# EDGAR Filing Document

**Accession Number:** 0000938474
**File Stem:** 0001628280-26-028667
**Filing Date:** 2026-4
**Character Count:** 280825
**Document Hash:** 47ab2e7437d8fc8cc645c856ccf8e904
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-028667.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001628280-26-028667

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SECURITY LIFE SEPARATE ACCOUNT S-A1
- **CENTRAL INDEX KEY:** 0000938474

**ORGANIZATION NAME:**
- **EIN:** 840499703
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08976
- **FILM NUMBER:** 26921517

**BUSINESS ADDRESS:**
- **STREET 1:** 7535 EAST HAMPDEN AVE STE 400, RM 446
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80231
- **BUSINESS PHONE:** 800-525-9852

**MAIL ADDRESS:**
- **STREET 1:** 7535 EAST HAMPDEN AVE STE 400, RM 446
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHLAND SEPARATE ACCOUNT A1
- **DATE OF NAME CHANGE:** 19950221

## Series and Classes Contracts Data

### SECURITY LIFE SEPARATE ACCOUNT S-A1 (Series ID: S000001483)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000003992 | The Future Dimensions Variable Annuity |  |

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of Security Life of Denver Insurance Company and Policyholders of Security Life Separate Account S-A1

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities for each of the divisions of Security Life Separate Account S-A1 (the "Separate Account") listed in Appendix A, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods presented in Appendix A and the related notes. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of each of the divisions of the Separate Account as of December 31, 2025, and the results of its operations, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, presented in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the underlying mutual fund. We believe that our audits provide a reasonable basis for our opinion.

/s/Deloitte & Touche LLP

Chicago, Illinois

April 24, 2026

We have served as the auditor of Security Life Separate Account S-A1 since 2021.

------

**Security Life Separate Account S-A1** 

**APPENDIX A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Division** | **Statements of Assets and Liabilities as of** | **Statements of Operations for the Year ended** | **Statements Of Changes in Net Assets for the Two Years ended** | **Financial Highlights for Five Years Ended** |
| Invesco V.I. Core Equity Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya Intermediate Bond Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya Government Liquid Assets Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya High Yield Portfolio – Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya Large Cap Growth Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya U.S. Stock Index Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya Global Insights Portfolio – Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| VY® Invesco Equity and Income Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya International Index Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | For the period from July 8, 2022, to December 31, 2022, For the year ended December 31, 2023, For the year ended December 31, 2024, and for the year ended December 31, 2025 |
| Voya Index Plus MidCap Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | For the period from <br>January 24, 2025, to December 31, 2025 |
| Voya Index Plus SmallCap Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | For the period from <br>January 24, 2025, to December 31, 2025 |
| Voya Russell™ Large Cap Growth Index Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Voya Russell™ Large Cap Value Index Portfolio - Class I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Assets and Liabilities**

**December 31, 2025**

*(Dollars in thousands, except number of shares)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Core Equity Fund - Series I** | **Voya Intermediate Bond Portfolio - Class I** | **Voya Government Liquid Assets Portfolio - Class I** | **Voya High Yield Portfolio - Class I** | **Voya Large Cap Growth Portfolio - Class I** |
| **Assets** | | | | | |
| Investments in mutual funds |  |  |  |  |  |
| at fair value | $65 | $43 | $91 | $18 | $432 |
| Total assets | 65 | 43 | 91 | 18 | 432 |
| **Net assets** | $65 | $43 | $91 | $18 | $432 |
| Total number of mutual fund shares | 1817 | 3899 | 91371 | 2030 | 22860 |
| Cost of mutual fund shares | $54 | $51 | $91 | $19 | $344 |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Assets and Liabilities**

**December 31, 2025**

*(Dollars in thousands, except number of shares)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Voya U.S. Stock Index Portfolio - Class I** | **Voya Global Insights Portfolio - Class I** | **VY® Invesco Equity and Income Portfolio - Class I** | **Voya International Index Portfolio - Class I** | **Voya Index Plus MidCap Portfolio - Class I\*** |
| **Assets** | | | | | |
| Investments in mutual funds |  |  |  |  |  |
| at fair value | $95 | $116 | $23 | $67 | $271 |
| Total assets | 95 | 116 | 23 | 67 | 271 |
| Net assets | $95 | $116 | $23 | $67 | $271 |
| Total number of mutual fund shares | 4489 | 10734 | 697 | 4714 | 12776 |
| Cost of mutual fund shares | $76 | $133 | $26 | $45 | $283 |
| \*Fund opened on 1/24/2025 |  |  |  |  |  |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Assets and Liabilities**

**December 31, 2025**

*(Dollars in thousands, except number of shares)*

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Index Plus SmallCap Portfolio - Class I \*** | **Voya Russell™ Large Cap Growth Index Portfolio - Class I** | **Voya Russell™ Large Cap Value Index Portfolio - Class I** |
| **Assets** | | | |
| Investments in mutual funds |  |  |  |
| at fair value | $114 | $520 | $183 |
| Total assets | 114 | 520 | 183 |
| Net assets | $114 | $520 | $183 |
| Total number of mutual fund shares | 4930 | 6015 | 6638 |
| Cost of mutual fund shares | $114 | $205 | $143 |
| \*Fund opened on 1/24/2025 |  |  |  |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Operations**

**For the Year Ended December 31, 2025**

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Core Equity Fund - Series I** | **Voya Intermediate Bond Portfolio - Class I** | **Voya Government Liquid Assets Portfolio - Class I** | **Voya High Yield Portfolio - Class I** | **Voya Large Cap Growth Portfolio - Class I** |
| **Net investment income (loss)** | | | | | |
| Investment income: |  |  |  |  |  |
| Dividends | $— | $2 | $3 | $1 | $— |
| Expenses: |  |  |  |  |  |
| Mortality and expense risk charges | 1 | 1 | 1 |  | 6 |
| Total expenses | 1 | 1 | 1 |  | 6 |
| Net investment income (loss) | (1) | 1 | 2 | 1 | (6) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| **on investments** |  |  |  |  |  |
| Net realized gain (loss) on investments |  |  |  |  | (11) |
| Capital gains distributions | 5 |  |  |  | 43 |
| Total realized gain (loss) on investments |  |  |  |  |  |
| and capital gains distributions | 5 |  |  |  | 32 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) of investments | 4 | 1 |  |  | 18 |
| Net realized and unrealized gain (loss) |  |  |  |  |  |
| on investments | 9 | 1 |  |  | 50 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | $8 | $2 | $2 | $1 | $44 |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Operations**

**For the Year Ended December 31, 2025**

*(Dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Voya U.S. Stock Index Portfolio - Class I** | **Voya Global Insights Portfolio - Class I** | **VY® Invesco Equity and Income Portfolio - Class I** | **Voya International Index Portfolio - Class I** | **Voya Index Plus MidCap Portfolio - Class I\*** |
| **Net investment income (loss)** | | | | | |
| Investment income: |  |  |  |  |  |
| Dividends | $1 | $— | $— | $1 | $2 |
| Expenses: |  |  |  |  |  |
| Mortality and expense risk charges | 1 | 1 |  |  | 4 |
| Total expenses | 1 | 1 |  |  | 4 |
| Net investment income (loss) |  | (1) |  | 1 | (2) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| **on investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 2 | (16) |  |  | (1) |
| Capital gains distributions | 9 | 7 | 6 |  | 18 |
| Total realized gain (loss) on investments |  |  |  |  |  |
| and capital gains distributions | 11 | (9) | 6 |  | 17 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) of investments | 2 | 31 | (4) | 14 | (12) |
| Net realized and unrealized gain (loss) |  |  |  |  |  |
| on investments | 13 | 22 | 2 | 14 | 5 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | $13 | $21 | $2 | $15 | $3 |
| \*Fund opened on 1/24/2025 |  |  |  |  |  |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Operations**

**For the Year Ended December 31, 2025**

*(Dollars in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Index Plus SmallCap Portfolio - Class I\*** | **Voya Russell™ Large Cap Growth Index Portfolio - Class I** | **Voya Russell™ Large Cap Value Index Portfolio - Class I** |
| **Net investment income (loss)** | | | |
| Investment income: |  |  |  |
| Dividends | $1 | $1 | $12 |
| Expenses: |  |  |  |
| Mortality and expense risk charges | 2 | 7 | 3 |
| Total expenses | 2 | 7 | 3 |
| Net investment income (loss) | (1) | (6) | 9 |
| **Realized and unrealized gain (loss)** |  |  |  |
| **on investments** |  |  |  |
| Net realized gain (loss) on investments | (2) | 18 | 1 |
| Capital gains distributions | 6 | 44 | 30 |
| Total realized gain (loss) on investments |  |  |  |
| and capital gains distributions | 4 | 62 | 31 |
| Net change in unrealized appreciation |  |  |  |
| (depreciation) of investments |  | 15 | (14) |
| Net realized and unrealized gain (loss) |  |  |  |
| on investments | 4 | 77 | 17 |
| Net increase (decrease) in net assets |  |  |  |
| resulting from operations | $3 | $71 | $26 |
| \*Fund opened on 1/24/2025 |  |  |  |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Changes in Net Assets**

**For the Years Ended December 31, 2025 and 2024**

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco V.I. Core Equity Fund - Series I** | **Voya Intermediate Bond Portfolio - Class I** | **Voya Government Liquid Assets Portfolio - Class I** | **Voya High Yield Portfolio - Class I** |
| **Net assets at January 1, 2024** | $46 | $40 | $87 | $13 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) |  | 1 | 3 | 1 |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions | 4 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments | 7 | (1) |  |  |
| Net increase (decrease) in net assets resulting from operations | 11 |  | 3 | 1 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals |  |  | (1) |  |
| Transfers between Divisions (including fixed account), net |  | 1 |  | 2 |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions |  | 1 | (1) | 2 |
| Total increase (decrease) in net assets | 11 | 1 | 2 | 3 |
| **Net assets at December 31, 2024** | 57 | 41 | 89 | 16 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | (1) | 1 | 2 | 1 |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions | 5 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments | 4 | 1 |  |  |
| Net increase (decrease) in net assets resulting from operations | 8 | 2 | 2 | 1 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals |  |  |  |  |
| Transfers between Divisions (including fixed account), net |  |  |  | 1 |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions |  |  |  | 1 |
| Total increase (decrease) in net assets | 8 | 2 | 2 | 2 |
| **Net assets at December 31, 2025** | $65 | $43 | $91 | $18 |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Changes in Net Assets**

**For the Years Ended December 31, 2025 and 2024**

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Large Cap Growth Portfolio - Class I** | **Voya U.S. Stock Index Portfolio - Class I** | **Voya Global Insights Portfolio - Class I** | **VY® Invesco Equity and Income Portfolio - Class I** |
| **Net assets at January 1, 2024** | $335 | $75 | $102 | $19 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | (6) |  | (2) |  |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions | (2) | 7 | 61 | 1 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments | 118 | 10 | (52) |  |
| Net increase (decrease) in net assets resulting from operations | 110 | 17 | 7 | 1 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals | (1) |  |  |  |
| Transfers between Divisions (including fixed account), net | (5) |  | 2 | 1 |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions | (6) |  | 2 | 1 |
| Total increase (decrease) in net assets | 104 | 17 | 9 | 2 |
| **Net assets at December 31, 2024** | 439 | 92 | 111 | 21 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | (6) |  | (1) |  |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions | 32 | 11 | (9) | 6 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments | 18 | 2 | 31 | (4) |
| Net increase (decrease) in net assets resulting from operations | 44 | 13 | 21 | 2 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals | (50) | (10) | (15) |  |
| Transfers between Divisions (including fixed account), net | (1) |  | (1) |  |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions | (51) | (10) | (16) |  |
| Total increase (decrease) in net assets | (7) | 3 | 5 | 2 |
| **Net assets at December 31, 2025** | $432 | $95 | $116 | $23 |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Changes in Net Assets**

**For the Years Ended December 31, 2025 and 2024**

*(Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya International Index Portfolio - Class I** | **Voya Index Plus MidCap Portfolio - Class I\*** | **Voya Index Plus SmallCap Portfolio - Class I\*** | **Voya Russell™ Large Cap Growth Index Portfolio - Class I** |
| **Net assets at January 1, 2024** | $51 | $— | $— | $357 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | 1 |  |  | (5) |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions |  |  |  | 25 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments |  |  |  | 95 |
| Net increase (decrease) in net assets resulting from operations | 1 |  |  | 115 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals |  |  |  | (2) |
| Transfers between Divisions (including fixed account), net |  |  |  | (5) |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions |  |  |  | (7) |
| Total increase (decrease) in net assets | 1 |  |  | 108 |
| **Net assets at December 31, 2024** | 52 |  |  | 465 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | 1 | (2) | (1) | (6) |
| Total realized gain (loss) on investments |  |  |  |  |
| and capital gains distributions |  | 17 | 4 | 62 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) of investments | 14 | (12) |  | 15 |
| Net increase (decrease) in net assets resulting from operations | 15 | 3 | 3 | 71 |
| Changes from principal transactions: |  |  |  |  |
| Surrenders & withdrawals |  | (4) | (8) | (13) |
| Transfers between Divisions (including fixed account), net |  | 271 | 119 | (3) |
| Increase (decrease) in net assets |  |  |  |  |
| derived from principal transactions |  | 268 | 111 | (16) |
| Total increase (decrease) in net assets | 15 | 271 | 114 | 55 |
| **Net assets at December 31, 2025** | $67 | $271 | $114 | $520 |
| \*Fund opened on 1/24/2025 |  |  |  |  |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Statements of Changes in Net Assets**

**For the Years Ended December 31, 2025 and 2024**

*(Dollars in thousands)*

---

| | |
|:---|:---|
| | **Voya Russell™ Large Cap Value Index Portfolio - Class I** |
| **Net assets at January 1, 2024** | $140 |
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| Net investment income (loss) | 1 |
| Total realized gain (loss) on investments |  |
| and capital gains distributions | 4 |
| Net change in unrealized appreciation |  |
| (depreciation) of investments | 14 |
| Net increase (decrease) in net assets resulting from operations | 19 |
| Changes from principal transactions: |  |
| Surrenders & withdrawals |  |
| Transfers between Divisions (including fixed account), net |  |
| Increase (decrease) in net assets |  |
| derived from principal transactions |  |
| Total increase (decrease) in net assets | 19 |
| **Net assets at December 31, 2024** | 159 |
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| Net investment income (loss) | 9 |
| Total realized gain (loss) on investments |  |
| and capital gains distributions | 31 |
| Net change in unrealized appreciation |  |
| (depreciation) of investments | (14) |
| Net increase (decrease) in net assets resulting from operations | 26 |
| Changes from principal transactions: |  |
| Surrenders & withdrawals | (1) |
| Transfers between Divisions (including fixed account), net | (1) |
| Increase (decrease) in net assets |  |
| derived from principal transactions | (2) |
| Total increase (decrease) in net assets | 24 |
| **Net assets at December 31, 2025** | $183 |

---

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

**1. Organization**

Security Life of Denver Insurance Company Security Life Separate Account S-A1 (the "Account") was established by a predecessor of Security Life of Denver Insurance Company ("SLD" or the "Company") on February 25, 1994 to support the operations of The Future Dimensions Variable Annuity contracts ("Contracts"). The Account is closed to new deposits and new policyholders. The Company is an indirect, wholly owned subsidiary of Resolution Life U.S. Holdings, Inc. ("Resolution Life US"), a Delaware corporation.

Prior to January 4, 2021, the Company was an indirect, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial"). On January 4, 2021, Voya Financial consummated a series of transactions pursuant to a Master Transaction Agreement entered into on December 18, 2019 with Resolution Life US, pursuant to which Resolution Life US acquired all of the shares of the capital stock of several subsidiaries of Voya Financial.

The Account is engaged in a single line of business and is registered as a unit investment trust with the Securities Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended. SLD provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the fixed account (an investment option in the Company's general account), as directed by the contract owners. The portion of the Account's assets applicable to Contracts will not be charged with liabilities arising out of any other business SLD may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of SLD. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of SLD.

At December 31, 2025, the Account had 13 investment divisions ("Divisions") which invest in independently managed mutual funds. The assets in each Division are invested in shares of a designated fund ("Fund") of various investment trusts ("Trusts"). Each Division of the Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker ("CODM") manages the activities of the Account using information of each Division. The Account's policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2).

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

The Divisions with asset balances at December 31, 2025 and related Trusts are as follows:

---

| | |
|:---|:---|
| **AIM Variable Insurance Funds:** | **Voya Partners, Inc.:** |
| &nbsp;&nbsp;Invesco V.I. Core Equity Fund - Series I | &nbsp;&nbsp;Voya Global Insights Portfolio - Class I |
| **Voya Intermediate Bond Portfolio:** | &nbsp;&nbsp;VY® Invesco Equity and Income Portfolio - Class I |
| &nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class I | **Voya Variable Portfolios, Inc.:** |
| **Voya Investors Trust:** | &nbsp;&nbsp;Voya International Index Portfolio - Class I |
| &nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Class I | &nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class I |
| &nbsp;&nbsp;Voya High Yield Portfolio - Class I | &nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class I |
| &nbsp;&nbsp;Voya Large Cap Growth Portfolio - Class I | &nbsp;&nbsp;Voya Russell™ Large Cap Growth Index Portfolio - Class I |
| &nbsp;&nbsp;Voya U.S. Stock Index Portfolio - Class I | &nbsp;&nbsp;Voya Russell™ Large Cap Value Index Portfolio - Class I |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2025, the following Division was closed to contract owners:

---

| | |
|:---|:---|
| | **Fund Closure Date** |
| **Voya Investors Trust:** | |
| &nbsp;&nbsp;VY® JPMorgan Small Cap Core Equity Portfolio - Class I | &nbsp;&nbsp;&nbsp;1/24/2025 |
| **Voya Partners, Inc.:** | |
| &nbsp;&nbsp;VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class I | &nbsp;&nbsp;&nbsp;1/24/2025 |

---

During 2025, the following Division was opened to contract owners

---

| | |
|:---|:---|
| | **Fund Open Date** |
| **Voya Variable Portfolios, Inc.:** | |
| &nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class I | &nbsp;&nbsp;&nbsp;1/24/2025 |
| &nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class I | &nbsp;&nbsp;&nbsp;1/24/2025 |

---

*Basis of Presentation*

The Account's financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP"). The principal accounting policies applied in the preparation of these financial statements are set out in Note 2.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Significant Accounting Policies**

The following is a summary of the significant accounting policies of the Account:

*Use of Estimates*

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

*Investments*

Investments made in shares of the respective Funds within each Division are recorded at fair value, determined by the net asset value per share of the respective Fund. Investment transactions are recorded on the trade date. Distributions of net investment income and capital gains are recognized on the ex-distribution date. Realized gains and losses on redemptions of shares are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

*Federal Income Taxes*

Operations of the Account form a part of, and are taxed with, the total operations of SLD, which is taxed as a life insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of SLD, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Account.

*Contract Owner Reserves*

The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Divisions. To the extent that benefits to be paid to the contract owners exceed their account values, SLD will contribute additional amounts to fund the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to SLD. All Contracts in the Account are currently in the accumulation period. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

*Changes from Principal Transactions*

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including surrenders and withdrawals. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) SLD related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by SLD).

*Segment Reporting*

The Divisions CODM are the President, Chief Legal Officer and Chief Compliance Officer as the Account does not have employees and is not a separate legal entity. The CODM uses Increase (decrease) in net assets resulting from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the Divisions within the Account. The measure of segment assets is reported on the Statements of Assets and Liabilities as Net Assets. Refer to the Statements of Operations and Changes in Net Assets for each Division's operating segment and related footnotes. All assets and revenue is generated in the US and there is no customer greater than 10% of the results for all periods presented.

*Subsequent Events*

The Account has evaluated all events through the date the financial statements were issued to determine whether any event required either recognition or disclosure in the financial statements. The Account is not aware of any subsequent events that would have a material effect on the financial statements of the Account.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Instruments**

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values ("NAV"). The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account's assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2025 based on the priority of the inputs to the valuation technique below. There were no transfers among the levels for the year ended December 31, 2025. The Account had no liabilities as of December 31, 2025.

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly. Level 2 inputs include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Quoted prices for similar assets or liabilities in active markets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Inputs other than quoted market prices that are observable; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management's own judgments about the assumptions that market participants would use in valuing the asset or liability.

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Charges and Fees**

Under the terms of the Contracts, certain charges and fees are incurred by the Contracts to cover SLD's expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges and fees:

*Mortality and Expense Risk Charges*

SLD assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at an annual rate up to 1.37% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.

*Asset Based Administrative Charges*

A charge to cover administrative expenses of the Account is deducted at an annual rate of 0.15% of the assets attributable to the Contracts. These charges are assessed through a reduction in unit values.

*Contract Maintenance Charges*

An annual Contract maintenance fee of up to $30 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contract. These charges are assessed through the redemption of units.

