# EDGAR Filing Document

**Accession Number:** 0000888230
**File Stem:** 0000888230-26-000010
**Filing Date:** 2026-4
**Character Count:** 57734
**Document Hash:** ce7795944eb3d630e887b45a21dac313
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000888230-26-000010.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0000888230-26-000010

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CG VARIABLE ANNUITY SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000888230

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06691
- **FILM NUMBER:** 26868929

**BUSINESS ADDRESS:**
- **STREET 1:** 900 COTTAGE GROVE ROAD
- **CITY:** BLOOMFIELD
- **STATE:** CT
- **ZIP:** 06002
- **BUSINESS PHONE:** 2037267982

**MAIL ADDRESS:**
- **STREET 1:** 900 COTTAGE GROVE RD
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06152-2251

## Series and Classes Contracts Data

### CG VARIABLE ANNUITY SEPARATE ACCOUNT (Series ID: S000000783)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000002327 | AIM/CIGNA Heritage Variable Annuity |  |

---

| |
|:---|
| ***CG Variable Annuity*** |
| ***Separate Account*** |
| *Financial Statements as of December 31, 2025 and for* |
| *the years ended December 31, 2025 and 2024 and* |
| *Report of Independent Registered Public Accounting* |
| *Firm* |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Audit and Risk Committee of the

Board of Directors of the

Everlake US Holdings Company and the

Contractholders of the CG Variable Annuity Separate Account:

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets for each of the sub-accounts of CG Variable Annuity Separate Account (the "Account") listed in Appendix A, as of December 31, 2025, and the related statements of operations for the year then ended and changes in net assets for each of the years in the two-year period then ended and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts comprising the Account as of December 31, 2025, and the results of their operations for the year then ended and the changes in their net assets for each the years in the two-year period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Account's management. Our responsibility is to express an opinion on the 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 the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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 auditor of the Account since 2025.

/s/ CohnReznick LLP

Chicago, Illinois

April 16, 2026

------

**Appendix A**

**Sub-Accounts of CG Variable Annuity Separate Account**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sub-Account** | **Statement of Net Assets As of** | **Statement of Operations For the Year Ended** | **Statement of Changes in Net Assets For the Years Ended** | **Financial Highlights For the Years Ended** |
| Invesco V.I. American Franchise Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. American Value Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Core Equity Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Core Plus Bond Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Equity and Income Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. EQV International Equity Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Government Money Market Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Government Securities Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. High Yield Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Main Street Mid Cap Fund® - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |
| Invesco V.I. Technology Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025 and 2024\* |

---

\* Financial Highlights for the years ending December 31, 2023 and prior audited by predecessor audit firm reports.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF NET ASSETS**

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Value Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |
| **ASSETS** | | | | | |
| Investments, at fair value | $31823370 | $1739425 | $28426770 | $1163178 | $1019014 |
| &nbsp;&nbsp;&nbsp;Total assets | $31823370 | $1739425 | $28426770 | $1163178 | $1019014 |
| **NET ASSETS** |  |  |  |  |  |
| Accumulation units | $30053254 | $1222484 | $26404114 | $1099231 | $1002688 |
| Contracts in payout (annuitization) period | 1770116 | 516941 | 2022656 | 63947 | 16326 |
| &nbsp;&nbsp;&nbsp;Total net assets | $31823370 | $1739425 | $28426770 | $1163178 | $1019014 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |
| Number of shares | 392881 | 95836 | 788975 | 198834 | 13549 |
| Cost of investments | $21012899 | $1608237 | $22548941 | $1318294 | $993477 |
| **UNIT VALUE** | $61.65 | $17.70 | $103.01 | $22.29 | $16.62 |
| **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Value Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |
| Dividends | $— | $7434 | $179303 | $49955 | $— |
| Charges from: Connecticut General |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life Insurance Company: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk | (402406) | (22381) | (349217) | (15342) | (13157) |
| &nbsp;&nbsp;&nbsp;Administrative expense | (32008) | (1780) | (27777) | (1220) | (1047) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (434414) | (16727) | (197691) | 33393 | (14204) |
| **NET REALIZED AND UNREALIZED** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales | 5038843 | 566460 | 4689150 | 203423 | 119361 |
| &nbsp;&nbsp;&nbsp;Cost of investments sold | 3160110 | 528432 | 3779874 | 234543 | 111079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) on fund shares | 1878733 | 38028 | 909276 | (31120) | 8282 |
| Realized gain distributions | 2987080 | 248060 | 2064121 |  | 86117 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 4865813 | 286088 | 2973397 | (31120) | 94399 |
| Change in unrealized gains (losses) | (1264259) | 24177 | 1005218 | 63749 | (45233) |
| Net realized and change in unrealized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;gains (losses) on investments | 3601554 | 310265 | 3978615 | 32629 | 49166 |
| **INCREASE (DECREASE) IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**NET ASSETS FROM OPERATIONS** | $3167140 | $293538 | $3780924 | $66022 | $34962 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF NET ASSETS**

