# EDGAR Filing Document

**Accession Number:** 0000910475
**File Stem:** 0001628280-26-025303
**Filing Date:** 2026-4
**Character Count:** 589140
**Document Hash:** a0b19b48f578e3069e548f7217c71e9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-025303.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001628280-26-025303

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**EFFECTIVENESS DATE**: 20260415

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT
- **CENTRAL INDEX KEY:** 0000910475

**ORGANIZATION NAME:**
- **EIN:** 470221457
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09154
- **FILM NUMBER:** 26865013

**BUSINESS ADDRESS:**
- **STREET 1:** 701 O STREET
- **STREET 2:** SUITE 500
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
- **BUSINESS PHONE:** 844-768-6780

**MAIL ADDRESS:**
- **STREET 1:** POLICYHOLDER SERVICES
- **STREET 2:** PO BOX 4324
- **CITY:** CLINTON
- **STATE:** IA
- **ZIP:** 52733-4324

## Series and Classes Contracts Data

### LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT (Series ID: S000002017)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000005244 | Investor's Select Variable Universal Life |  |
| C000005245 | Consultant Variable Universal Life        |  |
| C000005246 | Consultant SL                             |  |
| C000005247 | Consultant Accumulator VUL                |  |
| C000005248 | Consultant Protector VUL                  |  |
| C000060458 | TotalAccumulator Variable Adjustable Life |  |

***Lincoln Benefit Life Variable Life 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*

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lincoln Benefit Life Company and Contract Owners of Lincoln Benefit Life Variable Life Account

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise Lincoln Benefit Life Variable Life Account (the Separate Account), as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 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 fund companies or their transfer agents, as applicable. 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.

/s/ Ernst & Young LLP

We have served as the Separate Account's auditor since 2020.

Chicago, IL

April 13, 2026

 <br> 2203-4001701 2

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**Appendix**

**Subaccounts comprising Lincoln Benefit Life Variable Life Account**

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Statement of operations** | **Statements of changes in net assets** |
| AB VPS Discovery Value Portfolio - Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS International Value Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Relative Value Portfolio - Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Small Cap Growth Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger Balanced Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger Capital Appreciation Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger Income & Growth Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger Large Cap Growth Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger MidCap Growth Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Alger SmallCap Growth Class I-2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Allspring VT Discovery SMID Cap Growth Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Allspring VT Opportunity FundSM | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Core Equity VIP Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS CROCI® International VIP Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Equity 500 Index VIP Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Global Income Builder VIP Class A II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Global Small Cap VIP Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Small Cap Index VIP Class A | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes Fund for U.S. Government Securities II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes High Income Bond Fund II Class P | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes Managed Volatility Fund II Class P | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Asset Manager 50% Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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 <br> 2203-4001701 3

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Statement of operations** | **Statements of changes in net assets** |
| Fidelity® VIP ContrafundSM Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Emerging Markets Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Equity-Income PortfolioSM Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Government Money Market Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth & Income Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP High Income Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Index 500 Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Index 500 Portfolio Service Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Investment Grade Bond Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Mid Cap Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Overseas Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Real Estate Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Value Strategies Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Global Bond VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Income VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Mutual Shares VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Small Cap Value VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton Strategic Income VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Templeton U.S. Government Securities VIP Fund Class 1 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I International Growth Fund Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I International Growth Fund Series II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Franchise | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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 <br> 2203-4001701 4

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Statement of operations** | **Statements of changes in net assets** |
| Invesco V.I. American Value | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Equity | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Plus Bond Fund - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Equity and Income | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from April 25, 2024 (commencement of operations) through December 31, 2024 |
| Invesco V.I. Global Fund - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global Fund - Series II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global Strategic Income - Fund Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Government Securities | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Growth and Income Fund Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Growth and Income Fund Series II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. High Yield | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Fund® - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Mid Cap Fund - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Small Cap Fund® - Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Small Cap Fund® - Series II | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio Service Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Enterprise Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Flexible Bond Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Forty Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio Service Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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 <br> 2203-4001701 5

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Statement of operations** | **Statements of changes in net assets** |
| Janus Henderson Global Technology Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Mid Cap Value Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Mid Cap Value Portfolio Service Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Overseas Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Overseas Portfolio Service Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Research Portfolio Institutional Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Lazard Retirement Emerging Markets Equity Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® High Yield Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® Investors Trust Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® Mass Investors Growth Stock Portfolio Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® New Discovery Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® Total Return Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® Utilities Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® Value Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Growth Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT New Discovery Series Service Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Research Series Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morgan Stanley VIF Growth Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morningstar Balanced ETF Asset Allocation Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morningstar Conservative ETF Asset Allocation Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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 <br> 2203-4001701 6

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| | | |
|:---|:---|:---|
| **Subaccounts** | **Statement of operations** | **Statements of changes in net assets** |
| Morningstar Growth ETF Asset Allocation Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Real Return Portfolio Admin. Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Total Return Portfolio Admin. Shares | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT High Yield Fund Class IA | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT International Value Fund Class IA | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT International Value Fund Class IB | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price All-Cap Opportunities Portfolio - I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Blue Chip Growth Portfolio I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Equity Income Portfolio I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price International Stock I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Mid-Cap Growth I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| VanEck VIP Emerging Markets Fund Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| VanEck VIP Global Resources Fund Initial Class | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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 <br> 2203-4001701 7

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**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | AB VPS<br>Discovery Value<br>Portfolio -<br>Class A | AB VPS<br>International<br>Value<br>Class A | AB VPS<br>Relative Value<br>Portfolio -<br>Class A | AB VPS<br>Small Cap<br>Growth<br>Class A |<br>Alger<br>Balanced<br>Class I-2 | Alger<br>Capital<br>Appreciation<br>Class I-2 |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $1021118 | $431671 | $938196 | $1796875 | $793183 | $68281011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1021118 | $431671 | $938196 | $1796875 | $793183 | $68281011 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $1021118 | $431671 | $938196 | $1796875 | $793183 | $68281011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1021118 | $431671 | $938196 | $1796875 | $793183 | $68281011 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 61550 | 20634 | 29559 | 134901 | 35159 | 529926 |
| Cost of investments | $1081711 | $302938 | $863401 | $2014640 | $623120 | $43085622 |
| **ACCUMULATION UNIT VALUE** <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $39.97 | $14.11 | $45.18 | $58.33 | $37.12 | $107.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $39.97 | $14.11 | $45.18 | $58.33 | $37.12 | $245.74 |

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<sup>(1)</sup> The high and low accumulation unit value ("AUV") are reported at the same amount where there is only one policy offered for investment in the Sub-Account. Otherwise, when more than one policy is available for investment, a high and low AUV is reported.<br>

**STATEMENT OF OPERATIONS**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | AB VPS<br>Discovery Value<br>Portfolio -<br>Class A | AB VPS<br>International<br>Value<br>Class A | AB VPS<br>Relative Value<br>Portfolio -<br>Class A | AB VPS<br>Small Cap<br>Growth<br>Class A |<br>Alger<br>Balanced<br>Class I-2 | Alger<br>Capital<br>Appreciation<br>Class I-2 |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $8273 | $10214 | $10065 | $— | $20655 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8273 | 10214 | 10065 |  | 20655 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 137678 | 109957 | 109567 | 139253 | 108058 | 5893501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 141432 | 90817 | 95313 | 164936 | 74841 | 3286509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (3754) | 19140 | 14254 | (25683) | 33217 | 2606992 |
| Realized gain distributions | 107033 |  | 73338 |  | 74620 | 10745997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 103279 | 19140 | 87592 | (25683) | 107837 | 13352989 |
| Change in unrealized gains (losses) | (90766) | 105974 | (6170) | 111008 | (16387) | 4095270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 12513 | 125114 | 81422 | 85325 | 91450 | 17448259 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $20786 | $135328 | $91487 | $85325 | $112105 | $17448259 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>\*</sup>See Note 2 for disclosure of changes in sub-accounts and to the names of Funds during 2025.<br>

See notes to financial statements.

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**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Alger<br>Income & Growth<br>Class I-2 | Alger<br>Large Cap<br>Growth<br>Class I-2 | Alger<br>MidCap<br>Growth<br>Class I-2 | Alger<br>SmallCap<br>Growth<br>Class I-2 | Allspring VT<br>Discovery SMID<br>Cap Growth<br>Fund |<br>Allspring VT<br>Opportunity<br>FundSM |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $9886395 | $28382460 | $42652785 | $7971005 | $7411727 | $11149954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9886395 | $28382460 | $42652785 | $7971005 | $7411727 | $11149954 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $9886395 | $28382460 | $42652785 | $7971005 | $7411727 | $11149954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $9886395 | $28382460 | $42652785 | $7971005 | $7411727 | $11149954 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 281503 | 275104 | 1790629 | 427629 | 293069 | 433850 |
| Cost of investments | $5379101 | $17781305 | $35300758 | $10068267 | $7032011 | $10268198 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $103.55 | $76.45 | $40.44 | $54.23 | $74.54 | $68.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $103.55 | $114.84 | $102.87 | $54.23 | $74.54 | $68.29 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Alger<br>Income & Growth<br>Class I-2 | Alger<br>Large Cap<br>Growth<br>Class I-2 | Alger<br>MidCap<br>Growth<br>Class I-2 | Alger<br>SmallCap<br>Growth<br>Class I-2 | Allspring VT<br>Discovery SMID<br>Cap Growth<br>Fund |<br>Allspring VT<br>Opportunity<br>FundSM |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $148537 | $— | $— | $— | $— | $5584 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 148537 |  |  |  |  | 5584 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 1301597 | 3303730 | 3540303 | 610548 | 756491 | 693798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 612928 | 2014193 | 3193200 | 809376 | 729351 | 636104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 688669 | 1289537 | 347103 | (198828) | 27140 | 57694 |
| Realized gain distributions | 1110947 | 3065163 |  | 92303 | 52587 | 1124989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 1799616 | 4354700 | 347103 | (106525) | 79727 | 1182683 |
| Change in unrealized gains (losses) | (168937) | 2593263 | 6015856 | 568973 | 305575 | (498481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 1630679 | 6947963 | 6362959 | 462448 | 385302 | 684202 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $1779216 | $6947963 | $6362959 | $462448 | $385302 | $689786 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>DWS Core Equity<br>VIP Class A |<br>DWS CROCI®<br>International<br>VIP Class A | DWS<br>Equity 500<br>Index VIP<br>Class A | DWS<br>Global Income<br>Builder VIP<br>Class A II |<br>DWS Global<br>Small Cap<br>VIP Class A | DWS<br>Small Cap<br>Index VIP<br>Class A |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $3765173 | $2508160 | $6926136 | $4434903 | $5205841 | $1743831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3765173 | $2508160 | $6926136 | $4434903 | $5205841 | $1743831 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $3765173 | $2508160 | $6926136 | $4434903 | $5205841 | $1743831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $3765173 | $2508160 | $6926136 | $4434903 | $5205841 | $1743831 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 267984 | 240706 | 212785 | 198430 | 449943 | 116101 |
| Cost of investments | $2860469 | $1866060 | $4245297 | $4338806 | $5000483 | $1609679 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $80.37 | $27.70 | $120.49 | $29.03 | $73.30 | $87.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $80.37 | $27.70 | $120.49 | $33.55 | $73.30 | $87.74 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>DWS Core Equity<br>VIP Class A |<br>DWS CROCI®<br>International<br>VIP Class A | DWS<br>Equity 500<br>Index VIP<br>Class A | DWS<br>Global Income<br>Builder VIP<br>Class A II |<br>DWS Global<br>Small Cap<br>VIP Class A | DWS<br>Small Cap<br>Index VIP<br>Class A |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $28036 | $58096 | $76523 | $187907 | $55304 | $23422 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (1346) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 28036 | 58096 | 76523 | 186561 | 55304 | 23422 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 260034 | 214768 | 1286472 | 386004 | 287458 | 292295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 204737 | 201901 | 815881 | 378628 | 320892 | 282784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 55297 | 12867 | 470591 | 7376 | (33434) | 9511 |
| Realized gain distributions | 362025 |  | 633113 | 537978 | 272860 | 100024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 417322 | 12867 | 1103704 | 545354 | 239426 | 109535 |
| Change in unrealized gains (losses) | 111582 | 730577 | (51940) | (112326) | 597647 | 75378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 528904 | 743444 | 1051764 | 433028 | 837073 | 184913 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $556940 | $801540 | $1128287 | $619589 | $892377 | $208335 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Federated Hermes<br>Fund for<br>U.S. Government<br>Securities II | Federated Hermes<br>High<br>Income Bond<br>Fund II Class P | Federated Hermes<br>Managed<br>Volatility<br>Fund II Class P | Fidelity® VIP<br>Asset<br>Manager 50% Portfolio<br>Initial Class\* | Fidelity® VIP<br>ContrafundSM<br>Portfolio<br>Initial Class | Fidelity® VIP<br>Emerging<br>Markets Portfolio<br>Initial Class |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $4676533 | $7073431 | $3019097 | $11651499 | $157064639 | $1662613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4676533 | $7073431 | $3019097 | $11651499 | $157064639 | $1662613 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $4676533 | $7073431 | $3019097 | $11651499 | $157064639 | $1662613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $4676533 | $7073431 | $3019097 | $11651499 | $157064639 | $1662613 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 502313 | 1223777 | 290298 | 661266 | 2622552 | 105029 |
| Cost of investments | $5232540 | $7511708 | $2774802 | $10061010 | $104538329 | $1154029 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $22.88 | $43.37 | $35.63 | $45.82 | $69.93 | $27.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $24.00 | $54.32 | $49.02 | $57.83 | $206.01 | $27.63 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Federated Hermes<br>Fund for<br>U.S. Government<br>Securities II | Federated Hermes<br>High<br>Income Bond<br>Fund II Class P | Federated Hermes<br>Managed<br>Volatility<br>Fund II Class P | Fidelity® VIP<br>Asset<br>Manager 50% Portfolio<br>Initial Class\* | Fidelity® VIP<br>ContrafundSM<br>Portfolio<br>Initial Class | Fidelity® VIP<br>Emerging<br>Markets Portfolio<br>Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $178305 | $404408 | $81722 | $280695 | $205159 | $27991 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (4358) | (11633) | (7849) | (32927) | (230860) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 173947 | 392775 | 73873 | 247768 | (25701) | 27991 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 368966 | 497685 | 167309 | 742369 | 13123346 | 231853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 426208 | 545017 | 161357 | 672677 | 8048303 | 191514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (57242) | (47332) | 5952 | 69692 | 5075043 | 40339 |
| Realized gain distributions |  |  | 49856 | 499492 | 23509312 | 10782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (57242) | (47332) | 55808 | 569184 | 28584355 | 51121 |
| Change in unrealized gains (losses) | 180422 | 185522 | 60335 | 701418 | (116822) | 428724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 123180 | 138190 | 116143 | 1270602 | 28467533 | 479845 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $297127 | $530965 | $190016 | $1518370 | $28441832 | $507836 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Fidelity® VIP<br>Equity-Income<br>PortfolioSM<br>Initial Class | Fidelity® VIP<br>Government Money<br>Market Portfolio<br>Initial Class | Fidelity® VIP<br>Growth<br>& Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Growth Portfolio<br>Initial Class | Fidelity® VIP<br>High<br>Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Initial Class |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $56046774 | $42214070 | $2150016 | $117887747 | $969678 | $121738917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $56046774 | $42214070 | $2150016 | $117887747 | $969678 | $121738917 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $56046774 | $42214070 | $2150016 | $117887747 | $969678 | $121738917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $56046774 | $42214070 | $2150016 | $117887747 | $969678 | $121738917 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 1904410 | 42214070 | 64468 | 1206383 | 198705 | 184417 |
| Cost of investments | $44459725 | $42214070 | $1528395 | $90698877 | $1016237 | $40561590 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $41.89 | $12.60 | $56.52 | $85.18 | $25.66 | $82.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $128.55 | $18.11 | $56.52 | $230.13 | $25.66 | $100.85 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Fidelity® VIP<br>Equity-Income<br>PortfolioSM<br>Initial Class | Fidelity® VIP<br>Government Money<br>Market Portfolio<br>Initial Class | Fidelity® VIP<br>Growth<br>& Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Growth Portfolio<br>Initial Class | Fidelity® VIP<br>High<br>Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $954249 | $1674504 | $31026 | $325709 | $60807 | $1309455 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (126373) | (18351) |  | (270286) |  | (48180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 827876 | 1656153 | 31026 | 55423 | 60807 | 1261275 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 4782402 | 6273035 | 360034 | 9734464 | 104985 | 8702182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 3895036 | 6273035 | 255526 | 6927229 | 110868 | 2675743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 887366 |  | 104508 | 2807235 | (5883) | 6026439 |
| Realized gain distributions | 2953068 |  | 189106 | 14460618 |  | 588516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 3840434 |  | 293614 | 17267853 | (5883) | 6614955 |
| Change in unrealized gains (losses) | 4446234 |  | 74330 | (1829362) | 35630 | 10869124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 8286668 |  | 367944 | 15438491 | 29747 | 17484079 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $9114544 | $1656153 | $398970 | $15493914 | $90554 | $18745354 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Service Class | Fidelity® VIP<br>Investment Grade<br>Bond Portfolio<br>Initial Class | Fidelity® VIP<br>Mid<br>Cap Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Overseas Portfolio<br>Initial Class | Fidelity® VIP<br>Real<br>Estate Portfolio<br>Initial Class | Fidelity® VIP<br>Value<br>Strategies Portfolio<br>Initial Class |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $18390862 | $8895818 | $5897020 | $20028914 | $3262077 | $594689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $18390862 | $8895818 | $5897020 | $20028914 | $3262077 | $594689 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $18390862 | $8895818 | $5897020 | $20028914 | $3262077 | $594689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $18390862 | $8895818 | $5897020 | $20028914 | $3262077 | $594689 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 27995 | 783083 | 157212 | 727795 | 182852 | 37331 |
| Cost of investments | $8970207 | $9696214 | $5544374 | $15577336 | $3297811 | $550643 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $66.24 | $18.36 | $45.89 | $44.03 | $24.75 | $45.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $66.24 | $22.34 | $45.89 | $49.67 | $24.75 | $45.19 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Service Class | Fidelity® VIP<br>Investment Grade<br>Bond Portfolio<br>Initial Class | Fidelity® VIP<br>Mid<br>Cap Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Overseas Portfolio<br>Initial Class | Fidelity® VIP<br>Real<br>Estate Portfolio<br>Initial Class | Fidelity® VIP<br>Value<br>Strategies Portfolio<br>Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $184666 | $311635 | $24212 | $312996 | $66712 | $6478 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (25612) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 184666 | 311635 | 24212 | 287384 | 66712 | 6478 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 1699013 | 573352 | 477900 | 2120303 | 375621 | 166248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 861728 | 624965 | 456483 | 1528003 | 372866 | 165016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 837285 | (51613) | 21417 | 592300 | 2755 | 1232 |
| Realized gain distributions | 89490 |  | 621156 | 1742641 | 1442 | 24930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 926775 | (51613) | 642573 | 2334941 | 4197 | 26162 |
| Change in unrealized gains (losses) | 1696015 | 341062 | (28006) | 919611 | 31615 | 15339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 2622790 | 289449 | 614567 | 3254552 | 35812 | 41501 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $2807456 | $601084 | $638779 | $3541936 | $102524 | $47979 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Franklin Templeton<br>Global Bond<br>VIP Fund Class 1 |<br>Franklin Templeton<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual Global<br>Discovery<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual<br>Shares<br>VIP Fund Class 1 | Franklin Templeton<br>Small<br>Cap Value<br>VIP Fund Class 1 | Franklin Templeton<br>Small-Mid<br>Cap Growth<br>VIP Fund Class 1 |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $1156688 | $1412397 | $1889577 | $793973 | $2211293 | $1566756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1156688 | $1412397 | $1889577 | $793973 | $2211293 | $1566756 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $1156688 | $1412397 | $1889577 | $793973 | $2211293 | $1566756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1156688 | $1412397 | $1889577 | $793973 | $2211293 | $1566756 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 82621 | 88165 | 94102 | 47830 | 148012 | 84008 |
| Cost of investments | $1239407 | $1353510 | $1769331 | $819113 | $2230944 | $1555856 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $15.96 | $28.78 | $34.90 | $29.63 | $41.88 | $45.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $15.96 | $28.78 | $34.90 | $29.63 | $41.88 | $45.61 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Franklin Templeton<br>Global Bond<br>VIP Fund Class 1 |<br>Franklin Templeton<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual Global<br>Discovery<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual<br>Shares<br>VIP Fund Class 1 | Franklin Templeton<br>Small<br>Cap Value<br>VIP Fund Class 1 | Franklin Templeton<br>Small-Mid<br>Cap Growth<br>VIP Fund Class 1 |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $— | $67351 | $36605 | $16702 | $25410 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 67351 | 36605 | 16702 | 25410 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 92078 | 114462 | 215735 | 52577 | 109684 | 172209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 108729 | 113055 | 202096 | 50228 | 116788 | 167967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (16651) | 1407 | 13639 | 2349 | (7104) | 4242 |
| Realized gain distributions |  | 13479 | 178825 | 72487 | 159859 | 69266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (16651) | 14886 | 192464 | 74836 | 152755 | 73508 |
| Change in unrealized gains (losses) | 175302 | 81269 | 146832 | (8462) | (21946) | (32300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 158651 | 96155 | 339296 | 66374 | 130809 | 41208 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $158651 | $163506 | $375901 | $83076 | $156219 | $41208 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Franklin Templeton<br>Strategic<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>U.S. Government<br>Securities<br>VIP Fund Class 1 | Invesco<br>V.I<br>International Growth<br>Fund Series I\* | Invesco<br>V.I<br>International Growth<br>Fund Series II\* |<br>Invesco V.I.<br>American<br>Franchise |<br>Invesco V.I.<br>American<br>Value |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $836182 | $628779 | $2454969 | $1095753 | $3897114 | $24987532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $836182 | $628779 | $2454969 | $1095753 | $3897114 | $24987532 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $836182 | $628779 | $2454969 | $1095753 | $3897114 | $24987532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $836182 | $628779 | $2454969 | $1095753 | $3897114 | $24987532 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 87558 | 58382 | 1265448 | 529349 | 48112 | 1376723 |
| Cost of investments | $902203 | $683769 | $2649820 | $1139331 | $2781932 | $21722335 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $20.05 | $14.58 | $22.60 | $35.58 | $62.22 | $52.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $20.05 | $14.58 | $74.42 | $35.58 | $62.22 | $84.36 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Franklin Templeton<br>Strategic<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>U.S. Government<br>Securities<br>VIP Fund Class 1 | Invesco<br>V.I<br>International Growth<br>Fund Series I\* | Invesco<br>V.I<br>International Growth<br>Fund Series II\* |<br>Invesco V.I.<br>American<br>Franchise |<br>Invesco V.I.<br>American<br>Value |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $37374 | $20806 | $8269 | $654 | $— | $105578 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (8115) |  | (20058) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 37374 | 20806 | 8269 | (7461) |  | 85520 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 29619 | 32860 | 308445 | 435881 | 606364 | 2704616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 33104 | 36667 | 321516 | 451062 | 372925 | 2321973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (3485) | (3807) | (13071) | (15181) | 233439 | 382643 |
| Realized gain distributions | 8 |  | 221769 | 97151 | 349121 | 3522857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (3477) | (3807) | 208698 | 81970 | 582560 | 3905500 |
| Change in unrealized gains (losses) | 21830 | 23902 | 141625 | 87793 | (144539) | 467620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 18353 | 20095 | 350323 | 169763 | 438021 | 4373120 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $55727 | $40901 | $358592 | $162302 | $438021 | $4458640 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Core Equity |<br>Invesco V.I.<br>Core Plus Bond<br>Fund - Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series II |<br>Invesco V.I.<br>Equity and<br>Income |<br>Invesco V.I.<br>Global Fund -<br>Series I |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $993956 | $445788 | $6829580 | $1994748 | $528216 | $2050153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $993956 | $445788 | $6829580 | $1994748 | $528216 | $2050153 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $993956 | $445788 | $6829580 | $1994748 | $528216 | $2050153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $993956 | $445788 | $6829580 | $1994748 | $528216 | $2050153 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 27587 | 76203 | 90807 | 31458 | 28912 | 54023 |
| Cost of investments | $849396 | $442160 | $6510868 | $2163662 | $500702 | $2050172 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $52.69 | $11.15 | $59.26 | $17.00 | $12.14 | $43.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $52.69 | $11.15 | $59.26 | $17.69 | $12.14 | $43.22 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Core Equity |<br>Invesco V.I.<br>Core Plus Bond<br>Fund - Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series II |<br>Invesco V.I.<br>Equity and<br>Income |<br>Invesco V.I.<br>Global Fund -<br>Series I |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $6042 | $18263 | $— | $— | $10486 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (6310) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6042 | 18263 |  | (6310) | 10486 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 68195 | 21011 | 473662 | 245312 | 133973 | 168210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 57856 | 20952 | 431431 | 253320 | 125254 | 143563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 10339 | 59 | 42231 | (8008) | 8719 | 24647 |
| Realized gain distributions | 69554 |  | 566359 | 195002 | 26638 | 359264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 79893 | 59 | 608590 | 186994 | 35357 | 383911 |
| Change in unrealized gains (losses) | 51996 | 10601 | (293906) | (98372) | 19917 | (107173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 131889 | 10660 | 314684 | 88622 | 55274 | 276738 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $137931 | $28923 | $314684 | $82312 | $65760 | $276738 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Global Fund -<br>Series II | Invesco<br>V.I. Global<br>Strategic Income -<br>Fund Series I |<br>Invesco V.I.<br>Government<br>Securities | Invesco V.I.<br>Growth and<br>Income Fund<br>Series I | Invesco V.I.<br>Growth and<br>Income Fund<br>Series II |<br>Invesco V.I.<br>High Yield |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $16604479 | $364833 | $1301061 | $9183551 | $5958785 | $404278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $16604479 | $364833 | $1301061 | $9183551 | $5958785 | $404278 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $16604479 | $364833 | $1301061 | $9183551 | $5958785 | $404278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $16604479 | $364833 | $1301061 | $9183551 | $5958785 | $404278 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 457424 | 79832 | 122165 | 430546 | 279231 | 85291 |
| Cost of investments | $15925997 | $376435 | $1366310 | $8304340 | $5443580 | $435616 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $66.01 | $17.57 | $13.06 | $43.92 | $53.79 | $19.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $66.01 | $17.57 | $13.06 | $86.44 | $63.48 | $19.07 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Global Fund -<br>Series II | Invesco<br>V.I. Global<br>Strategic Income -<br>Fund Series I |<br>Invesco V.I.<br>Government<br>Securities | Invesco V.I.<br>Growth and<br>Income Fund<br>Series I | Invesco V.I.<br>Growth and<br>Income Fund<br>Series II |<br>Invesco V.I.<br>High Yield |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $— | $20161 | $40789 | $125555 | $66808 | $27771 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  |  | (13775) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 20161 | 40789 | 125555 | 53033 | 27771 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 1062380 | 74406 | 169285 | 604253 | 587610 | 51510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 914746 | 77735 | 179515 | 550837 | 540481 | 55233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 147634 | (3329) | (10230) | 53416 | 47129 | (3723) |
| Realized gain distributions | 3048600 |  |  | 663326 | 434870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 3196234 | (3329) | (10230) | 716742 | 481999 | (3723) |
| Change in unrealized gains (losses) | (991663) | 28552 | 62262 | 415686 | 268434 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 2204571 | 25223 | 52032 | 1132428 | 750433 | (2049) |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $2204571 | $45384 | $92821 | $1257983 | $803466 | $25722 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Main Street<br>Fund® - Series I | Invesco V.I.<br>Main Street<br>Mid Cap<br>Fund - Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series II |<br>Janus Henderson<br>Balanced Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Balanced Portfolio<br>Service Shares |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $1197528 | $3529881 | $16739628 | $7666461 | $47888468 | $11299645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1197528 | $3529881 | $16739628 | $7666461 | $47888468 | $11299645 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $1197528 | $3529881 | $16739628 | $7666461 | $47888468 | $11299645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1197528 | $3529881 | $16739628 | $7666461 | $47888468 | $11299645 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 54065 | 320607 | 586532 | 276668 | 857294 | 189974 |
| Cost of investments | $1237984 | $3511179 | $13457033 | $6922331 | $28060309 | $6922039 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $27.21 | $49.96 | $51.55 | $67.45 | $45.23 | $72.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $27.21 | $49.96 | $112.78 | $79.61 | $153.42 | $72.33 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Main Street<br>Fund® - Series I | Invesco V.I.<br>Main Street<br>Mid Cap<br>Fund - Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series II |<br>Janus Henderson<br>Balanced Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Balanced Portfolio<br>Service Shares |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $6100 | $11042 | $72151 | $17175 | $927016 | $182590 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (9818) | (103188) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6100 | 11042 | 72151 | 7357 | 823828 | 182590 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 111099 | 292307 | 1285286 | 1451203 | 3974120 | 1169984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 116619 | 276519 | 989050 | 1273385 | 2359009 | 711028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (5520) | 15788 | 296236 | 177818 | 1615111 | 458956 |
| Realized gain distributions | 69767 | 325790 | 1619395 | 763667 | 1492623 | 327252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 64247 | 341578 | 1915631 | 941485 | 3107734 | 786208 |
| Change in unrealized gains (losses) | 92099 | (49380) | (648060) | (331471) | 2393683 | 511134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 156346 | 292198 | 1267571 | 610014 | 5501417 | 1297342 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $162446 | $303240 | $1339722 | $617371 | $6325245 | $1479932 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Janus Henderson<br>Enterprise Portfolio<br>Institutional Shares | Janus Henderson<br>Flexible<br>Bond Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Forty Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Service Shares | Janus Henderson<br>Global<br>Technology Portfolio<br>Institutional Shares |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $61505105 | $5885187 | $16377993 | $45887704 | $2339562 | $3021536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $61505105 | $5885187 | $16377993 | $45887704 | $2339562 | $3021536 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $61505105 | $5885187 | $16377993 | $45887704 | $2339562 | $3021536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $61505105 | $5885187 | $16377993 | $45887704 | $2339562 | $3021536 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 735882 | 592667 | 275631 | 575972 | 30615 | 126213 |
| Cost of investments | $44095361 | $6759918 | $11719257 | $24926067 | $1464400 | $1761455 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $60.43 | $19.28 | $71.11 | $63.73 | $76.11 | $139.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $202.85 | $41.28 | $141.69 | $119.69 | $76.11 | $139.74 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>Janus Henderson<br>Enterprise Portfolio<br>Institutional Shares | Janus Henderson<br>Flexible<br>Bond Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Forty Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Service Shares | Janus Henderson<br>Global<br>Technology Portfolio<br>Institutional Shares |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $122451 | $304629 | $11202 | $250769 | $8958 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (165122) | (5909) | (5256) | (132374) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (42671) | 298720 | 5946 | 118395 | 8958 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 5569964 | 569491 | 1363706 | 4003692 | 190121 | 580005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 3939559 | 654448 | 1017506 | 2100843 | 107917 | 354139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 1630405 | (84957) | 346200 | 1902849 | 82204 | 225866 |
| Realized gain distributions | 4589016 |  | 1848668 | 3775128 | 189517 | 272825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 6219421 | (84957) | 2194868 | 5677977 | 271721 | 498691 |
| Change in unrealized gains (losses) | (1880206) | 195702 | 382255 | 2306369 | 118696 | 160197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 4339215 | 110745 | 2577123 | 7984346 | 390417 | 658888 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $4296544 | $409465 | $2583069 | $8102741 | $399375 | $658888 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Institutional Shares | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Service Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Service Shares | Janus Henderson<br>Research<br>Portfolio<br>Institutional Shares | Lazard Retirement<br>Emerging<br>Markets<br>Equity Portfolio |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $1047504 | $5868834 | $1576636 | $7351275 | $62853186 | $1870904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1047504 | $5868834 | $1576636 | $7351275 | $62853186 | $1870904 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $1047504 | $5868834 | $1576636 | $7351275 | $62853186 | $1870904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1047504 | $5868834 | $1576636 | $7351275 | $62853186 | $1870904 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 58948 | 349752 | 28245 | 138651 | 968462 | 62614 |
| Cost of investments | $968441 | $5437804 | $964673 | $4942528 | $32295821 | $1266505 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $36.18 | $54.25 | $18.12 | $15.50 | $106.80 | $101.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $36.18 | $54.25 | $18.12 | $17.45 | $183.89 | $101.52 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Institutional Shares | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Service Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Service Shares | Janus Henderson<br>Research<br>Portfolio<br>Institutional Shares | Lazard Retirement<br>Emerging<br>Markets<br>Equity Portfolio |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $8181 | $38496 | $20606 | $89296 | $— | $45775 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  | (3197) | (192004) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8181 | 38496 | 20606 | 86099 | (192004) | 45775 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 51959 | 310246 | 160070 | 528829 | 5181642 | 168917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 46086 | 287987 | 117429 | 436904 | 2741354 | 127247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 5873 | 22259 | 42641 | 91925 | 2440288 | 41670 |
| Realized gain distributions | 92349 | 563761 |  |  | 4508879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 98222 | 586020 | 42641 | 91925 | 6949167 | 41670 |
| Change in unrealized gains (losses) | (42145) | (276582) | 299948 | 1497364 | 3119219 | 485339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 56077 | 309438 | 342589 | 1589289 | 10068386 | 527009 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $64258 | $347934 | $363195 | $1675388 | $9876382 | $572784 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Legg Mason<br>ClearBridge Variable<br>Large Cap Value<br>Portfolio Class I | Legg Mason Western<br>Assets Variable<br>Global High Yield<br>Bond Portfolio Class I |<br>MFS® High<br>Yield Portfolio<br>Initial Class |<br>MFS® Investors<br>Trust<br>Series Initial Class | MFS® Mass<br>Investors Growth<br>Stock Portfolio<br>Initial Class |<br>MFS® New<br>Discovery<br>Series Initial Class |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $5576189 | $2616570 | $1694929 | $7151939 | $1945507 | $13862545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5576189 | $2616570 | $1694929 | $7151939 | $1945507 | $13862545 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $5576189 | $2616570 | $1694929 | $7151939 | $1945507 | $13862545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $5576189 | $2616570 | $1694929 | $7151939 | $1945507 | $13862545 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 290729 | 422028 | 332992 | 273392 | 86275 | 888625 |
| Cost of investments | $5856778 | $2970347 | $1841478 | $7234937 | $1770353 | $14427783 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $49.71 | $31.39 | $17.59 | $75.90 | $37.42 | $114.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $57.85 | $31.39 | $17.59 | $75.90 | $37.42 | $114.89 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Legg Mason<br>ClearBridge Variable<br>Large Cap Value<br>Portfolio Class I | Legg Mason Western<br>Assets Variable<br>Global High Yield<br>Bond Portfolio Class I |<br>MFS® High<br>Yield Portfolio<br>Initial Class |<br>MFS® Investors<br>Trust<br>Series Initial Class | MFS® Mass<br>Investors Growth<br>Stock Portfolio<br>Initial Class |<br>MFS® New<br>Discovery<br>Series Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $61609 | $173125 | $110688 | $112383 | $5048 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (4448) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 57161 | 173125 | 110688 | 112383 | 5048 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 1193398 | 188533 | 103737 | 991962 | 108450 | 993827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 1245638 | 212863 | 114074 | 791067 | 93894 | 1120281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (52240) | (24330) | (10337) | 200895 | 14556 | (126454) |
| Realized gain distributions | 536672 |  |  | 2876133 | 266102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 484432 | (24330) | (10337) | 3077028 | 280658 | (126454) |
| Change in unrealized gains (losses) | 5659 | 92741 | 35661 | (2305327) | (108847) | 1745941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 490091 | 68411 | 25324 | 771701 | 171811 | 1619487 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $547252 | $241536 | $136012 | $884084 | $176859 | $1619487 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>MFS® Total<br>Return<br>Series Initial Class |<br>MFS® Utilities<br>Series Initial Class |<br>MFS® Value<br>Series Initial Class |<br>MFS® VIT<br>Growth Series<br>Initial Class | MFS® VIT<br>New Discovery<br>Series<br>Service Class |<br>MFS® VIT<br>Research Series<br>Initial Class |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $14479523 | $3799051 | $3186779 | $15819283 | $631029 | $7430265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14479523 | $3799051 | $3186779 | $15819283 | $631029 | $7430265 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $14479523 | $3799051 | $3186779 | $15819283 | $631029 | $7430265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $14479523 | $3799051 | $3186779 | $15819283 | $631029 | $7430265 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 620640 | 100690 | 143162 | 233151 | 52151 | 243695 |
| Cost of investments | $13645417 | $3155643 | $2716254 | $11889149 | $802601 | $6512942 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $57.79 | $117.41 | $65.42 | $123.25 | $55.04 | $85.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $57.79 | $117.41 | $65.42 | $123.25 | $55.04 | $85.09 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>MFS® Total<br>Return<br>Series Initial Class |<br>MFS® Utilities<br>Series Initial Class |<br>MFS® Value<br>Series Initial Class |<br>MFS® VIT<br>Growth Series<br>Initial Class | MFS® VIT<br>New Discovery<br>Series<br>Service Class |<br>MFS® VIT<br>Research Series<br>Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $379514 | $104164 | $48498 | $— | $— | $67357 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |  |  | (4315) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 379514 | 104164 | 48498 |  | (4315) | 67357 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 1098361 | 218504 | 186965 | 1624369 | 106351 | 305032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 1010834 | 180479 | 151941 | 1099058 | 142582 | 228477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 87527 | 38025 | 35024 | 525311 | (36231) | 76555 |
| Realized gain distributions | 1011985 | 47637 | 225613 | 2740895 |  | 1650645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 1099512 | 85662 | 260637 | 3266206 | (36231) | 1727200 |
| Change in unrealized gains (losses) | 8370 | 310987 | 62110 | (1541752) | 109539 | (942976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 1107882 | 396649 | 322747 | 1724454 | 73308 | 784224 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $1487396 | $500813 | $371245 | $1724454 | $68993 | $851581 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio Class I |<br>Morgan Stanley<br>VIF Growth<br>Portfolio Class I | Morningstar<br>Aggressive Growth<br>ETF Asset Allocation<br>Portfolio Class I | Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Growth ETF<br>Asset Allocation<br>Portfolio Class I |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $577723 | $8209362 | $17469626 | $14584160 | $1120704 | $26407885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $577723 | $8209362 | $17469626 | $14584160 | $1120704 | $26407885 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $577723 | $8209362 | $17469626 | $14584160 | $1120704 | $26407885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $577723 | $8209362 | $17469626 | $14584160 | $1120704 | $26407885 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 32881 | 309087 | 1010389 | 1319833 | 103006 | 1927583 |
| Cost of investments | $470169 | $6750842 | $13026191 | $14098387 | $1118028 | $21834882 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $15.56 | $107.36 | $34.97 | $26.97 | $17.20 | $31.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $15.56 | $166.40 | $54.16 | $35.57 | $19.33 | $46.17 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio Class I |<br>Morgan Stanley<br>VIF Growth<br>Portfolio Class I | Morningstar<br>Aggressive Growth<br>ETF Asset Allocation<br>Portfolio Class I | Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Growth ETF<br>Asset Allocation<br>Portfolio Class I |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $2362 | $— | $222002 | $302925 | $31466 | $416232 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  | (11458) | (752) | (3834) | (111) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2362 | (11458) | 221250 | 299091 | 31355 | 415809 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 133616 | 1721216 | 1181374 | 1470563 | 75162 | 1707589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 122206 | 1384245 | 849706 | 1336220 | 76359 | 1394102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 11410 | 336971 | 331668 | 134343 | (1197) | 313487 |
| Realized gain distributions | 19617 |  | 1151914 | 1508153 |  | 1785844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 31027 | 336971 | 1483582 | 1642496 | (1197) | 2099331 |
| Change in unrealized gains (losses) | 121533 | 2110352 | 1320155 | 807 | 63095 | 1626887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 152560 | 2447323 | 2803737 | 1643303 | 61898 | 3726218 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $154922 | $2435865 | $3024987 | $1942394 | $93253 | $4142027 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Morningstar Income<br>and Growth ETF<br>Asset Allocation<br>Portfolio Class I | PIMCO VIT<br>Int. Bond<br>U.S. Dollar-Hedged<br>Admin. Shares |<br>PIMCO VIT Real<br>Return Portfolio<br>Admin. Shares | PIMCO VIT<br>Total Return<br>Portfolio<br>Admin. Shares |<br>Putnam<br>VT High Yield<br>Fund Class IA | Putnam<br>VT International<br>Value Fund<br>Class IA |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $2331923 | $2979182 | $4371645 | $13542304 | $1271560 | $829841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2331923 | $2979182 | $4371645 | $13542304 | $1271560 | $829841 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $2331923 | $2979182 | $4371645 | $13542304 | $1271560 | $829841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $2331923 | $2979182 | $4371645 | $13542304 | $1271560 | $829841 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 243162 | 296731 | 364000 | 1433048 | 218857 | 51479 |
| Cost of investments | $2409292 | $3107821 | $4590547 | $14950109 | $1335635 | $550447 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $22.17 | $23.42 | $22.27 | $21.89 | $45.55 | $57.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $26.38 | $27.64 | $22.27 | $25.83 | $45.55 | $57.82 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Morningstar Income<br>and Growth ETF<br>Asset Allocation<br>Portfolio Class I | PIMCO VIT<br>Int. Bond<br>U.S. Dollar-Hedged<br>Admin. Shares |<br>PIMCO VIT Real<br>Return Portfolio<br>Admin. Shares | PIMCO VIT<br>Total Return<br>Portfolio<br>Admin. Shares |<br>Putnam<br>VT High Yield<br>Fund Class IA | Putnam<br>VT International<br>Value Fund<br>Class IA |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $60002 | $103358 | $141225 | $538324 | $78250 | $10219 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (573) | (1717) |  | (9769) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 59429 | 101641 | 141225 | 528555 | 78250 | 10219 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 250377 | 322344 | 265620 | 1023814 | 69759 | 81646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 251069 | 336568 | 284999 | 1151779 | 77940 | 61176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (692) | (14224) | (19379) | (127965) | (8181) | 20470 |
| Realized gain distributions | 190657 |  |  |  |  | 6265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 189965 | (14224) | (19379) | (127965) | (8181) | 26735 |
| Change in unrealized gains (losses) | 1612 | 25657 | 196643 | 708542 | 32688 | 185257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 191577 | 11433 | 177264 | 580577 | 24507 | 211992 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $251006 | $113074 | $318489 | $1109132 | $102757 | $222211 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Putnam<br>VT International<br>Value Fund<br>Class IB | T. Rowe Price<br>All-Cap<br>Opportunities<br>Portfolio - I |<br>T. Rowe Price<br>Blue Chip Growth<br>Portfolio I |<br>T. Rowe Price<br>Equity Income<br>Portfolio I |<br>T. Rowe Price<br>International<br>Stock I |<br>T. Rowe Price<br>Mid-Cap<br>Growth I |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at fair value | $3221053 | $6659559 | $11217335 | $38048290 | $4624353 | $14298779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3221053 | $6659559 | $11217335 | $38048290 | $4624353 | $14298779 |
| **NET ASSETS** |  |  |  |  |  |  |
| Accumulation units | $3221053 | $6659559 | $11217335 | $38048290 | $4624353 | $14298779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $3221053 | $6659559 | $11217335 | $38048290 | $4624353 | $14298779 |
| **FUND SHARE INFORMATION** |  |  |  |  |  |  |
| Number of shares | 203093 | 167916 | 171703 | 1316094 | 290840 | 545755 |
| Cost of investments | $2195380 | $5347796 | $5516915 | $33678786 | $4396583 | $14850094 |
| **ACCUMULATION UNIT VALUE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $35.21 | $133.33 | $118.36 | $78.04 | $35.81 | $149.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $41.56 | $133.33 | $118.36 | $78.04 | $35.81 | $149.80 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Putnam<br>VT International<br>Value Fund<br>Class IB | T. Rowe Price<br>All-Cap<br>Opportunities<br>Portfolio - I |<br>T. Rowe Price<br>Blue Chip Growth<br>Portfolio I |<br>T. Rowe Price<br>Equity Income<br>Portfolio I |<br>T. Rowe Price<br>International<br>Stock I |<br>T. Rowe Price<br>Mid-Cap<br>Growth I |
| **NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| Dividends | $38987 | $— | $— | $591358 | $86652 | $— |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk | (4829) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 34158 |  |  | 591358 | 86652 |  |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |  |  |
| Realized gains (losses) on fund shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 625879 | 1100653 | 1068494 | 1922289 | 481288 | 1699934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 482725 | 847392 | 422705 | 1625449 | 440034 | 1619144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | 143154 | 253261 | 645789 | 296840 | 41254 | 80790 |
| Realized gain distributions | 27336 | 729847 | 935321 | 3618321 | 380581 | 1810894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 170490 | 983108 | 1581110 | 3915161 | 421835 | 1891684 |
| Change in unrealized gains (losses) | 692495 | (10488) | 195137 | 344887 | 223061 | (1372688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 862985 | 972620 | 1776247 | 4260048 | 644896 | 518996 |
| **INCREASE (DECREASE) IN NET** |  |  |  |  |  |  |
| **ASSETS FROM OPERATIONS** | $897143 | $972620 | $1776247 | $4851406 | $731548 | $518996 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENT OF NET ASSETS**

