the portion of your Contract Value in the Indexed Crediting Rate Strategy, which may be based on your Strategy Interim Values, which may be more or less than the Strategy Base Values. This means a full Withdrawal from an Indexed Crediting Rate Strategy may result in you receiving an amount that is less than the current Strategy Base Value.

If you take a partial Withdrawal and, immediately after the Withdrawal, your Contract Value would be less than $2,000, we reserve the right to instead pay you the Surrender Value and terminate your Contract. If you Surrender your Contract, we will pay you the Surrender Value and terminate your Contract. You may not withdraw any amount greater than your Surrender Value.

Partial Withdrawals and Surrenders may be subject to a Withdrawal Charge, will be based on your Contract Value, which will be its Strategy Interim Value on any day other than the Strategy Start Date and Strategy Maturity Date, and may be subject to taxes and potential tax penalties. See **6. Fees, Charges and Adjustments**; **10. Valuing Your Contract – Indexed Crediting Rate Strategy Value**; and **15. Taxes** for more information.

No Withdrawals are permitted after the Annuitization Date or after the Death Benefit becomes payable.

**Partial Withdrawals**

Prior to the Annuitization Date and prior to the Death Benefit becoming payable, you can make partial Withdrawals at any time by sending us Notice. Withdrawals from an Indexed Crediting Rate Strategy reduce the Strategy Interim Value of that Indexed Crediting Rate Strategy. You may select the Investment Options from which your partial Withdrawal will be taken. If you do not select the Investment Options from which your partial Withdrawal will be taken, it will be taken proportionally from the Investment Options based on the portion of your Contract Value in each Investment Option. If the portion of the Contract Value in an Investment Option from which you have requested a partial Withdrawal is insufficient to provide the amount that you have requested, the withdrawal will not be completed. A new withdrawal request will be required.

The minimum amount you may request for a one-time partial Withdrawal is $100.

We calculate the Strategy Interim Values at the end of each Business Day. If we receive your notice in Good Order to take a partial Withdrawal before 4:00 P.M. Eastern Time on a Business Day, your Withdrawal will be based on the Strategy Interim Values calculated at the end of that Business Day. If we receive your notice in Good Order after 4:00 P.M. Eastern Time on a Business Day or on a day that is not a Business Day, your Withdrawal will be based on the Strategy Interim Values calculated at the end of the next Business Day.

Under normal circumstances, we will make payment of a Withdrawal within seven days. We may defer payments we make under your Contract for up to six months if the insurance regulatory authority of the state in which we issued the Contract approves such deferral. We will apply interest to the deferred payments, if required by state law.

Partial Withdrawals taken from an Indexed Crediting Rate Strategy may negatively impact (perhaps significantly) your Strategy Interim Values for the remainder of the Strategy Period. See **10. Valuing Your Contract – Impact of Withdrawals from Indexed Crediting Rate Strategies** for more information.

**Systematic Withdrawals**

Systematic Withdrawals allow you to automatically take Withdrawals of your Contract Value on a monthly, quarterly or annual basis. We reserve the right to adjust the frequency of any systematic Withdrawal payments to ensure each payment is at least $100. You may request systematic Withdrawals by completing the appropriate form and sending it to our Administrative Office. We currently offer the systematic Withdrawal options listed below. We may add to or change these options in the future. If you are receiving systematic Withdrawals under one of these options, we will notify you of any change to that option at least 30 days prior to the change. Systematic Withdrawals will be taken proportionally from the Investment Options based on the portion of your Contract Value in each Investment Option.

● Remaining Free Withdrawal Amount. You will receive the proportion (based on whether you elect

monthly, quarterly or annual Withdrawals) of the Free Withdrawal Amount, less any previous Withdrawals taken during the Contract Year. If the remaining Free Withdrawal Amount is reduced to zero during the Contract Year, any remaining payments will be suspended until the beginning of the next Contract Year.

● Remaining Required Minimum Distribution (RMD) Amount. If you have a Qualified Contract and elect this option, you will receive the proportion (based on whether you elect monthly, quarterly or annual Withdrawals) of your Required Minimum Distribution at the time of the Withdrawal. If the remaining Required Minimum Distribution amount is reduced to zero during the Contract Year, any remaining payments will be suspended until the beginning of the next Contract Year. Your payments will be adjusted for any other Withdrawals taken during the Contract Year so that you will not exceed your Required Minimum Distribution amount.

● Fixed Dollar Amount. You will receive the dollar amount that you select. Your systematic Withdrawals will not change if you take other Withdrawals during the Contract Year, and any applicable Withdrawal Charges will apply to any Withdrawals in excess of the greater of your remaining Free Withdrawal Amount or, if you have a Qualified Contract, your remaining Required Minimum Distribution amount.

If you receive a systematic Withdrawal, like any other partial Withdrawal, the systematic Withdrawal will cause a reduction to your Strategy Base Value. Reductions to your Strategy Base Value will negatively impact your Contract Value in the Indexed Crediting Rate Strategy and may result in a lower amount of interest being credited, if any, at the end of the Strategy Period. In addition, systematic Withdrawals that are not Free Withdrawals or Required Minimum Distributions may be subject to Withdrawal Charges. You should carefully consider how taking systematic Withdrawals can negatively impact your investment in the Contract. See **10. Valuing Your Contract - Impact of Withdrawals from Indexed Crediting Rate Strategies** and **6. Fees, Charges and Adjustments - Withdrawal Charges** for more information.

You should consult your tax and financial advisor(s) prior to beginning, modifying, or stopping systematic Withdrawals. We do not provide tax advice, and you will be responsible for any errors in calculations or tax penalties associated therewith.

**Full Surrenders**

You can Surrender your Contract for its Surrender Value at any time prior to the Annuitization Date and before the Death Benefit becomes payable by sending us Notice. All benefits under the Contract will be terminated as of the Business Day that we process your Surrender request. The Surrender Value will be as of the Business Day that we process the transaction. We will pay you the Surrender Value within seven calendar days thereof.

**Withdrawal Charge Waivers**

This section describes the Withdrawal Charge waivers that are available under the Contract. These waivers are included in endorsements that are automatically included with your Contract. The Waiver of Withdrawal Charges for Nursing Home Confinement Endorsement (Nursing Home Benefit) allows you to take Withdrawals without incurring any Withdrawal Charges during a period of confinement to a nursing home. The Waiver of Withdrawal Charges for Terminal Illness Endorsement (Terminal Illness Benefit) allows you to take a one-time Withdrawal without incurring any Withdrawal Charges in the event you are diagnosed with a terminal illness after the Contract Effective Date. The Nursing Home Benefit and the Terminal Illness Benefit are explained in more detail below. Please note that any amounts withdrawn under either the Nursing Home Benefit or the Terminal Illness Benefit will reduce your remaining Free Withdrawal Amount for a Contract Year. Withdrawals pursuant to the Nursing Home Benefit or the Terminal Illness Benefit are based on your Contract Value, which may be based on your Strategy Interim Values.

The benefits provided under the Nursing Home Benefit and the Terminal Illness Benefit Rider are not intended to provide long-term care or nursing home insurance. Withdrawals taken under a Withdrawal Charge waiver are still subject to the same risks as

any other Withdrawals (except Withdrawal Charges) and described further in the cross-referenced sections.

The Nursing Home Benefit and the Terminal Illness Benefit terminate when your Contract terminates or when you annuitize your Contract.

*Nursing Home Benefit*

After the first Contract Anniversary and prior to the Annuitization Date, we may waive Withdrawal Charges if the Owner is confined in an Eligible Nursing Home. The nursing home confinement must last for a period of at least ninety (90) consecutive days prior to the Owner becoming eligible for this benefit. Proof of confinement must be provided and must be accompanied by a written statement. Any written Request for a Withdrawal under this provision must be given to us within ninety (90) days of the last day of confinement in an Eligible Nursing Home, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible. The Nursing Home Benefit does not apply if the Owner was confined in an Eligible Nursing Home on the Contract Effective Date.

The Nursing Home Benefit is limited to a single episode of Eligible Nursing Home confinement once per Contract Year. You may make a Withdrawal or multiple Withdrawals associated with each episode of nursing home confinement. This Withdrawal will not be limited by any other Free Withdrawal taken during the Contract Year but does count against your Free Withdrawal Amount.

If we deny your request for a waiver of Withdrawal Charges, we will notify you in writing of our decision and give you the opportunity to accept or reject the proceeds, including any Withdrawal Charge. Proceeds will not be disbursed until we receive your authorization to proceed.

For purposes of the Nursing Home Benefit, an Eligible Nursing Home means an institution or special nursing unit of a hospital which satisfies either (1) or (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;(1) it is Medicare approved as a provider of skilled nursing care
services; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) it meets all of the requirements (a through g) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is licensed as a nursing home by the state in which it is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its main function is to provide skilled, intermediate or custodial nursing care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is engaged in providing continuous room and board accommodations to three or more persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is under the supervision of a registered nurse (RN) or licensed practical nurse (LPN);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it maintains a daily medical record of each patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it maintains control and records for all medications dispensed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it is licensed in the United States of America or its territories.

Institutions or places which primarily provide residential facilities are not Eligible Nursing Homes.

*Terminal Illness Benefit*

After the first Contract Anniversary and prior to the Annuitization Date, we may waive Withdrawal Charges on one Withdrawal of up to 100% of your Contract Value if you are diagnosed with a disease or medical condition which a Qualified Physician expects will result in death within one (1) year. The Owner's Terminal Illness must be initially diagnosed by a Qualified Physician after the Contract Effective Date. The diagnosis of Terminal Illness must be in the form of written documentation, signed by a Qualified Physician, supported by clinical, radiological or laboratory evidence of the Owner's Terminal Illness.

If we deny the Owner's claim for waiver of any applicable Withdrawal Charge, we will not disburse a requested Withdrawal until the Owner is notified of the denial and provided with the opportunity to accept or reject the Withdrawal proceeds, including any associated Withdrawal Charge.

For purposes of the Terminal Illness Benefit, a Qualified Physician is a person who is:

&nbsp;&nbsp;&nbsp;&nbsp;(1) licensed to practice medicine in the United States by a state
or federal licensing authority;

&nbsp;&nbsp;&nbsp;&nbsp;(2) specially trained to diagnose and treat the condition causing
the Terminal Illness;

&nbsp;&nbsp;&nbsp;&nbsp;(3) acting within the scope of his or her license; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) not a resident of the Owner's household or related to
the Owner by blood or marriage.

**13.** **Annuity Payments**

**Annuitization Date**

On your Annuitization Date, the accumulation phase of your Contract ends, and the annuity phase begins. On the Contract Effective Date, your Annuitization Date is automatically set as the Maturity Date, which is the first Contract Anniversary following the oldest Owner's 115th birthday. You may elect an earlier Annuitization Date by providing us with Notice, but not earlier than the first Contract Anniversary nor later than the Maturity Date.

On your Maturity Date, you have the option to Surrender your Contract or begin receiving Annuity Payments under an annuitization option. If you do not Surrender your Contract prior to or on your Maturity Date or elect an earlier Annuitization Date, the annuity phase will automatically begin on the Maturity Date.

**Annuity Phase**

During the annuity phase you will receive a series of Annuity Payments based on the annuitization option you select. The available annuitization options are described below. The process of entering the annuity phase and receiving a series of Annuity Payments is known as "annuitization."

The annuity phase of your Contract begins on the earlier of your Maturity Date or an earlier Annuitization Date elected by you.

During the annuity phase, the only payments we will make are the Annuity Payments. You will not be able to take any partial Withdrawals, and you will not be able to Surrender your Contract in exchange for the Surrender Value. In addition, during the annuity phase, we will not pay any Death Benefit. Once your Contract enters the annuity phase, you cannot switch back to the accumulation phase.

**Annuity Payments**

During the annuity phase, the amount of the Annuity Payments is based on several factors, including the annuitization option you select. Each annuitization option is either for a specified number of years or based on the life of at least one Annuitant. The value of the Annuity Payments is based on your Surrender Value on the annuitization date. This means your Annuity Payments will be based on your Contract Value, which will be based on your Strategy Interim Values on any day other than the Strategy Start Date and Strategy Maturity Date. This also means that if you set your Annuitization Date during the Withdrawal Charge period, we will deduct any applicable Withdrawal Charges prior to applying funds to the annuitization option you select. We will also deduct any applicable premium taxes prior to applying funds to an annuitization option.

**Annuitization Options**

You may choose one of the annuitization options listed below or any other option you want and that we agree to provide. Annuity Payments will be made at one-, three-, six- or twelve-month intervals. With the exception of the Payment for a Fixed Period of Time option, the Annuity Payments depend, at least in part, on how long an Annuitant lives. Once the Annuity Payments begin, you may not change the annuitization option. Any annuitization option must satisfy the applicable distribution requirements of Section 72(s) or 401(a)(9) of the Code, as applicable.

The available annuitization options are as follows:

Option 1: Payments for a Fixed Period of Time. We will make Annuity Payments for the period of time you choose, between 5 and 20 years.

Option 2: Life Income. We will make Annuity Payments during the lifetime of the Annuitant. Annuity Payments will cease upon the death of the Annuitant. If the Annuitant dies after the Annuitization Date

but before Annuity Payments begin, no Annuity Payments will be made. The amount of each payment depends on the sex and Age of the Annuitant when payments begin.

Option 3: Life Income plus Fixed Period. We will make Annuity Payments during the lifetime of the Annuitant and guarantee that payments will be made for a specified number of years. If the Annuitant dies prior to the specified number of years, we will continue to make Annuity Payments to the Beneficiary(ies). The amount of each payment depends on the sex and Age of the Annuitant when payment begin.

Option 4: Payments of Fixed Amounts. We will make Annuity Payments of a certain amount until the Proceeds and interest earned by the unpaid Proceeds have been paid. The payments of a fixed amount must extend over a period of at least five (5) years. Our last payment will be the balance of the Proceeds and interest. You determine the amount of each payment.

Option 5: Joint Lifetime Income. We will make Annuity Payments for as long as either Joint Annuitant lives. Annuity Payments will cease upon the death of the second to die of the Annuitants. The amount of each payment depends on the sex and Age of the Annuitant when payments begin, and the survivorship option chosen at the time of annuitization. When a Joint Annuitant dies, payments will continue under one of the following survivorship options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Equal payments of the original amount (joint and 100% survivor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equal payments of 2/3 of the original amount (joint and 2/3 survivor); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Equal payments of 1/2 of the original amount (joint and 1/2 survivor).

If both Annuitants die after the Annuitization Date but before Annuity Payments begin, no Annuity Payments will be made.

If you do not choose a settlement option prior to the Annuitization Date, we will make Annuity Payments under the default settlement option. Under the default settlement option, we will make Annuity Payments over a 10-year specified period and then for as long as the oldest Annuitant lives, unless we are required to pay in some other manner in order for the Contract to qualify as an annuity or to comply with Section 401(a)(9) of the Code, in which case we will comply with those requirements.

Our consent for payment under one of the annuitization options is required if,

&nbsp;&nbsp;&nbsp;&nbsp;(1) Any payment will be less than $100 under any one option;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount applied will be less than $5,000;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The recipient will be a non-natural person or assignee; or

&nbsp;&nbsp;&nbsp;&nbsp;(4) The payment is not made by electronic funds transfer (EFT).

If we do not provide our consent, you will be required to select another annuitization option or to accept a lump sum payment. A recipient may not assign, transfer or encumber any payments prior to their receipt.

**Death During Annuity Phase**

If the Annuitant dies during the annuity phase, any remaining Annuity Payments will be paid to the surviving primary Beneficiary. If there is no surviving primary Beneficiary, remaining Annuity Payments will be paid to the surviving contingent Beneficiary. If there is no surviving contingent Beneficiary, remaining Annuity Payments will be paid to the estate of the last Owner to die.

**Proof of Age or Sex**

We may require proof of age or sex before beginning Annuity Payments under any settlement option based on life or life expectancy. If the age or sex of any Annuitant has been misstated, Annuity Payments will be based on the corrected information. Underpayments will be made up in a lump sum with the next scheduled

payment. We will deduct overpayments from future Annuity Payments until the amount of the overpayments is recouped by us. We will credit interest on underpayments and will charge interest on overpayments. We may require evidence satisfactory to us that an Annuitant is living before we make any payment.

**14.** **Benefits Available Under the Contract**

**The following table summarizes information about the benefits available under the Contract.**

---

| | | | |
|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | **Brief Description of Restrictions/Limitations** |
| **Free Withdrawal Amount** | Provides for an amount that may be withdrawn each Contract Year without incurring Withdrawal Charges |  | &nbsp;&nbsp; ● Only available during the accumulation period<br> ● Withdrawals of Free Withdrawal Amount may reflect Strategy Interim Values, which may be less than Strategy Base Values, and taxes and tax penalties<br> ● All Withdrawals count against Free Withdrawal Amount<br> ● Unused Free Withdrawal Amount not available in future Contract Years<br>|
| **Performance Lock** | Gives you the option to lock in the Strategy Interim Value for an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date If exercised, you will receive Indexed Strategy Interest on the Strategy Maturity Date equal to the difference between the locked-in Strategy Interim Value and the Strategy Base Value, rather than Indexed Strategy Interest using the point-to-point crediting methodology for the Indexed Crediting Rate Strategy |  | ● We will not provide advice or notify you regarding whether you should exercise the Performance Lock or the optimal time for doing so (if any) <br> ● We will not warn you if you exercise the Performance Lock at a sub-optimal time <br> ● We will not warn you if you set Performance Lock Thresholds for Target Performance Lock at sub-optimal levels <br> ● You will not know the locked-in Strategy Interim Value in advance; the locked-in Strategy Interim Value could be lower than you anticipated <br> ● We are not responsible for any losses or forgone gains related to your decision whether or not to exercise the Performance Lock <br> ● Only available during the accumulation period <br> ● Will not participate in Index performance (positive or negative) for the remainder of the Strategy Period, including the Strategy Maturity Date <br> ● Floor Percentage, Buffer Percentage, Index Cap Rate, Index Participation Rate, and Index Trigger Rate as applicable, will not apply on the Strategy Maturity Date <br> ● **Locking-in a Strategy Interim Value that is less than the Strategy Base Value will result in loss, no downside protection under Buffer Percentage or Floor Percentage will apply, and the loss could be significant** <br> ● For multi-year Strategy Periods, upon exercise, Strategy Maturity Date will always be next Contract Anniversary <br> ● Cannot be exercised during last four Business Days prior to Strategy Maturity Date <br> ● May be exercised once per Strategy Period for each Indexed Crediting Rate Strategy <br> ● May only exercise for entire Contract Value in an Indexed Crediting Rate Strategy <br> ● Exercise is irrevocable  |
| **Death Benefit** | If age on the Contract Effective Date is younger than 81, upon death, provides for death benefit payment equal to greater of (a) Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any; or (b) Premium Payment (less Withdrawals) <br>|  | ● Only available during the accumulation period <br> ● Contract Value component reflects Strategy Interim Values, which may be less than Strategy Base Values <br> ● Premium Payment component subject to reductions for prior Withdrawals  |

---

---

| | | |
|:---|:---|:---|
| | If age on the Contract Effective Date is 81 or older, death benefit is Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any | |
| **Waiver of Withdrawal Charges for Nursing Home Confinement Rider** | Waiver of Withdrawal Charges in the event of a confinement to a Nursing Home | ● Automatically included in Contract at issue<br> ● Only available during the accumulation period<br> ● Only available after the first Contract Anniversary<br> ● Owner must be confined to an Eligible Nursing Home as defined by the benefit<br> ● Confinement must not pre-exist the Contract Effective Date<br> ● Limited to a single episode of confinement once per Contract Year<br> ● Withdrawals under the benefit may be subject to the use of Strategy Interim Values and taxe**s** and tax penalties<br> ● Withdrawals count against the Free Withdrawal Amount |
| **Waiver of Withdrawal Charges for Terminal Illness Rider** | Waiver of Withdrawal Charges in the event the Owner is diagnosed with a Terminal Illness | ● Automatically included in Contract at issue<br> ● Only available during the accumulation period<br> ● Only available after the first Contract Anniversary<br> ● Owner must be diagnosed with a Terminal Illness by a Qualified Physician as defined by the benefit<br> ● Diagnosis must not pre-exist the Contract Effective Date<br> ● Limited to a one-time request for a Withdrawal<br> ● Withdrawal under the benefit may be subject to the use of Strategy Interim Values and taxe**s** and tax penalties<br> ● Withdrawals count against the Free Withdrawal Amount |

---

**Death Benefit**

The Contract provides a return of Premium Death Benefit at no additional cost if the Owner (oldest Owner if there is a Joint Owner) is under the age of 81 on the Contract Effective Date. If the Owner dies during the accumulation phase, the Contract provides for a Death Benefit equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your
 Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value
 allocated to the the Fixed Crediting Rate Strategy, if any, as of the date we receive notice
 in Good Order. Your Contract Value is subject to Strategy Interim Values if paid before the
 end of a Strategy Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) your Premium, reduced proportionately by the percentage reduction in the Contract Value for each partial
Withdrawal, including any Withdrawal Charge deduction.

Notwithstanding the foregoing, the Death Benefit will be equal to (a) above if:

&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Owner (oldest Owner if there is a Joint Owner) is the age of 81 or older on the Contract Effective
Date; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) the Owner dies following a change of Owner (or Annuitant for a non-natural Owner), unless the new Owner
assumes full ownership of the Contract and is essentially the same person (e.g. an individual ownership changes to a personal revocable
trust or a change to a court-appointed guardian representing the Owner during the Owner's lifetime).

The Death Benefit will terminate on the Annuitization Date and will not be payable once the annuity phase begins under any circumstances. This means the Death Benefit will terminate without value when the Contract is annuitized.

*Death of Annuitant*

If Owner is a Non-Natural Person, the Annuitant will be treated as the Owner for purposes of the Death Benefit.

*Determination of Death Benefit*

The amount of the Death Benefit is subject to fluctuation until we receive notice in Good Order, which will include Due Proof of Death (as defined below). The Contract Value will remain invested in the Fixed Crediting Rate Strategy and/or the Indexed Crediting Rate Strategies until we receive notice in Good Order. Because of Strategy Interim Values, the amount of the Death Benefit may decrease in value until we receive a notice in Good Order. Thus, eligible recipients of the Death Benefit should notify us of an Owner's death and provide us with Notice as promptly as possible to limit the risk of a decline in the Death Benefit. Once we receive notice in Good Order, we will pay interest on the Death Benefit amount until payment is made to the Beneficiary. We will determine the rate of interest, which will not be less than the interest rate required by applicable state law.

"Due Proof of Death" means one of the following:

(1) A certified copy of a death certificate;

(2) A certified copy of a decree of a court of competent jurisdiction as to a finding of death; or

(3) Any other proof acceptable to us.

Each Beneficiary will receive the value of the Death Benefit determined when the first Beneficiary provides notice in Good Order.

*Recipient Of Death Benefit*

Upon the death of an Owner during the accumulation phase, the Death Benefit is payable to the following:

● Surviving Owner; or if none, then

● Surviving primary Beneficiaries; or if none, then

● Surviving contingent Beneficiaries; or if none, then

● Estate of the last Owner to die.

If a person entitled to receive the Death Benefit dies before the Death Benefit is distributed, we will pay the Death Benefit to that person's named Beneficiary or, if none, to that person's estate.

*Beneficiary Options*

The recipient of the Death Benefit may elect to have the Death Benefit paid as:

(a) A lump sum payment or series of Withdrawals at a time that is agreed to by you and us, but in no event
later than five years from the date of death; or

(b) If the Beneficiary is a natural person, Annuity Payments made over the Beneficiary's lifetime or
a specified period of time not extending beyond the life expectancy of such Beneficiary, provided that the election must be made within
60 days from our receipt of proof of death. Annuity Payments must begin within one year from the date of death. Once Annuity Payments
begin, they cannot be changed.

Life and life expectancy payouts of Death Benefits may not satisfy required minimum distribution rules under Qualified Contracts. See **15. Taxes** and consult your tax advisor for more information. If the Death Benefit is payable to the Owner's estate, we will make a lump sum payment. Different Death Benefit elections may be available to certain Beneficiaries.

*Spousal Continuation*

In limited circumstances, when the Owner dies, if the spouse of the deceased Owner is the sole person entitled to receive a Death Benefit, the spouse may have the option to continue the Contract under the same terms. Under federal tax law, the spouse's option to continue the Contract is contingent upon whether the deceased Owner and the spouse were legally married under applicable state law. See **15. Taxes** for more information.

The spouse may either elect to receive the amount of the Death Benefit or continue the Contract.

**15.** **Taxes**

This section discusses how the federal income tax applies to annuities in general. This information is not complete and is not intended as tax advice. Tax laws and their interpretations are complex and subject to change. We cannot predict the probability that any changes in the interpretation of the laws, or the laws themselves, will occur. No attempt is made to discuss state or other tax laws. Aspida Life does not guarantee the tax treatment of any Contract or any transaction involving a Contract. You bear the complete risk that the Contract may not be treated as an "annuity contract" under federal income tax laws. It should be further understood that the following discussion is not exhaustive and that special rules not described in this prospectus may be applicable in certain situations. You should consult a competent tax advisor about the possibilities of tax law changes and your individual circumstances.

**Annuity Contracts In General**

Different tax rules apply to Premium payments made to annuity contracts and distributions from annuity contracts depending on how you take money out and whether the annuity contract is a non-qualified Contract or a qualified Contract.

**Non-Qualified Contracts**

Individuals may purchase Non-Qualified Contracts without any Premium payment limits imposed under the Code. The Premium payments are normally not deductible but taxes on the increases in the value of the Contract are generally deferred until an actual or deemed distribution occurs, such as a distribution in the form of a lump sum payment, a partial withdrawal, or as Annuity Payments under the option elected.

Your cost basis in the Contract equals the total amount of the after-tax Premium payment remaining in the Contract. Under the Code, you generally are taxable on the "income on the contract" at the time it is received. The "income on the Contract" generally means the excess of the Contract value over the "investment in the Contract." The investment in the Contract, in turn, equals the aggregate amount of premiums paid less the non-taxable portion of amounts previously distributed from the Contract. Amounts distributed from a Contract are treated first as a taxable distribution of the income on the Contract, to the extent thereof, and second as a non-taxable distribution of the investment in the Contract. In the case of a full surrender of the Contract, the distribution is taxable income to the extent the amount received exceeds the investment in the Contract.

Distributions of income on the contract are includable in gross income and taxed at ordinary income rates. See also the discussion under Medicare Tax below. In certain situations, an ordinary loss deduction may be available upon the full surrender of a contract if the proceeds of the surrender are less than the investment in the Contract. However, the deduction will be a nondeductible miscellaneous itemized deduction. You should consult your tax advisor about any loss resulting from the surrender of a non-qualified annuity contract.

Contracts not owned for the benefit of natural persons, e.g., contracts owned by a corporation or certain other entities, are generally not treated as annuities for federal income tax purposes and any earnings are taxed as ordinary income in the current year. Exceptions may apply. For example, contracts held by a trust which holds the annuity contract as an agent for a natural person are treated as annuity contracts. Purchasers who are not natural persons should consult their own tax counsel or other tax advisor before purchasing the Contract.

In addition to ordinary income tax, Section 72(q) of the Code imposes a ten percent (10%) penalty on the income portion of any premature withdrawals from a non-qualified annuity contract. The penalty is not imposed on amounts received: (a) after the taxpayer reaches age 59½; (b) after the death of the Owner; (c) if the taxpayer is totally disabled (for this purpose disability is as defined in Section 72(m)(7) of the Code); (d) as a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; or (e) which are allocable to Premium payments made prior to August 14, 1982. With respect to (d) above, if the series of substantially equal periodic payments is modified before the later of your attaining

age 591/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed but for the exception, plus interest for the tax years in which the exception was used. There may be other exceptions to the 10% tax penalty and additional conditions to the 10% penalty exceptions described above. Before you make a withdrawal from a non-qualified Contract, you should consult your tax advisor to determine the tax treatment of the withdrawal and whether the 10% penalty tax will apply.

**Distributions At Death**

In order to be treated as an annuity contract for tax purposes, a non-qualified Contract must comply with Code Section 72(s), which provides that:

&nbsp;&nbsp;&nbsp;&nbsp;1. If an owner dies before Annuity Payments begin, the entire interest in the contract must be distributed
within five years after the date of the owner's death. If payable to a designated beneficiary, the distributions may be paid over
the life or life expectancy of that designated beneficiary, so long as the payouts begin within one year of the Owner's death. If
the sole designated beneficiary is the spouse of the owner, the contract may be continued in the name of the spouse as owner; or

&nbsp;&nbsp;&nbsp;&nbsp;2. If the owner dies on or after Annuity Payments begin, the remainder of any interest in the contract must
be distributed at least as rapidly as provided for in the method in effect on the date of death.

If the owner is not a natural person, then for purposes of these distribution rules, the annuitant is considered the owner. In addition, when the owner is not a natural person, a change in the annuitant is treated as the death of the Owner.

**Qualified Contracts**

The Contract may be purchased as a qualified Contract. At this time, the only types of qualified Contracts available for purchase are a traditional IRA and a Roth IRA. You do not have to purchase an annuity contract to qualify for the tax deferral offered by these qualified Contracts. There may be other investment vehicles that can be purchased for your retirement plan. However, an annuity contract has features and benefits other than tax deferral that may make it an appropriate investment for your retirement plan. Numerous special tax rules apply to the participants in qualified plans and to annuity contracts used in connection with qualified plans. Therefore, we make no attempt in this prospectus to provide more than general information about use of the Contract with qualified plans. Other than those qualified contract types listed above, we do not offer contracts purchased as part of your employer's retirement plan. You should consult your tax advisor regarding these features and benefits before you buy a qualified Contract.

Qualified Contracts are subject to special rules and limits on Premium payments and distributions that vary according to the type of IRA. You may be able to make a rollover contribution from other qualified plans and qualified contracts to this qualified Contract. Ineligible or excess contributions to qualified Contracts can result in substantial penalties. Tax penalties of 10% or more may apply to certain distributions; for example, if you are under age 59½ and an exception to the penalty does not apply.

**Traditional IRAs**

Contributions to a traditional IRA are subject to an annual contribution limit discussed below, except in the case of a rollover contribution. Such contributions may be deductible in whole or in part. A traditional IRA is subject to limitations on eligibility, contributions, transferability and distributions. Under certain conditions, distributions from other IRAs and other retirement plans may be rolled over or transferred on a tax deferred basis into an IRA in the form of rollover contribution. Purchasers of IRAs should obtain competent tax advice as to the tax treatment and suitability of such an investment.

**Roth IRAs**

Under applicable limitations, individuals may also contribute nondeductible contributions to Roth IRAs. These Roth IRAs are also subject to limitations on eligibility, contributions, transferability and distributions. "Qualified distributions" from Roth IRAs are excluded from gross income. "Qualified distributions" are distributions which (a) are made more than five years after the taxable year of the first contribution to a Roth IRA, and (b) meet any of the following conditions: (1) the annuity owner has reached age 59½; (2) the distribution is paid to a beneficiary after the owner's death; (3) the annuity owner is disabled; or (4) the distribution will be used for first time home purchase. (Qualified distributions for first time home purchases may not exceed $10,000.) Non-qualified distributions are includable in taxable gross income only to the extent that they exceed the contributions made to the Roth IRA. The taxable portion of a non-qualified distribution may be subject to the 10% penalty tax.

You may convert a traditional IRA to a Roth IRA. You will be required to include the taxable portion of the conversion in your gross income, but you will not be required to pay the 10% penalty tax. However, a 10% penalty tax may apply to a conversion from an IRA if distributions occur during the five taxable years beginning with the year in which the conversion was made. You should consult a tax advisor before converting an IRA to a Roth IRA.

**IRAs in General**

If your Contract is issued as an IRA or Roth IRA, then we will issue the Contract with language intended to qualify the Contract for tax purposes as an IRA or Roth IRA. We will also provide the necessary administrative procedures to administer the IRAs and Roth IRAs in accordance with IRS requirements governing the sponsors of IRAs and Roth IRAs subject to the accuracy and completeness of the information you provide us.

The Contract is also available for purchase as an investment by an IRA or Roth IRA custodial or trust account. In that case, we will issue a non-qualified Contract to the custodian or trustee for the benefit of the underlying IRA owner, as the tax qualification requirements will appear in the account and the custodian or trustee is responsible for administering the account in accordance with IRS requirements. However, the rights of any person to benefits may be subject to the terms and conditions of the IRA or Roth IRA account, regardless of the terms and conditions of the Contract. In addition, we will not be bound by the terms and conditions of the account to the extent such terms and conditions contradict the Contract, unless we consent.

**Limits on Annual Contributions**

Under federal tax law, traditional IRAs and Roth IRAs both limit the amount of annual contributions an individual can contribute to his or her traditional IRA or Roth IRA. The IRA and Roth IRA annual contribution limit for 2025 is the smaller of your taxable compensation or $7,000. This amount is lower than the minimum Premium payment of $25,000 that we accept. Therefore, you may only contribute an initial Premium payment that includes rollover contributions from other eligible retirement plans that, together with any annual contribution made at the time of Contract issuance, is at least sufficient to meet our minimum Premium payment. rollover contributions generally will not be subject to annual contribution limits.

Traditional or Roth IRA owners aged 50 or older may be able to make additional "catch-up" contributions each year. For 2025, the catch-up amount is $1,000. A rollover from or conversion of a traditional IRA to a Roth IRA is generally subject to tax.

**Required Minimum Distributions**

Generally, qualified Contracts (except for Roth IRAs) must make required minimum distributions. For traditional IRAs, you must begin receiving required minimum distributions by April 1 of the year following the year in which you reach the applicable age. For individuals who reached age 70½ before January 1, 2020, the applicable age is 70½. For individuals who reach age 72 before January 1, 2023, the applicable age is 72. For individuals who reach age 72 after December 31, 2022, and reach age 73 before 2033, the applicable age is 73. If an individual reaches age 74 after 2032, the applicable age is 75 (the required beginning date). There is a 25%

penalty tax on the shortfall if you fail to take required minimum distributions, which may be reduced to 10% if corrected within a two-year correction period.

The required minimum distribution rules require that the entire interest in the Contract generally must be distributed not later than the required beginning date or distributed, beginning not later than the required beginning date, over the life or life expectancy of the owner, or the joint lives or joint life expectancy of the owner and his or her designated beneficiary. These requirements do not apply to a Roth IRA during the owner's life. Required minimum distributions from all IRAs you own may be taken in the form of withdrawals from (1) the IRA Contract Value prior to the Contract's Annuity Date, or (2) from one or more of the other IRAs that you own, to the extent permitted under federal tax law.

Generally, if the owner of a traditional IRA or Roth IRA dies the entire interest of the owner must be distributed by December 31st of the year that is the tenth anniversary of the owner's death or in the case of an "eligible designated beneficiary", over the life or life expectancy of the eligible designated beneficiary if such distributions begin no later than December 31st of the year after the date of the owner's death. An "eligible designated beneficiary" includes spouses, disabled and chronically ill individuals, individuals who are ten or less years younger than the deceased owner, and children who have not reached the age of majority (but only until they reach the age of majority). If your spouse is your beneficiary and your contract permits, your spouse may delay the start of required minimum distributions until December 31st of the year in which you would have reached your applicable age. The spouse beneficiary of an IRA may elect to roll over the death proceeds into his or her own traditional IRA (or a Roth IRA and pay tax on the taxable portion of the death proceeds) and treat the traditional IRA (or Roth IRA) as his or her own. Non-spouse beneficiaries may also be able to roll over death proceeds to an inherited IRA. If you die after required minimum distributions have begun, payments of your entire remaining interest must be made in a manner and over a period as provided under the Code. Roth IRAs are not subject to the required minimum distributions rule while the owner is alive. Distributions from a Roth IRA may be deferred until the death of the owner.

**Tax Treatment of Withdrawals**

To the extent Premium payments have a zero-cost basis (were made with pre-tax dollars), withdrawals will be taxed as ordinary income. In addition to ordinary income tax, Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of certain distributions from qualified Contracts. To the extent amounts are not includable in gross income because they have been rolled over to an IRA or to another eligible plan; no tax penalty will be imposed. The following is a list of some of the distributions to which the tax penalty will not apply:

(a) distributions made on or after the date on which the owner reaches ages 591⁄2; (b) distributions following the death or disability of the owner as defined by the Code; (c) distributions made after separation from service after attainment of age 55; (d) distributions that are part of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or the joint lives (or joint life expectancies) of such owner and his or her beneficiary; (e) distributions made to the owner to the extent such distributions do not exceed the amount allowable as a deduction under Section 213 of the Code to the owner for amounts paid during the taxable year for medical care; (f) distributions made to pay health insurance premiums for an unemployed owner; (g) distributions made to pay qualified higher education expenses; (h) distributions made to an owner for first time home purchases; (i) distributions due to an IRS levy; (j) "qualified reservist distributions," as defined by the Code; (k) distributions to qualified public safety employees from a governmental defined benefit plan after attaining age 50 and separating from service; (l) distributions up to $5,000 in connection with the birth or adoption of a child; and (m) distributions to terminally ill individuals. The exception stated in (c) above does not apply to an IRA and Roth IRA. There may be other exceptions to the 10% tax penalty and additional conditions to the 10% penalty exceptions described above. Before you make a withdrawal, you should consult your tax advisor to determine the tax treatment of the withdrawal and whether the 10% penalty tax will apply.

**Taxation of Annuity Payments**

Although tax consequences may vary depending on the payout option elected under an annuity contract, a portion of each Annuity Payment (or "amount received as an annuity") is generally not taxed and the remainder is taxed as ordinary income. The non-taxable portion of an Annuity Payment is generally determined using an exclusion ratio in a manner that is designed to allow you to recover your after-tax investment in the contract. The exclusion amount for Annuity Payments based on a fixed annuity is determined by multiplying the payment by the ratio that the cost basis of the contract (adjusted for any period certain) bears to the expected return under the contract. For Qualified Contracts, the after-tax investment may be zero. The exclusion ratio is determined when Annuity Payments start. It is applied to each Annuity Payment over the expected stream of Annuity Payments, so that each Annuity Payment is taxable in part and tax free in part. Once your investment in the Contract has been fully recovered, however, the full amount of each Annuity Payment is subject to tax as ordinary income. If the Annuity Payments stop as a result of the Annuitant's death before full recovery of the investment in the Contract, you should consult a competent tax advisor to determine whether the unrecovered investment in the Contract is deductible. Owners, Payees and Beneficiaries under the contracts should seek competent financial advice about the tax consequences of any distributions.

As mentioned above, distributions prior to age 59½ are subject to a 10% penalty tax, subject to certain exceptions. One exception is for distributions that are part of a series of substantially equal periodic payments (made not less frequently than annually) for the life (or life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of the taxpayer and his or her designated beneficiary. Another is the exception for Annuity Payments made pursuant to a partial or complete annuitization of your non-qualified Contract. Whether Annuity Payments made prior to age 59½ satisfy either of these exceptions will depend on the manner in which such payments are made under the facts and circumstances of each case.

**Death Benefits**

Any Death Benefits paid under the Contract are generally taxable to the Beneficiary. The rules governing taxation of payments from an annuity contract, as discussed above, generally apply to the payment of Death Benefits and depend on whether the Death Benefits are paid as a lump sum or as annuity payments. Estate or gift taxes may also apply.

**Effect of Civil Unions and Domestic Partnerships**

For non-qualified and qualified annuities, there may be certain distribution options or elections available under federal tax law to beneficiaries who are "spouses" as defined under federal tax law. For federal tax law purposes, a "spouse" is a person recognized as a "spouse" in the state where the couple was legally married. The term does not include a party to a registered domestic partnership, civil union, or similar formal relationship recognized under state law that is not denominated a marriage under that state's law. Accordingly, these same options are not available to surviving beneficiaries who are "civil union partners," "domestic partners" or other similar relationships as recognized under the laws of certain states. The administration of spousal rights and the related tax reporting for the Contract will be done in a manner consistent with federal tax law requirements. The rights and benefits of civil union, domestic partnerships and other similar relationships under federal law are complex. Therefore, you should contact your legal advisor to discuss the availability of options and elections available to your surviving partner.

**Exchanges**

From time to time, we may offer programs under which certain annuity contracts previously issued by us may be exchanged for the Contracts offered by this prospectus. These programs will be made available on terms and conditions determined by us, and any such programs will comply with applicable law. We believe the exchanges will be tax free for federal income tax purposes; however, you should consult your tax advisor. Generally, you can exchange one non-qualified Contract for another in a tax-free exchange under Section 1035 of the Code. In addition, if your Contract is a qualified Contract, then it will generally qualify as a tax-free

rollover or transfer. However, if the transaction takes the form of a 60-day rollover, only one such rollover is permitted during any one-year period.

You can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of your IRAs, including Roth IRAs, effectively treating them as one IRA for purposes of the limit. Trustee-to-trustee transfers between IRAs and rollovers from traditional to Roth IRAs are not limited.

If you exchange part of an existing contract for this Contract, and within 180 days of the exchange you receive a payment (e.g., you make a withdrawal) from either contract, the exchange may not be treated as a tax-free exchange. Rather, the exchange may be treated as if you had made a taxable withdrawal from the existing contract and then purchased this Contract. Subject to certain exceptions, some or all of the amount exchanged into this Contract could be includable in your income and subject to the 10% tax described in the "Non-Qualified Contracts" section of this prospectus.

If you are considering a partial exchange of an annuity contract, you should consider the conditions described by Revenue Procedure 2011-38. Under Rev. Proc. 2011-38: (1) the period of time after which cash can be withdrawn from either contract is 180 days beginning on the date of the transfer and (2) annuity payments that satisfy the newly enacted partial annuitization rule under Section 72(a)(2) of the Code will not be treated as a distribution from either the old or new contract.

In a private letter ruling, the IRS allowed the beneficiary of a series of several fixed and variable qualified inherited annuities to complete an exchange under Section 1035 of the Code of those contracts into a new variable annuity so long as the technical requirements for the exchange under Section 1035 of the Code were honored, and the beneficiary committed to taking post-death distributions from the new annuity at least as rapidly as were occurring under the old contract. While a private letter ruling gives an insight into the IRS' view, legally it only applies to the taxpayer who requested the ruling. A beneficiary contemplating an exchange under Section 1035 of the Code of an inherited annuity contract should consult with their tax advisor.

Before making an exchange, you should compare both contracts carefully. You may have to pay a Withdrawal Charge on your existing annuity contract; other charges may be higher (or lower), and the benefits may be different. You should not exchange another annuity contract for this one unless you determine that, after knowing all the facts, the exchange is in your best interest. Also, you should consult your tax advisor in connection with an exchange involving the Contract, especially if you anticipate making a withdrawal from either contract.

A transfer or assignment of ownership of a contract, the designation of an annuitant, the selection of certain annuity dates, or the exchange of a contract may result in certain tax consequences to you that are not discussed here. An owner contemplating any such transfer, assignment or exchange should consult with their tax advisor.

**Multiple Contracts**

All deferred non-qualified annuity contracts that are issued by Aspida Life (or any affiliate) to the same owner during any calendar year will be treated as one annuity contract for purposes of determining the taxable amount. As a result, withdrawals from any such contracts will be taxed based upon the income in all of the contracts aggregated in the same calendar year. Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple contracts. For purposes of the aggregation rule, contracts received in a 1035 exchange will be considered issued in the year of the exchange. Also, all traditional IRAs you own will be treated as one IRA for tax purposes. You should consult a tax advisor prior to purchasing more than one annuity contract in any calendar year or owning more than one IRA.

