# EDGAR Filing Document

**Accession Number:** 0001864054
**File Stem:** 0001829126-26-002189
**Filing Date:** 2026-3
**Character Count:** 191407
**Document Hash:** 4bbd02060db31fb74ad352fa01501919
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002189.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001829126-26-002189

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortune V Separate Account
- **CENTRAL INDEX KEY:** 0001864054

**ORGANIZATION NAME:**
- **EIN:** 660502334
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23698
- **FILM NUMBER:** 26742610

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 7877067379

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00968

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL LIFE INSURANCE Co /PR
- **DATE OF NAME CHANGE:** 20210524

## Series and Classes Contracts Data

### UNIVERSAL VIA - MONEY MARKET PORTFOLIO (Series ID: S000074447)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000232370 | UNIVERSAL VIA - MONEY MARKET PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - CONSERVATIVE PORTFOLIO (Series ID: S000074448)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000232371 | UNIVERSAL VIA ASSET ALLOCATION - CONSERVATIVE PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - GROWTH PORTFOLIO (Series ID: S000074449)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232372 | UNIVERSAL VIA ASSET ALLOCATION - GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - INTERNATIONAL GROWTH PORTFOLIO (Series ID: S000074450)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000232373 | UNIVERSAL VIA ASSET ALLOCATION - INTERNATIONAL GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - MODERATE GROWTH PORTFOLIO (Series ID: S000074451)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000232374 | UNIVERSAL VIA ASSET ALLOCATION - MODERATE GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - MODERATE PORTFOLIO (Series ID: S000074452)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000232375 | UNIVERSAL VIA ASSET ALLOCATION - MODERATE PORTFOLIO |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23698

**FORTUNE V SEPARATE ACCOUNT**

(Exact name of registrant as specified in charter)

C/O Universal Life Insurance Company

Metro Office Park Calle 1 Lote 10

Guaynabo, PR 00969

(Address of principal executive offices)(Zip code)

Jose C. Benitez

C/O Universal Life Insurance Company

Metro Office Park Calle 1 Lote 10

Guaynabo, PR 00969

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: (787) 706-7337

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

**Item 1. Report to Stockholders.**

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

FORTUNE V SEPARATE ACCOUNT

OF

UNIVERSAL LIFE INSURANCE COMPANY

**Annual Report**

December 31, 2025

**Table of Contents**

---

| | |
|:---|:---|
| **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#a_001)** | 1 |
| **[Contract Holder Letter](#a_002)** | 2 |
| **[Disclosure of Expenses](#a_003)** | 3 |
| **[Schedules of Investments Composition](#a_004)** | 4 |
| **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;[Universal VIA Conservative Allocation](#a_006) | 5 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Moderate Allocation](#a_007) | 6 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Moderate Growth Allocation](#a_008) | 7 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Growth Allocation](#a_009) | 8 |
| &nbsp;&nbsp;&nbsp;[Universal VIA International Moderate Growth Allocation](#a_010) | 9 |
| &nbsp;&nbsp;&nbsp;[Universal Money Market](#a_011) | 10 |
| **[Statements of Assets and Liabilities](#a_012)** | 11 |
| **[Statements of Operations](#a_013)** | 12 |
| **[Statements of Changes in Net Assets](#a_014)** | 13 |
| **[Financial Highlights](#a_015)** | 15 |
| **[Notes to Financial Statements](#a_016)** | 45 |
| **[Report of Independent Registered Public Accounting Firm](#a_017)** | 49 |
| **[Management of the Trust](#a_018)** | 51 |

---

**Proxy Voting Policies and Procedures**

A description of the proxy voting policies and procedures of the Fortune V Separate Account is included in the Statement of Additional Information which is available without charge, upon request: (i) by calling **1-787-706-7095**; or (ii) on the SEC's website at <u>http://www.sec.gov</u>. In addition, the Fortune V Separate Account is required to file Form N-PX, with the complete proxy voting record for the most recent twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2025, is available without charge, upon request by calling **1-787-706-7337** and on the SEC's website at <u>http://www.sec.gov</u>.

**Quarterly Portfolio Holdings**

Each fiscal quarter, Fortune V Separate Account will file with the SEC a complete schedule of monthly portfolio holdings on Form N-PORT. The Subaccounts' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

Fortune V Separate Account 1 Annual Report 2025

**UNIVERSAL LIFE INSURANCE COMPANY**

**Metro Office Park Street 1, Lot 10**

**Guaynabo, PR 00968**

To Contract Holders with Interests in the

Fortune V Separate Account Funds:

We are pleased to present the most recent annual report for the Fortune V Separate Account. For your benefit, you can print this report and any supplementary documents thereof.

Should you prefer a hard copy, we will send it to you at no cost by calling us at **787-706-7095** or writing to us at:

Universal Life Insurance Company

Annuities Department

PO Box 2145

San Juan, PR 00922-2145

Fortune V Separate Account 2 Annual Report 2025

**Disclosure of Expenses (Unaudited)**

**UNIT HOLDER EXPENSES**

Universal VIA Asset Allocation Portfolios (each individually, a "Subaccount" and collectively, the "Subaccounts") is a separate account established by Universal Life Insurance Company ("ULICO"), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by ULICO. Each Subaccount invests in underlying investments in mutual funds based on specific asset allocation objectives. Subaccount contract holders bear the costs of operating the Subaccount (such as the advisory fee).

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at July 1, 2025, and held for the entire six-month period until December 31, 2025.

**ACTUAL EXPENSES**

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Subaccounts' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Subaccounts' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expense** | **Actual Expense** | **Hypothetical Expenses (A)** | **Hypothetical Expenses (A)** | |
| <br>**Subaccount** |<br>**Beginning<br> Account Value<br> July 1,<br> 2025** | **Ending<br> Account Value<br> December 31,<br> 2025** | **Expenses<br> Paid During<br> Period (B)** | **Ending<br> Account Value<br> December 31,<br> 2025** | **Expenses<br> Paid During<br> Period (B)** |<br>**Net Annualized<br> Expense Ratio<br> (C) (D)** |
| Universal VIA Conservative Allocation | $1000.00 | $1043.70 | $11.33 | $1014.12 | $11.17 | 2.20% |
| Universal VIA Moderate Allocation | 1000.00 | 1051.00 | 10.60 | 1014.87 | 10.41 | 2.05 |
| Universal VIA Moderate Growth Allocation | 1000.00 | 1061.10 | 11.38 | 1014.17 | 11.12 | 2.19 |
| Universal VIA Growth Allocation | 1000.00 | 1072.30 | 11.75 | 1013.86 | 11.42 | 2.25 |
| Universal VIA International Mod Growth Alloc | 1000.00 | 1056.30 | 13.27 | 1012.30 | 12.98 | 2.56 |
| Universal Money Market | 1000.00 | 1014.50 | 13.10 | 1012.20 | 13.09 | 2.58 |

---

(A) 5% return per year before expenses.

(B) Expenses are calculated using each Subaccount's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

(C) Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Subaccounts invest. The total annual expenses, as stated in the fee table of the Subaccounts' Prospectus, may differ from the expense ratios disclosed in this report.

(D) Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.

Fortune V Separate Account 3 Annual Report 2025

**Schedules of Investment Composition (Unaudited)**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Conservative Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 31.91% |
| Fixed Income Funds | 68.22 |
| Net Other Assets (Liabilities) | (0.13) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Moderate Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 47.36% |
| Fixed Income Funds | 52.74 |
| Net Other Assets (Liabilities) | (0.10) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Moderate Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 74.02% |
| Fixed Income Funds | 26.10 |
| Net Other Assets (Liabilities) | (0.12) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 100.12% |
| Net Other Assets (Liabilities) | (0.12) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA International Moderate Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 99.28% |
| Net Other Assets (Liabilities) | 0.72 |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal Money Market**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Money Market Fund | 98.06% |
| Net Other Assets (Liabilities) | 1.94 |
| **Total** | 100.00% |

---

Fortune V Separate Account 4 Annual Report 2025

**Fortune V Separate Account - Universal VIA Conservative Allocation**

**SCHEDULE OF INVESTMENTS**

<br> **At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.13%** |  |  |
| **Equity Funds: 31.91%** |  |  |
| Transamerica Capital Growth I2 | 131315 | $1797697 |
| Transamerica Emerging Markets Opps I2 | 111541 | 1204639 |
| Transamerica Energy Infrastructure I2 | 21368 | 186970 |
| Transamerica Global Alloc Liquid Trust | 50 | 63 |
| Transamerica International Equity I2 | 25600 | 638725 |
| Transamerica International Focus I2 | 178615 | 1221729 |
| Transamerica International Sm Cp Val I2 | 18011 | 316806 |
| Transamerica International Stock I2 | 46296 | 692581 |
| Transamerica Large Cap Value I2 | 154346 | 2656296 |
| Transamerica Mid Cap Growth I2 | 16407 | 144712 |
| Transamerica Mid Cap Value Opps I2 | 10679 | 106046 |
| Transamerica Small Cap Growth I2 | 48047 | 255128 |
| Transamerica Small Cap Value I2 | 66726 | 342971 |
| Transamerica Sustainable Equity Inc I2 | 193152 | 1676558 |
| Transamerica US Growth I2 | 83307 | 2850773 |
|  |  | **14091694** |
| **Fixed Income Funds: 68.22%** |  |  |
| Transamerica Bond I2 | 1509709 | 12319224 |
| Transamerica Emerging Markets Debt I2 | 162386 | 1575141 |
| Transamerica Inflation Opps I2 | 135531 | 1332266 |
| Transamerica Intermediate Bond I2 | 1469181 | 12752488 |
| Transamerica Short-Term Bond I2 | 216684 | 2149502 |
|  |  | **30128621** |
| **Total Investments - Unaffiliated (Cost: $41,235,030)** |  | **44220315** |
| **Total Investments (Cost: $41,235,030)** |  | $**44220315** |
| **Net Other Assets (Liabilities): (0.13)%** |  | (55873) |
| **Net Assets: 100%** |  | $**44164442** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $44220315 | $- | $- | $44220315 |
| **Total Investments** | $**44220315** | $**-** | $**-** | $**44220315** |