**As of December 31, 2025** 

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | |
|:---|:---|:---|
| | VanEck VIP<br>Emerging Markets<br>Fund Initial Class | VanEck VIP<br>Global Resources<br>Fund Initial Class |
| **ASSETS** |  |  |
| Investments, at fair value | $5439583 | $5261688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5439583 | $5261688 |
| **NET ASSETS** |  |  |
| Accumulation units | $5439583 | $5261688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $5439583 | $5261688 |
| **FUND SHARE INFORMATION** |  |  |
| Number of shares | 459812 | 157018 |
| Cost of investments | $5378778 | $3762305 |
| **ACCUMULATION UNIT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowest | $48.45 | $43.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highest | $48.45 | $43.48 |

---

**STATEMENT OF OPERATIONS**

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

---

| | | |
|:---|:---|:---|
| | VanEck VIP<br>Emerging Markets<br>Fund Initial Class | VanEck VIP<br>Global Resources<br>Fund Initial Class |
| **NET INVESTMENT INCOME (LOSS)** |  |  |
| Dividends | $35978 | $116390 |
| Charges from Lincoln Benefit Life<br>&nbsp;&nbsp;&nbsp;&nbsp; Company: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 35978 | 116390 |
| **NET REALIZED AND UNREALIZED<br> GAINS (LOSSES) ON INVESTMENTS** |  |  |
| Realized gains (losses) on fund shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 393178 | 357352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments sold | 438634 | 334920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on fund shares | (45456) | 22432 |
| Realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (45456) | 22432 |
| Change in unrealized gains (losses) | 1297958 | 1305772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gains (losses) on investments | 1252502 | 1328204 |
| **INCREASE (DECREASE) IN NET** |  |  |
| **ASSETS FROM OPERATIONS** | $1288480 | $1444594 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | AB VPS<br>Discovery Value<br>Portfolio -<br>Class A | AB VPS<br>International<br>Value<br>Class A | AB VPS<br>Relative Value<br>Portfolio -<br>Class A |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $8273 | $10214 | $10065 |
| Net realized gains (losses) | 103279 | 19140 | 87592 |
| Change in unrealized gains (losses) | (90766) | 105974 | (6170) |
| Increase (decrease) in net assets from operations | 20786 | 135328 | 91487 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 75455 | 37122 | 76934 |
| Benefits |  |  |  |
| Payments on termination | (123689) | (39024) | (64288) |
| Loans | (5500) | (1681) | (24086) |
| Policy maintenance charge | (48623) | (22232) | (50446) |
| Transfers among the sub-accounts and with the Fixed Account - net | 34745 | (24988) | 7935 |
| Increase (decrease) in net assets from policy transactions | (67612) | (50803) | (53951) |
| **INCREASE (DECREASE) IN NET ASSETS** | (46826) | 84525 | 37536 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1067944 | 347146 | 900660 |
| **NET ASSETS AT END OF PERIOD** | $1021118 | $431671 | $938196 |
| Accumulation Units outstanding at beginning of period | 27487 | 34858 | 22022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 1815 | 5026 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (3758) | (9294) | (2529) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 25544 | 30590 | 20766 |

---

---

| | | | |
|:---|:---|:---|:---|
| | AB VPS<br>Small Cap<br>Growth<br>Class A |<br>Alger<br>Balanced<br>Class I-2 | Alger<br>Capital<br>Appreciation<br>Class I-2 |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $20655 | $— |
| Net realized gains (losses) | (25683) | 107837 | 13352989 |
| Change in unrealized gains (losses) | 111008 | (16387) | 4095270 |
| Increase (decrease) in net assets from operations | 85325 | 112105 | 17448259 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 117509 | 90655 | 1702536 |
| Benefits |  |  | (283428) |
| Payments on termination | (109465) | (78612) | (2678907) |
| Loans | (25563) | (10880) | (474864) |
| Policy maintenance charge | (75412) | (57930) | (1935094) |
| Transfers among the sub-accounts and with the Fixed Account - net | 57289 | (8984) | (1136531) |
| Increase (decrease) in net assets from policy transactions | (35642) | (65751) | (4806288) |
| **INCREASE (DECREASE) IN NET ASSETS** | 49683 | 46354 | 12641971 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1747192 | 746829 | 55639040 |
| **NET ASSETS AT END OF PERIOD** | $1796875 | $793183 | $68281011 |
| Accumulation Units outstanding at beginning of period | 31392 | 23370 | 372704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 1931 | 1232 | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (2517) | (3233) | (36176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 30806 | 21369 | 343380 |

---

\*See Note 2 for disclosure of changes in sub-accounts and to the names of Funds during 2024.

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Alger<br>Income & Growth<br>Class I-2 | Alger<br>Large Cap<br>Growth<br>Class I-2 | Alger<br>MidCap<br>Growth<br>Class I-2 |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $148537 | $— | $— |
| Net realized gains (losses) | 1799616 | 4354700 | 347103 |
| Change in unrealized gains (losses) | (168937) | 2593263 | 6015856 |
| Increase (decrease) in net assets from operations | 1779216 | 6947963 | 6362959 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 202410 | 721478 | 1411889 |
| Benefits | (93328) | (229782) | (98055) |
| Payments on termination | (859910) | (1497103) | (2352489) |
| Loans | (104375) | (189289) | (277694) |
| Policy maintenance charge | (305667) | (880753) | (1375911) |
| Transfers among the sub-accounts and with the Fixed Account - net | (76800) | (1076911) | (446407) |
| Increase (decrease) in net assets from policy transactions | (1237670) | (3152360) | (3138667) |
| **INCREASE (DECREASE) IN NET ASSETS** | 541546 | 3795603 | 3224292 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 9344849 | 24586857 | 39428493 |
| **NET ASSETS AT END OF PERIOD** | $9886395 | $28382460 | $42652785 |
| Accumulation Units outstanding at beginning of period | 109029 | 288840 | 492029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 511 | 1095 | 6962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (14068) | (34315) | (44092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 95472 | 255620 | 454899 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Alger<br>SmallCap<br>Growth<br>Class I-2 | Allspring VT<br>Discovery SMID<br>Cap Growth<br>Fund |<br>Allspring VT<br>Opportunity<br>FundSM |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $— | $5584 |
| Net realized gains (losses) | (106525) | 79727 | 1182683 |
| Change in unrealized gains (losses) | 568973 | 305575 | (498481) |
| Increase (decrease) in net assets from operations | 462448 | 385302 | 689786 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 246853 | 211977 | 274985 |
| Benefits | (32936) | (33601) | (40681) |
| Payments on termination | (273589) | (367022) | (502813) |
| Loans | (40577) | (16335) | (34108) |
| Policy maintenance charge | (209065) | (246878) | (334931) |
| Transfers among the sub-accounts and with the Fixed Account - net | (46213) | (175990) | 101923 |
| Increase (decrease) in net assets from policy transactions | (355527) | (627849) | (535625) |
| **INCREASE (DECREASE) IN NET ASSETS** | 106921 | (242547) | 154161 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7864084 | 7654274 | 10995793 |
| **NET ASSETS AT END OF PERIOD** | $7971005 | $7411727 | $11149954 |
| Accumulation Units outstanding at beginning of period | 153579 | 108224 | 171836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 4625 | 1385 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (11226) | (10171) | (10426) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 146978 | 99438 | 163285 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>DWS Core Equity<br>VIP Class A |<br>DWS CROCI®<br>International<br>VIP Class A | DWS<br>Equity 500<br>Index VIP<br>Class A |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $28036 | $58096 | $76523 |
| Net realized gains (losses) | 417322 | 12867 | 1103704 |
| Change in unrealized gains (losses) | 111582 | 730577 | (51940) |
| Increase (decrease) in net assets from operations | 556940 | 801540 | 1128287 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 89846 | 91253 | 166830 |
| Benefits | (99968) |  | (35379) |
| Payments on termination | (92608) | (84960) | (808053) |
| Loans | (1624) | 7793 | (72006) |
| Policy maintenance charge | (116315) | (81340) | (177965) |
| Transfers among the sub-accounts and with the Fixed Account - net | 21807 | (78725) | (221327) |
| Increase (decrease) in net assets from policy transactions | (198862) | (145979) | (1147900) |
| **INCREASE (DECREASE) IN NET ASSETS** | 358078 | 655561 | (19613) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 3407095 | 1852599 | 6945749 |
| **NET ASSETS AT END OF PERIOD** | $3765173 | $2508160 | $6926136 |
| Accumulation Units outstanding at beginning of period | 49527 | 96915 | 67810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 725 | 2607 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (3405) | (8972) | (11550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 46847 | 90550 | 57483 |