**Tax Withholding**

Generally, federal income tax is withheld from the taxable portion of non-periodic payments at a rate of 10%. Withholding on periodic payments as defined by the Code is at the same rate as wages. Typically, you may elect not to have income taxes withheld or to have withholding done at a different rate. Special withholding rules apply to United States citizens residing outside the United States and to nonresident aliens.

**Federal Estate Taxes**

While no attempt is being made to discuss the federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

**Generation Skipping Transfer Tax**

Under certain circumstances, the Code may impose a "generation-skipping transfer tax" when all or part of an annuity contract is transferred to, or a Death Benefit is paid to, an individual two or more generations younger than the owner. Regulations issued under the Code may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

**American Taxpayer Relief Act of 2012/Tax Cuts and Jobs Act**

The American Taxpayer Relief Act: (1) permanently provides for a maximum federal estate tax rate, gift tax rate and generation skipping transfer tax rate of 40% with an inflation-adjusted $5 million lifetime unified estate and gift tax exclusion and a $5 million generation skipping transfer exclusion; (2) makes permanent "portability" between spouses which allows the estate of a decedent who is survived by a spouse to permit the surviving spouse to use the decedent's unused $5 million lifetime exclusion; and (3) extends a number of generation skipping transfer provisions. The Tax Cuts and Jobs Act temporarily doubles the exemption amount, indexed for inflation, for estate, gift and generation-skipping taxes from the $5 million base, set in 2011, to the new $10 million base, effective for tax years 2018 through 2025.

**Medicare Tax**

Distributions from non-qualified annuity contracts will be considered "investment income" for purposes of the 3.8% Medicare tax on investment income. Thus, in certain circumstances, this tax will be applied to some or all of the taxable portions of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations**

The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. If you are not a U.S. citizen or resident, you will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, you may be subject to state and/or municipal taxes and taxes that may be imposed by your country of citizenship or residence. You should consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to purchasing the Contract.

**Foreign Tax Credits**

We may benefit from any foreign tax credits attributable to taxes paid by certain Indices to foreign jurisdictions to the extent permitted under federal tax law.

**Possible Tax Law Changes**

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. Consult a tax advisor with respect to legislative developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the tax status of any contract and do not intend the above discussion as tax advice.

**16.** **Additional Information**

**General Account**

All of our obligations and any guaranteed benefits under the Contract are supported by our General Account. Aspida Life exercises sole discretion over the investment of General Account assets and bears the associated investment risk. You will not share in the investment experience of General Account assets. The General Account invests its assets in accordance with state insurance law. All of the assets of the General Account are chargeable with the claims of any of our contract owners as well as our creditors and are subject to liabilities arising from any of our other business. Our obligatons and any guaranteed benefits are subject to our claims-paying ability and financial strength.

**Unregistered Separate Account**

We place certain assets supporting your Contract in the Separate Account. We have exclusive and absolute ownership and control of the assets of the Separate Account. You do not share in the investment performance of assets allocated to the Separate Account. The Separate Account is not registered under the Investment Company Act of 1940, as amended. It is non-unitized, non-insulated and was established under the laws of Michigan solely for the purpose of supporting our obligations under the Contracts. Like our General Account, all of the assets of the Separate Account are chargeable with the claims of any of our contract owners as well as our creditors and are subject to the liabilities arising from any of our other business.

**Changes to the Separate Account**

Where permitted by applicable law, we reserve the right to make certain changes to the structure and operation of the Separate Account. We will not make any such changes without receiving any necessary approval of any applicable state insurance department.

**<u>Abandoned Property Requirements</u>**

Every state has unclaimed property laws that generally declare non-ERISA annuity contracts to be abandoned after a period of inactivity of three to five years from the contract's maturity date, the date the death benefit is due and payable, or such other date as required by state law. Contracts purchased through certain qualified plans, including IRAs and Roth IRAs, may be subject to special or additional abandoned property rules under state law. For example, if the payment of a death benefit has been triggered, but, if after a thorough search, we are unable to locate the Beneficiary of the death benefit, or the Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid (or "escheated") to the abandoned property division or unclaimed property office of the state in which the Beneficiary or you last resided, as shown on our records, or to our state of domicile. The state is then obligated to pay the death benefit (without interest) if your Beneficiary claims it with the proper documentation. To prevent your Contract's proceeds from being escheated, it is important that you contact us to update your Beneficiary designations, including addresses, if and as they change.

**Suspension of Payments or Transfers**

We may suspend or delay the payment of Death Benefits and Withdrawals, the calculation of Annuity Payments, and transfers when we cannot calculate a Contract Value or Surrender Value under any of the following circumstances:

● the New York Stock Exchange is closed (other than customary weekend and holiday closings);

● the closing value of an Index is not published;

● trading on the New York Stock Exchange is restricted;

● the calculation of Strategy Interim Values is not reasonably practical due to an emergency; or

● during any other period when a regulator, by order, so permits.

If a value for an Index cannot be obtained on any day due to any of these circumstances, we will use the value of the Index as of the next Business Day that the value is available. If the beginning day of a Strategy Period falls on a Business Day for which we cannot obtain a value for an Index, the beginning day of the Strategy Period will not change.

**Restrictions on Financial Transactions**

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to block an Owner's ability to make certain transactions and thereby refuse to accept any request for transfers, Withdrawals, Surrenders, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

**Distribution**

The Contracts are distributed by Aspida Financial Distributors, LLC ("AFD"), located at 2327 Englert Drive, Durham, NC 27713. AFD is owned by the direct parent company of Aspida Life. AFD is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA").

We have entered into a distribution and underwriting agreement with AFD for the distribution of the Contracts. AFD may also perform certain administrative functions on our behalf. We may fund operating and other expenses of AFD, including overhead, legal and accounting fees, financial professional training, compensation for the AFD management team, and other expenses associated with the Contracts.

No amounts are retained by AFD for acting as principal underwriter for the Contracts, but its expenses are covered by Aspida Life. AFD will use its best efforts to perform its distribution services but is not required to sell any number or dollar amount of Contracts. We may stop offering the Contracts at any time.

AFD does not sell the Contracts on a retail basis, but instead enters into selling agreements with unaffiliated broker- dealers ("selling firms") that are registered as a broker-dealers under the 1934 Act and member of FINRA. Contracts are sold to the public through these selling firms and their licensed financial professionals. These financial professionals are licensed to sell annuity products under state insurance laws and are also registered representatives of the selling firms.

We generally pay the selling firms on a commission basis. The amount and timing of the commission payments will differ depending on the agreement between us and the selling firm and the Contract sold, but the commission is not expected to be more than 7.25% of the Premium. Some selling firms may elect to receive a smaller amount of commission at the time of the sale and an ongoing trail commission while the Contract remains in effect, which when totaled, could exceed 7.25% of the Premium. We may also pay or allow other promotional incentives or payments to selling firms and their financial professionals in the form of cash or other compensation to the extent permitted by FINRA rules and other applicable laws and regulations.

Selling firms typically share a portion of the commissions they receive from the Company with the financial professionals who solicit sales of the Contracts, depending on the agreement between the selling firm and the financial professional. Your financial professional may also receive other cash and non-cash compensation and other benefits from their selling firm. If you would like information about what your financial professional and his or her selling firm received in connection with your Contract, please ask your financial professional.

We also pay allowances, bonuses and other incentives to some selling firms. These additional incentives or payments are calculated in different ways and are not offered to all selling firms. We may also make payments to selling firms for other services that do not directly involve the sale of the Contracts. These services may include the recruitment and training of personnel, production of promotional literature, and similar services. We also provide non-cash compensation to selling firms, which include providing (or covering costs associated with) conferences, seminars and other marketing events and expenses, and items of small value, such as promotional gifts, meals or tickets to sporting or entertainment events. These additional incentives or payments are calculated in different ways and are not offered to all selling firms. The non-cash compensation programs are subject to, and designed to comply with, applicable laws, including FINRA regulations.

In addition to the compensation described above, we may make additional cash payments to some selling firms in support of their marketing and distribution services. These payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms depending on, among other things, the level and type of marketing and distribution services provided. Marketing and distribution services may include, among other services, increased access to the financial professionals of the selling firm for purposes of promoting sales of our products, assistance in training and education of the financial professionals, and opportunities for us to participate in sales conferences and educational seminars. In certain instances, we may make payments to a selling firm for inclusion of this Contract in a list of products offered for sale by selling firm.

The compensation paid to your financial professional and their selling firm (including any allowances, bonuses, non-cash compensation and other incentive payments) could create an incentive for your financial professional and the selling firm with which they are associated, to recommend the Contract because they will receive more compensation for the Contract than for other investments they could recommend.

While we do not charge you directly for any commissions or other payments paid, we do intend to recoup commissions and other expenses indirectly through fees and charges deducted under the Contract and other revenue arising from the Contract.

**Amendments to the Contract**

We reserve the right to amend the Contract to meet the requirements of applicable federal or state laws or regulations. You will be notified in writing of any changes, modifications or waivers.

**Account Statements**

At least once each year during the accumulation phase, we will send you an annual statement. The annual statement will show the current Contract Value, any transactions during the statement period, any fees deducted during the statement period, the current value of the Death Benefit, and current values held in the Fixed Crediting Rate Strategy and each Indexed Crediting Rate Strategy. The reporting period for the annual statement may be different than a Contract Year.

**Certain Transactions**

Certain transactions may be permitted by telephone and electronically on the Internet and may require that we have properly signed authorization for your Contract on record. In addition, you may authorize someone else to make transactions by telephone, and if available on the Internet, on your behalf. Aspida Life will not be liable

for any failure to question or challenge such requests as long as there is a valid signed authorization on record at Aspida Life. Transactions submitted by Internet will require certain identification information, such as a password or personal identification information.

Although we use reasonable procedures, including recording all telephone instructions and requiring certain personal identification information to prevent unauthorized account access, we cannot assure you that telephone or Internet activity will be completely secure or free of delays or malfunctions. If you choose to make transactions by telephone or Internet, you must be willing to assume the risk of loss that may occur despite our reasonable efforts to verify identity. We are not responsible for the negligence or wrongful acts of third parties.

**Legal Proceedings**

We, like other life insurance companies, are from time to time involved in legal proceedings of various kinds arising in or outside of the ordinary course of business, including litigation principally relating to our business. These may include legal proceedings with private parties or with regulators or other legal authorities. There can be no assurance that any pending or future litigation will not have a material adverse effect on our business, financial condition, or results of operations. In addition, from time to time and in the ordinary course of business, we, like others in the insurance and financial services industries, receive requests for information from government agencies in connection with such agencies' regulatory or investigatory authority. Such requests can include financial or market conduct examinations, subpoenas or demand letters for documents to assist the government in audits or investigations. We review such requests and notices and take appropriate action. We have been subject to certain requests for information and investigations in the past and could be subject to them in the future.

**Financial Statements**

The statutory-basis financial statements of Aspida Life Insurance Company are included in the Statement of Additional Information. They should be considered only as they relate to our ability to meet our obligations under the Contract. Instructions on how to obtain the Statement of Additional Information are included on the back cover page.

**State Variations**

This prospectus describes the material rights and obligations under the Contract. Certain provisions of the Contract may be different from the general description in this prospectus due to variations required by state law. For example, state law may require different right-to-examine provisions and may impose different issue-age limitations. The state in which your Contract is issued also governs whether certain options or charges are available or will vary under your Contract. Please see **Appendix B: Material State Variations** for a listing of material state variations. Any state variations will be included in your Contract or in riders or endorsements attached to your Contract.

**Appendix A: Investment Options Available Under the Contract**

**Indexed Crediting Rate Strategies**

The following is a list of Indexed Crediting Rate Strategies currently available under the Contract. We may change the features of the Indexed Crediting Rate Strategies listed below (including the Index and the current limits on Index gains and losses), offer new Indexed Crediting Rate Strategies and terminate existing Indexed Crediting Rate Strategies. We will provide you with written notice before making any changes other than changes to current limits on Index gains. Information about current limits on Index gains is available at <u>https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf</u>.

**Note: If amounts are removed from an Indexed Crediting Rate Strategy before the end of its Strategy Period, we will use its Strategy Interim Value. This may result in a significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if you waited until the end of the Strategy Period.**

See **8. The Indexed Crediting Rate Strategies** of the prospectus for a description of the Indexed Crediting Rate Strategies' features. See **6. Fees, Charges and Adjustments** of the prospectus for more information about Strategy Interim Values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Index<sup>1</sup>** | &nbsp;&nbsp; **Type of Index** | &nbsp;&nbsp; **Strategy<br> Period** | &nbsp;&nbsp; **Index Crediting<br> Methodology** | &nbsp;&nbsp; **Current Limit on Index<br> Loss (if held until end <br> of Strategy Period)** | &nbsp;&nbsp; **Minimum Limit on Index <br> Gain (for the life of the <br> Indexed Crediting Rate<br> Strategy)** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Trigger Rate;<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Floor Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; 0% Floor Percentage<sup>2</sup> | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | &nbsp;&nbsp; Market Index | &nbsp;&nbsp; 6 Year | &nbsp;&nbsp; Guaranteed Annual Cap Rate and Buffer | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Floor Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; 0% Floor Percentage<sup>2</sup> | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Guaranteed Annual Cap Rate and Buffer | &nbsp;&nbsp; -10% Buffer Percentage  | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 5% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 3 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Cap Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | &nbsp;&nbsp; Market Index | 6 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 10% Index Participation Rate |
| &nbsp;&nbsp; MSCI EM Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; MSCI EM Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -20% Buffer Percentage | &nbsp;&nbsp; 2% Index Cap Rate |
| &nbsp;&nbsp; MSCI EM Index | &nbsp;&nbsp; Market Index | 1 Year | &nbsp;&nbsp; Point-to-Point | &nbsp;&nbsp; -10% Buffer Percentage | &nbsp;&nbsp; 2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |

---

<sup>1</sup> Each Index is a "price return index," not a "total return index," and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

<sup>2</sup> This Indexed Crediting Rate Strategy provides total protection from Index losses at the end of the Strategy Period.

**Each Indexed Crediting Rate Strategy's limit on Index losses is guaranteed not to change for so long as that Indexed Crediting Rate Strategy remains available under the Contract. However, we reserve the right to add and remove Indexed Crediting Rate Strategy as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next. We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. In the future, we may not offer any Indexed Crediting Rate Strategies with Floor Percentages, and we do not guarantee a minimum Strategy Floor for any Indexed Crediting Rate Strategies that we may decide to offer in the future.**

 **If we offer a new Indexed Crediting Rate Strategy with an Index Cap Rate in the future, the Guaranteed Minimum Cap Rate will be at least 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. If we offer a new Indexed Crediting Rate Strategy with an Index Participation Rate in the future, the Guaranteed Minimum Participation Rate will be at least 10%. If we offer a new Indexed Crediting Rate Strategy with an Index Trigger Rate in the future, the Guaranteed Minimum Trigger Rate will be at least 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively and the Trigger Threshold will not be greater than -1%. If we offer a new Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Guaranteed Minimum Cap Rate will be at least 2%. We reserve the right to offer Indexed Crediting Rate Strategies with different types of limits on Index gains.**

**Fixed Crediting Rate Strategy**

The following is the Fixed Crediting Rate Strategy currently available under the Contract. We may change the features of the Fixed Crediting Rate Strategy listed below, offer new Fixed Crediting Rate Strategies and terminate existing Fixed Crediting Rate Strategies. We will provide you with written notice before doing so.

See **9. The Fixed Crediting Rate Strategy** of the prospectus for a description of the Fixed Crediting Rate Strategy's features.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Strategy Period** | &nbsp;&nbsp;**Minimum Guaranteed Interest Rate** |
| Fixed Crediting Rate Strategy | 1 Year | &nbsp;&nbsp;0.25% |

---

**Appendix B: Material State Variations**

---

| | | |
|:---|:---|:---|
| **<u>State</u>** | **<u>Benefit or Feature</u>** | **<u>Availability or Variation</u>** |
| South Carolina | Right to Examine | If you exercise your right to cancel the Contract, as described in "Right to Examine": <br> (1) if your Contract does not replace another contract, we will issue a refund in the amount of your Premium Payment (less Withdrawals); or <br> (2) if your Contract replaces another contract, we will make a payment of the Cash Surrender Value plus any charges deducted from your Premium Payment.  |

---

**Appendix C: Index Disclosures**

**S&P 500® Index**

The S&P 500® Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by Aspida Life Insurance Company ("Aspida"). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). It is not possible to invest directly in an index. Aspida's products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Aspida's products or any member of the public regarding the advisability of investing in securities generally or in Aspida's products particularly or the ability of the Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Aspida with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Aspida or the Aspida products. S&P Dow Jones Indices have no obligation to take the needs of Aspida or the owners of Aspida's products into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Aspida's products. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ASPIDA, OWNERS OF THE ASPIDA PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ASPIDA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**Nasdaq-100 Index®**

The Aspida DreamPath<sup>SM</sup> Annuity (the "Product") is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product. The Corporations make no representation or warranty, express or implied to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations' only relationship to Aspida Life Insurance Company ("Licensee") is in the licensing of the Nasdaq® and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product. Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product into consideration in determining, composing or calculating

the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product.

**THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE Nasdaq-100 Index® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE Nasdaq-100 Index® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Nasdaq-100 Index® OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.**

**Russell 2000<sup>®</sup> Index**

The Aspida DreamPath<sup>SM</sup> (the "Product") has been developed solely by Aspida Life Insurance Company ("Aspida"). The Product is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000® Index (the "Index") vest in the relevant LSE Group company which owns the Index. "Russell®" and "Russell 2000®" are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by Aspida Life Insurance Company.

**MSCI EM Index**

THIS FINANCIAL PRODUCT IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF MSCI'S AFFILIATES, ANY OF MSCI'S OR MSCI'S AFFILIATES' INFORMATION PROVIDERS OR ANY OTHER THIRD PART INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING, CALCULATING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICES MARKS OF MSCI OR MSCI'S AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY ASPIDA LIFE INSURANCE COMPANY ("ASPIDA"). NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FINANCIAL PRODUCTS GENERALLY OR IN THIS FINANCIAL PRODUCT PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCUATED BY MSCI WITHOUT REGARD TO THIS FINANCIAL PRODUCT OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FINANCIAL PRODUCT TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS FINANCIAL PRODUCT IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FINANCIAL PRODUCT.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN, OR FOR USE IN THE CALCULATION OF, THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY, AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FINANCIAL PRODUCT, OWNERS OF THE FINANCIAL PRODUCT, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchase, seller or holder of this financial product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

We have filed with the Securities and Exchange Commission a Statement of Additional Information ("SAI") that includes additional information about Aspida DreamPath<sup>SM</sup> Annuity and Aspida Life Insurance Company. The SAI dated September 15, 2025, is incorporated by reference into this prospectus. The SAI is available free of charge. To request a copy of the SAI, to ask about your Contract, or to make other investor inquiries, please contact us by:

● Calling us at 1-833-4-ASPIDA (1-833-427-7432) between the hours of 9 a.m. and 6 p.m. Eastern Time.

● Mailing us at our Administrative Office.

● Emailing us <u>clientsupport@aspida.com</u>.

The SAI is also available at our website, <u>https://aspida.com/products/RILA.</u>

EDGAR Contract Identifier No. C000256895

**PART B** 

**INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION**

**ASPIDA LIFE INSURANCE COMPANY**

**Statement of Additional Information Dated September 15, 2025**

**ASPIDA DREAMPATH<sup>SM</sup> ANNUITY**

**Individual Single Premium Deferred Index-Linked Annuity Contract**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the prospectus dated September 15, 2025, for the Aspida Life Insurance Company Contract referenced above. The prospectus sets forth information that a prospective Investor ought to know before investing. You may obtain a free copy of the Prospectus by contacting our Administrative Office at:

2327 Englert Drive

Durham, NC 27713

1-833-4-ASPIDA (1-833-427-7432)

Read the prospectus before you invest. Terms used in this SAI shall have the same meaning as in the prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| GENERAL INFORMATION AND HISTORY | 2 |
| SERVICES | 2 |
| PRINCIPAL UNDERWRITER | 5 |
| PERFORMANCE REPORTING | 5 |
| INCOME PHASE PAYMENTS | 5 |
| FINANCIAL STATEMENTS | 5 |

---

**GENERAL INFORMATION AND HISTORY**

The Company issues the Contract described in the prospectus and is responsible for providing the Contract's insurance and annuity benefits. All guarantees and benefits provided under the Contracts are subject to the claims paying ability of the Company and our General Account. We are a stock life insurance company originally organized under the insurance laws of the State of California in 1956 and redomesticated to Michigan in 2022. Prior to December 1, 2021, the Company was known as UBS Life Insurance Company USA.

Ares Management Corporation ("Ares"), a global alternative investment manager, is the sole member of Ares Holdco LLC, which is the general partner of Ares Holdings L.P., which is the sole member of AIP GP, LLC, which is the general partner of Ares Insurance Partners L.P., which owns all of the voting shares of Aspida Holdings Ltd., which the sole member of Aspida Holdings, LLC, a U.S. holding company that is the direct owner of the Company. The common stock of Ares trades on the New York Stock Exchange under the symbol "ARES."

We are authorized to transact business in 49 states and the District of Columbia. We are not authorized to transact business in New York. Our primary business is issuing deferred annuities.

From this point forward, the term "Contract(s)" refers only to those offered through the prospectus.

**SERVICES**

The Company is party to a Cost Sharing Agreement between the Company, Aspida Financial Services, LLC ("AFS") and all other U.S. based entities in the Aspida Group dated January 1, 2022. AFS is the service provider and is an affiliate of the Company through common direct ownership by same company, Aspida Holdings, LLC. AFS provides all services that are used to service the Contract and all employees who perform those services to the Company at cost. As of the date hereof, the Company has not made any payments to AFS under the Cost Sharing Agreement for services related to the Contracts.

 **Independent Auditors**

The statutory-basis financial statements of Aspida Life Insurance Company at December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, appearing in this SAI and Registration Statement have been audited by Ernst & Young LLP, independent auditors, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

Ernst & Young LLP's principal business address is 100 North Tryon Street, Charlotte, North Carolina 28202.

**CONTRACT ADJUSTMENT**

On any day during the Strategy Period except for the Strategy Start Date and the Strategy Maturity Date, your Indexed Crediting Rate Strategy value is equal to the Strategy Interim Value. We calculate the Strategy Interim Value each day between the Strategy Start Date and the Strategy Maturity Date based on the value of a hypothetical portfolio of financial instruments designed to replicate the value of the Indexed Crediting Rate Strategy if it were held until the Strategy Maturity Date. The Strategy Interim Value fluctuates each business day. The Strategy Interim Value on a given business day determines the amount available from that Indexed Crediting Rate Strategy for Withdrawals, Surrender, and the other transactions listed below that may occur on that date.

The Strategy Interim Values generally reflect less gain and more downside than would otherwise apply at the Strategy Maturity Date. As such, when a transaction is processed based on a Strategy Interim Value, the Strategy Interim Value could reflect less gain or more loss (perhaps significantly less gain or more loss) than would be applied at the end of the Term. This means that there could be significantly less money available under your Contract for Withdrawals, Surrender, annuitization, and the death benefit. The application of a Strategy Interim Value may result in a loss even if the Index performance at the time of Withdrawal or other transaction listed above is higher than at the beginning of the Strategy. If you use the Performance Lock feature to capture an Interim Value that is lower than your Strategy Base Value on the Strategy Start Date, you may capture a loss.

The Strategy Interim Value for an Indexed Crediting Rate Strategy is calculated using the following formula:

The Strategy Interim Value for each Indexed Crediting Rate Strategy equals A plus B minus C, where:

A = the fair value of the Derivative Asset Proxy supporting the Indexed Crediting Rate Strategy on the current day.

B = the fair value of the Fixed Income Asset Proxy instruments supporting the Indexed Crediting Rate Strategy on the current day.

C = reasonably anticipated trading costs associated with selling the hypothetical options, if not already accounted for in the Derivative Asset Proxy.

The Derivative Asset Proxy is a value of a hypothetical replicating portfolio of options used to calculate the Strategy Interim Value for each Indexed Crediting Rate Strategy. The hypothetical replicating portfolio of options is determined by us for each Indexed Crediting Rate Strategy and is used to estimate the fair value of risk of loss and potential gain on the Strategy Maturity Date. If we are unable to calculate the value of the Derivative Asset Proxy on any day, we will use the last available value available to us. The Derivative Asset Proxy value may be positive, negative or zero.

The Fixed Income Asset Proxy is determined by using the Strategy Base Value and subtracting the unamortized option costs as determined by the time remaining in the Indexed Crediting Rate Strategy. In general, the closer a withdrawal occurs to the Strategy Maturity Date, the less of an impact the Fixed Income Asset Proxy will have. The examples below show how the Strategy Interim Value is calculated and how it may vary based on whether the Index value has increased or decreased and how much time there is remaining in the Strategy Period. The Derivative Asset Proxy value, the Fixed Income Asset Proxy value, and trading costs in the examples are expressed as a percentage of the Strategy Base Value.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Strategy Interim Value Examples** | &nbsp;&nbsp;**Strategy Interim Value Examples** | &nbsp;&nbsp;**Strategy Interim Value Examples** | &nbsp;&nbsp;**Strategy Interim Value Examples** |
|  | &nbsp;&nbsp;1-year strategy | &nbsp;&nbsp;3-year strategy | &nbsp;&nbsp;6-year strategy |
| &nbsp;&nbsp;Strategy Period (months) | &nbsp;&nbsp;12 | &nbsp;&nbsp;36 | &nbsp;&nbsp;72 |
| &nbsp;&nbsp;Valuation date (months) | &nbsp;&nbsp;9 | &nbsp;&nbsp;18 | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Time to maturity (months) | &nbsp;&nbsp;3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;Strategy premium | &nbsp;&nbsp;100000 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Buffer Percentage | &nbsp;&nbsp;10% | &nbsp;&nbsp;10% | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Cap Rate | &nbsp;&nbsp;12% | &nbsp;&nbsp;15% | &nbsp;&nbsp;18% |

---

&nbsp;&nbsp; **Example 1: No change in the value of the Index relevant to the strategy (assumes no Withdrawals)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Strategy Base Value (a) | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 |
| &nbsp;&nbsp;Initial market value of options (b) | &nbsp;&nbsp;3019.28 | &nbsp;&nbsp;2842.57 | &nbsp;&nbsp;2920.03 |
| &nbsp;&nbsp;% remaining in Strategy Period (c) | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% |
| &nbsp;&nbsp;Current market value of options (d) | &nbsp;&nbsp;2813.78 | &nbsp;&nbsp;3507.12 | &nbsp;&nbsp;3286.14 |
| &nbsp;&nbsp;Unamortized option costs (e) = b x c | &nbsp;&nbsp;(754.82) | &nbsp;&nbsp;(1421.28) | &nbsp;&nbsp;(2190.02) |
| &nbsp;&nbsp;Transaction costs (f) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) |
| &nbsp;&nbsp;Interim value adjustment (g) = d + e + f | &nbsp;&nbsp;2008.96 | &nbsp;&nbsp;2035.84 | &nbsp;&nbsp;1046.12 |
| &nbsp;&nbsp;Strategy Interim Value = a + g | &nbsp;&nbsp;102008.96 | &nbsp;&nbsp;102035.84 | &nbsp;&nbsp;101046.12 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Example 2: Positive change (10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 2: Positive change (10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 2: Positive change (10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 2: Positive change (10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** |
| &nbsp;&nbsp;Strategy Base Value (a) | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 |
| &nbsp;&nbsp;Initial market value of options (b) | &nbsp;&nbsp;3019.28 | &nbsp;&nbsp;2842.57 | &nbsp;&nbsp;2920.03 |
| &nbsp;&nbsp;% remaining in Strategy Period (c) | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% |
| &nbsp;&nbsp;Current market value of options (d) | &nbsp;&nbsp;8210.30 | &nbsp;&nbsp;8838.99 | &nbsp;&nbsp;6538.24 |
| &nbsp;&nbsp;Unamortized option costs (e) = b x c | &nbsp;&nbsp;(754.82) | &nbsp;&nbsp;(1421.28) | &nbsp;&nbsp;(2190.02) |
| &nbsp;&nbsp;Transaction costs (f) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) |
| &nbsp;&nbsp;Interim value adjustment (g) = d + e + f | &nbsp;&nbsp;7405.48 | &nbsp;&nbsp;7367.70 | &nbsp;&nbsp;4298.22 |
| &nbsp;&nbsp;Strategy Interim Value = a + g | &nbsp;&nbsp;107405.48 | &nbsp;&nbsp;107367.70 | &nbsp;&nbsp;104298.22 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Example 3: Negative change (-10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 3: Negative change (-10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 3: Negative change (-10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** | &nbsp;&nbsp; **Example 3: Negative change (-10%) in the value of the Index relevant to the strategy (assumes no Withdrawals)** |
| &nbsp;&nbsp;Strategy Base Value (a) | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;100000.00 |
| &nbsp;&nbsp;Initial market value of options (b) | &nbsp;&nbsp;3019.28 | &nbsp;&nbsp;1848.79 | &nbsp;&nbsp;2920.03 |
| &nbsp;&nbsp;% remaining in Strategy Period (c) | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% |
| &nbsp;&nbsp;Current market value of options (d) | &nbsp;&nbsp;(2095.54) | &nbsp;&nbsp;(2278.74) | &nbsp;&nbsp;(929.69) |
| &nbsp;&nbsp;Unamortized option costs (e) = b x c | &nbsp;&nbsp;(754.82) | &nbsp;&nbsp;(924.39) | &nbsp;&nbsp;(2190.02) |
| &nbsp;&nbsp;Transaction costs (f) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) | &nbsp;&nbsp;(50.00) |
| &nbsp;&nbsp;Interim value adjustment (g) = d + e + f | &nbsp;&nbsp;(2900.36) | &nbsp;&nbsp;(3253.14) | &nbsp;&nbsp;(3169.71) |
| &nbsp;&nbsp;Strategy Interim Value = a + g | &nbsp;&nbsp;97099.64 | &nbsp;&nbsp;96746.86 | &nbsp;&nbsp;96830.29 |

---

**Examples of Withdrawals and Surrender Charges Applied to Strategy Interim Value** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Example 1: Effect of Withdrawal when the Strategy Base Value is greater than the Strategy Interim Value** | &nbsp;&nbsp;**Example 1: Effect of Withdrawal when the Strategy Base Value is greater than the Strategy Interim Value** | &nbsp;&nbsp;**Example 1: Effect of Withdrawal when the Strategy Base Value is greater than the Strategy Interim Value** |
| &nbsp;&nbsp;Strategy Base Value | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Strategy Interim Value (Pre-Withdrawal) | &nbsp;&nbsp;90000.00 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;Gross Amount Withdrawn | &nbsp;&nbsp;20000.00 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;% Change in Strategy Interim Value | &nbsp;&nbsp;22.2% | &nbsp;&nbsp;D = C / B |
| &nbsp;&nbsp;Surrender Charges (7%) | &nbsp;&nbsp;1400.00 | &nbsp;&nbsp;E = C \* 0.07 |
| &nbsp;&nbsp;Net Amount Withdrawn | &nbsp;&nbsp;18600.00 | &nbsp;&nbsp;F = C - E |
| &nbsp;&nbsp;Proportional Withdrawal Amount (Gross) | &nbsp;&nbsp;22222.22 | &nbsp;&nbsp;G = C \* (A / B) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;New Strategy Interim Value (Post-Withdrawal) | &nbsp;&nbsp;70000.00 | &nbsp;&nbsp;H = B - C |
| &nbsp;&nbsp;New Strategy Base Value | &nbsp;&nbsp;77777.78 | &nbsp;&nbsp;I = A - G |
| &nbsp;&nbsp;% Change in Strategy Base Value | &nbsp;&nbsp;-22.2% | &nbsp;&nbsp;J = I / A - 1 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Example 2: Effect of Withdrawal when the Strategy Base Value is less than the Strategy Interim Value** | &nbsp;&nbsp;**Example 2: Effect of Withdrawal when the Strategy Base Value is less than the Strategy Interim Value** | &nbsp;&nbsp;**Example 2: Effect of Withdrawal when the Strategy Base Value is less than the Strategy Interim Value** |
| &nbsp;&nbsp;Strategy Base Value | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Strategy Interim Value (Pre-Withdrawal) | &nbsp;&nbsp;110000.00 | &nbsp;&nbsp;B |
| &nbsp;&nbsp;Gross Amount Withdrawn | &nbsp;&nbsp;20000.00 | &nbsp;&nbsp;C |
| &nbsp;&nbsp;% Change in Strategy Interim Value | &nbsp;&nbsp;18.2% | &nbsp;&nbsp;D = C / B |
| &nbsp;&nbsp;Surrender Charges (7%) | &nbsp;&nbsp;1400.00 | &nbsp;&nbsp;E = C \* 0.07 |
| &nbsp;&nbsp;Net Amount Withdrawn | &nbsp;&nbsp;18600.00 | &nbsp;&nbsp;F = C - E |
| &nbsp;&nbsp;Proportional Withdrawal Amount (Gross) | &nbsp;&nbsp;18181.82 | &nbsp;&nbsp;G = C \* (A / B) |
| &nbsp;&nbsp;New Strategy Interim Value (Post-Withdrawal) | &nbsp;&nbsp;90000.00 | &nbsp;&nbsp;H = B - C |
| &nbsp;&nbsp;New Strategy Base Value | &nbsp;&nbsp;81818.18 | &nbsp;&nbsp;I = A - G |
| &nbsp;&nbsp;% Change in Strategy Base Value | &nbsp;&nbsp;-18.2% | &nbsp;&nbsp;J = I / A - 1 |

---

**PRINCIPAL UNDERWRITER**

The Company's affiliate, Aspida Financial Distributors, LLC, serves as the principal underwriter for the Contract. Aspida Financial Distributors, LLC, a Delaware limited liability company, is registered as a broker-dealer with the SEC. Aspida Financial Distributors, LLC is also a member of the Financial Industry Regulatory Authority. Aspida Financial Distributors, LLC's principal office is located at 2327 Englert Drive, Durham, NC 27713. The Contract is distributed through life insurance agents licensed to sell variable annuities who are registered representatives of other registered broker-dealers who have entered into sales arrangements with Aspida Financial Distributors, LLC. The offering of the Contract is continuous. **A description of the manner in which Contract is purchased may be found in the prospectus under the section titled "7. Purchasing the Contract."**

As of the date hereof, no compensation has been paid to the principal underwriter, Aspida Financial Distributors, LLC.

**FINANCIAL STATEMENTS**

Included in this SAI are the statutory-basis financial statements of Aspida Life Insurance Company.

**Aspida Life Insurance Company**

**Statements of Admitted Assets, Liabilities and Capital and Surplus <br> Period ended June 30, 2025 and the year ended December 31, 2024**

*(in thousands, except number of shares and par value)*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025**<br>**(unaudited)** | **December 31, 2024** |
| **Admitted Assets** |  |  |
| Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp; Bonds | $8350325 | $6377111 |
| &nbsp;&nbsp;&nbsp; Preferred stocks | 27501 | 10500 |
| &nbsp;&nbsp;&nbsp; Common stocks | 15271 | 2204 |
| &nbsp;&nbsp;&nbsp; Mortgage loans on real estate | 607625 | 276836 |
| &nbsp;&nbsp;&nbsp; Real estate less accumulated depreciation and encumbrances | 5084 | 5036 |
| &nbsp;&nbsp;&nbsp; Cash | 132944 | 86273 |
| &nbsp;&nbsp;&nbsp; Cash equivalents | 851475 | 495373 |
| &nbsp;&nbsp;&nbsp; Short-term investments |  | 4 |
| &nbsp;&nbsp;&nbsp; Derivatives | 269236 | 199407 |
| &nbsp;&nbsp;&nbsp; Receivables for securities | 1280 | 4 |
| &nbsp;&nbsp;&nbsp; Other invested assets | 393083 | 151158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and invested assets | 10653824 | 7603906 |
| &nbsp;&nbsp;&nbsp; Accrued investment income | 103286 | 78885 |
| &nbsp;&nbsp;&nbsp; Other amounts receivable under reinsurance contracts | 24140 | 2633 |
| &nbsp;&nbsp;&nbsp; Current federal income taxes recoverable | 267 |  |
| &nbsp;&nbsp;&nbsp; Net deferred tax asset | 23441 | 24489 |
| &nbsp;&nbsp;&nbsp; Amounts due from parent, subsidiaries and affiliates | 149 |  |
| &nbsp;&nbsp;&nbsp; Other non-invested assets | 175 | 17 |
| &nbsp;&nbsp;&nbsp; Separate account assets | 1607 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total admitted assets | $10806889 | $7711458 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Admitted Assets, Liabilities and Capital and Surplus <br> Period ended June 30, 2025 and the year ended December 31, 2024**

*(in thousands, except number of shares and par value)*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025**<br>**(unaudited)** | **December 31, 2024** |
| **Liabilities and Capital and Surplus** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Aggregate reserve for life contracts | $3967085 | $2927845 |
| &nbsp;&nbsp;&nbsp; Liability for deposit-type contracts | 220490 | 8041 |
| &nbsp;&nbsp;&nbsp; Insurance policy benefits, claim reserves | 6265 | 6730 |
| &nbsp;&nbsp;&nbsp; Interest maintenance reserve | 1933 | 679 |
| &nbsp;&nbsp;&nbsp; Commissions to agents due or accrued-life and annuity contracts | 10717 | 10658 |
| &nbsp;&nbsp;&nbsp; General expenses due or accrued | 5529 | 1597 |
| &nbsp;&nbsp;&nbsp; Taxes and fees, excluding federal income taxes | 2862 | 1530 |
| &nbsp;&nbsp;&nbsp; Amounts withheld or retained by reporting entity as agent or trustee |  | 794 |
| &nbsp;&nbsp;&nbsp; Remittances and items not allocated | 16635 | 20574 |
| &nbsp;&nbsp;&nbsp; Liability for benefits for employees and agents | 357 | 626 |
| &nbsp;&nbsp;&nbsp; Asset valuation reserve | 60345 | 39105 |
| &nbsp;&nbsp;&nbsp; Funds held under reinsurance treaties with unauthorized reinsurers | 5417895 | 3867938 |
| &nbsp;&nbsp;&nbsp; Payable to parent, subsidiaries and affiliates | 6905 | 14869 |
| &nbsp;&nbsp;&nbsp; Payable for securities | 126901 | 15260 |
| &nbsp;&nbsp;&nbsp; Due to reinsurers | 266509 | 230212 |
| &nbsp;&nbsp;&nbsp; Derivative collateral liability | 210455 | 130422 |
| &nbsp;&nbsp;&nbsp; Separate account liabilities | 1607 | 1528 |
| Total liabilities | 10322490 | 7278408 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, $100 par value per share; 25,000 shares authorized, issued and outstanding | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp; Paid-in and contributed surplus | 641666 | 566666 |
| &nbsp;&nbsp;&nbsp; Unassigned deficit | (159767) | (136116) |
| Total capital and surplus | 484399 | 433050 |
| Total liabilities and capital and surplus | $10806889 | $7711458 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Operations**

**Periods ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Premiums and other revenues:** |  |  |
| &nbsp;&nbsp;&nbsp; Premium and annuity considerations for life contracts | $1068886 | $7314 |
| &nbsp;&nbsp;&nbsp; Investment income (net of related expenses of $9,265 as of June 30, 2025 and $5,865 as of June 30, 2024) | 252421 | 121156 |
| &nbsp;&nbsp;&nbsp; Amortization of interest maintenance reserve | 274 | 28 |
| &nbsp;&nbsp;&nbsp; Commissions and expense allowances on reinsurance ceded | 113737 | 59222 |
| &nbsp;&nbsp;&nbsp; Modified coinsurance assumed adjustment | 25310 | 22485 |
| &nbsp;&nbsp;&nbsp; Miscellaneous income | 1522 | 21052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total premiums and other revenues | 1462150 | 231257 |
| **Benefits and other deductions:** |  |  |
| &nbsp;&nbsp;&nbsp; Annuity benefits | 24137 | 21448 |
| &nbsp;&nbsp;&nbsp; Surrender benefits and withdrawals | 70530 | 28703 |
| &nbsp;&nbsp;&nbsp; Interest and adjustments on contract or deposit-type contract funds | 1908 | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | 96575 | 49719 |
| &nbsp;&nbsp;&nbsp; Commissions and brokerage expense | 177264 | 122363 |
| &nbsp;&nbsp;&nbsp; Increase in aggregate reserves for life contracts | 1039241 | 70962 |
| &nbsp;&nbsp;&nbsp; Insurance taxes, licenses and fees | 3570 | 751 |
| &nbsp;&nbsp;&nbsp; Reinsurance investment credit | 151726 | 40493 |
| &nbsp;&nbsp;&nbsp; General insurance expenses | 24552 | 18455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and other deductions | 1492928 | 302743 |
| Loss from operations before federal and foreign income taxes | (30778) | (71486) |
| Expenses for federal and foreign income taxes | 1033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss from operations before net realized investment gains | (31811) | (71486) |
| Net realized capital gains net of capital gains tax and taxes transferred to IMR of $0 and $0, respectively, as of June 30, 2025 and $0 and $0, respectively, as of June 30, 2024 | 29921 | 18702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(1890) | $(52784) |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Changes in Capital and Surplus**

**Periods ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)**

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common<br> Stock** | **Paid-in and<br> Contributed<br> Surplus** | **Unassigned<br> Deficit** | **Total** |
| Balance, December 31, 2023 | $2500 | $416666 | $(67140) | $352026 |
| &nbsp;&nbsp;&nbsp; Net loss |  |  | (52784) | (52784) |
| &nbsp;&nbsp;&nbsp; Other changes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains less capital gains tax of $2,321 |  |  | 5593 | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  | 6586 | 6586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets |  |  | 1925 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve |  |  | (9575) | (9575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions |  | 80000 |  | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp; D eferred reinsurance gain net of amortization |  |  | 13666 | 13666 |
| Balance, June 30, 2024 | $2500 | $496666 | $(101729) | $397437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common<br> Stock** | **Paid-in and<br> Contributed<br> Surplus** | **Unassigned<br> Deficit** | **Total** |
| Balance, December 31, 2024 | $2500 | $566666 | $(136116) | $433050 |
| &nbsp;&nbsp;&nbsp; Net loss |  |  | (1890) | (1890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains less capital gains tax of $(2) |  |  | 5270 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  | 1906 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets |  |  | (2419) | (2419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve |  |  | (21239) | (21239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital contributions |  | 75000 |  | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gains and losses on assets subject to funds withheld agreements |  |  | (5279) | (5279) |
| Balance, June 30, 2025 | $2500 | $641666 | $(159767) | $484399 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Cash Flows**

**Periods ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Cash from operations** |  |  |
| Premiums and policy proceeds | $1047381 | $1633180 |
| Net investment income received | 225286 | 96412 |
| Miscellaneous income | 140569 | 109651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided by revenues | 1413236 | 1839243 |
| Net policy benefits (paid) received | (60741) | 411720 |
| Net transfers from Separate Accounts | 8 | 345 |
| Commissions, general expenses and state taxes paid | (352353) | (237093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash used in general and other expenses | (414386) | 174915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from operations | 998850 | 2014158 |
| **Cash from investments** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales and maturities of bonds | 599524 | 125623 |
| &nbsp;&nbsp;&nbsp; Proceeds from sales and maturities of mortgage loans | 24026 | 965 |
| &nbsp;&nbsp;&nbsp; Proceeds from other invested assets | 7616 | 2234 |
| &nbsp;&nbsp;&nbsp; Miscellaneous proceeds | 115183 | 42139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment proceeds | 746349 | 170961 |
| &nbsp;&nbsp;&nbsp; Purchase of bonds | (2608671) | (1503948) |
| &nbsp;&nbsp;&nbsp; Purchase of stocks | (30067) | (480) |
| &nbsp;&nbsp;&nbsp; Purchase of mortgage loans | (355965) | (94297) |
| &nbsp;&nbsp;&nbsp; Purchase of real estate | (175) | (539) |
| &nbsp;&nbsp;&nbsp; Purchase of other invested assets | (199283) | (75171) |
| &nbsp;&nbsp;&nbsp; Miscellaneous applications | (47271) | (41123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments acquired | (3241432) | (1715558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from investments | (2495083) | (1544597) |
| **Cash from financing and miscellaneous sources** |  |  |
| &nbsp;&nbsp;&nbsp; Capital and paid in surplus, less treasury stock | 75000 | 80000 |
| &nbsp;&nbsp;&nbsp; Net deposits on deposit-type contracts and other insurance | 212449 | 3694 |
| &nbsp;&nbsp;&nbsp; Other cash provided (paid) | 1611554 | (398944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from financing and miscellaneous sources | 1899003 | (315250) |
| &nbsp;&nbsp;&nbsp; Net change in cash and cash equivalents | 402770 | 154311 |
| **Cash and cash equivalents** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 581649 | 298283 |
| &nbsp;&nbsp;&nbsp; End of period | $984419 | $452594 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplemental disclosures of cash flow information for non-cash transactions** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Funds withheld premium ceded |  | 1574811 |  | 1174659 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements (unaudited)**

**June 30, 2025**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies**

***Organization and Nature of Business***

UBS Life Insurance Company USA was acquired in November 2021 by Aspida Holdings Ltd ("AHL") and the entity's name was legally changed to Aspida Life Insurance Company ("ALIC" or the "Company") in all states of operation. The Company is licensed in the District of Columbia and all states except New York. Re-domestication to the State of Michigan from the State of California occurred in April, 2022. The Company is headquartered in Durham, North Carolina.