*Contingent Deferred Sales Charges*

For certain Contracts, a contingent deferred sales charge ("Surrender Charge") is imposed as a percentage that ranges up to 7.00% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken, as specified in the Contract. These charges are assessed through the redemption of units.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

*Fees Waived by SLD*

Certain charges and fees for various types of Contracts may be waived by SLD. SLD reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

**5. Purchases and Sales of Investment Securities**

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 follow:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* |
| **AIM Variable Insurance Funds:** |  |  |
| &nbsp;&nbsp;Invesco V.I. Core Equity Fund - Series I | $6 | $2 |
| **Voya Intermediate Bond Portfolio:** |  |  |
| &nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class I | 2 | 1 |
| **Voya Investors Trust:** |  |  |
| &nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Class I | 4 | 1 |
| &nbsp;&nbsp;Voya High Yield Portfolio - Class I | 3 | 1 |
| &nbsp;&nbsp;Voya Large Cap Growth Portfolio - Class I | 46 | 61 |
| &nbsp;&nbsp;Voya U.S. Stock Index Portfolio - Class I | 10 | 11 |
| &nbsp;&nbsp;Voya Global Insights Portfolio - Class I | 8 | 18 |
| **Voya Partners, Inc.:** |  |  |
| &nbsp;&nbsp;VY® Invesco Equity and Income Portfolio - Class I | 7 | 0 |
| **Voya Variable Portfolios, Inc.:** |  |  |
| &nbsp;&nbsp;Voya International Index Portfolio - Class I | 1 | 1 |
| &nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class I\* | 293 | 9 |
| &nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class I\* | 126 | 10 |
| &nbsp;&nbsp;Voya Russell™ Large Cap Growth Index Portfolio - Class I | 48 | 26 |
| &nbsp;&nbsp;Voya Russell™ Large Cap Value Index Portfolio - Class I | 42 | 5 |
| \*Fund opened on 1/24/2025 |  |  |

---

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**Changes in Units**

The net changes in units outstanding follow:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Units Issued** | **Units Redeemed** | **Net Increase/(Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase/(Decrease)** |
| | **Units Issued** | **Units Redeemed** | **Net Increase/(Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase/(Decrease)** |
| **AIM Variable Insurance Funds:** |  |  |  |  |  |  |
| Invesco V.I. Core Equity Fund - Series I | 33 | 25 | 8 | 38 | 23 | 15 |
| **Voya Intermediate Bond Portfolio:** |  |  |  |  |  |  |
| Voya Intermediate Bond Portfolio - Class I |  | 1 | (1) |  | 1 | (1) |
| **Voya Investors Trust:** |  |  |  |  |  |  |
| Voya Government Liquid Assets Portfolio - Class I |  | 5 | (5) |  | 61 | (61) |
| Voya High Yield Portfolio - Class I | 153 | 46 | 107 | 162 | 1 | 161 |
| Voya Large Cap Growth Portfolio - Class I | 43 | 757 | (714) | 35 | 112 | (77) |
| Voya U.S. Stock Index Portfolio - Class I |  | 189 | (189) |  | 9 | (9) |
| **Voya Partners, Inc.:** |  |  |  |  |  |  |
| Voya Global Insights Portfolio - Class I | 4 | 443 | (439) | 28 | 6 | 22 |
| VY® Invesco Equity and Income Portfolio - Class I |  |  |  |  |  |  |
| **Voya Variable Portfolios, Inc.:** |  |  |  |  |  |  |
| Voya International Index Portfolio - Class I |  | 10 | (10) |  | 11 | (11) |
| Voya Index Plus MidCap Portfolio - Class I\* | 27456 | 597 | 26859 |  |  |  |
| Voya Index Plus SmallCap Portfolio - Class I\* | 12068 | 986 | 11082 |  |  |  |
| Voya Russell™ Large Cap Growth Index Portfolio - Class I | 31 | 220 | (189) | 18 | 108 | (90) |
| Voya Russell™ Large Cap Value Index Portfolio - Class I | 65 | 101 | (36) | 68 | 58 | 10 |
| \*Fund opened on 1/24/2025 |  |  |  |  |  |  |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

**7.&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights**

A summary of unit values, units outstanding, and net assets for variable annuity contracts, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Unit Fair Value** | | | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| | **Fund**<br>**Inception**<br>**Date**<sup>A</sup> |<br>**Units**<br>**(000's)** | **Unit Fair Value** |<br>**Net Assets**<br>**(000's)** | **Investment**<br>**Income**<br>**Ratio**<sup>B</sup> | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| Invesco V.I. Core Equity Fund - Series I | Invesco V.I. Core Equity Fund - Series I | Invesco V.I. Core Equity Fund - Series I |  |  |  |  |  |
| 2025 |  | 2 | $39.23 | $65 | 0.66% | 1.52% | 14.41% |
| 2024 |  | 2 | $34.29 | $57 | 0.72% | 1.52% | 23.75% |
| 2023 |  | 2 | $27.71 | $46 | 0.76% | 1.52% | 21.48% |
| 2022 |  | 2 | $22.81 | $37 | 0.85% | 1.52% | -21.75% |
| 2021 |  | 2 | $29.15 | $49 | 0.00% | 1.52% | 25.81% |
| Voya Intermediate Bond Portfolio - Class I | Voya Intermediate Bond Portfolio - Class I | Voya Intermediate Bond Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 3 | $12.39 | $43 | 4.70% | 1.52% | 6.08% |
| 2024 |  | 3 | $11.68 | $41 | 4.63% | 1.52% | 1.30% |
| 2023 |  | 3 | $11.53 | $40 | 4.10% | 1.52% | 5.68% |
| 2022 |  | 3 | $10.91 | $38 | 2.70% | 1.52% | -15.75% |
| 2021 |  | 3 | $12.95 | $45 | 2.20% | 1.52% | -2.34% |
| Voya Government Liquid Assets Portfolio - Class I | Voya Government Liquid Assets Portfolio - Class I | Voya Government Liquid Assets Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 9 | $10.45 | $91 | 4.00% | 1.52% | 2.65% |
| 2024 |  | 9 | $10.18 | $89 | 4.89% | 1.52% | 3.46% |
| 2023 |  | 9 | $9.84 | $87 | 4.81% | 1.52% | 3.36% |
| 2022 |  | 9 | $9.52 | $84 | 1.49% | 1.52% | 0.00% |
| 2021 |  | 9 | $9.52 | $84 | 0.00% | 1.52% | -1.55% |
| Voya High Yield Portfolio - Class I | Voya High Yield Portfolio - Class I | Voya High Yield Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 1 | $12.27 | $18 | 6.11% | 1.52% | 7.16% |
| 2024 |  | 1 | $11.45 | $16 | 6.82% | 1.52% | 5.82% |
| 2023 |  | 1 | $10.82 | $13 | 6.77% | 1.52% | 10.52% |
| 2022 |  | 1 | $9.79 | $11 | 5.48% | 1.52% | -13.59% |
| 2021 |  | 1 | $11.33 | $14 | 7.69% | 1.52% | 3.66% |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Unit Fair Value** | | | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| | **Fund**<br>**Inception**<br>**Date**<sup>A</sup> |<br>**Units**<br>**(000's)** | **Unit Fair Value** |<br>**Net Assets**<br>**(000's)** | **Investment**<br>**Income**<br>**Ratio**<sup>B</sup> | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| Voya Large Cap Growth Portfolio - Class I | Voya Large Cap Growth Portfolio - Class I | Voya Large Cap Growth Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 5 | $92.65 | $432 | —% | 1.52% | 13.58% |
| 2024 |  | 5 | $81.57 | $439 | —% | 1.52% | 32.79% |
| 2023 |  | 5 | $61.43 | $335 | —% | 1.52% | 35.76% |
| 2022 |  | 5 | $45.25 | $249 | —% | 1.52% | -31.54% |
| 2021 |  | 6 | $66.10 | $391 | —% | 1.52% | 17.74% |
| Voya U.S. Stock Index Portfolio - Class I | Voya U.S. Stock Index Portfolio - Class I | Voya U.S. Stock Index Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 1 | $63.66 | $95 | 1.45% | 1.52% | 15.77% |
| 2024 |  | 2 | $54.99 | $92 | 1.35% | 1.52% | 22.80% |
| 2023 |  | 2 | $44.78 | $75 | 1.59% | 1.52% | 24.04% |
| 2022 |  | 2 | $36.10 | $61 | 1.21% | 1.52% | -19.60% |
| 2021 |  | 2 | $44.90 | $83 | 1.14% | 1.52% | 26.44% |
| Voya Global Insights Portfolio - Class I | Voya Global Insights Portfolio - Class I | Voya Global Insights Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 3 | $46.14 | $116 | 0.37% | 1.52% | 22.45% |
| 2024 |  | 3 | $37.68 | $111 | 0.00% | 1.52% | 7.66% |
| 2023 |  | 3 | $35.00 | $102 | 0.05% | 1.52% | 30.69% |
| 2022 |  | 3 | $26.78 | $79 | 0.00% | 1.52% | -32.97% |
| 2021 |  | 3 | $39.95 | $137 | 0.00% | 1.52% | 13.66% |
| VY® Invesco Equity and Income Portfolio - Class I | VY® Invesco Equity and Income Portfolio - Class I | VY® Invesco Equity and Income Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 1 | $34.36 | $23 | 1.96% | 1.52% | 11.09% |
| 2024 |  | 1 | $30.93 | $21 | 3.52% | 1.52% | 10.31% |
| 2023 |  | 1 | $28.04 | $19 | 2.28% | 1.52% | 8.60% |
| 2022 |  | 1 | $25.82 | $18 | 1.71% | 1.52% | -8.99% |
| 2021 |  | 1 | $28.37 | $19 | 0.00% | 1.52% | 17.04% |
| Voya International Index Portfolio - Class I | Voya International Index Portfolio - Class I | Voya International Index Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 4 | $16.26 | $67 | 2.47% | 1.52% | 28.95% |
| 2024 |  | 4 | $12.61 | $52 | 2.91% | 1.52% | 1.53% |
| 2023 |  | 4 | $12.42 | $51 | 4.98% | 1.52% | 15.97% |
| 2022 | 7/8/2022 | 4 | $10.71 | $44 | (a) | 1.52% | (a) |
| 2021 |  | (a) | (a) | (a) | (a) | (a) | (a) |

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------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Unit Fair Value** | | | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| | **Fund**<br>**Inception**<br>**Date**<sup>A</sup> |<br>**Units**<br>**(000's)** | **Unit Fair Value** |<br>**Net Assets**<br>**(000's)** | **Investment**<br>**Income**<br>**Ratio**<sup>B</sup> | **Expense Ratio**<sup>C</sup> | **Total Return**<sup>D</sup> |
| Voya Index Plus MidCap Portfolio - Class I | Voya Index Plus MidCap Portfolio - Class I | Voya Index Plus MidCap Portfolio - Class I |  |  |  |  |  |
| 2025 | 1/24/2025 | 27 | $10.08 | $271 | (b) | 1.52% | (b) |
| 2024 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2023 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2022 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2021 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| Voya Index Plus SmallCap Portfolio - Class I | Voya Index Plus SmallCap Portfolio - Class I | Voya Index Plus SmallCap Portfolio - Class I |  |  |  |  |  |
| 2025 | 1/24/2025 | 11 | $10.28 | $114 | (b) | 1.52% | (b) |
| 2024 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2023 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2022 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| 2021 |  | (b) | (b) | (b) | (b) | (b) | (b) |
| Voya Russell™ Large Cap Growth Index Portfolio - Class I | Voya Russell™ Large Cap Growth Index Portfolio - Class I | Voya Russell™ Large Cap Growth Index Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 5 | $109.96 | $520 | 0.16% | 1.52% | 16.35% |
| 2024 |  | 5 | $94.51 | $465 | 0.40% | 1.52% | 32.57% |
| 2023 |  | 5 | $71.29 | $357 | 0.50% | 1.52% | 43.79% |
| 2022 |  | 5 | $49.58 | $254 | 0.40% | 1.52% | -31.08% |
| 2021 |  | 5 | $71.94 | $374 | 0.59% | 1.52% | 28.69% |
| Voya Russell™ Large Cap Value Index Portfolio - Class I | Voya Russell™ Large Cap Value Index Portfolio - Class I | Voya Russell™ Large Cap Value Index Portfolio - Class I |  |  |  |  |  |
| 2025 |  | 8 | $22.65 | $183 | 6.81% | 1.52% | 16.15% |
| 2024 |  | 8 | $19.50 | $159 | 2.07% | 1.52% | 13.24% |
| 2023 |  | 8 | $17.22 | $140 | 2.07% | 1.52% | 8.64% |
| 2022 |  | 8 | $15.85 | $130 | 1.33% | 1.52% | -6.93% |
| 2021 |  | 9 | $17.03 | $152 | 2.12% | 1.52% | 21.12% |

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------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**SECURITY LIFE SEPARATE ACCOUNT S-A1**

**Notes to Financial Statements**

---

| | |
|:---|:---|
| (a) | As investment Division had no investments until 2022, this data is not meaningful and is therefore not presented. |
| (b) | As investment Division had no investments until 2025, this data is not meaningful and is therefore not presented. |
| **A** | The Fund Inception Date represents the first date the fund received money. |
| **B** | The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investment income is determined by the timing of declaration of dividends by the underlying fund in which the Division invests. Investment Income Ratio reflects precise calculations using actual unrounded numbers. |
| **C** | The Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense risks, administrative, and other charges, as defined in the Charges and Fees note. |
| **D** | These amounts represent the total return for the periods indicated, including changes in the value of the Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. |

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------

**INDEPENDENT AUDITOR'S REPORT**

To the Members of the Audit Committee of Resolution Life U.S. Holdings Inc.

**Opinions**

We have audited the statutory basis financial statements of Security Life of Denver Insurance Company (the "Company"), which comprise the statutory basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory basis statements of operations, statements of changes in capital and surplus, and statements of cash flows for each of the three years ended December 31, 2025, and the related notes to the statutory basis financial statements (collectively referred to as the "statutory basis financial statements").

**Unmodified Opinion on Statutory-Basis of Accounting**

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the statements of admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Colorado Division of Insurance described in Note 1.

**Adverse Opinion on Accounting Principles Generally Accepted in the United States of America**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis 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 as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years ended December 31, 2025.

**Basis for Opinions**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory Basis 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 Accounting Principles Generally Accepted in the United States of America**

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Colorado Division of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Colorado Division of Insurance. The effects on the statutory basis financial statements of the

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variances between the statutory basis of accounting 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.

**Responsibilities of Management for the Statutory Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Colorado Division of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory basis 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 statutory basis financial statements are issued.

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

Our objectives are to obtain reasonable assurance about whether the statutory basis 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 statutory basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory basis 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 statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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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.

**Report on Supplemental Schedules**

Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory basis financial statements as a whole. The supplemental schedule of selected statutory basis financial data, supplemental schedule of life and health reinsurance disclosures, investment risks interrogatories, and summary investment schedule as of and for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory basis financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory basis financial statements or to the statutory basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory basis financial statements as a whole.

/s/ Deloitte & Touche LLP

April 29, 2026

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Admitted Assets, Liabilities and Capital and Surplus - Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| | **2025** | **2024** |
| **Admitted Assets** |  |  |
| Cash and invested assets: |  |  |
| Bonds | $20284387 | $22566919 |
| Preferred stocks | 4994 | 5026 |
| Common stocks - unaffiliated | 90367 | 112271 |
| Common stocks - affiliated | 180420 | 175673 |
| Mortgage loans | 4487425 | 4606527 |
| Contract loans | 1850234 | 1871474 |
| Derivatives | 570295 | 533099 |
| Other invested assets | 1629192 | 1436925 |
| Cash, cash equivalents and short-term investments | 1620150 | 332676 |
| Total cash and invested assets | 30717464 | 31640590 |
| Deferred and uncollected premiums | (15856) | (6286) |
| Accrued investment income | 200685 | 226408 |
| Reinsurance balances recoverable | 678018 | 626356 |
| Federal income tax recoverable | 8075 | 17077 |
| Indebtedness from related parties |  | 412 |
| Net deferred tax asset | 178641 | 168724 |
| Other assets | 186397 | 86063 |
| Separate account assets | 1688328 | 1679424 |
| Total admitted assets | $33641752 | $34438768 |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Admitted Assets, Liabilities and Capital and Surplus - Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| | **2025** | **2024** |
| **Liabilities and Capital and Surplus** |  |  |
| Liabilities: |  |  |
| Policy and contract liabilities: |  |  |
| Life and annuity reserves | $17193252 | $17501694 |
| Deposit type contracts | 2491360 | 2936502 |
| Policy and contract claims | 325998 | 401825 |
| Dividends payable | 17093 | 18443 |
| Total policy and contract liabilities | 20027703 | 20858464 |
| Interest maintenance reserve | 30412 | 269156 |
| Accounts payable and accrued expenses | 39974 | 41916 |
| Liabilities withheld for reinsurance counterparties | 8479590 | 8585588 |
| Payables under reinsurance contracts | 532342 | 423497 |
| Indebtedness to related parties | 11518 | 99685 |
| Asset valuation reserve | 445853 | 395990 |
| Net transfers from separate accounts due or accrued | 3144 | 1931 |
| Derivatives | 99795 | 59026 |
| Borrowed money and interest thereon | 3058 | 3058 |
| Other liabilities | 820554 | 727482 |
| Separate account liabilities | 1688328 | 1679424 |
| Total liabilities | 32182271 | 33145217 |
| Capital and surplus: |  |  |
| Common stock: authorized 149 shares of $20,000 par value; 144 shares |  |  |
| issued and outstanding | 2880 | 2880 |
| Aggregate write-ins for other than special surplus funds | 309786 | 335601 |
| Surplus notes | 123000 | 123000 |
| Paid in and contributed surplus | 1387808 | 1387808 |
| Unassigned surplus | (363993) | (555738) |
| Total capital and surplus | 1459481 | 1293551 |
| Total liabilities and capital and surplus | $33641752 | $34438768 |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Operations – Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Premiums and other revenues: |  |  |  |
| Life, annuity, and accident and health premiums | $264909 | $393313 | $1602756 |
| Net investment income | 1368950 | 1385099 | 1199275 |
| Amortization of interest maintenance reserve | 31412 | 49293 | 79235 |
| Commissions, expense allowances and reserve adjustments |  |  |  |
| on reinsurance ceded | 374427 | 370272 | 3358563 |
| Other revenue | 201310 | 185337 | 210048 |
| Total premiums and other revenues | 2241008 | 2383314 | 6449877 |
| Benefits and other expenses: |  |  |  |
| Death benefits | 908786 | 821526 | 934464 |
| Annuity benefits | 277295 | 289187 | 286702 |
| Surrender benefits and withdrawals | 1129410 | 1043345 | 900342 |
| Interest and adjustments on contract or deposit-type contract funds | 122143 | 156374 | 118232 |
| Other benefits | 15070 | 19178 | 11635 |
| Increase (decrease) in life and annuity reserves | (308442) | (382935) | (146435) |
| Total benefits and other expenses | 2144262 | 1946675 | 2104940 |
| Insurance expenses and other deductions: |  |  |  |
| Commissions and expense allowances | 206812 | 218894 | 3571955 |
| General expenses | 250239 | 349367 | 315308 |
| Insurance taxes, licenses and fees | 14136 | 18785 | 18089 |
| Assumed modified coinsurance reserves | (661078) | (510836) | 594134 |
| Net interest maintenance reserve transfers under reinsurance | 164110 | 136601 | 93643 |
| Net transfers from separate accounts | (171534) | (42957) | (51721) |
| Other deductions | 170211 | 207556 | 272143 |
| Total insurance expenses and other deductions | (27104) | 377410 | 4813551 |
| Income/(Loss) from operations before policyholder dividends, |  |  |  |
| federal income taxes and net realized capital gains | 123850 | 59229 | (468614) |
| Dividends to policyholders | 14454 | 12785 | 15621 |
| Income/(Loss) from operations before federal income taxes |  |  |  |
| and net realized capital gains | 109396 | 46444 | (484235) |
| Federal income tax expense (benefit) | 5246 | 4219 | 3997 |
| Income/(Loss) from operations before net realized capital gains | 104150 | 42225 | (488232) |
| Net realized capital (losses) gains | 57787 | (12486) | (152449) |
| Net income (loss) | $161937 | $29739 | $(640681) |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Changes in Capital and Surplus—Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | | |
| | **Shares** | **Amount** |<br>**Aggregate Write-Ins For Other Than Special Surplus Funds** |<br>**Surplus Notes** |<br>**Paid-in Surplus** |<br>**Unassigned Surplus (Deficit)** |<br>**Total** |
| **December 31, 2022** | 144 | $2880 | $380778 | $123000 | $922808 | $(163141) | $1266325 |
| Net income (loss) |  |  |  |  |  | (640681) | (640681) |
| Change in net unrealized capital gains (losses) less capital gains tax |  |  |  |  |  | 155891 | 155891 |
| Change in net unrealized foreign exchange capital gain (loss) |  |  |  |  |  | (508) | (508) |
| Change in net deferred income tax |  |  |  |  |  | 115686 | 115686 |
| Change in nonadmitted assets |  |  |  |  |  | (30191) | (30191) |
| Change in liability for reinsurance in unauthorized and certified companies |  |  |  |  |  | (120) | (120) |
| Change in asset valuation reserve |  |  |  |  |  | (34954) | (34954) |
| Capital contribution |  |  |  |  | 665000 |  | 665000 |
| Amortization of gain on reinsurance |  |  | (19361) |  |  |  | (19361) |
| **December 31, 2023** | 144 | 2880 | 361417 | 123000 | 1587808 | (598018) | 1477087 |
| Net income (loss) |  |  |  |  |  | 29739 | 29739 |
| Change in net unrealized capital gains (losses) less capital gains tax |  |  |  |  |  | 90649 | 90649 |
| Change in net unrealized foreign exchange capital gain (loss) |  |  |  |  |  | (4877) | (4877) |
| Change in net deferred income tax |  |  |  |  |  | (30382) | (30382) |
| Change in nonadmitted assets |  |  |  |  |  | 17910 | 17910 |
| Change in liability for reinsurance in unauthorized and certified companies |  |  |  |  |  | 120 | 120 |
| Change in asset valuation reserve |  |  |  |  |  | (60879) | (60879) |
| Capital distribution |  |  |  |  | (200000) |  | (200000) |
| Amortization of gain on reinsurance |  |  | (25816) |  |  |  | (25816) |
| **December 31, 2024** | 144 | 2880 | 335601 | 123000 | 1387808 | (555738) | 1293551 |
| Prior period adjustment |  |  |  |  |  | 51880 | 51880 |
| Net income (loss) |  |  |  |  |  | 161937 | 161937 |
| Change in net unrealized capital gains (losses) less capital gains tax |  |  |  |  |  | (1191) | (1191) |
| Change in net unrealized foreign exchange capital gain (loss) |  |  |  |  |  | 10044 | 10044 |
| Change in net deferred income tax |  |  |  |  |  | (31789) | (31789) |
| Change in nonadmitted assets |  |  |  |  |  | 50727 | 50727 |
| Change in asset valuation reserve |  |  |  |  |  | (49863) | (49863) |
| Amortization of gain on reinsurance |  |  | (25815) |  |  |  | (25815) |
| **December 31, 2025** | 144 | $2880 | $309786 | $123000 | $1387808 | $(363993) | $1459481 |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Cash Flows—Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| **Operating activities:** |  |  |  |
| Premiums, policy proceeds and other considerations received, |  |  |  |
| net of reinsurance paid | $338940 | $489530 | $544790 |
| Net investment income received | 1374584 | 1395365 | 1259850 |
| Commissions and expenses paid | (41351) | (262858) | (342812) |
| Benefits paid | (2396451) | (2323164) | (2351864) |
| Net transfers from separate accounts | 172747 | 44879 | 49334 |
| Dividends paid to policyholders | (15804) | (16409) | (16628) |
| Federal income taxes recovered (paid) | 3756 | 12289 |  |
| Miscellaneous income | 514723 | 558473 | 433280 |
| Net cash provided by (used in) operations | (48856) | (101895) | (424050) |
| **Investment activities:** |  |  |  |
| Proceeds from sales, maturities or repayments of investments: |  |  |  |
| Bonds | 4905756 | 3979250 | 5613639 |
| Stocks | 44027 | 20742 | 23709 |
| Mortgage loans | 725805 | 413417 | 287027 |
| Other invested assets | 129681 | 271113 | 350266 |
| Net gain (loss) on cash and short-term investments | 2443 | (561) | 224 |
| Miscellaneous proceeds | 355431 | 280394 | 83135 |
| Total proceeds from sales, maturities or repayments of investments | 6163143 | 4964355 | 6358000 |
| Cost of investments acquired: |  |  |  |
| Bonds | 3088163 | 3435710 | 4117415 |
| Stocks | 21359 | 40940 | 30725 |
| Mortgage loans | 633823 | 1325437 | 1393651 |
| Other invested assets | 300424 | 581161 | 517846 |
| Miscellaneous applications | 126794 | 186753 | 171881 |
| Total cost of investments acquired | 4170563 | 5570001 | 6231518 |
| Net increase/(decrease) in contract loans | 21088 | (17672) | (59227) |
| Net cash provided by (used in) investment activities | 2013668 | (623318) | 67255 |
| **Financing and miscellaneous activities:** |  |  |  |
| Other cash provided (applied): |  |  |  |
| Net deposits on deposit type contracts | (445141) | 391331 | 14582 |
| Net capital and surplus paid in |  | (200000) | 665000 |
| Other cash (applied) provided | (232197) | (78243) | 202872 |
| Net cash (used) provided in financing and miscellaneous activities | (677338) | 113088 | 882454 |
| Net (decrease) increase in cash, cash equivalents and short-term investments | 1287474 | (612125) | 525659 |
| Cash, cash equivalents and short-term investments: |  |  |  |
| Beginning of year | 332676 | 944801 | 419142 |
| End of year | $1620150 | $332676 | $944801 |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Statements of Cash Flows—Statutory Basis**

($'s in thousands, except par value and share amounts)

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Note: Supplemental disclosures of cash flow information for non-cash transactions: |  |  |  |
| Bond to bond investment repackaging | $308099 | $— | $— |
| Principle based bond definition reclassification to other invested assets | 99213 |  |  |
| Bonds received in exchange for other invested assets | 64069 | 213781 |  |
| Interest capitalization | 19617 | 27086 | 27858 |
| Mortgage loans transferred to other invested assets | 9187 | 3714 |  |
| Bonds received on reinsurance assumed |  |  | 1244385 |
| Investment exchange |  |  | 165916 |
| Transfers of bonds to other invested assets |  |  | 29175 |

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*See Notes to Statutory Basis Financial Statements.*

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**1. Organization and Significant Accounting Policies**

***Business***

Security Life of Denver Insurance Company (the "Company") is domiciled in Colorado and is a wholly owned subsidiary of Resolution Life Colorado Inc.