---

---

| | | | |
|:---|:---|:---|:---|
| | DWS<br>Global Income<br>Builder VIP<br>Class A II |<br>DWS Global<br>Small Cap<br>VIP Class A | DWS<br>Small Cap<br>Index VIP<br>Class A |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $186561 | $55304 | $23422 |
| Net realized gains (losses) | 545354 | 239426 | 109535 |
| Change in unrealized gains (losses) | (112326) | 597647 | 75378 |
| Increase (decrease) in net assets from operations | 619589 | 892377 | 208335 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 163913 | 170799 | 60072 |
| Benefits | (39747) | (1342) | (7910) |
| Payments on termination | (218896) | (182403) | (105007) |
| Loans | (7141) | (35867) | (66064) |
| Policy maintenance charge | (174511) | (162571) | (47507) |
| Transfers among the sub-accounts and with the Fixed Account - net | (39705) | 69022 | (38520) |
| Increase (decrease) in net assets from policy transactions | (316087) | (142362) | (204936) |
| **INCREASE (DECREASE) IN NET ASSETS** | 303502 | 750015 | 3399 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 4131401 | 4455826 | 1740432 |
| **NET ASSETS AT END OF PERIOD** | $4434903 | $5205841 | $1743831 |
| Accumulation Units outstanding at beginning of period | 143534 | 73255 | 22342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 1750 | 2053 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (12205) | (4290) | (3602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 133079 | 71018 | 19875 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Federated Hermes<br>Fund for<br>U.S. Government<br>Securities II | Federated Hermes<br>High<br>Income Bond<br>Fund II Class P | Federated Hermes<br>Managed<br>Volatility<br>Fund II Class P |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $173947 | $392775 | $73873 |
| Net realized gains (losses) | (57242) | (47332) | 55808 |
| Change in unrealized gains (losses) | 180422 | 185522 | 60335 |
| Increase (decrease) in net assets from operations | 297127 | 530965 | 190016 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 282382 | 263911 | 96913 |
| Benefits | (54986) | (64753) | (28785) |
| Payments on termination | (131972) | (235754) | (43090) |
| Loans | (16615) | 18912 | 9426 |
| Policy maintenance charge | (268467) | (285170) | (125730) |
| Transfers among the sub-accounts and with the Fixed Account - net | 121505 | 139165 | 53075 |
| Increase (decrease) in net assets from policy transactions | (68153) | (163689) | (38191) |
| **INCREASE (DECREASE) IN NET ASSETS** | 228974 | 367276 | 151825 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 4447559 | 6706155 | 2867272 |
| **NET ASSETS AT END OF PERIOD** | $4676533 | $7073431 | $3019097 |
| Accumulation Units outstanding at beginning of period | 206036 | 158693 | 76643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 12480 | 6696 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (15391) | (9918) | (3751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 203125 | 155471 | 75894 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Fidelity® VIP<br>Asset<br>Manager 50% Portfolio<br>Initial Class\* | Fidelity® VIP<br>ContrafundSM<br>Portfolio<br>Initial Class | Fidelity® VIP<br>Emerging<br>Markets Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $247768 | $(25701) | $27991 |
| Net realized gains (losses) | 569184 | 28584355 | 51121 |
| Change in unrealized gains (losses) | 701418 | (116822) | 428724 |
| Increase (decrease) in net assets from operations | 1518370 | 28441832 | 507836 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 435799 | 3935158 | 126270 |
| Benefits | (42124) | (833081) | (2547) |
| Payments on termination | (362464) | (7842584) | (103518) |
| Loans | (26903) | (980827) | (27371) |
| Policy maintenance charge | (429838) | (4791336) | (73042) |
| Transfers among the sub-accounts and with the Fixed Account - net | (72763) | (1416634) | (74949) |
| Increase (decrease) in net assets from policy transactions | (498293) | (11929304) | (155157) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1020077 | 16512528 | 352679 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 10631422 | 140552111 | 1309934 |
| **NET ASSETS AT END OF PERIOD** | $11651499 | $157064639 | $1662613 |
| Accumulation Units outstanding at beginning of period | 242126 | 1122492 | 66947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 3893 | 6707 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (13853) | (94452) | (10133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 232166 | 1034747 | 60176 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Fidelity® VIP<br>Equity-Income<br>PortfolioSM<br>Initial Class | Fidelity® VIP<br>Government Money<br>Market Portfolio<br>Initial Class | Fidelity® VIP<br>Growth<br>& Income Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $827876 | $1656153 | $31026 |
| Net realized gains (losses) | 3840434 |  | 293614 |
| Change in unrealized gains (losses) | 4446234 |  | 74330 |
| Increase (decrease) in net assets from operations | 9114544 | 1656153 | 398970 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1700953 | 2818886 | 164701 |
| Benefits | (562632) | (115275) | (2829) |
| Payments on termination | (2936709) | (2350041) | (200852) |
| Loans | (381579) | (207484) | (41826) |
| Policy maintenance charge | (1905100) | (2590447) | (119077) |
| Transfers among the sub-accounts and with the Fixed Account - net | 109759 | 2520713 | (106851) |
| Increase (decrease) in net assets from policy transactions | (3975308) | 76352 | (306734) |
| **INCREASE (DECREASE) IN NET ASSETS** | 5139236 | 1732505 | 92236 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 50907538 | 40481565 | 2057780 |
| **NET ASSETS AT END OF PERIOD** | $56046774 | $42214070 | $2150016 |
| Accumulation Units outstanding at beginning of period | 712464 | 2418481 | 44238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 8620 | 357273 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (57235) | (352955) | (7216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 663849 | 2422799 | 38042 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Growth Portfolio<br>Initial Class | Fidelity® VIP<br>High<br>Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $55423 | $60807 | $1261275 |
| Net realized gains (losses) | 17267853 | (5883) | 6614955 |
| Change in unrealized gains (losses) | (1829362) | 35630 | 10869124 |
| Increase (decrease) in net assets from operations | 15493914 | 90554 | 18745354 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 2347963 | 87343 | 2662480 |
| Benefits | (646588) | (7932) | (859242) |
| Payments on termination | (5763683) | (84114) | (5375538) |
| Loans | (971795) | 2193 | (508484) |
| Policy maintenance charge | (3352717) | (51970) | (3381336) |
| Transfers among the sub-accounts and with the Fixed Account - net | 24514 | 19988 | (270149) |
| Increase (decrease) in net assets from policy transactions | (8362306) | (34492) | (7732269) |
| **INCREASE (DECREASE) IN NET ASSETS** | 7131608 | 56062 | 11013085 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 110756139 | 913616 | 110725832 |
| **NET ASSETS AT END OF PERIOD** | $117887747 | $969678 | $121738917 |
| Accumulation Units outstanding at beginning of period | 860959 | 39299 | 1312068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 8514 | 2736 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (67762) | (4241) | (97682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 801711 | 37794 | 1223346 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Service Class | Fidelity® VIP<br>Investment Grade<br>Bond Portfolio<br>Initial Class | Fidelity® VIP<br>Mid<br>Cap Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $184666 | $311635 | $24212 |
| Net realized gains (losses) | 926775 | (51613) | 642573 |
| Change in unrealized gains (losses) | 1696015 | 341062 | (28006) |
| Increase (decrease) in net assets from operations | 2807456 | 601084 | 638779 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1411848 | 582497 | 452762 |
| Benefits | (50977) | (36329) | (74440) |
| Payments on termination | (1097463) | (414688) | (330335) |
| Loans | (418946) | (86976) | (79395) |
| Policy maintenance charge | (950037) | (383851) | (278489) |
| Transfers among the sub-accounts and with the Fixed Account - net | (11626) | 292012 | 61245 |
| Increase (decrease) in net assets from policy transactions | (1117201) | (47335) | (248652) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1690255 | 553749 | 390127 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 16700607 | 8342069 | 5506893 |
| **NET ASSETS AT END OF PERIOD** | $18390862 | $8895818 | $5897020 |
| Accumulation Units outstanding at beginning of period | 296660 | 411918 | 134111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 9396 | 23809 | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (28398) | (26073) | (11105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 277658 | 409654 | 128508 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Overseas Portfolio<br>Initial Class | Fidelity® VIP<br>Real<br>Estate Portfolio<br>Initial Class | Fidelity® VIP<br>Value<br>Strategies Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $287384 | $66712 | $6478 |
| Net realized gains (losses) | 2334941 | 4197 | 26162 |
| Change in unrealized gains (losses) | 919611 | 31615 | 15339 |
| Increase (decrease) in net assets from operations | 3541936 | 102524 | 47979 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 771914 | 337755 | 58018 |
| Benefits | (127274) | (84374) |  |
| Payments on termination | (963305) | (187715) | (51616) |
| Loans | (502488) | (70477) | (5972) |
| Policy maintenance charge | (667975) | (173672) | (34233) |
| Transfers among the sub-accounts and with the Fixed Account - net | 96495 | 136645 | (73694) |
| Increase (decrease) in net assets from policy transactions | (1392633) | (41838) | (107497) |
| **INCREASE (DECREASE) IN NET ASSETS** | 2149303 | 60686 | (59518) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 17879611 | 3201391 | 654207 |
| **NET ASSETS AT END OF PERIOD** | $20028914 | $3262077 | $594689 |
| Accumulation Units outstanding at beginning of period | 478066 | 133383 | 15634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 13536 | 13547 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (45894) | (15109) | (3906) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 445708 | 131821 | 13161 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Franklin Templeton<br>Global Bond<br>VIP Fund Class 1 |<br>Franklin Templeton<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual Global<br>Discovery<br>VIP Fund Class 1 |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $67351 | $36605 |
| Net realized gains (losses) | (16651) | 14886 | 192464 |
| Change in unrealized gains (losses) | 175302 | 81269 | 146832 |
| Increase (decrease) in net assets from operations | 158651 | 163506 | 375901 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 97211 | 119653 | 146509 |
| Benefits | (904) | (1729) | (750) |
| Payments on termination | (60046) | (56500) | (162658) |
| Loans | (7649) | (14899) | (27150) |
| Policy maintenance charge | (54759) | (83223) | (93953) |
| Transfers among the sub-accounts and with the Fixed Account - net | 40713 | 27012 | 1977 |
| Increase (decrease) in net assets from policy transactions | 14566 | (9686) | (136025) |
| **INCREASE (DECREASE) IN NET ASSETS** | 173217 | 153820 | 239876 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 983471 | 1258577 | 1649701 |
| **NET ASSETS AT END OF PERIOD** | $1156688 | $1412397 | $1889577 |
| Accumulation Units outstanding at beginning of period | 71537 | 49354 | 58432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 6865 | 3673 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (5925) | (3958) | (6782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 72477 | 49069 | 54142 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Franklin Templeton<br>Mutual<br>Shares<br>VIP Fund Class 1 | Franklin Templeton<br>Small<br>Cap Value<br>VIP Fund Class 1 | Franklin Templeton<br>Small-Mid<br>Cap Growth<br>VIP Fund Class 1 |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $16702 | $25410 | $— |
| Net realized gains (losses) | 74836 | 152755 | 73508 |
| Change in unrealized gains (losses) | (8462) | (21946) | (32300) |
| Increase (decrease) in net assets from operations | 83076 | 156219 | 41208 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 48574 | 154505 | 130603 |
| Benefits | (744) | (1182) |  |
| Payments on termination | (32823) | (94236) | (93925) |
| Loans | (8333) | (10070) | (7943) |
| Policy maintenance charge | (33708) | (103461) | (75038) |
| Transfers among the sub-accounts and with the Fixed Account - net | 31218 | 54784 | (25465) |
| Increase (decrease) in net assets from policy transactions | 4184 | 340 | (71768) |
| **INCREASE (DECREASE) IN NET ASSETS** | 87260 | 156559 | (30560) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 706713 | 2054734 | 1597316 |
| **NET ASSETS AT END OF PERIOD** | $793973 | $2211293 | $1566756 |
| Accumulation Units outstanding at beginning of period | 26670 | 52935 | 35969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 2000 | 2780 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (1872) | (2920) | (3802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 26798 | 52795 | 34352 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Franklin Templeton<br>Strategic<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>U.S. Government<br>Securities<br>VIP Fund Class 1 | Invesco<br>V.I<br>International Growth<br>Fund Series I\* |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $37374 | $20806 | $8269 |
| Net realized gains (losses) | (3477) | (3807) | 208698 |
| Change in unrealized gains (losses) | 21830 | 23902 | 141625 |
| Increase (decrease) in net assets from operations | 55727 | 40901 | 358592 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 64817 | 35730 | 159803 |
| Benefits | (1249) |  | (3905) |
| Payments on termination | (10459) | (13783) | (168779) |
| Loans | (8526) | (4192) | (68553) |
| Policy maintenance charge | (39065) | (24202) | (99365) |
| Transfers among the sub-accounts and with the Fixed Account - net | 30360 | 15307 | 38254 |
| Increase (decrease) in net assets from policy transactions | 35878 | 8860 | (142545) |
| **INCREASE (DECREASE) IN NET ASSETS** | 91605 | 49761 | 216047 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 744577 | 579018 | 2238922 |
| **NET ASSETS AT END OF PERIOD** | $836182 | $628779 | $2454969 |
| Accumulation Units outstanding at beginning of period | 39895 | 42503 | 72369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 3307 | 2722 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (1494) | (2092) | (11424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 41708 | 43133 | 67456 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco<br>V.I<br>International Growth<br>Fund Series II\* |<br>Invesco V.I.<br>American<br>Franchise |<br>Invesco V.I.<br>American<br>Value |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $(7461) | $— | $85520 |
| Net realized gains (losses) | 81970 | 582560 | 3905500 |
| Change in unrealized gains (losses) | 87793 | (144539) | 467620 |
| Increase (decrease) in net assets from operations | 162302 | 438021 | 4458640 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 28431 | 130850 | 717725 |
| Benefits | (3158) | (585) | (161385) |
| Payments on termination | (315214) | (215735) | (1201758) |
| Loans | (33325) | (58533) | (354473) |
| Policy maintenance charge | (44319) | (119373) | (812503) |
| Transfers among the sub-accounts and with the Fixed Account - net | 7077 | (246406) | (497771) |
| Increase (decrease) in net assets from policy transactions | (360508) | (509782) | (2310165) |
| **INCREASE (DECREASE) IN NET ASSETS** | (198206) | (71761) | 2148475 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1293959 | 3968875 | 22839057 |
| **NET ASSETS AT END OF PERIOD** | $1095753 | $3897114 | $24987532 |
| Accumulation Units outstanding at beginning of period | 41722 | 71233 | 347121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1998 | 1562 | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (12924) | (10156) | (39072) |
| Accumulation Units outstanding at end of period | 30796 | 62639 | 313325 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Core Equity |<br>Invesco V.I.<br>Core Plus Bond<br>Fund - Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $6042 | $18263 | $— |
| Net realized gains (losses) | 79893 | 59 | 608590 |
| Change in unrealized gains (losses) | 51996 | 10601 | (293906) |
| Increase (decrease) in net assets from operations | 137931 | 28923 | 314684 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 37250 | 34952 | 258736 |
| Benefits | (1764) | (1256) | (43800) |
| Payments on termination | (23809) | (15766) | (242140) |
| Loans | (7236) | (1470) | (97434) |
| Policy maintenance charge | (37330) | (19924) | (207719) |
| Transfers among the sub-accounts and with the Fixed Account - net | (11310) | 15496 | 57876 |
| Increase (decrease) in net assets from policy transactions | (44199) | 12032 | (274481) |
| **INCREASE (DECREASE) IN NET ASSETS** | 93732 | 40955 | 40203 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 900224 | 404833 | 6789377 |
| **NET ASSETS AT END OF PERIOD** | $993956 | $445788 | $6829580 |
| Accumulation Units outstanding at beginning of period | 19849 | 38874 | 120049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 465 | 3049 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (1448) | (1950) | (8102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 18866 | 39973 | 115241 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series II |<br>Invesco V.I.<br>Equity and<br>Income |<br>Invesco V.I.<br>Global Fund -<br>Series I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $(6310) | $10486 | $— |
| Net realized gains (losses) | 186994 | 35357 | 383911 |
| Change in unrealized gains (losses) | (98372) | 19917 | (107173) |
| Increase (decrease) in net assets from operations | 82312 | 65760 | 276738 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 46472 | 58907 | 119127 |
| Benefits | (4781) | (716) | (2044) |
| Payments on termination | (89105) | (78912) | (116679) |
| Loans | (771) | (1010) | (34272) |
| Policy maintenance charge | (64012) | (38291) | (85160) |
| Transfers among the sub-accounts and with the Fixed Account - net | 16036 | (43670) | 24875 |
| Increase (decrease) in net assets from policy transactions | (96161) | (103692) | (94153) |
| **INCREASE (DECREASE) IN NET ASSETS** | (13849) | (37932) | 182585 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2008597 | 566148 | 1867568 |
| **NET ASSETS AT END OF PERIOD** | $1994748 | $528216 | $2050153 |
| Accumulation Units outstanding at beginning of period | 120554 | 52609 | 49832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 8818 | 2665 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (14553) | (11762) | (4222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 114819 | 43512 | 47436 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Global Fund -<br>Series II | Invesco<br>V.I. Global<br>Strategic Income -<br>Fund Series I |<br>Invesco V.I.<br>Government<br>Securities |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $20161 | $40789 |
| Net realized gains (losses) | 3196234 | (3329) | (10230) |
| Change in unrealized gains (losses) | (991663) | 28552 | 62262 |
| Increase (decrease) in net assets from operations | 2204571 | 45384 | 92821 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 618494 | 29022 | 135767 |
| Benefits | (25735) |  |  |
| Payments on termination | (689869) | (61819) | (61057) |
| Loans | (143977) | 54 | (10231) |
| Policy maintenance charge | (511448) | (18028) | (70664) |
| Transfers among the sub-accounts and with the Fixed Account - net | (81130) | 697 | (61111) |
| Increase (decrease) in net assets from policy transactions | (833665) | (50074) | (67296) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1370906 | (4690) | 25525 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 15233573 | 369523 | 1275536 |
| **NET ASSETS AT END OF PERIOD** | $16604479 | $364833 | $1301061 |
| Accumulation Units outstanding at beginning of period | 265433 | 23760 | 104884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 3219 | 1430 | 7291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (17098) | (4427) | (12536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 251554 | 20763 | 99639 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Growth and<br>Income Fund<br>Series I | Invesco V.I.<br>Growth and<br>Income Fund<br>Series II |<br>Invesco V.I.<br>High Yield |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $125555 | $53033 | $27771 |
| Net realized gains (losses) | 716742 | 481999 | (3723) |
| Change in unrealized gains (losses) | 415686 | 268434 | 1674 |
| Increase (decrease) in net assets from operations | 1257983 | 803466 | 25722 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 365676 | 126979 | 26973 |
| Benefits | (13871) | (40036) | (917) |
| Payments on termination | (437798) | (239742) | (39464) |
| Loans | (63040) | (90260) | (4113) |
| Policy maintenance charge | (304302) | (178560) | (25669) |
| Transfers among the sub-accounts and with the Fixed Account - net | 15687 | (31474) | 21480 |
| Increase (decrease) in net assets from policy transactions | (437648) | (453093) | (21710) |
| **INCREASE (DECREASE) IN NET ASSETS** | 820335 | 350373 | 4012 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 8363216 | 5608412 | 400266 |
| **NET ASSETS AT END OF PERIOD** | $9183551 | $5958785 | $404278 |
| Accumulation Units outstanding at beginning of period | 124224 | 108354 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 2546 | 1863 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (9026) | (10702) | (2766) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 117744 | 99515 | 21197 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Main Street<br>Fund® - Series I | Invesco V.I.<br>Main Street<br>Mid Cap<br>Fund - Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $6100 | $11042 | $72151 |
| Net realized gains (losses) | 64247 | 341578 | 1915631 |
| Change in unrealized gains (losses) | 92099 | (49380) | (648060) |
| Increase (decrease) in net assets from operations | 162446 | 303240 | 1339722 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 67700 | 146249 | 713564 |
| Benefits |  | (2835) | (48960) |
| Payments on termination | (94580) | (168408) | (1009575) |
| Loans | 5391 | (22695) | (122566) |
| Policy maintenance charge | (49094) | (118796) | (595751) |
| Transfers among the sub-accounts and with the Fixed Account - net | (742) | (25356) | 200657 |
| Increase (decrease) in net assets from policy transactions | (71325) | (191841) | (862631) |
| **INCREASE (DECREASE) IN NET ASSETS** | 91121 | 111399 | 477091 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1106407 | 3418482 | 16262537 |
| **NET ASSETS AT END OF PERIOD** | $1197528 | $3529881 | $16739628 |
| Accumulation Units outstanding at beginning of period | 47138 | 74707 | 183453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 1527 | 1927 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (4654) | (5986) | (15049) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 44011 | 70648 | 173377 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series II |<br>Janus Henderson<br>Balanced Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Balanced Portfolio<br>Service Shares |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $7357 | $823828 | $182590 |
| Net realized gains (losses) | 941485 | 3107734 | 786208 |
| Change in unrealized gains (losses) | (331471) | 2393683 | 511134 |
| Increase (decrease) in net assets from operations | 617371 | 6325245 | 1479932 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 177353 | 1626807 | 420951 |
| Benefits | (76975) | (331831) | (498036) |
| Payments on termination | (279339) | (1737174) | (522700) |
| Loans | (81251) | (477720) | (69778) |
| Policy maintenance charge | (259963) | (1990528) | (389184) |
| Transfers among the sub-accounts and with the Fixed Account - net | (17935) | 13918 | 94440 |
| Increase (decrease) in net assets from policy transactions | (538110) | (2896528) | (964307) |
| **INCREASE (DECREASE) IN NET ASSETS** | 79261 | 3428717 | 515625 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7587200 | 44459751 | 10784020 |
| **NET ASSETS AT END OF PERIOD** | $7666461 | $47888468 | $11299645 |
| Accumulation Units outstanding at beginning of period | 106931 | 519349 | 171182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 12574 | 11774 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (20172) | (46437) | (17801) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 99333 | 484686 | 156214 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Janus Henderson<br>Enterprise Portfolio<br>Institutional Shares | Janus Henderson<br>Flexible<br>Bond Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Forty Portfolio<br>Institutional Shares |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $(42671) | $298720 | $5946 |
| Net realized gains (losses) | 6219421 | (84957) | 2194868 |
| Change in unrealized gains (losses) | (1880206) | 195702 | 382255 |
| Increase (decrease) in net assets from operations | 4296544 | 409465 | 2583069 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1348794 | 312089 | 549755 |
| Benefits | (457797) | (72389) | (56633) |
| Payments on termination | (3628624) | (281703) | (572785) |
| Loans | (353486) | (27835) | (287100) |
| Policy maintenance charge | (1838924) | (314909) | (517621) |
| Transfers among the sub-accounts and with the Fixed Account - net | 305500 | 106623 | (129664) |
| Increase (decrease) in net assets from policy transactions | (4624537) | (278124) | (1014048) |
| **INCREASE (DECREASE) IN NET ASSETS** | (327993) | 131341 | 1569021 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 61833098 | 5753846 | 14808972 |
| **NET ASSETS AT END OF PERIOD** | $61505105 | $5885187 | $16377993 |
| Accumulation Units outstanding at beginning of period | 455351 | 188355 | 155650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 6298 | 7817 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Redeemed | (38709) | (15984) | (12687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 422940 | 180188 | 146386 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Global Research<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Service Shares | Janus Henderson<br>Global<br>Technology Portfolio<br>Institutional Shares |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $118395 | $8958 | $— |
| Net realized gains (losses) | 5677977 | 271721 | 498691 |
| Change in unrealized gains (losses) | 2306369 | 118696 | 160197 |
| Increase (decrease) in net assets from operations | 8102741 | 399375 | 658888 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1124915 | 68113 | 177551 |
| Benefits | (311836) | (41986) | (166399) |
| Payments on termination | (2297792) | (123138) | (153594) |
| Loans | (217431) | (2122) | (25647) |
| Policy maintenance charge | (1528881) | (60286) | (138484) |
| Transfers among the sub-accounts and with the Fixed Account - net | (260684) | 82390 | (134758) |
| Increase (decrease) in net assets from policy transactions | (3491709) | (77029) | (441331) |
| **INCREASE (DECREASE) IN NET ASSETS** | 4611032 | 322346 | 217557 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 41276672 | 2017216 | 2803979 |
| **NET ASSETS AT END OF PERIOD** | $45887704 | $2339562 | $3021536 |
| Accumulation Units outstanding at beginning of period | 621090 | 31965 | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5543 | 1535 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (52528) | (2759) | (4558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 574105 | 30741 | 21622 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Institutional Shares | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Service Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Institutional Shares |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $8181 | $38496 | $20606 |
| Net realized gains (losses) | 98222 | 586020 | 42641 |
| Change in unrealized gains (losses) | (42145) | (276582) | 299948 |
| Increase (decrease) in net assets from operations | 64258 | 347934 | 363195 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 86181 | 241930 | 110536 |
| Benefits | (713) | (25800) |  |
| Payments on termination | (40036) | (218032) | (113426) |
| Loans | (8965) | (6593) | (18284) |
| Policy maintenance charge | (53036) | (189813) | (68247) |
| Transfers among the sub-accounts and with the Fixed Account - net | 24695 | 95932 | (12619) |
| Increase (decrease) in net assets from policy transactions | 8126 | (102376) | (102040) |
| **INCREASE (DECREASE) IN NET ASSETS** | 72384 | 245558 | 261155 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 975120 | 5623276 | 1315481 |
| **NET ASSETS AT END OF PERIOD** | $1047504 | $5868834 | $1576636 |
| Accumulation Units outstanding at beginning of period | 28700 | 110171 | 93575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1674 | 3728 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (1424) | (5724) | (10014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 28950 | 108175 | 87025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Overseas<br>Portfolio<br>Service Shares | Janus Henderson<br>Research<br>Portfolio<br>Institutional Shares | Lazard Retirement<br>Emerging<br>Markets<br>Equity Portfolio |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $86099 | $(192004) | $45775 |
| Net realized gains (losses) | 91925 | 6949167 | 41670 |
| Change in unrealized gains (losses) | 1497364 | 3119219 | 485339 |
| Increase (decrease) in net assets from operations | 1675388 | 9876382 | 572784 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 295713 | 1146138 | 91235 |
| Benefits | (20944) | (330724) | (12814) |
| Payments on termination | (236871) | (2576241) | (60839) |
| Loans | (9423) | (141066) | (1355) |
| Policy maintenance charge | (244655) | (1788569) | (73170) |
| Transfers among the sub-accounts and with the Fixed Account - net | (130563) | (1008301) | (44537) |
| Increase (decrease) in net assets from policy transactions | (346743) | (4698763) | (101480) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1328645 | 5177619 | 471304 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 6022630 | 57675567 | 1399600 |
| **NET ASSETS AT END OF PERIOD** | $7351275 | $62853186 | $1870904 |
| Accumulation Units outstanding at beginning of period | 447476 | 514875 | 19544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 10392 | 1904 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (33056) | (43712) | (1828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 424812 | 473067 | 18428 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Legg Mason<br>ClearBridge Variable<br>Large Cap Value<br>Portfolio Class I | Legg Mason Western<br>Assets Variable<br>Global High Yield<br>Bond Portfolio Class I |<br>MFS® High<br>Yield Portfolio<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $57161 | $173125 | $110688 |
| Net realized gains (losses) | 484432 | (24330) | (10337) |
| Change in unrealized gains (losses) | 5659 | 92741 | 35661 |
| Increase (decrease) in net assets from operations | 547252 | 241536 | 136012 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 185404 | 133502 | 99700 |
| Benefits | (267) | (247) | (2580) |
| Payments on termination | (309155) | (74083) | (68112) |
| Loans | (91243) | (78133) | (17129) |
| Policy maintenance charge | (201569) | (99089) | (72239) |
| Transfers among the sub-accounts and with the Fixed Account - net | 74645 | 12734 | 35960 |
| Increase (decrease) in net assets from policy transactions | (342185) | (105316) | (24400) |
| **INCREASE (DECREASE) IN NET ASSETS** | 205067 | 136220 | 111612 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 5371122 | 2480350 | 1583317 |
| **NET ASSETS AT END OF PERIOD** | $5576189 | $2616570 | $1694929 |
| Accumulation Units outstanding at beginning of period | 104467 | 86888 | 97806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 16382 | 2463 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (22625) | (5991) | (5881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 98224 | 83360 | 96369 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>MFS® Investors<br>Trust<br>Series Initial Class | MFS® Mass<br>Investors Growth<br>Stock Portfolio<br>Initial Class |<br>MFS® New<br>Discovery<br>Series Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $112383 | $5048 | $— |
| Net realized gains (losses) | 3077028 | 280658 | (126454) |
| Change in unrealized gains (losses) | (2305327) | (108847) | 1745941 |
| Increase (decrease) in net assets from operations | 884084 | 176859 | 1619487 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 172434 | 60407 | 425201 |
| Benefits | (334482) | (806) | (97794) |
| Payments on termination | (299351) | (67281) | (534762) |
| Loans | (76599) | (12858) | (117562) |
| Policy maintenance charge | (229350) | (69399) | (443336) |
| Transfers among the sub-accounts and with the Fixed Account - net | (99827) | 13386 | 59964 |
| Increase (decrease) in net assets from policy transactions | (867175) | (76551) | (708289) |
| **INCREASE (DECREASE) IN NET ASSETS** | 16909 | 100308 | 911198 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7135030 | 1845199 | 12951347 |
| **NET ASSETS AT END OF PERIOD** | $7151939 | $1945507 | $13862545 |
| Accumulation Units outstanding at beginning of period | 106758 | 54193 | 127335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1610 | 866 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (14143) | (3068) | (8949) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 94225 | 51991 | 120655 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | MFS® Total<br>Return<br>Series Initial Class |<br>MFS® Utilities<br>Series Initial Class |<br>MFS® Value<br>Series Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $379514 | $104164 | $48498 |
| Net realized gains (losses) | 1099512 | 85662 | 260637 |
| Change in unrealized gains (losses) | 8370 | 310987 | 62110 |
| Increase (decrease) in net assets from operations | 1487396 | 500813 | 371245 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 522141 | 167201 | 102982 |
| Benefits | (71918) | (2657) |  |
| Payments on termination | (730282) | (86192) | (63034) |
| Loans | (128708) | (10135) | (7297) |
| Policy maintenance charge | (522114) | (138807) | (126897) |
| Transfers among the sub-accounts and with the Fixed Account - net | 56146 | 5990 | 5916 |
| Increase (decrease) in net assets from policy transactions | (874735) | (64600) | (88330) |
| **INCREASE (DECREASE) IN NET ASSETS** | 612661 | 436213 | 282915 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 13866862 | 3362838 | 2903864 |
| **NET ASSETS AT END OF PERIOD** | $14479523 | $3799051 | $3186779 |
| Accumulation Units outstanding at beginning of period | 266722 | 32942 | 50166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 3027 | 1337 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (19212) | (1921) | (2804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 250537 | 32358 | 48714 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>MFS® VIT<br>Growth Series<br>Initial Class | MFS® VIT<br>New Discovery<br>Series<br>Service Class |<br>MFS® VIT<br>Research Series<br>Initial Class |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $(4315) | $67357 |
| Net realized gains (losses) | 3266206 | (36231) | 1727200 |
| Change in unrealized gains (losses) | (1541752) | 109539 | (942976) |
| Increase (decrease) in net assets from operations | 1724454 | 68993 | 851581 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 268813 | 23783 | 81518 |
| Benefits | (50702) |  | (3033) |
| Payments on termination | (1008531) | (57436) | (129033) |
| Loans | (128740) | (12111) | (69562) |
| Policy maintenance charge | (454985) | (31825) | (141935) |
| Transfers among the sub-accounts and with the Fixed Account - net | 3684 | (7414) | (176) |
| Increase (decrease) in net assets from policy transactions | (1370461) | (85003) | (262221) |
| **INCREASE (DECREASE) IN NET ASSETS** | 353993 | (16010) | 589360 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 15465290 | 647039 | 6840905 |
| **NET ASSETS AT END OF PERIOD** | $15819283 | $631029 | $7430265 |
| Accumulation Units outstanding at beginning of period | 140787 | 13139 | 90729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1955 | 296 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (14386) | (1971) | (3829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 128356 | 11464 | 87324 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio Class I |<br>Morgan Stanley<br>VIF Growth<br>Portfolio Class I | Morningstar<br>Aggressive Growth<br>ETF Asset Allocation<br>Portfolio Class I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $2362 | $(11458) | $221250 |
| Net realized gains (losses) | 31027 | 336971 | 1483582 |
| Change in unrealized gains (losses) | 121533 | 2110352 | 1320155 |
| Increase (decrease) in net assets from operations | 154922 | 2435865 | 3024987 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 37662 | 204597 | 1498704 |
| Benefits |  | (41016) | (21868) |
| Payments on termination | (95252) | (628689) | (855371) |
| Loans | (15485) | (244024) | (336202) |
| Policy maintenance charge | (25475) | (231030) | (937548) |
| Transfers among the sub-accounts and with the Fixed Account - net | 75622 | (359069) | 67000 |
| Increase (decrease) in net assets from policy transactions | (22928) | (1299231) | (585285) |
| **INCREASE (DECREASE) IN NET ASSETS** | 131994 | 1136634 | 2439702 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 445729 | 7072728 | 15029924 |
| **NET ASSETS AT END OF PERIOD** | $577723 | $8209362 | $17469626 |
| Accumulation Units outstanding at beginning of period | 38096 | 62024 | 505073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 8897 | 3265 | 18405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (9857) | (12248) | (35618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 37136 | 53041 | 487860 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Growth ETF<br>Asset Allocation<br>Portfolio Class I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $299091 | $31355 | $415809 |
| Net realized gains (losses) | 1642496 | (1197) | 2099331 |
| Change in unrealized gains (losses) | 807 | 63095 | 1626887 |
| Increase (decrease) in net assets from operations | 1942394 | 93253 | 4142027 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1292291 | 129068 | 2340932 |
| Benefits | (90640) | (6658) | (65618) |
| Payments on termination | (655327) | (5146) | (1372928) |
| Loans | (370170) | (6925) | (268116) |
| Policy maintenance charge | (1052710) | (126316) | (1550631) |
| Transfers among the sub-accounts and with the Fixed Account - net | 268816 | 6217 | (36007) |
| Increase (decrease) in net assets from policy transactions | (607740) | (9760) | (952368) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1334654 | 83493 | 3189659 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 13249506 | 1037211 | 23218226 |
| **NET ASSETS AT END OF PERIOD** | $14584160 | $1120704 | $26407885 |
| Accumulation Units outstanding at beginning of period | 540745 | 61258 | 836505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 28513 | 3695 | 22655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (50296) | (4231) | (52705) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 518962 | 60722 | 806455 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Morningstar Income<br>and Growth ETF<br>Asset Allocation<br>Portfolio Class I | PIMCO VIT<br>Int. Bond<br>U.S. Dollar-Hedged<br>Admin. Shares |<br>PIMCO VIT Real<br>Return Portfolio<br>Admin. Shares |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $59429 | $101641 | $141225 |
| Net realized gains (losses) | 189965 | (14224) | (19379) |
| Change in unrealized gains (losses) | 1612 | 25657 | 196643 |
| Increase (decrease) in net assets from operations | 251006 | 113074 | 318489 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 294026 | 165296 | 234025 |
| Benefits |  | (32344) | (13280) |
| Payments on termination | (146791) | (133394) | (169520) |
| Loans | (24188) | 2797 | (2822) |
| Policy maintenance charge | (230408) | (155509) | (170704) |
| Transfers among the sub-accounts and with the Fixed Account - net | (20563) | 14335 | 87430 |
| Increase (decrease) in net assets from policy transactions | (127924) | (138819) | (34871) |
| **INCREASE (DECREASE) IN NET ASSETS** | 123082 | (25745) | 283618 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2208841 | 3004927 | 4088027 |
| **NET ASSETS AT END OF PERIOD** | $2331923 | $2979182 | $4371645 |
| Accumulation Units outstanding at beginning of period | 109921 | 114816 | 197938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5437 | 6029 | 9821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (11561) | (11591) | (11491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 103797 | 109254 | 196268 |