Effective December 31, 2022, all authorized, issued and outstanding share capital of ALIC was contributed from AHL to Aspida Holdings, LLC ("Holdings LLC"), a holding company organized in Delaware and a separate subsidiary of AHL. Therefore, there was no significant change to the Company's control structure. The Company's ultimate parent is Ares Management Corporation ("Ares").

During 2022, the Company launched its new retail annuity business providing multi-year guaranteed annuities (MYGA) and fixed-indexed annuities (FIA) and during 2023 product sales grew significantly. During 2023, the Company launched and FIA product with an optional addition of a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. During 2025 and 2024, the Company also continued to maintain variable annuity business previously assumed pursuant to its existing modified coinsurance treaties at the time of acquisition by AHL. The Company's own variable annuity products were not actively marketed in 2025 or 2024 and the Company has no intention at this time to resume their sale.

***Basis of Presentation***

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The accompanying unaudited condensed financial statements have been prepared in conformity with the statutory accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services ("MiDIFS"). The State of Michigan has adopted the National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("SAP"). These practices differ from accounting principles generally accepted in the United States of America ("GAAP"). The condensed statutory-basis financial statements do not contain all of the information and footnotes for complete financial statements. As such these unaudited condensed statutory-basis financial statements should be read in conjunction with the audited statutory-basis financial statements of ALIC for the year ended December 31, 2024. Interim results are not necessarily indicative of results of operations for the full year.

**Note 2. Subsequent Events**

Subsequent events have been considered through August 29, 2025, the date the financial statements were available to be issued.

There are no subsequent events that have occurred that would require recognition or disclosure in these financial statements.

![](tm2518749d1_sai1img01.jpg)

**Aspida Life Insurance Company**

 **Statutory-Basis Financial Statements**

**December 31, 2024, 2023, and 2022**

***With Report of Independent Auditors***

**Table of Contents**

------

**Page**

---

| | |
|:---|:---|
| Report of Independent Auditors | 1 |
| Financial Statements – Statutory-Basis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Admitted Assets, Liabilities and Capital and Surplus | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Capital and Surplus | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Cash Flows | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Statutory-Basis Financial Statements | 10 |

---

---

| | | |
|:---|:---|:---|
| ![](tm2518749d1_sai1img02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Ernst & Young LLP <br> 100 N. Tryon Street <br> Suite 3800 <br> Charlotte, NC 28202 | &nbsp;&nbsp;&nbsp;&nbsp;<br>Tel: +1 704 372 6300<br> ey.com |

---

**Report of Independent Auditors**

The Board of Directors

Aspida Life Insurance Company

**Opinion**

We have audited the statutory-basis financial statements of Aspida Life Insurance Company (the Company), which comprise the statements of admitted assets, liabilities and capital and surplus as of December 31, 2024 and 2023, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, on the basis of accounting described in Note 1.

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

In our opinion, because of the significance of the matter described 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 accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

**Basis for Opinion**

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 Auditor's 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 Note 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

A member firm of Ernst & Young Global Limited

![](tm2518749d1_sai1img02.jpg)

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Michigan Department of Insurance and 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 issued.

**Auditor's 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 auditor's 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.

A member firm of Ernst & Young Global Limited

![](tm2518749d1_sai1img02.jpg)

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.

![](tm2518749d1_sai1img03.jpg)

May 22, 2025

A member firm of Ernst & Young Global Limited

**Aspida Life Insurance Company**

**Statements of Admitted Assets, Liabilities and Capital and Surplus**

**Years Ended December 31, 2024 and 2023**

*(in thousands, except number of shares and par value)*

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **Admitted Assets** |  |  |
| Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $6377111 | $2623116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | 10500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks | 2204 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 276836 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate less accumulated depreciation and encumbrances | 5036 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 86273 | 49149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 495373 | 249134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 199407 | 67430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables for securities | 4 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 151158 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 7603906 | 3017144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 78885 | 31168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amounts receivable under reinsurance contracts | 2633 | 12115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset | 24489 | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-invested assets | 17 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1528 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted assets | $7711458 | $3080855 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Admitted Assets, Liabilities and Capital and Surplus**

**Years Ended December 31, 2024 and 2023**

*(in thousands, except number of shares and par value)*

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **Liabilities and Capital and Surplus** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate reserve for life contracts | $2927845 | $2068747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | 8041 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance policy benefits, claim reserves | 6730 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest maintenance reserve | 679 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions to agents due or accrued-life and annuity contracts | 10658 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;General expenses due or accrued | 1597 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes and fees, excluding federal income taxes | 1530 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal and foreign income taxes |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts withheld or retained by reporting entity as agent or trustee | 794 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remittances and items not allocated | 20574 | 15122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability for benefits for employees and agents | 626 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve | 39105 | 10625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held under reinsurance treaties with unauthorized reinsurers | 3867938 | 555366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to parent, subsidiaries and affiliates | 14869 | 9548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities | 15260 | 57335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to reinsurers | 230212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative collateral liability | 130422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 1528 | 1774 |
| Total liabilities | 7278408 | 2728829 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $100 par value per share; 25,000 shares authorized, issued and outstanding | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in and contributed surplus | 566666 | 416666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unassigned deficit | (136116) | (67140) |
| Total capital and surplus | 433050 | 352026 |
| Total liabilities and capital and surplus | $7711458 | $3080855 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Operations**

**Years Ended December 31, 2024, 2023, and 2022**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| **Premiums and other revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium and annuity considerations for life contracts | $783928 | $1447149 | $627051 |
| &nbsp;&nbsp;&nbsp;Investment income (net of related expenses of $14,211 in |  |  |  |
| &nbsp;&nbsp;&nbsp;2024, $10,379 in 2023, and $1,092 in 2022) | 306834 | 109253 | 6212 |
| &nbsp;&nbsp;&nbsp;Amortization of interest maintenance reserve | 209 | 98 |  |
| &nbsp;&nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 203491 | 2507 |  |
| &nbsp;&nbsp;&nbsp;Modified coinsurance assumed adjustment | 24472 | 22119 | 21451 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred reinsurance gain | 43526 |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous income | 1258 | 374 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total premiums and other revenues | 1363718 | 1581500 | 654745 |
| **Benefits and other deductions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Annuity benefits | 28649 | 23714 | 5059 |
| &nbsp;&nbsp;&nbsp;Surrender benefits and withdrawals | 61671 | 21661 | 15591 |
| &nbsp;&nbsp;&nbsp;Interest and adjustments on contract or deposit-type contract funds | (514) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits | 89806 | 45375 | 20650 |
| &nbsp;&nbsp;&nbsp;Commissions and brokerage expense | 307307 | 134361 | 18950 |
| &nbsp;&nbsp;&nbsp;Increase in aggregate reserves for life contracts | 859098 | 1413077 | 655670 |
| &nbsp;&nbsp;&nbsp;Insurance taxes, licenses and fees | 5389 | 1319 | 563 |
| &nbsp;&nbsp;&nbsp;Reinsurance investment credit | 137309 | 3339 |  |
| &nbsp;&nbsp;&nbsp;General insurance expenses | 42665 | 28876 | 13458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | 1441574 | 1626347 | 709291 |
| Loss from operations before federal and foreign income taxes | (77856) | (44847) | (54546) |
| Expenses (benefits) for federal and foreign income taxes |  | 4752 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from operations before net realized investment gains | (77856) | (49599) | (54543) |
| Net realized investment gains net of tax of $0 in 2024, $0 in 2023, and $0 in 2022 | 41174 | 841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(36682) | $(48758) | $(54543) |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Changes in Capital and Surplus<br> Years Ended December 31, 2024, 2023, and 2022**<br> *(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common <br> Stock** | **Paid-in and <br> Contributed <br> Surplus** | **Unassigned <br> Deficit** | **Total** |
| Balance, December 31, 2021 | 2500 | 19296 | (36) | 21760 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (54543) | (54543) |
| &nbsp;&nbsp;&nbsp;Other changes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains (losses) |  |  | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  | (423) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  | (1773) | (1773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions |  | 150000 |  | 150000 |
| Balance, December 31, 2022 | 2500 | 169296 | (56874) | 114922 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (48760) | (48760) |
| &nbsp;&nbsp;&nbsp;Other changes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains less capital gains tax of $4,243 |  |  | 15960 | 15960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  | 25742 | 25742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  | (3209) | (3209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  | (8852) | (8852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions |  | 247370 |  | 247370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred reinsurance gain net of amortization |  |  | 8853 | 8853 |
| Balance, December 31, 2023 | 2500 | 416666 | (67140) | 352026 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (36682) | (36682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other changes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital gains less capital gains tax of $50 |  |  | 33547 | 33547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  | 8541 | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  | (3216) | (3216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  | (28480) | (28480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contributions |  | 150000 |  | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred reinsurance gain net of amortization |  |  | (8853) | (8853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceding unrealized gains and losses on reinsurance transactions |  |  | (33833) | (33833) |
| Balance, December 31, 2024 | $2500 | $566666 | $(136116) | $433050 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Cash Flows**

**Years Ended December 31, 2024, 2023, and 2022**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| **Cash from operations** |  |  |  |
| Premiums and policy proceeds | $783928 | $1999176 | $627051 |
| Net investment income received | 246834 | 75868 | 95 |
| Miscellaneous income | 272747 | 25146 | 21335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by revenues | 1303509 | 2100190 | 648481 |
| Net policy benefits received (paid) | 142107 | (40345) | (17270) |
| Net transfers from Separate Accounts | 523 | 217 | 222 |
| Commissions, general expenses and state taxes paid | (474205) | (176494) | (32820) |
| Federal and foreign income taxes paid | (15) | (4658) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in general and other expenses | (331590) | (221280) | (49868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operations | 971919 | 1878910 | 598613 |
| **Cash from investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of bonds | 618439 | 200298 | 11390 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of mortgage loans | 10929 |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from other invested assets | 12840 | 68 | 44 |
| &nbsp;&nbsp;&nbsp;Net gains on cash, cash equivalents, and short-term |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous proceeds |  | 40910 | 17440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 642208 | 241280 | 28874 |
| &nbsp;&nbsp;&nbsp;Purchase of bonds | (4358545) | (2246911) | (569656) |
| &nbsp;&nbsp;&nbsp;Purchase of stocks | (11028) | (1676) |  |
| &nbsp;&nbsp;&nbsp;Purchase of mortgage loans | (286621) | (1616) |  |
| &nbsp;&nbsp;&nbsp;Purchase of real estate | (1076) | (1628) |  |
| &nbsp;&nbsp;&nbsp;Purchase of other invested assets | (130022) | (13211) | (7058) |
| &nbsp;&nbsp;&nbsp;Miscellaneous applications | (111900) | (45504) | (2090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | (4899192) | (2310546) | (578804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from investments | (4256984) | (2069266) | (549930) |
| **Cash from financing and miscellaneous sources** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital and paid in surplus, less treasury stock | 150000 | 245000 | 150000 |
| &nbsp;&nbsp;&nbsp;Net deposits on deposit-type contracts and other insurance | 8019 | 22 |  |
| &nbsp;&nbsp;&nbsp;Other cash provided | 3410413 | 29218 | 4742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing and miscellaneous sources | 3568432 | 274240 | 154742 |
| &nbsp;&nbsp;&nbsp;Net change in cash , cash equivalents, and short-term | 283367 | 83884 | 203425 |
| **Cash, cash equivalents, and short-term investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 298283 | 214399 | 10974 |
| &nbsp;&nbsp;&nbsp;End of year | $581650 | $298283 | $214399 |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Statements of Cash Flows**

**Years Ended December 31, 2024, 2023, and 2022**

*(in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Supplemental disclosures of cash flow information for non-cash transactions** | **2024** | **2024** | **2023** | **2023** | **2022** |
| Contribution of home office building |  |  |  | 2370 |  |
| Home office building improvements |  |  |  | 345 |  |
| Funds withheld premium ceded |  | 3375986 |  | 552027 |  |

---

See accompanying notes to the statutory-basis financial statements.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies**

***Organization and Nature of Business***

UBS Life Insurance Company USA was acquired in November 2021 by Aspida Holdings Ltd ("AHL") and the entity's name was legally changed to Aspida Life Insurance Company ("ALIC" or the "Company") in all states of operation. The Company is licensed in the District of Columbia and all states except New York. Re-domestication to the State of Michigan from the State of California occurred in April, 2022. The Company is headquartered in Durham, North Carolina.

Effective December 31, 2022, all authorized, issued and outstanding share capital of ALIC was contributed from AHL to Aspida Holdings, LLC ("Holdings LLC"), a holding company organized in Delaware and a separate subsidiary of AHL. Therefore, there was no significant change to the Company's control structure. The Company's ultimate parent is Ares Management Corporation ("Ares").

During 2022, the Company launched its new retail annuity business providing multi-year guaranteed annuities (MYGA) and fixed-indexed annuities (FIA) and during 2023 product sales grew significantly. During 2023, the Company launched and FIA product with an optional addition of a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. During 2024 and 2023, the Company also continued to maintain variable annuity business previously assumed pursuant to its existing modified coinsurance treaties at the time of acquisition by AHL. The Company's own variable annuity products were not actively marketed in 2024, 2023, or 2022 and the Company has no intention at this time to resume their sale.

***Basis of Presentation***

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The accompanying financial statements have been prepared in conformity with the statutory accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services ("MiDIFS"). The State of Michigan has adopted the National Association of Insurance Commissioners' ("NAIC") *Accounting Practices and Procedures Manual ("SAP")*. These practices differ from accounting principles generally accepted in the United States of America ("GAAP").

The effects on the statutory-basis financial statements of the variances between SAP and GAAP, although not reasonably determinable, are presumed to be material. See Note 1 Accounting Practices for further information on accounting practices differences between MiDIFS prescribed or permitted practices and the NAIC SAP in 2024, 2023, and 2022.

The more significant differences between SAP and GAAP are as follows:

1) *Fixed maturity securities:* Investments in bonds and redeemable preferred stocks are reported at amortized cost or fair value based on their rating by the NAIC; GAAP requires investments in bonds to be classified as held to maturity, trading, or available for sale. Held to maturity securities are carried at amortized cost, trading securities are carried at fair value with the changes in fair value included in the Statement of Operations, and available-for-sale securities are carried at fair value with the changes in fair value reflected as a separate component of other comprehensive income.

2) *Impairment:* Securities deemed to be other-than-temporarily impaired are written down to fair value, whereas under GAAP, available-for-sale securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If it

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

is determined, based on the facts and circumstances related to the specific security, that the holder intends to sell a security or it is more likely than not that the holder would be required to sell a security before the recovery of its amortized cost, any existing allowance for credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the holder evaluates whether the decline in fair value has resulted from a credit loss or other factors. If the decline in fair value resulted from a credit loss, the cost basis is not reduced but rather a valuation allowance is established and is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security*.*

*3)* *Mortgage loans:* Valuation allowances, if necessary, are established for mortgage loans based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are established for the expected credit losses at the time of purchase and represent the portion of the asset's amortized cost basis the Company does not expect to collect due to credit losses over the asset's contractual life. Expected credit losses considers past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts.

4) *Real estate*: Investments in real estate are reported net of related obligations rather than on a gross basis as under GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses for statutory reporting include rent for the Company's occupancy of those properties.

*5)* *Derivatives:* Embedded derivatives are not accounted for separately from the host contract. Under GAAP, all derivatives are reported on the balance sheets at fair value and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and valued and reported at fair value. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge, or that meet the required criteria but the Company has chosen not to apply hedge accounting, are accounted for at fair value and the changes in the fair value are recorded as unrealized gains or unrealized losses directly to surplus rather than to income as required under GAAP.

6) *Other invested assets:* Changes in value of certain other long term investments accounted for under the equity method of accounting are recorded as unrealized gains and losses as a component of surplus. Under GAAP, such changes are recorded through earnings.

7) *Annuity policies:* SSAP 51 classifies contracts that have any mortality or morbidity risk, regardless of significance, as insurance contracts. Revenues consist of the entire premium received, and benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves. Long duration insurance policies without significant mortality or morbidity risk are classified as investment contracts and are accounted for using a deposit method under GAAP. Premiums received are recorded directly to an appropriate policy reserve account, without recognizing premium income or benefits paid.

8) *Statements of cash flows:* Cash, cash equivalents, and short-term investments in the statements of cash flows – statutory basis represent cash balances and investments with initial maturities of three months or less or remaining maturities of one year or less at the date of acquisition. Under

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

GAAP, the corresponding caption of cash, cash equivalents, and short-term investments include cash balances and investments with initial maturities of three months or less.

9) *Policy acquisition costs:* The costs of acquiring and renewing business are expensed as incurred. Under GAAP, acquisition costs directly related to successful acquisition of new or renewal contracts are capitalized and amortized over the life of the contracts.

10) *Nonadmitted Assets:* Certain assets designated as "nonadmitted" assets (principally prepaid expenses, certain deferred income tax assets and other assets not specifically identified as an admitted asset within the *NAIC Accounting Practices and Procedures Manual*) are excluded from the Statements of Admitted Assets, Liabilities and Capital and Surplus, and are charged directly to surplus. Under GAAP, there is no concept of nonadmitted assets.

11) *Reinsurance*: A provision is made for statutory liabilities with respect to insurance policy and claim reserves reinsured with an unauthorized reinsurer to the extent that reinsurance balances are not collateralized. Changes to those amounts are credited or charged directly to unassigned funds. For GAAP, an allowance is recorded through income for amounts deemed uncollectible. A liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers not authorized by the MiDIFS to assume such business. Changes to those amounts are credited or charged to unassigned surplus. Under GAAP, an allowance for expected credit losses is established through a charge to earnings with subsequent changes to expected credit losses recognized as an adjustment to that allowance through a charge to earnings. The Company defers the after-tax portion of upfront ceding commissions on block reinsurance treaties as a write-in to special surplus funds in the Capital and Surplus Account and amortizes that surplus into the Summary of Operations as earnings emerge from the business reinsured. Under GAAP, the upfront ceding commission is recognized immediately.

The Statement of Admitted Assets, Liabilities and Capital and Surplus is reported net of reinsurance activity; GAAP requires gross presentation.

12) *Funds Withheld Liability*: The Company maintains a funds withheld reinsurance liability equal to the statutory carrying value of the assets segregated to support certain reinsurance agreements. For GAAP purposes, the funds withheld reinsurance liability contains an embedded derivative in which the change in fair value of the derivative is bifurcated from funds withheld into earnings based upon the change in the fair value of the underlying segregated assets.

13) *Deferred Income Taxes:* Deferred tax assets are limited to: 1) the amount of capital gains taxes paid in prior years that can be recovered through capital loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, plus 2) the lesser of the amount of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of adjusted capital and surplus excluding any net deferred income tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering the character (i.e. ordinary versus capital) of the deferred tax assets and liabilities. The remaining deferred tax assets are nonadmitted. Deferred taxes do not include amounts for state taxes. Under GAAP, state taxes are included in the computation of deferred taxes, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not realizable.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

Provision for current federal income tax is included in the Statutory Statement of Operations while the provision for deferred income taxes is reported directly to surplus. For GAAP, current and deferred taxes are generally reported in the Statement of Operations.

14) *Asset Valuation Reserve ("AVR"):* The AVR provides a valuation allowance for invested assets and is determined by an NAIC prescribed formula with changes reflected directly in surplus. Under GAAP, there is no concept of AVR.

15) *Interest Maintenance Reserve ("IMR")*: Predominately all realized capital gains and losses related to interest rate movements are deferred as an Interest Maintenance Reserve, and amortized into investment income over the approximate remaining maturity of the investment sold. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. For GAAP, no such liability exists and realized capital gains and losses would be reported in the statements of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.

*16*) *Comprehensive Income:* Comprehensive income, and its components, is a GAAP concept and is not computed for statutory-basis financial statement presentation.

17) *Benefit Reserves*: Certain policy reserves are calculated based on prescribed interest and mortality rather than on estimated expected experience or actual account balances as would be required under GAAP. Under GAAP policy reserves for fixed index annuities are equal to the sum of the fair value of the embedded derivatives of the index options, the host (or guaranteed) components of the index account, and the fixed account accumulated with interest and without reduction for potential surrender charges, plus the benefit reserves.

Other significant accounting policies follow:

***Investments***

Bonds not backed by other loans are reported at amortized cost, except for those with an NAIC designation of 6, which are reported at the lower of amortized cost or fair value. Fair values are based on prices provided by a third-party commercial pricing service.

Amortization of bond premium and accretion of bond discounts are calculated using the modified scientific method. Income from investments, including amortization of premium, accrual of discount and similar items, is recorded within net investment income, unless otherwise stated herein.

The Company holds investments in commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS") and other asset-backed securities ("ABS"). Loan-backed and structured securities are valued at amortized cost using the interest method including anticipated prepayments, except for those with an NAIC rating of 6, which are reported at the lower of amortized cost or fair value. Prepayment assumptions are obtained from the Company's asset manager and are based on the current interest rate and economic environment. Amortization of bond premium and accretion of bond discounts are calculated using the modified scientific method. Changes to estimated cash flows on the securities are accounted for using the prospective method.

Redeemable preferred stocks are stated at amortized cost, except for those with an NAIC rating of 6, which are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are stated at fair value, not to exceed any currently effective price.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

During the year ended December 31, 2023, the Company became a member of the Federal Home Loan Bank ("FHLB") of Atlanta. Members are required to purchase and hold a minimum amount of FHLB capital stock, plus additional stock based on outstanding advances. The Company had no outstanding advances as of December 31, 2024.

The Company acquired residential mortgage loans ("RMLs") with interest rates ranging from 4.18% to 10.09% during the year ended December 31, 2024. The maximum percentage of any one loan to the value of security at the time of the loan was 111.52%. The Company's mortgage loan portfolio is stated at unpaid principal balances, net of unamortized discounts and premiums, impairments, and any allowance for loan losses. No mortgage loans were impaired or required an allowance for loan losses at December 31, 2024.

Effective March 31, 2023, Aspida Holdings, LLC contributed to the Company its home office building, located in Durham, North Carolina, that houses the employees of Aspida Financial Services, LLC, who manage the Company's operations. The property was valued at $8,914 at the date of acquisition, less encumbrances of $6,545 for a net carrying value of $2,370. As of December 31, 2024, the total accumulated depreciation on the property is $382 and the total encumbrances of the property are $5,966. Depreciation is calculated on a straight line basis for the building. During the year ended December 31, 2023, the Company made capital improvements to the building valued at $1,731. Of this capital improvement amount, $345 was paid by Ares Insurance Solutions LLC, an affiliate that subleases space within the building from Aspida Financial Services, LLC, the primary tenant of the building. During the year ended December 31, 2024, the Company made capital improvements to the building valued at $739.

Short-term investments include investments with remaining maturities of one year or less at the time of acquisition (excluding those investments classified as cash equivalents as defined below) and are principally stated at amortized cost. Short-term investments include bonds and money market instruments.

Cash equivalents are short-term highly liquid investments with an original or remaining maturity of three months or less at the date of purchase and are principally stated at amortized cost.

Other invested assets are comprised of investments in partnership interests. Partnership interests are accounted for under the equity method of accounting under which the carrying value of the related partnership interest is based on the Company's proportional share of the GAAP equity of the partnership. Any difference between the cost basis and carrying value of the partnership interest is reflected in surplus.

Investment securities are evaluated for other-than-temporary impairment ("OTTI"), and are written down to fair value, as a realized loss, if determined to be OTTI. An other than temporary loss is recognized in net income when it is anticipated that the amortized cost will not be recovered. Factors considered in evaluating whether a decline in value is other than temporary include: (1) whether the decline is substantial; (2) the duration that the fair value has been less than cost; (3) the financial condition and near-term prospects of the issuer; and (4) the Company's ability and intent to retain the investment for the period of time sufficient to allow for an anticipated recovery in value. When a bond other than loan-backed and structured securities is deemed other-than-temporarily impaired, the difference between the investments' amortized cost and its fair value is recognized as a realized loss. For loan-backed and structured securities, the entire difference between the security's amortized cost and its fair value is recognized in net income only when the Company (a) has the intent to sell the security or (b) it does not have the intent and ability to hold the security to recovery. If neither of these two conditions exists, a realized loss is recognized in net income for the difference between the amortized cost basis of the security and the net present value of projected future cash flows expected to be collected. The net

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

present value is calculated by discounting the Company's best estimate of projected future cash flows at the effective interest rate implicit in the loan-backed or structured security prior to impairment.

The new cost basis of an other-than-temporary impaired security is not adjusted for subsequent increases in estimated fair value. In periods after the recognition of an other than temporary impairment, the impaired loan-backed or structured security is accounted for as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis may be accreted (or amortized) into net investment income in future periods based on prospective changes in cash flow estimates, to reflect adjustments to the effective yield.

Realized gains and losses on the sale of investments are determined on a specific identification method. Purchases and sales are generally recorded on a trade date basis, except for bank loans and private placements which are recorded on a settlement date basis.

Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default. Income is also not accrued when collection is uncertain. In addition, accrued interest is excluded from interest income when payment exceeds 90 days past due.

There are two types of investment reserves under NAIC SAP: the AVR and the IMR. The AVR is a required reserve to cover investment credit risk. AVR has two major components, each of which has two sub-components dealing with additional investment risk. The first major component is called the "Default Component" – its two sub-components are (1) bonds, preferred stock and short-term investments, and (2) mortgage loans. The second major component is called the "Equity Component" – its two sub-components are comprised of (1) common stocks and (2) real estate and other invested assets. Annual provisions are required based on the statement values prescribed by the NAIC. Voluntary additions are permitted within certain limits. Changes to the AVR are charged or credited directly to surplus, with exception of these changes due to other than temporary impairments which are charged to the Statements of Operations.

The IMR is designed to reduce the fluctuations of surplus resulting from sales of fixed maturity securities prior to maturity. Predominately all realized capital gains and losses related to interest rate movements are deferred and amortized into investment income over the approximate remaining maturity of the investment sold. The Company uses the group method of amortization for all interest related gains and losses arising from the sale of invested assets. If the balance of the IMR is negative, an amount of up to 10% of the Company's adjusted general account capital and surplus of the most recently filed statutory balance sheet can be admitted. Any excess over this amount must be nonadmitted and charged against surplus.

Changes in nonadmitted asset carrying amounts are recorded directly to surplus.

***Derivatives***

The Company utilizes over-the-counter bilateral non-cleared call options to hedge against certain equity-indexed liabilities. The options compensate the Company for market appreciation over the strike price, and hedge or offset certain insurance obligations that also increase when market appreciation exceeds a minimum level.

The Company's derivatives are carried at fair value, with changes in fair value included in change in net unrealized capital gains (losses). At December 31, 2024 and 2023, the net unrealized gain/(loss) on derivatives was $20,409 and $19,491, respectively. As a derivative matures or is sold, any associated amounts recorded as unrealized would be immediately recognized as a realized gain/(loss) in the Statement of Operations. At December 31, 2024, 2023, and 2022 the net realized gain/(loss) on derivatives was $40,983, $1,837, and $0, respectively. The Company is exposed to credit-related risk in the event of nonperformance by counterparties to derivative contracts, but it does not expect any counterparties to fail to meet their obligations given high credit

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

ratings. Credit exposure of the Company's option portfolio is represented by the fair value of the portfolio. Cash requirements for derivatives activities are limited to payments on options.

The Company does not designate hedge accounting on its derivatives.

***Premiums and Annuity Considerations***

Revenues for policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. These revenues are recognized when due. Benefits incurred represent the total of surrender and death benefits paid and the change in policy reserves.

***Insurance Policy and Claim Reserves***

Policy reserves for annuity contracts are developed using a prescribed actuarial method - the Commissioner's Annuity Reserve Valuation Method ("CARVM"). Reserves meet the minimum requirements of the insurance laws and regulations of the state of domicile.

The Company has insurance policy reserves attributable to variable annuities. The majority of the policy reserves are from reinsurance treaties, where the guaranteed minimum death benefit ("GMDB") rider was retained by the cedant. The account value reserves for these policies are held in the separate account.

There is a small cohort of direct business whose account value reserves are held in the separate account. For the direct business there is a GMDB rider that is out of the money and has been reinsured to a third party.

There is a single life contingent payout annuity policy with a small benefit amount, the reserve is calculated using the 1983 Individual Annuity Mortality table and a valuation interest rate of 5.50%.

***Remittances and Items not Allocated***

The Company receives cash for investment in its annuity products. Cash received must be matched to a corresponding policy for revenue to be recognized. Items not allocated represent cash receipts not yet matched to a policy.

***Reinsurance***

The Company enters into reinsurance agreements with affiliated and unaffiliated insurers in the normal course of business to limit its insurance risk. Premium income, benefits to policyholders and policyholders' reserves are reported net of reinsurance. Premium, benefits, and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company records a receivable for reinsured benefits paid, but not yet reimbursed by the reinsurer and reduces policyholders' reserves for the portion of insurance liabilities that are reinsured. Commissions and expense allowances on reinsurance ceded, modified coinsurance ("Modco") adjustments and funds withheld ("FWH") adjustments on reinsurance ceded are recorded as revenue. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

A liability is provided for unsecured policy reserves on reinsurance ceded to companies not authorized to assume business in the State of Michigan. Changes in this liability are reported directly in unassigned surplus. See Note 5.

***Federal Income Taxes***

Aspida Life Insurance Company's return is filed on a standalone basis and is not consolidated with any other entities. Thus, no tax sharing agreement is in place for federal income taxes. Federal income taxes are recorded as an expense as incurred. Deferred federal income taxes are provided for differences between the

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

financial statement amounts and the tax basis of assets and liabilities subject to various limitations. Deferred federal income tax assets ("DTA"s) and deferred federal income tax liabilities ("DTL"s) are recognized for expected future tax consequences of temporary differences between statutory and taxable income. Temporary differences are identified and measured using a balance sheet approach whereby statutory and tax balance sheets are compared. Changes in DTAs and DTLs are recognized as a separate component of surplus (except for the net deferred tax asset related to unrealized gains, which is included in unrealized gains and losses). Net DTAs are admitted to the extent permissible under NAIC SAP. Gross DTAs are reduced by a statutory valuation allowance, if any, if it is more likely than not that some portion or all of the gross DTA will not be realized.

The Company is required to establish a tax loss contingency if it is more likely than not that a tax position will not be sustained. The amount of the contingency reserve is management's best estimate of the amount of the original tax benefit that could be reversed upon audit, unless the best estimate is greater than 50% of the original tax benefit, in which case the reserve is equal to the entire tax benefit.

Under SSAP 101- *Income Taxes* The Company is allowed to use a reversal period that corresponds to the tax loss carry back provisions of the Internal Revenue Code. Under the second part of the admissibility test, the reversal period and surplus limitation parameters are generally determined upon risk-based capital levels. The third part of the admissibility test adds a requirement that the Company shall consider the reversal patterns of deferred tax liabilities. In addition, disclosure requirements have been modified and expanded.

***Fair Value Hierarchy***

The Company's estimates of fair value for financial assets are based on the inputs used in valuation, giving the highest priority to quoted prices in active markets, and require that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company's significant market assumptions.

***Risk Based Capital***

The Company is subject to life/health risk-based capital ("RBC") requirements promulgated by the NAIC. The RBC standards establish a method of measuring the minimum amount of capital that is appropriate for an insurance company to hold to support its business operations based upon its underlying risk profile. Minimum capital requirements are determined, in general, by applying prescribed risk weightings to the corresponding elements of risk contained within the insurance entity. In most instances, risk charges are calculated through application of risk factors to various financial statement values that have been recorded elsewhere on the financial statement. Capital requirements are first calculated on a pre-tax basis for each individual risk component, which includes asset risk, insurance risk, interest rate risk, and business risk, and then tax effected. The after-tax capital requirements for each risk buckets are then aggregated using the prescribed risk based capital formula, which reflects a potential allowance for diversification of risks, to arrive at the Company's total minimum risk based capital requirement.

If the Company's RBC ratio, defined as the ratio of its total adjusted capital to its authorized control level RBC, breaches predefined trigger points, regulatory and/or company action is required based on the threshold that has been breached. These thresholds are designed to reduce the risk of insolvency by identifying potential capital issues early on so that they can be addressed. At December 31, 2024 and December 31, 2023, the Company's capital levels exceeded all RBC action levels. As such, neither company nor regulatory action was required.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 1. Nature of Operations and Summary of Significant Accounting Policies (continued)**

**Separate Accounts**

Separate accounts held by the Company relate to individual variable annuities of a non-guaranteed return nature. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. This variable annuity product provides an incidental death benefit that is adjusted every five years to the current account value. The assets are carried at fair value and the liabilities are equal to the assets. The minimum guaranteed death benefit reserve is held in Exhibit 5, Miscellaneous Reserves Section, of the Company's general account annual statement and is zero at December 31, 2024 and December 31, 2023. The only separate and variable account product type in force with the Company is non-guaranteed separate account business. The separate account assets are legally segregated and are not subject to claims which may arise from any other business of the Company.

***Use of Estimates***

The preparation of financial statements in conformity with statutory accounting principles prescribed by MiDIFS and NAIC SAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of admitted assets and liabilities at the date of the statutory financial statements and the reported amounts of revenues, losses, and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

***Reclassifications***

Certain prior year amounts have been reclassified in the Statements of Operations to conform to current year presentation. Such reclassifications had no impact on net loss or total capital and surplus.

***Accounting Practices***

MiDIFS recognizes only statutory accounting practices prescribed or permitted by itself for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the Michigan Insurance Law. The NAIC Accounting Practices and Procedures manual ("the Manual") has been adopted as a component of prescribed or permitted practices by the State of Michigan. The MiDIFS has adopted certain prescribed accounting practices that differ from those defined in the Manual. Specifically for the Company, Actuarial Guideline XXXV ("Actuarial Guideline 35" or "AG-35") was adopted by the NAIC in December 1998. The purpose of AG-35 is to interpret the standards for the valuation of statutory reserves for fixed index annuities. NAIC SAP requires application of AG-35 for all fixed index annuities issued after December 31, 2000. Michigan law prescribes the valuation of fixed index annuities without consideration of AG-35. As a result, AG-35 is not reflected in the Company's financial statements as of December 31, 2024, 2023, and 2022 resulting in a difference between net income on a Company state basis and on an NAIC SAP basis of $19,978, $36,763, and $1,260 and resulting in a difference between surplus on a Company state basis and on an NAIC SAP basis of $88,484, $38,024, and $1,260 respectively.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 2. Investments**

The carrying value and estimated fair value of investments principally held at amortized cost at December 31, 2024 and 2023 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  |<br>**Carrying value** | **Gross**<br>**unrealized**<br>**gains** | **Gross**<br>**unrealized**<br>**losses** |<br>**Fair value** |
| U.S. government | $24720 | $11 | $(921) | $23810 |
| Industrial and miscellaneous | 3051010 | 28983 | (50847) | 3029146 |
| ABS | 1447258 | 18720 | (3670) | 1462308 |
| CMBS | 722068 | 11540 | (1192) | 732416 |
| RMBS | 889588 | 9163 | (6047) | 892704 |
| Parent, subsidiaries and affiliates | 68852 | 325 | (928) | 68249 |
| Unaffiliated bank loans | 173615 | 1730 | (4) | 175341 |
| &nbsp;&nbsp;Total bonds | $6377111 | $70472 | $(63609) | $6383974 |
| Preferred stocks | $10500 | $155 | $— | $10655 |
| Short-term investments | $4 | $— | $— | $4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** |
|  | **Carrying value** | **Gross <br> unrealized <br> gains** | **Gross <br> unrealized <br> losses** | **Fair value** |
| U.S. government | $8824 | $— | $(61) | $8763 |
| Industrial and miscellaneous | 1147210 | 33549 | (1539) | 1179220 |
| ABS | 757127 | 11780 | (905) | 768002 |
| CMBS | 287435 | 3168 | (1083) | 289520 |
| RMBS | 343597 | 5009 | (203) | 348403 |
| Parent, subsidiaries and affiliates | 13881 | 236 |  | 14117 |
| Unaffiliated bank loans | 65042 | 575 | (54) | 65563 |
| &nbsp;&nbsp;Total bonds | $2623116 | $54317 | $(3845) | $2673588 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 2. Investments (continued)**

The following tables show gross unrealized losses and fair value for investments which other-than temporary declines in value have not been recognized in the current period, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than or equal to <br> 12 months** | **Less than or equal to <br> 12 months** | **Greater than 12 <br> months** | **Greater than 12 <br> months** | **Total** | **Total** |
| <br>**Description of securities** | **Fair <br> value** | **Gross <br> unrealized <br> losses** | **Fair**<br> **value** | **Gross**<br> **unrealized**<br> **losses** | **Fair <br> value** | **Gross <br> unrealized <br> losses** |
| U.S. government | $21998 | $(921) | $— | $— | $21998 | $(921) |
| Industrial and miscellaneous | 1806989 | (49077) | 11753 | (1770) | 1818742 | (50847) |
| ABS | 195189 | (3670) |  |  | 195189 | (3670) |
| CMBS | 99977 | (1192) |  |  | 99977 | (1192) |
| RMBS | 371427 | (6047) |  |  | 371427 | (6047) |
| Parent, subsidiaries and affiliates | 46197 | (928) |  |  | 46197 | (928) |
| Unaffiliated bank loans | 1809 | (4) |  |  | 1809 | (4) |
| &nbsp;&nbsp;&nbsp;Total temporary impaired securities | $2543586 | $(61839) | $11753 | $(1770) | $2555339 | $(63609) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | **Less than or equal to <br> 12 months** | **Less than or equal to <br> 12 months** | **Greater than 12 <br> months** | **Greater than 12 <br> months** | **Total** | **Total** |
| <br>**Description of securities** | **Fair <br> value** | **Gross <br> unrealized <br> losses** | **Fair <br> value** | **Gross <br> unrealized <br> losses** | **Fair <br> value** | **Gross <br> unrealized <br> losses** |
| U.S. government | $— | $— | $8824 | $(61) | $8824 | $(61) |
| Industrial and miscellaneous | 188953 | (1478) | 11843 | (61) | 200796 | (1539) |
| ABS | 110463 | (650) | 17575 | (255) | 128038 | (905) |
| CMBS | 56043 | (854) | 17519 | (229) | 73562 | (1083) |
| RMBS | 31547 | (203) |  |  | 31547 | (203) |
| Unaffiliated bank loans | 26429 | (54) |  |  | 26429 | (54) |
| &nbsp;&nbsp;&nbsp;Total temporary impaired securities | $413435 | $(3239) | $55761 | $(606) | $469196 | $(3845) |

---

Included in the above tables are 1,580 securities from 50 issuers at December 31, 2024 and 257 securities from 29 issuers at December 31, 2023. The unrealized losses are primarily attributable to changes in market interest rates since acquisition.

The Company analyzes, on a quarterly basis, all positions that have declined below amortized cost. The Company considered market conditions, industry characteristics, and the fundamental operating results of the issuer to determine if declines in value are due to changes in interest rates, changes relating to a decline in credit quality or other issues affecting the investment.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 2. Investments (continued)**

OTTI of $0 and $1,191 was recognized during the years ended December 31, 2024 or 2023, respectively. Unrealized losses on individual securities are the result of normal price fluctuations due to market conditions, and are not an indication of other-than-temporary impairment. Market conditions include interest rate fluctuations, credit spreads, and supply and demand. An analysis of relevant qualitative considerations was completed in reaching the conclusion that impairments are not other-than-temporary, including the intent and ability to hold investments for a period of time sufficient to allow for a recovery in value. This determination is made in conjunction with the impairment criteria prescribed by NAIC standards.

A summary of the carrying value and estimated fair value of the Company's investment in bonds at December 31, 2024, by contractual maturity, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Carrying Value** | **Fair value** |
| Due in one year or less | $28990 | $29228 |
| Due after one year through five years | 841304 | 849752 |
| Due after five years through ten years | 1312311 | 1306164 |
| Due after ten years | 1066740 | 1043153 |
| RMBS | 889588 | 892704 |
| CMBS | 722068 | 732416 |
| ABS | 1516110 | 1530557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $6377111 | $6383974 |

---

The actual maturities may differ from the contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

The Company has no investments rated as self-designated 5\* securities for the years ended December 31, 2024 or 2023.

The Company has no significant concentration of investments by issuer. In consideration of geographic location, $5,484,255 of the Company's investment in bonds are held with issuers in the United States, representing 86.00% of the Company's total investment in bonds. $3,051,010 of the Company's investments in bonds relate to the industrial and miscellaneous industry, accounting for 47.84% of the total bonds balance. $1,516,110 of the Company's investments in bonds relate to asset-backed securities, accounting for 23.77% of the total bonds balance. Of the asset backed securities, $68,852 relates to amounts invested with affiliates.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 2. Investments (continued)**

Investment income for the years ended December 31, 2024, 2023, and 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| Bonds | $309769 | $116305 | $7173 |
| Cash, cash equivalents, and short-term investments |  | 2233 | 31 |
| Common stock | 120 |  |  |
| Mortgage loans | 7883 | 5 |  |
| Real estate | 1013 | 740 |  |
| Other | 2260 | 349 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | $321045 | $119632 | $7304 |
| Less: Investment expenses | (14211) | (10379) | (1092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $306834 | $109253 | $6212 |

---

Due and accrued income on amounts over 90 days past due is excluded from investment income. There were no amounts of due and accrued income excluded from investment income as of December 31, 2024 and 2023.

The Company disposed of 1 security with callable features which generated prepayment fee income of $474 during the year ended December 31, 2023. The Company did not dispose of any securities that generated prepayment fee income during the years ended December 31, 2024 or 2022.