---

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 5 Annual Report 2025

**Fortune V Separate Account - Universal VIA Moderate Allocation**

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.10%** |  |  |
| **Equity Funds: 47.36%** |  |  |
| Transamerica Capital Growth I2 | 845807 | $11579099 |
| Transamerica Emerging Markets Opps I2 | 684538 | 7393013 |
| Transamerica Energy Infrastructure I2 | 132174 | 1156520 |
| Transamerica Global Alloc Liquid Trust | 148 | 187 |
| Transamerica International Equity I2 | 156916 | 3915043 |
| Transamerica International Focus I2 | 1092133 | 7470189 |
| Transamerica International Sm Cp Val I2 | 109765 | 1930760 |
| Transamerica International Stock I2 | 283399 | 4239648 |
| Transamerica Large Cap Value I2 | 945530 | 16272577 |
| Transamerica Mid Cap Growth I2 | 99981 | 881831 |
| Transamerica Mid Cap Value Opps I2 | 65485 | 650270 |
| Transamerica Small Cap Growth I2 | 297232 | 1578303 |
| Transamerica Small Cap Value I2 | 405646 | 2085020 |
| Transamerica Sustainable Equity Inc I2 | 1188859 | 10319299 |
| Transamerica US Growth I2 | 513209 | 17562021 |
|  |  | **87033780** |
| **Fixed Income Funds: 52.74%** |  |  |
| Transamerica Bond I2 | 4893729 | 39932827 |
| Transamerica Emerging Markets Debt I2 | 527818 | 5119832 |
| Transamerica Inflation Opps I2 | 439365 | 4318957 |
| Transamerica Intermediate Bond I2 | 4763327 | 41345680 |
| Transamerica Short-Term Bond I2 | 624669 | 6196714 |
|  |  | **96914010** |
| **Total Investments - Unaffiliated (Cost: $165,826,319)** |  | **183947790** |
| **Total Investments (Cost: $165,826,319)** |  | $**183947790** |
| **Net Other Assets (Liabilities): (0.10)%** |  | (188989) |
| **Net Assets: 100%** |  | $**183758801** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** | | | | |
| **Investments** | | | | |
| Investments - Unaffiliated | $183947790 | $- | $- | $183947790 |
| **Total Investments** | $**183947790** | $**-** | $**-** | $**183947790** |

---

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 6 Annual Report 2025

**Fortune V Separate Account - Universal VIA Moderate Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.12%** |  |  |
| **Equity Funds: 74.02%** |  |  |
| Transamerica Capital Growth I2 | 337995 | $4627145 |
| Transamerica Emerging Markets Opps I2 | 291909 | 3152615 |
| Transamerica Energy Infrastructure I2 | 56370 | 493234 |
| Transamerica Global Alloc Liquid Trust | 50 | 64 |
| Transamerica International Equity I2 | 66565 | 1660808 |
| Transamerica International Focus I2 | 465857 | 3186465 |
| Transamerica International Sm Cp Val I2 | 46876 | 824546 |
| Transamerica International Stock I2 | 120477 | 1802329 |
| Transamerica Large Cap Value I2 | 404840 | 6967301 |
| Transamerica Mid Cap Growth I2 | 43042 | 379627 |
| Transamerica Mid Cap Value Opps I2 | 27114 | 269243 |
| Transamerica Small Cap Growth I2 | 126589 | 672189 |
| Transamerica Small Cap Value I2 | 173668 | 892651 |
| Transamerica Sustainable Equity Inc I2 | 510855 | 4434223 |
| Transamerica US Growth I2 | 219741 | 7519541 |
|  |  | **36881981** |
| **Fixed Income Funds: 26.10%** |  |  |
| Transamerica Bond I2 | 591776 | 4828896 |
| Transamerica Emerging Markets Debt I2 | 70322 | 682124 |
| Transamerica High Yield Bond I2 | 59861 | 496250 |
| Transamerica Inflation Opps I2 | 58537 | 575419 |
| Transamerica Intermediate Bond I2 | 632681 | 5491671 |
| Transamerica Short-Term Bond I2 | 93666 | 929162 |
|  |  | **13003522** |
| **Total Investments - Unaffiliated (Cost: $42,509,751)** |  | **49885503** |
| **Total Investments (Cost: $42,509,751)** |  | $**49885503** |
| **Net Other Assets (Liabilities): (0.12)%** |  | (61528) |
| **Net Assets: 100%** |  | $**49823975** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** | | | | |
| **Investments** | | | | |
| Investments - Unaffiliated | $49885503 | $- | $- | $49885503 |
| **Total Investments** | $**49885503** | $**-** | $**-** | $**49885503** |

---

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 7 Annual Report 2025

**Fortune V Separate Account - Universal VIA Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.12%** |  |  |
| **Equity Funds: 100.12%** |  |  |
| Transamerica Capital Growth I2 | 364676 | $4992409 |
| Transamerica Emerging Markets Opps I2 | 316900 | 3422522 |
| Transamerica Energy Infrastructure I2 | 60883 | 532730 |
| Transamerica Global Alloc Liquid Trust | 25 | 32 |
| Transamerica International Equity I2 | 72548 | 1810080 |
| Transamerica International Focus I2 | 509308 | 3483666 |
| Transamerica International Sm Cp Val I2 | 50891 | 895172 |
| Transamerica International Stock I2 | 130926 | 1958660 |
| Transamerica Large Cap Value I2 | 439411 | 7562267 |
| Transamerica Mid Cap Growth I2 | 46458 | 409756 |
| Transamerica Mid Cap Value Opps I2 | 30330 | 301181 |
| Transamerica Small Cap Growth I2 | 139397 | 740200 |
| Transamerica Small Cap Value I2 | 191963 | 986691 |
| Transamerica Sustainable Equity Inc I2 | 555855 | 4824825 |
| Transamerica US Growth I2 | 238177 | 8150426 |
|  |  | **40070617** |
| **Total Investments (Cost: $32,680,896)** |  | $**40070617** |
| **Net Other Assets (Liabilities): (0.12)%** |  | (49987) |
| **Net Assets: 100%** |  | $**40020630** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** | | | | |
| **Investments** | | | | |
| Investments - Unaffiliated | $40070617 | $- | $- | $40070617 |
| **Total Investments** | $**40070617** | $**-** | $**-** | $**40070617** |

---

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 8 Annual Report 2025

**Fortune V Separate Account - Universal VIA International Moderate Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 99.28%** |  |  |
| **Equity Funds: 99.28%** |  |  |
| Transamerica Emerging Markets Opps I2 | 149407 | $1613594 |
| Transamerica Global Alloc Liquid Trust | 8 | 10 |
| Transamerica International Equity I2 | 29773 | 742825 |
| Transamerica International Focus I2 | 167325 | 1144502 |
| Transamerica International Sm Cp Val I2 | 44946 | 790607 |
| Transamerica International Stock I2 | 53499 | 800338 |
|  |  | **5091876** |
| **Total Investments (Cost: $4,348,494)** |  | $**5091876** |
| **Net Other Assets (Liabilities): 0.72%** |  | 37114 |
| **Net Assets: 100%** |  | $**5128990** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $5091876 | $- | $- | $5091876 |
| **Total Investments** | $**5091876** | $**-** | $**-** | $**5091876** |

---

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 9 Annual Report 2025

**Fortune V Separate Account - Universal Money Market**

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 98.06%** |  |  |
| **Money Market Fund: 98.06%** |  |  |
| Transamerica Government Money Market I2, 3.37% <sup>1</sup> | 2026184 | $2026184 |
|  |  | **2026184** |
| **Total Investments (Cost: $2,026,184)** |  | $**2026184** |
| **Net Other Assets (Liabilities): 1.94%** |  | 40145 |
| **Net Assets: 100%** |  | $**2066329** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $2026184 | $- | $- | $2026184 |
| **Total Investments** | $**2026184** | $**-** | $**-** | $**2026184** |

---

<sup>1</sup> The rate is the subsidized 7 day yield.

The Notes to Financial Statements are an integral part of this schedule.

Fortune V Separate Account 10 Annual Report 2025

**STATEMENTS OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br> Conservative<br> Allocation** | **Universal VIA<br> Moderate<br> Allocation** | **Universal VIA<br> Moderate Growth<br> Allocation** | **Universal VIA<br> Growth<br> Allocation** | **Universal VIA<br> International Mod<br> Growth Alloc** | **Universal<br> Money<br> Market** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $44220315 | $183947790 | $49885503 | $40070617 | $5091876 | $2026184 |
| &nbsp;&nbsp;&nbsp;Receivables and other assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 104719 | 335880 | 46495 |  |  | 6488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 46022 | 191549 | 51898 | 41701 | 5288 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | - | - | - | - | 52779 | 49539 |
| Total assets | 44371056 | 184475219 | 49983896 | 40112318 | 5149943 | 2084370 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables and other liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 104719 | 335880 | 46497 |  |  | 6485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units redeemed | 46022 | 191549 | 51899 | 41701 | 5288 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 55873 | 188989 | 61525 | 49987 | 15665 | 9396 |
| Total liabilities | 206614 | 716418 | 159921 | 91688 | 20953 | 18041 |
| **Net assets** | $44164442 | $183758801 | $49823975 | $40020630 | $5128990 | $2066329 |
| Investments, at cost | $41235030 | $165826319 | $42509751 | $32680896 | $4348494 | $2026184 |

---

The Notes to Financial Statements are an integral part of this report.

Fortune V Separate Account 11 Annual Report 2025

**STATEMENTS OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br> Conservative<br> Allocation** | **Universal VIA<br> Moderate<br> Allocation** | **Universal VIA<br> Moderate Growth<br> Allocation** | **Universal VIA<br> Growth<br> Allocation** | **Universal VIA<br> International Mod<br> Growth Alloc** | **Universal<br> Money<br> Market** |
| **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1548079 | $5421046 | $1025687 | $406780 | $125379 | $90088 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality expense | 740235 | 2880241 | 778160 | 593064 | 78365 | 45027 |
| &nbsp;&nbsp;&nbsp;Advisory fees | 161069 | 669952 | 177323 | 131594 | 17471 | 8083 |
| &nbsp;&nbsp;&nbsp;Management fees | 52525 | 218884 | 57762 | 42087 | 5588 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 79106 | 79307 | 81270 | 73192 | 61572 | 46434 |
| **Waivers/Reimbursements** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver/reimbursement | - | - | - | - | (35374) | (31994) |
| **Net investment income (loss):** | 515144 | 1572662 | (68828) | (433157) | (2243) | 22538 |
| **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 1949760 | 7908992 | 2315739 | 1462092 | 159949 |  |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 839926 | 8601610 | 4314632 | 4881377 | 911619 | - |
| **Net realized and unrealized gain (loss)** | 2789686 | 16510602 | 6630371 | 6343469 | 1071568 | - |
| **Net increase (decrease) in net assets resulting from operations** | $**3304830** | $**18083264** | $**6561543** | $**5910312** | $**1069325** | $**22538** |

---

The Notes to Financial Statements are an integral part of this report.