In 2018, the Company ceased issuing new direct business. In 2021, the Company began focusing on the acquisition and management of closed blocks of life insurance policies and annuity contracts. The Company continues to administer direct business previously sold. Currently the Company is licensed in all states (approved for reinsurance only in New York), the District of Columbia, Guam, the U.S. Virgin Islands and Puerto Rico.

On December 11, 2024 it was announced that Nippon Life Insurance Company ("Nippon Life") had agreed to acquire 100% of the Company's indirect parent, Resolution Life Group Holdings Ltd. by acquiring the remaining shares from Blackstone ISG Investment Partners – R (BMU) L.P. The transaction completed on October 30, 2025, and the Company is now indirectly 100% owned by Nippon Life.

***Use of Estimates***

The preparation of the financial statements of the Company 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.

***Correction of Errors***

In 2025, the Company determined that it had understated other revenue in prior years related to an administrative services agreement entered into in 2021. The net impact of this correction to surplus was a increase of $51,880. The Company recorded this as a prior period adjustment to the 2025 opening balance sheet under unassigned surplus. Net income for 2024 and 2023 was understated by $11,872 and 12,846, respectively.

***Recently Adopted Accounting Principles***

The Company considers the applicability and impact of all Statement of Statutory Accounting Principles ("SSAP") updates. Except as noted below, the SSAP updates adopted by the Company did not have a material impact on the Company's financial statements.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Effective January 1, 2025, the Company adopted the revisions made to SSAP No. 26, *Bonds* ("SSAP No. 26"), SSAP No. 43, *Asset-Backed Securities* ("SSAP No. 43"), and SSAP No. 21, *Other Admitted Assets* ("SSAP No. 21"), as part of the principles-based bond definition update. These revisions define whether securities should be reported as bonds. Securities that qualify as issuer credit obligations are in scope of SSAP No. 26 and securities that qualify as asset-backed securities are in scope of SSAP No. 43. Securities that do not qualify as issuer credit obligations or asset-backed securities are in scope of SSAP No. 21 and are required to be reported as other invested assets and measured at the lower of amortized cost or fair value.

The following table discloses the impact of securities reclassified from bonds to other invested assets in applying the principles-based bond definition on January 1, 2025:

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| | |
|:---|:---|
| Aggregate book adjusted carrying value for all securities reclassified | $99213.0 |
| Aggregate book adjusted carrying value after transition for all securities reclassified that resulted in a change in measurement | $64220.0 |
| Aggregate surplus impact, due to the change in valuation basis, for securities reclassified and valued at lower amortized cost or fair value | $7528.0 |

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Effective January 1, 2025, the Company adopted revisions made to SSAP No. 21 with respect to residual interest investments. These revisions resulted in the change in measurement and recognition of interest income prospectively under the allowable earned yield method. There was no surplus impact as a result of the change in measurement.

Effective December 31, 2025, the Company adopted revisions made to SSAP No. 1, *Accounting Policies, Risks & Uncertainties, and Other Disclosures*, with respect to disclosures for assets that are held under modified coinsurance or funds withheld reinsurance agreements. The Company has provided all required disclosures.

In December 2025, the NAIC adopted revisions to SSAP No. 61, *Life, Deposit Type, Accident and Health Reinsurance* ("SSAP No. 61"), to require aggregate risk transfer evaluation for combination reinsurance agreements with interdependent features such as experience refunds, and linked yearly renewable term and coinsurance components. The revisions are effective immediately for new or amended agreements, with application to existing agreements effective on December 31, 2026. The Company adopted the revisions immediately for new or amended agreements. The Company is currently evaluating the potential impact of adopting these revisions on the Company's financial statements for existing agreements.

***Basis of Presentation***

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Colorado Division of Insurance, which practices differ from United States Generally Accepted Accounting Principles ("U.S. GAAP"). The Colorado Division of Insurance recognizes only statutory accounting practices prescribed or permitted by the State of Colorado for determining and reporting the financial condition and

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

results of operations of an insurance company and for determining its solvency under the Colorado Insurance Laws ("CO SAP"). The NAIC Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed practices by the State of Colorado. The Colorado Commissioner of Insurance ("Commissioner") has the right to permit other specific practices that deviate from NAIC SAP.

The Company is required to identify accounting practices where CO SAP departs from NAIC SAP. For the years ended December 31, 2025, 2024, and 2023, the Company had no such accounting practices.

***Statutory vs. U.S. GAAP Basis of Accounting***

Below are descriptions of the significant differences between CO SAP and U.S. GAAP:

*Investments:* Investments in issuer credit obligations, asset-backed securities and redeemable preferred stocks are reported at amortized cost or lower of amortized cost or fair value based on a designation assigned by the NAIC. Effective January 1, 2025, debt securities in scope of SSAP No. 21 are reported at lower of amortized cost or fair value.

The Company periodically reviews the value of its investments in bonds, debt securities in scope of SSAP No. 21, and redeemable preferred stocks. If the fair value of any investment falls below its cost basis, the decline is analyzed to determine whether it is an other-than-temporary-impairment ("OTTI"). To make this determination for each security, the following are some of the factors considered:

• The length of time and the extent to which the fair value has been below cost.

• The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations or earnings potential.

• The Company's intent to sell the security prior to its maturity at an amount below its carrying value.

• The Company's intent and ability to hold the security long enough for it to recover its fair value.

Based on the analysis, the Company makes a judgment as to whether the decline in fair value is other-than-temporary. When an OTTI is recorded because there is intent to sell or the Company does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis, the security is written down to fair value. The interest related OTTI is deferred through the interest maintenance reserve ("IMR") and the non-interest related OTTI is included in the asset valuation reserve ("AVR") in the period that the OTTI is considered to have occurred as prescribed by the NAIC. Losses resulting from OTTI charges, net of transfers to IMR and federal income tax, are recorded within net realized capital gains (losses) in the statements of operations.

Net realized gains and losses on disposed investments are reported in the statements of operations, net of federal income tax and transfers to the IMR.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Under U.S. GAAP, fixed maturities are designated at purchase as held to maturity, trading or available-for-sale, except for those accounted for using the fair value option ("FVO"). Held to maturity investments are reported at amortized cost and the remaining fixed maturity investments are reported at fair value. For those designated as trading, changes in fair value are reported in the statements of operations. Available-for-sale securities are reported at fair value with changes in fair value reported as a separate component of other comprehensive income (loss) in shareholder's equity. Using the FVO, securities are reported at fair value with changes in fair value reported in the statements of operations.

Estimated credit losses on fixed maturities classified as available for sale are recorded through an allowance for credit losses subject to future reversals if expected cash flows increase.

*Asset Valuation Reserve*: The AVR is intended to establish a reserve to offset potential credit related investment losses on most invested asset categories. AVR is determined by an NAIC prescribed formula and is reported as a liability rather than as a valuation allowance or an appropriation of surplus. The change in AVR is reported directly to unassigned surplus.

Under currently effective U.S. GAAP guidance, no such reserve is required.

*Interest Maintenance Reserve*: Under a formula prescribed by the NAIC, the Company defers the portion of realized gains and losses on sales of fixed income investments, principally bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual securities sold in five year bands. The Company reports the net deferral of IMR gains as a liability on the accompanying statements of admitted assets, liabilities and capital and surplus.

Under U.S GAAP, gains and losses on disposal of fixed-income investments are reported in the period that the assets are sold.

*Cash, Cash Equivalents and Short-Term Investments*: Cash includes cash on deposit with banks. Cash equivalents includes short-term highly liquid investments with original maturities of three months or less at the date of purchase. Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase, excluding those investments classified as cash equivalents.

Under U.S. GAAP, the corresponding caption of cash and cash equivalents does not include short-term investments.

*Derivatives:* The Company follows the hedge accounting guidance in SSAP No. 86, *Derivatives* ("SSAP No. 86"), for derivative transactions entered into or modified on or after January 1, 2003. Under SSAP No. 86, derivatives that are deemed effective hedges are accounted for entirely in a manner which is consistent with the underlying hedged item. Derivatives used in hedging transactions that do not meet the requirements of SSAP No. 86 as an effective hedge are carried at fair value with the change in value recorded in surplus as unrealized gains or losses.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

For derivatives that are deemed replication (synthetic asset) transactions, if the replication (synthetic asset) transaction would be carried at amortized cost and the cash instrument used is carried at amortized cost, then the derivative used should be carried at amortized cost. If the replication (synthetic asset) transaction would be carried at fair value, and/or the cash instrument used is carried at fair value, then the derivative used should be carried at fair value. Any premium paid or received to enter into the derivative is carried as an asset or liability on the balance sheet. Premiums paid or received on the replication (synthetic asset) derivative are amortized into investment income until the exercise, termination or maturity date of the derivative. Embedded derivatives are not accounted for separately from the host contract.

Under U.S. GAAP, for cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in net realized capital gains (losses). For derivative instruments that are not designated in a hedge relationship, the gain or loss on the derivative instrument is recognized in other net realized capital gains (losses). An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risk of the host contract is reported with the host contract on the balance sheets at fair value, and the change in fair value is recorded in income.

*Mortgage Loans*: Mortgage loans are reported at amortized cost, less write downs for impairments. If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lesser of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in net realized capital gains (losses).

Under U.S. GAAP, the Company reports mortgage loans at amortized cost, net of an estimated valuation allowance. The valuation allowance is established for expected credit losses and is based on historical experience, current economic conditions and reasonable and supportable forecasts.

*Limited partnerships*: Limited partnerships are reported at the underlying audited U.S. GAAP equity of the investee. Changes in the value of the partnership are recorded in unassigned surplus. Capital contributions and distributions of capital are reflected in the carry value of the partnership. Distributions of income are reported in investment income up to the amount of net investment income earned in the partnership and otherwise as return of capital.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Under U.S. GAAP, limited partnerships are reported at the underlying audited U.S. GAAP equity of the investee. Changes in the value of the partnership are recorded in the statements of operations. Capital contributions and distributions of capital are reflected in the carry value of the partnership.

*Residual Interests*: Effective January 1, 2025, residual interests are reported at the lower of amortized cost or fair value under the allowable earned yield method. For residual interests held at January 1, 2025, initial cost basis for subsequent measurement is the reported value as of December 31, 2024. Prior to January 1, 2025, residual interests are reported under the equity method at the underlying audited U.S. GAAP equity of the investee.

Under U.S. GAAP, residual interests are reported at the underlying audited U.S. GAAP equity of the investee. Changes in the value of the partnership are recorded in the statements of operations. Capital contributions and distributions of capital are reflected in the carry value of the partnership.

*Deferred Income Taxes*: Deferred tax assets and liabilities represent the future tax recoveries or obligations associated with the accumulation of temporary differences between the tax and financial statement bases of the Company's assets and liabilities. A valuation allowance is required if based on the available evidence; it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the gross deferred tax assets will not be realized. This assessment is determined on a separate reporting entity basis.

After reduction for any valuation allowance, the Company follows the admissibility formula prescribed under SSAP No. 101, *Income Taxes* ("SSAP No. 101"). These provisions limit the amount of gross deferred tax assets that can be admitted to surplus to those for which ultimate recoverability can be demonstrated. This limitation is based on availability of taxes paid in prior years that could be recovered through carrybacks, the expected timing of reversals for accumulated temporary differences over the next three years to offset future taxes, surplus limits, and the amount of gross deferred tax liabilities available for offset. Any deferred tax assets not covered under the formula are nonadmitted.

SSAP No. 101 requires all changes in deferred tax balances to be included as surplus adjustments.

Under U.S. GAAP, however, most changes in deferred tax balances are recorded in the income statement (with the exception of certain items that are recorded through Other Comprehensive Income or directly to the equity section of the balance sheet) as a component of the total income tax provision.

U.S. GAAP also requires that deferred taxes be included for all jurisdictions that determine taxes based on income. Thus deferred state income taxes must be recorded under U.S. GAAP. SSAP No. 101, however, specifically prohibits establishing deferred state income tax assets and liabilities.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

*Policy Acquisition Costs*: The costs of acquiring and renewing business are expensed when incurred.

Under U.S. GAAP, incremental, direct costs of contract acquisition and certain costs related directly to successful acquisition activities are capitalized. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. In addition, the outstanding value of in force business acquired is capitalized. For certain traditional life insurance, to the extent recoverable from future gross profits, acquisition costs are amortized over the premium payment period in proportion to the present value of expected gross premium. For universal life insurance and investment products, to the extent recoverable from future gross profits, acquisition costs are amortized over the estimated lives of the contracts in relation to the emergence of estimated gross profits.

*Premiums*: Life premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

Under U.S. GAAP, premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized as revenue when due. Amounts received for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed-indexed annuity contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges.

*Benefits Paid or Provided*: Benefits incurred for universal life and annuity policies represent the total of death benefits paid and the change in policy reserves.

Under U.S. GAAP, benefits and expenses for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed-indexed annuity contracts include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

*Benefit and Contract Reserves*: Life policy and contract reserves under statutory accounting practices are calculated based upon both the net level premium method and Commissioners' Reserve Valuation method ("CRVM") using statutory rates for mortality and interest. Similarly, the Commissioners' Annuity Reserve Valuation method ("CARVM") is used for annuity reserve calculations.

Under U.S. GAAP, policy reserves for traditional products are based upon the net level premium method utilizing best estimates of mortality, interest, and withdrawals prevailing when the policies were sold, including a provision for adverse deviation. For interest sensitive products, the U.S. GAAP policy reserve is equal to the policyholder account balance plus an unearned

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

revenue reserve which reflects the unamortized balance of early year policy loads over renewal year policy loads.

*Reinsurance*: Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves. Commissions allowed by reinsurers on business ceded are reported as income when received. Losses generated in certain reinsurance transactions are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business. For business ceded to unauthorized reinsurers, statutory accounting practices require that reinsurance credits permitted by the treaty be recorded as an offsetting liability and charged against unassigned surplus.

Under U.S. GAAP, ceded future policy benefits and contract owner liabilities are reported gross on the balance sheets. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the balance sheets and are stated net of allowances for credit losses, which are charged to earnings. Gains and losses on reinsurance, including commission and expense allowances, are deferred and amortized over the remaining life of the business.

*Nonadmitted Assets*: Certain assets designated as "nonadmitted", principally deferred tax assets that are not admissible under SSAP No. 101 and other assets not specifically identified as an admitted asset within the NAIC SSAP*,* are excluded from the accompanying balance sheets and are charged directly to unassigned surplus.

Under U.S. GAAP, the concept of nonadmitted assets is not recognized.

*Consolidation:* The accounts and operations of the Company's subsidiaries are not consolidated.

Under U.S. GAAP, the accounts and operations of the Company's wholly owned subsidiaries are consolidated. Intercompany transactions and balances are eliminated.

*Surplus Notes*: Surplus notes issued are reported as a component of surplus on the statements of admitted assets, liabilities and capital and surplus. Interest is recorded upon approval for payment by the Colorado Division of Insurance.

Under U.S. GAAP, surplus notes issued are reported as long-term debt, and the related interest is recorded as a charge to earnings over the term of the notes.

*Reconciliation to U.S. GAAP*: The effects of the preceding variances from U.S. GAAP on the accompanying statutory basis financial statements have not been determined, but are presumed to be material.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

***Accounting Policies***

*Investments*: Investments are stated at values prescribed by the NAIC, as follows:

Issuer credit obligations are stated at either amortized cost or the lower of amortized cost or fair value. Amortized cost is determined using the constant yield or yield to worst method.

The Company does not have any NAIC's Securities Valuation Office ("SVO")-Identified investments as defined in SSAP No. 26, *Bonds*.

Asset-backed securities are stated at either amortized cost or the lower of amortized cost or fair value. Amortized cost is determined using the effective interest method and includes anticipated prepayments.

Redeemable preferred stocks rated as highest quality, high quality or medium quality are reported at amortized cost. All other redeemable preferred stocks are reported at the lower of amortized cost or fair value and perpetual preferred stocks are reported at fair value not to exceed any currently effective call price.

Unaffiliated common stocks are reported at fair value, with changes in fair value reported as unrealized gains and losses in Surplus. Federal Home Loan Bank ("FHLB") common stock is priced at par value.

The Company participates in short-term bilateral repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company sells bonds and receives cash in the amount generally equal to 95% of the estimated fair value of bonds sold at the inception of the transaction, with a simultaneous agreement to repurchase such bonds at a future date or on demand in an amount equal to the cash initially received plus interest. The ratio of cash held to the estimated fair value of the bonds sold is monitored throughout the duration of the transaction and additional cash or securities are obtained as necessary. Bonds sold under such transactions may be sold or re-pledged by the transferee. Income and expense associated with repurchase agreements are recorded in net investment income. As of December 31, 2025 and 2024 the Company did not have any open repurchase agreements.

Short-term investments are reported at amortized cost which approximates fair value.

Partnership interests, which are included in other invested assets, are reported at the underlying audited U.S. GAAP equity of the investee. Changes in surplus from distributions are reported in investment income. Impairments on joint venture, partnerships and limited liability company holdings are taken when the fair value is less than 90% of book value, and it is determined that the decline below book value is not recoverable. The fair value of these investments is based upon the Company's overall proportional ownership interest in the underlying partnership.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Residual interest are included in other invested assets. Effective January 1, 2025, residual interests, are reported at lower of amortized cost or fair value under the allowable earned yield method, with changes in fair value recorded as unrealized gains and losses in Surplus. Prior to January 1, 2025, residual interests are reported under the equity method at the underlying audited U.S. GAAP equity of the investee.

Surplus notes acquired, which are included in other invested assets are reported at amortized cost using the effective interest method.

Effective January 1, 2025, debt securities in scope of SSAP No. 21, which are included in other invested assets, are reported at the lower of amortized cost or fair value, with changes in fair value recorded as unrealized gains and losses in Surplus. Amortized cost is determined using the effective interest method and includes anticipated prepayments.

Realized capital gains and losses are generally determined using the first in first out method. Specific lot identification may be used occasionally when executing a particular investment objective.

Investment income from bonds primarily consists of interest and is recognized on an accrual basis using the effective yield method giving effect to amortization of premium and accretion of discount. Income from prepayment premiums and bond tenders are also recorded in net investment income. Included within bonds are structured securities, including residential mortgage backed securities, commercial mortgage backed securities and other asset backed securities. Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying collateral. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for structured securities are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For structured securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other structured securities, the effective yield is recalculated on a retrospective basis.

For asset-backed securities and debt securities in scope of SSAP No. 21 in unrealized loss positions, the Company determines whether it has the intent to sell or the intent and ability to hold the security for a period of time sufficient to recover the amortized cost. If the Company has the intent and ability to hold the security to recovery, the Company must compare the present value of the expected future cash flows for this security to its carrying value. If the present value of the expected future cash flows for the security is lower than its carrying value, the security is written down to its present value of the expected future cash flows.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

All mortgage loans are evaluated by seasoned underwriters, including an appraisal of loan-specific credit quality, property characteristics, and market trends, and assigned a quality rating using the Company's internally developed quality rating system.

The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including a review of loan-specific credit, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. This review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The Company rates all commercial mortgages to quantify the level of risk. The Company places those loans with higher risk on a watch list and closely monitors these loans for collateral deficiency or other credit events that may lead to a potential loss of principal and/or interest.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of commercial mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property's net income (loss) to its debt service payments. A DSC ratio of less than 1.0 indicates that property's operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

For residential mortgage loans, the Company's primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status.

If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect on all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to either the present value of expected cash flows from the loan, discounted at the loan's effective interest rate, or fair value of the collateral. The Company recognizes interest income on impaired loans upon receipt.

The Company's use of derivatives is primarily for economic hedging purposes to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, foreign exchange risk, and market risk. For those derivatives in effective hedging relationships, the Company values all derivative instruments on a consistent basis with the hedged item. Upon termination, gains and losses on instruments are included in the carrying values of the underlying hedged items and are amortized over the remaining lives of the hedged items as adjustments to

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

investment income or benefits from the hedged items. Any unamortized gains or losses are recognized when the underlying hedged items are sold. The unrealized gains and losses from derivatives not designated in effective hedging relationships are reported at fair value through surplus. Upon termination, interest related gains and losses on asset hedges are included in IMR and are amortized over the remaining lives of the derivatives; other gains and losses are added to the AVR. Cash flows from derivatives are presented within investment miscellaneous proceeds and miscellaneous applications on the statement of cash flows.