---

---

| | | | |
|:---|:---|:---|:---|
| | PIMCO VIT<br>Total Return<br>Portfolio<br>Admin. Shares |<br>Putnam<br>VT High Yield<br>Fund Class IA | Putnam<br>VT International<br>Value Fund<br>Class IA |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $528555 | $78250 | $10219 |
| Net realized gains (losses) | (127965) | (8181) | 26735 |
| Change in unrealized gains (losses) | 708542 | 32688 | 185257 |
| Increase (decrease) in net assets from operations | 1109132 | 102757 | 222211 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 681386 | 44705 | 25949 |
| Benefits | (99619) | (6) |  |
| Payments on termination | (538073) | (39403) | (9856) |
| Loans | (88667) | (5694) | 528 |
| Policy maintenance charge | (648254) | (49800) | (18985) |
| Transfers among the sub-accounts and with the Fixed Account - net | 277350 | 25385 | (34472) |
| Increase (decrease) in net assets from policy transactions | (415877) | (24813) | (36836) |
| **INCREASE (DECREASE) IN NET ASSETS** | 693255 | 77944 | 185375 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 12849049 | 1193616 | 644466 |
| **NET ASSETS AT END OF PERIOD** | $13542304 | $1271560 | $829841 |
| Accumulation Units outstanding at beginning of period | 552153 | 28525 | 15056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 20775 | 967 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (38916) | (1577) | (1562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 534012 | 27915 | 14353 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Putnam<br>VT International<br>Value Fund<br>Class IB | T. Rowe Price<br>All-Cap<br>Opportunities<br>Portfolio - I |<br>T. Rowe Price<br>Blue Chip Growth<br>Portfolio I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $34158 | $— | $— |
| Net realized gains (losses) | 170490 | 983108 | 1581110 |
| Change in unrealized gains (losses) | 692495 | (10488) | 195137 |
| Increase (decrease) in net assets from operations | 897143 | 972620 | 1776247 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 62497 | 106239 | 273441 |
| Benefits | (37420) | (300309) | (8520) |
| Payments on termination | (246909) | (254057) | (441574) |
| Loans | (8083) | (223792) | 220252 |
| Policy maintenance charge | (92738) | (162455) | (287530) |
| Transfers among the sub-accounts and with the Fixed Account - net | (41685) | (191862) | (367624) |
| Increase (decrease) in net assets from policy transactions | (364338) | (1026236) | (611555) |
| **INCREASE (DECREASE) IN NET ASSETS** | 532805 | (53616) | 1164692 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2688248 | 6713175 | 10052643 |
| **NET ASSETS AT END OF PERIOD** | $3221053 | $6659559 | $11217335 |
| Accumulation Units outstanding at beginning of period | 90564 | 58560 | 100844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 7713 | 515 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (17900) | (9126) | (9994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 80377 | 49949 | 94771 |

---

---

| | | | |
|:---|:---|:---|:---|
| | T. Rowe Price<br>Equity Income<br>Portfolio I | T. Rowe Price<br>International<br>Stock I | T. Rowe Price<br>Mid-Cap<br>Growth I |
| | 2025 | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $591358 | $86652 | $— |
| Net realized gains (losses) | 3915161 | 421835 | 1891684 |
| Change in unrealized gains (losses) | 344887 | 223061 | (1372688) |
| Increase (decrease) in net assets from operations | 4851406 | 731548 | 518996 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1217459 | 253552 | 337203 |
| Benefits | (62606) | (6697) | (147556) |
| Payments on termination | (1492451) | (51412) | (587848) |
| Loans | (258712) | 13882 | (71515) |
| Policy maintenance charge | (1216164) | (270234) | (464067) |
| Transfers among the sub-accounts and with the Fixed Account - net | 303832 | (95473) | (33456) |
| Increase (decrease) in net assets from policy transactions | (1508642) | (156382) | (967239) |
| **INCREASE (DECREASE) IN NET ASSETS** | 3342764 | 575166 | (448243) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 34705526 | 4049187 | 14747022 |
| **NET ASSETS AT END OF PERIOD** | $38048290 | $4624353 | $14298779 |
| Accumulation Units outstanding at beginning of period | 508573 | 133884 | 101933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 4079 | 9372 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (25113) | (14130) | (11600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 487539 | 129126 | 95450 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | |
|:---|:---|:---|
| | VanEck VIP<br>Emerging Markets<br>Fund Initial Class | VanEck VIP<br>Global Resources<br>Fund Initial Class |
| | 2025 | 2025 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| Net investment income (loss) | $35978 | $116390 |
| Net realized gains (losses) | (45456) | 22432 |
| Change in unrealized gains (losses) | 1297958 | 1305772 |
| Increase (decrease) in net assets from operations | 1288480 | 1444594 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |
| Deposits | 309776 | 260171 |
| Benefits | (14941) | (11031) |
| Payments on termination | (208530) | (150520) |
| Loans | (21872) | (12744) |
| Policy maintenance charge | (191039) | (182574) |
| Transfers among the sub-accounts and with the Fixed Account - net | (132607) | (137661) |
| Increase (decrease) in net assets from policy transactions | (259213) | (234359) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1029267 | 1210235 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 4410316 | 4051453 |
| **NET ASSETS AT END OF PERIOD** | $5439583 | $5261688 |
| Accumulation Units outstanding at beginning of period | 118267 | 127164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 2602 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (8597) | (9051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 112272 | 121006 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | AB VPS<br>Discovery Value<br>Portfolio -<br>Class A | AB VPS<br>International<br>Value<br>Class A | AB VPS<br>Relative Value<br>Portfolio -<br>Class A |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $8926 | $9188 | $12763 |
| Net realized gains (losses) | 52986 | 2434 | 41410 |
| Change in unrealized gains (losses) | 35623 | 4579 | 51455 |
| Increase (decrease) in net assets from operations | 97535 | 16201 | 105628 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 86284 | 36545 | 83840 |
| Benefits |  |  |  |
| Payments on termination | (34165) | (15310) | (61719) |
| Loans | (5524) | (4634) | (8802) |
| Policy maintenance charge | (53249) | (20434) | (53766) |
| Transfers among the sub-accounts and with the Fixed Account - net | 8742 | 21895 | 13453 |
| Increase (decrease) in net assets from policy transactions | 2088 | 18062 | (26994) |
| **INCREASE (DECREASE) IN NET ASSETS** | 99623 | 34263 | 78634 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 968321 | 312883 | 822026 |
| **NET ASSETS AT END OF PERIOD** | $1067944 | $347146 | $900660 |
| Accumulation Units outstanding at beginning of period | 27420 | 33009 | 22717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1530 | 4246 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (1463) | (2397) | (1893) |
| Accumulation Units outstanding at end of period | 27487 | 34858 | 22022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | AB VPS<br>Small Cap<br>Growth<br>Class A |<br>Alger<br>Balanced<br>Class I-2 | Alger<br>Capital<br>Appreciation<br>Class I-2 |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $3886 | $— | $— |
| Net realized gains (losses) | (29723) | 26278 | 1190693 |
| Change in unrealized gains (losses) | 303887 | 85293 | 17721294 |
| Increase (decrease) in net assets from operations | 278050 | 111571 | 18911987 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 148569 | 95726 | 1787287 |
| Benefits |  |  | (211766) |
| Payments on termination | (98609) | (66819) | (2228850) |
| Loans | (4074) | (12723) | (451496) |
| Policy maintenance charge | (83904) | (60577) | (1834561) |
| Transfers among the sub-accounts and with the Fixed Account - net | (3120) | 2339 | (1139675) |
| Increase (decrease) in net assets from policy transactions | (41138) | (42054) | (4079061) |
| **INCREASE (DECREASE) IN NET ASSETS** | 236912 | 69517 | 14832926 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1510280 | 677312 | 40806114 |
| **NET ASSETS AT END OF PERIOD** | $1747192 | $746829 | $55639040 |
| Accumulation Units outstanding at beginning of period | 32193 | 24811 | 407376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1462 | 1877 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (2263) | (3318) | (39816) |
| Accumulation Units outstanding at end of period | 31392 | 23370 | 372704 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Alger<br>Income & Growth<br>Class I-2 | Alger<br>Large Cap<br>Growth<br>Class I-2 | Alger<br>MidCap<br>Growth<br>Class I-2 |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $52615 | $— | $— |
| Net realized gains (losses) | 325069 | 389637 | (130703) |
| Change in unrealized gains (losses) | 1406801 | 7299319 | 7231592 |
| Increase (decrease) in net assets from operations | 1784485 | 7688956 | 7100889 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 219187 | 744674 | 1511377 |
| Benefits | (77207) | (84377) | (132003) |
| Payments on termination | (302708) | (885522) | (1525898) |
| Loans | (10525) | (107162) | (310430) |
| Policy maintenance charge | (315239) | (825535) | (1370260) |
| Transfers among the sub-accounts and with the Fixed Account - net | (8017) | (521252) | (336528) |
| Increase (decrease) in net assets from policy transactions | (494509) | (1679174) | (2163742) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1289976 | 6009782 | 4937147 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 8054873 | 18577075 | 34491346 |
| **NET ASSETS AT END OF PERIOD** | $9344849 | $24586857 | $39428493 |
| Accumulation Units outstanding at beginning of period | 115277 | 311471 | 526166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1035 | 1615 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (7283) | (24246) | (40588) |
| Accumulation Units outstanding at end of period | 109029 | 288840 | 492029 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Alger<br>SmallCap<br>Growth<br>Class I-2 | Allspring VT<br>Discovery SMID<br>Cap Growth<br>Fund |<br>Allspring VT<br>Opportunity<br>FundSM |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $29948 | $— | $5182 |
| Net realized gains (losses) | (227406) | (9198) | 1194130 |
| Change in unrealized gains (losses) | 800328 | 1217374 | 308560 |
| Increase (decrease) in net assets from operations | 602870 | 1208176 | 1507872 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 240256 | 205268 | 286194 |
| Benefits | (82926) | (21099) | (79881) |
| Payments on termination | (190955) | (271771) | (297946) |
| Loans | (94335) | (9888) | (59558) |
| Policy maintenance charge | (291834) | (248699) | (350653) |
| Transfers among the sub-accounts and with the Fixed Account - net | 6552 | (12057) | (202396) |
| Increase (decrease) in net assets from policy transactions | (413242) | (358246) | (704240) |
| **INCREASE (DECREASE) IN NET ASSETS** | 189628 | 849930 | 803632 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7674456 | 6804344 | 10192161 |
| **NET ASSETS AT END OF PERIOD** | $7864084 | $7654274 | $10995793 |
| Accumulation Units outstanding at beginning of period | 162062 | 113652 | 183245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 2946 | 841 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (11429) | (6269) | (12529) |
| Accumulation Units outstanding at end of period | 153579 | 108224 | 171836 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>DWS Core Equity<br>VIP Class A |<br>DWS CROCI®<br>International<br>VIP Class A | DWS<br>Equity 500<br>Index VIP<br>Class A |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $27507 | $62363 | $79124 |
| Net realized gains (losses) | 218323 | (9500) | 562267 |
| Change in unrealized gains (losses) | 342980 | (6729) | 780140 |
| Increase (decrease) in net assets from operations | 588810 | 46134 | 1421531 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 84683 | 95157 | 176527 |
| Benefits | (6172) | (36073) | (17053) |
| Payments on termination | (126466) | (63625) | (303868) |
| Loans | (2784) | (11179) | (2047) |
| Policy maintenance charge | (119669) | (73070) | (176513) |
| Transfers among the sub-accounts and with the Fixed Account - net | (21082) | 61092 | (105376) |
| Increase (decrease) in net assets from policy transactions | (191490) | (27698) | (428330) |
| **INCREASE (DECREASE) IN NET ASSETS** | 397320 | 18436 | 993201 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 3009775 | 1834163 | 5952548 |
| **NET ASSETS AT END OF PERIOD** | $3407095 | $1852599 | $6945749 |
| Accumulation Units outstanding at beginning of period | 52538 | 98305 | 72424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 247 | 4904 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (3258) | (6294) | (5160) |
| Accumulation Units outstanding at end of period | 49527 | 96915 | 67810 |