Proceeds from sales of bonds were $618,439, $200,772, and $11,390 for the years ended December 31, 2024, 2023, and 2022, respectively. Such sales generated net realized gains of $965, $470, and $0 for the years ended December 31, 2024, 2023, and 2022, respectively.

In connection with certain state regulatory requirements, the Company has placed on deposit with various states investments with carrying value of approximately $26,727 and $15,436 at December 31, 2024 and 2023, respectively. The amounts are included in bonds and represent 0.35% and 0.50% of admitted assets in 2024 and 2023, respectively.

The Company held $2,204 and $1,676 of Membership Stock - Class B in the FHLB of Atlanta as of December 31, 2024 and December 31, 2023, respectively. None of the stock is eligible for redemption or is held for collateral. The Company does not have any borrowings from the FHLB as of December 31, 2024.

During the year ended December 31, 2024, the Company acquired RMLs with interest rates ranging from 4.18% to 10.09%. Of the RMLs acquired during 2024, the maximum percentage of any one loan to the value at the time of the loan was 111.52%. Carrying value of RMLs at December 31, 2024 was $276,836. These loans primarily consist of first-lien mortgages secured by residential properties across various geographic regions. The distribution of RMLs by state with highest to lowest concentration are reflected in the following table:

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 2. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Carrying value** | **Percent of total** | **Carrying value** | **Percent of total** |
| United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FL | $53927 | 19.5% | $319 | 19.7% |
| &nbsp;&nbsp;&nbsp;CA | 42077 | 15.2% |  | —% |
| &nbsp;&nbsp;&nbsp;NY | 21138 | 7.6% |  | —% |
| &nbsp;&nbsp;&nbsp;TX | 20210 | 7.3% |  | —% |
| &nbsp;&nbsp;&nbsp;NC | 14023 | 5.1% |  | —% |
| &nbsp;&nbsp;&nbsp;Other | 125461 | 45.3% | 1296 | 80.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total RMLs | $276836 | 100.0% | $1615 | 100.0% |

---

Residential mortgage loans have a primary credit quality indicator of either a performing or non-performing loan. As of December 31, 2024 and 2023, there were no residential mortgage loans that were 90 days or more past due or in nonaccrual status. There were no charge-offs recorded for the year ended December 31, 2024 and 2023.

Assets pledged to others as collateral or otherwise restricted by the Company are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**Total General**<br>**Account** | **General**<br>**Account**<br>**Supporting**<br>**Separate** |<br>**Percentage of**<br>**Total Assets** |<br>**Percentage of**<br>**Admitted**<br>**Assets** |
| FHLB capital stock | $2204 | $— | —% | —% |
| On deposit with states | 26727 |  | 0.3% | 0.3% |
| Pledged as collateral not captured in other categories | 11001 |  | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted assets | $39932 | $— | 0.4% | 0.4% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  |<br>**Total General**<br>**Account** | **General**<br>**Account**<br>**Supporting**<br>**Separate** |<br>**Percentage of**<br>**Total Assets** |<br>**Percentage of**<br>**Admitted**<br>**Assets** |
| FHLB capital stock | $1676 | $— | 0.1% | 0.1% |
| On deposit with states | 15436 |  | 0.5% | 0.5% |
| Pledged as collateral not captured in other categories | 10503 |  | 0.3% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted assets | $27615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.9% | 0.9% |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 3. Derivatives**

The Company utilizes derivative instruments comprised of over-the-counter bilateral non-cleared call options to hedge against certain equity indexed liabilities. Upon exercise, the Company will receive the fair value of the call option.

At December 31, 2024, the derivatives had a notional value of $5,938,628 and a fair value of $199,407. At December 31, 2023, the derivatives had a notional value of $1,570,964 and a fair value of $67,430.

The Company is exposed to credit-related risk in the event of non-performance by counterparties to derivative contracts, but it does not expect any counterparties to fail to meet their obligations given high credit ratings. Credit exposure of the Company's option portfolio is represented by the fair value of the portfolio, less collateral received. The Company had $130,422 and $0 of cash and cash equivalents collateral as of December 31, 2024 and December 31, 2023, respectively. The Company also had U.S. Treasury securities held by third party custodians with a fair value of $39,464 and $0 as of December 31, 2024 and December 31, 2023, respectively.

**Note 4. Fair Value Information**

Included in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as certain bonds carried at the lower of cost or fair value. The fair value of an asset and a liability is the amount at which that asset could be bought or sold and the liability could be transferred in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**Determination of Fair Value**

The following methods and assumptions were used by the Company in estimating fair value for financial instruments in the accompanying financial statements and notes thereto:

*Bonds and preferred stocks:* When available, the fair value of bonds and preferred stocks are based on quoted prices in active markets. Generally, these investments are classified as Level 1. The Company obtains the fair value for marketable, public bonds without an active market from the Company's investment manager. The investment manager determines fair values from independent pricing services, broker-dealer quotes, or internally derived estimates. Pricing sources incorporate a variety of market observable information, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers, and other reference data. The significant inputs to these methodologies are inputs that are observable in the market, or can be derived from observable market data. Generally, these investments are classified as Level 2. If the Company cannot value a public bond using methods above, the Company obtains broker quotes or utilizes internally-developed models, and classifies these securities as Level 3. The Company obtains the fair value for privately placed bonds from the Company's investment manager. The investment manager determines fair values based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer. In some instances, pricing models may be utilized. Pricing models may consider risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. Privately placed bonds are classified as Level 2 or Level 3.

*Common stocks*: The Company's common stocks are comprised of FHLB common shares, which are classified as Level 2. The fair value of the FHLB common stock is set equal to its cost, which represents the price at which the FHLB will repurchase the stock. The Company is required to maintain an investment in FHLB common stock based upon the level of transactions with the FHLB.

*Mortgage loans*: Mortgage loans on real estate are classified as Level 3. Fair value is established based on discounted cash flow analyses and rates being offered for similar loans to borrowers with similar credit ratings.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 4. Fair Value Information (continued)**

*Cash, cash equivalents, and short-term investments:* The estimated fair value for cash approximates carrying value and is classified as Level 1 given the nature of the investment.

*Derivative instruments*: The fair value of derivative instruments reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Derivative instruments classified as Level 2 include equity index call options. Derivative valuations are determined using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

*Other invested assets*: Partnership interests are valued based on the most recent net asset value ("NAV") obtained from fund managers, adjusted for contribution and distribution activity to roll forward the NAV to the balance sheet date. As a result of using the NAV practical expedient to fair value, these investments are not classified in the fair value hierarchy.

*Separate account assets*: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. Fair values and changes in the fair values of the underlying funds accrue directly to the policy owners, and are not included in the Company's net income or surplus.

*Accrued Investment Income:* Due to the short-term nature of accrued investment income, the company believes there is minimal risk of material changes in interest rates or the credit of the issuer such that estimated fair value approximates carrying value.

**Valuation Hierarchy**

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. 100R, Fair Value. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with significant unobservable inputs (Level 3). An asset's or a liability's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 - Values are unadjusted quoted prices in active markets for identical assets or liabilities. The size of the bid/ask spread is used as an indicator of market activity for bonds.

Level 2 - Inputs include quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar but not identical assets other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs derived from observable market data.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 4. Fair Value Information (continued)**

**Fair Value Measurements**

The following tables provide information about the Company's financial assets and liabilities which are measured and reported at fair value in the Statements of Admitted Assets, Liabilities and Capital and Surplus:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| **Assets at fair value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | $495373 | $— | $— | $— | $495373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 199407 |  |  | 199407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  |  |  | 151158 | 151158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets |  | 1528 |  |  | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $495373 | $200935 | $— | $151158 | $847466 |
| **Liabilities at fair value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $— | $1528 | $— | $— | $1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $— | $1528 | $— | $— | $1528 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| **Assets at fair value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | $249134 | $— | $— | $— | $249134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 67430 |  |  | 67430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  |  |  | 20789 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets |  | 1774 |  |  | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $249134 | $69204 | $— | $20789 | $339127 |
| **Liabilities at fair value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $— | $1774 | $— | $— | $1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $— | $1774 | $— | $— | $1774 |

---

The methodologies and inputs utilized in estimating the fair values of assets and liabilities measured and reported at fair value are reliant on the assumptions used. Fair value estimates are based on quoted market prices and commercially available vendor prices, when available. When those prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates the fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which may become significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect risk inherent in a particular methodology, model or input employed.

**Fair Value of All Financial Instruments**

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 4. Fair Value Information (continued)**

The aggregate fair value of the Company's financial instruments and the level within the fair value hierarchy are presented in the following tables and the related admitted values.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| <br>**Type of Financial instrument** | **Aggregate<br> Fair Value** | **Admitted <br> Value** | **NAV\*** | **Level 1** | **Level 2** | **Level 3** |
| **Assets at fair value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $6383974 | $6377111 | $— | $16253 | $5251703 | $1116018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 10655 | 10500 |  |  |  | 10655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 2204 | 2204 |  |  | 2204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 278554 | 276836 |  |  |  | 278554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and short-term investments | 581650 | 581650 |  | 581650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 199407 | 199407 |  |  | 199407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 151158 | 151158 | 151158 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1528 | 1528 |  |  | 1528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $7609130 | $7600394 | $151158 | $597903 | $5454842 | $1405227 |
| **Liabilities at fair value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $1528 | $1528 | $— | $— | $1528 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $1528 | $1528 | $— | $— | $1528 | $— |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 4. Fair Value Information (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
| <br>&nbsp;&nbsp;**Type of Financial instrument** | **Aggregate<br> Fair Value** | **Admitted<br> Value** | **NAV\*** | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;**Assets at fair value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bonds** | $**2673588** | $**2623116** | $**—** | $**8763** | $**2193535** | $**471290** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common Stock** | **1676** | **1676** | **—** | **—** | **1676** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Loans** | **1615** | **1615** | **—** | **—** | **—** | **1615** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents** | **298283** | **298283** | **—** | **298283** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives** | **67430** | **67430** | **—** | **—** | **67430** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other invested assets** | **20789** | **20789** | **20789** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Separate account assets** | **1774** | **1774** | **—** | **—** | **1774** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $**3065155** | $**3014683** | $**20789** | $**307046** | $**2264415** | $**472905** |
| &nbsp;&nbsp;**Liabilities at fair value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Separate account liabilities** | $**1774** | $**1774** | $**—** | $**—** | $**1774** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities at fair value** | $**1774** | $**1774** | $**—** | $**—** | $**1774** | $**—** |

---

*\* Investments measured at NAV as a practical expedient in determining fair value have not been classified in the fair value hierarchy*

**Note 5. Reinsurance**

Effective December 1, 2023, the Company entered into a ceded reinsurance agreement with Aspida Re Cayman Ltd. ("AReC"), an affiliated Class B(iii) insurer domiciled in the Cayman Islands. In accordance with the terms of the reinsurance treaty, the Company, on a funds withheld coinsurance basis, ceded a quota share of the Company's 2022 MYGA premiums and associated liabilities. Effective April 1, 2024, the Company amended this agreement to further cede, on a funds withheld coinsurance basis, 2023 and 2024 business issued on or before June 30, 2024. Effective July 1, 2024, the Company entered into an additional ceded reinsurance agreement with AReC on a funds withheld coinsurance basis, to cede a quota share of the Company's newly written and assumed premiums and the assumed liabilities for certain of the Company's MYGA and FIA products issued on or after July 1, 2024. Total ceded premiums for the year ended December 31, 2024 were $2,864,908 and total ceded reserves were $3,536,785. The Company also recognized $160,634 of commission as income as a result of this agreement.

Effective May 1, 2024, the Company entered into a ceded reinsurance agreement with a non-affiliated Class B(iii) insurer domiciled in the Cayman Islands. In accordance with the terms of the reinsurance treaty, the Company, on a funds withheld coinsurance basis, ceded a quota share of the Company's newly written premiums and the associated liabilities for certain of the Company's MYGA and FIA products issued on or after of May 1, 2024. Total ceded premiums were $511,076 and total ceded reserves were $490,096. The Company also recognized $42,857 of commissions and expense allowances on reinsurance ceded as a result of this agreement.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 5. Reinsurance (continued)**

Effective June 1, 2024, the Company entered into an assumed reinsurance agreement with a non-affiliated insurer domiciled in the State of Delaware. In accordance with the terms of the reinsurance treaty, the Company, on a coinsurance basis, assumed a quota share of the cedant's newly written premiums and associated liabilities for a number of the cedant's fixed rate annuities beginning on June 1, 2024. Total assumed premiums were $345,764 and total assumed reserves were $357,628. The Company also recognized $9,856 of commissions and expense allowances on reinsurance assumed as a result of this agreement.

The Company manages risk of credit loss on reinsurance treaties with various forms of collateral or collateral agreements, including funds withheld arrangements and investment management agreements.

Expense allowances received from assumed reinsurance and paid with regards to ceded reinsurance were as follows for the years ended December 31, 2024, 2023, and 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | 2022 |
| Reinsurance commissions and expense |  |  |  |
| Ceded | 203491 | 2507 |  |
| Assumed | (10292) | (520) | (563) |
| &nbsp;&nbsp;&nbsp;Net | 193199 | 1987 | (563) |

---

A summary of direct premiums and claims with the impact of reinsurance arrangements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| Premiums earned: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct | $3814150 | $1999178 | $627055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assumed | 345764 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (3375986) | (552030) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 783928 | 1447149 | 627051 |
| Policy benefits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct | 44016 | 16802 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assumed | 7008 | 6916 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (22375) | (4) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net policy benefits | 28649 | 23714 | 5059 |
| Insurance policy benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct | 3975569 | 1965856 | 655689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assumed | 357628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (3474099) | (552779) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net insurance policy benefits | 859098 | 1413077 | 655670 |
| Claim reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct | 11465 | 5032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assumed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (4735) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net claim reserves | $6730 | $5032 | $— |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 5. Reinsurance (continued)**

Changes in balances of special surplus finds are due to deferred reinsurance gains and the amortization of such gains in the current year. As of December 31, 2024 and 2023, there were reinsurance gains deferred into surplus of $34,673 and $8,853, respectively, and amortization of $43,526 and $0 for a total net change in special surplus funds of $(8,853) and $8,853 , respectively.

**Note 6. Annuity and Claim Reserves**

Withdrawal characteristics of individual annuity actuarial reserves were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percentage<br> of total** | **Amount** | **Percentage<br> of total** |
| Subject to discretionary withdrawal without adjustment | $6954725 | 100.0% | $2621528 | 100.0% |
| Not subject to discretionary withdrawal without adjustment | 17 | 0.0% | 17 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross annuity reserves | 6954742 | 100.0% | 2621545 | 100.0% |
| Ceded reserves | 4026897 | 57.9% | 552798 | 21.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net annuity reserves | $2927845 | 42.1% | $2068747 | 78.9% |

---

All amounts pertain to the Company's general account.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 6. Annuity and Claim Reserves (continued)**

Net insurance reserves at December 31, 2024 and 2023 are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Insurance policy benefits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits - life insurance | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional accrual reserve-asset/liability analysis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total life |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits - annuities | 2927845 | 2068747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional accrual reserve-asset/liability analysis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total annuity | 2927845 | 2068747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance policy benefits - supplemental contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total insurance policy claim reserves |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy reserves - credit and other accident and health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance policy benefits - credit accident and health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accident and health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total insurance policy benefits | 2927845 | 2068747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Claim reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 6730 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total claim reserves | 6730 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total insurance policy and claim reserves | $2934575 | $2073779 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes**

Components of the net deferred tax asset recognized in the Company's Statement of Admitted Assets, Liabilities and Capital and Surplus are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Gross DTAs | $37166 | $— | $37166 |
| (b) Statutory valuation allowance adjustments |  |  |  |
| (c) Adjusted gross DTAs (a-b) | 37166 |  | 37166 |
| (d) DTAs nonadmitted | 5502 |  | 5502 |
| (e) Subtotal net admitted DTAs (c-d) | 31664 |  | 31664 |
| (f) DTLs | 2883 | 4292 | 7175 |
| (g) Net admitted DTAs/DTLs (e-f) | $28781 | $(4292) | $24489 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Gross DTAs | $27828 | $— | $27828 |
| (b) Statutory valuation allowance adjustments |  |  |  |
| (c) Adjusted gross DTAs (a-b) | 27828 |  | 27828 |
| (d) DTAs nonadmitted | 3104 |  | 3104 |
| (e) Subtotal net admitted DTAs (c-d) | 24724 |  | 24724 |
| (f) DTLs | 2086 | 4243 | 6329 |
| (g) Net admitted DTAs/DTLs (e-f) | $22638 | $(4243) | $18395 |
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Gross DTAs | $9338 | $— | $9338 |
| (b) Statutory valuation allowance adjustments |  |  |  |
| (c) Adjusted gross DTAs (a-b) | 9338 |  | 9338 |
| (d) DTAs nonadmitted | 2398 |  | 2398 |
| (e) Subtotal net admitted DTAs (c-d) | 6940 |  | 6940 |
| (f) DTLs | 797 | 49 | 846 |
| (g) Net admitted DTAs/DTLs (e-f) | $6143 | $(49) | $6094 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

The December 31, 2024 and December 31, 2023 admitted balances are calculated and presented pursuant to SSAP 101R as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| Admission calculation components: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSAP No. 101R: |  |  |  |
| (a) Federal income taxes paid in prior years recoverable through loss carrybacks. | $— | $— | $— |
| &nbsp;&nbsp;(b) Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from (a) above) after application of the threshold limitation. (the lesser of (b)1 and (b)2 below) | 24489 |  | 24489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Adjusted gross DTAs expected to be realized following the balance sheet date. | 24489 |  | 24489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Adjusted gross DTAs allowed per limitation threshold. | XXX | XXX | 58547 |
| &nbsp;&nbsp;(c) Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross DTLs. | 2883 | 4292 | 7175 |
| &nbsp;&nbsp;(d) DTAs admitted as the result of application of SSAP No. 101. Total ((a) + (b) + (c)) | $27372 | $4292 | $31664 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary** | **Capital** | **Total** |
| Admission calculation components: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSAP No. 101R: |  |  |  |
| &nbsp;&nbsp;(a) Federal income taxes paid in prior years recoverable through loss carrybacks. | $— | $— | $— |
| &nbsp;&nbsp;(b) Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from (a) above) after application of the threshold limitation. (the lesser of (b)1 and (b)2 below) | 18395 |  | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Adjusted gross DTAs expected to be realized following the balance sheet date. | 18395 |  | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Adjusted gross DTAs allowed per limitation threshold. | XXX | XXX | 51638 |
| &nbsp;&nbsp;(c) Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross DTLs. | 2086 | 4243 | 6329 |
| &nbsp;&nbsp;(d) DTAs admitted as the result of application of SSAP No. 101. Total ((a) + (b) + (c)) | $20481 | $4243 | $24724 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| Admission calculation components: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSAP No. 101R: |  |  |  |
| &nbsp;&nbsp;(a) Federal income taxes paid in prior years recoverable through loss carrybacks. | $— | $— | $— |
| &nbsp;&nbsp;(b) Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from (a) above) after application of the threshold limitation. (the lesser of (b)1 and (b)2 below) | 6094 |  | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Adjusted gross DTAs expected to be realized following the balance sheet date. | 6094 |  | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Adjusted gross DTAs allowed per limitation threshold. | XXX | XXX | 6909 |
| &nbsp;&nbsp;(c) Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross DTLs. | 797 | 49 | 846 |
| (d) DTAs admitted as the result of application of SSAP No. 101. Total ((a) + (b) + (c)) | $6891 | $49 | $6940 |

---

The Authorized Control Level RBC (excluding DTAs) percentage used for determining the above applicable period limitation and applicable percentage limitation for the years ended December 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| (a) Ratio percentage used to determine recovery period and threshold limitation |  |  |
|  | 680% | 911% |
| (b) Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in (b)2 above | $390316 | $344256 |
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** |
| Impact of tax-planning strategies: |  |  |
| &nbsp;&nbsp;(a) Determination of adjusted gross DTAs and net admitted DTAs, by tax character as a percentage. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTAs | $37166 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net admitted adjusted gross DTAs | 31664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies | —% | —% |
| &nbsp;&nbsp;(b) The Company's tax-planning strategies do not include the use of reinsurance |  |  |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** |
|  | **Ordinary** | **Capital** |
| Impact of tax-planning strategies: |  |  |
| &nbsp;&nbsp;(a) Determination of adjusted gross DTAs and net admitted DTAs, by tax character as a percentage. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTAs | $27828 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net admitted adjusted gross DTAs | 24724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies | —% | —% |
| &nbsp;&nbsp;(b) The Company's tax-planning strategies do not include the use of reinsurance |  |  |
|  | **Change** | **Change** |
|  | **Ordinary** | **Capital** |
| Impact of tax-planning strategies: |  |  |
| &nbsp;&nbsp;(a) Determination of adjusted gross DTAs and net admitted DTAs, by tax character as a percentage. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTAs | $9338 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net admitted adjusted gross DTAs | 6940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies | —% | —% |

---

The Company has no significant DTLs that have not been recorded. Accordingly, there are no events that would cause unrecognized temporary differences to become taxable.

Current income taxes incurred consist of the following major components for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **Change** |
| Current income tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Federal income tax expense on operations | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Foreign income tax expense on operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subtotal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal income tax on net capital gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Utilization of capital loss carry-forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other including prior period adjustments |  | 4752 | (4752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Federal and foreign income tax (benefit) expense | $— | $4752 | $(4752) |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2022** | **Change** |
| Current income tax: |  |  |  |
| &nbsp;&nbsp;(a) Federal income tax expense on operations | $— | $— | $— |
| &nbsp;&nbsp;(b) Foreign income tax expense on operations |  |  |  |
| &nbsp;&nbsp;(c) Subtotal |  |  |  |
| &nbsp;&nbsp;(d) Federal income tax on net capital gains |  |  |  |
| &nbsp;&nbsp;(e) Utilization of capital loss carry-forwards |  |  |  |
| &nbsp;&nbsp;(f) Other including prior period adjustments | 4752 | (3) | 4755 |
| &nbsp;&nbsp;(g) Federal and foreign income tax (benefit) expense | $4752 | $(3) | $4755 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **December 31,<br> 2023** | **Change** |
| DTLs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | $16777 | $12827 | $3950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 10499 | 5308 | 5191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 393 | 111 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 9398 | 7701 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 99 | 1881 | (1782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 37166 | 27828 | 9338 |
| &nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonadmitted | 5502 | 3104 | 2398 |
| &nbsp;&nbsp;&nbsp;Admitted ordinary DTAs | 31664 | 24724 | 6940 |
| &nbsp;&nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net capital loss carry-forward |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  |
| &nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonadmitted |  |  |  |
| &nbsp;&nbsp;&nbsp;Admitted capital DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted DTAs | $31664 | $24724 | $6940 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **December 31,<br> 2023** | **Change** |
| DTAs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | $2817 | $2024 | $793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 66 | 62 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2883 | 2086 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4292 | 4243 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 4292 | 4243 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTLs | 7175 | 6329 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net DTAs | 24489 | 18395 | 6093 |

---

The change in net deferred income taxes between December 31, 2024 and 2023 is composed of the following (this analysis is exclusive of nonadmitted DTAs as the Change in Nonadmitted Assets is reported separately from the Change in Net Deferred Income Taxes in the surplus section of the Annual Statement):

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br> **2024** | **December 31,**<br> **2023** | **Change** |
| Total DTAs | $37166 | $27828 | $9338 |
| Total DTLs | 7175 | 6329 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net DTA/DTL | 29991 | 21499 | 8492 |
| Statutory valuation allowance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net DTA/DTL after valuation allowance | 29991 | 21499 | 8492 |
| Tax effect of unrealized gains (losses) | 4292 | 4243 | 49 |
| Statutory valuation allowance on unrealized |  |  |  |
| Change in net deferred income tax (expense)/benefit | $34283 | $25742 | $8541 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 7. Federal Income Taxes (continued)**

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 these differences are as follows for the year ending December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount** | **Tax effect** | **Effective <br> tax rate** |
| Income from operations before income taxes | $(77856) | $(16349) | 44.57% |
| Net realized capital gains before income taxes | 41174 | 8646 | -23.57% |
| &nbsp;&nbsp;&nbsp;Statutory pretax income | (36682) | (7703) | 21.00% |
| IMR | 499 | 105 | -0.29% |
| Other permanent adjustments | (2260) | (475) | 1.29% |
| Change in nonadmitted assets | (1346) | (283) | 0.77% |
| Meals and entertainment | 22 | 5 | -0.01% |
| Income recorded and taxes in surplus | (8853) | (1859) | 5.07% |
| Other, including prior period adjustments | 7950 | 1669 | -4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total statutory income tax | (40670) | $(8541) | 23.28% |
| Federal income taxes incurred |  |  | —% |
| Tax on capital gains |  |  | —% |
| Prior period adjustments |  |  | —% |
| Change in net deferred income tax |  | (8541) | 23.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total statutory income tax |  | (8541) | 23.28% |

---

At December 31, 2024, the Company had an ordinary net operating loss carryforward (NOL) of $44,697, of which $7,569 which originated from the 2024 tax year and $37,128 which originated in the 2023 Tax year. At December 31, 2024, the Company had no capital loss carryforward or AMT credit carryforward.

Due to the Tax Cuts and Jobs Act of 2017 (the "TCJA"), carryback of NOLs generated after December 1, 2017 are disallowed. Therefore, ordinary income tax paid in years 2017 and prior may not be recouped in the event of future tax losses. Capital losses may still be carried back and forward for three and five years, respectively.

The Company paid $0, $0, and $4,752 ordinary income tax expenses for the years ended December 31, 2024, 2023, and 2022, respectively. The Company is part of a controlled group, as subsidiary of its 100% owner, Aspida Holdings, LLC. The Company's tax return is filed on a standalone basis and is not consolidated with any other entities. The Company does not have any tax loss contingencies for which it is reasonably possible that the total tax liability will significantly increase within 12 months of the reporting date. The Company does not owe any Repatriation Transition Tax (RTT), has made no payment, and does not expect to make any future payments to satisfy any RTT liability.

The Company does not have Alternative Minimum Tax credits.

On August 16, 2022, the Inflation Reduction Act of 2022 (the Act) was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax on global adjusted financial statement income and a 1% excise tax on share repurchases. The Act is effective in 2024. The Company is a nonapplicable reporting entity for the Alternative Minimum Tax Credit.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 8. Borrowings**

The Company was assigned a mortgage associated with the building contributed on March 31, 2023. The initial face value of the mortgage at issuance was $6,750 and the mortgage balance and accrued interest assumed by the Company at March 31, 2023 was $6,545. The mortgage balance and accrued interest at December 31, 2024 was $5,966. Interest expense is accrued at an annual fixed rate of 4.95%, assuming a 360 day year. The Company paid $310 in interest in the year ended December 31, 2024. The Company, as obligor, is subject to certain negative and affirmative covenants as detailed within the mortgage agreement, and is not in violation of any such covenants at December 31, 2024. The mortgage agreement has a remaining term of 31 months, with a balloon payment due on July 29, 2027.

During the year ended December 31, 2023, the Company became a member of the FHLB of Atlanta. Members are required to purchase and hold a minimum amount of FHLB capital stock, plus additional stock based on outstanding advances. The Company had no outstanding advances as of December 31, 2024. The Company did not have any pledged collateral to the FHLB as of December 31, 2024.

The Company holds $2,204 in FHLB of Atlanta Membership Stock and $0 in FHLB Activity Stock as of December 31, 2024**.** The Class B Membership Stock is not eligible for redemption.

**Note 9. Related Party Transactions**

The Company received capital contributions from Holdings LLC of $150,000 and $247,370 for the years ended December 31, 2024 and December 31, 2023, respectively. Of the $247,370 received in contributions for the year ended December 31, 2023, $2,370 of the contribution received was the Company's home office building and land. The remaining $245,000 of contributions received during the years ended December 31, 2024 and December 31, 2023 were received in cash. During the period from January 1, 2025 to May 22, 2025, Holdings LLC provided capital contributions of $75,000.

Prior to, and as of, March 31, 2023, Aspida Holdings, LLC leased the home office building to Aspida Financial Services, LLC, an affiliated entity. After the contribution of the building to the Company, and effective April 1, 2023, Aspida Holdings, LLC assigned its rights as lessor in the lease agreement to the Company. During the years ending December 31, 2024 and December 31, 2023, the Company recognized $1,013 and $740 of rental income from the lease, respectively. As of December 31, 2024, the lease has a remaining term of 31 months with an automatic annual renewal, unless either party provides written notice of its intent to terminate the lease 90 days prior to expiration of the current lease. Future minimum payments receivable for the aforementioned lease as of December 31, 2025, 2026, 2027, 2028, and 2029, respectively, are $1,043, $1,074, $638, $0, and $0, respectively. During the years ended December 31, 2024 and December 31, 2023, the Company made capital improvements to the home office building valued at $739 and $1,731, respectively. Of this capital improvement amount, $345 was paid by Ares Insurance Solutions LLC, an affiliate that subleases space within the building from Aspida Financial Services, LLC, the primary tenant of the building.

The Company has $0 and $12,010 due from affiliates included in other amounts receivable under reinsurance contracts as of December 31, 2024 and 2023, respectively. The amount receivable relates to the reinsurance contract between the Company and Aspida Re Cayman, Ltd., an affiliated Class B(iii) insurer domiciled in the Cayman Islands.

The Company is party to a cost sharing agreement with affiliated companies Aspida Financial Services, LLC and Aspida Re Services, Ltd. During the years ended December 31, 2024, 2023, and 2022 the Company incurred expenses of $31,900, $23,944, and $10,679, respectively. These expense amounts are included in general insurance expenses on the Statements of Operations. At December 31, 2024, the Company held a payable due to Aspida Financial Services, LLC of $8,680 and a payable due to Aspida Re Services, Ltd. of $0. At December 31, 2023, the company held a payable due to Aspida Financial Services, LLC of $3,306 and a

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 9. Related Party Transactions (continued)**

payable due to Aspida Re Services, Ltd. of $147. These payable amounts are included in amounts payable to parent, subsidiaries and affiliates on the Statements of Admitted Assets, Liabilities and Capital and Surplus.

The Company's investments are managed by an affiliate, Ares Insurance Solutions LLC, subject to an investment management agreement. The Company incurred expenses of $11,621, $9,008, and $615 related to the services provided during the years ended December 31, 2024, 2023, and 2022, respectively. These expense amounts are included in the net expenses reported within Investment Income on the Statements of Operations. Of the incurred expenses $6,189 and $6,072 were due to Ares Insurance Solutions, LLC at December 31, 2024 and 2023, respectively. These payable amounts are included in amounts payable to parent, subsidiaries and affiliates on the Statements of Admitted Assets, Liabilities and Capital and Surplus.

As of December 31, 2024 and 2023, the Company invested in 9 and 4 affiliated limited partnership entities, respectively, the NAV of such investments being $142,379 and $20,789 respectively. The Company also invested in 10 and 12 affiliated ABS as of December 31, 2024 and 2023, respectively, the carrying value of these investments being $68,852 and $13,881, respectively.

**Note 10. Contingencies and Commitments**

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. In the opinion of management, the amount of ultimate liability with respect to these actions will not materially affect the financial position or results of operations of the Company.

As of December 31, 2024, the Company had unfunded commitments to invest in limited partnerships and asset-backed securities of $226,389 and $41,058, respectively, for a total unfunded commitment of $267,447.

**Note 11. Dividends**

The maximum amount of dividends which can be paid by insurance companies in the state of Michigan to shareholders and policyholders without prior approval of the Insurance Commissioner is subject to restrictions relating to surplus and net income. The maximum dividend payment which can be made without prior approval is limited to 10% of prior year's surplus or prior year's net income, excluding realized capital gains, whichever is greater. However, the state of Michigan requires that surplus not fall below $1,000. Under these provisions, the maximum amount which can be paid by the Company without the Commissioner's approval is $0 due to the negative unassigned surplus as of December 31, 2024.

**Note 12. Separate Accounts**

The Company utilizes Separate Accounts to support and record segregated assets and liabilities related to variable annuity products. The Separate Account assets and liabilities represent segregated funds which are administered for policyholders. Investment risks associated with market value changes are generally borne by the policyholders, except to the extent of the minimum guarantees made by the Company. The assets of these accounts are carried at fair value.

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 12. Separate Accounts (continued)**

Information regarding the Separate Accounts legally insulated from the general account at December 31, 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-indexed<br> Guarantee Less<br> than/Equal to 4%** | **Non-indexed**<br> **Guarantee More<br> than 4%** | **Non-guaranteed<br> Separate<br> Accounts** | **Total** |
| Premium, considerations or deposits for year ended 12/31/24 | $— | $— | $— | $— |
| Reserves at fair value at 12/31/24 | $— | $— | $1528 | $1528 |
| By withdrawal characteristics: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $— | $— | $1528 | $1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $— | $— | $1528 | $1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal | $— | $— | $— | $— |
| Total reserves | $— | $— | $1528 | $1528 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-indexed<br> Guarantee Less<br> than/Equal to 4%** | **Non-indexed<br> Guarantee More<br> than 4%** | **Non-guaranteed<br> Separate<br> Accounts** | **Total** |
| Premium, considerations or deposits for year ended 12/31/23 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
| Reserves at fair value at 12/31/23 | $— | $— | $1774 | $1774 |
| By withdrawal characteristics: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  | 1774 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  | 1774 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  |  |  |  |
| Total reserves | $— | $— | $1774 | $1774 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements<br> Years Ended December 31, 2024, 2023, and 2022<br> *(in thousands)***

**Note 12. Separate Accounts (continued)**

A reconciliation of net transfers from separate accounts is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| Transfers to Separate Accounts | $— | $— | $— |
| Transfers from Separate Accounts | 523 | 217 | 222 |
| Net transfers from Separate Accounts | (523) | (217) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers as reported in the statements of operations in the | $(523) | $(217) | $(222) |

---

**Note 13. Reconciliation to Statutory Annual Statement**

During preparation of the 2024 financial statements, the Company adjusted realized gains on derivative expirations. The adjustment resulted in adjustments to realized gains and losses and federal income taxes. The Company also reclassified amounts from reinsurance receivable to reinsurance payable to align with net amounts due and payable, respectively. These adjustments are reflected in the financial statements as of December 31, 2024. The following is a reconciliation of amounts previously reported to state regulatory authorities in the 2024 Annual Statement to those reported in these financial statements. There were no reconciling items in 2023 or 2022:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Total admitted assets as reported in the Company's Annual Statement | $7905081 | $3080855 |
| &nbsp;&nbsp;&nbsp;Overstatement of Other amounts receivable under reinsurance contracts | (189562) |  |
| &nbsp;&nbsp;&nbsp;Overstatement of Net deferred tax asset | (4062) |  |
| Total admitted assets as reported in the accompanying financial statements | $7711457 | $3080855 |
| Total liabilities as reported in the Company's Annual Statement | $7487313 | $2728829 |
| &nbsp;&nbsp;&nbsp;Overstatement of Other amounts payable on reinsurance | (198816) |  |
| &nbsp;&nbsp;&nbsp;Overstatement of Amounts withheld or retained by reporting entity as agent or trustee | (10949) |  |
| &nbsp;&nbsp;&nbsp;Understatement of Funds held under reinsurance treaties with unauthorized and certified reinsurers | 859 |  |
| Total liabilities as reported in the accompanying financial statements | $7278407 | $2728829 |
| Total capital and surplus as reported in the Company's Annual Statement | $417768 | $352026 |
| &nbsp;&nbsp;&nbsp;Understatement of Unassigned funds (surplus) | 15282 |  |
| Total capital and surplus as reported in the accompanying financial statements | $433050 | $352026 |

---

**Aspida Life Insurance Company**

**Notes to the Statutory-Basis Financial Statements**

**Years Ended December 31, 2024, 2023, and 2022**

***(in thousands)***

**Note 13. Reconciliation to Statutory Annual Statement (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br> **2024** | **December 31,**<br> **2023** | **December 31,**<br> **2022** |
| Net loss as reported in the Company's Annual Statement | $(56026) | $(48758) | $(54543) |
| &nbsp;&nbsp;&nbsp;Understatement of Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital gains tax | 19344 |  |  |
| Net loss as reported in the accompanying financial statements | $(36682) | $(48758) | $(54543) |

---

**Note 14. Subsequent Events**

Subsequent events have been considered by management review through May 22, 2025, the date the financial statements were available to be issued.

See Note 9 for subsequent events pertaining to related parties.

Effective January 1, 2025, Aspida Holdings, Ltd. redomesticated from Bermuda to the Cayman Islands. Effective April 1, 2025 the Company amended its treaty with an affiliated reinsurer to adjust quota shares of issued premiums and associated liabilities ceded on and after April 1, 2025.

There are no other subsequent events that have occurred that would require recognition or disclosure in these financial statements.

**PART C**

**OTHER INFORMATION**

**<u>Item 27. Exhibits</u>**

---

| | | |
|:---|:---|:---|
| **Description** | **Description** | **Location** |
| **(**a) | Board of Directors Resolution | Not Applicable |
| (b) | Custodian Agreements | Not Applicable |
| [(c)](tm2518749d1_ex99-27xc.htm) | [Underwriting Contract](tm2518749d1_ex99-27xc.htm) | [Filed herewith](tm2518749d1_ex99-27xc.htm) |
| [(d)(1)](tm2518749d1_ex99-27xdx1.htm) | [ICC24C-RILA1015 - Annuity Contract](tm2518749d1_ex99-27xdx1.htm) | [Filed herewith](tm2518749d1_ex99-27xdx1.htm) |
| [(d)(2)](tm2518749d1_ex99-27xdx2.htm) | [ICC24R-2028 - Return Of Premium Rider](tm2518749d1_ex99-27xdx2.htm) | [Filed herewith](tm2518749d1_ex99-27xdx2.htm) |
| [(d)(3)](tm2518749d1_ex99-27xdx3.htm) | [ICC24R-2029 – Performance Lock Benefit Rider](tm2518749d1_ex99-27xdx3.htm) | [Filed herewith](tm2518749d1_ex99-27xdx3.htm) |
| [(d)(4)](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_001) | [ICC24DS-2029 – Performance Lock Data Page](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_001) | [See Note 1](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_001) |
| [(d)(5)](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_002) | [ICC24DS - Data Section Page](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_002) | [See Note 1](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xdx3.htm#an_002) |
| [(d)(6)](tm2518749d1_ex99-27xdx6.htm) | [ICC24CRS-RILA1015 – Crediting Rate Strategies](tm2518749d1_ex99-27xdx6.htm) | [Filed herewith](tm2518749d1_ex99-27xdx6.htm) |
| [(d)(7)](tm2518749d1_ex99-27xdx7.htm) | [ICC22END-3013 - Waiver of Withdrawal Charges for Required Minimum Distribution](tm2518749d1_ex99-27xdx7.htm) | [Filed herewith](tm2518749d1_ex99-27xdx7.htm) |
| [(d)(8)](tm2518749d1_ex99-27xdx8.htm) | [ICC22END-3012 - Waiver of Withdrawal Charges for Nursing Home Confinement](tm2518749d1_ex99-27xdx8.htm) | [Filed herewith](tm2518749d1_ex99-27xdx8.htm) |
| [(d)(9)](tm2518749d1_ex99-27xdx9.htm) | [ICC22END-3016 - Waiver of Withdrawal Charges for Terminal Illness](tm2518749d1_ex99-27xdx9.htm) | [Filed herewith](tm2518749d1_ex99-27xdx9.htm) |
| [(e)](tm2518749d1_ex99-27xe.htm) | [ICC24A-4023 – Application Page](tm2518749d1_ex99-27xe.htm) | [Filed herewith](tm2518749d1_ex99-27xe.htm) |
| [(f)(1)](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx1.htm) | [Aspida Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx1.htm) | [See Note 1](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx1.htm) |
| [(f)(2)](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx2.htm) | [Aspida Bylaws](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx2.htm) | [See Note 1](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xfx2.htm) |
| (g) | Reinsurance Contracts | Not Applicable |
| [(i)](tm2518749d1_ex99-27xi.htm) | [Cost Sharing Agreement by and among Aspida Life Insurance Company and certain affiliated entities in the Aspida Group dated January 1, 2022](tm2518749d1_ex99-27xi.htm) | [Filed Herewith](tm2518749d1_ex99-27xi.htm) |
| [(k)](tm2518749d1_ex99-27xk.htm) | [Legal Opinion](tm2518749d1_ex99-27xk.htm) | [Filed herewith](tm2518749d1_ex99-27xk.htm) |
| [(l)](tm2518749d1_ex99-27xl.htm) | [Consent of Ernst & Young LLP](tm2518749d1_ex99-27xl.htm) | [Filed herewith](tm2518749d1_ex99-27xl.htm) |
| [(o)](tm2518749d1_ex99-27xo.htm) | [Form of Initial Summary Prospectus](tm2518749d1_ex99-27xo.htm) | [Filed herewith](tm2518749d1_ex99-27xo.htm) |
| [(p)](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xp.htm) | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xp.htm) | [See Note 1](https://www.sec.gov/Archives/edgar/data/1934234/000110465924120654/tm2427878d1_ex99-x27xp.htm) |

---

Note 1. Incorporated herein by reference to Initial Filing of N-4 Registration Statement (File No. 333-283346) filed on November 19, 2024.

**Item 28. Directors and Officers of the Insurance Company**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Officer Name | &nbsp;&nbsp;Business Address | &nbsp;&nbsp;Position |
| &nbsp;&nbsp;Lou Everett Hensley | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;President & CEO |
| &nbsp;&nbsp;Brian Christopher Stewart | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Michael William Farley | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief Risk Officer |
| &nbsp;&nbsp;Taiesha Laini Cantwell McBroom | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief Legal Officer & Secretary |
| &nbsp;&nbsp;Alessandro Giuseppe Seidita | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief Information Officer |
| &nbsp;&nbsp;Sandra Racis Ball | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief People Officer |
| &nbsp;&nbsp;Christopher Bernard Motta | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief Actuary |
| &nbsp;&nbsp;Rajesh Krishnan | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Chief Investment Officer |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Director Name | &nbsp;&nbsp;Business Address | &nbsp;&nbsp;Position |
| &nbsp;&nbsp;Lou Everett Hensley | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Thomas Ryan Myrick | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;David Michael Reilly | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Gregory Andrew Boyko | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Director (Independent) |
| &nbsp;&nbsp;Linda Diane Forte | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Director (Michigan Independent) |

---

**<u>Item 29. Persons Controlled by or Under Common Control with the Insurance Company</u>**

![](tm2518749d1_partcimg002.jpg)

**<u>Item 30. Indemnification</u>**

Pursuant to applicable provisions of the Company's by-laws and/or other internal corporate policies adopted by the Company, the directors, officers, and other designated or covered employees of the Company, who are made or threatened to be made a party to an action or proceeding, may be eligible to obtain indemnification, to the fullest extent permitted by law, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees, incurred as a result of such action or proceeding.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**<u>Item 31. Principal Underwriter</u>**

(a) Not applicable.