Fortune V Separate Account 12 Annual Report 2025

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended December 31, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br> Conservative Allocation** | **Universal VIA<br> Conservative Allocation** | **Universal VIA<br> Moderate Allocation** | **Universal VIA<br> Moderate Allocation** | **Universal VIA<br> Moderate Growth<br> Allocation** | **Universal VIA<br> Moderate Growth<br> Allocation** |
|  | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $515144 | $525461 | $1572662 | $1473504 | $(68828) | $(72009) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1949760 | 1124953 | 7908992 | 4992418 | 2315739 | 1821854 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 839926 | 1225533 | 8601610 | 9942961 | 4314632 | 3996341 |
| Net increase (decrease) in net assets resulting from operations | 3304830 | 2875947 | 18083264 | 16408883 | 6561543 | 5746186 |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 305045 | 1223559 | 1835908 | 1832339 | 829431 | 1830007 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (6995737) | (11282501) | (33569674) | (38461010) | (8766276) | (11070591) |
| Net increase (decrease) in net assets resulting from unit transactions | (6690692) | (10058942) | (31733766) | (36628671) | (7936845) | (9240584) |
| **Net (decrease) in net assets** | (3385862) | (7182995) | (13650502) | (20219788) | (1375302) | (3494398) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 47550304 | 54733299 | 197409303 | 217629091 | 51199277 | 54693675 |
| End of year | $44164442 | $47550304 | $183758801 | $197409303 | $49823975 | $51199277 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 15596 | 68550 | 81420 | 90674 | 31997 | 78190 |
| Units redeemed | (392450) | (664495) | (1614262) | (2038407) | (354590) | (497026) |
| Net increase (decrease) | (376854) | (595945) | (1532842) | (1947733) | (322593) | (418836) |

---

The Notes to Financial Statements are an integral part of this report.

Fortune V Separate Account 13 Annual Report 2025

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended December 31, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br> Growth Allocation** | **Universal VIA<br> Growth Allocation** | **Universal VIA<br> International Mod<br> Growth Alloc** | **Universal VIA<br> International Mod<br> Growth Alloc** | **Universal Money<br> Market** | **Universal Money<br> Market** |
|  | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(433157) | $(443887) | $(2243) | $(85255) | $22538 | $36677 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1462092 | 2255489 | 159949 | 260901 |  | (2) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4881377 | 3355030 | 911619 | (115244) | - | - |
| Net increase (decrease) in net assets resulting from operations | 5910312 | 5166632 | 1069325 | 60402 | 22538 | 36675 |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 1158149 | 911688 | 148892 | 301807 | 1343474 | 2317963 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (2401264) | (10146392) | (638994) | (974499) | (1673762) | (2807888) |
| Net increase (decrease) in net assets resulting from unit transactions | (1243115) | (9234704) | (490102) | (672692) | (330288) | (489925) |
| **Net increase (decrease) in net assets** | 4667197 | (4068072) | 579223 | (612290) | (307750) | (453250) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 35353433 | 39421505 | 4549767 | 5162057 | 2374079 | 2827329 |
| End of year | $40020630 | $35353433 | $5128990 | $4549767 | $2066329 | $2374079 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 39347 | 35739 | 8384 | 18708 | 134991 | 238093 |
| Units redeemed | (98690) | (422943) | (39168) | (64440) | (172323) | (292677) |
| Net increase (decrease) | (59343) | (387204) | (30784) | (45732) | (37332) | (54584) |

---

The Notes to Financial Statements are an integral part of this report.