---

---

| | | | |
|:---|:---|:---|:---|
| | DWS<br>Global Income<br>Builder VIP<br>Class A II |<br>DWS Global<br>Small Cap<br>VIP Class A | DWS<br>Small Cap<br>Index VIP<br>Class A |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $139718 | $60623 | $19536 |
| Net realized gains (losses) | 12600 | 126123 | 51206 |
| Change in unrealized gains (losses) | 199176 | 61131 | 112211 |
| Increase (decrease) in net assets from operations | 351494 | 247877 | 182953 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 167220 | 175502 | 66367 |
| Benefits | (56916) | (16427) | (3895) |
| Payments on termination | (190384) | (354073) | (46453) |
| Loans | 5896 | (27024) | 1631 |
| Policy maintenance charge | (176659) | (160763) | (48244) |
| Transfers among the sub-accounts and with the Fixed Account - net | 60466 | 70414 | 26395 |
| Increase (decrease) in net assets from policy transactions | (190377) | (312371) | (4199) |
| **INCREASE (DECREASE) IN NET ASSETS** | 161117 | (64494) | 178754 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 3970284 | 4520320 | 1561678 |
| **NET ASSETS AT END OF PERIOD** | $4131401 | $4455826 | $1740432 |
| Accumulation Units outstanding at beginning of period | 150526 | 78599 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 4706 | 2326 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (11698) | (7670) | (1139) |
| Accumulation Units outstanding at end of period | 143534 | 73255 | 22342 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Federated Hermes<br>Fund for<br>U.S. Government<br>Securities II | Federated Hermes<br>High<br>Income Bond<br>Fund II Class P | Federated Hermes<br>Managed<br>Volatility<br>Fund II Class P |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $149334 | $349532 | $56894 |
| Net realized gains (losses) | (55581) | (56650) | 1708 |
| Change in unrealized gains (losses) | (69938) | 97057 | 344415 |
| Increase (decrease) in net assets from operations | 23815 | 389939 | 403017 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 285504 | 257703 | 110966 |
| Benefits | (15727) | (18343) | (826) |
| Payments on termination | (182022) | (242555) | (232507) |
| Loans | (55095) | (65587) | (5180) |
| Policy maintenance charge | (273955) | (287481) | (138448) |
| Transfers among the sub-accounts and with the Fixed Account - net | 250235 | 166117 | (40517) |
| Increase (decrease) in net assets from policy transactions | 8940 | (190146) | (306512) |
| **INCREASE (DECREASE) IN NET ASSETS** | 32755 | 199793 | 96505 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 4414804 | 6506362 | 2770767 |
| **NET ASSETS AT END OF PERIOD** | $4447559 | $6706155 | $2867272 |
| Accumulation Units outstanding at beginning of period | 205502 | 163363 | 85946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 14301 | 6073 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (13767) | (10743) | (14505) |
| Accumulation Units outstanding at end of period | 206036 | 158693 | 76643 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Fidelity® VIP<br>Asset<br>Manager 50% Portfolio<br>Initial Class | Fidelity® VIP<br>ContrafundSM<br>Portfolio<br>Initial Class | Fidelity® VIP<br>Emerging<br>Markets Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $225709 | $34507 | $18522 |
| Net realized gains (losses) | 123791 | 20916625 | 6769 |
| Change in unrealized gains (losses) | 467672 | 16291689 | 94527 |
| Increase (decrease) in net assets from operations | 817172 | 37242821 | 119818 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 447573 | 4109251 | 127111 |
| Benefits | (74985) | (782289) |  |
| Payments on termination | (342240) | (6120378) | (71732) |
| Loans | (25553) | (1009334) | 230 |
| Policy maintenance charge | (467771) | (4759359) | (72743) |
| Transfers among the sub-accounts and with the Fixed Account - net | 40940 | (2436877) | 48765 |
| Increase (decrease) in net assets from policy transactions | (422036) | (10998986) | 31631 |
| **INCREASE (DECREASE) IN NET ASSETS** | 395136 | 26243835 | 151449 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 10236286 | 114308276 | 1158485 |
| **NET ASSETS AT END OF PERIOD** | $10631422 | $140552111 | $1309934 |
| Accumulation Units outstanding at beginning of period | 251665 | 1220915 | 65149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5984 | 6176 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (15523) | (104599) | (4357) |
| Accumulation Units outstanding at end of period | 242126 | 1122492 | 66947 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Fidelity® VIP<br>Equity-Income<br>PortfolioSM<br>Initial Class | Fidelity® VIP<br>Government Money<br>Market Portfolio<br>Initial Class | Fidelity® VIP<br>Growth<br>& Income Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $767529 | $1652911 | $28451 |
| Net realized gains (losses) | 3672558 |  | 214638 |
| Change in unrealized gains (losses) | 2570270 |  | 143342 |
| Increase (decrease) in net assets from operations | 7010357 | 1652911 | 386431 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1787748 | 2595466 | 186755 |
| Benefits | (535161) | (132085) | (138) |
| Payments on termination | (2761125) | (3712598) | (113188) |
| Loans | (209408) | (346817) | (99144) |
| Policy maintenance charge | (1954108) | (2376087) | (123776) |
| Transfers among the sub-accounts and with the Fixed Account - net | 81687 | 11080215 | 45704 |
| Increase (decrease) in net assets from policy transactions | (3590367) | 7108094 | (103787) |
| **INCREASE (DECREASE) IN NET ASSETS** | 3419990 | 8761005 | 282644 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 47487548 | 31720560 | 1775136 |
| **NET ASSETS AT END OF PERIOD** | $50907538 | $40481565 | $2057780 |
| Accumulation Units outstanding at beginning of period | 761641 | 1991658 | 46639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 9940 | 870611 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (59117) | (443788) | (5630) |
| Accumulation Units outstanding at end of period | 712464 | 2418481 | 44238 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Growth Portfolio<br>Initial Class | Fidelity® VIP<br>High<br>Income Portfolio<br>Initial Class |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $(259138) | $54634 | $1287327 |
| Net realized gains (losses) | 26763113 | (5249) | 4837733 |
| Change in unrealized gains (losses) | 301506 | 25184 | 16706200 |
| Increase (decrease) in net assets from operations | 26805481 | 74569 | 22831260 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 2427978 | 94194 | 2777205 |
| Benefits | (960014) | (124) | (595100) |
| Payments on termination | (4190551) | (57432) | (4563833) |
| Loans | (910434) | (1607) | (849257) |
| Policy maintenance charge | (3383437) | (55014) | (3336834) |
| Transfers among the sub-accounts and with the Fixed Account - net | (770248) | 53570 | 254054 |
| Increase (decrease) in net assets from policy transactions | (7786706) | 33587 | (6313765) |
| **INCREASE (DECREASE) IN NET ASSETS** | 19018775 | 108156 | 16517495 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 91737364 | 805460 | 94208337 |
| **NET ASSETS AT END OF PERIOD** | $110756139 | $913616 | $110725832 |
| Accumulation Units outstanding at beginning of period | 928254 | 37755 | 1395550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 6228 | 4169 | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (73523) | (2625) | (92421) |
| Accumulation Units outstanding at end of period | 860959 | 39299 | 1312068 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Index 500 Portfolio<br>Service Class | Fidelity® VIP<br>Investment Grade<br>Bond Portfolio<br>Initial Class | Fidelity® VIP<br>Mid<br>Cap Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $186079 | $289924 | $29355 |
| Net realized gains (losses) | 740291 | (57160) | 770139 |
| Change in unrealized gains (losses) | 2482631 | (84311) | 62884 |
| Increase (decrease) in net assets from operations | 3409001 | 148453 | 862378 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1569186 | 611549 | 480867 |
| Benefits | (64) | (27700) | (349) |
| Payments on termination | (959583) | (369525) | (331301) |
| Loans | (145499) | (54527) | (51800) |
| Policy maintenance charge | (986867) | (379752) | (302033) |
| Transfers among the sub-accounts and with the Fixed Account - net | (184158) | 391616 | (261798) |
| Increase (decrease) in net assets from policy transactions | (706985) | 171661 | (466414) |
| **INCREASE (DECREASE) IN NET ASSETS** | 2702016 | 320114 | 395964 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 13998591 | 8021955 | 5110929 |
| **NET ASSETS AT END OF PERIOD** | $16700607 | $8342069 | $5506893 |
| Accumulation Units outstanding at beginning of period | 310263 | 403742 | 146240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 15674 | 33885 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (29277) | (25709) | (16941) |
| Accumulation Units outstanding at end of period | 296660 | 411918 | 134111 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>Fidelity® VIP<br>Overseas Portfolio<br>Initial Class | Fidelity® VIP<br>Real<br>Estate Portfolio<br>Initial Class | Fidelity® VIP<br>Value<br>Strategies Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $279099 | $127715 | $6728 |
| Net realized gains (losses) | 1254040 | 5231 | 107496 |
| Change in unrealized gains (losses) | (635546) | 76824 | (59866) |
| Increase (decrease) in net assets from operations | 897593 | 209770 | 54358 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 815948 | 355270 | 70558 |
| Benefits | (64623) |  | (2313) |
| Payments on termination | (1070941) | (208009) | (71024) |
| Loans | (113533) | (51962) | (15477) |
| Policy maintenance charge | (703626) | (184183) | (38465) |
| Transfers among the sub-accounts and with the Fixed Account - net | 256497 | 89386 | 36391 |
| Increase (decrease) in net assets from policy transactions | (880278) | 502 | (20330) |
| **INCREASE (DECREASE) IN NET ASSETS** | 17315 | 210272 | 34028 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 17862296 | 2991119 | 620179 |
| **NET ASSETS AT END OF PERIOD** | $17879611 | $3201391 | $654207 |
| Accumulation Units outstanding at beginning of period | 500762 | 132753 | 16214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 12567 | 11044 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (35263) | (10414) | (2817) |
| Accumulation Units outstanding at end of period | 478066 | 133383 | 15634 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Franklin Templeton<br>Global Bond<br>VIP Fund Class 1 |<br>Franklin Templeton<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>Mutual Global<br>Discovery<br>VIP Fund Class 1 |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $— | $63767 | $31407 |
| Net realized gains (losses) | (32620) | 4771 | 121151 |
| Change in unrealized gains (losses) | (89476) | 20360 | (76959) |
| Increase (decrease) in net assets from operations | (122096) | 88898 | 75599 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 106774 | 123692 | 156507 |
| Benefits |  |  |  |
| Payments on termination | (162404) | (90002) | (93002) |
| Loans | 25304 | (1500) | (1738) |
| Policy maintenance charge | (57673) | (86427) | (96204) |
| Transfers among the sub-accounts and with the Fixed Account - net | 126978 | 20576 | 64223 |
| Increase (decrease) in net assets from policy transactions | 38979 | (33661) | 29786 |
| **INCREASE (DECREASE) IN NET ASSETS** | (83117) | 55237 | 105385 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1066588 | 1203340 | 1544316 |
| **NET ASSETS AT END OF PERIOD** | $983471 | $1258577 | $1649701 |
| Accumulation Units outstanding at beginning of period | 68950 | 50708 | 57426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 11872 | 2886 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (9285) | (4240) | (3288) |
| Accumulation Units outstanding at end of period | 71537 | 49354 | 58432 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Franklin Templeton<br>Mutual<br>Shares<br>VIP Fund Class 1 | Franklin Templeton<br>Small<br>Cap Value<br>VIP Fund Class 1 | Franklin Templeton<br>Small-Mid<br>Cap Growth<br>VIP Fund Class 1 |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $15776 | $21495 | $— |
| Net realized gains (losses) | 16881 | 40631 | (4905) |
| Change in unrealized gains (losses) | 45882 | 164790 | 177172 |
| Increase (decrease) in net assets from operations | 78539 | 226916 | 172267 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 51131 | 159463 | 136042 |
| Benefits | (4675) |  | (2332) |
| Payments on termination | (44383) | (81619) | (163344) |
| Loans | (25020) | (32449) | (2788) |
| Policy maintenance charge | (34524) | (111117) | (81079) |
| Transfers among the sub-accounts and with the Fixed Account - net | 12907 | 27834 | (89638) |
| Increase (decrease) in net assets from policy transactions | (44564) | (37888) | (203139) |
| **INCREASE (DECREASE) IN NET ASSETS** | 33975 | 189028 | (30872) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 672738 | 1865706 | 1628188 |
| **NET ASSETS AT END OF PERIOD** | $706713 | $2054734 | $1597316 |
| Accumulation Units outstanding at beginning of period | 28307 | 53838 | 40812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1529 | 2906 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (3166) | (3809) | (6723) |
| Accumulation Units outstanding at end of period | 26670 | 52935 | 35969 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Franklin Templeton<br>Strategic<br>Income<br>VIP Fund Class 1 | Franklin Templeton<br>U.S. Government<br>Securities<br>VIP Fund Class 1 | Invesco<br>V.I<br>International Growth<br>Fund Series I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $31779 | $17706 | $15288 |
| Net realized gains (losses) | (14716) | (5763) | 152131 |
| Change in unrealized gains (losses) | 12917 | (3551) | (201414) |
| Increase (decrease) in net assets from operations | 29980 | 8392 | (33995) |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 69041 | 37963 | 168633 |
| Benefits | (620) |  | (3577) |
| Payments on termination | (67970) | (29369) | (200966) |
| Loans | (37812) | (4865) | (792) |
| Policy maintenance charge | (40862) | (25304) | (106375) |
| Transfers among the sub-accounts and with the Fixed Account - net | 58203 | 60691 | 46923 |
| Increase (decrease) in net assets from policy transactions | (20020) | 39116 | (96154) |
| **INCREASE (DECREASE) IN NET ASSETS** | 9960 | 47508 | (130149) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 734617 | 531510 | 2369071 |
| **NET ASSETS AT END OF PERIOD** | $744577 | $579018 | $2238922 |
| Accumulation Units outstanding at beginning of period | 41064 | 39602 | 76118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 4537 | 5703 | 5836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (5706) | (2802) | (9585) |
| Accumulation Units outstanding at end of period | 39895 | 42503 | 72369 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco<br>V.I<br>International Growth<br>Fund Series II |<br>Invesco V.I.<br>American<br>Franchise |<br>Invesco V.I.<br>American<br>Value |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $(5129) | $— | $190892 |
| Net realized gains (losses) | 88808 | 104145 | 614887 |
| Change in unrealized gains (losses) | (117309) | 973992 | 4734449 |
| Increase (decrease) in net assets from operations | (33630) | 1078137 | 5540228 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 36949 | 142070 | 741287 |
| Benefits | (136380) | (5042) | (214955) |
| Payments on termination | (44225) | (184636) | (1096224) |
| Loans | (11546) | (23873) | (138050) |
| Policy maintenance charge | (58689) | (118480) | (815686) |
| Transfers among the sub-accounts and with the Fixed Account - net | 461 | (93127) | (200681) |
| Increase (decrease) in net assets from policy transactions | (213430) | (283088) | (1724309) |
| **INCREASE (DECREASE) IN NET ASSETS** | (247060) | 795049 | 3815919 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1541019 | 3173826 | 19023138 |
| **NET ASSETS AT END OF PERIOD** | $1293959 | $3968875 | $22839057 |
| Accumulation Units outstanding at beginning of period | 48445 | 76837 | 375732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 2065 | 1313 | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (8788) | (6917) | (37845) |
| Accumulation Units outstanding at end of period | 41722 | 71233 | 347121 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Core Equity |<br>Invesco V.I.<br>Core Plus Bond<br>Fund - Series I | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $5931 | $15868 | $— |
| Net realized gains (losses) | 75496 | (666) | 37549 |
| Change in unrealized gains (losses) | 104317 | (1626) | 1364332 |
| Increase (decrease) in net assets from operations | 185744 | 13576 | 1401881 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 39574 | 38652 | 271269 |
| Benefits |  |  | (75546) |
| Payments on termination | (18967) | (64913) | (215567) |
| Loans | (1106) | (1698) | (43060) |
| Policy maintenance charge | (35672) | (23005) | (216057) |
| Transfers among the sub-accounts and with the Fixed Account - net | (6421) | 78749 | (171327) |
| Increase (decrease) in net assets from policy transactions | (22592) | 27785 | (450288) |
| **INCREASE (DECREASE) IN NET ASSETS** | 163152 | 41361 | 951593 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 737072 | 363472 | 5837784 |
| **NET ASSETS AT END OF PERIOD** | $900224 | $404833 | $6789377 |
| Accumulation Units outstanding at beginning of period | 20413 | 35970 | 128236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 351 | 9348 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (915) | (6444) | (9949) |
| Accumulation Units outstanding at end of period | 19849 | 38874 | 120049 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Discovery Mid Cap<br>Growth Fund -<br>Series II |<br>Invesco V.I.<br>Equity and<br>Income |<br>Invesco V.I.<br>Global Fund -<br>Series I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $(6607) | $9867 | $— |
| Net realized gains (losses) | (30311) | 22095 | 147365 |
| Change in unrealized gains (losses) | 440385 | 7598 | 131222 |
| Increase (decrease) in net assets from operations | 403467 | 39560 | 278587 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 60852 | 46229 | 132940 |
| Benefits | (43773) |  | (3228) |
| Payments on termination | (99797) | (13516) | (169691) |
| Loans | (13142) | (16756) | (77356) |
| Policy maintenance charge | (74452) | (27588) | (90875) |
| Transfers among the sub-accounts and with the Fixed Account - net | (20398) | 538219 | 22980 |
| Increase (decrease) in net assets from policy transactions | (190710) | 526588 | (185230) |
| **INCREASE (DECREASE) IN NET ASSETS** | 212757 | 566148 | 93357 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 1795840 |  | 1774211 |
| **NET ASSETS AT END OF PERIOD** | $2008597 | $566148 | $1867568 |
| Accumulation Units outstanding at beginning of period | 133163 |  | 54947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 6411 | 56019 | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (19020) | (3410) | (8404) |
| Accumulation Units outstanding at end of period | 120554 | 52609 | 49832 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Global Fund -<br>Series II | Invesco<br>V.I. Global<br>Strategic Income -<br>Fund Series I |<br>Invesco V.I.<br>Government<br>Securities |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $— | $11049 | $32416 |
| Net realized gains (losses) | 1077890 | (796) | (15109) |
| Change in unrealized gains (losses) | 1098917 | 767 | 5466 |
| Increase (decrease) in net assets from operations | 2176807 | 11020 | 22773 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 633175 | 31984 | 138797 |
| Benefits | (71001) |  | (3329) |
| Payments on termination | (699079) | (2134) | (58665) |
| Loans | (82232) | 58 | 4672 |
| Policy maintenance charge | (515385) | (18622) | (68804) |
| Transfers among the sub-accounts and with the Fixed Account - net | (238121) | 20295 | (22259) |
| Increase (decrease) in net assets from policy transactions | (972643) | 31581 | (9588) |
| **INCREASE (DECREASE) IN NET ASSETS** | 1204164 | 42601 | 13185 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 14029409 | 326922 | 1262351 |
| **NET ASSETS AT END OF PERIOD** | $15233573 | $369523 | $1275536 |
| Accumulation Units outstanding at beginning of period | 283034 | 21685 | 105584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 2260 | 2391 | 12365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (19861) | (316) | (13065) |
| Accumulation Units outstanding at end of period | 265433 | 23760 | 104884 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Growth and<br>Income Fund<br>Series I | Invesco V.I.<br>Growth and<br>Income Fund<br>Series II |<br>Invesco V.I.<br>High Yield |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $125917 | $53568 | $22184 |
| Net realized gains (losses) | 633712 | 391735 | (1808) |
| Change in unrealized gains (losses) | 506614 | 351497 | 8999 |
| Increase (decrease) in net assets from operations | 1266243 | 796800 | 29375 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 381406 | 139399 | 25646 |
| Benefits | (18112) | (8830) | (1002) |
| Payments on termination | (432045) | (280631) | (7594) |
| Loans | (272921) | (112652) | (625) |
| Policy maintenance charge | (304520) | (196431) | (23799) |
| Transfers among the sub-accounts and with the Fixed Account - net | 11815 | (50088) | (705) |
| Increase (decrease) in net assets from policy transactions | (634377) | (509233) | (8079) |
| **INCREASE (DECREASE) IN NET ASSETS** | 631866 | 287567 | 21296 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7731350 | 5320845 | 378970 |
| **NET ASSETS AT END OF PERIOD** | $8363216 | $5608412 | $400266 |
| Accumulation Units outstanding at beginning of period | 132403 | 118406 | 22845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 6007 | 2643 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (14186) | (12695) | (1607) |
| Accumulation Units outstanding at end of period | 124224 | 108354 | 22398 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Invesco V.I.<br>Main Street<br>Fund® - Series I | Invesco V.I.<br>Main Street<br>Mid Cap<br>Fund - Series I | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $— | $10941 | $— |
| Net realized gains (losses) | 102908 | 75346 | 897312 |
| Change in unrealized gains (losses) | 116804 | 428620 | 996077 |
| Increase (decrease) in net assets from operations | 219712 | 514907 | 1893389 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 76929 | 155567 | 746159 |
| Benefits |  | (24187) | (42178) |
| Payments on termination | (101517) | (149218) | (955094) |
| Loans | 26448 | (14622) | (125882) |
| Policy maintenance charge | (53976) | (119482) | (612302) |
| Transfers among the sub-accounts and with the Fixed Account - net | (7559) | (12758) | (38092) |
| Increase (decrease) in net assets from policy transactions | (59675) | (164700) | (1027389) |
| **INCREASE (DECREASE) IN NET ASSETS** | 160037 | 350207 | 866000 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 946370 | 3068275 | 15396537 |
| **NET ASSETS AT END OF PERIOD** | $1106407 | $3418482 | $16262537 |
| Accumulation Units outstanding at beginning of period | 49853 | 78498 | 198503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1242 | 2346 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (3957) | (6137) | (20156) |
| Accumulation Units outstanding at end of period | 47138 | 74707 | 183453 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Invesco V.I.<br>Main Street Small<br>Cap Fund® -<br>Series II |<br>Janus Henderson<br>Balanced Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Balanced Portfolio<br>Service Shares |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $(10936) | $798366 | $182317 |
| Net realized gains (losses) | 468638 | 991822 | 219084 |
| Change in unrealized gains (losses) | 373435 | 4209294 | 1030031 |
| Increase (decrease) in net assets from operations | 831137 | 5999482 | 1431432 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 185984 | 1707027 | 462946 |
| Benefits | (63001) | (196812) | (23926) |
| Payments on termination | (516646) | (1304821) | (461123) |
| Loans | (5796) | (181026) | (29965) |
| Policy maintenance charge | (279893) | (2020067) | (405282) |
| Transfers among the sub-accounts and with the Fixed Account - net | 44852 | 207604 | 216316 |
| Increase (decrease) in net assets from policy transactions | (634500) | (1788095) | (241034) |
| **INCREASE (DECREASE) IN NET ASSETS** | 196637 | 4211387 | 1190398 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 7390563 | 40248364 | 9593622 |
| **NET ASSETS AT END OF PERIOD** | $7587200 | $44459751 | $10784020 |
| Accumulation Units outstanding at beginning of period | 117050 | 538324 | 175352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 13019 | 11645 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (23138) | (30620) | (9124) |
| Accumulation Units outstanding at end of period | 106931 | 519349 | 171182 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| |<br>Janus Henderson<br>Enterprise Portfolio<br>Institutional Shares | Janus Henderson<br>Flexible<br>Bond Portfolio<br>Institutional Shares |<br>Janus Henderson<br>Forty Portfolio<br>Institutional Shares |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (loss) | $280367 | $274245 | $9172 |
| Net realized gains (losses) | 3970485 | (82095) | 1254834 |
| Change in unrealized gains (losses) | 4310038 | (86431) | 2187163 |
| Increase (decrease) in net assets from operations | 8560890 | 105719 | 3451169 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1356618 | 334091 | 572015 |
| Benefits | (314494) | (63416) | (138719) |
| Payments on termination | (3456167) | (186482) | (687119) |
| Loans | (317656) | (23972) | (112493) |
| Policy maintenance charge | (1924885) | (319924) | (518675) |
| Transfers among the sub-accounts and with the Fixed Account - net | 164434 | 232060 | (395195) |
| Increase (decrease) in net assets from policy transactions | (4492150) | (27643) | (1280186) |
| **INCREASE (DECREASE) IN NET ASSETS** | 4068740 | 78076 | 2170983 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 57764358 | 5675770 | 12637989 |
| **NET ASSETS AT END OF PERIOD** | $61833098 | $5753846 | $14808972 |
| Accumulation Units outstanding at beginning of period | 489789 | 189532 | 170954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 4787 | 14563 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (39225) | (15740) | (20422) |
| Accumulation Units outstanding at end of period | 455351 | 188355 | 155650 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Global Research<br>Portfolio<br>Institutional Shares | Janus Henderson<br>Global Research<br>Portfolio<br>Service Shares | Janus Henderson<br>Global<br>Technology Portfolio<br>Institutional Shares |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $175751 | $11740 | $— |
| Net realized gains (losses) | 2658186 | 117401 | 121308 |
| Change in unrealized gains (losses) | 5269270 | 269170 | 598603 |
| Increase (decrease) in net assets from operations | 8103207 | 398311 | 719911 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1200051 | 70156 | 185376 |
| Benefits | (211389) |  |  |
| Payments on termination | (1613833) | (101393) | (149968) |
| Loans | (244279) | 2572 | (51966) |
| Policy maintenance charge | (1541499) | (61721) | (143088) |
| Transfers among the sub-accounts and with the Fixed Account - net | (158898) | (4678) | (40052) |
| Increase (decrease) in net assets from policy transactions | (2569847) | (95064) | (199698) |
| **INCREASE (DECREASE) IN NET ASSETS** | 5533360 | 303247 | 520213 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 35743312 | 1713969 | 2283766 |
| **NET ASSETS AT END OF PERIOD** | $41276672 | $2017216 | $2803979 |
| Accumulation Units outstanding at beginning of period | 661739 | 33479 | 27019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 4076 | 390 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (44725) | (1904) | (3360) |
| Accumulation Units outstanding at end of period | 621090 | 31965 | 25112 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Institutional Shares | Janus Henderson<br>Mid Cap<br>Value Portfolio<br>Service Shares | Janus Henderson<br>Overseas<br>Portfolio<br>Institutional Shares |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $9336 | $47198 | $18315 |
| Net realized gains (losses) | 61170 | 370151 | 18777 |
| Change in unrealized gains (losses) | 46617 | 262856 | 35585 |
| Increase (decrease) in net assets from operations | 117123 | 680205 | 72677 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 93085 | 261933 | 116180 |
| Benefits | (3002) | (68235) |  |
| Payments on termination | (47921) | (244345) | (87262) |
| Loans | (24306) | (13119) | 90 |
| Policy maintenance charge | (57463) | (209266) | (68552) |
| Transfers among the sub-accounts and with the Fixed Account - net | 9088 | (37696) | 58639 |
| Increase (decrease) in net assets from policy transactions | (30519) | (310728) | 19095 |
| **INCREASE (DECREASE) IN NET ASSETS** | 86604 | 369477 | 91772 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 888516 | 5253799 | 1223709 |
| **NET ASSETS AT END OF PERIOD** | $975120 | $5623276 | $1315481 |
| Accumulation Units outstanding at beginning of period | 29579 | 116110 | 92127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 1667 | 3538 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (2546) | (9477) | (6052) |
| Accumulation Units outstanding at end of period | 28700 | 110171 | 93575 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Janus Henderson<br>Overseas<br>Portfolio<br>Service Shares | Janus Henderson<br>Research<br>Portfolio<br>Institutional Shares | Lazard Retirement<br>Emerging<br>Markets<br>Equity Portfolio |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $77062 | $(160012) | $49772 |
| Net realized gains (losses) | 29092 | 3964346 | 19785 |
| Change in unrealized gains (losses) | 208706 | 12033116 | 38951 |
| Increase (decrease) in net assets from operations | 314860 | 15837450 | 108508 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 310413 | 1210555 | 99055 |
| Benefits | (45894) | (213548) | (16132) |
| Payments on termination | (149521) | (2811393) | (90614) |
| Loans | (62134) | (314077) | (7177) |
| Policy maintenance charge | (244793) | (1931539) | (69430) |
| Transfers among the sub-accounts and with the Fixed Account - net | 222248 | (1160954) | (32329) |
| Increase (decrease) in net assets from policy transactions | 30319 | (5220956) | (116627) |
| **INCREASE (DECREASE) IN NET ASSETS** | 345179 | 10616494 | (8119) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 5677451 | 47059073 | 1407719 |
| **NET ASSETS AT END OF PERIOD** | $6022630 | $57675567 | $1399600 |
| Accumulation Units outstanding at beginning of period | 445287 | 566249 | 21118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 23743 | 821 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (21554) | (52195) | (2356) |
| Accumulation Units outstanding at end of period | 447476 | 514875 | 19544 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Legg Mason<br>ClearBridge Variable<br>Large Cap Value<br>Portfolio Class I | Legg Mason Western<br>Assets Variable<br>Global High Yield<br>Bond Portfolio Class I |<br>MFS® High<br>Yield Portfolio<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $62481 | $161356 | $98249 |
| Net realized gains (losses) | 837485 | (38645) | (17719) |
| Change in unrealized gains (losses) | (507493) | 45251 | 25756 |
| Increase (decrease) in net assets from operations | 392473 | 167962 | 106286 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 195026 | 140499 | 102428 |
| Benefits | (64295) | (5767) | (5403) |
| Payments on termination | (316956) | (123225) | (91994) |
| Loans | (14790) | (61709) | (10617) |
| Policy maintenance charge | (223049) | (98593) | (73145) |
| Transfers among the sub-accounts and with the Fixed Account - net | (11209) | 109067 | 24712 |
| Increase (decrease) in net assets from policy transactions | (435273) | (39728) | (54019) |
| **INCREASE (DECREASE) IN NET ASSETS** | (42800) | 128234 | 52267 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 5413922 | 2352116 | 1531050 |
| **NET ASSETS AT END OF PERIOD** | $5371122 | $2480350 | $1583317 |
| Accumulation Units outstanding at beginning of period | 113799 | 88214 | 101127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 15872 | 6102 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (25204) | (7428) | (8982) |
| Accumulation Units outstanding at end of period | 104467 | 86888 | 97806 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>MFS® Investors<br>Trust<br>Series Initial Class | MFS® Mass<br>Investors Growth<br>Stock Portfolio<br>Initial Class |<br>MFS® New<br>Discovery<br>Series Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $49564 | $6290 | $— |
| Net realized gains (losses) | 806686 | 203368 | (151587) |
| Change in unrealized gains (losses) | 409884 | 64485 | 1000825 |
| Increase (decrease) in net assets from operations | 1266134 | 274143 | 849238 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 183224 | 61050 | 466800 |
| Benefits | (70847) | (55867) | (90881) |
| Payments on termination | (477429) | (163145) | (552715) |
| Loans | (16221) | (3066) | (100475) |
| Policy maintenance charge | (237925) | (71606) | (458627) |
| Transfers among the sub-accounts and with the Fixed Account - net | (191711) | 41851 | 118900 |
| Increase (decrease) in net assets from policy transactions | (810909) | (190783) | (616998) |
| **INCREASE (DECREASE) IN NET ASSETS** | 455225 | 83360 | 232240 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 6679805 | 1761839 | 12719107 |
| **NET ASSETS AT END OF PERIOD** | $7135030 | $1845199 | $12951347 |
| Accumulation Units outstanding at beginning of period | 119460 | 60161 | 133459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 855 | 1850 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (13557) | (7818) | (8028) |
| Accumulation Units outstanding at end of period | 106758 | 54193 | 127335 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | MFS® Total<br>Return<br>Series Initial Class |<br>MFS® Utilities<br>Series Initial Class |<br>MFS® Value<br>Series Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net Investment Income (Loss) | $345864 | $76251 | $48149 |
| Net realized gains (losses) | 784890 | 129639 | 293218 |
| Change in unrealized gains (losses) | (86248) | 154396 | (16726) |
| Increase (decrease) in net assets from operations | 1044506 | 360286 | 324641 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 580251 | 182063 | 110538 |
| Benefits | (104238) | (31252) | (9373) |
| Payments on termination | (679607) | (156931) | (220011) |
| Loans | (213812) | (5920) | (17923) |
| Policy maintenance charge | (545772) | (142106) | (124205) |
| Transfers among the sub-accounts and with the Fixed Account - net | 198575 | (169838) | (20046) |
| Increase (decrease) in net assets from policy transactions | (764603) | (323984) | (281020) |
| **INCREASE (DECREASE) IN NET ASSETS** | 279903 | 36302 | 43621 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 13586959 | 3326536 | 2860243 |
| **NET ASSETS AT END OF PERIOD** | $13866862 | $3362838 | $2903864 |
| Accumulation Units outstanding at beginning of period | 281597 | 36386 | 55150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 7178 | 1152 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (22053) | (4596) | (6215) |
| Accumulation Units outstanding at end of period | 266722 | 32942 | 50166 |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>MFS® VIT<br>Growth Series<br>Initial Class | MFS® VIT<br>New Discovery<br>Series<br>Service Class |<br>MFS® VIT<br>Research Series<br>Initial Class |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $— | $(4785) | $39582 |
| Net realized gains (losses) | 1566359 | (46650) | 465587 |
| Change in unrealized gains (losses) | 2307276 | 90705 | 607544 |
| Increase (decrease) in net assets from operations | 3873635 | 39270 | 1112713 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 286942 | 27073 | 86972 |
| Benefits | (145356) | (8597) |  |
| Payments on termination | (627594) | (77415) | (123076) |
| Loans | (195049) | (599) | (26240) |
| Policy maintenance charge | (457269) | (35865) | (142181) |
| Transfers among the sub-accounts and with the Fixed Account - net | (78325) | 5241 | (56468) |
| Increase (decrease) in net assets from policy transactions | (1216651) | (90162) | (260993) |
| **INCREASE (DECREASE) IN NET ASSETS** | 2656984 | (50892) | 851720 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 12808306 | 697931 | 5989185 |
| **NET ASSETS AT END OF PERIOD** | $15465290 | $647039 | $6840905 |
| Accumulation Units outstanding at beginning of period | 153287 | 14979 | 94423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 394 | 436 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (12894) | (2276) | (3966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 140787 | 13139 | 90729 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio Class I |<br>Morgan Stanley<br>VIF Growth<br>Portfolio Class I | Morningstar<br>Aggressive Growth<br>ETF Asset Allocation<br>Portfolio Class I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $6859 | $(8945) | $217568 |
| Net realized gains (losses) | 1325 | (270881) | 461024 |
| Change in unrealized gains (losses) | 33172 | 2619598 | 1306223 |
| Increase (decrease) in net assets from operations | 41356 | 2339772 | 1984815 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 37839 | 217543 | 1621565 |
| Benefits |  | (73239) | (15618) |
| Payments on termination | (52817) | (243443) | (816170) |
| Loans | (11216) | (59099) | (254524) |
| Policy maintenance charge | (26220) | (206290) | (978202) |
| Transfers among the sub-accounts and with the Fixed Account - net | (50663) | (244480) | (32865) |
| Increase (decrease) in net assets from policy transactions | (103077) | (609008) | (475814) |
| **INCREASE (DECREASE) IN NET ASSETS** | (61721) | 1730764 | 1509001 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 507450 | 5341964 | 13520923 |
| **NET ASSETS AT END OF PERIOD** | $445729 | $7072728 | $15029924 |
| Accumulation Units outstanding at beginning of period | 46762 | 69546 | 519690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 3212 | 3328 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (11878) | (10850) | (37090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 38096 | 62024 | 505073 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio Class I | Morningstar<br>Growth ETF<br>Asset Allocation<br>Portfolio Class I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $263313 | $26011 | $382572 |
| Net realized gains (losses) | 162582 | (7041) | 680513 |
| Change in unrealized gains (losses) | 842718 | 36944 | 1661128 |
| Increase (decrease) in net assets from operations | 1268613 | 55914 | 2724213 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1375913 | 129154 | 2457648 |
| Benefits | (32455) |  | (26934) |
| Payments on termination | (739184) | (44598) | (1538504) |
| Loans | (54995) | (1261) | (150668) |
| Policy maintenance charge | (1092314) | (126719) | (1609773) |
| Transfers among the sub-accounts and with the Fixed Account - net | 240151 | (10778) | (39687) |
| Increase (decrease) in net assets from policy transactions | (302884) | (54202) | (907918) |
| **INCREASE (DECREASE) IN NET ASSETS** | 965729 | 1712 | 1816295 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 12283777 | 1035499 | 21401931 |
| **NET ASSETS AT END OF PERIOD** | $13249506 | $1037211 | $23218226 |
| Accumulation Units outstanding at beginning of period | 554622 | 64415 | 868428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 36930 | 4987 | 26253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (50807) | (8144) | (58176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 540745 | 61258 | 836505 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Morningstar Income<br>and Growth ETF<br>Asset Allocation<br>Portfolio Class I | PIMCO VIT<br>Int. Bond<br>U.S. Dollar-Hedged<br>Admin. Shares |<br>PIMCO VIT Real<br>Return Portfolio<br>Admin. Shares |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $57462 | $105202 | $107142 |
| Net realized gains (losses) | 9361 | (15260) | (41744) |
| Change in unrealized gains (losses) | 98189 | 66950 | 20641 |
| Increase (decrease) in net assets from operations | 165012 | 156892 | 86039 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 310530 | 169219 | 250773 |
| Benefits | (7626) | (10631) | (69598) |
| Payments on termination | (37237) | (117761) | (184683) |
| Loans | (8241) | (31983) | (94778) |
| Policy maintenance charge | (236053) | (158547) | (176611) |
| Transfers among the sub-accounts and with the Fixed Account - net | (5590) | 71004 | 266892 |
| Increase (decrease) in net assets from policy transactions | 15783 | (78699) | (8005) |
| **INCREASE (DECREASE) IN NET ASSETS** | 180795 | 78193 | 78034 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2028046 | 2926734 | 4009993 |
| **NET ASSETS AT END OF PERIOD** | $2208841 | $3004927 | $4088027 |
| Accumulation Units outstanding at beginning of period | 109080 | 117901 | 198299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 6618 | 7028 | 18292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (5777) | (10113) | (18653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 109921 | 114816 | 197938 |