(b) The following are the directors and officers of the Principal
Underwriter:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Business Address** | &nbsp;&nbsp;**Position** |
| &nbsp;&nbsp; Deidre Patten | &nbsp;&nbsp; 2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp; Chief Executive Officer |
| &nbsp;&nbsp;Ivana M Shaumberg | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Financial & Operations Principal |
| &nbsp;&nbsp;Taiesha Laini Cantwell McBroom | &nbsp;&nbsp;2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp;Corporate Secretary |
| &nbsp;&nbsp; Kim Stanton | &nbsp;&nbsp; 2327 Englert Drive Durham, NC 27713 | &nbsp;&nbsp; Chief Compliance Officer |

---

(c) Compensation
 to Principal Underwriter during last fiscal year:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;(2) | &nbsp;&nbsp;(3) | &nbsp;&nbsp;(4) | &nbsp;&nbsp;(5) |
| &nbsp;&nbsp;Name of<br> Principal <br> <u>Underwriter</u> | &nbsp;&nbsp;Net Underwriting <br> Discounts and <br> <u>Commissions</u> | &nbsp;&nbsp;Compensation<br> on Redemption <br> <u>or Annuitization</u> | &nbsp;&nbsp; <br> Brokerage <br> <u>Commissions</u> | &nbsp;&nbsp; <br> Other<br> Compensation |
| &nbsp;&nbsp;Aspida Financial Distributors, LLC | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

**<u>Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name of<br> the <br> Contract</u>** | &nbsp;&nbsp;**<u>Number<br> of <br> Contracts <br> outstanding</u>** | &nbsp;&nbsp;**<u>Total value<br> attributable to <br> the Index-Linked <br> Option and/or <br> Fixed Option <br> subject to a <br> Contract <br> Adjustment</u>** | &nbsp;&nbsp;**<u>Number of<br> Contracts <br> sold during <br> the prior <br> calendar <br> year</u>** | &nbsp;&nbsp;**<u>Gross<br> premiums <br> received <br> during the <br> prior <br> calendar <br> year</u>** | &nbsp;&nbsp;**<u>Amount of<br> Contract <br> value <br> redeemed <br> during the <br> prior <br> calendar <br> year</u>** | &nbsp;&nbsp;**<u>Combination<br> Contract <br> (Yes/No)</u>** |
| &nbsp;&nbsp;ICC24C-RILA1015 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;No |

---

**<u>Item 32. Location of Accounts and Records</u>**

Not applicable.

**<u>Item 33. Management Services</u>**

Not applicable.

**<u>Item 34. Fee Representation and Undertakings</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Insurance Company undertakes the
 following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement to include any prospectus required by section 10(a)(3) of the Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof

**SIGNATURES**

Pursuant to the requirement of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Durham, State of North Carolina, on the 29<sup>th</sup> day of August 2025.

---

| | |
|:---|:---|
| ASPIDA LIFE INSURANCE COMPANY | ASPIDA LIFE INSURANCE COMPANY |
| By: | /s/ Lou Everett Hensley |
|  | Lou Everett Hensley, President & CEO |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | &nbsp;&nbsp; Title | &nbsp;&nbsp; Date |
| /s/ Lou Everett Hensley | &nbsp;&nbsp; Director, President & CEO | &nbsp;&nbsp; August 29, 2025 |
| Lou Everett Hensley | &nbsp;&nbsp; (Principal Executive Officer) |  |
| \* | &nbsp;&nbsp; Director | &nbsp;&nbsp; August 29, 2025 |
| Gregory Andrew Boyko |  |  |
| \* | &nbsp;&nbsp; Director | &nbsp;&nbsp; August 29, 2025 |
| Lisa Forte |  |  |
| \* | &nbsp;&nbsp; Director | &nbsp;&nbsp; August 29, 2025 |
| Thomas Ryan Myrick |  |  |
| \* | &nbsp;&nbsp; Director | &nbsp;&nbsp; August 29, 2025 |
| David Michael Reilly |  |  |
| /s/ Brian Christopher Stewart | &nbsp;&nbsp; Chief Financial Officer and Treasurer | &nbsp;&nbsp; August 29, 2025 |
| Brian Christopher Stewart | &nbsp;&nbsp; (Principal Financial Officer) |  |
| /s/ Michael McCrary | &nbsp;&nbsp; Vice-President, Controller | &nbsp;&nbsp; August 29, 2025 |
| Michael McCrary | &nbsp;&nbsp; (Principal Accounting Officer) |  |

---

---

| | |
|:---|:---|
| By: | /s/ Taiesha McBroom |
|  | &nbsp;&nbsp; Taiesha McBroom |
|  | &nbsp;&nbsp; \*Attorney-in-Fact |

---

**Exhibit Index**

---

| | |
|:---|:---|
| Exhibit No. | Exhibit |
| [27(c)](tm2518749d1_ex99-27xc.htm) | [Underwriting Contract](tm2518749d1_ex99-27xc.htm) |
| [27(d)(1)](tm2518749d1_ex99-27xdx1.htm) | [ICC24C-RILA1015 - Annuity Contract](tm2518749d1_ex99-27xdx1.htm) |
| [27(d)(2)](tm2518749d1_ex99-27xdx2.htm) | [ICC24R-2028 - Return Of Premium Rider](tm2518749d1_ex99-27xdx2.htm) |
| [27(d)(3)](tm2518749d1_ex99-27xdx3.htm) | [ICC24R-2029 – Performance Lock Benefit Rider](tm2518749d1_ex99-27xdx3.htm) |
| [27(d)(6)](tm2518749d1_ex99-27xdx6.htm) | [ICC24CRS-RILA1015 – Crediting Rate Strategies](tm2518749d1_ex99-27xdx6.htm) |
| [27(d)(7)](tm2518749d1_ex99-27xdx7.htm) | [ICC22END-3013 - Waiver of Withdrawal Charges for Required Minimum Distribution](tm2518749d1_ex99-27xdx7.htm) |
| [27(d)(8)](tm2518749d1_ex99-27xdx8.htm) | [ICC22END-3012 - Waiver of Withdrawal Charges for Nursing Home Confinement](tm2518749d1_ex99-27xdx8.htm) |
| [27(d)(9)](tm2518749d1_ex99-27xdx9.htm) | [ICC22END-3016 - Waiver of Withdrawal Charges for Terminal Illness](tm2518749d1_ex99-27xdx9.htm) |
| [27(e)](tm2518749d1_ex99-27xe.htm) | [ICC24A-4023 – Application Page](tm2518749d1_ex99-27xe.htm) |
| [27(i)](tm2518749d1_ex99-27xi.htm) | [Agreement between Aspida Life Insurance Company ("ALIC"), Aspida Financial Services, LLC ("AFS") and all US based entities in the Aspida Group dated January 1, 2022](tm2518749d1_ex99-27xi.htm) |
| [27(k)](tm2518749d1_ex99-27xk.htm) | [Legal Opinion](tm2518749d1_ex99-27xk.htm) |
| [27(l)](tm2518749d1_ex99-27xl.htm) | [Consent of Ernst & Young LLP](tm2518749d1_ex99-27xl.htm) |
| [27(o)](tm2518749d1_ex99-27xo.htm) | [Form of Initial Summary Prospectus](tm2518749d1_ex99-27xo.htm) |

---

## Exhibit 99.27

**Exhibit 99.27(c)**

**UNDERWRITING AND DISTRIBUTION AGREEMENT**

This Agreement is entered into on this 28<sup>th</sup> day of August, 2025 ("<u>Effective Date</u>"), by and between Aspida Life Insurance Company ("<u>Aspida Life</u>"), a life insurance company organized under the laws of the State of Michigan, and Aspida Financial Distributors, LLC ("<u>Broker-Dealer</u>"), a limited liability company organized under the laws of the State of Delaware.

**RECITALS**

WHEREAS, Aspida Life proposes to issue to the public certain registered index-linked annuity contracts ("<u>RILA(s)</u>"), variable life insurance policies and variable annuity contracts ("<u>Variable Products</u>"), and private placement variable annuity contracts and private placement variable life insurance policies ("<u>PPVC(s)</u>") that are more fully described in the registration statement and the prospectus for the RILAs and Variable Products, and the private placement memorandum ("<u>PPM</u>") for the PPVCs;

WHEREAS, the offering of the RILAs and the Variable Products (together, the "<u>Registered Products</u>") will be registered with the Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933 (the "<u>1933 Act</u>");

WHEREAS, the separate accounts supporting the Variable Products will also be registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>");

WHEREAS, the PPVCs will not be registered with the SEC and will be offered through the PPM on a private placement basis in compliance with securities law applicable to such offerings;

WHEREAS, Aspida Life desires to obtain the services of Broker-Dealer as the underwriter and distributor for the offering of the Registered Products, and the PPVC (together, the "<u>Contracts</u>");

WHEREAS, Broker-Dealer, a broker-dealer registered under the Securities Exchange Act of 1934 (the "<u>1934 Act</u>") and a member of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"), desires to act as underwriter on an agency basis for the offering of the Contracts; and

WHEREAS, Broker-Dealer will so act in that capacity related to RILAs identified on <u>Schedule A</u>; the Variable Products identified on <u>Schedule B</u>; and the PPVCs identified on <u>Schedule C</u>;

NOW THEREFORE, Aspida Life and Broker-Dealer hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DEFINED TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Registration Statement</u> – At any time while this Agreement is
in effect, the currently effective registration statement filed with the SEC under the 1933 Act on the applicable prescribed form, or
currently effective post-effective amendment

thereto, as the case may be, for the Registered Products, including financial statements included in, and all exhibits to, such registration statement or post-effective amendment. For purposes of Section 12 of this Agreement, the term "Registration Statement" means any document which is or at any time was a Registration Statement within the meaning of this Section 1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Prospectus</u> – At any time while this Agreement is in effect,
the prospectus included within a Registration Statement, except that, if the most recently filed version of the prospectus (including
any supplements thereto) filed pursuant to Rule 424 or Rule 497 under the 1933 Act subsequent to the date on which a Registration Statement
became effective differs from the prospectus included within such Registration Statement at the time it became effective, the term "Prospectus"
shall refer to the most recently filed prospectus filed under Rule 424 or Rule 497 under the 1933 Act, from and after the date on which
it shall have been filed. For purposes of Section 12 of this Agreement, the term "any Prospectus" means any document which
is or at any time was a Prospectus within the meaning of this Section 1(b).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **AUTHORITY AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida Life grants Broker-Dealer the exclusive right, subject to compliance
with the registration requirements of the 1933 Act for the Registered Products, and the 1940 Act for the Variable Products, and the provisions
of the 1934 Act, to serve as underwriter on an agency basis for the offering of the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broker-Dealer shall have authority to enter into selling agreements with
broker-dealers (" <u>Selling Firms</u> ") which are registered as broker-dealers under the 1934 Act and applicable state securities
laws, licensed as insurance producers under applicable state insurance laws and, as applicable, appointed by Aspida Life, with authority
to sell the Contracts. Any such contractual arrangement shall require the Selling Firm and its associated persons (" <u>Sales Representatives</u> ")
to comply with licensing, registration, suitability, best interest and sales practice standards and/or requirements applicable to their
recommendations of the Contracts adopted by the SEC, FINRA, and any insurance commission or securities commission for any state or other
similar jurisdiction or U.S. territory (a " <u>State</u> ") in which Selling Firms offer or sell the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Broker-Dealer shall use its best efforts to provide information and marketing
assistance for the offering of the Contracts to Selling Firms and their Sales Representatives on a continuing basis for so long as the
offering is conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Aspida Life shall promptly appoint, under the insurance laws, Selling Firms
and their Sales Representatives as may be required under applicable law of the States for such Selling Firms and their Sales Representatives
to engage in solicitation activities for the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Aspida Life shall provide Broker-Dealer access to such records, officers
and

employees of Aspida Life at reasonable times as is necessary to enable Broker-Dealer to fulfill its obligations for the offering of the Contracts and to perform due diligence and to use reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **RELATIONSHIP OF THE PARTIES** 

Aspida Life and Broker-Dealer acknowledge that in connection with the services provided by Broker-Dealer under this Agreement, Broker-Dealer is acting as an independent contractor and is an agent of Aspida Life only with respect to its role as underwriter and distributor for the offering of the Contracts. Aspida Life and Broker-Dealer acknowledge that: directors, officers, agents and shareholders of Aspida Life are or may be interested in Broker-Dealer as directors, officers, shareholders, or otherwise; directors, officers, agents and shareholders of Broker-Dealer are or may be interested in Aspida Life as directors, officers, shareholders or otherwise; Aspida Life may be otherwise interested in Broker-Dealer; and the existence of any such dual interest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwise provided by specific provisions or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida Life represents and warrants to Broker-Dealer as of the Effective
Date of this Agreement and for so long as the offering of the Registered Products and PPVCs is conducted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A true, complete and correct copy of the Registration Statement and Prospectus
filed with the SEC prior to the Effective Date of this Agreement has been provided to Broker-Dealer for the Registered Products, and true,
complete and correct copies of any amendments or supplements to the Registration Statement and Prospectus made after the effective date
of this Agreement to the Registered Products will be promptly provided to Broker-Dealer at the time that they are filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A true, complete and correct copy of the PPM, and any amendments or supplements
thereto, will be promptly provided to Broker-Dealer when available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Registration Statement for the Registered Products as it became effective
conformed, and any further amendments or supplements thereto will when they become effective, and any Prospectus will when filed pursuant
to Rule 424 or Rule 497 under the 1933 Act, will conform in all material respects to the requirements of the 1933 Act and the rules and
regulations of the SEC under the 1933 Act, and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation
and warranty shall not apply to any statement or omission made in reliance upon and in conformity with

information furnished in writing to Aspida Life by Broker-Dealer expressly for use therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The PPM will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that this representation and warranty shall not apply to any statement or omission made in reliance upon and in conformity with information
furnished in writing to Aspida Life by Broker-Dealer expressly for use therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Contracts have been duly authorized by Aspida Life and, for the Registered
Products, conform to the descriptions thereof in the Registration Statement and Prospectus and, for PPVCs, will conform to the descriptions
thereof in the PPM (once provided), when issued as contemplated by the Registration Statement and Prospectus, and PPM, respectively, shall
constitute legal, validly issued and binding obligations of Aspida Life in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Aspida Life is validly existing as a life insurance company in good standing
under the laws of the State of Michigan, with power to own its properties and conduct its business as described in the Prospectus and
PPM (once provided), and has been duly qualified to transact business and is in good standing under the laws of each other jurisdiction
in which it conducts any business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The performance of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in a violation of any of the provisions of or default under any statute, indenture, mortgage,
deed of trust, note agreement or other agreement or instrument to which Aspida Life is a party or by which Aspida Life is bound (including
Aspida Life's charter or by-laws (or similar organizational documents) as a life insurance company, or any order, rule or regulation
of any court or governmental agency or body having jurisdiction over Aspida Life or any of its properties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. There is no consent, approval, authorization or order of any court or governmental
agency or body required for the consummation by Aspida Life of the transactions contemplated by this Agreement, except such as may be
required under State insurance or securities laws in connection with the distribution of the Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. There are no material legal or governmental proceedings pending to which
Aspida Life is a party or of which any property of Aspida Life is the subject (other than as set forth in the Prospectus, or litigation
incident to the kind of business conducted by Aspida Life) which, if determined adversely to Aspida Life, would individually or in the
aggregate have a material adverse

effect on the financial position, surplus or operations of Aspida Life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broker-Dealer represents and warrants to Aspida Life that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Broker-Dealer is a broker-dealer duly registered with the SEC pursuant to
the 1934 Act, is a member of FINRA, and is registered as required with the securities laws of those States in which it conducts business
as a broker-dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Broker-Dealer is and shall remain during the term of this Agreement in compliance
with Section 9(a) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The performance of this Agreement and the consummation of the transactions
herein contemplated will not result in a breach or violation of any of the terms or provisions of or constitute a default under any statute,
indenture, mortgage, deed of trust, note agreement or other agreement or instrument to which Broker-Dealer is a party or by which Broker-Dealer
is bound (including the articles of organization or operating agreement (or similar organizational documents) of Broker-Dealer or any
order, rule or regulation of any court or governmental agency or body having jurisdiction over either Broker-Dealer or its property);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. To the extent that any statements made in the Registration Statement or
Prospectus, or any amendment or supplement thereto, or in any PPM, are made in reliance upon and in conformity with written information
furnished to Aspida Life by Broker-Dealer expressly for use therein, such statements will, when they become effective or are filed with
the SEC, as the case may be, conform in all material respects to the requirements of the 1933 Act, the 1940 Act, and the rules and regulations
of the SEC thereunder, and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **BOOKS AND RECORDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida
Life and Broker-Dealer shall cause to be maintained and preserved for the periods prescribed, such accounts, books and other documents
as are required of each of them by applicable laws and regulations with respect to the offering and issuance of the Contracts. Aspida
Life will prepare and maintain all books and records related to the Contracts including such books and records as Broker-Dealer is required
to maintain under the 1934 Act, as applicable. For the purposes of this Agreement, books and records maintained for Broker-Dealer will
be deemed to be the property of Broker-Dealer and will be subject to examination by the SEC in accordance with the 1934 Act and FINRA.
Each party shall furnish to the other party such reports as may be reasonably requested by the other party for the purpose of meeting
the reporting and recordkeeping requirements applicable to the other

party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to applicable SEC or FINRA restrictions or guidance, Aspida Life
shall ensure that confirmations of transactions in the Contracts are sent to each owner of a Contract indicating such confirmation is
being sent on behalf of the Selling Firm designated as agent-of-record for such Contract acting in its capacity as agent for Aspida Life.
Aspida Life shall keep copies of such confirmations and records of transactions and shall make them available to Broker-Dealer upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **SALES MATERIALS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Broker-Dealer shall utilize the currently effective Prospectus in connection
with its underwriting, marketing and distribution efforts for the Registered Products. As to other types of sales material (including

or Aspida Life, Broker-Dealer shall use such materials only if: (i) such materials have been approved in writing by Aspida Life for use
in the marketing and distribution of the Registered Products; (ii) such materials comply with content standards under the laws, rules
and regulations applicable to the offering of the Registered Products; and (iii) applicable regulatory filing requirements have been satisfied,
including filing such materials with FINRA or any regulatory authority. Broker-Dealer shall require Selling Firms to agree to use only
those sales materials (including free writing prospectuses) which have been authorized for use by Aspida Life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broker-Dealer shall not distribute any Prospectus, sales literature (including
free writing prospectuses) or any other printed (or electronic) matter or material used in the underwriting and distribution of any Registered
Product if, to the knowledge of Broker-Dealer, any of the foregoing misstates the duties, obligations or liabilities of Aspida Life or
Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The duties, rights and obligations related to the related to the PPVC sales
materials are described in the PPVC Terms and Conditions in Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **COMPENSATION AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida Life shall pay compensation to Broker-Dealer in such amount as to
meet all of Broker-Dealer's obligations to Broker-Dealer's associated persons, if any, and to Selling Firms with respect to
all payments for the Contracts issued by Aspida Life, it being understood that at Broker-Dealer's direction, Aspida Life may pay
the compensation to Broker-Dealer's associated persons and to Selling Firms as paying agent on behalf of Broker-Dealer as a purely
ministerial service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Aspida Life will pay or cause to be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Registration fees for registering the Contracts under the 1933 Act, if

applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The expenses, including counsel fees, of preparing a Registration Statement,
Prospectus and such other documents as Aspida Life believes are necessary for registering the Registered Products with the SEC and such
States as are deemed necessary or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Expenses incident to preparing amendments or supplements to the Registration
Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Expenses for preparing and printing all Registration Statements, Prospectuses
and sales materials and the expense of supplying them to the applicants for the Registered Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Expenses incident to the issuance of its Registered Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Expenses incident to the preparation and mailing of notices and reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The duties, rights and obligations related to the PPVC compensation and
expenses are described in the PPVC Terms and Conditions in Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **ANTI-MONEY LAUNDERING COMPLIANCE** 

The parties shall comply with applicable anti-money laundering laws, regulations, rules and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act, as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2002, Title III of the USA PATRIOT Act, its implementing regulations, and related SEC rules, including without limitations, Customer Identification Program rules. Further, the parties shall comply with the economic sanctions programs administered by the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>"). To the extent required by applicable law, the parties will promptly notify one another whenever suspicious activity or OFAC matches are detected.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **SAFEGUARDING OF PERSONAL INFORMATION** 

The parties each affirm that they have procedures in place reasonably designed to protect the privacy of Customer Confidential Information and will maintain such information they acquire pursuant to this Agreement in confidence and in accordance with all applicable privacy laws. "Customer Confidential Information" includes, by way of example and not limitation, all client-related information (including the names, addresses, telephone numbers, social security numbers and account numbers of such referred clients, as well as non-public personal information of such clients) that the parties receive. Notwithstanding the foregoing, each party shall have the right to use or disclose Customer Confidential Information: (i) to the full extent required to comply with applicable laws or requests of regulators; (ii) as necessary in connection with the party's audit, legal, compliance or

accounting procedures; (iii) as necessary or permitted by applicable laws in the ordinary course of business under this Agreement; (iv) as authorized by a customer; and (v) to protect against or prevent fraud. Customer Confidential Information does not include (i) information which is now generally available in the public domain or which in the future enters the public domain through no fault of the receiving party; (ii) information that is disclosed to the receiving party by a third party without violation by such third party of an independent obligation of confidentiality of which the receiving party is aware; or (iii) information that the disclosing party consents in writing that the receiving party may disclose.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **LEGAL AND REGULATORY ACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida Life and Broker-Dealer shall notify the other promptly of any substantive
complaint received by either party with respect to Aspida Life, Broker-Dealer or any respective representative or employee with respect
to any Contract. The parties shall cooperate in investigating such complaint and any response by either party to such complaint shall
be sent to the other party for written approval not less than five business days prior to its being sent to the customer or any regulatory
authority, except that if a more prompt response is required, the proposed response shall be communicated by telephone or facsimile. In
any event, neither party shall release any such response without the other party's prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Aspida Life and Broker-Dealer shall notify the other upon the happening
of any material event, if known by such notifying party, which makes untrue any material statement made in the Registration Statement,
Prospectus or PPM or which requires the making of a change therein in order to make any statement made therein not materially misleading.
In addition, Aspida Life shall notify Broker-Dealer immediately or in any event as soon as possible under the circumstances of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If Aspida Life becomes aware that any Prospectus, PPM, sales literature
or other printed (or electronic) matter or material used in marketing and distributing any Contract contains an untrue statement of a
material fact or omits to state a material fact necessary in order to make the statements made therein, in light of the circumstances
in which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Of any request by the SEC for any amendment to a Registration Statement,
for any supplement to the Prospectus, or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Of the issuance by the SEC of any "stop order" with respect
to a Registration Statement or any amendment thereto, or the initiation of any proceedings for that purpose or for any other purpose relating
to the registration and/or offering of the Registered Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Of any event of the Contracts' noncompliance with the applicable

requirements of federal tax law or regulations, rulings, or interpretations thereunder that could jeopardize the Contracts' status as annuity or life insurance contracts, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Of any change in applicable insurance laws or regulations of any State materially
adversely affecting the insurance status of the Contracts or Broker-Dealer's obligations with respect to the distribution of the
Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Of any loss or suspension of the approval of the Contracts or distribution
thereof by a State securities regulatory authority or State insurance regulatory authority, any loss or suspension of Aspida Life's
certificate of authority to do business or to issue annuity contracts in any State, or of the lapse or termination of the Contracts'
registration, approval or clearance in any State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Aspida Life and Broker-Dealer shall notify the other in writing upon being
apprised of the commencement of any proceeding, investigation or hearing involving the offer, distribution or sale of the Contracts. Aspida
Life and Broker-Dealer shall cooperate fully in any securities or insurance regulatory investigation or proceeding or judicial proceeding
arising in connection with the offering, sale or distribution of the Contracts distributed under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall terminate automatically upon its assignment by either
party to another person unless the other party has consented to the assignment. Notwithstanding the preceding sentence, either party may
assign its rights hereunder to any of its affiliates, without the other party's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement shall terminate without the payment of any penalty by either
party upon sixty (60) days' advance written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Agreement shall terminate at the option of Aspida Life upon institution
of formal proceedings against Broker-Dealer by FINRA or by the SEC, or if Broker-Dealer or any representative thereof at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employs any device, scheme, artifice, statement or omission to defraud any
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Fails to account and pay over promptly to Aspida Life money due it according
to Aspida Life's records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Violates the conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aspida Life shall indemnify and hold harmless Broker-Dealer and any of its
officers, directors, employees or agents, against any and all losses, claims, damages or liabilities, joint or several (including any
investigative, legal and other expenses reasonably incurred in connection with, and any amounts paid in settlement of, any action, suit
or proceeding or any claim asserted), to which Broker-Dealer and/or any such person may become subject, under any statute or regulation,
any FINRA rule or interpretation, at common law or otherwise, insofar as such losses, claims, damages or liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, in light of the circumstances in which they were made, contained in any PPM, Registration Statement or in any
Prospectus; provided that Aspida Life shall not be liable in any such case to the extent that such loss, claim, damage or liability arises
out of, or is based upon, an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon information
furnished in writing to Aspida Life by Broker-Dealer specifically for use in the preparation of any such PPM, Registration Statement or
Prospectus, or any amendment thereof or supplement thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. result from any material breach by Aspida Life of any provision of this
Agreement.

This indemnification agreement shall be in addition to any liability that Aspida Life may otherwise have; provided, however, that no person shall be entitled to indemnification pursuant to this provision if such loss, claim, damage or liability is due to the willful misfeasance, bad faith, gross negligence or reckless disregard of duty by the person seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broker-Dealer shall indemnify and hold harmless Aspida Life and any of its
officers, directors, employees or agents, against any and all losses, claims, damages or liabilities, joint or several (including any
investigative, legal and other expenses reasonably incurred in connection with, and any amounts paid in settlement of, any action, suit
or proceeding or any claim asserted), to which Aspida Life and/or any such person may become subject under any statute or regulation,
any FINRA rule or interpretation, at common law or otherwise, insofar as such losses, claims, damages or liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary in order to make
the

statements therein not misleading, in light of the circumstances in which they were made, contained in any PPM, Registration Statement or in any Prospectus; in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon information furnished in writing by Broker-Dealer to Aspida Life specifically for use in the preparation of any such PPM, Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. result because of any use by Broker-Dealer or any representative of Broker-Dealer
of promotional, sales or advertising material not authorized by Aspida Life or any verbal or written misrepresentations by Broker-Dealer
or any representative of Broker-Dealer or any unlawful sales practices concerning the Contracts by Broker-Dealer or any representative
of Broker-Dealer under federal securities laws or FINRA Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. result from any material breach by Broker-Dealer of any provision of this
Agreement.

This indemnification shall be in addition to any liability that Broker-Dealer may otherwise have; provided, however, that no person shall be entitled to indemnification pursuant to this provision if such loss, claim, damage or liability is due to the willful misfeasance, bad faith, gross negligence or reckless disregard of duty by the person seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Promptly after receipt by a party entitled to indemnification ("I <u>ndemnified Person</u> ") under this Section 12 of notice of the commencement of any action as to which a claim will be made against any person
obligated to provide indemnification under this Section 12 ("I <u>ndemnifying Party</u> "), such Indemnified Person shall notify
the Indemnifying Party in writing of the commencement thereof as soon as practicable thereafter, but failure to so notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which it may have to the Indemnified Person otherwise than on account
of this Section 12. The Indemnifying Party will be entitled to participate in the defense of the Indemnified Person but such participation
will not relieve such Indemnifying Party of the obligation to reimburse the Indemnified Person for reasonable legal and other expenses
incurred by such Indemnified Person in defending himself or itself.

The indemnification provisions contained in this Section 12 shall remain operative in full force and effect, regardless of any termination of this Agreement. A successor by law of Broker-Dealer or Aspida Life, as the case may be, shall be entitled to the benefits of the indemnification provisions contained in this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **LIMITATION OF LIABILITY** 

In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of Broker-Dealer (and its officers, directors, agents, employees, controlling persons and any other person or entity affiliated with Broker-Dealer or retained by it to perform or assist in the performance of its obligations under this Agreement), Broker-Dealer shall not be subject to liability to Aspida Life or for any act or omission in the course of, or connected with, rendering services hereunder, including without limitation, any error of judgment or mistake of law or for any loss suffered by any of them in connection with the matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **NOTICE** 

Any notice, request, instruction or other document to be given hereunder by either party hereto to the other shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, as set forth below:

If to Aspida Life:

Aspida Life Insurance Company

2327 Englert Drive

Durham, NC, 27713

Attention: Legal Department

E-mail: <u>legal.notices@aspida.com</u>

If to Broker-Dealer:

Aspida Financial Distributors, LLC

2327 Englert Drive

Durham, NC, 27713

Attention: Legal Department

E-mail: <u>legal.notices@aspida.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement and any matters related to this Agreement shall be governed
by the laws of the State of Delaware without regard to principles of conflict of laws that would result in the application of any law
other than the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement, along with any Schedules or Exhibits attached hereto, may
be amended from time to time by the mutual agreement and consent of the undersigned parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In case any provision in this Agreement shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be duly executed by their authorized persons, to be effective as of the date set forth above.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **ASPIDA LIFE:**<br>**Aspida Life Insurance Company** | **BROKER-DEALER:**<br>**Aspida Financial Distributors, LLC** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;By: | <u>/s/ Lou Hensley</u> | By: | <u>/s/ Deirdre Patten</u> |
| &nbsp;&nbsp;Name: Lou Hensley | &nbsp;&nbsp;Name: Lou Hensley | Name: Deirdre Patten | Name: Deirdre Patten |
| &nbsp;&nbsp;Title: CEO and President | &nbsp;&nbsp;Title: CEO and President | Title: Chief Executive Officer | Title: Chief Executive Officer |
| &nbsp;&nbsp;Date: August 28, 2025 | &nbsp;&nbsp;Date: August 28, 2025 | Date: August 28, 2025 | Date: August 28, 2025 |
|  |  | By: | <u>/s/ Taiesha McBroom</u> |
|  |  | Name: Taiesha L. McBroom | Name: Taiesha L. McBroom |
|  |  | Title: Secretary | Title: Secretary |
|  |  | Date: August 28, 2025 | Date: August 28, 2025 |

---

**<u>SCHEDULE A</u>**

**<u>RILAs</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. DreamPath Registered Index-Linked Annuity

**SCHEDULE B**

**VARIABLE PRODUCTS**

**SCHEDULE C**

**PRIVATE PLACEMENT VARIABLE CONTRACTS (PPVC)**

## Exhibit 99.27

**Exhibit 99.27(d)(1)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27d1img001.jpg) | ASPIDA LIFE INSURANCE COMPANY<br> (the "Company")<br> Administrative Office: <br> [2327 Englert Drive Durham, NC 27713] <br> [833.4.ASPIDA]<br> **[www.aspida.com]** |

---

**SINGLE PREMIUM DEFERRED INDEX-LINKED VARIABLE ANNUITY CONTRACT**

Please use the telephone number or address above to obtain information concerning coverage or assistance in resolving complaints.

**PLEASE READ THIS CONTRACT CAREFULLY**.

This legal Contract between You and the Company is issued as consideration for the application and the Single Premium Payment provided. We agree to pay the benefits described by this Contract, subject to the provisions of this Contract. All capitalized words are defined in the Definitions Section or in the Data Section of this Contract.

**NOTICE OF TWENTY-ONE (21) DAY RIGHT TO EXAMINE THE CONTRACT**

The Owner may cancel this Contract for any reason by submitting a Request to Us or any agent representing Us. A Request to cancel must be submitted within 21 days (30 days if this Contract replaces another Contract) after the date the Owner received the Contract. Cancelling this Contract will void it from the Contract Effective Date and We will return the Single Premium Payment made, minus any Withdrawals to You.

This Contract is signed by the Company at Our Administrative Office on the Contract Effective Date.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ![](tm2518749d1_ex99-27d1img002.jpg) ] | [ ![](tm2518749d1_ex99-27d1img003.jpg) ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[President] | [Secretary] |

---

Single Premium Deferred Index-Linked Variable Annuity Contract

Waiver of Withdrawal Charges under Certain Conditions

Non-Participating

**While Contract Values may be affected by an external index or indices, the Contract does not directly participate in any stock or equity investment. This Contract contains Fixed and Indexed Crediting Rate Strategy options.**

**There is a risk of loss, and this loss may be greater if a withdrawal, death, annuitization, transfer or surrender occurs before the end of the Strategy Period. Any gains may be limited and are not guaranteed. The Contract Values and any benefits based on separate account assets are not guaranteed and will decrease or increase with investment experience.**

**The Interim Value may reflect a negative return even if the index increases, or it may reflect a positive return even if the index decreases. The Interim Value may also be lower than the amount available on the Strategy Maturity Date.**

**[The Death Benefit provided under the Return of Premium Death Benefit Rider will terminate upon assignment or a change in ownership of the Contract unless the new assignee or owner meets the qualifications specified in the Termination provision of the Return of Premium Death Benefit Rider.]**

Aspida is the trade name of Aspida Life Insurance Company, Aspida Re (Bermuda) Ltd., and their affiliates. Each company is solely responsible for its own financial conditions and contractual obligations.

ICC24C-RILA1015

**Table of Contents**

---

| | |
|:---|:---|
| **DEFINITIONS** | **3** |
| **WHO ARE THE PERSONS INVOLVED?** | **6** |
| **GENERAL PROVISIONS** | **6** |
| &nbsp;&nbsp;&nbsp;What does this Contract include? | 6 |
| &nbsp;&nbsp;&nbsp;Who can change this Contract? | 7 |
| &nbsp;&nbsp;&nbsp;Can I change the Owner of this Contract? | 7 |
| &nbsp;&nbsp;&nbsp;What are the Tax Qualifications? | 7 |
| &nbsp;&nbsp;&nbsp;Can I assign this Contract? | 7 |
| &nbsp;&nbsp;&nbsp;Who pays Premium Tax? | 7 |
| &nbsp;&nbsp;&nbsp;Who owns the assets in the separate account? | 8 |
| &nbsp;&nbsp;&nbsp;What is the Annual Report? | 8 |
| &nbsp;&nbsp;&nbsp;When can this Contract be contested? | 8 |
| &nbsp;&nbsp;&nbsp;What happens if someone's age or sex was misstated? | 8 |
| &nbsp;&nbsp;&nbsp;Can creditors make claims on this Contract? | 8 |
| &nbsp;&nbsp;&nbsp;Conformity with Interstate Insurance Product Regulation Standards | 8 |
| **CALCULATION PROVISIONS** | **9** |
| &nbsp;&nbsp;&nbsp;Strategy Base Value | 9 |
| &nbsp;&nbsp;&nbsp;Index Return | 9 |
| &nbsp;&nbsp;&nbsp;Strategy Interest | 9 |
| &nbsp;&nbsp;&nbsp;Fixed Strategy Value | 10 |
| &nbsp;&nbsp;&nbsp;Indexed Strategy Value | 10 |
| &nbsp;&nbsp;&nbsp;Interim Value | 10 |
| &nbsp;&nbsp;&nbsp;How is the Contract Value calculated? | 12 |
| &nbsp;&nbsp;&nbsp;How is the Cash Surrender Value calculated? | 12 |
| &nbsp;&nbsp;&nbsp;What is the minimum paid-up annuity, Cash Surrender Value and Death Benefit amount? | 12 |
| **WITHDRAWAL** | **12** |
| &nbsp;&nbsp;&nbsp;When can I take a Withdrawal? | 12 |
| &nbsp;&nbsp;&nbsp;How are Withdrawal amounts calculated? | 13 |
| &nbsp;&nbsp;&nbsp;How are Withdrawal Charges calculated? | 13 |
| &nbsp;&nbsp;&nbsp;Can I Withdraw the majority of my Contract Value? | 13 |
| &nbsp;&nbsp;&nbsp;Are there limitations on Withdrawals when choosing an Annuitization Option? | 13 |
| **STRATEGY PROVISIONS** | **13** |
| &nbsp;&nbsp;&nbsp;How do I reallocate? | 13 |
| &nbsp;&nbsp;&nbsp;What if there is a discontinuation of an Index or a substantial change to an Index? | 13 |
| &nbsp;&nbsp;&nbsp;Will there be a discontinuance or an addition of a Strategy? | 14 |
| **PROCEEDS** | **14** |
| &nbsp;&nbsp;&nbsp;What are Proceeds? | 14 |
| &nbsp;&nbsp;&nbsp;How are Proceeds paid? | 14 |
| &nbsp;&nbsp;&nbsp;Can payment of Proceeds be deferred? | 14 |
| **DEATH BENEFIT PROVISION** | **15** |
| &nbsp;&nbsp;&nbsp;What happens if the Owner dies before Annuitization? | 15 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What if the Owner is a Non-Natural Person and the Annuitant dies before Annuitization? | 15 |
| &nbsp;&nbsp;&nbsp;How does a Beneficiary claim the Death Benefit? | 15 |
| &nbsp;&nbsp;&nbsp;Can a surviving spouse continue this Contract? | 16 |
| **MATURITY PROVISION** | **16** |
| &nbsp;&nbsp;&nbsp;What happens on the Maturity Date? | 16 |
| **ANNUITIZATION OPTION PROVISION** | **16** |
| &nbsp;&nbsp;&nbsp;When can I choose an Annuitization Option? | 16 |
| &nbsp;&nbsp;&nbsp;What are my Annuitization Options? | 16 |
| &nbsp;&nbsp;&nbsp;What are the Limitations? | 17 |
| &nbsp;&nbsp;&nbsp;When is Evidence of Survival needed? | 18 |
| &nbsp;&nbsp;&nbsp;What happens when the last surviving Recipient dies? | 18 |
| &nbsp;&nbsp;&nbsp;What is the Annuitization Option Basis? | 18 |

---

ICC24C-RILA1015

**DEFINITIONS**

**Administrative Office** - The address for submitting all correspondence to the Company as shown on the cover page of this Contract.

**Attained Age** - The age of the Person Involved on his or her previous birthday.

**Buffer Percentage** - The percentage of protected negative Index Return. The Buffer Percentage is shown on the Crediting Rate Strategies Page.

**Business Day** - This means any day that the New York Stock Exchange (NYSE) is open for regular trading. A Business Day generally ends at 4:00 pm Eastern Time but may close earlier on certain days and as conditions warrant. We process any instructions or transactions We receive after the close of any Business Day on the next Business Day.

**Contract Anniversary Date** - The annual anniversary of the Contract Effective Date for every year this Contract is in force.

**Contract Effective Date** - The date the Contract goes into effect. Contract Year and Contract Anniversaries are computed from the Contract Effective Date.

**Contract Year** - Each period of twelve (12) months beginning on the Contract Effective Date and ending on each Contract Anniversary Date.

**Derivative Asset Proxy** - This is a package of hypothetical derivative assets established at the beginning of an Index Strategy Term that is designed to replicate credits provided by an Index Strategy at the end of an Index Strategy Term.

**Due Proof** - Information or evidence submitted to Us that we find sufficient to confirm the existence of a fact or condition.

**Fixed Income Asset Proxy** - This is a hypothetical fixed income asset that is equal to the Strategy Base Value less the Derivative Asset Proxy at the beginning of the Index Strategy Term, which converges to the Strategy Base Value by the end of the Index Strategy Term according to the following formula:

Fixed Income Asset Proxy =

Strategy Base Value – (1 - % of strategy completed) \* Time 0 Derivative Asset Proxy.

**Fixed Crediting Rate** -The Fixed Crediting Rate is the annual percentage rate that will apply to the calculation of any Fixed Strategy Interest. Subsequent Fixed Crediting Rates will be established by the Company prior to the Strategy Maturity Date. If no Fixed Crediting Rate is established for a Strategy Period, the Fixed Crediting Rate established on the prior Strategy Period will be carried forward. The Fixed Crediting Rate will never be less than the Guaranteed Minimum Fixed Crediting Rate. The Guaranteed Minimum Fixed Crediting Rate is set on the Contract Effective Date and guaranteed for the life of this Contract.

**Fixed Crediting Rate Strategy** - An investment option under the Contract offering guaranteed interest rates funded by the general account of the Company.

ICC24C-RILA1015

**Floor Percentage** - The minimum rate that may be used to calculate the Strategy Interest to any applicable Indexed Crediting Rate Strategy. The Floor Percentage is shown on the Crediting Rate Strategies Page.

**Free Withdrawal** - Any options that allow money to be withdrawn from the Contract without any Withdrawal Charges. Free Withdrawal amounts are calculated on the Contract Anniversary.

**Index(Indices)** - An Index is a benchmark designed to track the performance of a defined portfolio of securities. The Index is shown on the Crediting Rate Strategies page.

**Index Cap Rate** - The Index Cap Rate is the maximum percentage rate that will apply to the calculation of any applicable Indexed Strategy Interest. Subsequent Index Cap Rates will be established by the Company prior to the Strategy Maturity Date. If no new Index Cap Rate is established for a Strategy Period, the Index Cap Rate established on the prior Strategy Maturity Date will be applied. At no point will the Index Cap Rate declared by the Company be less than the Guaranteed Minimum Index Cap Rate. The Guaranteed Minimum Index Cap Rate is set on the Contract Effective Date and guaranteed for the life of the Contract.

**Index Cap Rate with Guaranteed Annual Cap Rate and Buffer** - If an Indexed Crediting Rate Strategy has an Index Cap Rate with Guaranteed Annual Cap Rate and Buffer, the declared Index Cap Rate and Buffer Percentage are guaranteed not to change for duration of the Indexed Crediting Rate Strategy. We set the annual Index Cap Rate prior to the Strategy Start Date, and the Index Cap Rate will not change until the end of the Strategy Period. The Index Cap Rate may be different for different Indexed Crediting Rate Strategies and may vary for any Strategy Period for any Indexed Crediting Rate Strategy. In no event will an Index Cap Rate be lower than the Guaranteed Minimum Cap Rate.

**Index Participation Rate** - The Index Participation Rate is the percentage rate that will apply to the calculation of any applicable Indexed Strategy Interest. Subsequent Index Participation Rates will be established by the Company prior to the Strategy Maturity Date. If no new Index Participation Rate is established for a Strategy Period, the Index Participation Rate established on the prior Strategy Maturity Date will be applied. At no time will the Index Participation Rate be lower than the Guaranteed Minimum Index Participation Rate. The Guaranteed Minimum Index Participation Rate is set on the Contract Effective Date and guaranteed for the life of the Contract.

**Index Trigger Rate** - The Index Trigger Rate is the percentage rate that will apply to the calculation of any applicable Strategy Interest. Subsequent Index Trigger Rates will be established by the Company prior to the Strategy Maturity Date. If no new Index Trigger Rate is established for a Strategy Period, the Index Trigger Rate established on the prior Strategy Maturity Date will be applied. At no time will the Index Tigger Rate be lower than the Guaranteed Minimum Trigger Rate. The Guaranteed Minimum Trigger Rate is set on the Contract Effective Date and guaranteed for the life of the Contract.

**Indexed Crediting Rate Strategy** - This is a method used to determine Strategy Interest with specified Index or Indices and a cap, buffer, floor, participation rate, trigger rate or other Index crediting elements. The Indexed Crediting Rate Strategies available on the Contract Effective Date are listed on the Crediting Rate Strategies Page.

**Index Value** - The Index Value will be the closing value of the Index on the prior Business Day. If an Index

ICC24C-RILA1015

Value is not published for a particular day, We will use the closing Index Value on the most recent day it was published. If the Index Value for an Index is not published on a particular day when the Index Values for other indices available with this Contract are published, We will use the closing Index Value for that Index as of the day it was last published.

**Interim Value** - This value is equal to the value of the hypothetical portfolio for each Indexed Crediting Rate Strategy. It is calculated at the end of each Business Day, after which Withdrawals, Withdrawal Charges, taxes and fees are applied. The total Interim Value is the sum of Interim Values over all invested Indexed Crediting Rate Strategies.

**Maturity Date** - The Contract Anniversary Date in the year following the date that the Annuitant reaches the Maturity Age as shown in the Data Section. The Maturity Date is the date on which income payments begin.