*Credit Contracts:* 

Credit default swap indices: Credit default swap indices are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in replication transactions.

*Equity Contracts:* 

Options: The Company uses options to hedge against changes in the value of the benefit contained in the indexed universal life and indexed annuity products. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships.

Futures: The Company uses equity futures contracts to hedge against equity index movement. Changes in the general level of index value can result in adverse changes in the portfolio. The Company enters into exchange traded futures and pays or receives futures commissions that are set by members of the exchange. The Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

*Foreign Exchange Contracts:* 

Currency Forwards: The Company uses currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

*Interest Rate Contracts:* 

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

*Investments in Subsidiary:* SSAP No. 97, *Investments in Subsidiary, Controlled and Affiliated Entities* ("SSAP No. 97"), applies to the Company's subsidiaries, controlled and affiliated entities ("SCA"). The Company's insurance subsidiaries are reported at their underlying audited statutory equity modified to remove the impact of any permitted or prescribed accounting practices that depart from the NAIC SAP, and the Company's non-insurance subsidiaries are reported at the underlying audited U.S. GAAP equity amount, adjusted to a limited statutory accounting basis as promulgated by SSAP No. 97. Dividend distributions from subsidiaries are reported in net investment income. Non-dividend distributions are reported as a reduction to cost. The net change in the subsidiaries' equity is included in the change in net unrealized capital gains or losses.

Management regularly reviews its SCAs to determine if an other-than-temporary impairment has occurred. During this review, management makes a judgment as to whether it is probable that the reporting entity will be unable to recover the carrying amount of the investment or there is evidence indicating inability of the investee to sustain earnings.

*Contract Loans:* Contract loans are reported at unpaid principal balances but not in excess of the cash surrender value.

*Aggregate Reserve for Life Policies and Contracts*: Life, annuity and accident and health reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash value or the amounts required by law. Interest rates range from 1.75% to 7.50% for 2025 and 1.75% to 7.50% for 2024.

The Company waives the deduction of deferred fractional premiums upon the death of the insured. It is the Company's practice to return a pro rata portion of any premium paid beyond the policy month of death, although it is not contractually required to do so for certain issues. A reserve has been established of $1,220,344 and $1,223,975 for any surrender value promised in excess of the legally computed reserves as of December 31, 2025 and 2024, respectively.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The methods used in valuation of substandard policies are as follows:

For life, endowment and term policies issued substandard, the standard reserve during the premium paying period is increased by 50% of the gross annual extra premium. Standard reserves are held on Paid-Up Limited Pay contracts.

For reinsurance accepted with table rating, the reserve established is a multiple of the standard reserve corresponding to the table rating.

For reinsurance with flat extra premiums, the standard reserve is increased by 50% of the flat extra.

The amount of insurance in force for which the gross premiums are less than the net premiums, according to the standard of valuation required by the Colorado Division of Insurance, is $11,730,534 and $9,718,294 as of December 31, 2025 and 2024, respectively.

The amount of premium deficiency reserves for policies on which gross premiums are less than the net premiums is $452,559 and $505,957 as of December 31, 2025 and 2024, respectively.

The tabular interest has been determined from the basic data for the calculation of policy reserves for all direct ordinary life insurance and for the portion of group life insurance classified as group under Internal Revenue Code ("IRC") Section 79. The method of determination of tabular interest of funds not involving life contingencies is as follows: current year reserves, plus payments, less prior year reserves, less funds added.

The Company has various blocks of life insurance business subject to Valuation Manual 20: Requirements for Principle Based Reserves ("PBR") for Life Products ("VM-20"):

• Variable universal life COLI business issued after January 1, 2020

• Term conversions (universal life contracts) issued after January 1, 2021 as a result of a conversion from acquired term insurance not subject to PBR

• Indexed Universal Life business issued after January 1, 2020

• Non-COLI Variable Universal Life business issued after January 1, 2020

• Universal Life business issued after January 1, 2020

• Whole Life business issued after January 1, 2020

• Term Life business issued after January 1, 2017

The Company was exempt from PBR VM-20 with respect to individual life term conversion policies issued in 2020. The domiciliary regulator had determined that, given the insignificant effect on reserves, a Life PBR exemption is appropriate.

*Reinsurance*: Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed.

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Premiums and benefits ceded to other companies have been reported as a reduction of premium revenue and benefits expense. Amounts applicable to reinsurance ceded for reserves and unpaid claim liabilities have been reported as reductions of these items, and expense allowances received in connection with reinsurance ceded have been reflected in operations. The Company establishes a receivable for amounts due from reinsurers for claims paid and other amounts recoverable under the terms of the reinsurance contracts.

*Participating Insurance*: Participating business approximates less than 50% of the Company's ordinary life insurance in force and less than 1% of premium income. The amount of dividends to be paid to participating policyholders is determined annually by the Board of Directors. Amounts allocable to participating policyholders are based on published dividend projections or expected dividend scales. Policyholder dividends are recognized when declared.

*Claims and Claims Adjustment Expenses*: Claims expenses represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2025. The Company does not discount claims and claims adjustment expense reserves. Such estimates are based on actuarial projections applied to historical claim payment data. Such liabilities are considered to be reasonable and adequate to discharge the Company's obligations for claims incurred but unpaid as of December 31, 2025.

*Separate Accounts*: Most separate account assets and liabilities held by the Company represent funds held for the benefit of the Company's variable life and annuity policy and contract holders who bear all of the investment risk associated with the policies. Such policies are of a non-guaranteed nature. All net investment experience, positive or negative, is attributed to the policy and contract holders' account values. The assets and liabilities of these accounts are carried at fair value and are legally segregated and are not subject to claims that arise out of any other business of the Company. There are no product classification differences under U.S. GAAP.

*Other Assets:* As part of the Company's retained asset program, the Company records a receivable for amount due from other insurance companies that has not been collected. Amounts are generally collected within 90 days of notification that the policyholder has entered the Company's retained asset program.

The Company is also the owner and beneficiary of life insurance policies included in other assets at their cash surrender values. The following table shows assets that could be realized from an investment vehicle on these policies as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Amount of admitted balance that could be realized from an investment vehicle | $15502 | $14073 |
| Percentage Bonds | 40% | 40% |
| Percentage Stocks | 60% | 60% |

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**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Investments** 

***Bonds, Preferred Stocks and Common Stocks***

The book/adjusted carrying value or cost and fair value of bonds, preferred stocks and common stocks are as follows as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Book/Adjusted Carrying Value** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuer credit obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government obligations | $1122951 | $1486 | $103444 | $1020993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. government obligations | 107031 | 3372 | 7460 | 102943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | 243746 | 1033 | 38396 | 206383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - general obligations (direct & guaranteed) | 31859 |  | 7530 | 24329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | 195598 | 8 | 53020 | 142586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 9986410 | 48018 | 1635699 | 8398729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single entity backed obligations | 54656 | 65 | 1327 | 53394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans - acquired | 374303 | 1699 | 1244 | 374758 |
| &nbsp;&nbsp;&nbsp;Total issuer credit obligations | 12116554 | 55681 | 1848120 | 10324115 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - self-liquidating | 5862460 | 34607 | 710538 | 5186529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - not self-liquidating | 41888 | 49 |  | 41937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-financial asset-backed securities | 2263484 | 55210 | 33494 | 2285200 |
| &nbsp;&nbsp;&nbsp;Total asset-backed securities | 8167832 | 89866 | 744032 | 7513666 |
| Total bonds | $20284386 | $145547 | $2592152 | $17837781 |
| Preferred stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stocks - unaffiliated | $4994 | $— | $190 | $4804 |
|  | **Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | $88856 | $2002 | $491 | $90367 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The book/adjusted carrying value or cost and fair value of bonds, preferred stocks and common stocks are as follows as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Book/Adjusted Carrying Value** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government corporations and agencies | $1326583 | $1030 | $148402 | $1179211 |
| &nbsp;&nbsp;&nbsp;States, municipalities, and political subdivisions | 267911 | 5 | 76072 | 191844 |
| &nbsp;&nbsp;&nbsp;Foreign other | 2447028 | 4643 | 340358 | 2111313 |
| &nbsp;&nbsp;&nbsp;Foreign government | 202368 |  | 47919 | 154449 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 8885185 | 12305 | 1855519 | 7041971 |
| &nbsp;&nbsp;&nbsp;Residential mortgage backed securities | 1414252 | 16080 | 414799 | 1015533 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage backed securities | 3018809 | 9001 | 552247 | 2475563 |
| &nbsp;&nbsp;&nbsp;Other asset backed securities | 5004783 | 74176 | 29744 | 5049215 |
| Total bonds | $22566919 | $117240 | $3465060 | $19219099 |
| Preferred stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stocks - unaffiliated | $5026 | $— | $367 | $4659 |
|  | **Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | $116626 | $975 | $5330 | $112271 |

---

The aggregate fair value of bonds, preferred stocks, and common stocks with unrealized losses and the time period that book/adjusted carrying value exceeded fair value are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 Months** | **Less than 12 Months** | **Greater than 12 Months** | **Greater than 12 Months** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** |
| **As of December 31, 2025** | | | | | | |
| Bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuer credit obligations | $1173670 | $35189 | $7054941 | $1812930 | $8228611 | $1848119 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 598787 | 9344 | 1871613 | 734688 | 2470400 | 744032 |
| Preferred stocks |  |  | 3256 | 190 | 3256 | 190 |
| Common stocks | 1343 | 176 | 120 | 315 | 1463 | 491 |
| **As of December 31, 2024** |  |  |  |  |  |  |
| Bonds | $2819564 | $133293 | $10229349 | $3331767 | $13048913 | $3465060 |
| Preferred stocks |  |  | 3078 | 367 | 3078 | 367 |
| Common stocks |  |  | 6157 | 5330 | 6157 | 5330 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The book/adjusted carrying value and fair value of investments in bonds as of December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
| | **2025** | **2025** |
| | **Book/Adjusted Carrying Value** | **Fair Value** |
| Maturity: |  |  |
| Due in 1 year or less | $267118 | $263581 |
| Due after 1 year through 5 years | 1501354 | 1465552 |
| Due after 5 years through 10 years | 2247402 | 2117211 |
| Due after 10 years through 20 years | 4009012 | 3340228 |
| Due after 20 years | 4091669 | 3137546 |
|  | 12116555 | 10324118 |
| Financial asset-backed securities - self-liquidating | 5862460 | 5186529 |
| Financial asset-backed securities - not self-liquidating | 41888 | 41937 |
| Non-financial asset-backed securities | 2263484 | 2285200 |
| Total | $20284387 | $17837784 |

---

The cumulative amount of paid-in-kind interest included in the current principal balance of bonds is $127,683 and $109,220 as of December 31, 2025 and 2024, respectively.

The following table shows 5GI securities as of December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Number of 5GI Securities** | **Number of 5GI Securities** | **Aggregate Book/Adjusted Carrying Value** | **Aggregate Book/Adjusted Carrying Value** | **Aggregate Fair Value** | **Aggregate Fair Value** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Issuer credit obligations | 10 | 10 | $393 | $386 | $391 | $387 |
| Asset-backed securities | 4 | 8 | 253 | 1287 | 296 | 1742 |
| Total | 14 | 18 | $646 | $1673 | $687 | $2129 |

---

***Mortgage Loans***

The following table shows the maximum and minimum lending rates by type for mortgage loans initiated during 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Maximum** | **Minimum** | **Maximum** | **Minimum** |
| Commercial loans | 7.30% | 3.75% | 8.79% | 5.00% |
| Residential loans | 8.62% | 5.77% | 10.99% | 3.38% |
| Mezzanine loans | —% | —% | 8.24% | 4.61%; |

---

There were no taxes, assessments or any amounts advanced and not included in the mortgage loan total as of December 31, 2025 and 2024.&nbsp;&nbsp;&nbsp;&nbsp;

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The maximum percentage of any loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages on commercial mortgage loans was 80% and 80% during 2025 and 2024, respectively.

The following table shows the Company's commercial mortgage loan, including mezzanine, credit quality:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying Value** | **Carrying Value** | **Carrying Value** | **Carrying Value** | **Carrying Value** | |
| | **Debt Service Coverage Ratio** | **Debt Service Coverage Ratio** | **Debt Service Coverage Ratio** | **Debt Service Coverage Ratio** | | |
| | **Greater than 1.5x** | **1.25x to 1.5x** | **1.0x to 1.25x** | **Less than 1.0x** |<br>**Total** |<br>**%** |
| **As of December 31, 2025** | | | | | | |
| Loan-to-value: |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $1110808 | $66973 | $9838 | $4852 | $1192471 | 45.9% |
| &nbsp;&nbsp;50% - 60% | 204482 | 218409 | 156467 | 2521 | 581879 | 22.4 |
| &nbsp;&nbsp;60% - 70% | 129147 | 55696 | 180234 | 40439 | 405516 | 15.6 |
| &nbsp;&nbsp;70% - 80% | 104400 | 58475 | 84810 | 3384 | 251069 | 9.7 |
| &nbsp;&nbsp;80% - 90% | 17768 | 1698 | 44118 | 103261 | 166845 | 6.4 |
| Total | $1566605 | $401251 | $475467 | $154457 | $2597780 | 100.0% |
| **As of December 31, 2024** |  |  |  |  |  |  |
| Loan-to-value: |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $916850 | $12570 | $77880 | $34890 | $1042190 | 38.2% |
| &nbsp;&nbsp;50% - 60% | 783853 | 222563 | 73576 | 65920 | 1145912 | 42.0 |
| &nbsp;&nbsp;60% - 70% | 191769 | 64592 | 68908 | 142959 | 468228 | 17.2 |
| &nbsp;&nbsp;70% - 80% | 11010 | 1485 | 4779 | 28013 | 45287 | 1.7 |
| &nbsp;&nbsp;80% - 90% |  |  | 23658 |  | 23658 | 0.9 |
| Total | $1903482 | $301210 | $248801 | $271782 | $2725275 | 100.0% |

---

The following table shows the Company's residential mortgage loan credit quality:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Carrying Value** | **%** | **Carrying Value** | **%** |
| Performance indicators: |  |  |  |  |
| &nbsp;&nbsp;Performing | $1829926 | 96.8% | $1837283 | 97.7% |
| &nbsp;&nbsp;Non-performing | 59718 | 3.2 | 43969 | 2.3 |
| Total | $1889644 | 100.0% | $1881252 | 100.0% |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows an age analysis of mortgage loans by type and mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Residential** | **Commercial** | **Mezzanine** | **Total** |
| **As of December 31, 2025** | | | | |
| Recorded investment | 1889644 | 2450041 | 147740 | 4487425 |
| &nbsp;&nbsp;Current | $1823696 | $2450041 | $147740 | $4421477 |
| &nbsp;&nbsp;30-59 days past due | 6230 |  |  | 6230 |
| &nbsp;&nbsp;60-89 days past due | 812 |  |  | 812 |
| &nbsp;&nbsp;90-179 days past due | 78 |  |  | 78 |
| &nbsp;&nbsp;180+ days past due | 58828 |  |  | 58828 |
| Participant or co-lender in a mortgage loan agreement |  |  |  |  |
| &nbsp;&nbsp;Recorded investment | $— | $1991956 | $147740 | $2139696 |
| **As of December 31, 2024** |  |  |  |  |
| Recorded investment | 1881253 | 2561665 | 163609 | 4606527 |
| &nbsp;&nbsp;Current | $1825525 | $2540919 | $163609 | $4530053 |
| &nbsp;&nbsp;30-59 days past due | 11759 |  |  | 11759 |
| &nbsp;&nbsp;60-89 days past due | 5704 |  |  | 5704 |
| &nbsp;&nbsp;90-179 days past due | 726 |  |  | 726 |
| &nbsp;&nbsp;180+ days past due | 37539 | 20746 |  | 58285 |
| Participant or co-lender in a mortgage loan agreement |  |  |  |  |
| &nbsp;&nbsp;Recorded investment | $— | $2174498 | $163609 | $2338107 |

---

The following table shows impaired mortgage loans with or without an allowance for credit losses and impaired loans subject to a participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Residential** | **Commercial** | **Total** | **Residential** | **Commercial** | **Total** |
| With allowance for credit losses | $— | $— | $— | $— | $— | $— |
| No allowance for credit losses |  |  |  | 37539 | 24251 | 61790 |
| Total | $— | $— | $— | $37539 | $24251 | $61790 |
| Subject to a participant or co-lender mortgage loan agreement for which the reporting entity is restricted from unilaterally foreclosing on the mortgage loan | $— | $— | $— | $37539 | $24251 | $61790 |

---

The following table shows information for investments in impaired mortgage loans held by the Company as of December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | **Commercial** | **Commercial** | **Commercial** |
| &nbsp;&nbsp;&nbsp;&nbsp;Average recorded investment | $15377 | $36214 | $9653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income recognized | 153 | 544 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of interest income recognized using a cash-basis method of accounting |  |  | 29 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The Company has no allowances for credit losses as of December 31, 2025 and 2024.

The following table shows the mortgage loans held by the Company derecognized as a result of foreclosure as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Aggregate amount of mortgage loans derecognized | $9187 | $3714 |
| Real estate collateral recognized | $— | $— |
| Other collateral recognized | $9187 | $3714 |
| Receivables recognized from a government guarantee of the foreclosed mortgage loan | $— | $— |

---

***Net Realized Capital Gains and Losses***

The following table shows the components of realized capital gains (losses):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Bonds | $(476959) | $(622546) | $(666338) |
| Preferred stocks |  |  | (5500) |
| Common stocks - unaffiliated | (5102) |  |  |
| Mortgage loans | (6158) | (19689) | (3096) |
| Derivatives | 140603 | 127006 | (14612) |
| Other invested assets | 31515 | 10141 | (3086) |
| Other | 2444 | (561) | 224 |
| Realized capital gains (losses) before transfers to IMR and tax | (313657) | (505649) | $(692408) |
| Amount transferred to IMR (net of related taxes) | 371444 | 488944 | 527677 |
| Federal income tax benefit (expense) |  | 4219 | 12282 |
| Net realized capital gains (losses) | $57787 | $(12486) | $(152449) |

---

The following table shows OTTI losses included in net realized capital gains and losses:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Bonds | $11793 | $15168 | $24998 |
| Preferred stocks |  |  | 5500 |
| Mortgage loans | 4147 | 19696 | 3096 |
| Other invested assets |  |  | 231 |
| Total | $15940 | $34864 | $33825 |

---

The Company does not have any OTTI recognized on joint venture, partnerships and limited liability company holdings for the years ended December 31, 2025, 2024 and 2023.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows information related to the sales of bonds:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Proceeds | $5254802 | $4003022 | $5802924 |
| Gross gains | 9287 | 5782 | 53370 |
| Gross losses | 474453 | 613160 | 694710 |

---

The Company does not have any OTTI recognized on asset-backed securities subject to SSAP No. 43 due to intent to sell or inability or lack of intent to hold to recovery during 2025, 2024, and 2023.

The following table shows OTTI recognized on asset-backed securities subject to SSAP No. 43 due to the difference between amortized cost and the estimated present value of projected cash flows during 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CUSIP** | **Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI** | **Present Value of Projected Cash Flows** | **Recognized Other-Than-Temporary Impairment** | **Amortized Cost After Other-Than-Temporary Impairment** | **Fair Value at Time of OTTI** | **Date of Financial Statement Where Reported** |
| 05523GAJ0 | $1936 | $— | $1936 | $— | $1909 | 3/31/2025 |
| 05523GAL5 | 1947 |  | 1947 |  |  | 3/31/2025 |
| 05493AAL4 | 5305 | 4363 | 942 | 4363 | 34 | 6/30/2025 |
| 12652FAL6 | 903 |  | 903 |  | 1042 | 6/30/2025 |
| 61768FAL4 | 4195 | 91 | 4105 | 91 | 3826 | 6/30/2025 |
| 31395MJJ9 | 4386 | 4370 | 16 | 4370 | 91 | 12/31/2025 |
| Total |  |  | $9849 |  |  |  |

---

The total amount of OTTI recognized on asset-backed securities subject to SSAP No. 43 due to the difference between amortized cost and the estimated present value of projected cash flows was $9,849, $11,036 and $18,934 in 2025, 2024 and 2023, respectively.

The following table shows asset-backed securities in an unrealized loss position for which an OTTI has not been recognized in accordance with the requirements of SSAP No. 43. This includes securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Aggregate Amount of Unrealized Losses** | **Aggregate Fair Value of Securities with Unrealized Losses** | **Aggregate Amount of Unrealized Losses** | **Aggregate Fair Value of Securities with Unrealized Losses** |
| Less than 12 months | $6314 | $580312 | $10359 | $853804 |
| Greater than 12 months | 703984 | 1708252 | 986431 | 2416324 |
| Total | $710298 | $2288564 | $996790 | $3270128 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

***Net Investment Income***

The following table shows the components of net investment income:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| Gross investment income: |  |  |  |
| Bonds | $1018935 | 1044798 | 983941 |
| Preferred stocks | 219 | 208 | 279 |
| Common stocks - unaffiliated | 8284 | 9294 | 6962 |
| Mortgage loans | 261968 | 240567 | 138209 |
| Derivatives | (5548) | (6417) | (7678) |
| Contract loans | 95808 | 94185 | 82115 |
| Other invested assets | 95016 | 108975 | 81002 |
| Cash, cash equivalents and short-term investments | 37655 | 42042 | 18349 |
| Other |  | 1498 | 5166 |
| Total gross investment income | 1512337 | 1535150 | 1308345 |
| Investment expenses | (143387) | (150051) | (109070) |
| Net investment income | $1368950 | $1385099 | $1199275 |

---

The following table shows bond prepayment penalty and acceleration fees included in net investment income:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2024** | **2023** |
| **General Account** |  |  |  |
| Number of CUSIPs | 89 | 70 | 21 |
| Aggregate Amount of Investment Income | $3627 | $3030 | $(5806) |

---

The Company did not recognize any prepayment penalty and acceleration fees on debt securities subject to SSAP No. 21 for the year ended December 31, 2025.

***Accrued Investment Income***

The following table shows the components of accrued investment income as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Accrued investment income: |  |  |
| &nbsp;&nbsp;Gross | $200685 | $228850 |
| &nbsp;&nbsp;Nonadmitted |  | 2442 |
| &nbsp;&nbsp;Admitted | $200685 | $226408 |
| Aggregate deferred interest included in accrued investment income | $— | $— |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

***Federal Home Loan Bank Agreements***

The Company is a member of the FHLB of Topeka. Through its membership, the Company has conducted business (issued funding agreements) with the FHLB. It is part of the Company's strategy to utilize these funds for spread lending purposes. Reserves for these funds appear on the statement of admitted assets, liabilities, and capital and surplus under deposit type contracts. The Company has determined the estimated maximum borrowing capacity as $12,700,000 as of December 31, 2025. The Company has the ability to obtain funding from the FHLB based on a percentage of the value of its assets and subject to the availability of eligible collateral. The limit across all programs is potentially up to 40% of the general account total net admitted assets, excluding Separate Accounts, of the Company, one quarter in arrears, based on credit approval from FHLB of Topeka.