---

---

| | | | |
|:---|:---|:---|:---|
| | PIMCO VIT<br>Total Return<br>Portfolio<br>Admin. Shares |<br>Putnam<br>VT High Yield<br>Fund Class IA | Putnam<br>VT International<br>Value Fund<br>Class IA |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $502115 | $68658 | $16152 |
| Net realized gains (losses) | (136983) | (10048) | 8339 |
| Change in unrealized gains (losses) | (49983) | 33009 | 7324 |
| Increase (decrease) in net assets from operations | 315149 | 91619 | 31815 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 720952 | 47702 | 25563 |
| Benefits | (41319) | (11218) | (13853) |
| Payments on termination | (460096) | (31058) | (13071) |
| Loans | (38836) | (1783) | 7292 |
| Policy maintenance charge | (679595) | (51633) | (18538) |
| Transfers among the sub-accounts and with the Fixed Account - net | 625534 | 9679 | 22713 |
| Increase (decrease) in net assets from policy transactions | 126640 | (38311) | 10106 |
| **INCREASE (DECREASE) IN NET ASSETS** | 441789 | 53308 | 41921 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 12407260 | 1140308 | 602545 |
| **NET ASSETS AT END OF PERIOD** | $12849049 | $1193616 | $644466 |
| Accumulation Units outstanding at beginning of period | 545836 | 29482 | 14842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 42302 | 942 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (35985) | (1899) | (1097) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 552153 | 28525 | 15056 |

---

See notes to financial statements.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the Years Ended December 31,**

---

| | | | |
|:---|:---|:---|:---|
| | Putnam<br>VT International<br>Value Fund<br>Class IB | T. Rowe Price<br>All-Cap<br>Opportunities<br>Portfolio - I |<br>T. Rowe Price<br>Blue Chip Growth<br>Portfolio I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $64102 | $4744 | $— |
| Net realized gains (losses) | 60146 | 880206 | 959180 |
| Change in unrealized gains (losses) | 17420 | 539051 | 1787447 |
| Increase (decrease) in net assets from operations | 141668 | 1424001 | 2746627 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 61171 | 113952 | 288052 |
| Benefits | (160460) | (134) | (74976) |
| Payments on termination | (127402) | (334743) | (319898) |
| Loans | (1630) | (79023) | 172498 |
| Policy maintenance charge | (92198) | (166162) | (277947) |
| Transfers among the sub-accounts and with the Fixed Account - net | 81703 | (33697) | (374500) |
| Increase (decrease) in net assets from policy transactions | (238816) | (499807) | (586771) |
| **INCREASE (DECREASE) IN NET ASSETS** | (97148) | 924194 | 2159856 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 2785396 | 5788981 | 7892787 |
| **NET ASSETS AT END OF PERIOD** | $2688248 | $6713175 | $10052643 |
| Accumulation Units outstanding at beginning of period | 98999 | 63202 | 107294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5897 | 346 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (14332) | (4988) | (9943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 90564 | 58560 | 100844 |

---

---

| | | | |
|:---|:---|:---|:---|
| | T. Rowe Price<br>Equity Income<br>Portfolio I | T. Rowe Price<br>International<br>Stock I | T. Rowe Price<br>Mid-Cap<br>Growth I |
| | 2024 | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $635395 | $39309 | $— |
| Net realized gains (losses) | 2584842 | 132379 | 1481236 |
| Change in unrealized gains (losses) | 550695 | (48840) | (225536) |
| Increase (decrease) in net assets from operations | 3770932 | 122848 | 1255700 |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |
| Deposits | 1314675 | 257824 | 352222 |
| Benefits | (94199) | (23040) | (55874) |
| Payments on termination | (1220072) | (59735) | (560878) |
| Loans | (428158) | (15416) | (31585) |
| Policy maintenance charge | (1233017) | (255603) | (488091) |
| Transfers among the sub-accounts and with the Fixed Account - net | 321420 | (127911) | 61294 |
| Increase (decrease) in net assets from policy transactions | (1339351) | (223881) | (722912) |
| **INCREASE (DECREASE) IN NET ASSETS** | 2431581 | (101033) | 532788 |
| **NET ASSETS AT BEGINNING OF PERIOD** | 32273945 | 4150220 | 14214234 |
| **NET ASSETS AT END OF PERIOD** | $34705526 | $4049187 | $14747022 |
| Accumulation Units outstanding at beginning of period | 528278 | 141687 | 107405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5024 | 13738 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (24729) | (21541) | (10463) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 508573 | 133884 | 101933 |

---

See notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| | VanEck VIP<br>Emerging Markets<br>Fund Initial Class | VanEck VIP<br>Global Resources<br>Fund Initial Class |
| | 2024 | 2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| Net investment income (loss) | $77664 | $109690 |
| Net realized gains (losses) | (61684) | (2527) |
| Change in unrealized gains (losses) | 41684 | (221329) |
| Increase (decrease) in net assets from operations | 57664 | (114166) |
| **INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |
| Deposits | 321186 | 278063 |
| Benefits | (51332) | (15766) |
| Payments on termination | (206959) | (173832) |
| Loans | (36837) | (9486) |
| Policy maintenance charge | (190937) | (177896) |
| Transfers among the sub-accounts and with the Fixed Account - net | 103944 | 188644 |
| Increase (decrease) in net assets from policy transactions | (60935) | 89727 |
| **INCREASE (DECREASE) IN NET ASSETS** | (3271) | (24439) |
| **NET ASSETS AT BEGINNING OF PERIOD** | 4413587 | 4075892 |
| **NET ASSETS AT END OF PERIOD** | $4410316 | $4051453 |
| Accumulation Units outstanding at beginning of period | 119785 | 124308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 5949 | 8275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (7467) | (5419) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulation Units outstanding at end of period | 118267 | 127164 |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization**

&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Benefit Life Variable Life 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 Lincoln Benefit Life Company ("Lincoln Benefit"). The assets of the Account are legally segregated from those of Lincoln Benefit. 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"). In 2014, Lincoln Benefit entered into an administrative services agreement (the "Agreement") with Allstate Life Insurance Company ("ALIC"), whereby ALIC agreed to be responsible for servicing the individual variable life 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.

Lincoln Benefit issued six life insurance products: the Investor's Select, the Consultant, the Consultant SL, the Consultant Protector, the Consultant Accumulator, and the Total Accumulator (collectively the "Policies"), the deposits of which are invested at the direction of the policyholders in the sub-accounts that comprise the Account. All of the Policies are closed to new policyholders, but continue to accept deposits from existing policyholders. Absent any policy provisions wherein Lincoln Benefit contractually guarantees a specified death benefit, variable life policyholders 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 (Fund or Funds) in which they invest:

---

| | |
|:---|:---|
| AB VPS Discovery Value Portfolio - Class A | Fidelity® VIP ContrafundSM Portfolio Initial Class |
| AB VPS International Value Class A | Fidelity® VIP Emerging Markets Portfolio Initial Class |
| AB VPS Relative Value Portfolio - Class A | Fidelity® VIP Equity-Income PortfolioSM Initial Class |
| AB VPS Small Cap Growth Class A | Fidelity® VIP Government Money Market Portfolio Initial Class |
| Alger Balanced Class I-2 | Fidelity® VIP Growth & Income Portfolio Initial Class |
| Alger Capital Appreciation Class I-2 | Fidelity® VIP Growth Portfolio Initial Class |
| Alger Income & Growth Class I-2 | Fidelity® VIP High Income Portfolio Initial Class |
| Alger Large Cap Growth Class I-2 | Fidelity® VIP Index 500 Portfolio Initial Class |
| Alger MidCap Growth Class I-2 | Fidelity® VIP Index 500 Portfolio Service Class |
| Alger SmallCap Growth Class I-2 | Fidelity® VIP Investment Grade Bond Portfolio Initial Class |
| Allspring VT Discovery SMID Cap Growth Fund | Fidelity® VIP Mid Cap Portfolio Initial Class |
| Allspring VT Opportunity FundSM | Fidelity® VIP Overseas Portfolio Initial Class |
| DWS Core Equity VIP Class A | Fidelity® VIP Real Estate Portfolio Initial Class |
| DWS CROCI® International VIP Class A | Fidelity® VIP Value Strategies Portfolio Initial Class |
| DWS Equity 500 Index VIP Class A | Franklin Templeton Global Bond VIP Fund Class 1 |
| DWS Global Income Builder VIP Class A II | Franklin Templeton Income VIP Fund Class 1 |
| DWS Global Small Cap VIP Class A | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 |
| DWS Small Cap Index VIP Class A | Franklin Templeton Mutual Shares VIP Fund Class 1 |
| Federated Hermes Fund for U.S. Government Securities II | Franklin Templeton Small Cap Value VIP Fund Class 1 |
| Federated Hermes High Income Bond Fund II Class P | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 |
| Federated Hermes Managed Volatility Fund II Class P | Franklin Templeton Strategic Income VIP Fund Class 1 |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Fidelity® VIP Asset Manager 50% Portfolio Initial Class\* | Franklin Templeton U.S. Government Securities VIP Fund Class 1 |
| Invesco V.I International Growth Fund Series I\* | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I |
| Invesco V.I International Growth Fund Series II\* | MFS® High Yield Portfolio Initial Class |
| Invesco V.I. American Franchise | MFS® Investors Trust Series Initial Class |
| Invesco V.I. American Value | MFS® Mass Investors Growth Stock Portfolio Initial Class |
| Invesco V.I. Core Equity | MFS® New Discovery Series Initial Class |
| Invesco V.I. Core Plus Bond Fund - Series I | MFS® Total Return Series Initial Class |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | MFS® Utilities Series Initial Class |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series II | MFS® Value Series Initial Class |
| Invesco V.I. Equity and Income | MFS® VIT Growth Series Initial Class |
| Invesco V.I. Global Fund - Series I | MFS® VIT New Discovery Series Service Class |
| Invesco V.I. Global Fund - Series II | MFS® VIT Research Series Initial Class |
| Invesco V.I. Global Strategic Income - Fund Series I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I |
| Invesco V.I. Government Securities | Morgan Stanley VIF Growth Portfolio Class I |
| Invesco V.I. Growth and Income Fund Series I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I |
| Invesco V.I. Growth and Income Fund Series II | Morningstar Balanced ETF Asset Allocation Portfolio Class I |
| Invesco V.I. High Yield | Morningstar Conservative ETF Asset Allocation Portfolio Class I |
| Invesco V.I. Main Street Fund® - Series I | Morningstar Growth ETF Asset Allocation Portfolio Class I |
| Invesco V.I. Main Street Mid Cap Fund - Series I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I |
| Invesco V.I. Main Street Small Cap Fund® - Series I | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares |
| Invesco V.I. Main Street Small Cap Fund® - Series II | PIMCO VIT Real Return Portfolio Admin. Shares |
| Janus Henderson Balanced Portfolio Institutional Shares | PIMCO VIT Total Return Portfolio Admin. Shares |
| Janus Henderson Balanced Portfolio Service Shares | Putnam VT High Yield Fund Class IA |
| Janus Henderson Enterprise Portfolio Institutional Shares | Putnam VT International Value Fund Class IA |
| Janus Henderson Flexible Bond Portfolio Institutional Shares | Putnam VT International Value Fund Class IB |
| Janus Henderson Forty Portfolio Institutional Shares | T. Rowe Price All-Cap Opportunities Portfolio - I |
| Janus Henderson Global Research Portfolio Institutional Shares | T. Rowe Price Blue Chip Growth Portfolio I |
| Janus Henderson Global Research Portfolio Service Shares | T. Rowe Price Equity Income Portfolio I |
| Janus Henderson Global Technology Portfolio Institutional Shares | T. Rowe Price International Stock I |
| Janus Henderson Mid Cap Value Portfolio Institutional Shares | T. Rowe Price Mid-Cap Growth I |
| Janus Henderson Mid Cap Value Portfolio Service Shares | VanEck VIP Emerging Markets Fund Initial Class |
| Janus Henderson Overseas Portfolio Institutional Shares | VanEck VIP Global Resources Fund Initial Class |
| Janus Henderson Overseas Portfolio Service Shares |  |
| Janus Henderson Research Portfolio Institutional Shares |  |
| Lazard Retirement Emerging Markets Equity Portfolio |  |
| Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I |  |

---

<sup>\*</sup>See Note 2 for disclosure of changes in sub-accounts and to the names of Funds during 2025.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

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

A policyholder 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 funds. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying Funds may differ substantially.

The Account is an independent accounting entity established by the resolution of the insurance company's board of directors or trustees to engage in a single line of business for the insurance company's variable contracts. The Account is comprised of multiple subaccounts to invest in its specific corresponding Portfolio. Each subaccount of the Account constitutes a single reportable segment because its separate financial information is available that is regularly evaluated and used by the chief operating decision maker ("CODM") to measure a segment's performance. The accounting policies of the segments is the same as those described in Note 3: Summary of Significant Accounting Policies.

The Account's CODM is a group of executives that includes the chief financial officer, chief legal officer and business leaders associated with each Account. Overall business decisions for the Account are made by this group of executives, including the investment strategy, capital allocation and expense structure of each subaccount, in accordance with the contract and applicable regulations. The measure of segment profit or loss is reported on the Statements of Operations as "Net Increase (Decrease) in Net Assets Resulting from Operations" and the measure of segment assets is reported as "Net Assets" on the Statements of Net Assets. Due to the nature of the business, the segment's significant expenses are charges for mortality and expense risk, charges for administration and/or reimbursement for excess expenses which are reported separately on the Statements of Operations and/or Statements of Changes in Net Assets.

***Subsequent Event -*** Subsequent events were evaluated through April 13, 2026.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

**2. Portfolio changes**

The operations of the following sub-accounts were affected by the following changes that occurred during the

year ended December 31, 2025:

---

| | |
|:---|:---|
| **New Fund Name** | **Old Fund Name** |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | Fidelity® VIP Asset Manager Portfolio - Initial Class |
| Invesco V.I. International Growth Fund - Series I | Invesco Oppenheimer VI International Growth Fund - Series I |
| Invesco V.I. International Growth Fund - Series II | Invesco Oppenheimer VI International Growth Fund - Series II |

---

In 2025, there were no sub-accounts that were opened, merged, or closed.

**3.**&nbsp;&nbsp;&nbsp;&nbsp;**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.

***&nbsp;&nbsp;&nbsp;&nbsp;Investments*** *-* Investments consist of shares of the Funds and are stated at fair value based on the reported net asset values 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 gains 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 Lincoln Benefit. Lincoln Benefit 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. The Account believes that it is reasonably possible that the liability balance will not significantly increase within the next twelve months. No amounts have been accrued for interest or penalties related to unrecognized tax benefits.

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

***New Accounting Pronouncements Improvements to Reportable Segment Disclosures*** - Effective for the annual reporting period ended December 31, 2024, the Account adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The adoption of the ASU impacted only the financial statement disclosures and did not affect the Account's net assets or the results of its operations.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

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

&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 Funds' managers. The Account's policy is to recognize transfers of securities among the levels at the beginning of the reporting period.

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**Expenses**

***Surrender charge*** - In the event the policy is surrendered, a withdrawal charge may be imposed. The charge is assessed if the policy is surrendered during a specified time, which ranges from the first 9 years to the first 12 years depending upon the policy, and varies based upon several variables including the policyholder's age and account value at the time of surrender. The charge ranges from $2.27 to $56.58 per $1,000 of face amount. These amounts are included in payments on terminations and reported on the Statements of Changes in Net Assets.

***Monthly Deductions*** *-* On each monthly deduction day (the same day in each month as the Issue Date, or the last day of the month if a month does not have that day), Lincoln Benefit will deduct from the policy value an amount to cover certain charges and expenses incurred in connection with the policy. The monthly deduction is intended to compensate Lincoln Benefit for expenses incurred in connection with the cost of insurance, mortality and expense risk charges, administrative expense charges, and policy fees. The table below describes the deductions for each product. All deductions are made monthly unless otherwise noted below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product** | **Cost of insurance** | **Administrative expense charge (per $1,000 initial face amount)** | **Policy fee** | **Mortality and expense risk charge (as a % of total monthly sub-account value)** |
| Investor's Select | Varies | Years 1 - 12: .20% of policy value; 0% thereafter (deducted annually) | $5.00 | Annual rate 0.70% (deducted daily) |
| Consultant SL | Varies | Years 1 - 7: $1.44; <br>$0 thereafter | $7.50 | Years 1 - 14: 0.72%; 0.36% thereafter |
| Consultant | Varies | N/A | $7.50 | Years 1 - 14: 0.72%; 0.36% thereafter |
| Consultant Protector | Varies | Annual rate: Years 1 - 20: 0.3504%;<br>0.1992% thereafter | $10.00 | Annual rate years 1 - 14: 0.55%; 0.15% thereafter |
| Consultant Accumulator | Varies | Minimum $0.25<br>Maximum $2.50 | $10.00 | Annual rate years 1-10: 0.55%; 0.15% thereafter |
| Total Accumulator | Varies | $0.09 per $1,000 on the first $100,000 | $15.00 | Monthly rate years 1-10: 0.058%; 0.024% thereafter |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

***Cost of Insurance*** - On all policies, Lincoln Benefit charges each policyholder monthly for cost of insurance. The cost of insurance is determined based upon several variables, including the policyholder's death benefit amount and account value. The cost of insurance is recognized as redemption of units, and is included in policy maintenance charge reported on the Statements of Changes in Net Assets.

***Administrative Expense Charge*** - Lincoln Benefit deducts an administrative expense charge on a monthly or annual basis to cover expenses incurred in evaluating the insured person's risk, issuing the policy, and sales expenses. The administrative expense charge is recognized as redemption of units, and is included in policy maintenance charge reported on the Statements of Changes in Net Assets.

***Policy Fee*** - On all policies, Lincoln Benefit deducts a policy fee on a monthly basis to cover expenses such as salaries, postage and periodic reports. The policy fee is recognized as redemption of units, and is included in policy maintenance charge reported on the Statements of Changes in Net Assets.

***Mortality and Expense Risk Charge*** - The mortality and expense risk charge covers insurance benefits available with the policies and certain expenses of the policies. It also covers the risk that the current charges will not be sufficient in the future to cover the cost of administering the policies. The mortality and expense risk charge for the Investor's Select product is recognized as a reduction in the accumulated unit value, reported on the Statement of Operations, while the mortality and expense risk charge for Consultant, Consultant SL, Consultant Protector, Consultant Accumulator and Total Accumulator products are recognized as redemption of units, and are included in policy maintenance charge reported on the Statements of Changes in Net Assets.

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**Purchases of Investments** 

The cost of investments purchased during the year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Sub-Account** | **Purchases** |
| AB VPS Discovery Value Portfolio - Class A | $185372 |
| AB VPS International Value Class A | 69367 |
| AB VPS Relative Value Portfolio - Class A | 139019 |
| AB VPS Small Cap Growth Class A | 103611 |
| Alger Balanced Class I-2 | 137582 |
| Alger Capital Appreciation Class I-2 | 11833211 |
| Alger Income & Growth Class I-2 | 1323413 |
| Alger Large Cap Growth Class I-2 | 3216533 |
| Alger MidCap Growth Class I-2 | 401635 |
| Alger SmallCap Growth Class I-2 | 347324 |
| Allspring VT Discovery SMID Cap Growth Fund | 181228 |
| Allspring VT Opportunity FundSM | 1288745 |
| DWS Core Equity VIP Class A | 451233 |
| DWS CROCI® International VIP Class A | 126886 |
| DWS Equity 500 Index VIP Class A | 848208 |
| Global Income Builder VIP Class A II | 794457 |
| DWS Global Small Cap VIP Class A | 473261 |
| DWS Small Cap Index VIP Class A | 210804 |
| Federated Hermes Fund for U.S. Government Securities II | 474760 |
| Federated Hermes High Income Bond Fund II Class P | 726771 |
| Federated Hermes Managed Volatility Fund II Class P | 252848 |
| Fidelity® VIP Asset Manager 50% Portfolio Initial Class\* | 991338 |
| Fidelity® VIP ContrafundSM Portfolio Initial Class | 24677652 |
| Fidelity® VIP Emerging Markets Portfolio Initial Class | 115468 |
| Fidelity® VIP Equity-Income PortfolioSM Initial Class | 4588039 |
| Fidelity® VIP Government Money Market Portfolio Initial Class | 8005540 |
| Fidelity® VIP Growth & Income Portfolio Initial Class | 273431 |
| Fidelity® VIP Growth Portfolio Initial Class | 15888201 |
| Fidelity® VIP High Income Portfolio Initial Class | 131300 |
| Fidelity® VIP Index 500 Portfolio Initial Class | 2819704 |
| Fidelity® VIP Index 500 Portfolio Service Class | 855969 |
| Fidelity® VIP Investment Grade Bond Portfolio Initial Class | 837653 |
| Fidelity® VIP Mid Cap Portfolio Initial Class | 874616 |
| Fidelity® VIP Overseas Portfolio Initial Class | 2757696 |
| Fidelity® VIP Real Estate Portfolio Initial Class | 401937 |
| Fidelity® VIP Value Strategies Portfolio Initial Class | 90159 |
| Franklin Templeton Global Bond VIP Fund Class 1 | 106643 |
| Franklin Templeton Income VIP Fund Class 1 | 185605 |
| Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | 295140 |
| Franklin Templeton Mutual Shares VIP Fund Class 1 | 145949 |
| Franklin Templeton Small Cap Value VIP Fund Class 1 | 295292 |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | $169708 |
| Franklin Templeton Strategic Income VIP Fund Class 1 | 102879 |
| Franklin Templeton U.S. Government Securities VIP Fund Class 1 | 62527 |
| Invesco V.I International Growth Fund Series I\* | 395938 |
| Invesco V.I International Growth Fund Series II\* | 165063 |
| Invesco V.I. American Franchise | 445703 |
| Invesco V.I. American Value | 4002827 |
| Invesco V.I. Core Equity | 99592 |
| Invesco V.I. Core Plus Bond Fund - Series I | 51307 |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series I | 765540 |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series II | 337844 |
| Invesco V.I. Equity and Income | 67405 |
| Invesco V.I. Global Fund - Series I | 433321 |
| Invesco V.I. Global Fund - Series II | 3277315 |
| Invesco V.I. Global Strategic Income - Fund Series I | 44493 |
| Invesco V.I. Government Securities | 142777 |
| Invesco V.I. Growth and Income Fund Series I | 955487 |
| Invesco V.I. Growth and Income Fund Series II | 622420 |
| Invesco V.I. High Yield | 57571 |
| Invesco V.I. Main Street Fund® - Series I | 115641 |
| Invesco V.I. Main Street Mid Cap Fund - Series I | 437298 |
| Invesco V.I. Main Street Small Cap Fund® - Series I | 2114201 |
| Invesco V.I. Main Street Small Cap Fund® - Series II | 1684118 |
| Janus Henderson Balanced Portfolio Institutional Shares | 3394043 |
| Janus Henderson Balanced Portfolio Service Shares | 715520 |
| Janus Henderson Enterprise Portfolio Institutional Shares | 5491771 |
| Janus Henderson Flexible Bond Portfolio Institutional Shares | 590087 |
| Janus Henderson Forty Portfolio Institutional Shares | 2204272 |
| Janus Henderson Global Research Portfolio Institutional Shares | 4405507 |
| Janus Henderson Global Research Portfolio Service Shares | 311567 |
| Janus Henderson Global Technology Portfolio Institutional Shares | 411500 |
| Janus Henderson Mid Cap Value Portfolio Institutional Shares | 160614 |
| Janus Henderson Mid Cap Value Portfolio Service Shares | 810128 |
| Janus Henderson Overseas Portfolio Institutional Shares | 78636 |
| Janus Henderson Overseas Portfolio Service Shares | 268184 |
| Janus Henderson Research Portfolio Institutional Shares | 4799754 |
| Lazard Retirement Emerging Markets Equity Portfolio | 113211 |
| Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | 1445046 |
| Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | 256342 |
| MFS® High Yield Portfolio Initial Class | 190025 |
| MFS® Investors Trust Series Initial Class | 3113304 |
| MFS® Mass Investors Growth Stock Portfolio Initial Class | 303049 |
| MFS® New Discovery Series Initial Class | 285538 |
| MFS® Total Return Series Initial Class | 1615125 |
| MFS® Utilities Series Initial Class | 305704 |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| MFS® Value Series Initial Class | $372747 |
| MFS® VIT Growth Series Initial Class | 2994804 |
| MFS® VIT New Discovery Series Service Class | 17033 |
| MFS® VIT Research Series Initial Class | 1760813 |
| Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | 132667 |
| Morgan Stanley VIF Growth Portfolio Class I | 410527 |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | 1969254 |
| Morningstar Balanced ETF Asset Allocation Portfolio Class I | 2670067 |
| Morningstar Conservative ETF Asset Allocation Portfolio Class I | 96757 |
| Morningstar Growth ETF Asset Allocation Portfolio Class I | 2956875 |
| Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | 372538 |
| PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | 285165 |
| PIMCO VIT Real Return Portfolio Admin. Shares | 371974 |
| PIMCO VIT Total Return Portfolio Admin. Shares | 1136491 |
| Putnam VT High Yield Fund Class IA | 123196 |
| Putnam VT International Value Fund Class IA | 61293 |
| Putnam VT International Value Fund Class IB | 323034 |
| T. Rowe Price All-Cap Opportunities Portfolio - I | 804263 |
| T. Rowe Price Blue Chip Growth Portfolio I | 1392259 |
| T. Rowe Price Equity Income Portfolio I | 4623325 |
| T. Rowe Price International Stock I | 792138 |
| T. Rowe Price Mid-Cap Growth I | 2543588 |
| VanEck VIP Emerging Markets Fund Initial Class | 169943 |
| VanEck VIP Global Resources Fund Initial Class | 239383 |

---

(\*) See Note 2 for disclosure of changes in sub-accounts and to the names of Funds during 2025.