**Person** - A Natural or Non-Natural Person. A natural Person is a human being. A Non-Natural Person is a corporation, entity, trust or other legal entity other than a Natural Person.

**Reallocation -** The transfer of Contract Value from one or more Strategy(ies) to any other Strategy(ies).

**Recipient** - Any party who receives any Proceeds under this Contract.

**Request, Notice, or Written Request** - A request in writing on a form acceptable to Us, signed and dated by You and received by Us at Our Administrative Office.

**Separate Account** - A segregated account that we establish to hold reserves for Our guarantees under the Contract and other general obligations. As Owner of the Contract, You do not participate in the performance of assets held in the Separate Account and do not have any claim on them.

**Strategy Maturity Date** - The Business Day on which a Strategy Period ends.

**Strategy Start Date** - The Business Day on which a Strategy Period begins.

**Strategy Period -** This means the period of time from the Strategy Start Date to the Strategy Maturity Date over which an index changes and Strategy Value is determined.

**Strategy Value** - This means the value attributable to an Index Strategy used in determining Contract Values including Death Benefit, Withdrawal amount, annuitization amount or Surrender values. The initial Strategy Value for each Crediting Rate Strategy is the amount of the Single Premium Payment You allocated on the Contract Effective Date. Adjustments for any Withdrawals, Withdrawal Charges, taxes, or fees during a Strategy Period are made prior to the determination of any Strategy Interest credited or any reallocation.

**Surrender** - The Withdrawal of the Cash Surrender Value of the Contract, thereby terminating this Contract.

**Trigger Threshold** - The minimum Strategy Interest required to receive the Index Trigger Rate at the end of the Strategy Period. Initial Trigger Thresholds are shown on the Crediting Rate Strategies Page. Subsequent Trigger Thresholds will be declared prior to the beginning of a Strategy Period.

ICC24C-RILA1015

**We, Our, or Us** - These mean the Company referred to on the first page of this Contract.

**You or Your** - These mean the Owner or any Joint Owner of this Contract.

**WHO ARE THE PERSONS INVOLVED?**

**Owner**

The Person named at the time of application is the Owner of this Contract, unless subsequently changed. As Owner, You may exercise all rights stated in this Contract. If the Owner is a Non-Natural Person, a Natural Person must be named as the Annuitant. If the Owner is a grantor trust, the trust grantor, if living, must be the named Annuitant.

**Joint Owners**

If two Persons who are lawfully wedded to each other are named as Owners at the time of this application for this Contract, they will be considered Joint Owners of this Contract. Either Joint Owner may exercise all rights of an Owner under this Contract. The singular use of the terms "Owner" or "You" in this Contract includes each Joint Owner unless otherwise specified.

**Annuitant**

The Annuitant is the Natural Person whom the annuity payments will be based upon. In the absence of Our approval, an Owner and Annuitant must be the same person. The Annuitant as of the Contract Effective Date is named in the Data Section and reflects what You provided on the application. The Contract Maturity Date is based on the Attained Age of the Annuitant.

**Joint Annuitants**

If two Natural Persons are named as Annuitants, each Annuitant will be a Joint Annuitant. The singular use of the term "Annuitant" in this Contract shall include each Joint Annuitant unless otherwise specified. If there are Joint Annuitants, any reference to the Annuitant's age will mean the age of the Annuitant that has been specified by the Owner, either at the time of application or by written Notice to Us. Payments will be based on the joint lives of the Joint Annuitants. On the death of a Joint Annuitant, during Annuitization, the surviving Joint Annuitant will become an individual Annuitant and the Annuitization will continue as elected under the previously chosen Annuitization Option. You may add an Annuitant on or before the Maturity Date or at the time of Annuitization.

**Beneficiary**

All Persons named as Beneficiaries on the application, unless otherwise indicated by You. You may add or change a Beneficiary at any time. Any Request to modify a Beneficiary will be effective as of the date of the Request, unless otherwise indicated by You. We are not liable for any action taken by Us, prior to recording any Request from You.

**GENERAL PROVISIONS**

**What does this Contract include?**

This Contract and any attached applications, riders, amendments, or endorsements comprise the entire Contract. All statements made in any application are assumed, in the absence of fraud, to be

ICC24C-RILA1015

representations and not warranties. Any changes, modifications or waivers must be sent to Us as a Written Request. This Contract does not participate in Our surplus earnings.

If You Request a duplicate Contract, the Company reserves the right to charge a fee. The fee will never be greater than the Duplicate Contract Fee shown on the Data Section of this Contract.

**Who can change this Contract?**

This Contract can only be modified by one of Our elected officers. No agent or other Person has the authority to change or modify this Contract or waive any of its provisions. We will not modify this Contract without Your consent, except to make it comply with any changes in any applicable law.

**Can I change the Owner of this Contract?**

You may Request a change of the Owner of this Contract. We reserve the right to refuse Our consent to a change of ownership at any time on a nondiscriminatory basis if the change in ownership would violate or result in noncompliance with any applicable state or federal law or regulation, including Rule 12h-7 under the Securities Exchange Act of 1934, or successor regulations. A change of Owner will be effective as of the date of such Request unless otherwise specified by You in such Request. We are not liable for action taken by Us prior to any Request for a change of the Owner by You. Naming a new Owner may cause tax consequences. Please consult with Your tax advisor for more information.

**What are the Tax Qualifications?**

The Benefit and Payment provisions of this Contract should be interpreted consistently with Section 72 of the Internal Revenue Code (the "Code"). In the event of any conflict between the Code and the terms of this Contract, the Code will govern to maintain the treatment of this Contract as an annuity contract under the Code. This Contract will be considered amended automatically to comply with any changes required to maintain compliance with the Code.

**Can I assign this Contract?**

You may Request an assignment or transfer Your rights under this Contract. No assignment of this Contract will be binding on Us unless We receive a Request from You to assign this Contract. To the extent allowed by state law, We reserve the right to refuse Our consent to any assignment at any time on a nondiscriminatory basis if the assignment would violate or result in noncompliance with any applicable state or federal law or regulation, including Rule 12h-7 under the Securities Exchange Act of 1934, or successor regulations. . An assignment shall be effective as of the date You Request such assignment unless You specify otherwise in such Request. Any assignment will be subject to any prior assignment of record. We will not assume any responsibility for the validity or sufficiency of an assignment. Any claim under an assignment shall be subject to Due Proof of the assignee's interest. We are not liable for any action taken by Us, prior to recording any Request for an assignment from You. Assigning this Contract may cause tax consequences. Please consult with Your tax advisor for more information.

**Who pays Premium Tax?**

Premium Taxes are any taxes related to this Contract imposed on Us by states or other governmental jurisdictions. If We incur Premium Taxes, We reserve the right to deduct such taxes from the Contract Value. Premium Taxes may be deducted:

&nbsp;&nbsp;&nbsp;&nbsp;(1) At the time the Single Premium Payment is made;

&nbsp;&nbsp;&nbsp;&nbsp;(2) On the effective date of an Annuitization Option;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The date any Withdrawals are made; or

ICC24C-RILA1015

&nbsp;&nbsp;&nbsp;&nbsp;(4) On a mutual date We decide
after such Premium Taxes are Imposed. The time at which a Premium Tax, if any, is imposed may depend on Your place of residence.

We have the right to postpone the payment until the latest possible date if We are given an option as to when to pay Premium Taxes.

**Who owns the assets in the separate account?**

We will have exclusive and absolute ownership and control of Our assets, including all assets in the separate account.

**What is the Annual Report?**

At least once each Contract Year, We will send You a report containing information about this Contract.

The Annual Report will include:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The beginning and end dates of the current report period;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Contract Value and Interim Value, if applicable, for the beginning and end of the current report period;

&nbsp;&nbsp;&nbsp;&nbsp;(3) All amounts that have been credited or debited against the Contract Value during the current report period;

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Cash Surrender Value at the end of the current report period;

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Death Benefit at the end of the report period; and

&nbsp;&nbsp;&nbsp;&nbsp;(6) And any other information as may be required by applicable law

The statement will also provide You with information on which Crediting Rate Strategies are available to You. Instructions for making changes to the allocations are noted under the Strategy Provisions of this Contract.

Upon Request We will provide You with additional reports. We reserve the right to charge a fee for any additional report. The fee will never be greater than the Additional Report Fee shown in the Data Section.

**When can this Contract be contested?**

This Contract may not be contested after the Contract Effective Date.

**What happens if someone's age or sex was misstated?**

If the date of birth or the sex of the Annuitant or Recipient has been misstated, the amount of the payments shall be based on the corrected information without changing the date of the first payment. The dollar amount of any underpayment made by Us shall be paid with the next payment due to the Recipient. We may deduct the dollar amount of any overpayment made by Us due to any misstatement from any future payments to the Recipient. Interest, not exceeding six percent (6%), will be credited or charged on any underpayments or overpayments.

**Can creditors make claims on this Contract?**

So far as permitted by any applicable law, the Contract Value and other benefits under this Contract shall not be subject to any claim from the Owner's creditors.

**Conformity with Interstate Insurance Product Regulation Standards**

This Contract was approved under the authority of the Interstate Insurance Product Regulation Commission ("IIPRC") and issued under the IIPRC's standards. Any provision of this Contract, on the provision's effective date of Commission Contract approval, that is in conflict with the Interstate

ICC24C-RILA1015

Insurance Product Regulation Commission standards for this product type is hereby amended to conform to the Interstate Insurance Product Regulation Commission standards for this product type as of the provision's effective date of Commission Contract approval.

**CALCULATION PROVISIONS**

**Strategy Base Value**

The Strategy Base Value is the basis for the calculation of a Strategy Value at the end of the Strategy Period, the Strategy Value prior to Maturity Date, and the strategy's Interim Value.

At the beginning of a Strategy Period, the Strategy Base Value for an Indexed Crediting Rate Strategy is set equal to the portion of the Contact Value that is allocated to an Indexed Crediting Rate Strategy.

If on any other Business Day, a Withdrawal is made or rider charges, fees, or taxes are deducted, the Strategy Base Value immediately after the Withdrawal or deduction is equal to Strategy Base Value before the Withdrawal multiplied by A, and divided by B, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Equals the strategy's Interim Value after any Withdrawal and/or any applicable deduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Equals the strategy's Interim Value before any Withdrawal and/or any applicable deduction.

If no Withdrawals are taken or deductions made, the Strategy Base Value is equal to the Strategy Base Value as of the prior Business Day.

**Index Return**

This is the percentage change in the Index for the Strategy Period. It is determined for each Indexed Crediting Rate Strategy and is calculated as the Index Value on the Strategy Maturity Date divided by the Index Value on the Strategy Start Date minus 1.

**Strategy Interest**

Strategy Interest is determined for each Indexed Crediting Rate Strategy and is the effective interest rate applied to the Strategy Base Value of an Index, based on any Index Cap Rate, Index Participation Rate, Index Trigger Rate, Buffer Percentage, or Floor Percentage and the performance of the Index for that Indexed Crediting Rate Strategy, as measured over the Strategy Period.

<u>Calculation of Strategy Interest if the Index Return is GREATER THAN OR EQUAL to zero:</u>

Indexed Crediting Rate Strategy with Index Cap Rate - the Strategy Interest is the lesser of either the Index Return or the Index Cap Rate.

Indexed Crediting Rate Strategy with Index Participation Rate - the Strategy Interest is equal to the Index Return multiplied by the Index Participation Rate.

<u>Calculation of the Strategy Interest if the Index Return is LESS THAN zero:</u>

Indexed Crediting Rate Strategy with Buffer Percentage - the Strategy Interest is the lesser of zero or the sum of the Index Return and the Buffer Percentage.

Indexed Crediting Rate Strategy with Floor Percentage- the Strategy Interest is the greater of the

ICC24C-RILA1015

Index Return or the Floor Percentage.

<u>Calculation of the Strategy Interest if the Index Return is GREATER THAN OR EQUAL to the Trigger Threshold:</u>

Indexed Crediting Rate Strategy with Index Trigger Rate - the Strategy Interest is equal to the Index Trigger Rate.

<u>Calculation of the Strategy Interest if the Index Return is LESS THAN the Trigger Threshold:</u>

Indexed Crediting Rate Strategy with Index Trigger Rate - the Strategy Interest is equal to the sum of the Index Return and any Buffer Percentage.

<u>Calculation of the Strategy Interest for Index Cap Rate with Guaranteed Annual Cap Rate and Buffer:</u> 

At each Contract Anniversary, the annual Index Return is calculated as described above. At the end of the Strategy Period, (1 + the Index Returns) are multiplied together, and that result minus 1 equals the Strategy Interest for that Strategy Period.

**Fixed Strategy Value**

On the Contract Effective Date, the Fixed Strategy Value equals the amount of the Single Premium Payment allocated to the Fixed Crediting Rate Strategy.

On any day thereafter, the Fixed Strategy Value equals:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fixed Strategy Value at the end of the previous day; plus

&nbsp;&nbsp;&nbsp;&nbsp;(2) Interest credited at the Fixed Crediting Rate for the Fixed Crediting Rate Strategy; minus

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Premium Tax, rider charges, Withdrawal Charges, and any Withdrawals; plus

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reallocations into the Fixed Strategy Value at the end of the current day, if that day is also the Contract
Anniversary Date; minus

&nbsp;&nbsp;&nbsp;&nbsp;(5) Reallocations out of the Fixed Strategy Value at the end of the current day, if that day is also the Contract
Anniversary Date.

**Indexed Strategy Value**

On the first day of a Strategy Period, an Index Strategy Value is equal to the Base Strategy Value.

On any other Business Day between the Strategy Start Date and the Strategy Maturity Date, an Index Strategy Value equals a strategy's Interim Value.

On the Contract Anniversary at the end of a Strategy Period, the Index Strategy Value for each Indexed Crediting Rate Strategy is calculated as the Strategy Base Value multiplied by 1 plus the Strategy Interest applicable to that Indexed Crediting Rate Strategy.

**Interim Value**

Strategy Interim Value is the daily account value for a Crediting Rate Strategy on any Business Day during a Strategy Period other than the Strategy Start Date and the Strategy Maturity Date.

An Indexed Crediting Rate Strategy's Interim Value is calculated at the end of a Business Day and will be the amount available from the Indexed Crediting Rate Strategy for Withdrawals, Surrenders, any rider charges, annuitization and death benefit payments.

A strategy's Interim Value can be calculated on any Business Day, except the Strategy Start Date and the

ICC24C-RILA1015

Strategy Maturity Date as the Derivative Asset Proxy plus the Fixed Income Asset Proxy. The market values of the Derivative Asset Proxy and the Fixed Income Asset Proxy are determined at the end of the Business Day of the calculation.

The Derivative Asset Proxy and Fixed Income Asset Proxy use a fair value methodology to value replicate the portfolio of options that support this product. For each Indexed Crediting Rate Strategy, methods for valuing derivatives are based on market consistent inputs, such as from third party vendors.

Calculation of the Interim Value:

At the end of any Business Day, the Interim Value is equal to the hypothetical portfolio.

The hypothetical portfolio is made up of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;· Derivative Asset Proxy

&nbsp;&nbsp;&nbsp;&nbsp;· Plus Fixed Income Asset Proxy

The Derivative Asset Proxy is the replicating portfolio of derivatives designed to match the required payout of the selected Indexed Strategy.

Fixed Income Asset Proxy = Strategy Base Value – (1 - % of strategy completed) \* Time 0 Derivative Asset Proxy.

The hypothetical portfolio of derivative instruments includes at-the-money (ATM), out-of-the-money (OTM), and in-the-money (ITM) options, as indicated in the table below.

---

| | | |
|:---|:---|:---|
| **Indexed Crediting Rate Strategy** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short Positions** |
| Point-to-Point |  | &nbsp;&nbsp;OTM Call (Strike at 1 + Index Cap %) |
| Cap Strategy | &nbsp;&nbsp;ATM Call | &nbsp;&nbsp;OTM Put (Strike at 1+ Buffer %) |
| with Buffer Percentage |  |  |
| Point-to-Point | &nbsp;&nbsp;ATM Call | &nbsp;&nbsp;OTM Call (Strike at 1 + Cap %) |
| Cap Strategy | &nbsp;&nbsp;OTM Put (Strike at 1 + Floor %) | &nbsp;&nbsp;ATM Put |
| with Floor Percentage |  |  |
| Point-to-Point |  |  |
| Participation Strategy | &nbsp;&nbsp;Index Participation Rate \* ATM Call | &nbsp;&nbsp;OTM Put (Strike at 1+ Buffer %) |
| with Buffer Percentage |  |  |
| Point-to-Point | &nbsp;&nbsp;Index Trigger Rate \* ITM Binary Call | &nbsp;&nbsp;OTM Put (Strike at 1+ Buffer %) |
| &nbsp;&nbsp;Dual Direction Trigger Strategy | &nbsp;&nbsp;(Strike at 1 + Trigger Threshold % |  |
| with Buffer Percentage |  |  |
| Guaranteed Annual | &nbsp;&nbsp;6 Year Cliquet that combines: |  |
| Point-to-Point | &nbsp;&nbsp;Call Spread Upper Strike |  |
| Cap Strategy With Buffer | &nbsp;&nbsp;at 1 + Guaranteed Annual Cap % |  |
| Percentage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and |  |
|  | &nbsp;&nbsp;Buffer (Lower Strike at 1 + Buffer %) |  |

---

ICC24C-RILA1015

**How is the Contract Value calculated?**

The Contract Value on the Contract Effective Date equals the Single Premium Payment, less any deductions for taxes.

The Contract Value on each Contract Anniversary Date is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The sum of each Strategy Value for all Fixed and Indexed Crediting Rate Strategies on the prior Contract
Anniversary Date, (or the Contract Effective Date if it is the first Contract Anniversary); less

&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Premium Tax, rider charges, Withdrawal Charges, and any Withdrawals; plus

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any interest credited from the Fixed Crediting Rate Strategy from the prior Strategy Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;(4) The amount of any interest credited to an Indexed Crediting Rate Strategy from the prior Strategy Period.

If the Contract Value is reduced below the Minimum Contract Value allowed after the Contract Effective Date, Your Contract will be terminated. Upon termination the remaining Contract Value will be sent to You as a single lump sum payment.

The Contract Value on a Business Day between Contract Anniversaries equals the sum of the values of all Index Strategy Values attributable to this Contract on that Business Day and any Fixed Strategy Value.

**How is the Cash Surrender Value calculated?**

The Proceeds payable if You Surrender this Contract are calculated as the greater of the Contract Value minus any applicable Withdrawal Charges, rider charges and applicable taxes or the Minimum Guaranteed Surrender Value plus the Interim Value of any funds allocated to the Indexed Crediting Rate Strategies, less Withdrawal Charges applicable to the Interim Value only.

**What is the minimum paid-up annuity, Cash Surrender Value and Death Benefit amount?**

For amounts allocated to the Fixed Crediting Rate Strategy, the paid-up annuity, Cash Surrender Value or Death Benefit that may be available under this Contract are not less than the minimum benefits required by Section 7B of the Model Variable Annuity Regulation, Model #250, using the nonforfeiture interest rate consistent with the minimum nonforfeiture interest rate prescribed in the law of the state in which the policy is delivered or issued for delivery.

For amounts allocated to an Indexed Crediting Rate Strategy, any paid-up annuity, Cash Surrender Value or Death Benefit that may be available under this Contract are not less than the minimum benefits required by Section 7 of the NAIC Model Variable Annuity Regulation Model #250 not including Section 7B, and the Uniform Standards adopted by the Interstate Product Regulation Commission.

A detailed description of the method by which these values are computed has been filed with the Interstate Insurance Product Regulation Commission (IIPRC).

**WITHDRAWAL**

**When can I take a Withdrawal?**

You have the right to withdraw all or any portion of the Cash Surrender Value at any time prior to the Annuitization date or the death of the Annuitant and up to and including on the Maturity Date. Except as described in the Free Withdrawal section in the Data Section, any amounts withdrawn during the

ICC24C-RILA1015

Withdrawal Charge Schedule are subject to a Withdrawal Charge.

A Withdrawal may reduce the amount of interest credited to a Crediting Rate Strategy.

**How are Withdrawal amounts calculated?**

Amounts withdrawn will be the amount Requested minus any Withdrawal Charges, any applicable rider charges and any taxes or fees. The Request may specify from which Crediting Rate Strategy(ies) the Withdrawal will be made. In the absence of the Owner's instructions, the Withdrawal will be deducted proportionately from all active Crediting Rate Strategies.

**How are Withdrawal Charges calculated?**

The Withdrawal Charge is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For any Withdrawal in excess of any applicable Free Withdrawal amount, the excess Withdrawal amount is
multiplied by the Withdrawal Charge Percentage shown in the Data Section; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) At Surrender, Your Contract Value in excess of any Free Withdrawal amount, is multiplied by the Withdrawal
Charge Percentage.

**Can I Withdraw the majority of my Contract Value?**

If You reduce Your Contract Value to less than the Minimum Contract Value allowed after Contract Effective Date, Your Contract will automatically terminate. Any remaining Contract Value will be paid out to You.

**Are there limitations on Withdrawals when choosing an Annuitization Option?**

Withdrawals from the Contract Value may be applied to an Annuitization Option under the terms of the Annuitization Options provision of this Contract. The Contract Value, rather than the Cash Surrender Value, will be the value used to determine the benefits payable under an Annuitization Option if:

&nbsp;&nbsp;&nbsp;&nbsp;(1) This Contract has been in force for 1 year from the Contract Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The entire value of this Contract is being applied to the Annuitization Option.

**STRATEGY PROVISIONS**

**How do I reallocate?**

You may allocate a portion of Your Contract Value to one or more of the available Crediting Rate Strategies on each Strategy Maturity Date by providing Us with a Request for reallocation. The initial Allocation Date will occur on the Contract Effective Date. All future reallocations to a Crediting Rate Strategy will occur on the next available Strategy Maturity Date.

A Request for reallocation may only be applied to the value of a Crediting Rate Strategy at the end of the Strategy Period, after any Strategy Interest has been credited. The amount reallocated per strategy must be at least the Minimum Indexed Strategy Allocation as shown in the Data Section. The Request for reallocation must be received by Us prior to the end of a Strategy Period. If We do not receive a Request from You to alter the allocation, the Contract Value will automatically be allocated to the same Crediting Rate Strategy to which it is currently allocated. If the same Crediting Rate Strategy is not available then the Contract Value will be allocated to the Fixed Crediting Rate Strategy.

**What if there is a discontinuation of an Index or a substantial change to an Index?**

We may substitute a comparable Index in the event of an Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of Our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by the

ICC24C-RILA1015

Interstate Insurance Product Regulation Commission.

We will notify You and any assignee on record of any discontinuation or substantial change to an Index that affects the Contract. Any substitution of an Index is subject to approval by the Interstate Insurance Product Regulation Commission.

**Will there be a discontinuance or an addition of a Strategy?**

We reserve the right to change any of the Crediting Rate Strategies or Strategy Periods available to You at the end of a Strategy Period. If any Crediting Rate Strategy or Strategy Period is added or discontinued, We will notify You and any assignee on record.

**PROCEEDS**

**What are Proceeds?**

Proceeds are the amount payable when:

&nbsp;&nbsp;&nbsp;&nbsp;(1) You take a Withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;(2) You Surrender this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Owner, or each Joint Owner dies;

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Annuitant or each Joint Annuitant dies; or

&nbsp;&nbsp;&nbsp;&nbsp;(5) This Contract matures.

Proceeds will be subject to any assignment, if applicable.

**How are Proceeds paid?**

We pay Proceeds in a lump sum, unless You or Your Beneficiary(ies) elect to apply all, or part of Proceeds as described in the Annuitization Options section of this Contract. The Contract shall remain in force until the date that Due Proof of death and settlement instructions for at least one Beneficiary have been received by Us.

If there are multiple Beneficiaries, the Death Benefit will be calculated as of the end of the Business Day that Due Proof of death and settlement instructions are received by Us from at least one Beneficiary. Once the Death Benefit has been calculated funds will be transferred to the Fixed Crediting Rate Strategy until all Beneficiaries have been paid out.

We will pay interest on the Death Benefit amount from the day following the date we receive Due Proof of death until the date of payment at a rate equal to the rate of funds left on deposit.

Any Death Benefit not paid within 30 days of Our receipt of Due Proof of death, will be credited an additional 10% annual interest beginning 31 days after the latest of the following through to the date the Proceeds are paid:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Receipt of Due Proof of death;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The date the Company receives sufficient information to determine extent of liability, and the appropriate
recipient(s) legally entitled to the Proceeds; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that all legal impediments have been resolved and sufficient evidence of the same has been provided
to Us.

**Can payment of Proceeds be deferred?**

We may defer payment of Proceeds on any Surrender for up to six (6) months from the date of Your Request only after We receive written approval of deferral from the Commissioner of Insurance in Our state of domicile. We reserve the right to defer payments and transfers for any period during which the

ICC24C-RILA1015

NYSE is closed for trading (except for normal holiday closing) or when the Securities and Exchange Commission has determined that a state of emergency exists that may make determination and payment impractical. We will pay Interest on the Proceeds as described in the Payment of Proceeds.

**DEATH BENEFIT PROVISION**

**What happens if the Owner dies before Annuitization?**

If any Owner dies prior to the Maturity Date and while this Contract is in force, a Death Benefit determined immediately after death will become payable to the Beneficiary. The amount of the Death Benefit will be the Contract Value without any reduction due to any Withdrawal Charge, plus the excess of Minimum Guaranteed Surrender Value over any Fixed Strategy Value as of the date We receive Due Proof of death.

If there are Joint Owners, the surviving Joint Owner will be treated as the sole primary Beneficiary and any other named primary Beneficiary will be treated as a contingent Beneficiary.

**What if the Owner is a Non-Natural Person and the Annuitant dies before Annuitization?**

If the Owner is a Non-Natural Person and the Annuitant dies prior to the Maturity Date and while this Contract is in force, the Death Benefit will become payable to the Beneficiary(ies). The amount of the Death Benefit will be the Contract Value without any reduction due to any Withdrawal Charge, plus the excess of Minimum Guaranteed Surrender Value over any Fixed Strategy Value as of the date We receive Due Proof of death of the Annuitant.

If the Owner is a Non-Natural Person and a Joint Annuitant dies prior to the Maturity Date and while this Contract is in force, the surviving Joint Annuitant will become the sole Annuitant, and this Contract will remain in force.

**How does a Beneficiary claim the Death Benefit?**

A Request for claim of the Death Benefit will include Due Proof of death. Due Proof of death means one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) A certified copy of a death certificate;

&nbsp;&nbsp;&nbsp;&nbsp;(2) A certified copy of a decree of a court of competent jurisdiction as to a finding of death; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any other proof acceptable to Us.

Subject to Our receipt of Due Proof of death, the Death Benefit will be paid in a lump sum unless, prior to the sixty-first(61st) day after the date that the Death Benefit is calculated, the Beneficiary elects to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Receive the Death Benefit under an Annuitization Option; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) Defer death benefits up to a time that is mutually agreeable to You and Us

&nbsp;&nbsp;&nbsp;&nbsp;(3) Continue this Contract. This election may only be made if the Owner and the Annuitant are the same and the Beneficiary is the surviving
spouse of the Owner. The Beneficiary will then become the Owner and Annuitant.

The Beneficiary must be a Natural Person, or a trust established for the benefit of a Natural Person in order to elect an Annuitization Option. Any named Beneficiary that is a Non-Natural Person is limited to receiving a lump sum of the Death Benefit on the date the claim is submitted to Us.

Death Benefits paid as a lump sum must be paid within the period of time required by the Internal Revenue Code in effect on the date of death of the Owner of the Contract with interest credited at the rate for funds left on deposit with Us. Limitations that are contained in the Annuitization Option section of this Contract will apply.

ICC24C-RILA1015

**Can a surviving spouse continue this Contract?**

If the sole Beneficiary is the surviving spouse of the Owner, the surviving spouse may receive the Death Benefit under one of the Annuitization Options described below, or may continue this Contract as the new Owner, subject to all its terms and conditions. If the deceased person was an Annuitant and if the surviving spouse continues this Contract, the surviving spouse will become the new Annuitant, replacing any other surviving Annuitant

**MATURITY PROVISION**

**What happens on the Maturity Date?**

If the Annuitant is alive on the Maturity Date, You may request an annuitization option We make available at that time, or You may request that We will pay the Contract Value on the Maturity Date to the Owner as a lump sum payment. We may change the mode of payment so that the payment is at least one hundred dollars (100.00 USD).

If We do not receive a Request for an Annuitization Option from You at least 30 days prior to the Maturity Date, the Annuitant will become the Recipient. The default Annuitization Option will be Life Income, based upon the Annuitant's Attained Age and sex, with payments guaranteed for 10 years, subject to the limitations in the Annuitization Options section.

At the time the annuity benefits commence, the annuity benefits will not be less than those that would be provided by the application of the Cash Surrender Value to purchase a Single Premium immediate annuity Contract at purchase rates offered by Us at the time to the same class of annuitants.

**ANNUITIZATION OPTION PROVISION**

**When can I choose an Annuitization Option?**

An Annuitization Option can be chosen when Death Benefits or Withdrawals are applied to an Annuitization Option or becomes effective on the Maturity Date. The Contract Value will be applied to such Annuitization Option. If an Annuitization Option is based on a Natural Person's life, We may require:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Due Proof of Attained Age or sex before payments begin; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) Due Proof that the Annuitant is still alive before We make each payment.

After the Maturity Date, an Annuitization Option cannot be changed, and Withdrawals cannot be made. If You do not choose an Annuitization Option on or before the Maturity Date the default option will be applied.

We may require that this contract be returned to Us prior to any Annuitization.

**What are my Annuitization Options?**

Monthly payment amounts for any of the options listed below will be furnished upon Request. Annuitization Options must begin within one (1) year of the date of death and must be payable throughout:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The life of the Beneficiary; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) A period not to exceed the life expectancy of the Beneficiary; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) The life of the Beneficiary with payments guaranteed for a period not to exceed the life expectancy of
the Beneficiary.

Any payment by Us under this Contract is payable at Our Administrative Office. You may make, change, or revoke Your Annuitization Option choice before the Death Benefit becomes payable or this Contract,

ICC24C-RILA1015

whichever comes first.

**Option 1 – Payments for a Fixed Period of Time**

We will make guaranteed equal payments at regular intervals from five (5) to twenty (20) years. The guaranteed payments may be made in one (1), three (3), six (6), or twelve (12) month intervals.

**Option 2 – Life Income**

We will make guaranteed equal payments at regular intervals during the lifetime of the Annuitant. The payments will be made at one (1), three (3), six (6), or twelve (12) month intervals. The amount of each payment depends on the sex and Attained Age of the Annuitant when the payments begin. If the Annuitant dies after the Annuitization Date but before Annuity Payments begin, no Annuity Payments will be made.

**Option 3 – Life Income plus Fixed Period**

We will make equal payments at regular intervals during the lifetime of the Annuitant and guarantee that payments will be made for a specified number of years. If such Annuitant dies prior to the specified number of years, We will continue to pay a stream of certain payments to their named Beneficiary(ies). The payments may be made in one (1), three (3), six (6), or twelve (12) month intervals. The amount of each payment depends on the sex and Attained Age of the sole Annuitant when the payments begin.

**Option 4 – Payments of Fixed Amounts**

We will guarantee that a certain amount will be paid at fixed intervals until the Proceeds and interest earned by the unpaid Proceeds have been paid. The payments of a fixed amount must extend over a period of at least five (5) years. Our last payment will be the balance of the Proceeds and interest. You determine the amount of each payment, which may be made in one (1), three (3), six (6), or twelve (12) month intervals.

**Option 5 – Joint Life Income**

We will make equal payments during the lives of Joint Annuitants. The amount of the payments will depend on the Attained Age and sex of each Joint Annuitant at the time the payments start and the survivorship option chosen at the time of annuitization. The payments may be made in one (1), three (3), six (6), or twelve (12) month intervals.

When Joint Annuitants die, payments will continue under one of the following choices:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Equal payments of the original amount. (joint and 100% survivor)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Equal payments of 2/3 of the original amount. (joint and 2/3 survivor)

&nbsp;&nbsp;&nbsp;&nbsp;(3) Equal payments of 1/2 of the original amount. (joint and 1/2 survivor)

**Option 6 – Other Payments**

We will make payments under any other Annuitization Option that is agreed upon by You and Us.

**What are the Limitations?**

Our consent for payment under one of the Annuitization Options is required if,

&nbsp;&nbsp;&nbsp;&nbsp;(1) Any payment will be less than $100 under any one option

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Proceeds applied will be less than $5,000;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Recipient will be a Non-Natural Person or assignee; or

&nbsp;&nbsp;&nbsp;&nbsp;(4) The payment is not made by EFT.

A Recipient may not assign, transfer or encumber any payments prior to their receipt.

ICC24C-RILA1015

**When is Evidence of Survival needed?**

If a payment is dependent upon the life of a Person on any date, We have the right to require Due Proof that such person was alive on such date prior to making such payment. If Due Proof is not furnished within five (5) years after such payment date, Our liability and the rights of all parties shall be as if such person had died on the day before such payment date.

**What happens when the last surviving Recipient dies?**

After the last designated Recipient has died, We will pay any remaining payments to the Beneficiary(ies).

**What is the Annuitization Option Basis?**

The Annuitization Options are based on the Payout Option Basis Table and Guaranteed Minimum Interest Rate for Annuitization Options shown in the Data Section.

ICC24C-RILA1015

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27d1img001.jpg) | <br>**ASPIDA LIFE INSURANCE COMPANY (the "Company")**<br> 2327 Englert Dr \| Durham, NC 27713 \| P:1.833.4-ASPIDA \| Aspida.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single Premium Deferred Index-Linked Variable Annuity Contract<br> Waiver of Withdrawal Charges under Certain Conditions<br> Non-Participating | ![](tm2518749d1_ex99-27d1img004.jpg) |

---

ICC24C-RILA1015

## Exhibit 99.27

**Exhibit 99.27(d)(2)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | ASPIDA LIFE INSURANCE COMPANY |
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | (the "Company") |
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | Administrative Office: |
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | [2327 Englert Drive Durham, NC 27713] |
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | [833.4.ASPIDA] |
| ![](tm2518749d1_ex99-27xdx2img02.jpg) | **[www.aspida.com]** |

---

RETURN OF PREMIUM DEATH BENEFIT RIDER

This Rider is made a part Your Contract to which it is attached and is effective on the Contract Effective Date referenced on the Rider Data Section. All terms capitalized, but not defined herein, have the meaning prescribed to them in Your Contract. In case of a conflict between the terms of this Rider and the terms of the Contract, the terms of this Rider will control.

**The purpose of this rider is to provide a Death Benefit that revises the standard Death Benefit provided in the Contract. The determination of the Death Benefit and how it can change are described in this Rider.**

**RETURN OF PREMIUM BENEFIT**

The amount of the Death Benefit will be equal to the greater of the Death Benefit described in the Contract or the Return of Premium Base.

**Return of Premium Base**

If this Rider is effective on the Contract Effective Date, the Return of Premium Base on that date is equal to the Single Premium Payment on the Contract Effective Date.

The Return of Premium Base will be reduced for any partial Withdrawals in the same proportion that the Contract Value is reduced by the Withdrawal. The Return of Premium Base immediately after the Withdrawal is equal to the Return of Premium Base immediately before the Withdrawal multiplied by A, and divided by B, where:

&nbsp;&nbsp;&nbsp;&nbsp;A. is the Contract Value immediately after the withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;B. is the Contract Value immediately prior to the withdrawal.

The Return of Premium Base is not available as a lump sum.

**RIDER CHARGE**

There are no rider charges assessed for this Rider.

ANNUAL REPORT

The Annual Report We send You for Your Contract will include the Death Benefit at the end of the report period.

**RIDER TERMINATION**

This rider will terminate on the date on which the earliest of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Change of Owner (or Annuitant for a non-natural Owner); unless the new Owner assumes full ownership of the Contract and is essentially
the same person (e.g. an individual ownership changes to a personal revocable trust or a change to a court-appointed guardian representing
the Owner during the Owner's lifetime);

&nbsp;&nbsp;&nbsp;&nbsp;(2) The commencement of payments under an Annuity Option;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Termination of Your Contract for any reason, including the full surrender of Your Contract or the
payment of a Death Benefit;

&nbsp;&nbsp;&nbsp;&nbsp;(4) The date You assign the Contract or any of Your rights under the Contract.

Once this Rider is terminated, it may not be reinstated.

[

![](tm2518749d1_ex99-27xdx2img01.jpg) ]

[Secretary]

ICC24R-2028 Page 1 [reserved]

## Exhibit 99.27

**Exhibit 99.27(d)(3)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | ASPIDA LIFE INSURANCE COMPANY |
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | (the "Company") |
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | Administrative Office: |
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | [2327 Englert Drive Durham, NC 27713] |
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | [833.4.ASPIDA] |
| ![](tm2518749d1_ex99-27xdx3img01.jpg) | **[www.aspida.com]** |

---

PERFORMANCE LOCK BENEFIT RIDER

This Rider is made a part Your Contract to which it is attached and is effective on the Rider Effective Date referenced on the Rider Data Section. All terms capitalized, but not defined herein, have the meaning prescribed to them in Your Contract. In case of a conflict between the terms of this Rider and the terms of the Contract, the terms of this Rider will control.

**The purpose of this rider is to provide an option to lock in the Strategy Contract Value for any Indexed Strategy listed in the Rider Data Section.**

**DEFINITIONS**

**Performance Lock Date —** The Business Day on which We process a Performance Lock.

**PERFORMANCE LOCK BENEFIT**

Performance Lock allows You to lock in the Strategy Value at the Interim Value on the Performance Lock Date. Following the Performance Lock Date, any Strategy Value for which Performance Lock has been exercised will remain constant until the next Contract Anniversary Date, at which point it can be reallocated.

If You take a Withdrawal and/or a Rider Charge is assessed from an Indexed Crediting Rate Strategy after the Performance Lock Date, Your Strategy Value will be reduced by the amount Withdrawn and/or by the Rider Charge assessed, including any applicable Withdrawal Charges and taxes payable by Us that were not previously deducted.

Once a Performance Lock has been exercised, You will no longer participate in any gains or losses associated with changes to the Interim Value.

**When can I exercise a Performance Lock?**

Performance Lock may be exercised for any, all, or none of the Indexed Crediting Rate Strategies shown

on the Rider Data Section, for which there are current allocations.

Performance Lock may be exercised at different times for each Indexed Crediting Rate Strategy during their respective Strategy Periods. Performance Lock can only be exercised once per Strategy Period for each Indexed Crediting Rate Strategy. At the next Contract Anniversary Date, the Performance Lock will be reset. You may choose to exercise Performance Lock again for the new Strategy Period.

Performance Lock may only be exercised for the entire Strategy Value.

**How do I exercise a Performance Lock?**

The following methods to exercise Performance Lock are available to You. We reserve the right to discontinue offering any method of exercising Performance Lock at any time, however, at least one method of exercising Performance Lock will always be available to You.

ICC24R-2029 Page 1 [reserved]

<u>Submitting a Request for a Performance Lock</u>

Our Administrative Office must approve Your Request to exercise Performance Lock.

If Your Request to exercise Performance Lock is received on a non-Business Day or after close of a Business Day, the Request to exercise a Performance Lock will be deemed to be received on the next Business Day. Any Performance Lock Requests must be received and approved by Us by 4:00 pm Eastern time on the fourth to last Business Day of the Strategy Period to be effective for that Strategy Period.

The Performance Lock Date will be the second Business Day following the Business Day Your Request to exercise a Performance Lock is received. Since the Performance Lock Date is not the same Business Day as the Business Day We received Your Request to exercise a Performance Lock, You may lock in an Interim Value that is less than it was on the Business Day You submitted Your Request.

Once You Request to exercise a Performance Lock for a given Indexed Crediting Rate Strategy, it cannot be reversed.

<u>Setting a threshold to exercise Performance Lock</u>

You may set a separate threshold for each Indexed Crediting Rate Strategy. On each Business Day on or prior to the fourth to last Business Day of the Strategy Period, We will compare the threshold to the Interim Value calculated at the end of that Business Day divided by the Strategy Base Value. If the result of that calculation is greater than or equal to Your threshold for that Indexed Crediting Rate Strategy, this will trigger a Performance Lock.

The Performance Lock Date will be the second Business Day following the Business Day on which the threshold was reached or exceeded. Since the Performance Lock Date is not the same Business Day as the threshold being reached or exceeded, You may lock an Interim Value that is less than indicated by Your threshold. We must receive and approve Your Request to set the threshold by 4:00 pm Eastern time on that Business Day. If Your Request to set a threshold is received on a non-Business Day or after close of a Business Day, the Request to set a threshold will be deemed to be received on the next Business Day.

You may only set thresholds that are greater than zero. You may set, cancel, or change Your threshold at any time prior to a Performance Lock being triggered. Once a threshold is reached or exceeded, Performance Lock will be exercised, and it cannot be changed.

**CHANGES TO YOUR CONTRACT**

On the Performance Lock Date, the following changes will be made to any Indexed Crediting Rate Strategy upon which Performance Lock has been exercised.

<u>For All Indexed Crediting Rate Strategies:</u>

On the Performance Lock Date, the Strategy Value equals the Interim Value.

ICC24R-2029 Page 2 [reserved]

On any day after the Performance Lock Date until the next Contract Anniversary Date, the Strategy Value equals:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Strategy Value on the previous day; minus

&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Withdrawals attributable to the Strategy Value since the previous day; minus

&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Withdrawal Charges, Rider Charges, taxes or fees attributable to the Strategy Value since the previous
day;

On the next Contract Anniversary Date once the Performance Lock Threshold has been reached or You have requested a Performance Lock Activation, the Strategy Value will be allocated as indicated in the "How do I reallocate?" section of Your Contract. At the time of reallocation, Performance Lock is reset.

**RIDER TERMINATION**

This Rider will terminate on the date on which the earliest of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Termination of Your Contract for any reason, including the full surrender of Your Contract or the payment of a Death Benefit;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The commencement of payments under an Annuity Option.

**RIDER CHARGES**

There are no Rider Charges assessed for this Rider.

[

![](tm2518749d1_ex99-27xdx3img02.jpg)]

[Secretary]

ICC24R-2029 Page 3 [reserved]

## Exhibit 99.27

**Exhibit 99.27(d)(6)**

**CREDITING RATE STRATEGY(IES)**

**Fixed Interest Strategy(ies)**

---

| | |
|:---|:---|
| **Strategy Period:** | **[ 1 Year]** |
| Allocation Percentage: | [10%] |
| Initial Allocation Amount: | [$20,000] |
| Fixed Crediting Rate: | [3.25%] |
| Minimum Guaranteed Fixed Crediting Rate: | [0.25%] |

---

The Strategy Interest for the Fixed Interest Strategy(ies) is compounded and credited daily to the Fixed Strategy Value.