**As of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** |
| **ASSETS** | | | | | |
| Investments, at fair value | $2188634 | $7511546 | $911918 | $662340 | $190023 |
| &nbsp;&nbsp;&nbsp;Total assets | $2188634 | $7511546 | $911918 | $662340 | $190023 |
| **NET ASSETS** |  |  |  |  |  |
| Accumulation units | $2109122 | $7127638 | $857898 | $653658 | $190023 |
| Contracts in payout (annuitization) period | 79512 | 383908 | 54020 | 8682 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $2188634 | $7511546 | $911918 | $662340 | $190023 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |
| Number of shares | 119794 | 208018 | 911918 | 62192 | 40089 |
| Cost of investments | $2075322 | $5412396 | $911918 | $711974 | $203943 |
| **UNIT VALUE** | $29.90 | $55.39 | $13.59 | $20.00 | $21.41 |
| **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |
| Dividends | $44683 | $107398 | $31090 | $14203 | $13066 |
| Charges from: Connecticut General |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life Insurance Company: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk | (26570) | (96468) | (10001) | (6309) | (2408) |
| &nbsp;&nbsp;&nbsp;Administrative expense | (2113) | (7673) | (796) | (502) | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 16000 | 3257 | 20293 | 7392 | 10466 |
| **NET REALIZED AND UNREALIZED** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales | 177467 | 1256886 | 242179 | 60636 | 13545 |
| &nbsp;&nbsp;&nbsp;Cost of investments sold | 169833 | 886240 | 242179 | 67633 | 13975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) on fund shares | 7634 | 370646 |  | (6997) | (430) |
| Realized gain distributions | 113505 | 476678 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 121139 | 847324 |  | (6997) | (430) |
| Change in unrealized gains (losses) | 91756 | 217201 |  | 28335 | (101) |
| Net realized and change in unrealized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;gains (losses) on investments | 212895 | 1064525 |  | 21338 | (531) |
| **INCREASE (DECREASE) IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**NET ASSETS FROM OPERATIONS** | $228895 | $1067782 | $20293 | $28730 | $9935 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF NET ASSETS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Technology Fund - Series I** |
| **ASSETS** | | |
| Investments, at fair value | $1052764 | $622836 |
| &nbsp;&nbsp;&nbsp;Total assets | $1052764 | $622836 |
| **NET ASSETS** |  |  |
| Accumulation units | $992710 | $622836 |
| Contracts in payout (annuitization) period | 60054 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $1052764 | $622836 |
| **FUND SHARE INFORMATION** |  |  |
| Number of shares | 95619 | 24244 |
| Cost of investments | $1042256 | $537183 |
| **UNIT VALUE** | $48.25 | $72.96 |
| **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Technology Fund - Series I** |
| **NET INVESTMENT INCOME (LOSS)** |  |  |
| Dividends | $3430 | $— |
| Charges from: Connecticut General |  |  |
| &nbsp;&nbsp;&nbsp;Life Insurance Company: |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk | (13433) | (7201) |
| &nbsp;&nbsp;&nbsp;Administrative expense | (1068) | (573) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (11071) | (7774) |
| **NET REALIZED AND UNREALIZED** |  |  |
| &nbsp;&nbsp;&nbsp;**GAINS (LOSSES) ON INVESTMENTS** |  |  |
| Realized gains (losses) on fund shares: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales | 133816 | 39259 |
| &nbsp;&nbsp;&nbsp;Cost of investments sold | 128576 | 30501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) on fund shares | 5240 | 8758 |
| Realized gain distributions | 101207 | 67145 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 106447 | 75903 |
| Change in unrealized gains (losses) | (15272) | 34484 |
| Net realized and change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;gains (losses) on investments | 91175 | 110387 |
| **INCREASE (DECREASE) IN** |  |  |
| &nbsp;&nbsp;&nbsp;**NET ASSETS FROM OPERATIONS** | $80104 | $102613 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Value Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | | | | |
| Net investment income (loss) | $(434414) | $(16727) | $(197691) | $33393 | $(14204) |
| Net realized gains (losses) | 4865813 | 286088 | 2973397 | (31120) | 94399 |
| Change in unrealized gains (losses) | (1264259) | 24177 | 1005218 | 63749 | (45233) |
| Increase (decrease) in net assets from operations | 3167140 | 293538 | 3780924 | 66022 | 34962 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| Transfers for contract benefits and terminations | (2912024) | (527875) | (2237403) | (149074) | (100197) |
| Annuity account fee | (4630) | (184) | (3860) | (253) | (159) |
| Transfers among the sub-accounts and with the |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | (1515725) | 344 | (1531723) | (34757) | (2297) |
| Increase (decrease) in net assets from |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (4432379) | (527715) | (3772986) | (184084) | (102653) |
| **INCREASE (DECREASE) IN NET ASSETS** | (1265239) | (234177) | 7938 | (118062) | (67691) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 33088609 | 1973602 | 28418832 | 1281240 | 1086705 |
| **NET ASSETS AT END OF PERIOD** | $31823370 | $1739425 | $28426770 | $1163178 | $1019014 |
| **UNITS OUTSTANDING** |  |  |  |  |  |
| Units outstanding at beginning of period | 591287 | 133078 | 316170 | 60733 | 67584 |
| &nbsp;&nbsp;&nbsp;Units issued | 3460 | 948 | 5697 | 135 | 182 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (78514) | (35771) | (45903) | (8678) | (6462) |
| Units outstanding at end of period | 516233 | 98255 | 275964 | 52190 | 61304 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | | | | |
| Net investment income (loss) | $16000 | $3257 | $20293 | $7392 | $10466 |
| Net realized gains (losses) | 121139 | 847324 |  | (6997) | (430) |
| Change in unrealized gains (losses) | 91756 | 217201 |  | 28335 | (101) |
| Increase (decrease) in net assets from operations | 228895 | 1067782 | 20293 | 28730 | 9935 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| Transfers for contract benefits and terminations | (131659) | (838462) | (123246) | (49469) | (7617) |
| Annuity account fee | (326) | (1098) | (208) | (177) | (48) |
| Transfers among the sub-accounts and with the |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | (6893) | (251608) | 402652 | 191071 | (3217) |
| Increase (decrease) in net assets from |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (138878) | (1091168) | 279198 | 141425 | (10882) |
| **INCREASE (DECREASE) IN NET ASSETS** | 90017 | (23386) | 299491 | 170155 | (947) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2098617 | 7534932 | 612427 | 492185 | 190970 |
| **NET ASSETS AT END OF PERIOD** | $2188634 | $7511546 | $911918 | $662340 | $190023 |
| **UNITS OUTSTANDING** |  |  |  |  |  |
| Units outstanding at beginning of period | 78113 | 156331 | 46243 | 26064 | 9391 |
| &nbsp;&nbsp;&nbsp;Units issued | 365 | 1280 | 38181 | 9818 | 5 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (5275) | (22009) | (17320) | (2768) | (520) |
| Units outstanding at end of period | 73203 | 135602 | 67104 | 33114 | 8876 |