**7. Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Benefit offers multiple variable life policies through this Account that have unique combinations of features and fees that are assessed to the policyholders. Differences in these fee structures result in various policy expense rates and accumulation unit values which in turn result in various expense and total return ratios.

&nbsp;&nbsp;&nbsp;&nbsp;In the table below, the accumulation units, the range of lowest to highest accumulation unit values, the net assets, the investment income ratio, the range of lowest to highest expense ratios assessed by Lincoln Benefit and the corresponding range of total return is presented for each policy option of the sub-accounts that had outstanding units during the period. Only rider options within each sub-account that had accumulation units outstanding during the respective periods were considered when determining the lowest and highest expense ratio. These ranges of total return are based on the product groupings that represent lowest and highest expense ratio amounts. Therefore, some individual contract ratios are not within the ranges presented. &nbsp;&nbsp;&nbsp;&nbsp;

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**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 accumulation 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. The investment income ratio for each product may differ due to the timing of policy transactions.

Sub-accounts with a date notation indicate the effective date of that investment option in the Account. Consistent with the total return, 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 end of the period is zero.

**\*\*Expense Ratio** - These amounts represent the annualized policy expenses of the sub-account, consisting of mortality and expense risk charges for each period indicated. The ratios include only those expenses that result in a reduction in the accumulation unit values. Charges made directly to policyholder 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 in the accumulation 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 accumulation unit value during the reporting period, or the effective period if less than the reporting period, divided by the beginning of period accumulation unit value or the accumulation unit value on the effective date.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | Investment Income Ratio\* | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | |
| AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A | AB VPS Discovery Value Portfolio - Class A |  |
| 2025 | 26 | $39.97 | $39.97 | $1021 | 0.84 | % | 0.00 - 0.00 | % | 2.89 | % |
| 2024 | 27 | 38.85 | 38.85 | 1068 | 0.87 |  | 0.00 - 0.00 |  | 10.02 |  |
| 2023 | 27 | 35.31 | 35.31 | 968 | 1.07 |  | 0.00 - 0.00 |  | 17.18 |  |
| 2022 | 28 | 30.14 | 30.14 | 840 | 1.10 |  | 0.00 - 0.00 |  | (15.63) |  |
| 2021 | 29 | 35.72 | 35.72 | 1021 | 0.78 |  | 0.00 - 0.00 |  | 35.95 |  |
| AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A | AB VPS International Value Class A |  |
| 2025 | 31 | 14.11 | 14.11 | 432 | 2.53 |  | 0.00 - 0.00 |  | 41.70 |  |
| 2024 | 35 | 9.96 | 9.96 | 347 | 2.7 |  | 0.00 - 0.00 |  | 5.07 |  |
| 2023 | 33 | 9.48 | 9.48 | 313 | 0.8 |  | 0.00 - 0.00 |  | 15.15 |  |
| 2022 | 35 | 8.23 | 8.23 | 287 | 4.73 |  | 0.00 - 0.00 |  | (13.61) |  |
| 2021 | 33 | 9.53 | 9.53 | 314 | 2.06 |  | 0.00 - 0.00 |  | 11.08 |  |
| AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A | AB VPS Relative Value Portfolio - Class A |  |
| 2025 | 21 | 45.18 | 45.18 | 938 | 1.10 |  | 0.00 - 0.00 |  | 10.47 |  |
| 2024 | 22 | 40.90 | 40.90 | 901 | 1.44 |  | 0.00 - 0.00 |  | 13.02 |  |
| 2023 | 23 | 36.18 | 36.18 | 822 | 1.54 |  | 0.00 - 0.00 |  | 12.03 |  |
| 2022 | 24 | 32.3 | 32.30 | 780 | 1.4 |  | 0.00 - 0.00 |  | (4.19) |  |
| 2021 | 25 | 33.71 | 33.71 | 853 | 0.81 |  | 0.00 - 0.00 |  | 28.16 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | |
| | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | AB VPS Small Cap Growth Class A | |
| 2025 | 31 | $58.33 | $58.33 | $1797 |  | % | 0.00 - 0.00 | % | 4.80 | % |
| 2024 | 31 | 55.66 | 55.66 | 1747 | 0.24 |  | 0.00 - 0.00 |  | 18.64 |  |
| 2023 | 32 | 46.91 | 46.91 | 1510 |  |  | 0.00 - 0.00 |  | 18.02 |  |
| 2022 | 31 | 39.75 | 39.75 | 1219 |  |  | 0.00 - 0.00 |  | (39.09) |  |
| 2021 | 28 | 65.26 | 65.26 | 1825 |  |  | 0.00 - 0.00 |  | 9.46 |  |
|  | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 | Alger Balanced Class I-2 |  |
| 2025 | 21 | 37.12 | 37.12 | 793 | 2.78 |  | 0.00 - 0.00 |  | 16.15 |  |
| 2024 | 23 | 31.96 | 31.96 | 747 |  |  | 0.00 - 0.00 |  | 17.06 |  |
| 2023 | 25 | 27.30 | 27.30 | 677 | 1.49 |  | 0.00 - 0.00 |  | 17.43 |  |
| 2022 | 25 | 23.25 | 23.25 | 587 | 1.17 |  | 0.00 - 0.00 |  | (11.31) |  |
| 2021 | 27 | 26.21 | 26.21 | 710 | 0.85 |  | 0.00 - 0.00 |  | 19.12 |  |
|  | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 | Alger Capital Appreciation Class I-2 |  |
| 2025 | 343 | 107.64 | 245.74 | 68281 |  |  | 0.00 - 0.00 |  | 32.87 |  |
| 2024 | 373 | 81.01 | 184.95 | 55639 |  |  | 0.00 - 0.00 |  | 48.13 |  |
| 2023 | 407 | 54.69 | 124.85 | 40806 |  |  | 0.00 - 0.00 |  | 43.13 |  |
| 2022 | 429 | 38.21 | 87.23 | 30109 |  |  | 0.00 - 0.00 |  | (36.52) |  |
| 2021 | 423 | 60.19 | 137.42 | 47552 |  |  | 0.00 - 0.00 |  | 19.13 |  |
|  | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 | Alger Income & Growth Class I-2 |  |
| 2025 | 95 | 103.55 | 103.55 | 9886 | 1.58 |  | 0.00 - 0.00 |  | 20.82 |  |
| 2024 | 109 | 85.71 | 85.71 | 9345 | 0.59 |  | 0.00 - 0.00 |  | 22.66 |  |
| 2023 | 115 | 69.87 | 69.87 | 8055 | 1.39 |  | 0.00 - 0.00 |  | 23.93 |  |
| 2022 | 125 | 56.38 | 56.38 | 7056 | 1.41 |  | 0.00 - 0.00 |  | (14.98) |  |
| 2021 | 133 | 66.32 | 66.32 | 8842 | 1.15 |  | 0.00 - 0.00 |  | 31.66 |  |
|  | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 | Alger Large Cap Growth Class I-2 |  |
| 2025 | 256 | 76.45 | 114.84 | 28382 |  |  | 0.00 - 0.00 |  | 30.27 |  |
| 2024 | 289 | 58.69 | 88.15 | 24587 |  |  | 0.00 - 0.00 |  | 42.89 |  |
| 2023 | 311 | 41.07 | 61.69 | 18577 |  |  | 0.00 - 0.00 |  | 32.67 |  |
| 2022 | 329 | 30.96 | 46.50 | 14789 |  |  | 0.00 - 0.00 |  | (38.65) |  |
| 2021 | 337 | 50.47 | 75.80 | 24747 |  |  | 0.00 - 0.00 |  | 11.84 |  |
|  | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 | Alger MidCap Growth Class I-2 |  |
| 2025 | 455 | 40.44 | 102.87 | 42653 |  |  | 0.00 - 0.00 |  | 16.76 |  |
| 2024 | 492 | 34.64 | 88.10 | 39428 |  |  | 0.00 - 0.00 |  | 21.07 |  |
| 2023 | 526 | 28.61 | 72.77 | 34491 |  |  | 0.00 - 0.00 |  | 23.17 |  |
| 2022 | 545 | 23.23 | 59.08 | 29115 |  |  | 0.00 - 0.00 |  | (36.07) |  |
| 2021 | 530 | 36.33 | 92.42 | 44726 |  |  | 0.00 - 0.00 |  | 4.20 |  |
|  | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 | Alger SmallCap Growth Class I-2 |  |
| 2025 | 147 | 54.23 | 54.23 | 7971 |  |  | 0.00 - 0.00 |  | 5.91 |  |
| 2024 | 154 | 51.21 | 51.21 | 7864 | 0.38 |  | 0.00 - 0.00 |  | 8.13 |  |
| 2023 | 162 | 47.36 | 47.36 | 7674 |  |  | 0.00 - 0.00 |  | 16.49 |  |
| 2022 | 164 | 40.65 | 40.65 | 6671 |  |  | 0.00 - 0.00 |  | (38.01) |  |
| 2021 | 162 | 65.58 | 65.58 | 10594 |  |  | 0.00 - 0.00 |  | (6.06) |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | For the year ended December 31, |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | Allspring VT Discovery SMID Cap Growth Fund | |
| 2025 | 99 | $74.54 | $74.54 | $7412 |  | % | 0.00 - 0.00 | % | 5.39 | 5.39 | % |
| 2024 | 108 | 70.73 | 70.73 | 7654 |  |  | 0.00 - 0.00 |  | 18.13 | 18.13 |  |
| 2023 | 114 | 59.87 | 59.87 | 6804 |  |  | 0.00 - 0.00 |  | 20.14 | 20.14 |  |
| 2022 | 118 | 49.83 | 49.83 | 5901 |  |  | 0.00 - 0.00 |  | (37.85) | (37.85) |  |
| 2021 | 118 | 80.18 | 80.18 | 9446 |  |  | 0.00 - 0.00 |  | (5.04) | (5.04) |  |
|  | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM | Allspring VT Opportunity FundSM |  |
| 2025 | 163 | 68.29 | 68.29 | 11150 | 0.05 |  | 0.00 - 0.00 |  | 6.71 | 6.71 |  |
| 2024 | 172 | 63.99 | 63.99 | 10996 | 0.05 |  | 0.00 - 0.00 |  | 15.05 | 15.05 |  |
| 2023 | 183 | 55.62 | 55.62 | 10192 |  |  | 0.00 - 0.00 |  | 26.50 | 26.50 |  |
| 2022 | 195 | 43.97 | 43.97 | 8562 |  |  | 0.00 - 0.00 |  | (20.81) | (20.81) |  |
| 2021 | 201 | 55.52 | 55.52 | 11178 | 0.04 |  | 0.00 - 0.00 |  | 24.78 | 24.78 |  |
|  | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A | DWS Core Equity VIP Class A |  |
| 2025 | 47 | 80.37 | 80.37 | 3765 | 0.80 |  | 0.00 - 0.00 |  | 16.83 | 16.83 |  |
| 2024 | 50 | 68.79 | 68.79 | 3407 | 0.84 |  | 0.00 - 0.00 |  | 20.08 | 20.08 |  |
| 2023 | 53 | 57.29 | 57.29 | 3010 | 0.95 |  | 0.00 - 0.00 |  | 25.57 | 25.57 |  |
| 2022 | 58 | 45.62 | 45.62 | 2655 | 0.80 |  | 0.00 - 0.00 |  | (15.53) | (15.53) |  |
| 2021 | 60 | 54.01 | 54.01 | 3251 | 0.76 |  | 0.00 - 0.00 |  | 25.30 | 25.30 |  |
|  | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A | DWS CROCI® International VIP Class A |  |
| 2025 | 91 | 27.70 | 27.70 | 2508 | 2.67 |  | 0.00 - 0.00 |  | 44.90 | 44.90 |  |
| 2024 | 97 | 19.12 | 19.12 | 1853 | 3.31 |  | 0.00 - 0.00 |  | 2.45 | 2.45 |  |
| 2023 | 98 | 18.66 | 18.66 | 1834 | 3.28 |  | 0.00 - 0.00 |  | 18.95 | 18.95 |  |
| 2022 | 100 | 15.69 | 15.69 | 1573 | 3.18 |  | 0.00 - 0.00 |  | (13.19) | (13.19) |  |
| 2021 | 103 | 18.07 | 18.07 | 1867 | 2.39 |  | 0.00 - 0.00 |  | 9.24 | 9.24 |  |
|  | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A | DWS Equity 500 Index VIP Class A |  |
| 2025 | 57 | 120.49 | 120.49 | 6926 | 1.11 |  | 0.00 - 0.00 |  | 17.63 | 17.63 |  |
| 2024 | 68 | 102.43 | 102.43 | 6946 | 1.21 |  | 0.00 - 0.00 |  | 24.63 | 24.63 |  |
| 2023 | 72 | 82.19 | 82.19 | 5953 | 1.37 |  | 0.00 - 0.00 |  | 26.00 | 26.00 |  |
| 2022 | 77 | 65.23 | 65.23 | 5030 | 1.25 |  | 0.00 - 0.00 |  | (18.34) | (18.34) |  |
| 2021 | 79 | 79.88 | 79.88 | 6346 | 1.43 |  | 0.00 - 0.00 |  | 28.40 | 28.40 |  |
|  | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II | DWS Global Income Builder VIP Class A II |  |
| 2025 | 133 | 29.03 | 33.55 | 4435 | 4.46 |  | 0.00 - 0.70 |  | 14.99 | 15.80 |  |
| 2024 | 144 | 25.25 | 28.97 | 4131 | 3.44 |  | 0.00 - 0.70 |  | 8.34 | 9.10 |  |
| 2023 | 151 | 23.30 | 26.56 | 3970 | 3.16 |  | 0.00 - 0.70 |  | 14.09 | 14.89 |  |
| 2022 | 155 | 20.43 | 23.11 | 3568 | 2.94 |  | 0.00 - 0.70 |  | (15.57) | (14.98) |  |
| 2021 | 163 | 24.19 | 27.19 | 4397 | 2.33 |  | 0.00 - 0.70 |  | 10.18 | 10.96 |  |
|  | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A | DWS Global Small Cap VIP Class A |  |
| 2025 | 71 | 73.30 | 73.30 | 5206 | 1.19 |  | 0.00 - 0.00 |  | 20.51 | 20.51 |  |
| 2024 | 73 | 60.83 | 60.83 | 4456 | 1.35 |  | 0.00 - 0.00 |  | 5.76 | 5.76 |  |
| 2023 | 79 | 57.51 | 57.51 | 4520 | 0.88 |  | 0.00 - 0.00 |  | 24.56 | 24.56 |  |
| 2022 | 80 | 46.17 | 46.17 | 3678 | 0.55 |  | 0.00 - 0.00 |  | (24.05) | (24.05) |  |
| 2021 | 80 | 60.79 | 60.79 | 4890 | 0.36 |  | 0.00 - 0.00 |  | 14.94 | 14.94 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | DWS Small Cap Index VIP Class A | |
| 2025 | 20 | 87.74 | 87.74 | 1744 | 1.37 | % | 0.00 - 0.00 | % | 12.64 | 12.64 | % |
| 2024 | 22 | 77.90 | 77.90 | 1740 | 1.16 |  | 0.00 - 0.00 |  | 11.15 | 11.15 |  |
| 2023 | 22 | 70.08 | 70.08 | 1562 | 1.13 |  | 0.00 - 0.00 |  | 16.76 | 16.76 |  |
| 2022 | 24 | 60.02 | 60.02 | 1413 | 0.92 |  | 0.00 - 0.00 |  | (20.64) | (20.64) |  |
| 2021 | 23 | 75.63 | 75.63 | 1740 | 0.83 |  | 0.00 - 0.00 |  | 14.50 | 14.50 |  |
|  | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II | Federated Hermes Fund for U.S. Government Securities II |  |
| 2025 | 203 | 22.88 | 24.00 | 4677 | 3.90 |  | 0.00 - 0.70 |  | 6.06 | 6.80 |  |
| 2024 | 206 | 21.42 | 22.63 | 4448 | 3.47 |  | 0.00 - 0.70 |  | (0.13) | 0.58 |  |
| 2023 | 206 | 21.30 | 22.66 | 4415 | 2.51 |  | 0.00 - 0.70 |  | 3.46 | 4.19 |  |
| 2022 | 203 | 20.44 | 21.90 | 4185 | 1.86 |  | 0.00 - 0.70 |  | (13.16) | (12.55) |  |
| 2021 | 214 | 23.38 | 25.22 | 5051 | 2.04 |  | 0.00 - 0.70 |  | (2.73) | (2.04) |  |
|  | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P | Federated Hermes High Income Bond Fund II Class P |  |
| 2025 | 155 | 43.37 | 54.32 | 7073 | 5.89 |  | 0.00 - 0.70 |  | 7.47 | 8.23 |  |
| 2024 | 159 | 40.08 | 50.54 | 6706 | 5.48 |  | 0.00 - 0.70 |  | 5.52 | 6.27 |  |
| 2023 | 163 | 37.71 | 47.90 | 6506 | 5.78 |  | 0.00 - 0.70 |  | 11.93 | 12.71 |  |
| 2022 | 168 | 33.46 | 42.79 | 5936 | 5.56 |  | 0.00 - 0.70 |  | (12.39) | (11.78) |  |
| 2021 | 177 | 37.92 | 48.85 | 7136 | 4.85 |  | 0.00 - 0.70 |  | 4.12 | 4.85 |  |
|  | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P | Federated Hermes Managed Volatility Fund II Class P |  |
| 2025 | 76 | 35.63 | 49.02 | 3019 | 2.86 |  | 0.00 - 0.70 |  | 6.29 | 7.03 |  |
| 2024 | 77 | 33.28 | 46.12 | 2867 | 2.27 |  | 0.00 - 0.70 |  | 14.75 | 15.56 |  |
| 2023 | 86 | 28.80 | 40.20 | 2771 | 1.86 |  | 0.00 - 0.70 |  | 7.93 | 8.68 |  |
| 2022 | 88 | 26.50 | 37.24 | 2621 | 1.87 |  | 0.00 - 0.70 |  | (14.36) | (13.75) |  |
| 2021 | 94 | 30.73 | 43.49 | 3270 | 1.78 |  | 0.00 - 0.70 |  | 17.68 | 18.51 |  |
|  | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class | Fidelity® VIP Asset Manager 50% Portfolio Initial Class |  |
| 2025 | 232 | 45.82 | 57.83 | 11651 | 2.53 |  | 0.00 - 0.70 |  | 14.18 | 14.98 |  |
| 2024 | 242 | 39.85 | 50.65 | 10631 | 2.45 |  | 0.00 - 0.70 |  | 7.74 | 8.50 |  |
| 2023 | 252 | 36.73 | 47.01 | 10236 | 2.35 |  | 0.00 - 0.70 |  | 12.16 | 12.94 |  |
| 2022 | 264 | 32.52 | 41.91 | 9524 | 2.09 |  | 0.00 - 0.70 |  | (15.53) | (14.94) |  |
| 2021 | 268 | 38.23 | 49.62 | 11432 | 1.64 |  | 0.00 - 0.70 |  | 9.15 | 9.92 |  |
|  | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class | Fidelity® VIP ContrafundSM Portfolio Initial Class |  |
| 2025 | 1035 | 69.93 | 206.01 | 157065 | 0.14 |  | 0.00 - 0.70 |  | 20.63 | 21.48 |  |
| 2024 | 1122 | 57.56 | 170.78 | 140552 | 0.19 |  | 0.00 - 0.70 |  | 32.85 | 33.79 |  |
| 2023 | 1221 | 43.02 | 128.55 | 114308 | 0.49 |  | 0.00 - 0.70 |  | 32.52 | 33.45 |  |
| 2022 | 1297 | 32.24 | 97.00 | 91201 | 0.51 |  | 0.00 - 0.70 |  | (26.83) | (26.31) |  |
| 2021 | 1354 | 43.75 | 132.56 | 129298 | 0.06 |  | 0.00 - 0.70 |  | 26.94 | 27.83 |  |
|  | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class | Fidelity® VIP Emerging Markets Portfolio Initial Class |  |
| 2025 | 60 | 27.63 | 27.63 | 1663 | 1.92 |  | 0.00 - 0.00 |  | 41.20 | 41.20 |  |
| 2024 | 67 | 19.57 | 19.57 | 1310 | 1.47 |  | 0.00 - 0.00 |  | 10.04 | 10.04 |  |
| 2023 | 65 | 17.78 | 17.78 | 1158 | 2.36 |  | 0.00 - 0.00 |  | 9.66 | 9.66 |  |
| 2022 | 62 | 16.22 | 16.22 | 998 | 1.78 |  | 0.00 - 0.00 |  | (20.11) | (20.11) |  |
| 2021 | 58 | 20.30 | 20.30 | 1173 | 2.14 |  | 0.00 - 0.00 |  | (2.24) | (2.24) |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | Fidelity® VIP Equity-Income PortfolioSM Initial Class | |
| 2025 | 664 | $41.89 | $128.55 | $56047 | 1.80 | % | 0.00 - 0.70 | % | 18.19 | 19.02 | % |
| 2024 | 712 | 35.19 | 108.77 | 50908 | 1.76 |  | 0.00 - 0.70 |  | 14.54 | 15.35 |  |
| 2023 | 762 | 30.51 | 94.96 | 47488 | 1.93 |  | 0.00 - 0.70 |  | 9.88 | 10.65 |  |
| 2022 | 801 | 27.57 | 86.42 | 45381 | 1.88 |  | 0.00 - 0.70 |  | (5.62) | (4.96) |  |
| 2021 | 855 | 29.01 | 91.57 | 51018 | 1.90 |  | 0.00 - 0.70 |  | 24.02 | 24.89 |  |
|  | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class | Fidelity® VIP Government Money Market Portfolio Initial Class |  |
| 2025 | 2423 | 12.60 | 18.11 | 42214 | 4.05 |  | 0.00 - 0.70 |  | 3.41 | 4.13 |  |
| 2024 | 2418 | 12.10 | 17.52 | 40482 | 4.96 |  | 0.00 - 0.70 |  | 4.37 | 5.10 |  |
| 2023 | 1992 | 11.51 | 16.78 | 31721 | 4.78 |  | 0.00 - 0.70 |  | 4.16 | 4.89 |  |
| 2022 | 2166 | 10.97 | 16.11 | 33024 | 1.42 |  | 0.00 - 0.70 |  | 0.73 | 1.44 |  |
| 2021 | 2074 | 10.82 | 16.00 | 31214 | 0.01 |  | 0.00 - 0.70 |  | (0.69) | 0.01 |  |
|  | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class | Fidelity® VIP Growth & Income Portfolio Initial Class |  |
| 2025 | 38 | 56.52 | 56.52 | 2150 | 1.51 |  | 0.00 - 0.00 |  | 21.50 | 21.50 |  |
| 2024 | 44 | 46.52 | 46.52 | 2058 | 1.45 |  | 0.00 - 0.00 |  | 22.21 | 22.21 |  |
| 2023 | 47 | 38.06 | 38.06 | 1775 | 1.69 |  | 0.00 - 0.00 |  | 18.72 | 18.72 |  |
| 2022 | 48 | 32.06 | 32.06 | 1548 | 1.72 |  | 0.00 - 0.00 |  | (4.95) | (4.95) |  |
| 2021 | 48 | 33.73 | 33.73 | 1632 | 2.39 |  | 0.00 - 0.00 |  | 25.95 | 25.95 |  |
|  | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class | Fidelity® VIP Growth Portfolio Initial Class |  |
| 2025 | 802 | 85.18 | 230.13 | 117888 | 0.29 |  | 0.00 - 0.70 |  | 14.10 | 14.90 |  |
| 2024 | 861 | 74.14 | 201.70 | 110756 |  |  | 0.00 - 0.70 |  | 29.48 | 30.39 |  |
| 2023 | 928 | 56.86 | 155.78 | 91737 | 0.13 |  | 0.00 - 0.70 |  | 35.29 | 36.24 |  |
| 2022 | 974 | 41.73 | 115.15 | 70854 | 0.61 |  | 0.00 - 0.70 |  | (24.98) | (24.46) |  |
| 2021 | 1007 | 55.24 | 153.49 | 97340 |  |  | 0.00 - 0.70 |  | 22.36 | 23.21 |  |
|  | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class | Fidelity® VIP High Income Portfolio Initial Class |  |
| 2025 | 38 | 25.66 | 25.66 | 970 | 6.62 |  | 0.00 - 0.00 |  | 10.36 | 10.36 |  |
| 2024 | 39 | 23.25 | 23.25 | 914 | 6.31 |  | 0.00 - 0.00 |  | 8.97 | 8.97 |  |
| 2023 | 38 | 21.33 | 21.33 | 805 | 5.88 |  | 0.00 - 0.00 |  | 10.48 | 10.48 |  |
| 2022 | 36 | 19.31 | 19.31 | 702 | 5.18 |  | 0.00 - 0.00 |  | (11.37) | (11.37) |  |
| 2021 | 36 | 21.79 | 21.79 | 789 | 5.23 |  | 0.00 - 0.00 |  | 4.41 | 4.41 |  |