---

| |
|:---|
| **Point-to-Point Cap Strategy(ies)** |
| **with Buffer Percentage** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [S&P 500**<sup>®</sup>**]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [Nasdaq-100]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [Russell 2000]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [MSCI EM]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |

---

ICC24CRS-RILA1015 Page 1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

**Guaranteed Annual Point-to-Point Cap Strategy(ies)<br> With Buffer Percentage**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [S&P 500**<sup>®</sup>**]** |  |  |  |  |  |
|  |  |  | **Guaranteed** |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Annual Cap** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** | **Percentage** | **Cap Rate** |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [Nasdaq-100]** |  |  |  |  |  |
|  |  |  | **Guaranteed** |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Annual Cap** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** | **Percentage** | **Cap Rate** |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |

---

**Point-to-Point Cap Strategy(ies)**<br> **with Floor Percentage**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [S&P 500**<sup>®</sup>**]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Floor** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [0]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [Nasdaq-100]** |  |  |  |  |  |
|  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Cap Rate** | **Floor** | **Minimum** |
| **(years)** | **Percentage** | **Amount** |  | **Percentage** | **Cap Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [0]% | [1.0]% |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |

---

**Point-to-Point Participation Strategy(ies)**<br> **with Buffer Percentage**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [S&P 500**<sup>®</sup>**]** |  |  |  |  |  |
|  |  |  | **Index** |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Participation** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** | **Percentage** | **Participation Rate** |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index: [Nasdaq-100]** |  |  |  |  |  |
|  |  |  | **Index** |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Participation** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** | **Percentage** | **Participation Rate** |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

**Index: [Russell 2000]**

ICC24CRS-RILA1015 Page 2

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Index** |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Participation** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** | **Percentage** | **Participation Rate** |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [3] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-10]% | [1.0]% |
| [6] | [30]% | $[1,000,000.00] | [7.75]% | [-20]% | [1.0]% |

---

**Point-to-Point Dual Direction Trigger Strategy(ies) with Buffer Percentage**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Index: [S&P 500**<sup>®</sup>**]** |  |  |  |  |  |  |
|  |  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Trigger** | **Trigger Threshold** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** |  | **Percentage** | **Trigger Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [10]% | [-10]% | [1.0]% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Index: [Nasdaq-100]** |  |  |  |  |  |  |
|  |  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Trigger** | **Trigger Threshold** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** |  | **Percentage** | **Trigger Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [10]% | [-10]% | [1.0]% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Index: [Russell 2000]** |  |  |  |  |  |  |
|  |  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Trigger** | **Trigger Threshold** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** |  | **Percentage** | **Trigger Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [10]% | [-10]% | [1.0]% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Index: [MSCI EM]** |  |  |  |  |  |  |
|  |  |  |  |  |  | **Guaranteed** |
| **Strategy Period** | **Allocation** | **Initial Allocation** | **Index Trigger** | **Trigger Threshold** | **Buffer** | **Minimum** |
| **(years)** | **Percentage** | **Amount** | **Rate** |  | **Percentage** | **Trigger Rate** |
| [1] | [30]% | $[1,000,000.00] | [7.75]% | [10]% | [-10]% | [1.0]% |

---

ICC24CRS-RILA1015 Page 3

[The S&P 500® is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by Aspida Life Insurance Company (Aspida). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Aspida. It is not possible to invest directly in an index. Aspida's Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Aspida's Product(s) or any member of the public regarding the advisability of investing in securities generally or in Aspida's Product(s) particularly or the ability of the S&P 500® to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Aspida with respect to the S&P 500® is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500® is determined, composed and calculated by S&P Dow Jones Indices without regard to Aspida or the Aspida's Product(s). S&P Dow Jones Indices has no obligation to take the needs of Aspida or the owners of Aspida's Product(s) into consideration in determining, composing or calculating the S&P 500®. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of Aspida's Product(s) or the timing of the issuance or sale of Aspida's Product(s) or in the determination or calculation of the equation by which Aspida's Product(s) is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Aspida's Product(s). There is no assurance that investment products based on the S&P 500® will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500® OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ASPIDA, OWNERS OF THE ASPIDA'S PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500® OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ASPIDA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.]

------

[The [Aspida RILA Product Name] has been developed solely by Aspida Life Insurance Company. The product is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000® Index ("the Index") vest in the relevant LSE Group company which owns the Index. Russell 2000® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Index. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Index or the suitability of the Index for the purpose to which it is being put by Aspida Life Insurance Company.]

------

ICC24CRS-RILA1015 Page 4

[The Product(s) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Invesco QQQ Growth to track general stock market performance. The Corporations' only relationship to Aspida Life Insurance Company ("Licensee") is in the licensing of the Nasdaq® and certain trade names of the Corporations and the use of the Invesco QQQ Growth which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Invesco QQQ Growth. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

**THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100® OR ANY DATA INCLUDED THEREIN.**

**THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100® OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.]**

**[MSCI Disclosure]**

------

ICC24CRS-RILA1015 Page 5

## Exhibit 99.27

**Exhibit 99.27(d)(7)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27img001.jpg) | **ASPIDA LIFE INSURANCE COMPANY**<br> **(the "Company")**<br> **Administrative Office:**<br> [2327 Englert Drive Durham, NC 27713]<br> [800.367.7814] \| [303.220.8056] (fax)<br> **[www.aspida.com]**<br>|

---

**Waiver of Withdrawal Charges for Required Minimum Distribution**

This Endorsement is attached to and is made a part of Your Contract as of the Contract Effective Date and is subject to all the exclusions, definitions and provisions of the Contract. If any exclusions, definitions or provisions contained in this Endorsement are contrary to or inconsistent with those of the Contract, the components of this Endorsement will control. All terms capitalized, but not defined below, have the meaning prescribed to them in Your Contract.

The Free Withdrawal Option provision of Your Contract is modified to include the following benefit.

**REQUIRED MINIMUM DISTRIBUTION**

This benefit only applies if the Contract was issued in connection with certain IRAs or other tax-qualified plans. Any Required Minimum Distribution (RMD) taken will not be subject to Withdrawal Charges and will reduce the Free Withdrawal Amount available under this Contract.

A Request for the RMD may be made after the RMD Eligibility Date stated in the Data Section of Your Contract. The amount of a calendar year RMD will be no greater than as calculated under the Internal Revenue Code based on the value of Your Contract at the end of the previous calendar year or the Contract Value on the Contract Effective Date if still in the first Contract Year.

The amount of the calculated calendar year RMD may be requested by You at any time in the calendar year, subject to any requirements and restrictions described in the Free Withdrawal options in the Data Section of Your Contract. You may not request more than one (1) calendar year RMD within any one (1) Contract Year.

This Endorsement will terminate when Your Contract terminates.

Signed for Us at Our Administrative Office on the Contract Effective Date.

[

![](tm2518749d1_ex99-27img002.jpg)

]

[Secretary]

Aspida is the trade name of Aspida Life Insurance Company, Aspida Re (Bermuda) Ltd., and their affiliates.

Each company is solely responsible for its own financial conditions and contractual obligations.

---

| | |
|:---|:---|
| ICC22END-3013 | Page **1** of **1** |

---

## Exhibit 99.27

**Exhibit 99.27(d)(8)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27xdx8img01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASPIDA LIFE INSURANCE COMPANY**<br> **(the "Company")**<br> **Administrative Office:**<br> [2327 Englert Drive Durham, NC 27713]<br> [800.367.7814] \| [303.220.8056] (fax)<br> **[www.aspida.com]** |

---

**Waiver of Withdrawal Charges for Nursing Home Confinement**

This Endorsement is attached to and is made a part of Your Contract as of the Contract Effective Date and is subject to all the exclusions, definitions, and provisions of the Contract. If any exclusions, definitions, or provisions contained in this Endorsement are contrary to or inconsistent with those of the Contract, the components of this Endorsement will control. All terms capitalized, but not defined below, have the meaning prescribed to them in Your Contract.

The Withdrawal provision of Your Contract is modified to include the following.

**Nursing Home Withdrawal**

We will waive any Withdrawal Charge, subject to the Free Withdrawal Option requirements stated in the Data Section, if the Owner is confined in an Eligible Nursing Home.

The nursing home confinement must last for a period of at least ninety (90) consecutive days prior to the Owner becoming eligible for this benefit. Proof of confinement must be provided and must be accompanied by a written statement. Any written Request for a Withdrawal under this provision must be given to Us within ninety (90) days of the last day of confinement in an Eligible Nursing Home, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible. This waiver provision does not apply if the Owner was confined in an Eligible Nursing Home on the Contract Effective Date.

This provision is limited to a single episode of Eligible Nursing Home confinement once per Contract Year. You may make a Withdrawal or multiple Withdrawals associated with each episode of nursing home confinement. This Withdrawal will not be limited by any other Free Withdrawal taken during the Contract Year.

Termination shall not prejudice the waiver of Withdrawal Charge while this Nursing Home Withdrawal benefit is in force.

The Definitions provision of Your Contract is modified to include the following.

**Denial of Request for Waiver of Withdrawal Charge**

If We deny Your request for a waiver of Withdrawal Charge, We will notify You in writing of Our decision and give You the opportunity to accept or reject the proceeds, including any Withdrawal Charge. Proceeds will not be disbursed until We receive your authorization to proceed.

**Eligible Nursing Home**

This means an institution or special nursing unit of a hospital which satisfies either (1) or (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is Medicare approved as a provider of skilled nursing care services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) it meets all of the requirements (a through g) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is licensed as a nursing home by the state in which it is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its main function is to provide skilled, intermediate or custodial nursing care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is engaged in providing continuous room and board accommodations to three or more persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is under the supervision of a registered nurse (RN) or licensed practical nurse (LPN);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it maintains a daily medical record of each patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it maintains control and records for all medications dispensed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it is licensed in the United States of America or its territories.

Aspida is the trade name of Aspida Life Insurance Company, Aspida Re (Bermuda) Ltd., and their affiliates. Each company is solely responsible for its own financial conditions and contractual obligations.

---

| | | |
|:---|:---|:---|
| ICC22END-3012 | Page **1** of **2** | [Type here] |

---

Institutions or places which primarily provide residential facilities are not Eligible Nursing Homes.

This Endorsement will terminate when Your Contract terminates.

Signed for Us at Our Administrative Office on the Contract Effective Date.

![](tm2518749d1_ex99-27xdx8img02.jpg)

Secretary

---

| | | |
|:---|:---|:---|
| ICC22END-3012 | Page **2** of **2** | [Type here] |

---

## Exhibit 99.27

**Exhibit 99.27(d)(9)**

---

| | |
|:---|:---|
| ![](tm2518749d1_ex99-27xdx9img01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASPIDA LIFE INSURANCE COMPANY**<br> **(the "Company")**<br> **Administrative Office:**<br> [2327 Englert Drive Durham, NC 27713]<br> [800.367.7814] \| [303.220.8056] (fax)<br> **[www.aspida.com]** |

---

**Waiver of Withdrawal Charges for Terminal Illness**

This Endorsement is attached to and is made a part of Your Contract as of the Contract Effective Date and is subject to all the exclusions, definitions, and provisions of the Contract. If any exclusions, definitions, or provisions contained in this Endorsement are contrary to or inconsistent with those of the Contract, the components of this Endorsement will control. All terms capitalized, but not defined below, have the meaning prescribed to them in Your Contract.

The Withdrawal provision of Your Contract is modified to include the following.

**Terminal Illness Withdrawal**

We will waive any Withdrawal Charge, subject to the Free Withdrawal Option requirements stated in the Data Section page, if the Owner is diagnosed with a Terminal Illness by a Qualified Physician after the Contract Effective Date.

This provision is limited to a single diagnosis of Terminal Illness and a one-time request for a Withdrawal associated with the Terminal Illness. If We deny the Owner's claim for waiver of any applicable Withdrawal Charge, We will not disburse a requested Withdrawal until the Owner is notified of the denial and provided with the opportunity to accept or reject the Withdrawal proceeds, including any associated Withdrawal Charge.

The Definitions provision of Your Contract is modified to include the following.

**Terminal Illness**

Means any disease or medical condition which a Qualified Physician expects will result in death within one (1) year. The Owner's Terminal Illness must be initially diagnosed by a Qualified Physician after the Contract Effective Date. The diagnosis of Terminal Illness must be in the form of written documentation, signed by a Qualified Physician, supported by clinical, radiological or laboratory evidence of the Owner's Terminal Illness.

A **Qualified Physician** is a person who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) licensed to practice medicine in the United States by a state or federal licensing authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) specially trained to diagnose and treat the condition causing the Terminal Illness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) acting within the scope of his or her license; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not a resident of the Owner's household or related to the Owner by blood or marriage

This Endorsement will terminate on the earlier of the date You Request payment of the benefit offered by this Endorsement or the date Your Contract terminates.

Signed for Us at Our Administrative Office on the Contract Effective Date.

![](tm2518749d1_ex99-27xdx9img02.jpg)

Secretary

Aspida is the trade name of Aspida Life Insurance Company, Aspida Re (Bermuda) Ltd., and their affiliates. Each company is solely responsible for its own financial conditions and contractual obligations.

---

| | |
|:---|:---|
| ICC22END-3016 | Page **1** of **1** |

---

## Exhibit 99.27

**Exhibit 99.27(e)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ Natural Person(s)[ Non-Natural Person] [ Trust Corporation/Entity] 1(a). OWNER First, Middle, & Last Name (enter non-natural person's name if applicable) Sex: Male Female Date of Birth/Formation Date SSN/TIN Marital Status: Single Married Residential Address (Street, City, State, Zip) (cannot be a P.O. Box) Phone Email Address Is the Owner a non-resident alien? Yes No] (If yes, then you are not eligible for this product) [1(b). JOINT OWNER (must be Spouse of Ownerlisted in 1(a).) First, Middle, & Last Name Sex: Male Female Date of Birth SSN Address same as Primary Owner? Yes No Residential Address (Street, City, State, Zip) (cannot be a P.O. Box) Phone Email Address Is the Joint Owner a non-resident alien? Yes No ] (If yes, then you are not eligible for this product) Aspida is the trade name of Aspida Life Insurance Company and its affiliates. Each company issolely responsible for its own financial conditions and contractual obligations. ICC24A-4023 Page 1 of 8 [reserved for bar code] [ TYPE OF OWNERSHIP [product name] Individual Deferred Index-Linked Variable Annuity Underwritten byASPIDA LIFE INSURANCE COMPANY (the "Company") AdministrativeOffice: [2327 Englert Dr. \| Durham, NC 27713 \| P: 1.833.4ASPIDA \| Aspida.com] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(a). ANNUITANT First, Middle, & Last Name Sex: Male Female Date of Birth SSN Marital Status: Single Married Residential Address (Street, City, State, Zip) (cannot be a P.O. Box) (Street, City, State, Zip) (if different than residence address) Phone Email Address Is the Annuitant a non-resident alien? Yes (If yes, then you are not eligible for this product) [2(b). JOINT ANNUITANT First, Middle, & Last Name No] Sex: Male Female Date of Birth SSN Marital Status: Single Married Residential Address (Street, City, State, Zip) (cannot be a P.O. Box) Phone Is the Joint Annuitant a non-resident alien? Yes (If yes, then you are not eligible for this product) Email Address No] ] 2. BENEFICIARY(IES) Percentages must be in whole numbers, Both Primary and Contingent Beneficiary percentages must each add up to 100%. If the Owner lives in a Community Property State, the spouse must be named as the sole Primary Beneficiary, unless stated otherwise below. Primary Surviving Spouse (if spouse is a Joint Owner.) First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address ICC24A-4023 Page 2 of 8 [reserved for bar code] Mailing Address |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ADDITIONAL BENEFICIARY INFORMATION Percentages must be in whole numbers, Both Primary and Contingent Beneficiary percentages must each add up to 100%. Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address Primary Contingent First, Middle, & Last Name (enter non-natural person's name if applicable) Date of Birth/Formation Date SSN/TIN Relationship to Owner Benefit (%) Residential Address (Street, City, State, Zip) Phone Email Address ] ICC24A-4023 Page 2a of 8 [reserved for bar code] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. CONTRACT & PREMIUM DETAILS Plan Type (Select one) Non-Qualified [Qualified: IRA Roth IRA Inherited IRA] [Contribution: CurrentYear $ Prior Year $] How will the Annuity be funded? [ EFT] [$] [(must complete EFT Initial Premium Authorization form)] [ ACH/Wire] [$] [(must complete EFT Initial Premium Authorization form)] [ Trustee to Trustee Transfer/Rollover] [$] [(must complete 1035 Exchange Rollover Transfer form)] [ 1035 Exchange] [$] [(If financial professional initiated, must complete 1035 Exchange Rollover Transfer form)] Total Single Premium¹ $¹check if total amountis estimated or a transfer isrequested Withdrawal Charge Schedule [ 6 Year] Crediting Rate Strategy Allocation Instructions Allocation to each Crediting Rate Strategy must be in whole percentages of the Single Premium. The total MUST equal 100%. Index Strategy Period Index Crediting Methodology Current Limit on Index Loss (if held until end of Strategy Period) Fixed Interest % [S&P 500® Index 1 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 1 Year Point-to-Point -20% Buffer Percentage] %] [S&P 500® Index 1 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 1 Year Point-to-Point -10% Floor Percentage] %] [S&P 500® Index 1 Year Point-to-Point 0% Floor Percentage] %] [S&P 500® Index 3 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 3 Year Point-to-Point -20% Buffer Percentage] %] [S&P 500® Index 3 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 3 Year Point-to-Point -20% Buffer Percentage] %] [S&P 500® Index 6 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 6 Year Point-to-Point -20% Buffer Percentage] %] [S&P 500® Index 6 Year Point-to-Point -10% Buffer Percentage] %] [S&P 500® Index 6 Year Point-to-Point -20% Buffer Percentage] %] [S&P 500® Index 6 Year Guaranteed Annual Point-to-Point Cap Rate and Buffer -10% Buffer Percentage] %] [Nasdaq-100 Index® 1 Year Point-to-Point -10% Buffer Percentage] %] [Nasdaq-100 Index® 1 Year Point-to-Point -20% Buffer Percentage] %] [Nasdaq-100 Index® 1 Year Point-to-Point -10% Buffer Percentage] %] [Nasdaq-100 Index® 1 Year Point-to-Point -10% Floor Percentage] %] [Nasdaq-100 Index® 1 Year Point-to-Point 0% Floor Percentage] %] [Nasdaq-100 Index® 3 Year Point-to-Point -10% Buffer Percentage] %] [Nasdaq-100 Index® 3 Year Point-to-Point -20% Buffer Percentage] %] [Nasdaq-100 Index® 3 Year Point-to-Point -10% Buffer Percentage] %] ICC24A-4023 Page 3 of 8 [reserved for bar code] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Nasdaq-100 Index® 3 Year Point-to-Point -20% Buffer Percentage] %] [Nasdaq-100 Index® 6 Year Point-to-Point -10% Buffer Percentage] %] [Nasdaq-100 Index® 6 Year Point-to-Point -20% Buffer Percentage] %] [Nasdaq-100 Index® 6 Year Point-to-Point -10% Buffer Percentage] %] [Nasdaq-100 Index® 6 Year Point-to-Point -20% Buffer Percentage] %] [Nasdaq-100 Index® 6 Year Guaranteed Annual Cap Rate and Buffer -10% Buffer Percentage] %] [Russell 2000® Index 1 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 1 Year Point-to-Point -20% Buffer Percentage] %] [Russell 2000® Index 1 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 3 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 3 Year Point-to-Point -20% Buffer Percentage] %] [Russell 2000® Index 3 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 3 Year Point-to-Point -20% Buffer Percentage] %] [Russell 2000® Index 6 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 6 Year Point-to-Point -20% Buffer Percentage] %] [Russell 2000® Index 6 Year Point-to-Point -10% Buffer Percentage] %] [Russell 2000® Index 6 Year Point-to-Point -20% Buffer Percentage] %] [MSCI EM Index 1 Year Point-to-Point -10% Buffer Percentage] %] [MSCI EM Index 1 Year Point-to-Point -20% Buffer Percentage] %] [MSCI EM Index 1 Year Point-to-Point -10% Buffer Percentage] %] Total [100%] ICC24A-4023 Page 4 of 8 [reserved for bar code] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. REPLACEMENT Do You have any other existing life insurance policies or annuity contracts? If Yes, ensure that any applicable disclosure and replacement forms are attached. Yes No Willthis Contract replace or change any of Your existing life insurance policies or annuity contracts? If Yes, ensure that any applicable disclosure and replacement forms are attached. Yes No 6. SPECIAL INSTRUCTIONS ICC24A-4023 Page 5of 8 [reserved for bar code] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACKNOWLEDGMENTS & SIGNATURES Agreements & Signatures WARNING: Any person who knowingly presents a false statement in an application for insurance may be guilty of a criminal offense and subject to penalties under state law. In addition, an insurer may deny insurance benefits if false information materially related to a claim was provided by the applicant. State insurance law may prohibit the owner of an annuity from entering into any agreement to sell, transfer or assign an annuity contract prior to the date the contract was issued, or within a period of time specified by state law after the date the contract was issued. You should consult with legal advisors if you have any questions about these matters. By signing below, I acknowledge the statements above and understand and agree to the following: • Allstatements, information and answers given in this application are true and correct to the best of my knowledge: • I certify that the Social Security or Taxpayer Identification numbershown above is correct; • This application issubjectto acceptance by the Company. Ifthis application isrejected for any reason,theCompany will be liable only for return of the purchase payment paid, without interest; • I may return my contract within the Right to Examine period (shown on the first page of my contract) if I am dissatisfied for any reason. I acknowledge that I have received, either physically or electronically, and understand the current prospectus, which includes the applicable allocation account options for this registered index-linked annuity. I understand that all payments and values provided by this contract, including but not limited to the Contract Values, Death Benefit, and Withdrawal values, if any, are based on separate account assets and are not guaranteed. These values will decrease or increase with investment experience. There is a risk of loss, and this loss may be greater if a withdrawal, death, annuitization, transfer or surrender occurs before the end of the Strategy Period. Any gains may be limited and are not guaranteed. Owner Signature (Please sign in your capacity as Trustee or Officer) [Joint Owner Signature Date Date Signed in State Signed in State ] Annuitant Signature Date Signed in State [Joint Annuitant Signature Date Signed in State ] All checks must be payable to Aspida Life Insurance Company. Do not make checks payable to a financial professional, agency, or a financial institution. If the Owner is married and lives in a community property state [(AZ, CA, ID, LA, NM, NV, TX, WA, WI)], the spouse will be the sole Primary Beneficiary of the contract unless you check the box below. This allows your spouse to continue the contract if you die before the Annuity Start Date. Regardless of your primary beneficiary designation, you may name contingent beneficiary(ies). Anyone named as Primary Beneficiary other than the spouse will become a contingent beneficiary, unless the box below is checked. DECLINING TO DESIGNATE SURVIVING SPOUSE AS THE SOLE PRIMARY BENEFICIARY: By checking this box, the spouse of the Owner has been made aware of and consents that they will not be the sole Primary Beneficiary of the contract. The beneficiary(ies) will be named in the Beneficiary section of this application. At the death of the Owner before the Annuity Start Date, any death benefit will be paid to the name beneficiary(ies). Atthe death oftheOwner after the Annuity Start Date, any death benefit will be paid according to the annuitization option elected. ICC24A-4023 Page 6of 8 [reserved for bar code] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2518749d1_ex99-27xeimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR FINANCIAL PROFESSIONAL USE ONLY: ACKNOWLEDGMENTS & SIGNATURES I am authorized, appointed and appropriately licensed to sell this annuity product. I have fully disclosed and explained the annuity features, charges and other restrictions to the Owner. I believe this annuity is suitable and have provided, if applicable, the Annuity Buyer's Guide, disclosure statement(s), and replacement notices. If this Contract applied for will change or replace any life insurance or annuity contract, I gave the applicant a copy of all sales materials used in the sale of the annuity. I certify that I have truly and accurately recorded on this application the information provided by the Owners or have witnessed the Owner completing this information. No financial professional is authorized to accept risks, make or change this application or change any policy issued by the Company, or give up any of the Owner's rights or requirements. [ Commission Option A Commission Option B Commission Option C] [First, MI, & Last Name Percentage NPN ] [Financial Professional Signature Date Signed in State ] [First, MI, & Last Name Percentage NPN ] [Financial Professional Signature Date Signed in State ] [First, MI, & Last Name Percentage NPN ] [Financial Professional Signature Date Signed in State ] [First, MI, & LastName Percentage NPN ] [Financial Professional Signature Date Signed in State ] ICC24A-4023 Page 8 of 8 [reserved for bar code] |

---

## Exhibit 99.27

**Exhibit 99.(27)(o)**

**Summary prospectus for new investors**

**September** , 2025** 

**Aspida DreamPath Annuity** 

**Individual Single Premium Deferred Index-Linked Annuity Contract** 

**Issued By:** 

**ASPIDA LIFE INSURANCE COMPANY** 

This summary prospectus summarizes key features of the Aspida DreamPath Annuity.

Before you invest, you should also review the prospectus for the Aspida DreamPath Annuity, which contains more information about the Contract's features, benefits, and risks. You can find this document and other information about the Contract online at <u>https://aspida.com/products/RILA</u>. You can also obtain this information at no cost by calling 1-833-4-ASPIDA (1-833-427-7432) or by sending an email request to <u>clientsupport@aspida.com</u>.

The Contract is a complex investment and involves risks, including potential loss of principal. Our obligations under the Contract are subject to our financial strength and claims paying ability.

You may cancel your Contract within 21 days (30 days if this Contract replaces another annuity contract) of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive a full refund of the amount you paid with your application minus any withdrawals. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

Additional information about certain investment products, including index-linked annuity contracts, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.** 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| DEFINITIONS | 1 |
| OVERVIEW OF THE CONTRACT | 4 |
| IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT | 7 |
| BENEFITS AVAILABLE UNDER THE CONTRACT | 10 |
| BUYING THE CONTRACT | 12 |
| MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT | 13 |
| ADDITIONAL INFORMATION ABOUT FEES | 14 |
| APPENDIX A (INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT) | A-1 |

---

Definitions

**Administrative Office** — The address for submitting all correspondence and Notices to the Company, which is:

&nbsp;&nbsp;&nbsp;&nbsp;2327 Englert Drive

&nbsp;&nbsp;&nbsp;&nbsp;Durham, NC 27713

**Annuitant** — The person, including any Joint Annuitant, whose life determines the annuity benefit under this Contract. Except in the case of ownership by a non-natural person, the Annuitant must be an Owner.

**Annuitization Date** — The date the annuity phase of the Contract begins. If you do not elect an earlier Annuitization Date, the Annuitization Date will be the Maturity Date. You may not elect an Annuitization Date earlier than the first Contract Anniversary Date.

**Buffer Percentage** — The portion of any negative Index Return that we absorb on a Strategy Maturity Date for a particular Strategy. Any percentage decline in a Strategy's Index Return in excess of the Buffer Percentage reduces your Strategy Maturity Value. We currently offer Buffer Percentages of –10% and -20%.

**Business Day** — Any day the New York Stock Exchange ("NYSE") is open for regular trading. The Business Day generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). If the SEC determines the existence of emergency conditions on any day, and consequently, the NYSE does not open, then that day is not a Business Day.

**Company** — Refers to Aspida Life Insurance Company. The terms "we", "us", and "our" are also used to identify the Company.

**Contract Anniversary Date** — The annual anniversary of the Contract Effective Date for every year the Contract is in force.

**Contract Effective Date** — The date the Contract goes into effect. Contract Year and Contract Anniversaries are computed from the Contract Effective Date.

**Contract Value** — The total of the values you have allocated to (i) the Indexed Crediting Rate Strategies and (ii) the Fixed Crediting Rate Strategy. On the Strategy Start Date, your value in an Indexed Crediting Rate Strategy is the Strategy Base Value. Thereafter, prior to the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Interim Value. On the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Maturity Value. These amounts are also subject to certain fees and charges discussed in "Fees, Charges, and Adjustments" in the prospectus.

**Contract Year** — Each period of 12-months beginning on the Contract Effective Date and each Contract Anniversary Date.

**Fixed Crediting Rate Strategy** — The Fixed Crediting Rate Strategy is part of our general account and pays interest at guaranteed rates. We assign an interest rate to each amount allocated to the guaranteed interest option. This rate is guaranteed for a Contract Year.

**Floor Percentage** — The maximum amount of negative Index Return you could absorb at the end of the Strategy Period. You will not bear any negative Index Return beyond the Floor Percentage.

**Good Order** —When an instruction or request is received in our Administrative Office, or other place we may specify, and it has such clarity and completeness that we do not have to exercise any discretion to carry out the instruction or request. We may require that the instruction or request be given in a certain form.

**Guaranteed Annual Cap Rate and Buffer** — If an Indexed Crediting Rate Strategy has a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate and the Buffer Percentage will apply separately for each Contract Year during the 6-year Strategy Period. The annual Indexed Crediting Rate will be calculated in the same manner as for a point-to-point Indexed Crediting Rate Strategy, except it will be calculated on each Contract Anniversary. However, no Indexed Strategy Interest will be credited to the Indexed Crediting Rate Strategy until the Strategy Maturity Date.

**Guaranteed Minimum Cap Rate** — We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

**Guaranteed Minimum Participation Rate** — We will not establish an Index Participation Rate below 10%.

**Guaranteed Minimum Trigger Rate** — We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

**Index or Indices** — An Index used to determine the Index Strategy Interest for an Indexed Crediting Rate Strategy. We currently offer Indexed Crediting Rate Strategies based on the performance of the S&P 500<sup>®</sup> Index, the Russell 2000<sup>®</sup> Index, the NASDAQ 100 Index and the MSCI EM Index. Each Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index. In the future, we may offer Indexed Crediting Rate Strategies based on other Indices.

**Index Cap Rate** — The maximum percentage rate that will apply to the calculation of any Indexed Strategy Interest. For example, if the Indexed Crediting Rate Strategy has a 10% Index Cap Rate and the Index Return at the end of the Strategy Period is 8%, your investment tied to that Indexed Crediting Rate Strategy will gain 8%. If the Index Return at the end of that Strategy Period had been 15%, your investment would only have gained 10% due to the Index Cap Rate limitation.

**Index Participation Rate** — The percentage rate that will be multiplied by a positive Index Return to determine the Indexed Strategy Interest credited on the Strategy Maturity Date. For example, if the Indexed Crediting Rate Strategy has a 90% Index Participation Rate and the Index Return at the end of the Strategy Period is 10%, your Indexed Crediting Rate will be 9%, meaning your investment will gain 9%.

**Index Return** — For an Indexed Crediting Rate Strategy, the percentage change in the value of the related Index from the Strategy Start Date to the Strategy Maturity Date (or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Cap Rate and Buffer, from the beginning to the end of each Contract Year during a Strategy Period). The Index Return may be positive or negative.

**Index Trigger Rate** —The percentage rate that will be used as the Indexed Crediting Rate to determine the Indexed Strategy Interest credited on the Strategy Maturity Date if the Index Return equals or exceeds the Trigger Threshold. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Indexed Crediting Rate Strategy has a 6% Index Trigger Rate and a Trigger Threshold of -3% and the Index Return at the end of the Strategy Period is -3% or higher, your Indexed Crediting Rate will be 6%, meaning your investment will gain 6%. The Index Trigger Rate may be more or less than the Index Return for the Strategy Period.

**Indexed Crediting Rate** — If the Index Return is positive (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return equals or exceeds the Trigger Threshold), then the Indexed Crediting Rate is a rate equal to the Index Return adjusted by either the Index Cap Rate, Index Participation Rate or Index Trigger Rate. For Indexed Crediting Rate Strategies with a Buffer Percentage, if the Index Return is negative (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return is less than the Trigger Threshold), but declines by a percentage less than or equal to the Buffer Percentage, then the Indexed Crediting Rate is 0%. If the Index Return is negative, and declines by more than the Buffer Percentage, then the Indexed Crediting Rate is negative, but will not reflect the first -10% or -20% of downside performance, depending on the Buffer Percentage applicable to that Indexed Crediting Rate Strategy. For Indexed Crediting Rate Strategies with a Floor Percentage, if the Index Return is negative, but declines by a percentage less than or equal to the Floor Percentage, then the Indexed Crediting Rate is the Index Return. If the Index Return is negative, and declines by more than the Floor Percentage, then the Indexed Crediting Rate is the Floor Percentage.

**Indexed Crediting Rate Strategy —** An Investment Option we establish with a specific Index; Strategy Period; Floor Percentage or Buffer Percentage; Index Cap Rate, Index Trigger Rate and Trigger Threshold or Index Participation Rate; and Strategy Maturity Date.

**Indexed Strategy Interest** —The dollar amount that is credited to the Indexed Crediting Rate Strategy on the Strategy Maturity Date. Indexed Strategy Interest may be positive, negative or equal to zero.

**Investment Options —** The Fixed Crediting Rate Strategy and the Indexed Crediting Rate Strategies.

**Maturity Date** — The Contract Anniversary Date in the year following the date that the Annuitant reaches the maturity age, which is set forth in the Contract and is generally the Annuitant's 115<sup>th</sup> birthday. The Maturity Date is the date on which income payments begin if you do not elect an earlier Annuitization Date.

**Minimum Nonforfeiture Amount** — The minimum nonforfeiture amount equals eighty-seven and a half percent (87.5%) of any allocation to the Fixed Crediting Rate Strategy, plus interest credited daily at the nonforfeiture interest rate (0.25% to 3.00%), less any partial Withdrawals and transfers out of the Fixed Crediting Rate Strategy. The nonforfeiture interest rate used to calculate the minimum nonforfeiture amount is determined by us at issue according to the Standard Nonforfeiture Law for Individual Deferred Annuities.

**Owner** — The person who owns all rights and privileges of this Contract (includes a Joint Owner, if any). If the Owner is not a natural person, the Owner must be an entity with its own taxpayer identification number (TIN). The terms "you" and "your" are also used to identify the Owner.

**Premium or Premium Payment —**Your investment in the Contract on the Contract Effective Date. This is a single premium Contract and you cannot add to your initial investment.

**Request, Notice, or Written Request** — A request in writing on a form acceptable to us, signed and dated by you and received by us at our Administrative Office.

**Required Minimum Distribution (or RMD)** — The amount required to be distributed each calendar year for purposes of satisfying the RMD rules of Section 401(a)(9) of the Internal Revenue Code and related Code provisions, provided that the amount does not exceed the minimum distribution amount that would have been calculated based on the value of this Contract alone.

**SEC** — Securities and Exchange Commission.

**Strategy Base Value** — The amount transferred to a Crediting Rate Strategy on its Strategy Start Date, as adjusted for any Withdrawals and charges from that Crediting Rate Strategy.

**Strategy Interim Value** — The value of your investment in an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, based on the market value of a hypothetical portfolio of derivatives supporting the Indexed Crediting Rate Strategy.

**Strategy Interim Value Adjustment** — A gain or loss that you incur if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date that is reflected in the value of your investment in the Indexed Crediting Rate Strategy. The Strategy Interim Value Adjustment is based on the Strategy Interim Value on the date such amounts are removed.

**Strategy Maturity Date** — The Business Day on which a Strategy Period ends.

**Strategy Maturity Value** — The value of your investment in an Indexed Crediting Rate Strategy on the Strategy Maturity Date, which equals the Strategy Base Value x (1 + the Indexed Crediting Rate).

**Strategy Period** — The period from the Strategy Start Date to the Strategy Maturity Date. We currently offer Strategy Periods of one year, three years or six years.

**Strategy Start Date** — The Business Day on which a new Strategy Period is established.

**Surrender** — A full Withdrawal and termination of the Contract.

**Surrender Value** — The Contract Value, based on applicable Strategy Interim Values, minus any applicable Withdrawal Charges. For the amount allocated to the Fixed Crediting Rate Strategy, upon surrender you will not receive less than the Minimum Nonforfeiture Amount.

**Trigger Threshold** — The level of Index Return at or above which we will credit Indexed Strategy Interest in the amount of the Index Trigger Rate on the Strategy Maturity Date of an Indexed Crediting Rate Strategy with a Index Trigger Rate. The Trigger Threshold will never be greater than -1% or lower than the Buffer Percentage.

**Withdrawal** — Any withdrawal under the Contract, including a full withdrawal (Surrender), partial withdrawal, withdrawal of the Free Withdrawal Amount, Required Minimum Distribution withdrawal, scheduled withdrawal or unscheduled withdrawal.

**Overview of the Contract**

**Purpose of the Contract** 

The Contract is designed to help you accumulate assets through investments in the Indexed Crediting Rate Strategies and Fixed Crediting Rate Strategy during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides death benefits to protect your beneficiaries. The Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently.

The Contract may be purchased as either "qualified" or "non-qualified" under the Internal Revenue Code. If you purchase a non-qualified Contract, it will provide you with certain tax deferral features under the Code. If you are investing in this Contract through a traditional or Roth Individual Retirement Account ("IRA"), the Contract is a qualified Contract and will not provide you tax deferral benefits in addition to those already provided by your IRA.

**Phases of the Contract** 

The Contract has two phases: an accumulation (savings) phase and an annuity (income) phase.

*Accumulation (Savings) Phase* 

During the accumulation phase, you can allocate your Contract Value to one or more of the available Indexed Crediting Rate Strategies and/or the Fixed Crediting Rate Strategy.

<u>Indexed Crediting Rate Strategies</u>. We will credit positive or negative Indexed Strategy Interest to amounts allocated to an Indexed Crediting Rate Strategy on the Strategy Maturity Date based, in part, on the performance of the applicable Index. You could lose a significant amount of money if the Index declines in value.

We limit the negative Index Return used in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either: (i) a Buffer Percentage to absorb negative Index Return up to the amount of the Buffer Percentage; or (ii) a Floor Percentage to absorb negative Index Return in excess of the Floor Percentage. For example, if the Indexed Crediting Rate Strategy has a Buffer Percentage, if the Index Return is -25% and the Buffer Percentage is -10%, the Indexed Crediting Rate would be -15% (the amount that the Index Return exceeds the Buffer Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 15% decrease from your Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will absorb negative Index Return up to the amount of the Buffer Percentage each Contract Year during the Strategy Period<u>.</u> Alternatively, if the Indexed Crediting Rate Strategy has a Floor Percentage, if the Index Return is -25% and the Floor Percentage is -10%, the Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 10% decrease from your Strategy Base Value. **We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.**

If the Index Return is positive (or, in the case of an Index Trigger Rate, equals or exceeds the Trigger Threshold) we determine whether it must be adjusted in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either the Index Cap Rate, the Index Participation Rate or the Index Trigger Rate, as follows:

· If
the Strategy includes an Index Cap Rate, we limit the Indexed Crediting Rate to the lesser of the Index Return or the Index Cap Rate.
For example, if the Index Return is 12% and the Index Cap Rate is 8%, the Indexed Crediting Rate would be 8% (the lesser of the Index
Return and the Index Cap Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show an 8% increase from
your

---

| |
|:---|
| Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, we limit the annual performance to the lesser of the Index Return or the Index Cap Rate each Contract Year during the Strategy Period<u>.</u> **We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively, and we will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below [2%]** (the "Guaranteed Minimum Cap Rate"). |
| If the Strategy includes an Index Participation Rate, we determine the Indexed Crediting Rate by multiplying the Index Return by the Participation Rate, which will limit the Indexed Crediting Rate on the Strategy Maturity Date if the Participation Rate is below 100%. For example, if the Index Return is 12% and the Index Participation Rate is 50%, the Indexed Crediting Rate would be 6% (the Index Return multiplied by the Index Participation Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 6% increase from your Strategy Base Value. Alternatively, if the Index Return is 12% and the Index Participation Rate is 10%, the Indexed Crediting Rate would be 1.2% (the Index Return multiplied by the Index Participation Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 1.2% increase from your Strategy Base Value. **We will not establish an Index Participation Rate below 10%**(the "Guaranteed Minimum Participation Rate"). |
| If the Strategy includes an Index Trigger Rate, if the Index Return equals or exceeds the Trigger Threshold, the Indexed Crediting Rate will equal the Index Trigger Rate. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Index Return is 8%, the Trigger Threshold is -1% and the Index Trigger Rate is 5%, the Indexed Crediting Rate would be 5% on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 5% increase from your Strategy Base Value. **We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively** (the "Guaranteed Minimum Trigger Rate") **and we will not establish a Trigger Threshold greater than -1%.** |

---

<u>Fixed Crediting Rate Strategy</u>. There is only one Fixed Crediting Rate Strategy for the Contract. The Fixed Crediting Rate Strategy has a one-year Strategy Period. Amounts allocated to the Fixed Crediting Rate Strategy earn interest at an annual interest rate declared by us for the Strategy Period.

**Additional information about each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy is provided in Appendix A: Investment Options Available Under the Contract.** 

*Annuity (Income) Phase* 

You enter the annuity phase when you annuitize your Contract. During the annuity phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for a fixed period of time; (2) for life; (3) for life plus a fixed period; (4) payments of fixed amounts; or (5) for life of Joint Annuitants. Please note that when you annuitize, your investments are converted to income payments and you will no longer be able to make any additional Withdrawals from your Contract. All accumulation phase benefits, including the Death Benefit, terminate on the Annuitization Date. The Contract has a maximum annuity commencement date (Maturity Date).

**Contract Features** 

The Contract provides for the accumulation of retirement savings and income. The Contract offers death benefit protection and offers various payout options.

*Performance Lock*

 

This feature allows you to lock in an Indexed Crediting Rate Strategy's Strategy Interim Value prior to the Strategy Maturity Date. Performance Lock is available with each of the Indexed Crediting Rate Strategies for no additional charge. Performance Lock may be of interest to investors who are interested in eliminating some of the uncertainty regarding Index performance for the remainder of a Strategy Period, or who seek to potentially limit the impact of negative Indexed Strategy Interest they may otherwise receive.

You should consult with a financial professional before executing a Performance Lock for Indexed Crediting Rate Strategy. There are significant risks associated with Performance Lock. At the time you exercise a Performance Lock, you will not know the locked-in Strategy Interim Value because it is determined at the end of the Business Day. The locked-in Strategy Interim Value could be lower (or higher) than you anticipated. If you lock-in a Strategy Interim Value that is less than your Strategy Base Value, you will be locking-in a loss,

which could be significant. See **4. Principal Risks of Investing in the Contract — Performance Lock Risk** and **8. The Indexed Crediting Rate Strategies — Performance Lock Feature.**

*Access to Your Money* 

During the accumulation phase you can take Withdrawals from your Contract. Withdrawals will reduce your Contract Value and may be subject to Withdrawal Charges, adjustments for Strategy Interim Value, income taxes and a tax penalty. Withdrawals will also reduce your death benefit (possibly on a greater than dollar-for-dollar basis).

*Withdrawal Charge Waivers*

 

Under certain circumstances, we will waive Withdrawal Charges when you take a Withdrawal from your Contract. The Waiver of Withdrawal Charges for Nursing Home Confinement Endorsement (Nursing Home Benefit) allows you to take Withdrawals without incurring any Withdrawal Charges during a period of confinement to a nursing home. The Waiver of Withdrawal Charges for Terminal Illness Endorsement (Terminal Illness Benefit) allows you to take a one-time Withdrawal without incurring any Withdrawal Charges in the event you are diagnosed with a terminal illness after the Contract Effective Date.

*Death Benefits* 

During the accumulation phase, if your age on the Contract Effective Date is younger than 81, your Contract includes a death benefit that pays your beneficiaries an amount equal to the greater of (i) your Premium (reduced proportionally for Withdrawals) or (ii) your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any.. If your age on the Contract Effective Date is 81 or older, the death benefit is your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any.

**Strategy Interim Value Adjustments**

We will apply a Strategy Interim Value Adjustment if you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required torefund your Contract Value), annuitize your Contract or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date because the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. You could lose a significant amount of money due to the Strategy Interim Value Adjustments if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. Your Strategy Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment in the Indexed Crediting Rate Strategy until the Strategy Maturity Date. The Strategy Interim Value will generally be negatively affected by the expected volatility of index prices and by poor market performance. All other factors being equal, the Strategy Interim Value generally would be lower the earlier a Withdrawal or surrender is made during a Strategy Period.