---

 

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

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

---

| | | |
|:---|:---|:---|
| | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Technology Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | |
| Net investment income (loss) | $(11071) | $(7774) |
| Net realized gains (losses) | 106447 | 75903 |
| Change in unrealized gains (losses) | (15272) | 34484 |
| Increase (decrease) in net assets from operations | 80104 | 102613 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |
| Deposits |  |  |
| Transfers for contract benefits and terminations | (119474) | (16347) |
| Annuity account fee | (115) | (31) |
| Transfers among the sub-accounts and with the |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | 3035 | (14976) |
| Increase (decrease) in net assets from |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (116554) | (31354) |
| **INCREASE (DECREASE) IN NET ASSETS** | (36450) | 71259 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1089214 | 551577 |
| **NET ASSETS AT END OF PERIOD** | $1052764 | $622836 |
| **UNITS OUTSTANDING** |  |  |
| Units outstanding at beginning of period | 24319 | 8985 |
| &nbsp;&nbsp;&nbsp;Units issued | 66 | 3 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (2564) | (452) |
| Units outstanding at end of period | 21821 | 8536 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Year Ended December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Value Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | | | | |
| Net investment income (loss) | $(435138) | $(6154) | $(187725) | $29217 | $(14202) |
| Net realized gains (losses) | 1578300 | 23001 | 2970821 | (71260) | (11237) |
| Change in unrealized gains (losses) | 7789217 | 444191 | 3095621 | 62855 | 234364 |
| Increase (decrease) in net assets from operations | 8932379 | 461038 | 5878717 | 20812 | 208925 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| Transfers for contract benefits and terminations | (2884648) | (186586) | (2926025) | (175765) | (81518) |
| Annuity account fee | (11831) | (442) | (9713) | (751) | (364) |
| Transfers among the sub-accounts and with the |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | (1854471) | (366) | (511715) | (239411) | (52814) |
| Increase (decrease) in net assets from |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (4750950) | (187394) | (3447453) | (415927) | (134696) |
| **INCREASE (DECREASE) IN NET ASSETS** | 4181429 | 273644 | 2431264 | (395115) | 74229 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 28907180 | 1699958 | 25987568 | 1676355 | 1012476 |
| **NET ASSETS AT END OF PERIOD** | $33088609 | $1973602 | $28418832 | $1281240 | $1086705 |
| **UNITS OUTSTANDING** |  |  |  |  |  |
| Units outstanding at beginning of period | 687342 | 147461 | 358236 | 80782 | 77165 |
| &nbsp;&nbsp;&nbsp;Units issued | 10695 | 10127 | 4077 | 2424 | 287 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (106750) | (24510) | (46143) | (22473) | (9868) |
| Units outstanding at end of period | 591287 | 133078 | 316170 | 60733 | 67584 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Year Ended December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | | | | |
| Net investment income (loss) | $10021 | $27307 | $26848 | $5534 | $8269 |
| Net realized gains (losses) | 78783 | 450239 |  | (11948) | (921) |
| Change in unrealized gains (losses) | 110294 | (509003) |  | 8657 | 3158 |
| Increase (decrease) in net assets from operations | 199098 | (31457) | 26848 | 2243 | 10506 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| Transfers for contract benefits and terminations | (196283) | (946047) | (491902) | (29252) | (8286) |
| Annuity account fee | (790) | (2853) | (587) | (472) | (109) |
| Transfers among the sub-accounts and with the |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | 118511 | (285318) | 394800 | (47796) | 21718 |
| Increase (decrease) in net assets from |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (78562) | (1234218) | (97689) | (77520) | 13323 |
| **INCREASE (DECREASE) IN NET ASSETS** | 120536 | (1265675) | (70841) | (75277) | 23829 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1978081 | 8800607 | 683268 | 567462 | 167141 |
| **NET ASSETS AT END OF PERIOD** | $2098617 | $7534932 | $612427 | $492185 | $190970 |
| **UNITS OUTSTANDING** |  |  |  |  |  |
| Units outstanding at beginning of period | 81431 | 181228 | 53426 | 30152 | 8735 |
| &nbsp;&nbsp;&nbsp;Units issued | 6172 | 1790 | 32561 | 90 | 1088 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (9490) | (26687) | (39744) | (4178) | (432) |
| Units outstanding at end of period | 78113 | 156331 | 46243 | 26064 | 9391 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Year Ended December 31, 2024**