The following table shows the amount of FHLB capital stock held by the Company:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **General Account** | **Separate Account** | **Total** | **General Account** | **Separate Account** | **Total** |
| Membership stock - class A | $500 | $— | $500 | $500 | $— | $500 |
| Activity stock | 82300 |  | 82300 | 99850 |  | 99850 |
| Excess stock | 1975 |  | 1975 | 2331 |  | 2331 |
| Aggregate total | $84775 | $— | $84775 | $102681 | $— | $102681 |

---

All FHLB membership stock is not eligible for redemption.

The following table shows the amount of collateral pledged to FHLB at the end of the reporting period and the maximum amount that was pledged to FHLB during the reporting period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Amount Pledged at End of Reporting Period** | **Amount Pledged at End of Reporting Period** | **Amount Pledged at End of Reporting Period** | **Maximum Amount Pledged During Reporting Period** | **Maximum Amount Pledged During Reporting Period** | **Maximum Amount Pledged During Reporting Period** |
| | **Fair Value** | **Carrying Value** | **Aggregate Total Borrowing** | **Fair Value** | **Carrying Value** | **Aggregate Total Borrowing** |
| **As of December 31, 2025** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;General account | $3164629 | $3666785 | $1840000 | $3623850 | $4374194 | $1840000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3164629 | $3666785 | $1840000 | $3623850 | $4374194 | $1840000 |
| **As of December 31, 2024** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General account | $3535514 | $4328310 | $2230000 | $3900416 | $4556966 | $2230000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3535514 | $4328310 | $2230000 | $3900416 | $4556966 | $2230000 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows the amount borrowed from the FHLB and reserves established:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **General Account** | **Separate Account** | **Total** | **Funding Agreements Reserves Established** |
| **As of December 31, 2025** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | $— | $— | $— | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements | 1840000 |  | 1840000 | $1837833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate total | $1840000 | $— | $1840000 | $1837833 |
| **As of December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | $— | $— | $— | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements | 2230000 |  | 2230000 | $2224951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate total | $2230000 | $— | $2230000 | $2224951 |

---

The maximum aggregate amount the general account borrowed from FHLB was $2,230,000 and $2,400,000 during 2025 and 2024, respectively.

As of December 31, 2025, the Company's FHLB borrowings are subject to prepayment penalties.

***Restricted Assets (including Pledged)***

The following table shows assets pledged as collateral or restricted as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | | | |
| | **General Account** | **Total From Prior Year** | **Increase/(Decrease)** | **Total<br>Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
|<br>**Restricted Asset Category** | **Total Assets** | **Total From Prior Year** | **Increase/(Decrease)** | **Total<br>Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| FHLB capital stock | 82850 | 102681 | (19831) | 82850 | 0.2% | 0.2% |
| On deposit with states | 29004 | 28074 | 930 | 29004 | 0.1% | 0.1% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 3666785 | 4328310 | (661525) | 3666785 | 10.8% | 10.9% |
| Reinsurance trust | 15318249 | 15921905 | (603656) | 15318249 | 45.2% | 45.5% |
| Derivative pledged collateral | 27032 | 22126 | 4906 | 27032 | 0.1% | 0.1% |
| Collateral assets received | 536611 | 473657 | 62954 | 536611 | 1.6% | 1.6% |
| Assets held under modco reinsurance agreements | 364 |  | 364 | 364 | —% | —% |
| Assets held under funds withheld reinsurance agreements | 8479590 | 8585588 | (105998) | 8479590 | 25.0% | 25.2% |
| Total restricted assets | $28140485 | $29462341 | $(1321856) | $28140485 | 83.0% | 83.6% |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows assets pledged as collateral or restricted as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | | | |
| | **General Account** | **Total From Prior Year** | **Increase/(Decrease)** | **Total<br>Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
|<br>**Restricted Asset Category** | **Total Assets** | **Total From Prior Year** | **Increase/(Decrease)** | **Total<br>Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| FHLB capital stock | $102681 | $82901 | $19780 | $102681 | 0.3% | 0.3% |
| On deposit with states | 28074 | 27139 | 935 | 28074 | 0.1% | 0.1% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 4328310 | 3743039 | 585271 | 4328310 | 12.5% | 12.6% |
| Reinsurance trust | 15921905 | 16735678 | (813773) | 15921905 | 45.8% | 46.2% |
| Derivative pledged collateral | 22126 | 14981 | 7145 | 22126 | 0.1% | 0.1% |
| Total restricted assets | $20403096 | $20603738 | $(200642) | $20403096 | 58.8% | 59.3% |

---

The following table shows collateral received and assets held under modco and funds withheld reinsurance agreements and reflected as assets as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Book/Adjusted Carrying Value (BACV)** | **Book/Adjusted Carrying Value (BACV)** | **Book/Adjusted Carrying Value (BACV)** | **Fair Value** | **Fair Value** | **Fair Value** | **% of BACV to Total Assets (Admitted and Nonadmitted)** | **% of BACV to Total Admitted Assets** |
|<br>**Assets Classification** | **Collateral** | **Modco** | **Funds Withheld\*** | **Collateral** | **Modco** | **Funds Withheld** | **% of BACV to Total Assets (Admitted and Nonadmitted)** | **% of BACV to Total Admitted Assets** |
| General account: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | $536611 | $— | $402753 | $537835 | $— | $402753 | 2.9% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations |  | 285 | 4986815 |  | 259 | 4087400 | 15.5 | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities |  | 78 | 1943155 |  | 75 | 1847073 | 6.0 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks |  |  | 1475 |  |  | 1475 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  |  | 448 |  |  | 448 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans |  |  | 673682 |  |  | 645623 | 2.1 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  |  | 471263 |  |  | 499952 | 1.5 | 1.5 |
| Total collateral assets | $536611 | $363 | $8479591 | $537835 | $334 | $7484724 | 28.0% | 28.2% |
| \*Funds withheld assets are not related / affiliated to the reinsurer | \*Funds withheld assets are not related / affiliated to the reinsurer | \*Funds withheld assets are not related / affiliated to the reinsurer | \*Funds withheld assets are not related / affiliated to the reinsurer | \*Funds withheld assets are not related / affiliated to the reinsurer |  |  |  |  |

---

The following table shows collateral received and reflected as assets as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Collateral** | **Collateral** | **% of BACV to Total Assets (Admitted and Nonadmitted)** | **% of BACV to Total Admitted Assets** |
|<br>**Assets Classification** | **Book/Adjusted Carrying Value (BACV)** | **Fair Value** | **% of BACV to Total Assets (Admitted and Nonadmitted)** | **% of BACV to Total Admitted Assets** |
| General account: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | $473657 | $473657 | 1.4% | 1.5% |
| Total collateral assets | $473657 | $473657 | 1.4% | 1.5% |

---

The following table shows recognized liabilities for collateral received and assets held under modco and funds withheld reinsurance agreements as of December 31, 2025 and recognized liabilities for collateral received as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amount** | **% of Liability to Total Liabilities** | **Amount** | **% of Liability to Total Liabilities** |
| General account: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recognized obligation to return collateral asset | $536611 | 1.8% | $473657 | 1.4% |
| &nbsp;&nbsp;&nbsp;Recognized obligation for modco assets | $364 | —% |  |  |
| &nbsp;&nbsp;&nbsp;Recognized obligation for FWH (excluding modco) assets | $8479590 | 27.7% |  |  |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

***Troubled Debt Restructuring***

The Company has a high quality, well performing, portfolio of commercial mortgage loans and private placement debts. Under certain circumstances, modifications to these contracts are granted. Each modification is evaluated as to whether troubled debt restructuring has occurred. A modification is a troubled debt restructure when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include: reduction of the face amount or maturity amount of the debt as originally stated, reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment.

As of December 31, 2025 and 2024, the Company held 0 and 0 private placement troubled debt restructuring loans with a carrying value of $0 and $0, respectively.

For the years ended December 31, 2025 and 2024, the Company's total recorded investment in restructured debt was $0 and $0, respectively. The Company realized losses related to these investments of $0, $0, and $0 during 2025, 2024, and 2023, respectively.

The Company has no contractual commitments to extend credit to debtors owing receivables whose terms have been modified in troubled debt restructurings.

The Company accrues interest income on impaired loans to the extent it is deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Financial Instruments Held for Purposes Other than Trading**

The Company's use of derivatives is primarily for economic hedging purposes to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, foreign exchange risk, and market risk. The Company enters into the following type of derivatives: Credit Contracts, Equity Contracts, Foreign Exchange Contracts and Interest Rate Contracts. The Company's use and hedging strategy of derivatives is detailed in Note 1.

Upfront fees paid or received on derivative contracts are included on the statements of admitted assets and are being amortized to investment income over the remaining terms of the contracts.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Periodic payments from such contracts are included in investment income on the statements of operations. Accrued amounts payable to or receivable from counterparties are included in other liabilities or accrued investment income on the statements of admitted assets, liabilities and capital and surplus. Gains or losses realized as a result of early terminations are recognized in income in the statement of operations or deferred into IMR and amortized to investment income.

Derivatives that are designated as being in an effective hedging relationship are reported in a manner that is consistent with the hedged asset or liability. Derivative contracts that are matched or otherwise designated to be associated with other financial instruments (replication transactions) are recorded at fair value if the related financial instruments mature, are sold, or are otherwise terminated or if the interest rate contracts cease to be effective hedges. Changes in the fair value of derivatives not designated in effective hedging relationships are recorded as unrealized gains and losses in surplus.

The Company is exposed to credit loss in the event of nonperformance by counterparties on certain derivative contracts; however, the Company does not anticipate nonperformance by any of these counterparties. The amount of such exposure is generally the unrealized gains in such contracts. The Company manages the potential credit exposure from interest rate contracts through careful evaluation of the counterparties' credit standing, collateral agreements, and master netting agreements.

Under the terms of the Company's Over-The-Counter ("OTC") Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported on the balance sheet.

The following table shows the Company's types and amounts of collateral held, pledged and delivered related to OTC derivative contracts and cleared derivative contracts:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Collateral Type: |  |  |
| &nbsp;&nbsp;&nbsp;Cash: |  |  |
| Held- OTC Contracts | $513432 | $473657 |
| Held- Cleared Contracts |  | 6082 |
| Pledged- OTC Contracts | 13372 | 7580 |
| Pledged- Cleared Contracts |  | 217 |
| &nbsp;&nbsp;&nbsp;Securities: |  |  |
| Held | $24403 | $— |
| Delivered | 13022 | 14546 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows information of the Company's derivative contracts by type:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Notional Amount** | **Carrying Value** | **Fair Value** | **Notional Amount** | **Carrying Value** | **Fair Value** |
| Derivative contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit contracts | $300000 | $5150 | $12230 | $200000 | $3796 | $4500 |
| &nbsp;&nbsp;&nbsp;Equity contracts | 3420577 | 470893 | 470893 | 3231354 | 464666 | 464666 |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | 51887 | (2612) | (863) | 57145 | 4241 | 4212 |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | 2768000 | (2931) | 9933 | 2117000 | 1370 | (33629) |
| Total derivative contracts | $6540464 | $470500 | $492193 | $5605499 | $474073 | $439749 |

---

The Company does not have any derivative contracts with financing premiums.

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Concentrations of Credit Risk**

***Bonds***

The Company held below investment grade corporate bonds with an aggregate book value of $1,324,042 and $1,097,867 and an aggregate fair value of $1,243,138 and $1,015,694 as of December 31, 2025 and 2024, respectively. Those holdings amounted to 6.5% and 4.9% of the Company's investments in bonds and 4.1% and 3.4% of total admitted assets as of December 31, 2025 and 2024, respectively. The holdings of below investment grade bonds are widely diversified and of satisfactory quality based on the Company's investment policies and credit standards.

The Company held unrated bonds with a carrying value of $563,178 and $219,311 with an aggregate fair value of $562,118 and $216,866 as of December 31, 2025 and 2024, respectively. The carrying value of these holdings amounted to 2.8% and 1.0% of the Company's investment in bonds and 1.8% and 0.6% of the Company's total admitted assets as of December 31, 2025 and 2024, respectively.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

***Mortgages***

The Company's mortgage loan portfolio is diversified by geographic region and property type to manage concentration risk.

The following table shows the Company's mortgage loan diversification by property type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Property Type** | **Carrying Value** | **%** | **Carrying Value** | **%** |
| Apartments | $2780156 | 62.0% | $2871786 | 62.4% |
| Hotel/Motel | 28681 | 0.6 | 42787 | 0.9 |
| Industrial | 747648 | 16.7 | 774924 | 16.8 |
| Mixed Use | 29219 | 0.7 | 29820 | 0.6 |
| Office | 228808 | 5.1 | 233172 | 5.1 |
| Other | 225922 | 5.0 | 234748 | 5.1 |
| Retail | 446991 | 10.0 | 419290 | 9.1 |
| Total | $4487425 | 100.0% | $4606527 | 100.0% |

---

The following table shows the Company's mortgage loan portfolio diversification by region:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Region** | **Carrying Value** | **%** | **Carrying Value** | **%** |
| Pacific | $751570 | 16.7% | $729995 | 15.7% |
| South Atlantic | 1117579 | 24.9 | 1138425 | 24.7 |
| West South Central | 392264 | 8.7 | 435365 | 9.5 |
| East North Central | 520793 | 11.6 | 527973 | 11.5 |
| Middle Atlantic | 744258 | 16.6 | 731667 | 15.9 |
| Mountain | 504751 | 11.2 | 522848 | 11.4 |
| West North Central | 116777 | 2.6 | 153032 | 3.3 |
| New England | 114884 | 2.6 | 106664 | 2.3 |
| East South Central | 224549 | 5.0 | 260558 | 5.7 |
| Total | $4487425 | 100.0% | $4606527 | 100.0% |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**Reserves**

As of December 31, 2025 and 2024, the Company's annuity reserves, including those held in separate accounts and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **General Account** | **Separate Account Non-Guaranteed** | **Total** | **% of Total** |
| **December 31, 2025** | | | | |
| **Individual Annuities:** | | | | |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $156503 | $— | $156503 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of 5% or more | 442 |  | 442 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 12592 | 12592 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 156945 | 12592 | 169537 | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 515233 |  | 515233 | 40.3 |
| Not subject to discretionary withdrawal | 594819 |  | 594819 | 46.5 |
| Total gross individual annuities reserves | 1266997 | 12592 | 1279589 | 100.0% |
| Less reinsurance ceded | 826 |  | 826 |  |
| Total net individual annuities reserves | $1266171 | $12592 | $1278763 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $35 | $— | $35 |  |
| **Group Annuities:** |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $3811 | $— | $3811 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 3811 |  | 3811 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 2407 |  | 2407 | 0.2 |
| Not subject to discretionary withdrawal | 1069923 |  | 1069923 | 99.4 |
| Total gross group annuities reserves | 1076141 |  | 1076141 | 100.0% |
| Less reinsurance ceded |  |  |  |  |
| Total net gross annuities reserves | $1076141 | $— | $1076141 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $— | $— | $— |  |
| **Deposit Type Contracts (no life contingencies):** |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | $472666 | $— | $472666 | 19.0% |
| Not subject to discretionary withdrawal | 2019417 |  | 2019417 | 81.0 |
| Total gross deposit type contracts reserves | 2492083 |  | 2492083 | 100.0% |
| Less reinsurance ceded | 723 |  | 723 |  |
| Total net deposit type contracts reserves | $2491360 | $— | $2491360 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $— | $— | $— |  |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **General Account** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total** |
| **December 31, 2024** | | | | |
| **Individual Annuities:** | | | | |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $137699 | $— | $137699 | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of 5% or more | 805 |  | 805 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 11328 | 11328 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 138504 | 11328 | 149832 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 627231 |  | 627231 | 45.2% |
| Not subject to discretionary withdrawal | 611195 |  | 611195 | 44.0 |
| Total gross individual annuities reserves | 1376930 | 11328 | 1388258 | 100.0% |
| Less reinsurance ceded | 1316 |  | 1316 |  |
| Total net individual annuities reserves | $1375614 | $11328 | $1386942 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $64 | $— | $64 |  |
| **Group Annuities:** |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $4166 | $— | $4166 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 4166 |  | 4166 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 425 |  | 425 | 0.0 |
| Not subject to discretionary withdrawal | 1160185 |  | 1160185 | 99.6 |
| Total gross group annuities reserves | 1164776 |  | 1164776 | 100.0% |
| Less reinsurance ceded |  |  |  |  |
| Total net gross annuities reserves | $1164776 | $— | $1164776 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $— | $— | $— |  |
| **Deposit Type-Contracts (no life contingencies):** |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | $493727 | $— | $493727 | 16.8% |
| Not subject to discretionary withdrawal | 2443500 |  | 2443500 | 83.2 |
| Total gross deposit type contracts reserves | 2937227 |  | 2937227 | 100.0% |
| Less reinsurance ceded | 725 |  | 725 |  |
| Total net deposit fund liabilities reserves | $2936502 | $— | $2936502 |  |
| Amount at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date | $— | $— | $— |  |

---

The reconciliation of total annuity reserves and deposit-type contract fund liabilities as of December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Life & Accident & Health Annual Statement: |  |  |
| Exhibit 5, Annuities Section, Total (net) | $2198297 | $2397353 |
| Exhibit 5, Supplemental Contracts with Life Contingencies Section, Total (net) | 144015 | 143037 |
| Exhibit 7, Deposit - Type Contracts, line 14, column 1 | 2491360 | 2936502 |
| Total Life & Accident & Health Annual Statement | 4833672 | 5476892 |
| Separate Accounts Annual Statement: |  |  |
| Exhibit 3, Annuities Section, Total (net) | 12592 | 11328 |
| Total Separate Accounts Annual Statement | 12592 | 11328 |
| Combined Total | $4846264 | $5488220 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

As of December 31, 2025 and 2024, the Company's life insurance reserves, including those held in separate accounts that are subject to discretionary withdrawal and not subject to discretionary withdrawal provisions are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Account Value** | **Cash Value** | **Reserve** |
| **December 31, 2025** | | | |
| General Account: |  |  |  |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies with cash value | $— | $228974 | $879940 |
| &nbsp;&nbsp;&nbsp;Universal life | 9776934 | 9660511 | 9450131 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 2068119 | 1989255 | 7195768 |
| &nbsp;&nbsp;&nbsp;Indexed universal life | 3232115 | 3040134 | 3210194 |
| &nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 216801 | 191613 | 433036 |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life Insurance | 2058217 | 3615488 | 3390334 |
| &nbsp;&nbsp;&nbsp;Variable life | 4371 | 4371 | 4362 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1219759 | 1215464 | 1133016 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 34 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | 6773621 |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | XXX | XXX | 10066 |
| &nbsp;&nbsp;&nbsp;Disability - active lives | XXX | XXX | 43194 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | XXX | XXX | 95776 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 2341944 |
| Total gross life insurance reserves | 18576316 | 19945810 | 34961416 |
| Less reinsurance ceded | 5436750 | 6379784 | 20110475 |
| Total net life insurance reserves | $13139566 | $13566026 | $14850941 |
| Separate Account with Nonguaranteed |  |  |  |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Universal life | $1675732 | $1648358 | $1678844 |
| Total gross life insurance reserves | 1675732 | 1648358 | 1678844 |
| Less reinsurance ceded |  |  |  |
| Total net separate account with nonguaranteed life insurance reserves | $1675732 | $1648358 | $1678844 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

---

| | | | |
|:---|:---|:---|:---|
| | **Account Value** | **Cash Value** | **Reserve** |
| **December 31, 2024** | | | |
| General Account: |  |  |  |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies with cash value | $— | $232292 | $835516 |
| &nbsp;&nbsp;&nbsp;Universal life | 10001285 | 9876918 | 9651386 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 2198458 | 2097675 | 7251144 |
| &nbsp;&nbsp;&nbsp;Indexed universal life | 2947748 | 2744246 | 2978771 |
| &nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 201045 | 169710 | 403574 |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life Insurance | 2178016 | 3813996 | 3531898 |
| &nbsp;&nbsp;&nbsp;Variable life | 4495 | 4495 | 4484 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1223058 | 1218422 | 1153989 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 112 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | 7082151 |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | XXX | XXX | 11672 |
| &nbsp;&nbsp;&nbsp;Disability - active lives | XXX | XXX | 52761 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | XXX | XXX | 97305 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 2424193 |
| Total gross life insurance reserves | 18754105 | 20157754 | 35478956 |
| Less reinsurance ceded | 5532118 | 6471400 | 20517656 |
| Total net life insurance reserves | $13221987 | $13686354 | $14961300 |
| Separate Account with Nonguaranteed |  |  |  |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | $1668096 | $1640314 | $1669991 |
| Total gross life insurance reserves | 1668096 | 1640314 | 1669991 |
| Less reinsurance ceded |  |  |  |
| Total net separate account with nonguaranteed life insurance reserves | $1668096 | $1640314 | $1669991 |

---

The reconciliation of total life insurance reserves as of December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Life & Accident & Health Annual Statement: |  |  |
| Exhibit 5, Life Insurance Section, Total (net) | $13451336 | $13547180 |
| Exhibit 5, Accidental Death Benefits Section, Total (net) | 8097 | 9427 |
| Exhibit 5, Disability – Active Lives Section, Total (net) | 5539 | 10729 |
| Exhibit 5, Disability – Disabled Lives Section, Total (net) | 67162 | 67894 |
| Exhibit 5, Miscellaneous Reserves Section, Total (net) | 1318808 | 1326070 |
| Total Life & Accident & Health Annual Statement | 14850942 | 14961300 |
| Separate Accounts Annual Statement: |  |  |
| Exhibit 3, Life Insurance Section, Total (net) | 1678844 | 1669991 |
| Total Separate Accounts Annual Statement | 1678844 | 1669991 |
| Combined Total | $16529786 | $16631291 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Gross** | **Net of Loading** | **Gross** | **Net of Loading** |
| Ordinary new business | $8281 | $8281 | $16190 | $300 |
| Ordinary renewal | 7226 | (23255) | 42120 | (6138) |
| Group life | 779 |  | 833 | (53) |
| Group annuity |  |  | (54) | (54) |
| Total | $16286 | $(14974) | $59089 | $(5945) |

---

 **6.**&nbsp;&nbsp;&nbsp;&nbsp;**Employee Benefit Plans**

*Defined Contribution Plans:* Resolution Life Services (US), Inc. sponsors the Resolution Life US 401(k) Plan (the "Plan"). Substantially all employees of Resolution Life Services (US) Inc. and its subsidiaries and affiliates (excluding certain employees) are eligible to participate, other than Company agents. The Plan is a tax qualified defined contribution plan. Plan benefits are not guaranteed by the Pension Benefit Guaranty Corporation ("PBGC"). The Plan allows eligible participants to defer into the Plan a specified percentage of eligible compensation on a pretax basis. Resolution Life Services (US) Inc. matches such pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are automatically vested, regardless of service history. All contributions made to the Plan are subject to certain limits imposed by applicable law. Expenses allocated to the Company were $4,243, $4,656, and $3,685 for 2025, 2024, and 2023, respectively.