Fortune V Separate Account 14 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $14.37 | $13.47 | $12.62 | $14.77 | $14.55 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (0.88) | (1.12) | (0.75) | (2.94) | (0.22) |
| Net increase (decrease) in accumulation unit value | 1.11 | 0.90 | 0.85 | (2.15) | 0.22 |
| Accumulation unit value at end of year | $15.48 | $14.37 | $13.47 | $12.62 | $14.77 |
| Total return | 7.72% | 6.68% | 6.74% | (14.56)% | 1.51% |
| Net assets, end of year (000's) | $25634 | $26993 | $33663 | $37114 | $48999 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $13.81 | $12.98 | $12.18 | $14.28 | $14.10 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (0.95) | (1.19) | (0.80) | (2.89) | (0.26) |
| Net increase (decrease) in accumulation unit value | 1.04 | 0.83 | 0.80 | (2.10) | 0.18 |
| Accumulation unit value at end of year | $14.85 | $13.81 | $12.98 | $12.18 | $14.28 |
| Total return | 7.53% | 6.39% | 6.57% | (14.71)% | 1.28% |
| Net assets, end of year (000's) | $814 | $1693 | $1663 | $1923 | $2886 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 15 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $14.10 | $13.26 | $12.45 | $14.60 | $14.42 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (0.94) | (1.18) | (0.79) | (2.94) | (0.26) |
| Net increase (decrease) in accumulation unit value | 1.05 | 0.84 | 0.81 | (2.15) | 0.18 |
| Accumulation unit value at end of year | $15.15 | $14.10 | $13.26 | $12.45 | $14.60 |
| Total return | 7.45% | 6.33% | 6.51% | (14.73)% | 1.25% |
| Net assets, end of year (000's) | $3068 | $3506 | $3665 | $4578 | $6095 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $13.15 | $12.39 | $11.65 | $13.70 | $13.56 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (1.04) | (1.26) | (0.86) | (2.84) | (0.30) |
| Net increase (decrease) in accumulation unit value | 0.95 | 0.76 | 0.74 | (2.05) | 0.14 |
| Accumulation unit value at end of year | $14.10 | $13.15 | $12.39 | $11.65 | $13.70 |
| Total return | 7.22% | 6.13% | 6.35% | (14.96)% | 1.03% |
| Net assets, end of year (000's) | $417 | $418 | $454 | $666 | $839 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 16 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (1.07) | (1.29) | (0.89) | (2.81) | (0.32) |
| Net increase (decrease) in accumulation unit value | 0.92 | 0.73 | 0.71 | (2.02) | 0.12 |
| Accumulation unit value at end of year | $13.81 | $12.89 | $12.16 | $11.45 | $13.47 |
| Total return | 7.14% | 6.00% | 6.20% | (15.00)% | 0.90% |
| Net assets, end of year (000's) | $1526 | $1540 | $1404 | $1577 | $2353 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $12.39 | $11.71 | $11.05 | $13.03 | $12.93 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (1.13) | (1.34) | (0.94) | (2.77) | (0.34) |
| Net increase (decrease) in accumulation unit value | 0.86 | 0.68 | 0.66 | (1.98) | 0.10 |
| Accumulation unit value at end of year | $13.25 | $12.39 | $11.71 | $11.05 | $13.03 |
| Total return | 6.94% | 5.81% | 5.97% | (15.20)% | 0.77% |
| Net assets, end of year (000's) | $1055 | $994 | $947 | $901 | $1132 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 17 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $14.09 | $13.22 | $12.40 | $14.52 | $14.32 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (0.92) | (1.15) | (0.78) | (2.91) | (0.24) |
| Net increase (decrease) in accumulation unit value | 1.07 | 0.87 | 0.82 | (2.12) | 0.20 |
| Accumulation unit value at end of year | $15.16 | $14.09 | $13.22 | $12.40 | $14.52 |
| Total return | 7.59% | 6.58% | 6.61% | (14.60)% | 1.40% |
| Net assets, end of year (000's) | $2603 | $2607 | $2700 | $3760 | $4866 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $13.54 | $12.74 | $11.97 | $14.05 | $13.88 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (0.98) | (1.22) | (0.83) | (2.87) | (0.27) |
| Net increase (decrease) in accumulation unit value | 1.01 | 0.80 | 0.77 | (2.08) | 0.17 |
| Accumulation unit value at end of year | $14.55 | $13.54 | $12.74 | $11.97 | $14.05 |
| Total return | 7.46% | 6.28% | 6.43% | (14.80)% | 1.22% |
| Net assets, end of year (000's) | $498 | $520 | $569 | $655 | $874 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 18 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $13.41 | $12.62 | $11.86 | $13.93 | $13.77 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (1.00) | (1.23) | (0.84) | (2.86) | (0.28) |
| Net increase (decrease) in accumulation unit value | 0.99 | 0.79 | 0.76 | (2.07) | 0.16 |
| Accumulation unit value at end of year | $14.40 | $13.41 | $12.62 | $11.86 | $13.93 |
| Total return | 7.38% | 6.26% | 6.41% | (14.86)% | 1.16% |
| Net assets, end of year (000's) | $7291 | $7821 | $8124 | $8888 | $12254 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 |
| Net Investment Income [A] | 1.99 | 2.02 | 1.60 | 0.79 | 0.44 |
| Net realized and unrealized (losses) on securities | (1.07) | (1.29) | (0.89) | (2.81) | (0.32) |
| Net increase (decrease) in accumulation unit value | 0.92 | 0.73 | 0.71 | (2.02) | 0.12 |
| Accumulation unit value at end of year | $13.81 | $12.89 | $12.16 | $11.45 | $13.47 |
| Total return | 7.14% | 6.00% | 6.20% | (15.00)% | 0.90% |
| Net assets, end of year (000's) | $1254 | $1457 | $1543 | $1740 | $2196 |
| Expenses to average net assets [B] | 2.24% | 2.18% | 2.28% | 1.97% | 2.04% |
| Net investment income to average net assets | 1.06% | 1.03% | 1.13% | 0.54% | 2.71% |
| Portfolio turnover rate | 0.66% | 2.40% | 1.78% | 1.91% | 2.07% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 19 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $16.18 | $14.84 | $13.79 | $16.46 | $15.87 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | 0.05 | 0.06 | 0.01 | (3.07) | 0.37 |
| Net increase (decrease) in accumulation unit value | 1.62 | 1.34 | 1.05 | (2.67) | 0.59 |
| Accumulation unit value at end of year | $17.80 | $16.18 | $14.84 | $13.79 | $16.46 |
| Total return | 10.01% | 9.03% | 7.61% | (16.22)% | 3.72% |
| Net assets, end of year (000's) | $110455 | $117934 | $132694 | $137842 | $178311 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.56 | $14.30 | $13.31 | $15.92 | $15.38 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.05) | (0.02) | (0.05) | (3.01) | 0.32 |
| Net increase (decrease) in accumulation unit value | 1.52 | 1.26 | 0.99 | (2.61) | 0.54 |
| Accumulation unit value at end of year | $17.08 | $15.56 | $14.30 | $13.31 | $15.92 |
| Total return | 9.77% | 8.81% | 7.44% | (16.39)% | 3.51% |
| Net assets, end of year (000's) | $11021 | $13777 | $16059 | $17623 | $21942 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 20 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.88 | $14.60 | $13.60 | $16.28 | $15.73 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.02) | (0.00) | (0.04) | (3.08) | 0.33 |
| Net increase (decrease) in accumulation unit value | 1.55 | 1.28 | 1.00 | (2.68) | 0.55 |
| Accumulation unit value at end of year | $17.43 | $15.88 | $14.60 | $13.60 | $16.28 |
| Total return | 9.76% | 8.77% | 7.35% | (16.46)% | 3.50% |
| Net assets, end of year (000's) | $13034 | $13730 | $13774 | $15167 | $19776 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.33 | $14.12 | $13.17 | $15.80 | $15.30 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.12) | (0.07) | (0.09) | (3.03) | 0.28 |
| Net increase (decrease) in accumulation unit value | 1.45 | 1.21 | 0.95 | (2.63) | 0.50 |
| Accumulation unit value at end of year | $16.78 | $15.33 | $14.12 | $13.17 | $15.80 |
| Total return | 9.46% | 8.57% | 7.21% | (16.65)% | 3.27% |
| Net assets, end of year (000's) | $2048 | $2040 | $2192 | $3171 | $4673 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 21 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.20) | (0.15) | (0.16) | (2.91) | 0.24 |
| Net increase (decrease) in accumulation unit value | 1.37 | 1.13 | 0.88 | (2.51) | 0.46 |
| Accumulation unit value at end of year | $15.89 | $14.52 | $13.39 | $12.51 | $15.02 |
| Total return | 9.44% | 8.44% | 7.03% | (16.71)% | 3.16% |
| Net assets, end of year (000's) | $4045 | $3823 | $3872 | $6309 | $5238 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $13.96 | $12.90 | $12.07 | $14.53 | $14.11 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.29) | (0.22) | (0.21) | (2.86) | 0.20 |
| Net increase (decrease) in accumulation unit value | 1.28 | 1.06 | 0.83 | (2.46) | 0.42 |
| Accumulation unit value at end of year | $15.24 | $13.96 | $12.90 | $12.07 | $14.53 |
| Total return | 9.17% | 8.22% | 6.88% | (16.93)% | 2.98% |
| Net assets, end of year (000's) | $663 | $701 | $649 | $703 | $835 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 22 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.87 | $14.57 | $13.54 | $16.19 | $15.62 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.00) | 0.02 | (0.01) | (3.05) | 0.35 |
| Net increase (decrease) in accumulation unit value | 1.57 | 1.30 | 1.03 | (2.65) | 0.57 |
| Accumulation unit value at end of year | $17.44 | $15.87 | $14.57 | $13.54 | $16.19 |
| Total return | 9.89% | 8.92% | 7.61% | (16.37)% | 3.65% |
| Net assets, end of year (000's) | $11594 | $11602 | $12134 | $12833 | $16941 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.25 | $14.03 | $13.07 | $15.66 | $15.14 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.09) | (0.06) | (0.08) | (2.99) | 0.30 |
| Net increase (decrease) in accumulation unit value | 1.48 | 1.22 | 0.96 | (2.59) | 0.52 |
| Accumulation unit value at end of year | $16.73 | $15.25 | $14.03 | $13.07 | $15.66 |
| Total return | 9.70% | 8.70% | 7.35% | (16.54)% | 3.43% |
| Net assets, end of year (000's) | $1991 | $1914 | $2056 | $2540 | $3210 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 23 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $15.10 | $13.90 | $12.96 | $15.53 | $15.02 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.11) | (0.08) | (0.10) | (2.97) | 0.29 |
| Net increase (decrease) in accumulation unit value | 1.46 | 1.20 | 0.94 | (2.57) | 0.51 |
| Accumulation unit value at end of year | $16.56 | $15.10 | $13.90 | $12.96 | $15.53 |
| Total return | 9.67% | 8.63% | 7.25% | (16.55)% | 3.40% |
| Net assets, end of year (000's) | $23577 | $26258 | $28637 | $34487 | $47475 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 |
| Net Investment Income [A] | 1.57 | 1.28 | 1.04 | 0.40 | 0.22 |
| Net realized and unrealized gains (losses) on securities | (0.20) | (0.15) | (0.16) | (2.91) | 0.24 |
| Net increase (decrease) in accumulation unit value | 1.37 | 1.13 | 0.88 | (2.51) | 0.46 |
| Accumulation unit value at end of year | $15.89 | $14.52 | $13.39 | $12.51 | $15.02 |
| Total return | 9.44% | 8.44% | 7.03% | (16.71)% | 3.16% |
| Net assets, end of year (000's) | $5313 | $5630 | $5562 | $5662 | $7655 |
| Expenses to average net assets [B] | 2.00% | 1.99% | 1.95% | 1.96% | 1.99% |
| Net investment income to average net assets | 0.75% | 0.71% | 1.24% | 0.39% | 4.42% |
| Portfolio turnover rate | 0.96% | 0.88% | 0.95% | 2.88% | 1.95% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 24 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $21.12 | $18.14 | $15.99 | $20.51 | $18.19 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.85 | 2.70 | 2.16 | (4.36) | 2.49 |
| Net increase (decrease) in accumulation unit value | 3.61 | 2.98 | 2.15 | (4.52) | 2.32 |
| Accumulation unit value at end of year | $24.73 | $21.12 | $18.14 | $15.99 | $20.51 |
| Total return | 17.09% | 16.43% | 13.45% | (22.04)% | 12.75% |
| Net assets, end of year (000's) | $19475 | $17095 | $16157 | $13775 | $16608 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $20.30 | $17.47 | $15.44 | $19.84 | $17.63 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.66 | 2.55 | 2.04 | (4.24) | 2.38 |
| Net increase (decrease) in accumulation unit value | 3.42 | 2.83 | 2.03 | (4.40) | 2.21 |
| Accumulation unit value at end of year | $23.72 | $20.30 | $17.47 | $15.44 | $19.84 |
| Total return | 16.85% | 16.20% | 13.15% | (22.18)% | 12.54% |
| Net assets, end of year (000's) | $1125 | $942 | $1067 | $1192 | $1659 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 25 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $20.72 | $17.85 | $15.77 | $20.28 | $18.04 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.73 | 2.59 | 2.09 | (4.35) | 2.41 |
| Net increase (decrease) in accumulation unit value | 3.49 | 2.87 | 2.08 | (4.51) | 2.24 |
| Accumulation unit value at end of year | $24.21 | $20.72 | $17.85 | $15.77 | $20.28 |
| Total return | 16.84% | 16.08% | 13.19% | (22.24)% | 12.42% |
| Net assets, end of year (000's) | $2857 | $2536 | $2976 | $3168 | $4306 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $20.00 | $17.25 | $15.28 | $19.69 | $17.54 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.55 | 2.47 | 1.98 | (4.25) | 2.32 |
| Net increase (decrease) in accumulation unit value | 3.31 | 2.75 | 1.97 | (4.41) | 2.15 |
| Accumulation unit value at end of year | $23.31 | $20.00 | $17.25 | $15.28 | $19.69 |
| Total return | 16.55% | 15.94% | 12.89% | (22.40)% | 12.26% |
| Net assets, end of year (000's) | $1682 | $1462 | $1409 | $1309 | $1773 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 26 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.36 | 2.31 | 1.86 | (4.04) | 2.19 |
| Net increase (decrease) in accumulation unit value | 3.12 | 2.59 | 1.85 | (4.20) | 2.02 |
| Accumulation unit value at end of year | $22.07 | $18.95 | $16.36 | $14.51 | $18.71 |
| Total return | 16.46% | 15.83% | 12.75% | (22.45)% | 12.10% |
| Net assets, end of year (000's) | $1118 | $1176 | $6560 | $4615 | $5858 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.21 | $15.76 | $14.00 | $18.10 | $16.17 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.20 | 2.17 | 1.77 | (3.94) | 2.10 |
| Net increase (decrease) in accumulation unit value | 2.96 | 2.45 | 1.76 | (4.10) | 1.93 |
| Accumulation unit value at end of year | $21.17 | $18.21 | $15.76 | $14.00 | $18.10 |
| Total return | 16.25% | 15.55% | 12.57% | (22.65)% | 11.94% |
| Net assets, end of year (000's) | $16 | $14 | $22 | $38 | $49 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 27 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $20.70 | $17.80 | $15.71 | $20.17 | $17.91 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.76 | 2.62 | 2.10 | (4.30) | 2.43 |
| Net increase (decrease) in accumulation unit value | 3.52 | 2.90 | 2.09 | (4.46) | 2.26 |
| Accumulation unit value at end of year | $24.22 | $20.70 | $17.80 | $15.71 | $20.17 |
| Total return | 17.00% | 16.29% | 13.30% | (22.11)% | 12.62% |
| Net assets, end of year (000's) | $362 | $371 | $675 | $571 | $751 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $19.90 | $17.15 | $15.16 | $19.51 | $17.36 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.58 | 2.47 | 2.00 | (4.19) | 2.32 |
| Net increase (decrease) in accumulation unit value | 3.34 | 2.75 | 1.99 | (4.35) | 2.15 |
| Accumulation unit value at end of year | $23.24 | $19.90 | $17.15 | $15.16 | $19.51 |
| Total return | 16.78% | 16.03% | 13.13% | (22.30)% | 12.38% |
| Net assets, end of year (000's) | $77 | $75 | $65 | $58 | $74 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 28 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $19.71 | $16.99 | $15.03 | $19.35 | $17.22 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.53 | 2.44 | 1.97 | (4.16) | 2.30 |
| Net increase (decrease) in accumulation unit value | 3.29 | 2.72 | 1.96 | (4.32) | 2.13 |
| Accumulation unit value at end of year | $23.00 | $19.71 | $16.99 | $15.03 | $19.35 |
| Total return | 16.69% | 16.01% | 13.04% | (22.33)% | 12.37% |
| Net assets, end of year (000's) | $11988 | $10547 | $9411 | $8633 | $11191 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 |
| Net Investment Income (Loss) [A] | (0.24) | 0.28 | (0.01) | (0.16) | (0.17) |
| Net realized and unrealized gains (losses) on securities | 3.36 | 2.31 | 1.86 | (4.04) | 2.19 |
| Net increase (decrease) in accumulation unit value | 3.12 | 2.59 | 1.85 | (4.20) | 2.02 |
| Accumulation unit value at end of year | $22.07 | $18.95 | $16.36 | $14.51 | $18.71 |
| Total return | 16.46% | 15.83% | 12.75% | (22.45)% | 12.10% |
| Net assets, end of year (000's) | $1317 | $1134 | $1079 | $953 | $1227 |