---

| | | |
|:---|:---|:---|
| | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Technology Fund - Series I** |
| **INCREASE (DECREASE) IN NET ASSETS** | | |
| &nbsp;&nbsp;&nbsp;**FROM OPERATIONS** | | |
| Net investment income (loss) | $(11075) | $(6633) |
| Net realized gains (losses) | 18096 | 21647 |
| Change in unrealized gains (losses) | 146294 | 120164 |
| Increase (decrease) in net assets from operations | 153315 | 135178 |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**FROM CONTRACT TRANSACTIONS** |  |  |
| Deposits |  |  |
| Transfers for contract benefits and terminations | (76648) |  |
| Annuity account fee | (332) | (100) |
| Transfers among the sub-accounts and with the |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Account - net | (60649) | (832) |
| Increase (decrease) in net assets from |  |  |
| &nbsp;&nbsp;&nbsp;contract transactions | (137629) | (932) |
| **INCREASE (DECREASE) IN NET ASSETS** | 15686 | 134246 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1073528 | 417331 |
| **NET ASSETS AT END OF PERIOD** | $1089214 | $551577 |
| **UNITS OUTSTANDING** |  |  |
| Units outstanding at beginning of period | 27679 | 9004 |
| &nbsp;&nbsp;&nbsp;Units issued | 56 | 5 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (3416) | (24) |
| Units outstanding at end of period | 24319 | 8985 |

---

See notes to financial statements.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization**

CG Variable Annuity Separate Account (the "Account"), a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, is a Separate Account of Connecticut General Life Insurance Company ("CG Life"). The assets of the Account are legally segregated from those of CG Life. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

The assets within the Account are legally segregated from each other into sub-accounts (the "sub-accounts"). CG Life has an administrative services agreement (the "Agreement") with Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York ("Lincoln Companies"), whereby Lincoln Companies agreed to be responsible for servicing the individual variable annuity contracts, including the payment of benefits, oversight of investment management and contract administration. Subsequent to entering into the Agreement with CG Life, Lincoln Companies entered into an administrative services agreement (the "Subsequent Agreement") with Allstate Life Insurance Company ("ALIC") and Allstate Life Insurance Company of New York ("ALNY"), whereby Lincoln Companies appointed ALIC and ALNY as administrators of the contracts. The obligations of ALIC and ALNY under the Subsequent Agreement are to Lincoln Companies and Lincoln Companies continue to be responsible for all terms and conditions of the Agreement.

On June 1, 2006, ALIC and ALNY appointed The Prudential Insurance Company of America ("Prudential") as administrator of the contracts. In accordance with an administrative services agreement between ALIC, ALNY and Prudential (the "Sub-contracting Agreement"), Prudential is responsible for servicing the individual annuity contracts, including the payment of benefits, oversight of investment management and contract administration.