*Consolidated/Holding Company Plans:* Resolution Life Services (US) Inc., an affiliate, offers long term incentives to its eligible employees and certain other individuals who meet the eligibility criteria. Expenses allocated to the Company were $(335), $4,765, and $5,021 for 2025, 2024, and 2023, respectively.

**7.**&nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts**

Separate account assets and liabilities represent funds segregated by the Company for the benefit of certain policy and contract holders who bear the investment risk. Revenues and expenses on the separate account assets and related liabilities equal the benefits paid to the separate account policy and contract holders.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The general nature and characteristics of separate accounts business is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Non-Guaranteed Separate Accounts** | | |
| Premium, consideration or deposits for the year | $29825 | $37793 |
| Reserves for separate accounts with assets at: |  |  |
| &nbsp;&nbsp;Fair value | $1691436 | $1681319 |
| Total reserves | $1691436 | $1681319 |
| Reserves for separate accounts by withdrawal characteristics: |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $1691436 | $1681319 |
| Total reserves | $1691436 | $1681319 |

---

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business. For the years ended December 31, 2025 and 2024, the Company reported assets and liabilities from Individual Annuity and Individual Life product lines in separate accounts.

Assets in the separate account are considered legally insulated from the general account, providing protection of such assets from being available to satisfy claims resulting in the general account. The assets legally and not legally insulated from the general account are summarized in the following table, by product or transaction type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Product or Transaction** | **Legally Insulated Assets** | **Not Legally Insulated Assets** | **Legally Insulated Assets** | **Not Legally Insulated Assets** |
| Individual life | $1675736 | $— | $1668096 | $— |
| Individual annuity | 12592 |  | 11328 |  |
| Total | $1688328 | $— | $1679424 | $— |

---

Separate account assets for products registered with the SEC totaled $1,651,150 and $1,644,738 as of December 31, 2025 and 2024, respectively. Separate account assets for products not registered with the SEC totaled $37,178 and $34,686; all of which were Private Placement Variable Universal Life Products, as of December 31, 2025 and 2024, respectively.

In accordance with the products/transactions recorded within the separate account, some separate account liabilities are guaranteed by the general account. To compensate the general account for the risk taken, the separate account paid the following amount in risk charges:

---

| | |
|:---|:---|
| **Year ended** | **Risk Charges** |
| 2025 | $20 |
| 2024 | 22 |
| 2023 | 21 |
| 2022 | 22 |
| 2021 | 21 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The Company's general account did not pay any separate account guarantees for the years ended December 31, 2025, 2024 and 2023.

The Company does not engage in securities lending transactions within its separate accounts.

A reconciliation of the amounts transferred to and from the separate accounts is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
| | **2025** | **2024** | **2023** |
| Transfers as reported in the summary of operations |  |  |  |
| &nbsp;&nbsp;of the separate accounts statement: |  |  |  |
| Transfers to separate accounts | $29842 | $37793 | $37048 |
| Transfers from separate accounts | 201376 | 80750 | 88769 |
| Transfers as reported in the summary of operations | $(171534) | $(42957) | $(51721) |

---

**8.&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Taxes** 

The Company has entered into a tax allocation agreement with members of an affiliated group. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal, state, local or foreign tax returns. The tax allocation agreement provides that each subsidiary will make a payment to Resolution Life Colorado Inc. equal to its tax liability computed on a separate company basis and such payment will be reduced by any losses, loss carryforwards or other tax attributes that reduced the group's liability and which are allocable to the subsidiary.<br>The following is a list of all affiliated companies that participate in the filing of this consolidated federal income tax return:

---

| |
|:---|
| Resolution Life Colorado Inc. |
| Security Life of Denver Insurance Company |
| Roaring River II, Inc. |
| Midwestern United Life Insurance Company |
| Security Life of Denver International Limited |

---

Under the intercompany tax allocation agreement, the Company had a receivable of $8,075 as of December 31, 2025 and $17,077 as of December 31, 2024 from Resolution Life Colorado Inc., an affiliate, for federal income taxes.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Current income taxes incurred consisted of the following major components:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
| | **2025** | **2024** | **2023** |
| Federal tax (benefit) expense on operations | $5246 | $4219 | $3997 |
| Federal tax (benefit) expense on capital gains and losses |  | (4219) | (12281) |
| Total current tax (benefit) expense incurred | $5246 | $— | $(8284) |

---

The components of deferred tax asset and deferred tax liability that make up a Net Deferred Tax Asset ("DTA") as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/24** | **12/31/24** | **12/31/24** | **Change** | **Change** | **Change** |
| | Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total |
| Gross DTAs | $588962 | $298270 | $887232 | $606634 | $236970 | $843604 | $(17672) | $61300 | $43628 |
| Statutory valuation allowance adjustments |  | 274666 | 274666 |  | 212492 | 212492 |  | 62174 | 62174 |
| Adjusted gross DTAs | 588962 | 23604 | 612566 | 606634 | 24478 | 631112 | (17672) | (874) | (18546) |
| Nonadmitted DTAs | 246299 |  | 246299 | 289096 |  | 289096 | (42797) |  | (42797) |
| Subtotal net admitted DTAs | 342663 | 23604 | 366267 | 317538 | 24478 | 342016 | 25125 | (874) | 24251 |
| Deferred tax liabilities\* | 164022 | 23604 | 187626 | 148814 | 24478 | 173292 | 15208 | (874) | 14334 |
| Net admitted DTA (DTL) | $178641 | $— | $178641 | $168724 | $— | $168724 | $9917 | $— | $9917 |
| \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. | \*A portion of the capital DTL has been used to offset ordinary DTAs. |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The admission calculation components by tax character of admitted adjusted gross deferred tax assets as the result of the application of SSAP No. 101 as of December 31, 2025 and 2024 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** | **Change** | **Change** | **Change** |
| | | Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total |
| a. | Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| b. | Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from (a)) after application of the threshold limitation (the lesser of (b)1 and (b)2 below) | 178641 |  | 178641 | 168724 |  | 168724 | 9917 |  | 9917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTAs expected to be realized following the balance sheet date | 178641 |  | 178641 | 220644 |  | 220644 | (42003) |  | (42003) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross DTAs allowed per limitation threshold | XXX | XXX | 182629 | XXX | XXX | 168724 | XXX | XXX | 13905 |
| c. | Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross deferred tax liabilities | 164022 | 23604 | 187626 | 148814 | 24478 | 173292 | 15208 | (874) | 14334 |
| d. | Deferred tax assets admitted as the result of application SSAP No. 101 Total | $342663 | $23604 | $366267 | $317538 | $24478 | $342016 | $25125 | $(874) | $24251 |

---

The ratio percentage and the amount of adjusted capital and surplus used to determine the recovery period and threshold limitation as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Ratio percentage used to determine recovery period and threshold limitation amount | 867.8% | 754.8% |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation | $1852522 | $1532073 |

---

The Company does not have any tax planning strategies at December 31, 2025 or 2024.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The significant components of deferred tax assets and deferred tax liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2024** | **Change** |
| Deferred tax assets: |  |  |  |
| &nbsp;&nbsp;Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | $— | $1 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 167947 | 163911 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 107075 | 99805 | 7270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 206969 | 230362 | (23393) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 3590 | 3873 | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted\* | 1091 | 2756 | (1665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating loss carry-forward | 101549 | 105193 | (3644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit carry-forward | 482 | 482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 260 | 250 | 10 |
| &nbsp;&nbsp;&nbsp;Gross ordinary deferred tax assets | 588962 | 606633 | (17670) |
| &nbsp;&nbsp;&nbsp;Nonadmitted | 246299 | 289095 | (42796) |
| &nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | 342663 | 317538 | 25126 |
| &nbsp;&nbsp;Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 23605 | 24478 | (873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital loss carry-forward | 274665 | 212492 | 62173 |
| &nbsp;&nbsp;&nbsp;Subtotal | 298270 | 236970 | 61300 |
| &nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment | 274666 | 212492 | 62174 |
| &nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 23604 | 24478 | (874) |
| Admitted deferred tax assets | $366267 | $342016 | $24252 |
| Deferred tax liabilities: |  |  |  |
| &nbsp;&nbsp;Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $106120 | $96250 | $9870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premiums | 5103 | 5165 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 1922 | 6154 | (4232) |
| &nbsp;&nbsp;&nbsp;Total ordinary deferred tax liabilities | 113145 | 107569 | 5576 |
| &nbsp;&nbsp;Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 74481 | 65723 | 8758 |
| &nbsp;&nbsp;&nbsp;Total capital deferred tax liabilities | 74481 | 65723 | 8758 |
| Total deferred tax liabilities | $187626 | $173292 | $14334 |
| Net admitted deferred tax assets (liabilities) | $178641 | $168724 | $9918 |
| \* Includes other nonadmitted assets |  |  |  |

---

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2025 and December 31, 2024, the Company had valuation allowances of $274,665 and $212,492 respectively.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The provision for federal income tax expense and change in deferred taxes differs from the amount which would be obtained by applying the statutory federal income tax rate to income (including capital items) before income taxes for the following reasons:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Amount** | **Effective Tax Rate** | **Amount** | **Effective Tax Rate** | **Amount** | **Effective Tax Rate** |
| Ordinary (loss) income | $97963 |  | $46444 |  | $(484235) |  |
| Capital (losses) gains | 57787 |  | (16705) |  | (164731) |  |
| Total pretax (loss) income | 155750 |  | 29739 |  | (648966) |  |
| Expected tax (benefit) expense at 21% statutory rate | 32708 | 21.0% | 6245 | 21.0% | (136283) | 21.0% |
| Increase (decrease) in actual tax reported resulting from: |  |  |  |  |  |  |
| Dividends received deduction | (896) | (0.6)% | (780) | (2.6)% | (967) | 0.1% |
| Interest maintenance reserve | (50136) | (32.0)% | (84344) | (283.5)% | (107786) | 16.7% |
| Reinsurance | (5421) | (3.5)% | (5421) | (18.2)% | (4066) | 0.6% |
| NOL adjustment | (5221) | (3.4)% | (6343) | (21.3)% | (13400) | 2.1% |
| Capital loss adjustment |  | —% | 45303 | 152.3% | 99910 | (15.4)% |
| Change in valuation allowance | 62173 | 39.9% | 78824 | 265.1% | 33758 | (5.2)% |
| Other | 3828 | 2.5% | (1249) | (4.4)% | 4832 | (0.8)% |
| Total income tax reported | $37035 | 23.9% | $32235 | 108.4% | $(124002) | 19.1% |
| Current income taxes incurred | $5246 | 3.4% | $— | —% | $(8284) | 1.3% |
| Change in deferred income tax\* | 31789 | 20.5% | 32235 | 108.4% | (115718) | 17.8% |
| Total income tax reported | $37035 | 23.9% | $32235 | 108.4% | $(124002) | 19.1% |

---

\* Excluding tax on unrealized gains (losses) and other surplus items.

As of December 31, 2025, the Company's loss carry-forwards originated and expires as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year of Origination** | **Year of Expiration** | **Amount** |
| Net capital loss carry-forward | 2023 | 2028 | $420787 |
| Net capital loss carry-forward | 2024 | 2029 | 582321 |
| Net capital loss carry-forward | 2025 | 2030 | 304821 |
| Total Net capital loss carry-forward\* |  |  | $1307929 |
| Net operating loss | 2022 |  | $135177 |
| Net operating loss | 2023 |  | 346415 |
| Net operating loss | 2024 |  | 1975 |
| Total Net operating loss carry-forward\* |  |  | $483567 |

---

\*Tax allocation agreement allows for members of the consolidated group to share losses generated on a separate company basis.

There are no amounts of federal income tax incurred that will be available for recoupment in the event of future net losses from 2025 and 2024.

There were no deposits admitted under Section 6603 of the Internal Revenue Service Code as of December 31, 2025 and 2024.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The Company has no unrecognized tax benefits as of December 31, 2025 and 2024.

The Company has no unrecognized tax benefits for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Company had no unrecognized tax benefits as of December 31, 2025 and 2024, that would affect the Company's effective tax rate if recognized.

The Company does not have any transferable state tax credit assets as of December 31, 2025.

The Company does not have any non-transferable or nonadmitted state tax credit assets as of December 31, 2025.

The Company did not recognize an impairment loss on state transferable and non-transferable tax credits for the year ended December 31, 2025 and 2024, respectively.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in Federal income taxes and Federal income tax expense on the statements of admitted assets, liabilities and capital and surplus and statement of operations, respectively. The Company had no accrued interest or penalties as of December 31, 2025, 2024 and 2023.

**9.**&nbsp;&nbsp;&nbsp;&nbsp;**Investment in Subsidiaries** 

The Company has two wholly owned insurance subsidiaries, Midwestern United Life Insurance Company ("Midwestern"), and Roaring River II, Inc. ("RRII"). The Company also has one wholly owned non-insurance subsidiary, SLD America Equities, Inc. ("SLD AE").

The carrying values of the Company's subsidiaries are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| | **2025** | **2024** |
| Common stock: |  |  |
| &nbsp;&nbsp;&nbsp;Midwestern | $178483 | $173732 |
| &nbsp;&nbsp;&nbsp;SLD AE | 1937 | 1941 |
| &nbsp;&nbsp;&nbsp;RRII |  |  |
| Total investment in subsidiaries | $180420 | $175673 |

---

As of December 31, 2025 and 2024, the Company had no amounts nonadmitted related to its investment in SCA entities.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

Information regarding the non-insurance subsidiary, SLD AE, NAIC filings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Type of NAIC Filing** | **Date of Filing to the NAIC** | **NAIC Valuation Amount** | **Response Received** | **Resubmission Required** |
| 2025 | S2 | 6/24/2025 | $1941 | Y | N |
| 2024 | S2 | 5/21/2024 | $1944 | Y | N |

---

RRII receives a prescribed practice from the Arizona Department of Insurance to reflect a credit linked note as an admitted asset in its statutory-basis financial statements, which is used to finance excess reserves related to level premium term life reinsurance ("XXX") and universal life with secondary guarantees ("AXXX") business assumed by RRII. If the permitted practice were not granted, RRII's statutory surplus would be in a deficit position; as such, the Company has reduced its investment in RRII to zero as of December 31, 2025 and 2024.

**10.**&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance**

The Company is involved in both ceded and assumed reinsurance with other companies for the purpose of diversifying risk and limiting exposure on larger risks. To the extent that the assuming companies become unable to meet their obligations under these treaties, the Company remains contingently liable to its policyholders for the portion reinsured. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of the reinsurer and monitors concentrations of credit risk.

Effective January 4, 2021, the Company entered into an agreement to assume on a coinsurance basis with assets transferred to a comfort trust for general account liabilities and on a modified coinsurance basis for separate account liabilities with the following former related entities: ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York ("RNY"), and Voya Retirement Insurance and Annuity Company ("VRIAC"). The coinsurance/modified coinsurance agreements with RLI, RNY and VRIAC cover all remaining life business not already reinsured with other reinsurers (including life business assumed from other insurers) from RLI and RNY, the majority of fixed and variable annuity products not already reinsured with other reinsurers from RLI and RNY, and certain fixed and variable annuity and pension risk transfer products from VRIAC. The liabilities covered under the agreement are reinsured on a 100% quota share basis from RLI and VRIAC and a 75% quota share basis from RNY.

Additionally, the Company entered into reinsurance agreements on a coinsurance with funds withheld basis with Security Life of Denver International Limited, RRII, FNL Insurance Company, Ltd., and Partner Reinsurance Europe SE – Zurich Branch ("Partner Re") in order to facilitate the financing of excess reserve requirements associated with Regulation XXX/AG38 and Regulation AXXX which require insurers to hold significantly higher levels of reserves on certain term products and return of premium endowment term insurance products and certain riders and on universal life insurance products with secondary guarantees. Such reinsurance enables the Company to use both traditional and alternative sources of collateral to fund the

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

excess reserve requirements and is generally able to secure longer term financing on a more capital efficient basis.

Effective October 1, 2021, the Company entered into an agreement under which the Company assumes from Lincoln National Life Insurance Company ("Lincoln") on a 100% coinsurance (modco for separate accounts) basis its interest and liabilities with respect to certain universal life and variable universal life products. The Company also entered into an agreement under which the Company cedes to New Reinsurance Company, Ltd. on a coinsurance with funds withheld basis combined with a yearly renewable term basis certain universal life and variable universal life products that were assumed from Lincoln.

Effective August 1, 2023, the Company entered into an agreement under which the Company assumes from Farmers New World Life Insurance Company ("FNWL") on a 100% coinsurance (modco for separate accounts) basis its interest and liabilities with respect to certain life and annuity products. The Company also entered into an agreement under which the Company cedes to Swiss Re Life & Health America Inc. on a 100% coinsurance basis with respect to term life products that was assumed from FNWL. The Company also entered into an agreement under which the Company cedes to Partner Re on a coinsurance with funds withheld basis combined with a yearly renewable term basis certain universal life, whole life and variable universal life products that were assumed from FNWL.

The Company's ceded reinsurance arrangements reduced certain items in the accompanying financial statements by the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** |
| | **2025** | **2024** | **2023** |
| **Statements of operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $1647201 | $2031915 | $6393914 |
| &nbsp;&nbsp;&nbsp;Benefits and other expenses | 1625584 | 1770554 | 5948895 |
| **Statements of admitted assets, liabilities, and capital and surplus** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred and uncollected premiums | 729248 | 783679 | 880730 |
| &nbsp;&nbsp;&nbsp;Policy and contract liabilities | 20669251 | 21129920 | 21610545 |

---

The Company does not have any reinsurance agreement in effect under which the reinsurer may unilaterally cancel the agreement.

Assumed premiums amounted to $1,433,895, $1,894,993 and $7,413,769 for 2025, 2024 and 2023, respectively.

The Company estimates that an aggregate reduction in surplus of $4,872,460 would occur in the event that all reinsurance agreements were terminated, by either party, as of December 31, 2025. The amount estimated as of December 31, 2024 and 2023 was $5,041,359 and $4,947,089, respectively.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**11.&nbsp;&nbsp;&nbsp;&nbsp;Capital and Surplus** 

The Company's capital is common stock, with 149 shares authorized and 144 shares issued and outstanding with a par value of $20,000 per share as of December 31, 2025.

The date of restatement of gross paid-in and contributed surplus and unassigned funds (surplus) under quasi-reorganizations in the prior 10 years is January 4, 2021.

Under Colorado insurance regulations, the Company is required to maintain a minimum total capital and surplus of $1,500. An extraordinary dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the lesser of (1) 10% of the insurer's policyholder surplus as of the preceding December 31 or (2) the insurer's net gain from operations for the twelve-month period ended the preceding December 31, in each case determined in accordance with statutory accounting principles.

On April 23, 2024, the Company paid an extraordinary cash distribution of $200,000 to its parent company, RLCO.

The portion of unassigned surplus represented (reduced) by each item below is as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| | **2025** | **2024** |
| Nonadmitted assets: |  |  |
| &nbsp;&nbsp;Net deferred tax asset | $(246299) | $(289096) |
| &nbsp;&nbsp;Other | (5195) | (13125) |
| Total nonadmitted assets | $(251494) | $(302221) |
| Cumulative unrealized gains and losses | $393496 | $384643 |
| Provision for reinsurance | $— | $— |
| Asset valuation reserve | $(445853) | $(395990) |

---

On January 4, 2021, the Company restructured two outstanding surplus notes into one surplus note with a fixed interest rate of 5.0% and a maturity date of January 4, 2031. On September 7, 2021, the Colorado Insurance Commissioner approved a Second Amended and Restated Surplus Note Agreement which extends the Scheduled Maturity Date to January 1, 2036 and restricts the prepayment of principal until January 4, 2026. The Second Amended and Restated Surplus Note Agreement was effective as of January 4, 2021. Any payment of principal and/or interest is subject to the prior approval of the Colorado Insurance Commissioner.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The Company's surplus note as of December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date Issued** | **Interest Rate** | **Original Issue Amount of Note** | **Is Surplus Note Holder a Related Party (Y/N)** | **Carrying Value of Note Prior Year** | **Carrying Value of Note Current Year** | **Unapproved Interest And/Or Principal** |
| 1/4/2021 | 5% | $123000 | N | $123000 | $123000 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Current year Interest Expense Recognized** | **Life-To-Date Interest Expense Recognized** | **Current Year Interest Offset Percentage (not including amounts paid to a 3rd party liquidity provider).** | **Current Year Principal Paid** | **Life-To-Date Principal Paid** | **Date of Maturity** |
| $6150 | $31093 | 0.0% | $0 | $0 | 1/1/2036 |

---

---

| | | |
|:---|:---|:---|
| **Are Surplus Note payments contractually linked? (Y/N)** | **Surplus Note payments subject to administrative offsetting provisions? (Y/N)** | **Were Surplus Notes proceeds used to purchase an asset directly from the holder of the surplus note? (Y/N)** |
| Y | N | N |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Is Asset Issuer a Related Party (Y/N)** | **Type of Assets Received Upon Issuance** | **Principal Amount of Assets Received Upon Issuance** | **Book/Adjusted Carry Value of Assets** | **Is Liquidity Source a Related Party to the Surplus Note Issuer? (Y/N)** |
| N | | $| $| N |

---

Life and health insurance companies are subject to certain risk-based capital ("RBC") requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.

**12.**&nbsp;&nbsp;&nbsp;&nbsp;**Fair Values of Financial Instruments**

The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties other than in a forced or liquidation sale. Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds, when carried at the lower of cost or market.

Life insurance liabilities that contain mortality risk and all nonfinancial instruments have been excluded from the disclosure requirements. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company's overall management of interest rate risk, such that the Company's exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

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

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

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

▪ Level 2 - Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

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

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

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

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

▪ Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

The following valuation methods and assumptions were used by the Company in estimating the reported values for the investments described below. The Company's composition of asset mix can change from period to period and all assets described below may not be held as of December 31, 2025.