| Expenses to average net assets [B] | 2.23% | 2.31% | 2.27% | 2.12% | 2.21% |
| Net investment income (loss) to average net assets | (1.20)% | (1.22)% | (0.14)% | (0.74)% | 10.55% |
| Portfolio turnover rate | 3.07% | 2.51% | 6.37% | 4.35% | 7.28% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 29 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $19.02 | $16.96 | $15.29 | $19.18 | $17.64 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.65 | 1.20 | 1.14 | (4.08) | 1.57 |
| Net increase (decrease) in accumulation unit value | 2.65 | 2.06 | 1.67 | (3.89) | 1.54 |
| Accumulation unit value at end of year | $21.67 | $19.02 | $16.96 | $15.29 | $19.18 |
| Total return | 13.93% | 12.15% | 10.92% | (20.28)% | 8.73% |
| Net assets, end of year (000's) | $27366 | $27497 | $29380 | $28262 | $38423 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.28 | $16.34 | $14.76 | $18.55 | $17.10 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.51 | 1.08 | 1.05 | (3.98) | 1.48 |
| Net increase (decrease) in accumulation unit value | 2.51 | 1.94 | 1.58 | (3.79) | 1.45 |
| Accumulation unit value at end of year | $20.79 | $18.28 | $16.34 | $14.76 | $18.55 |
| Total return | 13.73% | 11.87% | 10.70% | (20.43)% | 8.48% |
| Net assets, end of year (000's) | $2776 | $3476 | $5385 | $5290 | $6369 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 30 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.66 | $16.69 | $15.09 | $18.96 | $17.49 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.55 | 1.11 | 1.07 | (4.06) | 1.50 |
| Net increase (decrease) in accumulation unit value | 2.55 | 1.97 | 1.60 | (3.87) | 1.47 |
| Accumulation unit value at end of year | $21.21 | $18.66 | $16.69 | $15.09 | $18.96 |
| Total return | 13.67% | 11.80% | 10.60% | (20.41)% | 8.40% |
| Net assets, end of year (000's) | $7369 | $7682 | $8511 | $8311 | $10326 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.01 | $16.13 | $14.61 | $18.41 | $17.01 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.42 | 1.02 | 0.99 | (3.99) | 1.43 |
| Net increase (decrease) in accumulation unit value | 2.42 | 1.88 | 1.52 | (3.80) | 1.40 |
| Accumulation unit value at end of year | $20.43 | $18.01 | $16.13 | $14.61 | $18.41 |
| Total return | 13.44% | 11.66% | 10.40% | (20.64)% | 8.23% |
| Net assets, end of year (000's) | $885 | $918 | $872 | $882 | $1143 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 31 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.28 | 0.90 | 0.90 | (3.81) | 1.34 |
| Net increase (decrease) in accumulation unit value | 2.28 | 1.76 | 1.43 | (3.62) | 1.31 |
| Accumulation unit value at end of year | $19.34 | $17.06 | $15.30 | $13.87 | $17.49 |
| Total return | 13.36% | 11.50% | 10.31% | (20.70)% | 8.10% |
| Net assets, end of year (000's) | $1327 | $1829 | $1047 | $1137 | $1367 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $16.40 | $14.74 | $13.39 | $16.92 | $15.68 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.15 | 0.80 | 0.82 | (3.72) | 1.27 |
| Net increase (decrease) in accumulation unit value | 2.15 | 1.66 | 1.35 | (3.53) | 1.24 |
| Accumulation unit value at end of year | $18.55 | $16.40 | $14.74 | $13.39 | $16.92 |
| Total return | 13.11% | 11.26% | 10.08% | (20.86)% | 7.91% |
| Net assets, end of year (000's) | $89 | $79 | $82 | $97 | $582 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 32 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $18.64 | $16.65 | $15.03 | $18.86 | $17.37 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.58 | 1.13 | 1.09 | (4.02) | 1.52 |
| Net increase (decrease) in accumulation unit value | 2.58 | 1.99 | 1.62 | (3.83) | 1.49 |
| Accumulation unit value at end of year | $21.22 | $18.64 | $16.65 | $15.03 | $18.86 |
| Total return | 13.84% | 11.95% | 10.78% | (20.31)% | 8.58% |
| Net assets, end of year (000's) | $2185 | $1971 | $1772 | $1702 | $2201 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $17.92 | $16.03 | $14.50 | $18.24 | $16.83 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.44 | 1.03 | 1.00 | (3.93) | 1.44 |
| Net increase (decrease) in accumulation unit value | 2.44 | 1.89 | 1.53 | (3.74) | 1.41 |
| Accumulation unit value at end of year | $20.36 | $17.92 | $16.03 | $14.50 | $18.24 |
| Total return | 13.62% | 11.79% | 10.55% | (20.50)% | 8.38% |
| Net assets, end of year (000's) | $157 | $138 | $124 | $168 | $209 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 33 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $17.75 | $15.88 | $14.38 | $18.09 | $16.70 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.40 | 1.01 | 0.97 | (3.90) | 1.42 |
| Net increase (decrease) in accumulation unit value | 2.40 | 1.87 | 1.50 | (3.71) | 1.39 |
| Accumulation unit value at end of year | $20.15 | $17.75 | $15.88 | $14.38 | $18.09 |
| Total return | 13.52% | 11.78% | 10.43% | (20.51)% | 8.32% |
| Net assets, end of year (000's) | $5815 | $5939 | $5832 | $6092 | $8809 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 |
| Net Investment Income (Loss) [A] | 1.00 | 0.86 | 0.53 | 0.19 | (0.03) |
| Net realized and unrealized gains (losses) on securities | 1.28 | 0.90 | 0.90 | (3.81) | 1.34 |
| Net increase (decrease) in accumulation unit value | 2.28 | 1.76 | 1.43 | (3.62) | 1.31 |
| Accumulation unit value at end of year | $19.34 | $17.06 | $15.30 | $13.87 | $17.49 |
| Total return | 13.36% | 11.50% | 10.31% | (20.70)% | 8.10% |
| Net assets, end of year (000's) | $1853 | $1669 | $1688 | $1721 | $2348 |
| Expenses to average net assets [B] | 2.15% | 2.18% | 2.12% | 2.02% | 2.09% |
| Net investment income (loss) to average net assets | (0.21)% | (0.13)% | 0.53% | (0.19)% | 8.16% |
| Portfolio turnover rate | 1.63% | 3.39% | 2.93% | 4.43% | 4.76% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 34 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $12.10 | $11.90 | $10.98 | $13.82 | $13.03 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.47 | (0.30) | 0.03 | (3.05) | 0.59 |
| Net increase (decrease) in accumulation unit value | 2.97 | 0.20 | 0.92 | (2.84) | 0.79 |
| Accumulation unit value at end of year | $15.07 | $12.10 | $11.90 | $10.98 | $13.82 |
| Total return | 24.55% | 1.68% | 8.38% | (20.55)% | 6.06% |
| Net assets, end of year (000's) | $2257 | $2020 | $2282 | $2066 | $2468 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.63 | $11.47 | $10.60 | $13.36 | $12.63 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.33 | (0.34) | (0.02) | (2.97) | 0.53 |
| Net increase (decrease) in accumulation unit value | 2.83 | 0.16 | 0.87 | (2.76) | 0.73 |
| Accumulation unit value at end of year | $14.46 | $11.63 | $11.47 | $10.60 | $13.36 |
| Total return | 24.33% | 1.39% | 8.21% | (20.66)% | 5.78% |
| Net assets, end of year (000's) | $175 | $142 | $137 | $132 | $608 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 35 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.87 | $11.71 | $10.83 | $13.66 | $12.92 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.39 | (0.34) | (0.01) | (3.04) | 0.54 |
| Net increase (decrease) in accumulation unit value | 2.89 | 0.16 | 0.88 | (2.83) | 0.74 |
| Accumulation unit value at end of year | $14.76 | $11.87 | $11.71 | $10.83 | $13.66 |
| Total return | 24.35% | 1.37% | 8.13% | (20.72)% | 5.73% |
| Net assets, end of year (000's) | $1146 | $1106 | $1289 | $1551 | $2049 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.45 | $11.32 | $10.49 | $13.26 | $12.57 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.26 | (0.37) | (0.06) | (2.98) | 0.49 |
| Net increase (decrease) in accumulation unit value | 2.76 | 0.13 | 0.83 | (2.77) | 0.69 |
| Accumulation unit value at end of year | $14.21 | $11.45 | $11.32 | $10.49 | $13.26 |
| Total return | 24.10% | 1.15% | 7.91% | (20.89)% | 5.49% |
| Net assets, end of year (000's) | $232 | $186 | $209 | $306 | $384 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 36 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.10 | (0.39) | (0.11) | (2.85) | 0.44 |
| Net increase (decrease) in accumulation unit value | 2.60 | 0.11 | 0.78 | (2.64) | 0.64 |
| Accumulation unit value at end of year | $13.45 | $10.85 | $10.74 | $9.96 | $12.60 |
| Total return | 23.96% | 1.02% | 7.83% | (20.95)% | 5.35% |
| Net assets, end of year (000's) | $353 | $292 | $286 | $266 | $301 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $10.43 | $10.34 | $9.61 | $12.19 | $11.59 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 1.97 | (0.41) | (0.16) | (2.79) | 0.40 |
| Net increase (decrease) in accumulation unit value | 2.47 | 0.09 | 0.73 | (2.58) | 0.60 |
| Accumulation unit value at end of year | $12.90 | $10.43 | $10.34 | $9.61 | $12.19 |
| Total return | 23.68% | 0.87% | 7.60% | (21.16)% | 5.18% |
| Net assets, end of year (000's) | $20 | $16 | $16 | $15 | $16 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 37 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.86 | $11.68 | $10.79 | $13.59 | $12.83 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.40 | (0.32) | (0.00) | (3.01) | 0.56 |
| Net increase (decrease) in accumulation unit value | 2.90 | 0.18 | 0.89 | (2.80) | 0.76 |
| Accumulation unit value at end of year | $14.76 | $11.86 | $11.68 | $10.79 | $13.59 |
| Total return | 24.45% | 1.54% | 8.25% | (20.60)% | 5.92% |
| Net assets, end of year (000's) | $99 | $85 | $82 | $76 | $176 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.40 | $11.25 | $10.41 | $13.14 | $12.43 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.26 | (0.35) | (0.05) | (2.94) | 0.51 |
| Net increase (decrease) in accumulation unit value | 2.76 | 0.15 | 0.84 | (2.73) | 0.71 |
| Accumulation unit value at end of year | $14.16 | $11.40 | $11.25 | $10.41 | $13.14 |
| Total return | 24.21% | 1.33% | 8.07% | (20.78)% | 5.71% |
| Net assets, end of year (000's) | $13 | $11 | $11 | $10 | $12 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 38 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $11.29 | $11.15 | $10.32 | $13.03 | $12.34 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.23 | (0.36) | (0.06) | (2.92) | 0.49 |
| Net increase (decrease) in accumulation unit value | 2.73 | 0.14 | 0.83 | (2.71) | 0.69 |
| Accumulation unit value at end of year | $14.02 | $11.29 | $11.15 | $10.32 | $13.03 |
| Total return | 24.18% | 1.26% | 8.04% | (20.80)% | 5.59% |
| Net assets, end of year (000's) | $535 | $430 | $564 | $926 | $1226 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 |
| Net Investment Income [A] | 0.50 | 0.50 | 0.89 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) on securities | 2.10 | (0.39) | (0.11) | (2.85) | 0.44 |
| Net increase (decrease) in accumulation unit value | 2.60 | 0.11 | 0.78 | (2.64) | 0.64 |
| Accumulation unit value at end of year | $13.45 | $10.85 | $10.74 | $9.96 | $12.60 |
| Total return | 23.96% | 1.02% | 7.83% | (20.95)% | 5.35% |
| Net assets, end of year (000's) | $300 | $261 | $286 | $280 | $347 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% |
| Net investment income (loss) to average net assets | (1.27)% | (2.03)% | (0.16)% | (0.76)% | 3.30% |
| Portfolio turnover rate | 2.99% | 6.08% | 2.83% | 8.01% | 8.03% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 39 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.55 | $7.50 | $7.33 | $7.40 | $7.55 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.32 | 0.19 | 0.22 | 0.25 | 0.39 |
| Net increase (decrease) in accumulation unit value | 0.11 | 0.05 | 0.17 | (0.07) | (0.15) |
| Accumulation unit value at end of year | $7.66 | $7.55 | $7.50 | $7.33 | $7.40 |
| Total return | 1.46% | 0.67% | 2.32% | (0.95)% | (1.99)% |
| Net assets, end of year (000's) | $1092 | $1200 | $1212 | $1396 | $1385 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.27 | $7.24 | $7.08 | $7.17 | $7.33 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.31 | 0.17 | 0.21 | 0.23 | 0.38 |
| Net increase (decrease) in accumulation unit value | 0.10 | 0.03 | 0.16 | (0.09) | (0.16) |
| Accumulation unit value at end of year | $7.37 | $7.27 | $7.24 | $7.08 | $7.17 |
| Total return | 1.38% | 0.41% | 2.26% | (1.26)% | (2.18)% |
| Net assets, end of year (000's) | $149 | $213 | $453 | $478 | $502 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 40 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.46 | $7.43 | $7.28 | $7.37 | $7.53 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.31 | 0.17 | 0.20 | 0.23 | 0.38 |
| Net increase (decrease) in accumulation unit value | 0.10 | 0.03 | 0.15 | (0.09) | (0.16) |
| Accumulation unit value at end of year | $7.56 | $7.46 | $7.43 | $7.28 | $7.37 |
| Total return | 1.34% | 0.40% | 2.06% | (1.22)% | (2.12)% |
| Net assets, end of year (000's) | $226 | $272 | $315 | $285 | $821 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.01 | $7.00 | $6.87 | $6.97 | $7.14 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.29 | 0.15 | 0.18 | 0.22 | 0.37 |
| Net increase (decrease) in accumulation unit value | 0.08 | 0.01 | 0.13 | (0.10) | (0.17) |
| Accumulation unit value at end of year | $7.09 | $7.01 | $7.00 | $6.87 | $6.97 |
| Total return | 1.14% | 0.14% | 1.89% | (1.43)% | (2.38)% |
| Net assets, end of year (000's) | $22 | $22 | $69 | $130 | $60 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 41 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $6.81 | $6.80 | $6.68 | $6.78 | $6.96 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.27 | 0.15 | 0.17 | 0.22 | 0.36 |
| Net increase (decrease) in accumulation unit value | 0.06 | 0.01 | 0.12 | (0.10) | (0.18) |
| Accumulation unit value at end of year | $6.87 | $6.81 | $6.80 | $6.68 | $6.78 |
| Total return | 0.88% | 0.15% | 1.80% | (1.47)% | (2.59)% |
| Net assets, end of year (000's) | $356 | $436 | $416 | $448 | $411 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $6.55 | $6.56 | $6.45 | $6.57 | $6.75 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.26 | 0.13 | 0.16 | 0.20 | 0.36 |
| Net increase (decrease) in accumulation unit value | 0.05 | (0.01) | 0.11 | (0.12) | (0.18) |
| Accumulation unit value at end of year | $6.60 | $6.55 | $6.56 | $6.45 | $6.57 |
| Total return | 0.76% | (0.15)% | 1.71% | (1.83)% | (2.67)% |
| Net assets, end of year (000's) | $159 | $161 | $165 | $166 | $172 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 42 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.41 | $7.37 | $7.20 | $7.28 | $- |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.31 | 0.18 | 0.22 | 0.24 | 7.82 |
| Net increase (decrease) in accumulation unit value | 0.10 | 0.04 | 0.17 | (0.08) | 7.28 |
| Accumulation unit value at end of year | $7.51 | $7.41 | $7.37 | $7.20 | $7.28 |
| Total return | 1.35% | 0.54% | -% | -% | -% |
| Net assets, end of year (000's) | $17 | $10 | $58 | $57 | $1 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.13 | $7.11 | $6.97 | $7.05 | $7.22 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.30 | 0.16 | 0.19 | 0.24 | 0.37 |
| Net increase (decrease) in accumulation unit value | 0.09 | 0.02 | 0.14 | (0.08) | (0.17) |
| Accumulation unit value at end of year | $7.22 | $7.13 | $7.11 | $6.97 | $7.05 |
| Total return | 1.26% | 0.28% | 2.01% | (1.13)% | (2.35)% |
| Net assets, end of year (000's) | $8 | $7 | $7 | $7 | $3 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 43 Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** |
|  | **Year Ending<br> Dec. 31,<br> 2025** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** |
| Accumulation unit value at beginning of year | $7.14 | $7.12 | $6.98 | $7.07 | $7.24 |
| Net Investment (Loss) [A] | (0.21) | (0.14) | (0.05) | (0.32) | (0.54) |
| Net realized and unrealized gains on securities | 0.29 | 0.16 | 0.19 | 0.23 | 0.37 |
| Net increase (decrease) in accumulation unit value | 0.08 | 0.02 | 0.14 | (0.09) | (0.17) |
| Accumulation unit value at end of year | $7.22 | $7.14 | $7.12 | $6.98 | $7.07 |
| Total return | 1.12% | 0.28% | 2.01% | (1.27)% | (2.35)% |
| Net assets, end of year (000's) | $37 | $52 | $130 | $531 | $390 |
| Expenses to average net assets [B] | 4.35% | 4.29% | 3.50% | 2.53% | 2.39% |
| Net investment income (loss) to average net assets | (0.41)% | 0.83% | 1.22% | (1.24)% | (2.12)% |
| Portfolio turnover rate | 58.71% | 88.53% | 42.16% | 98.58% | 29.32% |