On January 26, 2021, Allstate Insurance Company entered into a purchase agreement with Everlake US Holdings Company (formerly Antelope US Holdings Company), an affiliate of an investment fund managed by Blackstone Inc. to sell Everlake Life Insurance Company ("ELIC", formerly known as ALIC) and certain affiliates. The necessary state regulatory approvals were received on October 29, 2021, and the sale of ELIC and certain affiliates was completed on November 1, 2021, at which time Everlake US Holdings Company became the parent of ALIC. Subsequently ALIC was renamed ELIC.

On October 1, 2021, Wilton Reassurance Company, a wholly owned subsidiary of Wilton Re U.S. Holdings, Inc. acquired ALNY and on November 1, 2021, ALNY merged with and into Wilton Reassurance Life Company of New York ("WRNY"), with WRNY being the surviving company to the merger.

The obligations of Prudential for the administration of the respective Separate Accounts under the Sub-contracting Agreement are to WRNY and ELIC. WRNY and ELIC continue to be responsible for all terms and conditions of the Subsequent Agreement. The Agreement, Subsequent Agreement and Sub-contracting Agreement do not extinguish CG Life's obligations to the variable annuity contractholders. CG Life is responsible for all contract terms and conditions of the underlying variable annuities.

CG Life issued the Invesco/CIGNA Heritage Variable Annuity and Invesco/CIGNA Heritage Variable Annuity NY contracts, the deposits of which are invested at the direction of the contractholders in the sub-accounts that comprise the Account. The Account accepts additional deposits from existing contractholders, but is closed to new contractholders. Absent any contract provisions wherein CG Life contractually guarantees either a minimum return or account value upon death or annuitization, variable annuity contractholders bear the investment risk that the sub-accounts may not meet their stated investment objectives. The sub-account names listed below correspond to the mutual fund portfolios of the AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Fund" or "Funds") in which they invest:

---

| | |
|:---|:---|
| **AIM Variable Insurance Funds (Invesco Variable Insurance Funds)** | **AIM Variable Insurance Funds (Invesco Variable Insurance Funds)** |
| Invesco V.I. American Franchise Fund - Series I | Invesco V.I. EQV International Equity Fund - Series I |
| Invesco V.I. American Value Fund - Series I | Invesco V.I. Government Money Market Fund - Series I |
| Invesco V.I. Core Equity Fund - Series I | Invesco V.I. Government Securities Fund - Series I |
| Invesco V.I. Core Plus Bond Fund - Series I | Invesco V.I. High Yield Fund - Series I |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | Invesco V.I. Main Street Mid Cap Fund® - Series I |
| Invesco V.I. Equity and Income Fund - Series I | Invesco V.I. Technology Fund - Series I |

---

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

The net assets are affected by the investment results of each Fund, transactions by contractholders and certain contract expenses (see Note 5). Contractholders' interests consist of units of the sub-account. The accompanying financial statements include only contractholders' purchase payments applicable to the variable portions of their contracts and exclude any purchase payments directed by the contractholder to the Fixed Account in which the contractholders' deposits are included in the CG Life general account assets and earn a fixed rate of return.

A contractholder may choose from among a number of different underlying Fund options. The underlying Funds are not available to the general public directly. These Funds are available as investment options in variable annuity contracts or variable life insurance policies issued by life insurance companies, or in certain cases, through participation in certain qualified pension or retirement plans.

Some of these underlying Funds have been established by investment advisers that manage publicly traded mutual funds that have similar names and investment objectives. While some of the underlying Funds may be similar to and may in fact be modeled after publicly traded mutual funds, the underlying Funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying Funds may differ substantially.

The Separate Account is engaged in a single line of business as a registered unit investment trust and is divided into various subaccounts for variable annuity contracts with the assets owned by the contract owners. Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the Chief Operating Decision Maker ("CODM") manages the activities of the Separate Account using information of each subaccount. The accounting policies of the Separate Account's segments are the same as those described in the summary of significant accounting policies (see Note 3).

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

***Subsequent Event*** - Subsequent events were evaluated through April 16, 2026.

**2. Portfolio Changes**

There were no portfolio changes during the years ended December 31, 2025 and 2024.

**3. Summary of Significant Accounting Policies**

The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of GAAP.

***Investments*** - Investments consist of shares of the Funds and are stated at fair value based on the reported net asset value of each corresponding Fund, which in turn value their investment securities at fair value. The difference between cost and fair value of shares owned on the day of measurement is recorded as unrealized gain or loss on investments.

***Dividends*** - Dividends declared by the Funds are recognized on the ex-dividend date.

***Net Realized Gains and Losses*** - Net realized gains and losses on Fund shares represent the difference between the proceeds from sales of shares of the Funds by the sub-accounts and the cost of such shares, which is determined on a weighted average basis, and realized gain distributions received from the underlying Funds. Transactions are recorded on a trade date basis. Distributions of net realized gains are recorded on the Funds' ex-distribution date.