*Bonds and other invested assets*: The Company utilizes a number of valuation methodologies to determine the fair values of its bonds. Valuations are obtained from third party commercial pricing services, brokers, and industry-standard vendor-provided software that models the value based on market observable inputs. The valuations obtained from brokers and third-party commercial pricing services are non-binding. The valuations are reviewed and validated through price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes.

Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2.

For securities not actively traded, fair values are estimated using values obtained from independent pricing services or, in the case of private placement investments, are estimated by discounting the expected future cash flows. The discount rates used vary as a function of factors such as yield, credit quality, and maturity. The Company's statutory fair values represent the amount that would be received to sell securities at the measurement date, i.e., "exit price" concept. These assets are classified as Level 3.

*Preferred and Common Stock*: Fair values of publicly traded stocks are based upon quoted market price and are classified as Level 1 assets. Certain preferred and common stock prices are obtained through commercial pricing services and are classified as Level 2 assets. Other stocks, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 3 assets.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

*Mortgage loans:* The fair values for mortgage loans are estimated on a monthly basis using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Mortgage loans are classified as Level 3.

*Contract loans:* The fair value of contract loans approximates the carrying value of the loans. Contract loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2.

*Cash equivalents and short-term investments*: The fair values for cash equivalents and short-term investments are generally determined based on quoted market prices. These assets are classified as Level 1 and Level 2.

*Derivatives*: Certain derivatives are carried at fair value which is determined using observable key financial data such as yield curves, exchange rates, S&P 500 Index prices, SOFR, and OIS. Derivatives fair values are generally obtained from third party sources. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. The Company's own credit risk is monitored by comparison of credit ratings from national rating services. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better.

*Separate account assets*: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. Mutual funds, short-term investments and cash are based upon a quoted market price and are included in Level 1 and Level 2.

*Supplementary contracts and immediate annuities*: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

*Deposit type contracts:* Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3. For certain deposit type contracts, fair value is estimated by discounting cash flows at rates that are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows the Company's financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Aggregate Fair Value** | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $10324118 | $12116556 | $170045 | $8565648 | $1588425 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 7513666 | 8167831 |  | 3621831 | 3891835 |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | 4805 | 4994 |  | 1549 | 3256 |  |
| &nbsp;&nbsp;&nbsp;Common stock (unaffiliated) | 90367 | 90367 |  | 82850 | 7517 |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 4415303 | 4487425 |  |  | 4415303 |  |
| &nbsp;&nbsp;&nbsp;Contract loans | 1850234 | 1850234 |  | 1850234 |  |  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 532883 | 496570 |  | 146237 |  | 386646 |
| &nbsp;&nbsp;&nbsp;Cash equivalents and short-term investments | 849927 | 849909 | 670866 | 179061 |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | 12230 | 5150 |  | 12230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 561577 | 561576 | 36 | 143563 | 417978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 841 | 77 |  | 841 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 18569 | 3492 |  | 18569 |  |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1688328 | 1688328 | 1687195 | 1133 |  |  |
| Total assets | $27862848 | $30322509 | $2528142 | $14623746 | $10324314 | $386646 |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit type contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplementary contracts and immediate annuities | $201606 | $192847 | $— | $27014 | $174592 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deposit type contracts | 2333501 | 2298513 |  | 2333501 |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 90683 | 90683 | 25 | 78680 | 11978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 1704 | 2688 |  | 1704 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 8636 | 6424 |  | 8636 |  |  |
| Total liabilities | $2636130 | $2591155 | $25 | $2449535 | $186570 | $— |

---

The Company reports the fair value of residual interests using the net asset value ("NAV") practical expedient. Residual interests fair value is based on the ownership share of the equity of the investee, as reported to the Company by the General Partner.

The Company did not have any financial instruments for which it was not practicable to estimate the fair value as of December 31, 2025.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows the Company's financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Aggregate Fair Value** | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | $19219099 | $22566919 | $164777 | $14288284 | $4766038 |
| &nbsp;&nbsp;&nbsp;Preferred stock | 4658 | 5026 |  | 1580 | 3078 |
| &nbsp;&nbsp;&nbsp;Common stock (unaffiliated) | 112272 | 112271 |  | 102681 | 9591 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 4457188 | 4606527 |  |  | 4457188 |
| &nbsp;&nbsp;&nbsp;Contract loans | 1871474 | 1871474 |  | 1871474 |  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 112496 | 130568 |  | 75524 | 36972 |
| &nbsp;&nbsp;&nbsp;Cash equivalents and short-term investments | 342016 | 341997 | 274545 |  | 67471 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | 4500 | 3796 |  | 4500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 522666 | 522665 | 554 | 114824 | 407288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 4212 | 4285 |  | 4212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 2403 | 2353 |  | 2403 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1679424 | 1679424 | 1677812 | 1612 |  |
| Total assets | $28332408 | $31847305 | $2117688 | $16467094 | $9747626 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supplementary contracts and immediate annuities | $211520 | $241350 | $— | $39315 | $172205 |
| &nbsp;&nbsp;&nbsp;Deposit type contracts | 2735934 | 2695151 |  | 2735934 |  |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 57999 | 57999 |  | 57999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 44 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 36031 | 983 |  | 36031 |  |
| Total liabilities | $3041484 | $2995527 | $— | $2869279 | $172205 |

---

The Company did not have any financial instruments for which it was not practicable to estimate the fair value or measured and reported at NAV as of December 31, 2024.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table shows assets and liabilities measured and reported at fair value as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
| **Assets:** | | | | | |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | $— | $10151 | $— | $— | $10151 |
| &nbsp;&nbsp;&nbsp;Preferred stock |  | 1549 |  |  | 1549 |
| &nbsp;&nbsp;&nbsp;Common stock |  | 82850 | 7517 |  | 90367 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 36 | 143563 | 417978 |  | 561577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 3492 |  |  | 3492 |
| &nbsp;&nbsp;&nbsp;Other invested assets |  | 55662 |  | 81203 | 136865 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1687195 | 1133 |  |  | 1688328 |
| Total assets | $1687231 | $298400 | $425495 | $81203 | $2492329 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 25 | 78680 | 11978 |  | 90683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 6424 |  |  | 6424 |
| Total liabilities | $25 | $85123 | $11978 | $— | $97126 |

---

The following table shows assets and liabilities measured and reported at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and misc. | $— | $911 | $— | $911 |
| &nbsp;&nbsp;&nbsp;Preferred stock |  | 1580 |  | 1580 |
| &nbsp;&nbsp;&nbsp;Common stock |  | 102681 | 9591 | 112272 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 554 | 114824 | 407288 | 522666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 2403 |  | 2403 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1677812 | 1612 |  | 1679424 |
| Total assets | $1678366 | $224024 | $416879 | $2319269 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts |  | 57999 |  | 57999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 1033 |  | 1033 |
| Total liabilities | $— | $59032 | $— | $59032 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities for the year ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Beginning of the Year | Transfers into Level 3 | Transfers Out of Level 3 | Total Gains and (Losses) Included in Net Income | Total Gains and (Losses) Included in Surplus | Purchases | Issuances | Sales | Settlements | End of the Year |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | $9591 | $— | $— | $(5102) | $5865 | $3113 | $— | $(5950) | $— | $7517 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | 407288 |  |  | 119215 | 33403 | 82358 |  | (224286) |  | 417978 |
| Total assets | $416879 | $— | $— | $114113 | $39268 | $85471 | $— | $(230236) | $— | $425495 |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | $— | $— | $— | $— | $2959 | $9019 | $— | $— | $— | $11978 |
| Total liabilities | $— | $— | $— | $— | $2959 | $9019 | $— | $— | $— | $11978 |

---

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities for the year ended December 31, 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Beginning of the Year | Transfers into Level 3 | Transfers Out of Level 3 | Total Gains and (Losses) Included in Net Income | Total Gains and (Losses) Included in Surplus | Purchases | Issuances | Sales | Settlements | End of the Year |
| Common stock | 7683 |  |  |  | 1489 | 419 |  |  |  | 9591 |
| Derivatives: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity contracts | 326610 |  |  | 95611 | 93128 | 75925 |  | (183986) |  | 407288 |
| Total | $334293 | $— | $— | $95611 | $94617 | $76344 | $— | $(183986) | $— | $416879 |

---

The Company may reclassify assets reported at fair value between levels of the fair value hierarchy established as part of SSAP No. 100, *Fair Value*, if appropriate, based on changes in the quality of valuation inputs available during a reporting period. The policy governing when these transfers are recognized did not change during 2025 or 2024.

The Company's policy is to recognize transfers in and transfers out as of the beginning of the most recent quarterly reporting period.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

*Guarantee Agreements*: The Company guarantees certain contractual policy claims of its subsidiary, Midwestern. In the unlikely event that Midwestern was unable to fulfill its obligations to policyholders, the Company would be obligated to assume the guaranteed policy obligations. Any ultimate contingent losses in connection with such guarantees will not have a material adverse impact on the Company's future operations or financial position. The Company recorded a liability of $0 related to this guarantee as of December 31, 2025 and 2024. The Company was not required to make any payments related to this guarantee during the years ended 2025 and 2024. The maximum potential of future payments is $0 as of 2025.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

*Operating Leases*: The Company is party to certain cost-sharing arrangements and service agreements with other affiliated Resolution Life U.S. Holdings Inc. companies. Included in these cost-sharing arrangements is rent expense, which is allocated to the Company in accordance with systematic cost allocation arrangements. The Company incurred rent expense of $1,069, $2,339 and $3,943 for 2025, 2024 and 2023 under this cost-sharing methodology respectively.

*Legal Proceedings* - The Company is involved in threatened or pending lawsuits or arbitrations arising from the normal conduct of business. Due to the climate in insurance and business litigation and arbitrations, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals.

In addition, the life insurance industry, including the Company, has experienced litigation alleging, for example, that insurance companies have breached the terms of their life insurance policies by increasing the insurance rates of the applicable policies inappropriately or by factoring into rate adjustments elements not disclosed under the terms of the applicable policies, and, consequently, unjustly enriched themselves. This litigation is generally known as cost of insurance litigation.

Likewise, the life insurance industry, including the Company, has experienced litigation focusing on the California courts ruling that the statutes lengthening the required grace and lapse notice periods and requiring carriers to annually offer the right to designate a third-party addressee apply retroactively. This litigation is generally known as CA Lapse litigation. The Company has received a putative class action filed in Orange County, CA. The Plaintiff asserts a claim for himself and on behalf of a putative class, alleging that SLD did not provide the minimum 60-day notice required by the California lapse statutes prior to the policy at issue lapsing*.* Plaintiff asserts claims for breach of contract, bad faith, unfair competition, and seeks a declaration that the policy remains in force. The contract at issue is a UL policy that lapsed in November 2022 after receiving a 61-day grace period in accordance with the policy's terms and relevant statutes. Our Rule 12(c) motion to dismiss was denied by the court but we believe class certification should be denied in light of recent Ninth Circuit Court of Appeals rulings. While it is not possible to forecast the outcome of such lawsuits/arbitrations, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits/arbitrations will not have a material adverse effect on the Company's operations or financial position.

*Regulatory Matters* - As with many financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with examinations, inquiries, investigations and audits of the products and practices of the Company or the financial services industry. Some of the investigations, examinations, audits and inquiries could result in regulatory action against the Company. The potential outcome of such regulatory action is difficult to predict, but could subject the Company to adverse consequences, including, but not limited to, additional payments to beneficiaries, settlement payments, penalties, fines and other financial liability, and changes to the Company's policies and procedures. The potential

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

economic consequences cannot be predicted, but management does not believe that the outcome of any such action will have a material adverse effect on the Company's financial position. It is the practice of the Company to cooperate fully in these matters.

*Investment Purchase Commitments*: As part of its overall investment strategy, the Company has entered into agreements to purchase private placements and commercial mortgages of $1,130,270 and $1,072,941 as of December 31, 2025 and 2024, respectively. The Company is also committed to provide additional capital contributions of $820,833 and $567,101 as of December 31, 2025 and 2024, respectively, in partnerships.

*Liquidity*: The Company's principal sources of liquidity are product charges, investment income, premiums, proceeds from the maturity and sale of investments, and capital contributions. Primary uses of these funds are payments of commissions and operating expenses, interest credits, investment purchases, and contract maturities, withdrawals, death benefits, surrenders and dividends to its parent.

The Company's liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents, and short-term investments. In addition, the investment portfolio is primarily composed of high quality fixed income investments, which include holdings of U.S. Government securities, high quality corporate bonds and agency backed residential mortgage backed securities. Asset/liability management is integrated into many aspects of the Company's operations, including investment decisions, product development, and determination of crediting rates. As part of the risk management process, different economic scenarios are modeled, including cash flow testing required for insurance regulatory purposes, to determine that existing assets are adequate to meet projected liability cash flows.

The fixed account liabilities are supported by a general account portfolio principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the general account considers the assets available-for-sale. This strategy enables the Company to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook, and other relevant factors. The Company's asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, the Company uses derivative instruments to manage these risks. The Company's derivative counterparties are of high credit quality.

**14.&nbsp;&nbsp;&nbsp;&nbsp;Financing Agreements** 

The Company has entered into a reciprocal loan agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"), the Company's indirect parent, to promote efficient management of cash and liquidity and to provide for unanticipated short-term cash requirements. Under this agreement, which expires January 4, 2031, the Company and Resolution Life US can borrow up to 3% of the Company's admitted assets excluding separate accounts as of December 31 of the

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

preceding year from one another. Interest on any borrowing under a reciprocal loan agreement is charged at a rate based on the prevailing market rate for similar third-party borrowing or securities. The following table summarizes the activity under the agreement:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
| 6.5% | **2025** | **2024** | **2023** |
| 4.9% |  |  |  |
| Interest rate range | 4.9% to 6.5% | 5.4% to 6.4% | 5.4% to 6.5% |
| Interest income | $2046 | $5323 | $2187 |
| Interest expense | $1607 | $320 | $57 |
| Outstanding receivable | $28000 | $— |  |
| Outstanding payable | $— | $— |  |

---

As of December 31, 2025, the Company is the beneficiary of letters of credit totaling $931 The terms of the letters of credit provide for automatic renewal upon anniversary unless otherwise canceled or terminated by the ceding company or the letter of credit provider.

**15.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions**

The Company has entered into various management and services contracts with affiliated companies. The costs associated with these agreements are allocated among those companies in accordance with systematic cost allocation methods. The Company's primary related party agreements are detailed below, expenses incurred under the agreements were all quantitatively immaterial for disclosure:

*Service Agreements:* The Company has entered into an inter-insurer services agreement with its U.S. insurance company affiliates and other affiliates (collectively, the "affiliates") whereby the affiliates provide certain administrative, management, professional, advisory, consulting, and other services to each other. For the years ended December 31, 2025 and 2024 expenses were immaterial.

*Tax Sharing Agreements*: See Note 8 for disclosure related to the federal tax sharing agreement.

The Company has also entered into a state tax sharing agreement with Resolution Life U.S. Holdings Inc. and each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Resolution Life U.S. Holdings Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**16. Accident and Health Contracts**

Effective January 1, 2020, the accident and health business assumed by the Company was recaptured by RLI. Simultaneously with this recapture, effective January 1, 2020, the Company recaptured the retrocession of the block from Canada Life. The Company reports zero accident and health business on a net basis, and a de minimis amount on a gross basis.

**17. Reconciliation to Annual Statement**

As noted in Note 1, the Company identified an error in 2025 related to other revenues. The following table reconciles amounts reported herein to the amounts reported in the 2025 Annual Statement:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **Annual Statement** | **Adjustments** | **Audited Financials** |
| **Statement of admitted assets, liabilities, and capital and surplus** |  |  |  |
| &nbsp;&nbsp;&nbsp;Admitted assets | $33641752 | $— | $33641752 |
| &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness to related parties | 74831 | (63313) | 11518 |
| &nbsp;&nbsp;Total liabilities | 32245584 | (63313) | 32182271 |
| &nbsp;&nbsp;Capital and surplus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unassigned surplus | 427306 | 63313 | 490619 |
| &nbsp;&nbsp;Total capital and surplus | 1396168 | 63313 | 1459481 |
| &nbsp;&nbsp;Total liabilities and capital and surplus | $33641752 | $— | $33641752 |
| **Statement of Operations** |  |  |  |
| &nbsp;&nbsp;Premiums and other revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | $189878 | $11432 | $201310 |
| &nbsp;&nbsp;Total premiums and other revenues | 2229575 | 11432 | 2241007 |
| &nbsp;&nbsp;Net income (loss) | 150504 | 11432 | 161936 |
| **Statement of Changes in Capital and Surplus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital and surplus, December 31, 2024 | 1293551 |  | 1293551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 150504 | 11432 | 161936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior period adjustment |  | 51881 | 51881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital and surplus, December 31, 2025 | 1396168 | 63313 | 1459481 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025 and 2024**

____________________________________________________________________________________________________________________________________________________________

($'s in thousands, except par value and share amounts)

**18.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

The Company has evaluated all events occurring after December 31, 2025 through April 29, 2026, the date the financial statements were available to be issued, to determine whether any event required either recognition or disclosure in the statutory basis financial statements.

There were no material events that occurred subsequent to December 31, 2025.

------

Supplementary Information

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Supplemental Schedule of Selected Statutory Basis Financial Data**

December 31, 2025

*($'s in thousands)*

---

| | |
|:---|:---|
| Investment Income Earned: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | $77391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other bonds (unaffiliated) | 941544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds of affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks (unaffiliated) | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks (unaffiliated) | 8284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 261968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract loans | 95808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and short-term investments | 37654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 95016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (5548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate write-ins for investment income |  |
| Gross investment income | $1512336 |
| Mortgage Loans (Book Value): |  |
| &nbsp;&nbsp;Commercial mortgages | $2450041 |
| &nbsp;&nbsp;Residential mortgages | 1889644 |
| &nbsp;&nbsp;Mezzanine | 147740 |
| Total mortgage loans | $4487425 |
| Mortgage Loans by Standing (Book Value): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Good standing | $4428597 |
| &nbsp;&nbsp;&nbsp;Good standing with restructured terms |  |
| &nbsp;&nbsp;&nbsp;Interest overdue more than 90 days, not in foreclosure | 58828 |
| Total mortgage loans by standing | $4487425 |
| Other long-term assets (statement value) | $1528795 |
| Contract loans | $1850234 |
| Bonds and Stocks of Parents, Subsidiaries and Affiliates (Book Value): |  |
| &nbsp;&nbsp;&nbsp;Bonds | $1000 |
| &nbsp;&nbsp;&nbsp;Common stocks | 180420 |
| &nbsp;&nbsp;&nbsp;Total bonds and stocks of parents, subsidiaries and affiliates | $181420 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Supplemental Schedule of Selected Statutory Basis Financial Data**

December 31, 2025

*($'s in thousands)*

---

| | |
|:---|:---|
| Bonds and Short-term Investments by NAIC Designation and Maturity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds and Short-term Investments by Maturity (Statement Value): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due within 1 year or less | $1312063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 1 year through 5 years | 3884658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 5 years through 10 years | 4804164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 10 years through 20 years | 5859883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 20 years | 4574679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total by maturity | $20435447 |
| &nbsp;&nbsp;&nbsp;Bonds and Short-term Investments by NAIC Designation (Statement Value): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 1 | $11698924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 2 | 7412481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 3 | 834191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 4 | 460816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 5 | 19215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 6 | 9821 |
| &nbsp;&nbsp;&nbsp;Total by NAIC Designation | $20435448 |
| Total bonds and short-term investments publicly traded | $7856894 |
| Total bonds and short-term investments privately placed | $12578554 |
| Preferred stocks (statement value) | $4994 |
| Common stocks, including subsidiaries (market value) | $270787 |
| Short-term investments (book value) | $179061 |
| Cash equivalents | $670848 |
| Financial options owned (statement value) | $561540 |
| Financial options written and in force (statement value) | $(90658) |
| Financial collar, swap and forward agreements open (statement value) | $(393) |
| Financial futures contracts open (current value) | $11 |
| Cash on deposit | $770241 |
| Life Insurance in Force: |  |
| &nbsp;&nbsp;&nbsp;Ordinary | 53738415 |
| &nbsp;&nbsp;&nbsp;Group life | 41024 |
| Total life insurance in force | $53779439 |
| Amount of accidental death insurance in force under ordinary policies | $3734835 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Supplemental Schedule of Selected Statutory Basis Financial Data**

December 31, 2025

*($'s in thousands)*

---

| | |
|:---|:---|
| Life Insurance Policies with Disability Provisions in Force: |  |
| &nbsp;&nbsp;&nbsp;Ordinary | $30633103 |
| &nbsp;&nbsp;&nbsp;Group life | $200 |
| Supplementary Contracts in Force: |  |
| &nbsp;&nbsp;&nbsp;Ordinary-not involving life contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $185647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $5382 |
| &nbsp;&nbsp;&nbsp;Ordinary-involving life contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $14119 |
| &nbsp;&nbsp;&nbsp;Group-not involving life contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $— |
| &nbsp;&nbsp;&nbsp;Group-involving life contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $— |
| Annuities: |  |
| &nbsp;&nbsp;&nbsp;Ordinary: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Immediate-amount of income payable | $44151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred-fully paid account balance | $289200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred-not fully paid account balance | $464053 |
| &nbsp;&nbsp;&nbsp;Group: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully paid account balance | $293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not fully paid account balance | $— |
| Accident and Health Insurance Premiums in Force: |  |
| &nbsp;&nbsp;&nbsp;Ordinary | $— |
| &nbsp;&nbsp;&nbsp;Group | $— |
| Deposit Funds and Dividend Accumulations: |  |
| &nbsp;&nbsp;&nbsp;Deposit funds-account balance | $2197037 |
| &nbsp;&nbsp;&nbsp;Dividend accumulations-account balance | $62745 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Supplemental Schedule of Selected Statutory Basis Financial Data**

December 31, 2025

*($'s in thousands)*

---

| | |
|:---|:---|
| Claim payments for the years ended December 31: |  |
| &nbsp;&nbsp;&nbsp;Group accident and health: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Prior | $|

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Supplemental Schedule of Life and Health Reinsurance Disclosures**

December 31, 2025

*($'s in thousands)*

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61, *Life, Deposit-Type and Accident and Health Reinsurance*, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

Reinsurance Credit:

The Company has not identified any reinsurance contracts entered into, renewed, or amended on or after January 1, 1996 that would require disclosure in the supplemental schedule of life and health reinsurance disclosures as required under SSAP No. 61, Life, Deposit-Type and Accident and Health Reinsurance.