---

---

| | |
|:---|:---|
| [A] | Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates. |
| [B] | Does not include expenses of the underlying investments in which the Subaccount invests. |

---

The Notes to Financial Statements are an integral part of this report

Fortune V Separate Account 44 Annual Report 2025

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025** 

**1.** **ORGANIZATION** 

Fortune V Separate Account (the "Separate Account") is a non-diversified separate account of Universal Life Insurance Company ("ULICO"), a wholly owned subsidiary of Universal Insurance Company ("UNICO"), which is a wholly owned subsidiary of Universal Group, Inc. ("UNIGR"). ULICO is domiciled in Puerto Rico and operates under the provisions of the Puerto Rico Insurance Code. The Separate Account was established in March 2007 to record and account for assets and liabilities associated with Universal Variable Annuity ("VIA") line of business. Effective May 24, 2021, the Separate Account became registered under the Investment Company Act of 1940, as amended (the "1940 Act"). On December 23, 2021, the Separate Account became effective under the Securities Act of 1933, as amended (the "1933 Act"). Universal VIA sales were not available from the period from May 24, 2021 thru December 23, 2021, when the registration became effective under the 1933 Act.

The Separate Account is composed of six different subaccounts (each, a "Subaccount" and collectively, the "Subaccounts") that are separate investment funds and are as follows:

**Subaccounts**

Fortune V Separate Account - Universal VIA Conservative Allocation ("VIA Conservative Alloc")

Fortune V Separate Account - Universal VIA Moderate Allocation ("VIA Moderate Alloc")

Fortune V Separate Account - Universal VIA Moderate Growth Allocation ("VIA Mod Growth Alloc")

Fortune V Separate Account - Universal VIA Growth Allocation ("VIA Growth Alloc")

Fortune V Separate Account - Universal VIA International Moderate Growth Allocation ("VIA Int Mod Growth Alloc")

Fortune V Separate Account - Universal Money Market ("VIA Money Mrkt Alloc")

Each Subaccount invests substantially all of its investable assets among mutual funds. Assets within the Separate Account are legally insulated from ULICO's assets. The only shareholders of the Separate Account are contract holders of the Universal VIA annuity product issued by ULICO.

Fortune V Separate Account maintains Morningstar Investment Management LLC as the Portfolio Construction Manager to serve as asset allocation consultant in connection with the management of the Subaccounts with the exception of the Money Market Portfolio. Morningstar Investment Management LLC is a registered investment adviser and wholly owned subsidiary of Morningstar, Inc.

The Statement of Additional Information ("SAI") provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Variable Account. The SAI, is available without charge upon request by calling 1-787-706-7337 and on the SEC's website at <u>www.sec.gov</u>.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), which may require the use of estimates made by management and evaluation of subsequent events. The Separate Account follows investment company accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Section ("ASC") 946, Financial Services – Investment Companies.

**Use of Estimates:** In preparing the Subaccounts' financial statements in accordance with GAAP, estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

**Security transactions:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Net realized gains (losses) are included in the statement of operations.

**Net Assets:** Net assets reflect the fair value of the Separate Account's investments and other assets less liabilities. All elements of equity (capital and distributable earnings) are aggregated in a single line, pursuant to ASC 946-20-50-14, presented as net assets in the statements of assets and liabilities.

**Unit transactions:** In accordance with ASC Topic 946, capital share transactions are recorded at the transaction amount and include all cash received or paid related to the issuance and redemption of units, as presented in the statements of changes in net assets.

**Operating expenses:** The Separate Account accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount indirectly bears the fees and expenses reflected in the underlying mutual funds unit value. These expenses are not reflected in the expenses within the Statements of Operations of the Subaccount and are not included in the Expenses to average net assets, and Net investment income (loss) to average net assets within the Financial Highlights.

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025** 

**Segment Reporting:** Each Subaccount within the Separate Account represents a single operating segment pursuant to FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The financial information in the form of the Subaccount's portfolio composition, total return, expense ratios and changes in net assets (i.e. changes in net assets resulting from operations, subscriptions and redemptions) is reviewed by the Separate Account's chief operating decision maker (CODM) to assess the Subaccounts' performance in comparison to the Subaccounts' benchmarks and to make resource allocation decisions for the Subaccounts' single segment is consistent with the information presented in these financial statements. The Principal Executive Officer and the Portfolio Construction Manager act as the CODM of the Subaccounts. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant expenses are listed on the accompanying Statement of Operations.

**Commitments and contingencies:** In the normal course of business, the Subaccounts enter into contracts that contain a variety of representations that provide general indemnifications. The Subaccounts' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Subaccounts and/or their affiliates that have not yet occurred. However, based on experience, the Subaccounts expect the risk of loss to be remote.

**Dividends:** Dividends payable to the Separate Account are automatically reinvested in shares of the Separate Account when paid. Dividend income is recognized on the ex-dividend date.