***Federal Income Taxes*** - The Account intends to qualify as a segregated asset account as defined by the Internal Revenue Code of 1986 ("Code"). In order to qualify as a segregated asset account, each sub-account is required to satisfy the diversification requirements of Section 817(h) of the Code. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either the statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The operations of the Account are included in the tax return of CG Life. CG Life is taxed as a life insurance company under the Code. No income taxes are allocable to the Account. The Account had no liability for unrecognized tax benefits as of December 31, 2025.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

***Use of Estimates*** - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations. Actual results could differ from those estimates.

***Contracts in payout (annuitization) period*** - Net assets allocated to contracts in the payout period are computed according to the industry standard mortality tables, depending on the annuitization date. The assumed investment return is 3.00%. The mortality risk is fully borne by CG Life and may result in additional amounts being transferred into the Account by CG Life to cover greater longevity of annuitants than expected. A receivable is established for amounts due to the sub-accounts from CG Life but not yet received. Conversely, if amounts allocated exceed amounts required, transfers may be made to CG Life. A payable is established for amounts payable to CG Life from the sub-accounts but not yet paid. The changes in mortality risks are included in "Transfers for contract benefits and terminations" on the Statements of Changes in Net Assets and in "Contracts in payout (annuitization) period" in the Statement of Net Assets.

**4. Fair Value Measurements** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets recorded on the Statement of Net Assets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

*Level 1:* Assets whose values are based on unadjusted quoted prices for identical assets in an active market that the account can access.

*Level 2:* Assets whose values are based on the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Quoted prices for identical or similar assets in markets that are not active; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset.

*Level 3:* Assets whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Account's estimates of the assumptions that market participants would use in valuing the assets.

In determining fair value, the Account uses the market approach which generally utilizes market transaction data for the same or similar instruments. All investments during the reporting period consist of shares of the Funds that have daily quoted net asset values for identical assets that the sub-account can access and are categorized as Level 1. Net asset values for these actively traded Funds are obtained daily from the Fund's managers. The Account's policy is to recognize the transfer of securities among the levels at the beginning of the reporting period.

**5. Expenses and Related Party Transactions** 

***Withdrawal Charge*** - In the event of withdrawal of the account value, a withdrawal charge may be imposed. The withdrawal charge is 7.00% of the amount withdrawn prior to the second anniversary of any purchase payment and is reduced by 1.00% each year in years 2 through 7. In year 8 and subsequent, there is no withdrawal charge*.* The withdrawal charge is recognized as a redemption of units and is included in "Transfers for contract benefits and terminations" on the Statements of Changes in Net Assets.

***Mortality and Expense Risk Charge*** - CG Life assumes mortality and expense risks related to the operations of the Account and deducts charges daily at a rate equal to 1.25% per annum of the average daily net assets of the Account. The mortality and expense risk charge is recognized as a reduction in unit values and reported on the Statements of Operations. The mortality and expense risk charge covers insurance benefits available with the contract and certain expenses of the contract. It also covers the risk that the current charge will not be sufficient in the future to cover the cost of administering the contract.

***Administrative Expense Charge*** - CG Life deducts administrative expense charge daily at a rate equal to 0.10% per annum of the average daily net assets of the Account. The administrative expense charge is recognized as a reduction in unit values and reported on the Statements of Operations.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

***Contract Maintenance Charge*** - CG Life deducts an annual contract maintenance charge of $35 on the last valuation date of each calendar year. This charge will be waived if total deposits are $100,000 or more on the last valuation date of that year. These charge are recognized as a redemption of units and reported on the Statements of Changes in Net Assets.

**6. Purchases and Sales of Investments**

The costs of investments purchased and sold during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **<u>Purchases</u>** | **<u>Sales</u>** |
| Invesco V.I. American Franchise Fund - Series I | $3159130 | $3160110 |
| Invesco V.I. American Value Fund - Series I | 270079 | 528432 |
| Invesco V.I. Core Equity Fund - Series I | 2782595 | 3779874 |
| Invesco V.I. Core Plus Bond Fund - Series I | 52732 | 234543 |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | 88621 | 111079 |
| Invesco V.I. Equity and Income Fund - Series I | 168093 | 169833 |
| Invesco V.I. EQV International Equity Fund - Series I | 645654 | 886240 |
| Invesco V.I. Government Money Market Fund - Series I | 541671 | 242179 |
| Invesco V.I. Government Securities Fund - Series I | 209454 | 67633 |
| Invesco V.I. High Yield Fund - Series I | 13129 | 13975 |
| Invesco V.I. Main Street Mid Cap Fund® - Series I | 107398 | 128576 |
| Invesco V.I. Technology Fund - Series I | 67275 | 30501 |

---

**7. Financial Highlights**

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios excluding expenses of the underlying Funds, and total return ratios by sub-account is presented below for each of the five years in the period ended December 31, 2025.

**Items in the following table are notated as follows:**

\* **Investment Income Ratio** - These amounts represent dividends, excluding realized gain distributions, received by the sub-account from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses that result in a reduction in the unit values or redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying Fund in which the sub-account invests.