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

**SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES**

For the year Ended December 31, 2025

(To Be Filed by April 1)

Of The SECURITY LIFE OF DENVER INSURANCE COMPANY

ADDRESS (City, State and Zop Code) West Chester , PA 19380-1478....................................................................................................................................................................................

NAIC Group Code 4992 ............................ NAIC Company Code 68713 ....................… Federal Employer's Identification Number (FEIN) 84-0499703 ........................................

The Investment Risks Interrogatories are to be filed by April 1. They are also to be included with the Audited Statutory Financial Statements.

Answer the following interrogatories by reporting the applicable U.S. dollar amounts and percentages of the reporting entity's total admitted assets held in that category of

investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Reporting entity's total admitted assets as reported on Page 2 of this annual statement............................................................................................................$.....…...... 31,953,424

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Ten largest exposures to a single issuer/borrower/investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1<br>Issuer | 2<br>Description of Exposure | 3<br>Amount | 4<br>Percentage of Total<br> Admitted Assets |
| &nbsp;&nbsp;2.01 | Blackstone | Bond, Equity | $2035278 | 6.4 |
| &nbsp;&nbsp;2.02 | Empire Sub LLC | Bond | $362793 | 1.1 |
| &nbsp;&nbsp;2.03 | Brookfield | Bond, Equity | $298922 | 0.9 |
| &nbsp;&nbsp;2.04 | KKR | Bond, Equity | $255217 | 0.8 |
| &nbsp;&nbsp;2.05 | Federal National Mortgage Association | Bond | $187276 | 0.6 |
| &nbsp;&nbsp;2.06 | Bronco Funding 2024-1 LLC | Bond | $185257 | 0.6 |
| &nbsp;&nbsp;2.07 | Midwestern United Life Insurance Company | Equity | $178483 | 0.6 |
| &nbsp;&nbsp;2.08 | Barings | Bond, Equity | $178402 | 0.6 |
| &nbsp;&nbsp;2.09 | Neuberger Berman | Bond, Equity | $149075 | 0.5 |
| &nbsp;&nbsp;2.10 | VPC | Bond, Equity | $124696 | 0.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Amounts and percentages of the reporting entity's total admitted assets held in bonds and preferred stocks by NAIC designation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Bonds | 1 | 2 | 2 | | Preferred Stocks | 3 | 4 |
| 3.01 | NAIC 1 | $11698924 | 36.6 | % | 3.07 | NAIC 1 | $3446 | <u>0.0</u> |
| 3.02 | NAIC 2 | $7412481 | 23.2 | % | 3.08 | NAIC 2 | $1549 | <u>0.0</u> |
| 3.03 | NAIC 3 | $834191 | 2.6 | % | 3.09 | NAIC 3 | $— | <u>0.0</u> |
| 3.04 | NAIC 4 | $460816 | 1.4 | % | 3.10 | NAIC 4 | $— | <u>0.0</u> |
| 3.05 | NAIC 5 | $19215 | 0.1 | % | 3.11 | NAIC 5 | $— | <u>0.0</u> |
| 3.06 | NAIC 6 | $9821 | 0.0 | % | 3.12 | NAIC 6 | $— | <u>0.0</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Assets held in foreign investments:

&nbsp;&nbsp;&nbsp;&nbsp;4.01&nbsp;&nbsp;&nbsp;&nbsp;Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ ] No [ X]

If response to 4.01 above is yes, responses are not required for interrogatories 5 - 10.

&nbsp;&nbsp;&nbsp;&nbsp;

4.02 Total admitted assets held in foreign investments $3,298,527 10.3 %

4.03 Foreign-currency-denominated investments $86,823 0.3 %

4.04 Insurance liabilities denominated in that same foreign currency $— 0.0 %

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

SUPPLEMENT FOR THE YEAR 2025 OF THE SECURITY LIFE OF DENVER INSURANCE COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;5.Aggregate foreign investment exposure categorized by NAIC sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
| | | 1 | 2 |
| 5.01 | Countries designated NAIC-1 | $2858962 | 8.9 |
| 5.02 | Countries designated NAIC-2 | $388950 | 1.2 |
| 5.03 | Countries designated NAIC-3 or below | $50615 | 0.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;6.Largest foreign investment exposures by country, categorized by the country's NAIC sovereign designation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | 1 | 2 |
| | Countries designated NAIC - 1: | Countries designated NAIC - 1: | | |
| 6.01 | Country 1: | Cayman Islands | $1073320 | 3.4 |
| 6.02 | Country 2: | Australia | $377418 | 1.2 |
|  | Countries designated NAIC - 2: | Countries designated NAIC - 2: |  |  |
| 6.03 | Country 1: | Mexico | $212635 | 0.7 |
| 6.04 | Country 2: | Peru | $40751 | 0.1 |
|  | Countries designated NAIC - 3 or below: | Countries designated NAIC - 3 or below: |  |  |
| 6.05 | Country 1: | Colombia | $26273 | 0.1 |
| 6.06 | Country 2: | Liberia | $8000 | 0.0 |
|  |  |  | 1 | 2 |
| 7. | Aggregate unhedged foreign currency exposure | Aggregate unhedged foreign currency exposure | $16001 | 0.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8.Largest foreign investment exposures by country, categorized by the country's NAIC sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
| | | 1 | 2 |
| 8.01 | Countries designated NAIC-1 | $16001 | 0.1 |
| 8.02 | Countries designated NAIC-2 | $— | 0.0 |
| 8.03 | Countries designated NAIC-3 or below | $— | 0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9.Largest unhedged foreign currency exposures by country, categorized by the country's NAIC sovereign designation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | 1 | 2 |
| | Countries designated NAIC - 1: | Countries designated NAIC - 1: | | |
| 9.01 | Country 1: | LUXEMBOURG | $13600 | 0.0 |
| 9.02 | Country 2: | UNITED KINGDOM | $2401 | 0.0 |
|  | Countries designated NAIC - 2: | Countries designated NAIC - 2: |  |  |
| 9.03 | Country 1: |  | $— | 0.0 |
| 9.04 | Country 2: |  | $— | 0.0 |
|  | Countries designated NAIC - 3 or below: | Countries designated NAIC - 3 or below: |  |  |
| 9.05 | Country 1: |  | $— | 0.0 |
| 9.06 | Country 2: |  | $— | 0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;10.Ten largest non-sovereign (i.e. non-governmental) foreign issues:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1<br>Issuer | 2<br>NAIC Designation | 3 | 4 |
| 10.01 | &nbsp;&nbsp;BID III Note Issuer L.P. | 1PL, 2PL, 3PL | $195230 | 0.6 |
| 10.02 | &nbsp;&nbsp;MAPLE CONNECT ISSUER LP | 2PL | $75000 | 0.2 |
| 10.03 | &nbsp;&nbsp;GreenSaif Pipelines Bidco S.à r.l. | 1FE | $64149 | 0.2 |
| 10.04 | &nbsp;&nbsp;HAFSLUND E-CO AS 3.14 15AUG31 | 1PL | $48169 | 0.2 |
| 10.05 | &nbsp;&nbsp;AP Grange Holdings LLC | 2PL | $41453 | 0.1 |
| 10.06 | &nbsp;&nbsp;XLIT Ltd. | 1FE | $36350 | 0.1 |
| 10.07 | &nbsp;&nbsp;L & K FIN PTY LTD 4.82 12JUN30 | 2FE | $34670 | 0.1 |
| 10.08 | &nbsp;&nbsp;EOLICA MESA LA PAZ DE 5.98 20DEC44 | 2PL | $33821 | 0.1 |
| 10.09 | &nbsp;&nbsp;Commonwealth Bank of Australia | 1FE | $33689 | 0.1 |
| 10.10 | &nbsp;&nbsp;NSW ELECTRICITY NETWOR 3.18 16MAR29 | 2FE | $32841 | 0.1 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

SUPPLEMENT FOR THE YEAR 2025 OF THE SECURITY LIFE OF DENVER INSURANCE COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;11.Amounts and percentages of the reporting entity's total admitted assets held in Canadian investments and unhedged Canadian currency exposure:

&nbsp;&nbsp;&nbsp;&nbsp;11.01Are assets held in Canadian investments less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ X] No [ ]

If response to 11.01 is yes, detail is not required for the remainder of interrogatory 11.

---

| | | | |
|:---|:---|:---|:---|
| | | 1 | 2 |
| 11.02 | Total admitted assets held in Canadian investments | $— | 0.0 |
| 11.03 | Canadian-currency-denominated investments | $— | 0.0 |
| 11.04 | Canadian-denominated insurance liabilities | $— | 0.0 |
| 11.05 | Unhedged Canadian currency exposure | $— | 0.0 |

---

12Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments with contractual sales restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;12.01Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ X] No [ ]

If response to 12.01 is yes, detail is not required for the remainder of interrogatory 12.

---

| | | | |
|:---|:---|:---|:---|
| | 1 | 2 | 3 |
| 12.02 | Aggregate statement value of investments with contractual sales restrictions | $— | 0.0 |
|  | Largest three investments with contractual sales restrictions: |  |  |
| 12.03 |  | $— | 0.0 |
| 12.04 |  | $— | 0.0 |
| 12.05 |  | $— | 0.0 |

---

13Amounts and percentages of admitted assets held in the ten largest equity interests:

&nbsp;&nbsp;&nbsp;&nbsp;13.01Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ ] No [ X]

If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13.

---

| | | | |
|:---|:---|:---|:---|
| | 1<br>Issuer | 2 | 3 |
| 13.02 | &nbsp;&nbsp;Blackstone | $265192 | 0.8 |
| 13.03 | &nbsp;&nbsp;Midwestern United Life Insurance Company | $178483 | 0.6 |
| 13.04 | &nbsp;&nbsp;KKR | $141973 | 0.4 |
| 13.05 | &nbsp;&nbsp;Federal Home Loan Bank of Topeka | $82850 | 0.3 |
| 13.06 | &nbsp;&nbsp;Partners Group | $75328 | 0.2 |
| 13.07 | &nbsp;&nbsp;PEG Co-Investment Fund | $57705 | 0.2 |
| 13.08 | &nbsp;&nbsp;Brookfield | $50087 | 0.2 |
| 13.09 | &nbsp;&nbsp;Harvest Partners | $46527 | 0.1 |
| 13.10 | &nbsp;&nbsp;Pomona | $40739 | 0.1 |
| 13.11 | &nbsp;&nbsp;Crescent | $35433 | 0.1 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

SUPPLEMENT FOR THE YEAR 2025 OF THE SECURITY LIFE OF DENVER INSURANCE COMPANY

14Amounts and percentages of the reporting entity's total admitted assets held in nonaffiliated, privately placed equities:

&nbsp;&nbsp;&nbsp;&nbsp;14.01Are assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ ] No [ X]

If response to 14.01 is yes, responses are not required for 14.02 through 14.05.

---

| | | | |
|:---|:---|:---|:---|
| | 1 | 2 | 3 |
| 14.02 | Aggregate statement value of investments held in nonaffiliated, privately placed equities | $1470282 | 4.4 |
|  | Largest three investments with contractual sales restrictions: |  |  |
| 14.03 | Blackstone | $265192 | 0.8 |
| 14.04 | KKR | $141973 | 0.4 |
| 14.05 | Federal Home Loan Bank of Topeka | $82850 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1<br>Fund Manager | 2<br>Total Invested | 3<br>Diversified | 4<br>Nondiversified |
| 14.06 | &nbsp;&nbsp;Blackstone | $265192 | $265192 | $— |
| 14.07 | &nbsp;&nbsp;KKR | $141973 | $141973 | $— |
| 14.08 | &nbsp;&nbsp;Partners Group | $75328 | $75328 | $— |
| 14.09 | &nbsp;&nbsp;PEG Co-Investment Fund L.P. | $57705 | $57705 | $— |
| 14.10 | &nbsp;&nbsp;Brookfield | $50087 | $50087 | $— |
| 14.11 | &nbsp;&nbsp;Harvest Partners | $46527 | $46527 | $— |
| 14.12 | &nbsp;&nbsp;Pomona | $40739 | $40739 | $— |
| 14.13 | &nbsp;&nbsp;Crescent | $35433 | $35433 | $— |
| 14.14 | &nbsp;&nbsp;VPC | $29739 | $29739 | $— |
| 14.15 | &nbsp;&nbsp;Oconee | $29354 | $29354 | $— |

---

15Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests:

&nbsp;&nbsp;&nbsp;&nbsp;15.01Are assets held in general partnership interests less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ X] No [ ]

If response to 15.01 is yes, responses are not required for the remainder of Interrogatory 15.

---

| | | | |
|:---|:---|:---|:---|
| | 1 | 2 | 3 |
| 15.02 | Aggregate statement value of investments held in general partnership interests | $— | 0.0 |
|  | Largest three investments in general partnership interests: |  |  |
| 15.03 |  | $— | 0.0 |
| 15.04 |  | $— | 0.0 |
| 15.05 |  | $— | 0.0 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

SUPPLEMENT FOR THE YEAR 2025 OF THE SECURITY LIFE OF DENVER INSURANCE COMPANY

16Amounts and percentages of the reporting entity's total admitted assets held in mortgage loans:

&nbsp;&nbsp;&nbsp;&nbsp;16.01Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ ] No [ X]

If response to 16.01 above is yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17.

---

| | | | |
|:---|:---|:---|:---|
| | 1<br>Type (Residential, Commercial, Agricultural) | 2 | 3 |
| 16.02 | &nbsp;&nbsp;Commercial | $75000 | 0.2 |
| 16.03 | &nbsp;&nbsp;Commercial | $64416 | 0.2 |
| 16.04 | &nbsp;&nbsp;Commercial | $60217 | 0.2 |
| 16.05 | &nbsp;&nbsp;Residential | $54051 | 0.2 |
| 16.06 | &nbsp;&nbsp;Commercial | $51900 | 0.2 |
| 16.07 | &nbsp;&nbsp;Commercial | $49273 | 0.2 |
| 16.08 | &nbsp;&nbsp;Commercial | $49167 | 0.2 |
| 16.09 | &nbsp;&nbsp;Commercial | $49000 | 0.2 |
| 16.10 | &nbsp;&nbsp;Commercial | $48000 | 0.2 |
| 16.11 | &nbsp;&nbsp;Commercial | $47250 | 0.1 |

---

Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans:

---

| | | | |
|:---|:---|:---|:---|
| | | Loans | Loans |
| 16.12 | Construction loans | $42166 | 0.1 |
| 16.13 | Mortgage loans over 90 days past due | $58828 | 0.2 |
| 16.14 | Mortgage loans in the process of foreclosure | $— | 0.0 |
| 16.15 | Mortgage loans foreclosed | $— | 0.0 |
| 16.16 | Restructured mortgage loans | $— | 0.0 |

---

17Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Residential | Residential | Commercial | Commercial | Agricultural | Agricultural |
| Loan to Value | Loan to Value | 1 | 2 | 3 | 4 | 5 | 6 |
| 17.01 | above 95% | $— | 0.0 | $62285 | 0.2 | $— | 0.0 |
| 17.02 | 91 to 95% | $— | 0.0 | $18782 | 0.1 | $— | 0.0 |
| 17.03 | 81 to 90% | $320 | 0.0 | $85778 | 0.3 | $— | 0.0 |
| 17.04 | 71 to 80% | $871709 | 2.7 | $251069 | 0.8 | $— | 0.0 |
| 17.05 | below 70% | $1017616 | 3.2 | $2179867 | 6.8 | $— | 0.0 |

---

18Amounts and percentages of the reporting entity's total admitted assets held in each of the five largest investments in real estate:

&nbsp;&nbsp;&nbsp;&nbsp;18.01Are assets held in real estate reported less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ X] No [ ]

If response to 18.01 above is yes, responses are not required for the remainder of Interrogatory 18. Largest five investments in any one parcel or group of contiguous parcels of real estate.

---

| | | | |
|:---|:---|:---|:---|
| | Largest five investments in any one parcel or group of contiguous parcels of real estate.<br>Description<br>1 | 2 | 3 |
| 18.02 |  | $— | 0.0 |
| 18.03 |  | $— | 0.0 |
| 18.04 |  | $— | 0.0 |
| 18.05 |  | $— | 0.0 |
| 18.06 |  | $— | 0.0 |

---

19Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments held in mezzanine real estate loans:

&nbsp;&nbsp;&nbsp;&nbsp;19.01Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity's total admitted assets? <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Yes [ X] No [ ]

If response to 19.01 is yes, responses are not required for the remainder of Interrogatory 19.

---

| | | | |
|:---|:---|:---|:---|
| | 1 | 2 | 3 |
| 19.02 | Aggregate statement value of investments held in mezzanine real estate loans: | $— | 0.0 |
|  | Largest three investments held in mezzanine real estate loans: |  |  |
| 19.03 |  | $— | 0.0 |
| 19.04 |  | $— | 0.0 |
| 19.05 |  | $— | 0.0 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Investment Risk Interrogatories**

December 31, 2025

*($'s in thousands)*

SUPPLEMENT FOR THE YEAR 2025 OF THE SECURITY LIFE OF DENVER INSURANCE COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;20.Amounts and percentages of the reporting entity's total admitted assets subject to the following types of agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | At Year End | At Year End | At End of Each Quarter | At End of Each Quarter | At End of Each Quarter |
| | | 1 | 2 | 1st Quarter<br>3 | 2nd Quarter<br>4 | 3rd Quarter<br>5 |
| 20.01 | Securities lending agreements (do not include |  |  |  |  |  |
|  | assets held as collateral for such transactions) | $— | 0.0 | $— | $— | $— |
| 20.02 | Repurchase agreements | $— | 0.0 | $— | $— | $— |
| 20.03 | Reverse repurchase agreements | $— | 0.0 | $— | $— | $— |
| 20.04 | Dollar repurchase agreements | $— | 0.0 | $— | $— | $— |
| 20.05 | Dollar reverse repurchase agreements | $— | 0.0 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;21.Amounts and percentages of the reporting entity's total admitted assets for warrants not attached to other financial instruments, options, caps, and floors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Owned | Owned | Written | Written |
| | | 1 | 2 | 3 | 4 |
| 21.01 | Hedging | $— | 0.0 | $— | 0.0 |
| 21.02 | Income generation | $— | 0.0 | $— | 0.0 |
| 21.03 | Other | $— | 0.0 | $— | 0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;22.Amounts and percentages of the reporting entity's total admitted assets of potential exposure for collars, swaps, and forwards:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | At Year End | At Year End | At End of Each Quarter | At End of Each Quarter | At End of Each Quarter |
| | | 1 | 2 | 1st Quarter<br>3 | 2nd Quarter<br>4 | 3rd Quarter<br>5 |
| 22.01 | Hedging | $38903 | 0.1 | $24920 | $24672 | $39411 |
| 22.02 | Income generation | $— | 0.0 | $— | $— | $— |
| 22.03 | Replications | $— | 0.0 | $200000 | $350000 | $300000 |
| 22.04 | Other | $300001 | 0.9 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Amounts and percentages of the reporting entity's total admitted assets of potential exposure for futures contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | At Year End | At Year End | At End of Each Quarter | At End of Each Quarter | At End of Each Quarter |
| | | 1 | 2 | 1st Quarter<br>3 | 2nd Quarter<br>4 | 3rd Quarter<br>5 |
| 23.01 | Hedging | $— | 0.0 | $— | $— | $— |
| 23.02 | Income generation | $— | 0.0 | $— | $— | $— |
| 23.03 | Replications | $— | 0.0 | $— | $— | $— |
| 23.04 | Other | $575 | 0.0 | $1249 | $835 | $619 |

---

------

**SECURITY LIFE OF DENVER INSURANCE COMPANY**

**Summary Investment Schedule**

December 31, 2025

*($'s in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Investment Holdings\*** | **Gross Investment Holdings\*** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** |
|<br>**Investment Categories** | **Amount** | **Percentage of Total** | **Amount** | **Securities Lending Reinvested Collateral Amount** | **Total Amount** | **Percentage of Total** |
| Issuer credit obligations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government obligations | $1122951 | 3.7% | $1122951 | $— | $1122951 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other U.S. government obligations | 107031 | 0.3 | 107031 |  | 107031 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | 243746 | 0.8 | 243746 |  | 243746 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - general obligations (direct & guaranteed) | 31859 | 0.1 | 31859 |  | 31859 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | 195598 | 0.6 | 195598 |  | 195598 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 9986410 | 32.3 | 9986410 |  | 9986410 | 32.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single entity backed obligations | 54656 | 0.2 | 54656 |  | 54656 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans - acquired | 374303 | 1.2 | 374303 |  | 374303 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total issuer credit obligations | 12116555 | 39.2 | 12116555 |  | 12116555 | 39.2 |
| Asset-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - self-liquidating | 5862460 | 19.1 | 5862460 |  | 5862460 | 19.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial asset-backed securities - not self-liquidating | 41888 | 0.1 | 41888 |  | 41888 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-financial asset-backed securities | 2263484 | 7.4 | 2263484 |  | 2263484 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-backed securities | 8167831 | 26.6 | 8167831 |  | 8167831 | 26.6 |
| Preferred stocks: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous (unaffiliated) | 4994 |  | 4994 |  | 4994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total preferred stocks | 4994 |  | 4994 |  | 4994 |  |
| Common stocks: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous other (unaffiliated) | 90367 | 0.3 | 90367 |  | 90367 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates Other | 180420 | 0.6 | 180420 |  | 180420 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stocks | 270787 | 0.9 | 270787 |  | 270787 | 0.9 |
| Mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgages | 1889644 | 6.2 | 1889644 |  | 1889644 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgages | 2450041 | 8.0 | 2450041 |  | 2450041 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mezzanine real estate loans | 147740 | 0.5 | 147740 |  | 147740 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | 4487425 | 14.7 | 4487425 |  | 4487425 | 14.7 |
| Cash, cash equivalents and short-term investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 770241 | 2.5 | 770241 |  | 770241 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 670848 | 2.2 | 670848 |  | 670848 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 179061 | 0.6 | 179061 |  | 179061 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and short-term investments | 1620150 | 5.3 | 1620150 |  | 1620150 | 5.3 |
| Contract loans | 1851481 | 6.0 | 1850234 |  | 1850234 | 6.0 |
| Derivatives | 570295 | 1.9 | 570295 |  | 570295 | 1.9 |
| Other invested assets | 1528795 | 5.0 | 1528795 |  | 1528795 | 5.0 |
| Receivables for securities | 76902 | 0.3 | 76902 |  | 76902 | 0.3 |
| Securities lending |  |  |  | XXX | XXX | XXX |
| Other invested assets | 23494 | 0.1 | 23494 |  | 23494 | 0.1 |
| Total invested assets | $30718711 | 100.0% | $30717464 | $— | $30717464 | 100.0% |

---

\* Excluding separate accounts