**Adopted accounting standards**: In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to Concepts Statements, to facilitate Accounting Standards Codification (the "Codification") updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements. The amendments in this update affect a variety of Topics in the Codification. The amendments in this update are effective for annual periods beginning after December 15, 2025. Entities are permitted to early adopt these amendments. The Separate Account adopted this guidance as of December 31, 2025, which had no material impact to these financial statements.

**3.** **INVESTMENT VALUATION** 

All investments in securities are recorded at their estimated fair value. Each Subaccount's investment in a corresponding underlying mutual funds is valued at the mutual fund unit value per share at the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

The Subaccounts utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Subaccounts' own assumptions used in determining the fair value of investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments are measured at fair value using net asset value ("NAV") per share, or its equivalent, using the "practical expedient". All of the investments of the Separate Account have a Level 1 fair value hierarchy classification at December 31, 2025, which is disclosed within the Investment Valuation section of each Subaccount's Schedule of Investments. There were no Level 3 investments at the beginning and/or end of the year.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**Fair value measurements:** Each Subaccount invests substantially all of its investable assets among mutual funds. Investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4.** **RISK AND UNCERTAINTIES** 

Investing in the Subaccounts involves certain key risks related to the Subaccounts' trading activity. Please refer to the Subaccounts' prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Subaccounts.

**Market risk:** The market values of a Subaccount's securities and other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, political developments, warfare conflicts, investor sentiment, public health emergencies such as a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not a Subaccount invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Subaccount's investments may be affected adversely and negatively impact a Subaccount's performance.

Because ULICO's business is written in Puerto Rico, ULICO's insurance risk is not as diversified as the risk of a carrier that covers a broader geographical area. A natural catastrophe could cause damage to a large number of ULICO's policyholders, which would result in significantly increased losses to ULICO. However, ULICO's reinsurance program reduces to its net exposure in any such catastrophe.

**Other matters:** ULICO and its affiliates are parties to various legal proceedings that originated in the normal course of business. None of these proceedings would be likely to have a material adverse effect, if any, upon the Separate Account, our ability to meet our obligations under the contracts, or the distribution of the contracts.

**5.** **FEES AND OTHER AFFILIATED TRANSACTIONS** 

The Separate Account has an investment advisory agreement with Universal Financial Services, Inc., ("UFS"). UFS, a Puerto Rico corporation, is a wholly-owned subsidiary of UNIGR and an affiliate of ULICO. Pursuant the investment advisory agreement, UFS charges a fee to the Subaccounts of 0.35% of the value of the net assets of the Subaccounts. The advisory expenses included in the accompanying statements of operations consist of fees charged by UFS to the Separate Account during the year ended December 31, 2025. Advisory fees due to UFS as of December 31, 2025 amounted to $197,815 for all Subaccounts. The advisory fees due by each Subaccount is included as accrued expenses in the accompanying statements of assets and liabilities.

A daily charge from the net assets in each variable investment option is assessed by ULICO to compensate for operational expenses of the Separate Account, a portion of which relates to mortality and expense risks. The daily charge on an annualized basis may be 1.40%, 1.75% or 1.95% based on the contract class. Mortality and expense charges due to ULICO as of December 31, 2025 amounted to $13,737 and is included as units redeemed in the accompanying statements of assets and liabilities.

Certain officers of the Separate Account are also officers, or employees of UNIGR or its affiliates. None of the Separate Account's officers receive compensation from the Subaccounts. During the year ended December 31, 2025 ULICO paid a total of $34,000 in fees to the members of the Board.

During the year ended December 31, 2025, the Subaccounts incurred no brokerage commissions on security transactions.

**6.** **PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2025, the cost of securities purchased and proceeds from securities sold are as follows:

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Purchases of<br> Securities** | **Sale of<br> Securities** |
| Universal VIA Conservative Allocation | $15714826 | $21556355 |
| Universal VIA Moderate Allocation | 56264258 | 84390931 |
| Universal VIA Moderate Growth Allocation | 6181227 | 13331740 |
| Universal VIA Growth Allocation | 3569638 | 4311643 |
| Universal VIA International Moderate Growth Allocation | 448188 | 928799 |
| Universal Money Market | 1411491 | 1751361 |

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**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025** 

**7.** **INCOME TAXES** 

The operations of the Separate Account are included in the operations of ULICO. Based on current tax law, ULICO does not incur any income tax on the earnings or realized capital gains attributable to the Separate Account. As a result, no charges are currently being deducted from the Separate Account for federal and Puerto Rico income tax purposes. The Separate Account concluded that there are no uncertain tax positions. Uncertain tax positions are recognized if it is "more likely than not" that the position will be sustained assuming an examination by the tax authorities.

Pursuant to Section 1023.01 of the Puerto Rico Internal Revenue Code of 2011, as amended, a special tax equal to 0.10% of the total asset value of the Separate Account as of December 31 of each calendar year is reported and fully paid by ULICO. This special tax is payable to the Puerto Rico Treasury Department. Special tax corresponding to the year ended December 31, 2025 amounted to $324,880 and is included in units redeemed in the accompanying Statements of Changes in Net Assets.

**8.** **SUBSEQUENT EVENT** 

The Company has evaluated all subsequent events through February 25, 2026, the date the financial statements were issued. No events have occurred subsequent to December 31, 2025 that would require recognition or disclosure in the financial statements.

![](img_001.jpg)

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| | |
|:---|:---|
| **Report of Independent Registered Public Accounting Firm**<br>**To the Shareholders and Board of Directors of<br> Fortune V Separate Account:** | ![](img_002.jpg) |

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**Opinion on the financial statements**

We have audited the accompanying statements of assets and liabilities of **Fortune V Separate Account** ("Fortune V") (comprising Fortune V Separate Account – Universal VIA Conservative Allocation, Fortune V Separate Account – Universal VIA Moderate Allocation, Fortune V Separate Account – Universal VIA Moderate Growth Allocation, Fortune V Separate Account – Universal VIA Growth Allocation, Fortune V Separate Account – Universal VIA International Moderate Growth Allocation, Fortune V Separate Account – Universal VIA Money Market) (collectively referred to as the "Subaccounts") including the schedules of investments as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the three years in the period then ended, and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts comprising **Fortune V Separate Account** as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial statements of Fortune V for the years ended December 31, 2022 to December 31, 2021 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements in their report dated February 24, 2023.

**Basis for opinion**

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

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

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| | |
|:---|:---|
| **Audit \| Tax \| Advisory \| Outsourcing**<br>© 2026 Grant Thornton Puerto Rico LLP, all rights reserved.<br>© 2026 Grant Thornton Puerto Rico Advisors LLC, all rights reserved.<br> "Grant Thornton" is the brand name under which Grant Thornton Puerto Rico Advisors, LLC and Grant Thornton Puerto Rico, LLP provide professional services.<br> Grant Thornton International Limited (GTIL) and the member firms, including Grant Thornton Puerto Rico Advisors, LLC and Grant Thornton Puerto Rico, LLP, are not a worldwide partnership.<br> GTIL and each member firm are separate legal entities. GTIL is a non-practicing, international, coordinating entity organized as a private company limited by guarantee incorporated in England and Wales.<br> Services are delivered by the member firms; GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another's acts or omissions.<br> The mobius symbol is a trademark of GTIL. | **grantthornton.pr** |

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![](img_001.jpg)

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

We have served as Fortune V's auditor since 2023.

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| | |
|:---|:---|
| /s/ Grant Thornton Puerto Rico LLP<br> San Juan, Puerto Rico,<br> February 25, 2026. | ![](img_003.jpg) |

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![](img_004.jpg)

**Management of the Trust**

**Board Members and Officers**

**(Unaudited)**

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

**BOARD MEMBERS**

The Board of Directors was created on the effective date of the Separate Account registration with the SEC in May 2021.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with UNIGR or an affiliate of UNIGR. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund's assets by the investment manager and its respective sub-adviser.

The mailing address of each member of the Board is c/o Universal Life Insurance Company, PO Box 2171, San Juan, PR 00922 – 2171.

Further information about the Separate Account's Board Members and Officers is available in the Separate Account's Statement of Additional Information, which can be obtained without charge by calling 1-787-706-7337.

The Board Members, their birth year, their positions with the Trust, and their principal occupations, the number of funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** |
| **Name and Year of Birth** | **Position(s)<br> Held With<br> Registrant** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of**<br> **Portfolios in<br> Fund Complex<br> Overseen by Director** | **Other<br> Directorships<br> Held by<br> Director** |
| Manuel O. Morera,<br> CPA (1956) | Member, Board | Since 2021 | Certified Public Accountant, tax and business advisor as a sole practitioner | 6 |  |
| Francisco J. Perdomo,<br> CPA (1961) | Member, Board | Since 2021 | PSV CPA, LLC (accounting firm), Managing Director and Certified Public Accountant. | 6 |  |

---

The members of the Board listed above are not "interested persons" of the Variable Account within the meaning of section 2(a)(19) of the 1940 Act ("Independent Board Members").

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** |
| **Name and Year of Birth** | **Position(s)<br> Held With<br> Registrant** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of**<br> **Portfolios in<br> Fund Complex<br> Overseen by Director** | **Other<br> Directorships<br> Held by<br> Director** |
| Waldemar Fabery- <br> Villaespesa\* (1965) | Member, Board | Since 2021 | Counsel, Toro Colón Mullet, P.S.C., a legal services firm | 6 |  |

---

\* Mr. Waldemar Fabery-Villaespesa is designated as an "interested person" because he is a member of several boards of a controlling party of UFS.

\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

**OFFICERS**

The mailing address of each officer is c/o Universal Life Insurance Company, PO Box 2171, San Juan, PR 00922 – 2171. The following table shows information about the officers, including their year of birth, their positions held with the Variable Account and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

---

| | | | |
|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** |
| **Name and Year of Birth** | **Position(s)**<br> **Held With**<br> **Registrant** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Nancy Martinez<br> (1965) | Chief Compliance Officer | Since 2022 | Compliance Director of Universal Life Insurance Company and Chief Compliance Officer of Universal Financial Services. Previously Principal Operations Officer at Citi International Financial Services LLC with 25 plus years of experience in the Financial Investment industry. Currently holds Series 7, 9/10, 66, 24, and 27 licenses. |
| Jose C. Benítez<br> (1975) | President | Since 2021 | President of Universal Life Insurance Company and Universal Financial Services (2006). Previously Senior Account Manager, Manulife Financial - with 25 plus years of financial services experience. Series 7 & 24 Licenses, FLMI Designation. |
| Roberto J. Martínez,<br> CPA (1964) | Secretary & Treasurer | Since 2021 | CFO Universal Group, Inc., Previously COO Triple S Propiedad (1999 to 2014), SIMED and ASC Finance Manager (1991 to 1999) and Audit Supervisor with KPMG (1987 to 1991). |

---

(b) The following is a copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule:

**AN IMPORTANT NOTICE TO SHAREHOLDERS**

**ANNUAL REPORT IS NOW AVAILABLE ONLINE**

**(AND IN PRINT BY REQUEST)**

**UNIVERSAL LIFE INSURANCE COMPANY**

**FORTUNE V SEPARATE ACCOUNT**

Universal Life Insurance Company ("ULICO") has posted the most current version of the Fortune V Report to Shareholders in its website at the following link:

<u>https://www.universallifepr.com/ULICOPortal/VIA.aspx</u>

Fortune V Account, comprised of Universal VIA Asset Allocation Portfolios also known as Subaccounts, is a separate account established by ULICO and is used as an investment vehicle under certain tax-deferred annuity contracts issued by ULICO. Each Subaccount's underlying investments are mutual funds, based on specific asset allocation objectives.