Sub-accounts with a date notation indicate the effective date of that investment option in the Account. Consistent with the total return, the investment income ratio is calculated for the period, or from the effective date, through the end of the reporting period. The investment income ratio for closed sub-accounts is calculated from the beginning of period, or from the effective date, through the last day the sub-account was open. The investment income ratio is reported at zero when no dividend is received in the sub-account during the period or the net asset value at the beginning and end of the period is zero.

\*\* **Expense Ratio** - These amounts represent the annualized contract expenses of the sub-account, consisting of mortality and expense risk charges, and administrative expense charges, for each period indicated. The ratios include only those expenses that are charged that result in a reduction in the unit values. Charges made directly to contractholder accounts through the redemption of units and expenses of the underlying Fund have been excluded.

\*\*\* **Total Return** - These amounts represent the total return for the periods indicated, including changes in the value of the underlying Fund, and expenses assessed through the reduction of unit values. The ratio does not include any expenses assessed through the redemption of units. The total return is calculated as the change in the unit value during the reporting period, or the effective period if less than the reporting period, divided by the beginning of period unit value or the unit value on the effective date.

------

**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | **Investment** | **Investment** | **Expense** | **Expense** | **Total** | **Total** |
| | **Units Outstanding**<br>**(000s)** | **Accumulation**<br>**Unit Value** | **Net Assets**<br>**(000s)** | **Income Ratio\*** | **Income Ratio\*** | **Ratio\*\*** | **Ratio\*\*** | **Return\*\*\*** | **Return\*\*\*** |
| | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | **Invesco V.I. American Franchise Fund - Series I** | |
| 2025 | 516 | $61.65 | $31823 |  | % | 1.35 | % | 10.16 | % |
| 2024 | 591 | 55.96 | 33089 |  |  | 1.35 |  | 33.06 |  |
| 2023 | 687 | 42.06 | 28907 |  |  | 1.35 |  | 39.03 |  |
| 2022 | 751 | 30.25 | 22731 |  |  | 1.35 |  | (32.04) |  |
| 2021 | 812 | 44.51 | 36134 |  |  | 1.35 |  | 10.42 |  |
|  | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** | **Invesco V.I. American Value Fund - Series I (sub-account launched on April 30, 2021)** |  |
| 2025 | 98 | 17.70 | 1739 | 0.42 |  | 1.35 |  | 19.37 |  |
| 2024 | 133 | 14.83 | 1974 | 1.03 |  | 1.35 |  | 28.64 |  |
| 2023 | 147 | 11.53 | 1700 | 0.63 |  | 1.35 |  | 14.04 |  |
| 2022 | 164 | 10.11 | 1654 | 0.77 |  | 1.35 |  | (3.92) |  |
| 2021 | 180 | 10.52 | 1898 | 0.44 |  | 1.35 |  | 5.21 |  |
|  | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** | **Invesco V.I. Core Equity Fund - Series I** |  |
| 2025 | 276 | 103.01 | 28427 | 0.65 |  | 1.35 |  | 14.60 |  |
| 2024 | 316 | 89.88 | 28419 | 0.69 |  | 1.35 |  | 23.91 |  |
| 2023 | 358 | 72.54 | 25988 | 0.73 |  | 1.35 |  | 21.71 |  |
| 2022 | 401 | 59.61 | 23907 | 0.91 |  | 1.35 |  | (21.62) |  |
| 2021 | 435 | 76.04 | 33108 | 0.65 |  | 1.35 |  | 26.02 |  |
|  | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** | **Invesco V.I. Core Plus Bond Fund - Series I** |  |
| 2025 | 52 | 22.29 | 1163 | 4.10 |  | 1.35 |  | 5.65 |  |
| 2024 | 61 | 21.10 | 1281 | 3.55 |  | 1.35 |  | 1.66 |  |
| 2023 | 81 | 20.75 | 1676 | 2.52 |  | 1.35 |  | 4.71 |  |
| 2022 | 94 | 19.82 | 1855 | 0.54 |  | 1.35 |  | (15.69) |  |
| 2021 | 105 | 23.50 | 2459 | 1.48 |  | 1.35 |  | (2.00) |  |
|  | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |  |
| 2025 | 61 | 16.62 | 1019 |  |  | 1.35 |  | 3.38 |  |
| 2024 | 68 | 16.08 | 1087 |  |  | 1.35 |  | 22.55 |  |
| 2023 | 77 | 13.12 | 1012 |  |  | 1.35 |  | 11.63 |  |
| 2022 | 91 | 11.75 | 1075 |  |  | 1.35 |  | (31.91) |  |
| 2021 | 100 | 17.26 | 1733 |  |  | 1.35 |  | 17.49 |  |
|  | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** | **Invesco V.I. Equity and Income Fund - Series I** |  |
| 2025 | 73 | 29.90 | 2189 | 2.12 |  | 1.35 |  | 11.28 |  |
| 2024 | 78 | 26.87 | 2099 | 1.86 |  | 1.35 |  | 10.60 |  |
| 2023 | 81 | 24.29 | 1978 | 2.00 |  | 1.35 |  | 9.07 |  |
| 2022 | 89 | 22.27 | 1990 | 1.69 |  | 1.35 |  | (8.76) |  |
| 2021 | 109 | 24.41 | 2668 | 1.92 |  | 1.35 |  | 17.05 |  |
|  | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** | **Invesco V.I. EQV International Equity Fund - Series I** |  |
| 2025 | 136 | 55.39 | 7512 | 1.40 |  | 1.35 |  | 14.93 |  |
| 2024 | 156 | 48.20 | 7535 | 1.69 |  | 1.35 |  | (0.75) |  |
| 2023 | 181 | 48.56 | 8801 | 0.20 |  | 1.35 |  | 16.56 |  |
| 2022 | 196 | 41.66 | 8185 | 1.71 |  | 1.35 |  | (19.41) |  |
| 2021 | 210 | 51.69 | 10850 | 1.23 |  | 1.35 |  | 4.46 |  |