**Important Information You Should Consider About the Contract**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**Are There Charges or Adjustments for Early Withdrawals?** | &nbsp;&nbsp;**Yes**. If you surrender your Contract or withdraw money from the Contract for up to 6 years following the Contract Effective Date, you will be assessed a withdrawal charge of up to 7% of Contract Value withdrawn. For example, if you make a Withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. This loss will be greater if there is a negative Strategy Interim Value Adjustment, taxes, or tax penalties.<br>The portion of your Contract Value in the Indexed Crediting Rate Strategy will be subject to a Strategy Interim Value Adjustment if amounts are removed from an Indexed Crediting Rate Strategy before the Strategy Maturity Date. The Strategy Interim Value could be less than your investment in the Indexed Crediting Rate Strategy even if the Index is performing positively. You could lose up to 100% of your Strategy Base Value due to the Strategy Interim Value Adjustment in extreme situations. For example, if you allocate $100,000 to an Indexed Crediting Rate Strategy with a 3-year Strategy Period and later withdraw the entire amount before the 3 years have elapsed, you could lose up to $100,000 of your investment. This loss will be greater (but never more than 100%) if you also have to pay a withdrawal charge, taxes and tax penalties. If you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), on annuitization or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date, the potion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. | &nbsp;&nbsp;**3. Fee Table**<br>**6. Fees, Charges and Adjustments – Withdrawal Charges**<br>**6. Fees, Charges and Adjustments – Adjustments**<br>**10. Valuing Your Contract – Indexed Crediting Rate Strategy Value** |
| &nbsp;&nbsp;**Are There Transaction Charges?** | &nbsp;&nbsp;**Yes**. In addition to withdrawal charges and Strategy Interim Value Adjustments, you may also be charged for other transactions (including special requests such as duplicate contracts and duplicate statements). | &nbsp;&nbsp;**3. Fee Table**<br>**6. Fees, Charges and Adjustments – Transaction Fees**<br>|
| &nbsp;&nbsp;**Are There Ongoing Fees and Expenses?** | &nbsp;&nbsp;**No. However, there is an implicit ongoing fee on the Indexed Crediting Rate Strategies to the extent that your participation in Index gains is limited by each Indexed Crediting Rate Strategy's Index Cap Rate, Index Participation Rate or Index Trigger Rate. This means that your returns may be lower than Index returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses.** | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**Is There a Risk of Loss from Poor Performance?** | &nbsp;&nbsp;**Yes**. You could lose money by investing in the Contract. **If you invest in an Indexed Crediting Rate Strategy, under extreme circumstances, you could lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will** | &nbsp;&nbsp;**4. Principal Risks of Investing in the Contract** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**always offer a strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.** | |
| <br>&nbsp;&nbsp;**Is this a Short-Term Investment?** | &nbsp;&nbsp;**No**. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the Contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the Contract as a short-term investment or savings vehicle. A Withdrawal Charge may apply in certain circumstances and any Withdrawals may also be subject to federal and state income taxes and tax penalties. Withdrawals from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date may result in loss of positive Index Performance and will be subject to a Strategy Interim Value Adjustment,. Withdrawals could result insignificant reductions to the Death Benefit.<br>Contract Value in an Indexed Crediting Rate Strategy will be reallocated on the Strategy Maturity Date according to your instructions. If you have not provided us with maturity instructions, the Strategy Maturity Value will be invested in the same Indexed Crediting Rate Strategy for another Strategy Period. If the same Indexed Crediting Rate Strategy is not available, then the Contract Value will be allocated to the Fixed Crediting Rate Strategy.  | <br>&nbsp;&nbsp;**4. Principal Risks of Investing in the Contract**<br>|
| &nbsp;&nbsp;**What Are the Risks Associated with the Investment Options?** | &nbsp;&nbsp; An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Indices for the Indexed Crediting Rate Strategies under the Contract. Each Investment Option, including the Fixed Crediting Rate Strategy, will have its own unique risks. You should review the Investment Options before making an investment decision.<br>For investments in an Indexed Crediting Rate Strategy, the Index Cap Rate, Index Participation Rate or Index Trigger Rate may limit positive Index performance (e.g., limited upside). For example:<br> · If the Indexed Crediting Rate Strategy has an Index Cap Rate, if the Index Return is 12% and the Index Cap Rate is 8%, the Indexed Crediting Rate would be 8% on the Strategy Maturity Date. In the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate will apply to the performance of the Index each Contract Year during the Strategy Period;<br> · If the Indexed Crediting Rate Strategy has an Index Participation Rate, if the Index Return is 12% and the Index Participation Rate is 50%, the Indexed Crediting Rate would be 6% on the Strategy Maturity Date; and <br> · If the Indexed Crediting Rate Strategy has an Index Trigger Rate and Trigger Threshold, if the Index Trigger Rate is 5% and the Trigger Threshold is -5%, if the Index return equals or exceeds -5%, the Indexed Crediting Rate would be 5% on the Strategy Maturity Date.<br> **This may result in you earning less than the Index Return.** <br>For investments in an Indexed Crediting Rate Strategy, the Buffer Percentage or Floor Percentage will limit negative returns (e.g., limited protection in the case of market decline). For example:<br>· If the Indexed Crediting Rate Strategy has a Buffer Percentage, if the Index Return is -25% and the Buffer Percentage is -10%, the Indexed Crediting Rate would be -15% (the amount that the Index Return exceeds the Buffer Percentage) on the Strategy Maturity Date. In the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will apply to the performance of the Index each Contract Year during the Strategy Period; and <br>· If the Indexed Crediting Rate Strategy has a Floor Percentage, if the Index Return is -25% and the Floor Percentage is -10%,  | &nbsp;&nbsp; **4. Principal Risks of Investing in the Contract**<br>|

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; the Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity Date. <br>Each Index is a price return index, not a total return index, and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index Return and will cause the Index to underperform a direct investment in the securities composing the Index. |  |
| &nbsp;&nbsp;**What Are the Risks Related to the Insurance Company?** | &nbsp;&nbsp;An investment in the Contract is subject to the risks related to the Company. The Company is solely responsible to the Contract owner for the Contract Value and the guaranteed benefits. The general obligations including the Fixed Crediting Rate Strategy and Indexed Crediting Rate Strategies under the Contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at https://aspida.com/about#rating-about. | &nbsp;&nbsp;**4. Principal Risks of Investing in the Contract**<br>|
|  | &nbsp;&nbsp; <br> **RESTRICTIONS** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**Are There Restrictions on the Investment Options?** | &nbsp;&nbsp;**Yes.** You cannot transfer out of an Indexed Crediting Rate Strategy to another Investment Option prior to the Strategy Maturity Date. If you do not want to remain invested in an Indexed Crediting Rate Strategy until the Strategy Maturity Date, your only options are to exercise the Performance Lock feature, make Withdrawals out of the Indexed Crediting Rate Strategy or surrender the Contract. The amount you would receive would be based on the Strategy Interim Value.<br>Prior to the beginning of each Strategy Period, we will provide 30-day advance notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Index Cap Rates with Multi Year Cap Lock, Index Trigger Rates and Trigger Thresholds, which we will establish at least 15 days prior to the Strategy Start Date of a new Strategy Period. We may not offer new Strategy Periods for the Indexed Crediting Rate Strategies. Therefore, an Indexed Crediting Rate Strategy may not be available for you to invest your Strategy Maturity Value into after the Strategy Maturity Date. We have the right to remove or replace an Index in the event of the Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by applicable regulators. If we remove an Index for an existing Indexed Crediting Rate Strategy during a Strategy Period, we will <u>end, (i.e., mature), the Strategy Period on the date the Index is discontinued, and calculate the Indexed Crediting Rate based on the Indexed Crediting Rate Strategy's features (i.e. Index Cap Rate, Index Participation Rate, or Index Trigger Rate and Trigger Threshold, and Buffer Percentage or Floor Percentage, as applicable). Your Contract Value in the applicable Indexed Crediting Rate Strategy will be transferred to the Fixed Crediting Rate Strategy, and you will not be able to reallocate it until the next Contract Anniversary Date. Your Contract Value transferred to the Fixed Crediting Rate Strategy will earn interest at the applicable annual interest rate that applies to the Fixed Crediting Rate Strategy.</u><br>| &nbsp;&nbsp;**8. The Indexed Crediting Rate Strategies** |
| &nbsp;&nbsp;**Are There Any Restrictions on Contract Benefits?** | &nbsp;&nbsp; **Yes.** <br> &nbsp;&nbsp;&nbsp;&nbsp;· There are restrictions and limitations relating to benefits offered under the Contract (*e.g.*, death benefit, Performance Lock). <br> &nbsp;&nbsp;&nbsp;&nbsp;· Except as otherwise provided, Contract benefits may not be modified or terminated by the Company.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Withdrawals will reduce the death benefit, perhaps by more than the amount withdrawn. | &nbsp;&nbsp; **8. The Indexed Crediting Rate Strategies**<br>**14. Benefits Available Under the Contract** |
|  | &nbsp;&nbsp; <br> **TAXES** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**What are the Contract's Tax Implications?** | &nbsp;&nbsp;You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Contract. There is no additional tax benefit to you if the Contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a Withdrawal from the Contract. | &nbsp;&nbsp;**15. Taxes** |
|  | &nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **Location in**<br> **Prospectus** |
| &nbsp;&nbsp;**How are Investment Professionals Compensated?** | &nbsp;&nbsp;Some financial professionals may receive compensation for selling the Contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). This conflict of interest may influence the financial professional to recommend this Contract over another investment. | &nbsp;&nbsp;**16. Additional Information - Distribution** |
| &nbsp;&nbsp;**Should I Exchange My Contract?** | &nbsp;&nbsp;Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts and any fees or penalties to terminate the existing Contract, that it is preferable to purchase the new contract rather than continue to own your existing Contract.  | &nbsp;&nbsp;**16. Additional Information - Distribution**<br>|

---

**Benefits Available Under the Contract**

**The following table summarizes information about the benefits available under the Contract.**

---

| | | | |
|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | **Brief Description of Restrictions/Limitations** |
| **Free Withdrawal Amount** | Provides for an amount that may be withdrawn each Contract Year without incurring Withdrawal Charges | None | &nbsp;&nbsp; · Only available during the accumulation period<br> · Withdrawals of Free Withdrawal Amount may reflect Strategy Interim Values, which may be less than Strategy Base Values, and taxes and tax penalties<br> · All Withdrawals count against Free Withdrawal Amount<br> · Unused Free Withdrawal Amount not available in future Contract Years<br>|
| **Performance Lock** | Gives you the option to lock in the Strategy Interim Value for an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date If exercised, you will receive Indexed Strategy Interest on the Strategy Maturity Date equal to the difference between the locked-in Strategy Interim Value and the Strategy Base Value, rather than Indexed Strategy Interest using the point-to-point crediting methodology for the Indexed Crediting Rate Strategy | None | &nbsp;&nbsp; · We will not provide advice or notify you regarding whether you should exercise the Performance Lock or the optimal time for doing so (if any)<br> · We will not warn you if you exercise the Performance Lock at a sub-optimal time<br> · We will not warn you if you set Performance Lock Thresholds for Target Performance Lock at sub-optimal levels<br> · You will not know the locked-in Strategy Interim Value in advance; the locked-in Strategy Interim Value could be lower than you anticipated<br> · We are not responsible for any losses or forgone gains related to your decision whether or not to exercise the Performance Lock<br>|

---

---

| | | |
|:---|:---|:---|
|  |  | · Only available during the accumulation period <br> · Will not participate in Index performance (positive or negative) for the remainder of the Strategy Period, including the Strategy Maturity Date<br> · Floor Percentage, Buffer Percentage, Index Cap Rate, Index Participation Rate, and Index Trigger Rate as applicable, will not apply on the Strategy Maturity Date <br> · **Locking-in a Strategy Interim Value that is less than the Strategy Base Value will result in loss, no downside protection under Buffer Percentage or Floor Percentage will apply, and the loss could be significant**<br> · For multi-year Strategy Periods, upon exercise, Strategy Maturity Date will always be next Contract Anniversary <br> · Cannot be exercised during last two Business Days prior to Strategy Maturity Date<br> · May be exercised once per Strategy Period for each Indexed Crediting Rate Strategy<br> · May only exercise for entire Contract Value in an Indexed Crediting Rate Strategy<br> · Exercise is irrevocable |
| **Death Benefit** | If age on the Contract Effective Date is younger than 81, upon death, provides for death benefit payment equal to greater of (a) Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any; or (b) Premium Payment (less Withdrawals)<br>If age on the Contract Effective Date is 81 or older, death benefit is Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any; | · Only available during the accumulation period<br> · Contract Value component reflects Strategy Interim Values, which may be less than Strategy Base Values<br> · Premium Payment component subject to reductions for prior Withdrawals |
| **Waiver of Withdrawal Charges for Nursing Home Confinement Rider** | Waiver of Withdrawal Charges in the event of a confinement to a Nursing Home | · Automatically included in Contract at issue<br> · Only available during the accumulation period<br> · Only available after the first Contract Anniversary<br> · Owner must be confined to an Eligible Nursing Home as defined by the benefit<br> · Confinement must not pre-exist the Contract Effective Date<br> · Limited to a single episode of confinement once per Contract Year<br> · Withdrawals under the benefit may be subject to the use of Strategy Interim Values and taxe**s** and tax penalties<br> · Withdrawals count against the Free Withdrawal Amount |
| **Waiver of Withdrawal Charges for Terminal Illness Rider** | Waiver of Withdrawal Charges in the event the Owner is diagnosed with a Terminal Illness | · Automatically included in Contract at issue<br> · Only available during the accumulation period<br> · Only available after the first Contract Anniversary<br> · Owner must be diagnosed with a Terminal Illness by a Qualified Physician as defined by the benefit<br> · Diagnosis must not pre-exist the Contract Effective Date<br> · Limited to a one-time request for a Withdrawal<br> · Withdrawal under the benefit may be subject to the use of Strategy Interim Values and taxe**s** and tax penalties<br> · Withdrawals count against the Free Withdrawal Amount |

---

**Buying the Contract**

You may purchase the Contract by completing an application and submitting a minimum Premium Payment of $25,000. Any Premium Payment that exceeds $1.0 million and any Premium Payment that, when aggregated with previous Premium Payments made under other contracts issued by us, exceeds $1.0 million is subject to our approval. Additionally, we reserve the right to refuse any Premium Payment that does not meet our minimum Premium Payment requirements, is not in Good Order, or is otherwise contrary to law for us to accept. In addition, we reserve the right to refuse any application. If we refuse your application, we will return your Premium Payment to you.

The Contract is a single premium annuity contract. This means only one Premium Payment is allowed under the Contract. However, the single Premium Payment may be received from multiple sources. For IRAs, because the minimum Premium Payment we accept exceeds the annual contribution limits for IRAs, your Premium Payment must include a rollover contribution from an existing IRA or qualified retirement plan balance.

To purchase the Contract, any Owner and any Annuitant must be no older than Age 85. If you are purchasing a Qualified Contract, you must be no younger than Age 18.

We will not issue the Contract until your application is in Good Order and we have received the full amount of the Premium Payment. We are not responsible for lost investment opportunities while we review your application or await payment of your Premium. Any Premium Payment we receive before we issue the Contract will be held in our general account until we credit the full Premium amount to your Contract on the Contract Effective Date, and it will not be held in the Fixed Crediting Rate strategy earn interest during this time. We do not accept any additional Premiums after the Contract Effective Date. Your application will not be considered to be in Good Order and your Contract will not be issued until your Premium Payments from all sources have been received by us.

You must tell us how to apply your Premium Payment by specifying in the Contract application your desired allocation (by percentage) among the Indexed Crediting Rate Strategies and the Fixed Crediting Rate Strategy. There are no default allocation options and your application will not be considered to be in Good Order if you do not provide your desired allocations. All allocations must be in whole percentages totaling 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%. Your Premium Payment will be allocated according to your instructions on the Contract Effective Date.

**Electronic Delivery**

To apply for a Contract, you must consent to receive your Contract, prospectus, prospectus supplements, statements, transaction confirmations, and other notices, correspondence, and documentation in electronic format instead of receiving paper copies. We will not send you paper copies of any Contract documents which are available to you in electronic format. Not all documents may be available in electronic format. Any documents not available in electronic format will be mailed to you. Electronic documents will be available through your online account on our website and we will send you an e-mail message when any new Contract document becomes available. The e-mail message will also contain instructions about how to access the document. It is your responsibility to provide us with your current e-mail address. You may request a paper copy of any document free of charge, and you may revoke your consent to receive all documents in electronic format at any time without cost, by contacting us.

**Making Withdrawals: Access the Money in Your Contract**

During the accumulation phase and prior to the Death Benefit becoming payable, you may request a partial Withdrawal of your Contract Value or a full Surrender in exchange for the Surrender Value at any time by submitting Notice. If the Contract has Joint Owners, both Owners must consent to any Withdrawal. Your Contract Value, Strategy Interim Values and Strategy Base Values for each Indexed Crediting Rate Strategy will decline whenever you take partial Withdrawals.

A Withdrawal from an Indexed Crediting Rate Strategy is based on the portion of your Contract Value in the Indexed Crediting Rate Strategy, which may be based on your Strategy Interim Values,, which may be more or less than the Strategy Base Values. This means a full Withdrawal from an Indexed Crediting Rate Strategy may result in you receiving an amount that is less than the current Strategy Base Value.

If you take a partial Withdrawal and, immediately after the Withdrawal, your Contract Value would be less than $2,000, we reserve the right to instead pay you the Surrender Value and terminate your Contract. If you Surrender your Contract, we will pay you the Surrender Value and terminate your Contract. You may not withdraw any amount greater than your Surrender Value.

Partial Withdrawals and Surrenders may be subject to a Withdrawal Charge, will be based on your Contract Value, which will be its Strategy Interim Value on any day other than the Strategy Start Date and Strategy Maturity Date, and may be subject to taxes and potential tax penalties.

No Withdrawals are permitted after the Annuitization Date or after the Death Benefit becomes payable.

Under normal circumstances, we will make payment of a Withdrawal within seven days. We may defer payments we make under your Contract for up to six months if the insurance regulatory authority of the state in which we issued the Contract approves such deferral. We will apply interest to the deferred payments, if required by state law.

Partial Withdrawals taken from an Indexed Crediting Rate Strategy may negatively impact (perhaps significantly) your Strategy Interim Values for the remainder of the Strategy Period.

**Full Surrenders**

You can Surrender your Contract for its Surrender Value at any time prior to the Annuitization Date and before the Death Benefit becomes payable by sending us Notice. All benefits under the Contract will be terminated as of the Business Day that we process your Surrender request. The Surrender Value will be as of the Business Day that we process the transaction. We will pay you the Surrender Value within seven calendar days thereof.

**Additional Information About Fees**

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making Withdrawals from an Investment Option or from the Contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.**

**The first table describes fees and expenses that you will pay at the time that you buy the Contract, surrender or make Withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Transaction Expenses** | &nbsp;&nbsp;**Transaction Expenses** |
| Sales Load Imposed on Purchases (as a percentage of purchase payments) |  |
| Withdrawal Charge (as a percentage of the amount withdrawn)<sup>(1)</sup> | &nbsp;&nbsp;7.00% |
| Transfer Fee |  |
| Duplicate Contract Fee | &nbsp;&nbsp;$25 |
| Duplicate Report Fee | &nbsp;&nbsp;$25 |

---

(1) The charge percentage is deducted
upon a Withdrawal of amounts in excess of the 10% free withdrawal amount. Important exceptions and limitations may eliminate or reduce
this charge. For a complete description of charges, please see **6. Fees, Charges and Adjustments – Withdrawal Charges** in the
prospectus. See **Appendix B: Material State Variations** in the prospectus for more information.

.

**The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the Contract Value is removed from an Investment Option or from the Contract before the expiration of a specified period.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Adjustments** | &nbsp;&nbsp;**Adjustments** |
| Maximum Potential Loss Due to Strategy Interim Value Adjustment (as a percentage of Contract Value allocated to an Indexed Crediting Rate Strategy)<sup>(1)</sup> | &nbsp;&nbsp;100% |

---

(1) We use the Strategy Interim Values for your Indexed Crediting
 Rate Strategies if you make any Withdrawals (including Surrender of your Contract, including
 if you exercise your right to cancel your contract in a state where we are required to refund
 your Contract Value), annuitize or upon payment of a Death Benefit from an Indexed Crediting
 Rate Strategy on any date prior to the Strategy Maturity Date. The actual amount of the Strategy
 Interim Value calculation is determined by a formula that depends on, among other things, the
 Buffer Percentage or Floor Percentage and how the Index has performed since the Strategy Start
 Date. If you Surrender your Contract, die, annuitize your Contract, or make a Withdrawal from
 an Indexed Crediting Rate Strategy before the Strategy Maturity Date, the Buffer Percentage
 or Floor Percentage will not apply. See **8. Valuing Your Contract – Indexed Crediting Rate Strategy Value** in the prospectus for more information.

**Appendix A: Investment Options Available Under the Contract**

**Indexed Crediting Rate Strategies**

The following is a list of Indexed Crediting Rate Strategies currently available under the Contract. We may change the features of the Indexed Crediting Rate Strategies listed below (including the Index and the current limits on Index gains and losses), offer new Indexed Crediting Rate Strategies and terminate existing Indexed Crediting Rate Strategies. We will provide you with written notice before making any changes other than changes to current limits on Index gains. Information about current limits on Index gains is available at <u>https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf</u>.

**Note: If amounts are removed from an Indexed Crediting Rate Strategy before the end of its Strategy Period, we will use its Strategy Interim Value. This may result in a significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if you waited until the end of the Strategy Period.** 

See **8. The Indexed Crediting Rate Strategies** of the prospectus for a description of the Indexed Crediting Rate Strategies' features. See **6. Fees, Charges and Adjustments** of the prospectus for more information about Strategy Interim Values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index<sup>1</sup>** | **Type of Index** | **Strategy Period** | **Index Crediting<br> Methodology** | **Current Limit on Index<br> Loss (if held until end <br> of Strategy Period)** | **Minimum Limit on Index<br> Gain (for the life of the <br> Indexed Crediting Rate <br> Strategy)** |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Floor Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;0% Floor Percentage<sup>2</sup> | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Guaranteed <br> Annual Cap Rate and Buffer | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Floor Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;0% Floor Percentage<sup>2</sup> | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Nasdaq-100 Index<sup>®</sup> | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Guaranteed <br> Annual Cap Rate and Buffer | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;5% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;3 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Cap Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;6 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;10% Index Participation Rate |
| &nbsp;&nbsp;MSCI EM Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;MSCI EM Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-20% Buffer Percentage | &nbsp;&nbsp;2% Index Cap Rate |
| &nbsp;&nbsp;MSCI EM Index | &nbsp;&nbsp;Market Index | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Point-to-Point | &nbsp;&nbsp;-10% Buffer Percentage | &nbsp;&nbsp;2% Index Trigger Rate<br> Maximum -1% Trigger Threshold |

---

<sup>1</sup> Each Index is a "price return index," not a "total return index," and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

<sup>2</sup> This Indexed Crediting Rate Strategy provides total protection from Index losses at the end of the Strategy Period.

**Each Indexed Crediting Rate Strategy's limit on Index losses is guaranteed not to change for so long as that Indexed Crediting Rate Strategy remains available under the Contract. However, we reserve the right to add and remove Indexed Crediting Rate Strategy as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next. We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. In the future, we may not offer any Indexed Crediting Rate Strategies with Floor Percentages, and we do not guarantee a minimum Strategy Floor for any Indexed Crediting Rate Strategies that we may decide to offer in the future.**

**If we offer a new Indexed Crediting Rate Strategy with an Index Cap Rate in the future, the Guaranteed Minimum Cap Rate will be at least 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. If we offer a new Indexed Crediting Rate Strategy with an Index Participation Rate in the future, the Guaranteed Minimum Participation Rate will be at least 10%. If we offer a new Indexed Crediting Rate Strategy with an Index Trigger Rate in the future, the Guaranteed Minimum Trigger Rate will be at least 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively and the Trigger Threshold will not be greater than -1%. If we offer a new Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Guaranteed Minimum Cap Rate will be at least [2%.] We reserve the right to offer Indexed Crediting Rate Strategies with different types of limits on Index gains.**

**Fixed Crediting Rate Strategy** 

The following is the Fixed Crediting Rate Strategy currently available under the Contract. We may change the features of the Fixed Crediting Rate Strategy listed below, offer new Fixed Crediting Rate Strategies and terminate existing Fixed Crediting Rate Strategies. We will provide you with written notice before doing so.

See **9. The Fixed Crediting Rate Strategy** of the prospectus for a description of the Fixed Crediting Rate Strategy's features.

---

| | | |
|:---|:---|:---|
| **Name** | **Strategy Period** | &nbsp;&nbsp;**Minimum Guaranteed Interest Rate** |
| &nbsp;&nbsp;Fixed Crediting Rate Strategy | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;0.25% |

---

This summary prospectus incorporates by reference the Aspida DreamPath Annuity prospectus and Statement of Additional Information (SAI), both dated September___, 2025,as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.

EDGAR Contract Identifier No. C000256895

## Exhibit 99.27

**Exhibit 99.27(i)**

**COST SHARING AGREEMENT**

THIS COST SHARING AGREEMENT (this **"Agreement")** is made and entered into with an effective date of the 1<sup>st</sup> day of January 2022 (the **"Effective Date"),** by and among Aspida Life Insurance Company **("ALIC"),** Aspida Financial Services, LLC, (the **"AFS"),** Aspida Holdings Ltd. **("Holdings Ltd."),** Aspida Holdings, LLC **("Holdings LLC"),** Aspida Risk Advisors LLC **("ARA"** and together with ALIC, AFS, Holdings Ltd., Holdings LLC and ARA, the **"Aspida Companies")** and their respective direct and indirect subsidiaries and affiliates which have executed signature pages to this Agreement. The Aspida Companies may be individually referred to in this Agreement as a **"Party,"** and collectively the **"Parties".**

**<u>RECITALS</u>**

WHEREAS, the Aspida Companies, on behalf of themselves and their respective subsidiaries and affiliates, desire to have each other continue to perform certain Services (as defined below) on behalf of one another and to the extent practicable, reflect actual costs to the Recipient (as defined below), and are arrived at in a fair and equitable manner;

WHEREAS, ALIC is a corporation domiciled in the state of Michigan;

WHEREAS, certain subsidiaries of Holdings Ltd., who are anticipated to join this Agreement at a later date pursuant to Section 9 below, are Class E insurers under the Insurance Act 1978, and related regulations, as amended **("Insurance Act")** and are licensed and supervised by the Bermuda Monetary Authority **("BMA");**

WHEREAS, ALIC is registered as a domestic insurer under the Michigan Insurance Code of 1956, as amended **("MI Insurance Code"),** and is licensed and supervised by the Michigan Department of Insurance and Financial Services **("MIDIFS");**

WHEREAS, the provision of the Services shall, of necessity, involve a Party rendering such Services (the **"Provider");**

WHEREAS, the receipt of the Services shall, of necessity, involve a Party receiving such Services (each a **"Recipient"** and collectively the **"Recipients");** and

WHEREAS, the Parties desire to properly distribute and allocate expenses related to the Services to the Recipients.

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained in this Agreement, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Services Provided</u>. Provider may provide services listed in **Exhibit A** (the **"Services")** to the Recipients from time to time from the Effective Date until termination in accordance with Section 15 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Ultimate Responsibility</u>. The Parties acknowledge and agree that with respect to any

insurance company receiving the Services, such insurance company shall continue to have ultimate responsibility for the functions being delegated hereunder and will monitor the Services for quality assurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>No Advancement of Funds</u>. The Parties acknowledge and agree that no insurance company receiving
Services under this Agreement will advance funds to an affiliate hereunder except to pay for Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Management of Employees</u>. The Provider's employees shall, at all times, operate under the management
and control of the executive officers of the Provider. The executive officers of the Provider shall maintain the right to hire additional
employees and to otherwise commence any and all necessary and appropriate management action with respect to the Provider's employees performing
the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Warranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provider warrants that it shall perform the Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In accordance with the terms and subject to the conditions set out in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Using personnel of commercially reasonable skill, experience, and qualifications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In a timely and professional manner in accordance with generally recognized industry standards for similar
services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provider's sole and exclusive liability and Recipients' sole
and exclusive remedy for breach shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provider shall use reasonable commercial efforts to promptly cure any such breach; provided, that if Provider
cannot cure such breach within a reasonable time (but no more than thirty (30) days) after Recipients' written notice of such breach,
such Recipient may, at its option, cease to participate in this Agreement by serving written notice of termination of its participation
to the Provider and the other Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event this Agreement is terminated, Provider shall within ninety (90) days after the effective
date of termination, refund to Recipients any fees paid by such Recipient as of the date of termination for the Services that were not
rendered. The foregoing remedy shall not be available unless such Recipient provides written notice of such breach within ninety (90)
days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. PROVIDER MAKES NO WARRANTIES EXCEPT FOR THOSE PROVIDED IN SECTION 3.a.
ALL OTHER WARRANTIES, EXPRESS AND IMPLIED, ARE EXPRESSLY DISCLAIMED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Costs Not Subject to Allocation</u>. The Parties may determine that an expense item or group of expenses
are one hundred percent (100%) chargeable to a specific Recipient and are therefore not

subject to allocation or cost sharing amongst the other Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Allocation of Costs and Allocation Methods</u>. Costs associated with the Services shall be allocated
to the Recipients based on standard allocation techniques and procedures fairly applied and acceptable under general cost accounting techniques
and procedures. The books, accounts and records shall be so maintained as to clearly and accurately disclose the nature and details of
the transactions including such accounting information as is necessary to support the expenses apportioned to the respective Parties.
The following methods or some combination thereof, shall be used as appropriate to allocate expenses to the Recipients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Special Cost Studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Individual Time Estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Policies in Force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Direct Written Premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Paid Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Prices for similar services performed by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Pro rata share of the Provider's employees, or their salaries; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any other method agreed to by the Parties that are in conformity with NAIC statutory accounting principles,
the Insurance Act, the MI Insurance Code, applicable guidance or policies issued by the BMA or the MIDIFS, transfer pricing requirements,
or other accounting principles or requirements, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Maintenance and Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Provider shall maintain expenses for operational and administrative Services provided hereunder in
sufficient detail to facilitate proper allocation to the Recipients, including the cost allocation methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Recipients shall remit payment of all amounts due and payable within sixty (60) calendar days of the
end of the month in which such benefit has been delivered. Intercompany transactions are recorded to facilitate the transactions between
affiliated companies and are settled with cash. Estimated settlements may be executed as needed to maintain equity of cash flows in accordance
with treasury policy and cash management principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All amounts collected by a Provider on behalf of a Recipient during the term of this Agreement shall be
held by such Provider in a fiduciary capacity until paid over to the Recipient entitled thereto pursuant to this Agreement; provided that
any premiums collected by a Provider on behalf of a Recipient shall be paid to such Recipient within fifteen (15) days of receipt by the
Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Chief Financial Officer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Chief Financial Officer of Holdings Ltd. (the **"CFO")** or the CFO's duly authorized
representative (the **"Representative")** shall be responsible for allocation of expenses to the Receiving Parties. The CFO
or the Representative may seek input from other areas but shall make the ultimate decision regarding the allocation of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It shall be the responsibility of the CFO or the Representative to maintain fairness and equity of expense
allocations and to ensure that such allocations are in conformity with customary insurance accounting practices consistently applied and
in accordance with NAIC guidelines. It is the intention of the Parties that the Services provided under this Agreement will be provided
at cost without an allowance for profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Disputes Regarding Allocation</u>. If a dispute arises between the Parties regarding the allocation of expenses and cannot be resolved between
the Parties and the CFO or the Representative, the executive officers of the Parties may, at their option, negotiate a settlement related
thereto. The CFO or the Representative shall be responsible for the operational aspects of any such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Future Corporate Structure Changes</u>. Unless otherwise agreed to by the Parties, (a) any legal entity that in the future becomes a direct
or indirect subsidiary or affiliate of a Recipient after the Effective Date, shall, subject to the receipt of any acknowledgements, consents,
or approvals required under applicable state or federal law, become a Party hereunder upon execution of a Joinder Agreement substantially
in the form of Exhibit B attached hereto, and (b) any Party that ceases to be a direct or indirect subsidiary or affiliate
of a Recipient after the Effective Date shall automatically be removed as a Party without the need for the execution and delivery of
any additional instrument, certificate, agreement or other document, and a result of such removal, shall no longer be subject to the
terms and conditions of this Agreement. Additionally, any existing legal entity that is a direct or indirect subsidiary or affiliate
of a Recipient under this Agreement may become a Party hereunder upon execution of a Joinder Agreement substantially in the form of Exhibit B
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Term</u>.
The term of this Agreement shall commence on the Effective Date and shall remain in effect unless otherwise terminated pursuant to Section 15.
Notwithstanding the foregoing, the Parties agree to use their commercially reasonable efforts to renegotiate the terms of this Agreement
at least once every three (3) years during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IN NO EVENT SHALL PROVIDER BE LIABLE TO RECIPIENT OR TO ANY
THIRD PARTY FOR ANY LOSS OF USE, REVENUE OR PROFIT OR LOSS OF DATA OR DIMINUTION IN VALUE, OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT,
EXEMPLARY, SPECIAL, OR PUNITIVE DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, REGARDLESS
OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER OR NOT PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING
THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. IN NO EVENT SHALL PROVIDER'S AGGREGATE LIABILITY ARISING OUT
OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE,
EXCEED THE AGGREGATE AMOUNTS PAID OR PAYABLE TO PROVIDER IN THE SIX (6) MONTH PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendments</u>. This Agreement may be amended, modified,
or supplemented at any time by mutual consent of the Parties; <u>provided, however,</u> that any such amendment, modification or supplement
must be in writing, executed by the Parties. Notwithstanding the foregoing, and except as otherwise agreed to by the Parties, an amendment,
modification or supplement to this Agreement with respect to particular Parties affected by such amendment, modification or supplement
is effective as it relates to such particular Parties; <u>provided, however,</u> that any such amendment, modification, or supplement
is in writing and executed by the affected Parties, and the Agreement shall remain in full force and effect with respect to the remaining
Parties to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>.
This Agreement and any and all addenda, schedules or exhibits attached to this Agreement constitute the entire agreement among the Parties
with respect to the subject matter of this Agreement and supersede all previous proposals, negotiations, representations, commitments,
writings and all other communications among the Parties with respect to the subject matter of this Agreement, both oral and written.
In the event of any conflict between this Agreement and any other prior agreements or understandings, the terms of this Agreement shall
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Non-Assignability</u>.
The rights, obligations, duties, and authority under this Agreement are not assignable by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be terminated by the mutual agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The participation of a Recipient in this Agreement may be terminated by any such Recipient (i) upon
ninety (90) days prior written notice by the terminating Recipient to the other Parties or (ii) at an earlier time, upon the mutual
agreement of such Recipient, the Provider, and other Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of Michigan, excluding the choice
of law rules thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Records</u>. All
books and records of a specific insurance company's business (including all books and records developed or maintained under or related
to this Agreement) are owned by, and are the property of, the specific insurance company and shall remain under the control of such insurance
company. As a general matter, each individual insurance company and all appropriate regulatory authorities shall have access to all records
relating to the business within a reasonable time, such timeframe to depend upon the nature and complexity of the request and the physical
location of such records at the time of the request. In the event any Party that is an insurance company is placed in receivership or
seized by MIDIFS, the BMA, or other regulatory authority,

as applicable, (i) all of the rights of such insurance under this Agreement shall extend to the receiver, MIDIFS, the BMA, or other regulatory authority, as applicable and (ii) all books and records of such insurance company will immediately be made available to the receiver, MIDIFS, the BMA, or other regulatory authority, as applicable, and shall be turned over to such receiver or other regulatory authority immediately upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notices</u>. Any notice, demand or communication required,
permitted, or desired to be given hereunder shall be deemed effectively given when personally delivered, when received by telegraphic
or other electronic means (including email or facsimile) or overnight courier, or five (5) calendar days after being deposited in
the United States mail, with postage prepaid thereon, certified or registered mail, return receipt requested, addressed as follows:

<u>If to Aspida Life Insurance Company:</u> 

Aspida Life Insurance Company

2327 Englert Drive

Durham, NC 27713

Attention: Telephone No.: (919) 205-0669

Email: legal.notices@aspida.com

<u>If to Aspida Financial Services, LLC</u>

Aspida Financial Services, LLC<br> 2327 Englert Drive

Durham, NC 27713

Attention: Legal Department<br> Telephone No.: (919) 246-3358<br> Email: legal.notices@aspida.com

<u>If to Aspida Holdings Ltd.</u> 

Aspida Holdings Ltd.

22 Victoria Street, Canon's Court

Hamilton, Bermuda HM 12

Attn: Lou Hensley

Telephone: (919) 864-2407

Email: lou.hensley@aspida.com

<u>If to Aspida Holdings, LLC</u> 

Aspida Holdings LLC

2000 Avenue of the Stars, 12th Floor

Los Angeles, CA 90067

Attn: Legal Department

Telephone: (919) 246-3358

Email: legal.notices@aspida.com

<u>If to Aspida Risk Advisors LLC</u>

Aspida Risk Advisors LLC

2000 Avenue of the Stars, 12<sup>th</sup> Floor

Los Angeles, CA 90067

Attn: Anton Feingold

Telephone: (310) 201-4166

Email: legal.notices@aspida.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>.
Except as otherwise provided in this Agreement, in the event that any provision of this Agreement is declared null and void by any court
of law, the remainder of the provisions of this Agreement shall remain in full force and effect.

*[The rest of this page is intentionally left blank; Signature page follows.]*

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the Effective Date first written above.

---

| | |
|:---|:---|
| **ASPIDA FINANCIAL SERVICES, LLC** | **ASPIDA HOLDINGS, LLC** |
| ![](tm2518749d1_ex99-27xiimg001.jpg) | ![](tm2518749d1_ex99-27xiimg001.jpg) |
| Name: Lou Hensley | Name: Lou Hensley |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |
| **ASPIDA HOLDINGS LTD.** | **ASPIDA RISK ADVISORS, LLC.** |
| ![](tm2518749d1_ex99-27xiimg001.jpg) | ![](tm2518749d1_ex99-27xiimg001.jpg) |
| Name: Lou Hensley | Name: Lou Hensley on behalf of the Sole Member |
| Title: Chief Executive Officer and President | Title: CEO and President of Aspida Holdings, LLC, the Sole Member of Aspida Risk Advisors, LLC |
| **ASPIDA LIFE INSURANCE COMPANY** |  |
| ![](tm2518749d1_ex99-27xiimg001.jpg) |  |
| Name: Lou Hensley |  |
| Title: Chief Executive Officer and President |  |

---

**<u>Exhibit A</u>**

<u>Services</u> 

<u>Operational Services</u>. The Provider's employees may perform some or all of the following operational services on behalf of the Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Field acquisition services (including, but not limited to advertising, solicitation and underwriting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Policy processing and administration services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Data processing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Accounting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Actuarial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment accounting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Cyber security protection services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Information technology services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Other necessary operational services or functions.

<u>Administrative Services</u>. The Provider's employees may perform some or all of the following administrative services on behalf of the Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Payroll administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Benefits administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Investment administration (however, in the performance of such services, and the investment services stated
in Section iv. above, the deposit and maintenance of all individual insurance company's funds and assets shall be in accounts in
the insurance company's own name and all such funds and assets are the exclusive property of the insurer, held for the benefit of the
insurer and are subject to the control of the insurer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Legal and compliance administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Internal audit administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Human resource administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Communications administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Financial administration (including, but not limited to, treasury services, financial reporting, management
reporting, financial planning, budgeting, tax planning, consulting and reporting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Cash administration services (including, but not limited
to, the collection of cash, the transfer of premium receivables, the payment of claims and other expenses and the establishment of bank
accounts for such purposes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Other necessary administrative services.

As to the Administrative Services mentioned in Item (iii) above, all investments made by ALIC must be made in accordance with the applicable provisions of Chapter 9 of the Michigan Insurance Code of 1956 and related regulations.

**<u>EXHIBIT B</u>**

JOINDER AGREEMENT

Pursuant to, and in accordance with, Section 9 of the Cost Sharing Agreement made effective as of the 1st day of January, 2022 by and among Aspida Life Insurance Company, Aspida Financial Services, LLC, Aspida Holdings Ltd., Aspida Holdings, LLC and Aspida Risk Advisors LLC (the "<u>Cost Sharing Agreement</u>"), [<u>COMPANY NAME</u>] (the "<u>New Party</u>") hereby acknowledges that it has received and reviewed a complete copy of the Cost Sharing Agreement and agrees that upon execution and delivery of this Joinder Agreement, such New Party shall become a party to the Cost Sharing Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Cost Sharing Agreement as though an original party thereto.

Notices provided to [COMPANY NAME] pursuant to Section 18 of the Cost Sharing Agreement shall be sent to the physical and email address provided below.

[COMPANY NAME]

[COMPANY ADDRESS]<br> [COMPANY ATTN]

[EMAIL]

[TELEPHONE NUMBER]

[<u>COMPANY NAME</u>]<br> (the "New Party")

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

## Exhibit 99.27

**Exhibit 99.27(k)**

August 28, 2025

Aspida Life Insurance Company<br> 2327 Englert Drive

Durham, NC 27713

---

| | |
|:---|:---|
| **Re:** | **Aspida** **Life Insurance Company Registration Statement on Form N-4;** |
|  | **File No. 333-283346** |

---

Ladies and Gentlemen:

This opinion is furnished in connection with the filing by Aspida Life Insurance Company (the "Company") of the above-referenced Registration Statement under the Securities Act of 1933 for the Individual Single Premium Deferred Index-Linked Annuity Contracts (the "Contracts") offered and funded by the Company. I have examined, or persons on my staff have examined, such documents and laws as I considered necessary and appropriate. On the basis of such examination, it is my opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Company was organized in accordance with the laws of the State of California and re-domesticated
 in accordance with the laws of the State of Michigan and is a duly authorized stock life
 insurance company under the laws of Michigan and the laws of those states in which the Company
 is admitted to do business.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Company is authorized to issue the Contracts in those states in which it is admitted and
 where the issuance and sale of the Contracts is authorized by each applicable state insurance
 regulator.

&nbsp;&nbsp;&nbsp;&nbsp;3. Each
 Contract, when issued and sold pursuant to the terms described in the Registration Statement,
 and when authorized for issue and sale by each applicable state insurance regulator, will
 constitute a validly issued and binding obligation enforceable against the Company in accordance
 with the terms of the Contract, subject, as to enforceability, to applicable bankruptcy,
 insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors'
 rights generally from time to time in effect, and to general principles of equity (regardless
 of whether enforceability is considered in a proceeding in equity or at law).

I hereby consent to the use of this opinion as an exhibit to said Registration Statement.

---

| |
|:---|
| Sincerely, |
| <u>/s/ Taiesha McBroom</u> |
| Taiesha McBroom |
| Chief Legal Officer and Secretary |

---

## Exhibit 99.27

**Exhibit 99.27(l)**

Consent of Independent Auditor

We consent to the references to our firm under the caption Independent Auditors in the Statement of Additional Information, dated September 15, 2025, and included in this Pre-Effective Amendment No. 1 to the Registration Statement (Form N-4), File No. 333-283346 of Aspida Life Insurance Company (the "Registration Statement").

We also consent to the use of our report dated May 22, 2025, with respect to the statutory-basis financial statements of Aspida Life Insurance Company, for the year ended December 31, 2024, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Charlotte, North Carolina

August 29, 2025