The Report to Shareholders contains important information about the Fortune V Separate Account, including its portfolio holdings and financial statements. We encourage you to access and review the Report online and review each Subaccount's investments. You can also download the Report for your convenience. Once you access the link <u>https://www.universallifepr.com/ULICO Portal/VIA.aspx</u>, you will find the following documents for further reference:

---

| |
|:---|
| Current Report to Shareholders for the period ended December 31<sup>st</sup>, 2025 |
| Schedule of Investments as of 9/30/2025 |
| Prior Report to Shareholders for the period ended June 30<sup>th</sup>, 2025 |
| Schedule of Investments as of 3/31/2025 |
| Fortune V Separate Account Full Prospectus |

---

**Online access is the regular delivery method going forward; however, you can request, at no cost, paper copies via regular mail or pdf copies via e-mail at any time.** However, **i**f you wish to receive printed copies (regular mail) or pdf copies (via e-mail) of THIS and/or any future Shareholder Report or other materials about Fortune V, please write to us at:

UNIVERSAL LIFE INSURANCE COMPANY

Annuities Department

PO Box 2145

San Juan, PR 00922-2145

**Or call us at:**

(787) 706-7095

**Item 2. Code of Ethics.**

(a) Fortune V Separate Account (the "Fund" or the "Registrant") has adopted a Code of Ethics that applies to the Fund's principal executive officer and principal financial officer (the "Code").

(b) No disclosures are required by this Item 2(b).

(c) The Fund has not made any amendment to the Code during the period covered by this Form N-CSR.

(d) There have been no waivers granted by the Fund to individuals covered by the Code during the reporting period for Form N-CSR.

(e) Not applicable.

(f) A copy of the Code is incorporated herein by reference as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

(a) (1) The Board of Directors of the Fund has determined that it has an audit committee financial expert serving on the Fund's Audit Committee that possesses the attributes identified in Item 3(b) to Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The names of the audit committee financial experts are Francisco Perdomo and Manuel Morera. Messrs. Perdomo and Morera have been deemed to be "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Grant Thornton Puerto Rico LLP ("GT", formerly known as "Kevane Grant Thornton LLP") serves as the independent registered public accounting firm for the Registrant and has been engaged to perform audit services, audit-related services, tax services or other services to the Registrant.

(a) AUDIT FEES: For the fiscal years ended December 31, 2024 and December 31, 2025, the aggregate fees billed for professional services rendered by GT for the audit of the Registrant's annual financial statements or for services that are normally provided by GT in connection with statutory and regulatory filings or engagements were $42,000 and $44,100, respectively.

(b) AUDIT RELATED FEES: For the fiscal years ended December 31, 2024 and December 31, 2025, no such fees were billed to the Registrant by GT.

(c) TAX FEES: For the fiscal years ended December 31, 2024 and December 31, 2025, no such fees were billed to the Registrant by GT.

(d) ALL OTHER FEES: For the fiscal years ended December 31, 2024 and December 31, 2025, no such fees were billed to the Registrant by GT.

(e) (1) The Registrant's audit committee pre-approves all audit and non-audit services to be performed by the Registrant's accountant before the accountant is engaged by the Registrant to perform such services.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable

(f) Not applicable.

(g) For the fiscal years ended December 31, 2024 and December 31, 2025, the aggregate fees billed by GT for non-audit services rendered to the Registrant, the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were $0 and $0, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

(a) Not applicable.

(b) Not applicable.

**Item 6. Investments.**

(a) Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Not applicable.

(b) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Registrant has delegated the authority to vote proxies to Universal Life and has authorized Universal Life to delegate proxy voting authority to Universal Financial Services, Inc. Based on the structure of the Registrant, it is not anticipated that it will receive any matters subject to a proxy vote. To the extent required by law, Universal Life will vote the underlying fund portfolios' shares held by the Registrant at regular and special shareholder meetings of the underlying fund portfolios in accordance with instructions received from persons having voting interests in the portfolios, although none of the underlying fund portfolios hold regular annual shareholder meetings. If, however, the 1940 Act or any regulation thereunder should be amended or if the present interpretation thereof should change, and as a result we will determine that it is permitted to vote the underlying fund portfolios shares in its own right, it may elect to do so.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

The following provides biographical information about the Portfolio Managers, who are primarily responsible for the day-to-day portfolio management of the Fund as of December 31, 2025:

Universal Life and the investment adviser have contracted with Morningstar Investment Management LLC, (the "Portfolio Construction Manager") to construct the portfolios in the Registrant. The Portfolio Construction Managers for the Registrant are:

Michael Stout is a portfolio manager for Morningstar Investments Management LLC and a member of the Asset Allocation Committee. He focuses on asset-allocation strategies employing mutual funds and ETFs, and co-manages two mutual funds at the firm. Mike was an original member of the Morningstar Investment Management Group's predecessor organization in 1998.

Dominic Pappalardo is a Senior Portfolio Manager for Morningstar Investment Management LLC. Mr. Pappalardo has oversight responsibilities for managing the Institutional Solutions Group, which delivers customized solutions for institutional and third-party platform clients. Prior to joining Morningstar in 2020, he spent 19 years working in all aspects of fixed income portfolio management at McDonnell Investment Management, an affiliate of Natixis Investment Managers.

(a)(2) The following table provides information about portfolios and accounts, other than the Registrant, for which the Portfolio Managers are primarily responsible for the day-to-day portfolio management as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets Managed** | **Number** | **Assets Managed** | **Number** | **Assets Managed** |
| Michael Stout | 5 | $323206005 |  |  | 40 | $2041300 |
| Dominic Pappalardo | 5 | $323206005 |  |  | 0 | $0 |

---

---

| | |
|:---|:---|
| (a)(3) | Morningstar Investment Management LLC's portfolio managers and their team members who are responsible for the day-to-day management of a portfolio are paid a base salary plus a discretionary bonus. The salary is set at a fixed amount and is determined by Morningstar Investment Management's management team and managers of the employees. The bonus is fully or partially determined by a combination of the Investment Management's business unit's overall revenue and profitability, Morningstar, Inc.'s overall annual revenue and profitability, and the individual's contribution to the business unit. For most portfolio managers and their team members, part of their bonus is also based on select managed portfolio investment performance and risk metrics versus a corresponding benchmark over specified three-, five-, and/or seven-year periods. Benchmarks are used as a measure of investment performance and are chosen by senior personnel and approved by the Investment Management business unit's Global Investment Policy Committee's Regional Investment Policy Committee. To mitigate the conflict of interest that could arise from partially basing an employee's bonus on performance of a select portfolio or portfolios, all investment decisions made within a portfolio must be peer reviewed by a regional governance body within the Regional Investment Policy Committee, which includes asset allocation committees, manager selection committees, and portfolio construction (peer review) committees. |

---

---

| | |
|:---|:---|
| (a)(4) | The following table sets forth the dollar range of equity securities beneficially owned by the Portfolio Managers of the Portfolios in the Registrant as of December 31, 2025: |

---

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Shares Beneficially Owned** |
| Michael Stout | None |
| Dominic Pappalardo | None |

---

(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the "1934 Act") as of the Evaluation Date.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics is filed herewith.](fortune5_ex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) under the 1940 Act are filed herewith.](fortune5_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 19(b).](fortune5_ex906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**FORTUNE V SEPARATE ACCOUNT**

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |
| Date: | March 10, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |
| Date: | March 10, 2026 |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez |
|  | Principal Financial Officer & Secretary |
| Date: | March 10, 2026 |

---

## Ex-99.Code

**EX-99.CODE ETH**

**FORTUNE V SEPARATE ACCOUNT**

**Code of Ethics<br> for<br> Chief Executive and Senior Financial Officers**

The Fortune V Separate Account (the *"Fund"*) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Fund's Chief Executive Officer, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, *"Senior Officers"*), sets forth specific policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Fund pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the *"1940 Act"*) (the *"1940 Act Code of Ethics"*), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies. You are also bound by the requirements and standards set forth in this Code of Ethics and other applicable laws and regulations and other policies and procedures adopted by the Fund from time to time.

Compliance with Laws, Rules and Regulations

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Compliance with Code of Ethics."

Conflicts of Interest

Senior Officers are expected to dedicate their best efforts to advancing the Fund's interests and to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Universal Financial Services (the *"Adviser"*) as well as the Fund. Your obligation to conduct the Fund's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships. A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. The 1940 Act Code of Ethics, the Adviser's and the Fund's allocation procedures and the other policies of the Fund are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Fund's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Fund. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Fund's or the Adviser's other applicable policies and procedures. If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances to, and obtain the prior written approval of the Secretary of the Fund.

Disclosures

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Compliance with Code of Ethics

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Fund. *No one will be subject to retaliation because of a good faith report of a suspected violation.*

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

Waivers of Code of Ethics

If you would like to seek a waiver of the Code of Ethics you must make full disclosure of your particular circumstances to the Secretary of the Fund. Changes in and waivers of this Code of Ethics will be publicly disclosed as required by applicable law and regulations.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

FORTUNE V SEPARATE ACCOUNT

CODE OF ETHICS<br> FOR<br> PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Fortune V Separate Account, as adopted May 19, 2021 (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policies and procedures stated therein.

[*For annual certifications*: This is to further certify that I have complied with the requirements of the Code during the periods of time as set forth below:

---

| |
|:---|
| Acknowledgement for the year ended _____________] |
| Please sign your name here: |
| Please print your name here: |
| Indicate your title with the Fund: |
| Please date here: |

---

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jose C. Benitez, certify that:

1. I have reviewed this report on Form N-CSR of Fortune V Separate Account;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of,
and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have
disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 10, 2026 |
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |

---

I, Roberto J. Martinez, certify that:

1. I have reviewed this report on Form N-CSR of Fortune V Separate Account;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of,
and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have
disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 10, 2026 |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez |
|  | Principal Financial Officer & Secretary |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

Jose C. Benitez and Roberto J. Martinez, of Fortune V Separate Account, each certify that:

1. This Form N-CSR filing for the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez |
|  | Principal Financial Officer & Secretary |
| Date: | March 10, 2026 |

---