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**CG VARIABLE ANNUITY SEPARATE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | **Investment** | **Investment** | **Expense** | **Expense** | **Total** | **Total** |
| | **Units Outstanding**<br>**(000s)** | **Accumulation**<br>**Unit Value** | **Net Assets**<br>**(000s)** | **Income Ratio\*** | **Income Ratio\*** | **Ratio\*\*** | **Ratio\*\*** | **Return\*\*\*** | **Return\*\*\*** |
| | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | **Invesco V.I. Government Money Market Fund - Series I** | |
| 2025 | 67 | $13.59 | $912 | 3.91 | % | 1.35 | % | 2.61 | % |
| 2024 | 46 | 13.24 | 612 | 4.87 |  | 1.35 |  | 3.56 |  |
| 2023 | 53 | 12.79 | 683 | 4.73 |  | 1.35 |  | 3.45 |  |
| 2022 | 71 | 12.36 | 872 | 1.45 |  | 1.35 |  | 0.09 |  |
| 2021 | 71 | 12.35 | 878 | <0.01 |  | 1.35 |  | (1.34) |  |
|  | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** | **Invesco V.I. Government Securities Fund - Series I** |  |
| 2025 | 33 | 20.00 | 662 | 2.83 |  | 1.35 |  | 5.92 |  |
| 2024 | 26 | 18.88 | 492 | 2.41 |  | 1.35 |  | 0.34 |  |
| 2023 | 30 | 18.82 | 567 | 1.92 |  | 1.35 |  | 3.21 |  |
| 2022 | 41 | 18.23 | 755 | 1.88 |  | 1.35 |  | (11.50) |  |
| 2021 | 46 | 20.60 | 958 | 2.28 |  | 1.35 |  | (3.59) |  |
|  | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** | **Invesco V.I. High Yield Fund - Series I** |  |
| 2025 | 9 | 21.41 | 190 | 6.82 |  | 1.35 |  | 5.29 |  |
| 2024 | 9 | 20.33 | 191 | 6.10 |  | 1.35 |  | 6.27 |  |
| 2023 | 9 | 19.13 | 167 | 5.28 |  | 1.35 |  | 8.69 |  |
| 2022 | 9 | 17.60 | 159 | 4.20 |  | 1.35 |  | (10.77) |  |
| 2021 | 11 | 19.73 | 218 | 4.34 |  | 1.35 |  | 2.97 |  |
|  | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** | **Invesco V.I. Main Street Mid Cap Fund® - Series I** |  |
| 2025 | 22 | 48.25 | 1053 | 0.32 |  | 1.35 |  | 7.72 |  |
| 2024 | 24 | 44.79 | 1089 | 0.33 |  | 1.35 |  | 15.48 |  |
| 2023 | 28 | 38.78 | 1074 | 0.29 |  | 1.35 |  | 12.93 |  |
| 2022 | 32 | 34.34 | 1091 | 0.34 |  | 1.35 |  | (15.42) |  |
| 2021 | 35 | 40.60 | 1428 | 0.42 |  | 1.35 |  | 21.58 |  |
|  | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** |  |
| 2025 | 9 | 72.96 | 623 |  |  | 1.35 |  | 18.84 |  |
| 2024 | 9 | 61.39 | 552 |  |  | 1.35 |  | 32.45 |  |
| 2023 | 9 | 46.35 | 417 |  |  | 1.35 |  | 44.97 |  |
| 2022 | 9 | 31.97 | 288 |  |  | 1.35 |  | (40.76) |  |
| 2021 | 9 | 53.97 | 482 |  |  | 1.35 |  | 12.87 |  |

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