|  | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class | Fidelity® VIP Index 500 Portfolio Initial Class |  |
| 2025 | 1223 | 82.07 | 100.85 | 121739 | 1.15 |  | 0.00 - 0.70 |  | 16.95 | 17.78 |  |
| 2024 | 1312 | 70.17 | 85.63 | 110726 | 1.28 |  | 0.00 - 0.70 |  | 24.02 | 24.90 |  |
| 2023 | 1396 | 56.58 | 68.56 | 94208 | 1.47 |  | 0.00 - 0.70 |  | 25.32 | 26.19 |  |
| 2022 | 1483 | 45.15 | 54.33 | 79228 | 1.46 |  | 0.00 - 0.70 |  | (18.78) | (18.21) |  |
| 2021 | 1552 | 55.59 | 66.43 | 101396 | 1.26 |  | 0.00 - 0.70 |  | 27.68 | 28.58 |  |
|  | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class | Fidelity® VIP Index 500 Portfolio Service Class |  |
| 2025 | 278 | 66.24 | 66.24 | 18391 | 1.08 |  | 0.00 - 0.00 |  | 17.66 | 17.66 |  |
| 2024 | 297 | 56.30 | 56.30 | 16701 | 1.18 |  | 0.00 - 0.00 |  | 24.77 | 24.77 |  |
| 2023 | 310 | 45.12 | 45.12 | 13999 | 1.40 |  | 0.00 - 0.00 |  | 26.07 | 26.07 |  |
| 2022 | 316 | 35.79 | 35.79 | 11295 | 1.39 |  | 0.00 - 0.00 |  | (18.30) | (18.30) |  |
| 2021 | 317 | 43.80 | 43.80 | 13878 | 1.18 |  | 0.00 - 0.00 |  | 28.45 | 28.45 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | Fidelity® VIP Investment Grade Bond Portfolio Initial Class | |
| 2025 | 410 | $18.36 | $22.34 | $8896 | 3.60 | % | 0.00 - 0.00 | % | 7.22 | 7.22 | % |
| 2024 | 412 | 17.13 | 20.83 | 8342 | 3.54 |  | 0.00 - 0.00 |  | 1.79 | 1.79 |  |
| 2023 | 404 | 16.83 | 20.47 | 8022 | 2.66 |  | 0.00 - 0.00 |  | 6.20 | 6.20 |  |
| 2022 | 393 | 15.84 | 19.27 | 7355 | 2.30 |  | 0.00 - 0.00 |  | (12.96) | (12.96) |  |
| 2021 | 392 | 18.20 | 22.14 | 8431 | 2.06 |  | 0.00 - 0.00 |  | (0.61) | (0.61) |  |
|  | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class | Fidelity® VIP Mid Cap Portfolio Initial Class |  |
| 2025 | 129 | 45.89 | 45.89 | 5897 | 0.44 |  | 0.00 - 0.00 |  | 11.75 | 11.75 |  |
| 2024 | 134 | 41.06 | 41.06 | 5507 | 0.55 |  | 0.00 - 0.00 |  | 17.49 | 17.49 |  |
| 2023 | 146 | 34.95 | 34.95 | 5111 | 0.62 |  | 0.00 - 0.00 |  | 15.08 | 15.08 |  |
| 2022 | 144 | 30.37 | 30.37 | 4361 | 0.50 |  | 0.00 - 0.00 |  | (14.74) | (14.74) |  |
| 2021 | 147 | 35.62 | 35.62 | 5254 | 0.62 |  | 0.00 - 0.00 |  | 25.60 | 25.60 |  |
|  | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class | Fidelity® VIP Overseas Portfolio Initial Class |  |
| 2025 | 446 | 44.03 | 49.67 | 20029 | 1.59 |  | 0.00 - 0.70 |  | 19.55 | 20.39 |  |
| 2024 | 478 | 36.57 | 41.55 | 17880 | 1.63 |  | 0.00 - 0.70 |  | 4.32 | 5.05 |  |
| 2023 | 501 | 34.81 | 39.83 | 17862 | 1.05 |  | 0.00 - 0.70 |  | 19.67 | 20.51 |  |
| 2022 | 525 | 28.89 | 33.28 | 15551 | 1.09 |  | 0.00 - 0.70 |  | (25.01) | (24.48) |  |
| 2021 | 526 | 38.26 | 44.38 | 20697 | 0.53 |  | 0.00 - 0.70 |  | 18.86 | 19.70 |  |
|  | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class | Fidelity® VIP Real Estate Portfolio Initial Class |  |
| 2025 | 132 | 24.75 | 24.75 | 3262 | 2.05 |  | 0.00 - 0.00 |  | 3.10 | 3.10 |  |
| 2024 | 133 | 24.00 | 24.00 | 3201 | 4.11 |  | 0.00 - 0.00 |  | 6.52 | 6.52 |  |
| 2023 | 133 | 22.53 | 22.53 | 2991 | 2.54 |  | 0.00 - 0.00 |  | 11.19 | 11.19 |  |
| 2022 | 123 | 20.26 | 20.26 | 2483 | 1.36 |  | 0.00 - 0.00 |  | (27.51) | (27.51) |  |
| 2021 | 119 | 27.95 | 27.95 | 3336 | 1.17 |  | 0.00 - 0.00 |  | 38.99 | 38.99 |  |
|  | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class | Fidelity® VIP Value Strategies Portfolio Initial Class |  |
| 2025 | 13 | 45.19 | 45.19 | 595 | 1.08 |  | 0.00 - 0.00 |  | 7.99 | 7.99 |  |
| 2024 | 16 | 41.84 | 41.84 | 654 | 1.08 |  | 0.00 - 0.00 |  | 9.40 | 9.40 |  |
| 2023 | 16 | 38.25 | 38.25 | 620 | 1.20 |  | 0.00 - 0.00 |  | 20.85 | 20.85 |  |
| 2022 | 18 | 31.65 | 31.65 | 558 | 1.30 |  | 0.00 - 0.00 |  | (7.03) | (7.03) |  |
| 2021 | 15 | 34.04 | 34.04 | 522 | 1.57 |  | 0.00 - 0.00 |  | 33.60 | 33.60 |  |
|  | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 | Franklin Templeton Global Bond VIP Fund Class 1 |  |
| 2025 | 72 | 15.96 | 15.96 | 1157 |  |  | 0.00 - 0.00 |  | 16.09 | 16.09 |  |
| 2024 | 72 | 13.75 | 13.75 | 983 |  |  | 0.00 - 0.00 |  | (11.13) | (11.13) |  |
| 2023 | 69 | 15.47 | 15.47 | 1067 |  |  | 0.00 - 0.00 |  | 3.19 | 3.19 |  |
| 2022 | 64 | 14.99 | 14.99 | 960 |  |  | 0.00 - 0.00 |  | (4.85) | (4.85) |  |
| 2021 | 65 | 15.75 | 15.75 | 1027 |  |  | 0.00 - 0.00 |  | (4.62) | (4.62) |  |
|  | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 | Franklin Templeton Income VIP Fund Class 1 |  |
| 2025 | 49 | 28.78 | 28.78 | 1412 | 5.04 |  | 0.00 - 0.00 |  | 12.87 | 12.87 |  |
| 2024 | 49 | 25.50 | 25.50 | 1259 | 5.15 |  | 0.00 - 0.00 |  | 7.46 | 7.46 |  |
| 2023 | 51 | 23.73 | 23.73 | 1203 | 5.20 |  | 0.00 - 0.00 |  | 8.87 | 8.87 |  |
| 2022 | 50 | 21.80 | 21.80 | 1092 | 4.91 |  | 0.00 - 0.00 |  | (5.24) | (5.24) |  |
| 2021 | 52 | 23.00 | 23.00 | 1186 | 4.66 |  | 0.00 - 0.00 |  | 17.00 | 17.00 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | |
| | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | Franklin Templeton Mutual Global Discovery VIP Fund Class 1 | |
| 2025 | 54 | $34.90 | $34.90 | $1890 | 2.05 | % | 0.00 - 0.00 | % | 23.62 | % |
| 2024 | 58 | 28.23 | 28.23 | 1650 | 1.94 |  | 0.00 - 0.00 |  | 4.98 |  |
| 2023 | 57 | 26.89 | 26.89 | 1544 | 2.70 |  | 0.00 - 0.00 |  | 20.55 |  |
| 2022 | 59 | 22.31 | 22.31 | 1313 | 1.65 |  | 0.00 - 0.00 |  | (4.52) |  |
| 2021 | 60 | 23.36 | 23.36 | 1392 | 2.84 |  | 0.00 - 0.00 |  | 19.43 |  |
|  | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 | Franklin Templeton Mutual Shares VIP Fund Class 1 |  |
| 2025 | 27 | 29.63 | 29.63 | 794 | 2.28 |  | 0.00 - 0.00 |  | 11.81 |  |
| 2024 | 27 | 26.50 | 26.50 | 707 | 2.20 |  | 0.00 - 0.00 |  | 11.50 |  |
| 2023 | 28 | 23.77 | 23.77 | 673 | 2.18 |  | 0.00 - 0.00 |  | 13.73 |  |
| 2022 | 28 | 20.90 | 20.90 | 577 | 2.15 |  | 0.00 - 0.00 |  | (7.15) |  |
| 2021 | 29 | 22.51 | 22.51 | 651 | 3.05 |  | 0.00 - 0.00 |  | 19.52 |  |
|  | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 | Franklin Templeton Small Cap Value VIP Fund Class 1 |  |
| 2025 | 53 | 41.88 | 41.88 | 2211 | 1.24 |  | 0.00 - 0.00 |  | 7.90 |  |
| 2024 | 53 | 38.82 | 38.82 | 2055 | 1.09 |  | 0.00 - 0.00 |  | 12.01 |  |
| 2023 | 54 | 34.65 | 34.65 | 1866 | 0.74 |  | 0.00 - 0.00 |  | 13.02 |  |
| 2022 | 55 | 30.66 | 30.66 | 1683 | 1.23 |  | 0.00 - 0.00 |  | (9.82) |  |
| 2021 | 59 | 34.00 | 34.00 | 1998 | 1.13 |  | 0.00 - 0.00 |  | 25.67 |  |
|  | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 | Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 |  |
| 2025 | 34 | 45.61 | 45.61 | 1567 |  |  | 0.00 - 0.00 |  | 2.70 |  |
| 2024 | 36 | 44.41 | 44.41 | 1597 |  |  | 0.00 - 0.00 |  | 11.31 |  |
| 2023 | 41 | 39.89 | 39.89 | 1628 |  |  | 0.00 - 0.00 |  | 27.12 |  |
| 2022 | 40 | 31.38 | 31.38 | 1266 |  |  | 0.00 - 0.00 |  | (33.52) |  |
| 2021 | 38 | 47.21 | 47.21 | 1776 |  |  | 0.00 - 0.00 |  | 10.25 |  |
|  | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 | Franklin Templeton Strategic Income VIP Fund Class 1 |  |
| 2025 | 42 | 20.05 | 20.05 | 836 | 4.80 |  | 0.00 - 0.00 |  | 7.42 |  |
| 2024 | 40 | 18.66 | 18.66 | 745 | 4.35 |  | 0.00 - 0.00 |  | 4.32 |  |
| 2023 | 41 | 17.89 | 17.89 | 735 | 4.60 |  | 0.00 - 0.00 |  | 8.37 |  |
| 2022 | 39 | 16.51 | 16.51 | 639 | 4.43 |  | 0.00 - 0.00 |  | (10.46) |  |
| 2021 | 40 | 18.44 | 18.44 | 733 | 3.45 |  | 0.00 - 0.00 |  | 2.28 |  |
|  | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 | Franklin Templeton U.S. Government Securities VIP Fund Class 1 |  |
| 2025 | 43 | 14.58 | 14.58 | 629 | 3.45 |  | 0.00 - 0.00 |  | 7.01 |  |
| 2024 | 43 | 13.62 | 13.62 | 579 | 3.16 |  | 0.00 - 0.00 |  | 1.50 |  |
| 2023 | 40 | 13.42 | 13.42 | 532 | 2.91 |  | 0.00 - 0.00 |  | 4.76 |  |
| 2022 | 38 | 12.81 | 12.81 | 490 | 2.64 |  | 0.00 - 0.00 |  | (9.50) |  |
| 2021 | 39 | 14.16 | 14.16 | 557 | 2.63 |  | 0.00 - 0.00 |  | (1.62) |  |
|  | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series I |  |
| 2025 | 67 | 22.60 | 74.42 | 2455 | 0.35 |  | 0.00 - 0.00 |  | 16.32 |  |
| 2024 | 72 | 19.43 | 63.98 | 2239 | 0.65 |  | 0.00 - 0.00 |  | (1.67) |  |
| 2023 | 76 | 19.76 | 65.07 | 2369 | 0.61 |  | 0.00 - 0.00 |  | 21.06 |  |
| 2022 | 80 | 16.32 | 53.75 | 2038 |  |  | 0.00 - 0.00 |  | (27.13) |  |
| 2021 | 78 | 22.39 | 73.76 | 2759 |  |  | 0.00 - 0.00 |  | 10.22 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | Invesco V.I. International Growth Fund Series II | |
| 2025 | 31 | $35.58 | $35.58 | $1096 | 0.06 | % | 0.70 - 0.70 | % | 14.73 | 14.73 | % |
| 2024 | 42 | 31.01 | 31.01 | 1294 | 0.34 |  | 0.70 - 0.70 |  | (2.50) | (2.50) |  |
| 2023 | 48 | 31.81 | 31.81 | 1541 | 0.28 |  | 0.70 - 0.70 |  | 19.80 | 19.80 |  |
| 2022 | 51 | 26.55 | 26.55 | 1367 |  |  | 0.70 - 0.70 |  | (27.67) | (27.67) |  |
| 2021 | 55 | 36.71 | 36.71 | 2005 |  |  | 0.70 - 0.70 |  | 9.35 | 9.35 |  |
|  | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise | Invesco V.I. American Franchise |  |
| 2025 | 63 | 62.22 | 62.22 | 3897 |  |  | 0.00 - 0.00 |  | 11.66 | 11.66 |  |
| 2024 | 71 | 55.72 | 55.72 | 3969 |  |  | 0.00 - 0.00 |  | 34.89 | 34.89 |  |
| 2023 | 77 | 41.31 | 41.31 | 3174 |  |  | 0.00 - 0.00 |  | 40.93 | 40.93 |  |
| 2022 | 84 | 29.31 | 29.31 | 2456 |  |  | 0.00 - 0.00 |  | (31.11) | (31.11) |  |
| 2021 | 86 | 42.55 | 42.55 | 3655 |  |  | 0.00 - 0.00 |  | 11.93 | 11.93 |  |
|  | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) | Invesco V.I. American Value (On April 30 2021 Invesco V.I.Value Opportunity merged into Invesco V.I. American Value) |  |
| 2025 | 313 | 52.36 | 84.36 | 24988 | 0.46 |  | 0.00 - 0.70 |  | 20.16 | 21.00 |  |
| 2024 | 347 | 43.27 | 69.72 | 22839 | 1.00 |  | 0.00 - 0.70 |  | 29.50 | 30.41 |  |
| 2023 | 376 | 33.18 | 46.58 | 19023 | 0.64 |  | 0.00 - 0.70 |  | 14.80 | 15.60 |  |
| 2022 | 397 | 28.70 | 40.58 | 17408 | 0.76 |  | 0.00 - 0.70 |  | (3.29) | (2.61) |  |
| 2021 | 420 | 29.47 | 41.96 | 18979 | 0.51 |  | 0.00 - 0.70 |  | 27.06 | 27.95 |  |
|  | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity | Invesco V.I. Core Equity |  |
| 2025 | 19 | 52.69 | 52.69 | 994 | 0.66 |  | 0.00 - 0.00 |  | 16.17 | 16.17 |  |
| 2024 | 20 | 45.35 | 45.35 | 900 | 0.71 |  | 0.00 - 0.00 |  | 25.61 | 25.61 |  |
| 2023 | 20 | 36.11 | 36.11 | 737 | 0.75 |  | 0.00 - 0.00 |  | 23.36 | 23.36 |  |
| 2022 | 21 | 29.27 | 29.27 | 628 | 0.91 |  | 0.00 - 0.00 |  | (20.55) | (20.55) |  |
| 2021 | 23 | 36.84 | 36.84 | 830 | 0.67 |  | 0.00 - 0.00 |  | 27.74 | 27.74 |  |
|  | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) | Invesco V.I. Core Plus Bond Fund - Series I (Fund commenced operations on April 29, 2022) (On April 29, 2022, Invesco V.I. Core Bond Fund - Series I merged into Invesco V.I Core Plus Bond Fund - Series I) |  |
| 2025 | 40 | 11.15 | 11.15 | 446 | 4.34 |  | 0.00 - 0.00 |  | 7.09 | 7.09 |  |
| 2024 | 39 | 10.41 | 10.41 | 405 | 3.84 |  | 0.00 - 0.00 |  | 3.06 | 3.06 |  |
| 2023 | 36 | 10.10 | 10.10 | 363 | 2.66 |  | 0.00 - 0.00 |  | 6.14 | 6.14 |  |
| 2022 | 34 | 9.52 | 9.52 | 328 | 0.59 |  | 0.00 - 0.00 |  | (4.31) | (4.31) |  |
|  | 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 | Invesco V.I. Discovery Mid Cap Growth Fund - Series I | Invesco V.I. Discovery Mid Cap Growth Fund - Series I |  |
| 2025 | 115 | 59.26 | 59.26 | 6830 |  |  | 0.00 - 0.00 |  | 4.79 | 4.79 |  |
| 2024 | 120 | 56.55 | 56.55 | 6789 |  |  | 0.00 - 0.00 |  | 24.23 | 24.23 |  |
| 2023 | 128 | 45.52 | 45.52 | 5838 |  |  | 0.00 - 0.00 |  | 13.15 | 13.15 |  |
| 2022 | 133 | 40.23 | 40.23 | 5332 |  |  | 0.00 - 0.00 |  | (30.98) | (30.98) |  |
| 2021 | 135 | 58.29 | 58.29 | 7859 |  |  | 0.00 - 0.00 |  | 19.10 | 19.10 |  |
|  | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II |  |
| 2025 | 115 | 17.00 | 17.69 | 1995 |  |  | 0.00 - 0.70 |  | 3.80 | 4.53 |  |
| 2024 | 121 | 16.38 | 16.92 | 2009 |  |  | 0.00 - 0.70 |  | 23.05 | 23.92 |  |
| 2023 | 133 | 13.31 | 13.66 | 1796 |  |  | 0.00 - 0.70 |  | 12.07 | 12.85 |  |
| 2022 | 134 | 11.88 | 12.10 | 1605 |  |  | 0.00 - 0.70 |  | (31.61) | (31.13) |  |
| 2021 | 141 | 17.37 | 17.57 | 2464 |  |  | 0.00 - 0.70 |  | 17.96 | 18.79 |  |
|  | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) | Invesco V.I. Equity and Income (Fund commenced operations on April 25, 2024) (On April 25, 2024 Invesco V.I. Conservative Balance Fund - Series I merged into Invesco V.I. Equity and Income) |  |
| 2025 | 44 | 12.14 | 12.14 | 528 | 1.98 |  | 0.00 - 0.00 |  | 12.81 | 12.81 |  |
| 2024 | 53 | 10.76 | 10.76 | 566 | 1.80 |  | 0.00 - 0.00 |  | 7.61 | 7.61 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | Invesco V.I. Global Fund - Series I | |
| 2025 | 47 | $43.22 | $43.22 | $2050 |  | % | 0.00 - 0.00 | % | 15.32 | 15.32 | % |
| 2024 | 50 | 37.48 | 37.48 | 1868 |  |  | 0.00 - 0.00 |  | 16.07 | 16.07 |  |
| 2023 | 55 | 32.29 | 32.29 | 1774 | 0.23 |  | 0.00 - 0.00 |  | 34.73 | 34.73 |  |
| 2022 | 59 | 23.97 | 23.97 | 1425 |  |  | 0.00 - 0.00 |  | (31.76) | (31.76) |  |
| 2021 | 55 | 35.12 | 35.12 | 1924 |  |  | 0.00 - 0.00 |  | 15.49 | 15.49 |  |
|  | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II | Invesco V.I. Global Fund - Series II |  |
| 2025 | 252 | 66.01 | 66.01 | 16604 |  |  | 0.00 - 0.00 |  | 15.01 | 15.01 |  |
| 2024 | 265 | 57.39 | 57.39 | 15234 |  |  | 0.00 - 0.00 |  | 15.78 | 15.78 |  |
| 2023 | 283 | 49.57 | 49.57 | 14029 |  |  | 0.00 - 0.00 |  | 34.45 | 34.45 |  |
| 2022 | 299 | 36.87 | 36.87 | 11015 |  |  | 0.00 - 0.00 |  | (31.94) | (31.94) |  |
| 2021 | 290 | 54.17 | 54.17 | 15705 |  |  | 0.00 - 0.00 |  | 15.17 | 15.17 |  |
|  | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I | Invesco V.I. Global Strategic Income - Fund Series I |  |
| 2025 | 21 | 17.57 | 17.57 | 365 | 5.46 |  | 0.00 - 0.00 |  | 12.98 | 12.98 |  |
| 2024 | 24 | 15.55 | 15.55 | 370 | 3.18 |  | 0.00 - 0.00 |  | 3.16 | 3.16 |  |
| 2023 | 22 | 15.08 | 15.08 | 327 |  |  | 0.00 - 0.00 |  | 8.88 | 8.88 |  |
| 2022 | 20 | 13.85 | 13.85 | 280 |  |  | 0.00 - 0.00 |  | (11.46) | (11.46) |  |
| 2021 | 20 | 15.64 | 15.64 | 313 | 4.88 |  | 0.00 - 0.00 |  | (3.41) | (3.41) |  |
|  | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities | Invesco V.I. Government Securities |  |
| 2025 | 100 | 13.06 | 13.06 | 1301 | 3.13 |  | 0.00 - 0.00 |  | 7.37 | 7.37 |  |
| 2024 | 105 | 12.16 | 12.16 | 1276 | 2.55 |  | 0.00 - 0.00 |  | 1.72 | 1.72 |  |
| 2023 | 106 | 11.96 | 11.96 | 1262 | 2.11 |  | 0.00 - 0.00 |  | 4.62 | 4.62 |  |
| 2022 | 100 | 11.43 | 11.43 | 1141 | 2.02 |  | 0.00 - 0.00 |  | (10.29) | (10.29) |  |
| 2021 | 99 | 12.74 | 12.74 | 1263 | 2.51 |  | 0.00 - 0.00 |  | (2.27) | (2.27) |  |
|  | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I | Invesco V.I. Growth and Income Fund Series I |  |
| 2025 | 118 | 43.92 | 86.44 | 9184 | 1.46 |  | 0.00 - 0.00 |  | 15.62 | 15.62 |  |
| 2024 | 124 | 37.99 | 74.76 | 8363 | 1.48 |  | 0.00 - 0.00 |  | 16.00 | 16.00 |  |
| 2023 | 132 | 32.75 | 64.45 | 7731 | 1.62 |  | 0.00 - 0.00 |  | 12.66 | 12.66 |  |
| 2022 | 136 | 29.07 | 57.21 | 7079 | 1.65 |  | 0.00 - 0.00 |  | (5.75) | (5.75) |  |
| 2021 | 145 | 30.84 | 60.70 | 8028 | 1.56 |  | 0.00 - 0.00 |  | 28.51 | 28.51 |  |
|  | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. Growth and Income Fund Series II |  |
| 2025 | 100 | 53.79 | 63.48 | 5959 | 1.18 |  | 0.00 - 0.70 |  | 14.49 | 15.30 |  |
| 2024 | 108 | 46.98 | 55.06 | 5608 | 1.21 |  | 0.00 - 0.70 |  | 14.91 | 15.72 |  |
| 2023 | 118 | 40.88 | 47.58 | 5321 | 1.30 |  | 0.00 - 0.70 |  | 11.62 | 12.40 |  |
| 2022 | 130 | 36.63 | 42.33 | 5201 | 1.27 |  | 0.00 - 0.70 |  | (6.66) | (6.00) |  |
| 2021 | 143 | 39.24 | 45.03 | 6078 | 1.39 |  | 0.00 - 0.70 |  | 27.29 | 28.19 |  |
|  | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield | Invesco V.I. High Yield |  |
| 2025 | 21 | 19.07 | 19.07 | 404 | 7.04 |  | 0.00 - 0.00 |  | 6.73 | 6.73 |  |
| 2024 | 22 | 17.87 | 17.87 | 400 | 5.65 |  | 0.00 - 0.00 |  | 7.73 | 7.73 |  |
| 2023 | 23 | 16.59 | 16.59 | 379 | 5.22 |  | 0.00 - 0.00 |  | 10.18 | 10.18 |  |
| 2022 | 24 | 15.06 | 15.06 | 359 | 4.69 |  | 0.00 - 0.00 |  | (9.55) | (9.55) |  |
| 2021 | 25 | 16.65 | 16.65 | 411 | 4.77 |  | 0.00 - 0.00 |  | 4.38 | 4.38 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | Invesco V.I. Main Street Fund® - Series I | |
| 2025 | 44 | $27.21 | $27.21 | $1198 | 0.55 | % | 0.00 - 0.00 | % | 15.93 | 15.93 | % |
| 2024 | 47 | 23.47 | 23.47 | 1106 |  |  | 0.00 - 0.00 |  | 23.64 | 23.64 |  |
| 2023 | 50 | 18.98 | 18.98 | 946 | 0.85 |  | 0.00 - 0.00 |  | 23.22 | 23.22 |  |
| 2022 | 51 | 15.41 | 15.41 | 789 | 1.51 |  | 0.00 - 0.00 |  | (20.13) | (20.13) |  |
| 2021 | 51 | 19.29 | 19.29 | 976 | 0.72 |  | 0.00 - 0.00 |  | 27.57 | 27.57 |  |
|  | 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 | Invesco V.I. Main Street Mid Cap Fund - Series I | Invesco V.I. Main Street Mid Cap Fund - Series I |  |
| 2025 | 71 | 49.96 | 49.96 | 3530 | 0.32 |  | 0.00 - 0.00 |  | 9.19 | 9.19 |  |
| 2024 | 75 | 45.76 | 45.76 | 3418 | 0.33 |  | 0.00 - 0.00 |  | 17.07 | 17.07 |  |
| 2023 | 78 | 39.09 | 39.09 | 3068 | 0.29 |  | 0.00 - 0.00 |  | 14.47 | 14.47 |  |
| 2022 | 82 | 34.15 | 34.15 | 2797 | 0.36 |  | 0.00 - 0.00 |  | (14.26) | (14.26) |  |
| 2021 | 83 | 39.83 | 39.83 | 3304 | 0.45 |  | 0.00 - 0.00 |  | 23.24 | 23.24 |  |
|  | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I | Invesco V.I. Main Street Small Cap Fund® - Series I |  |
| 2025 | 173 | 51.55 | 112.78 | 16740 | 0.45 |  | 0.00 - 0.00 |  | 8.70 | 8.70 |  |
| 2024 | 183 | 47.42 | 103.75 | 16263 |  |  | 0.00 - 0.00 |  | 12.68 | 12.68 |  |
| 2023 | 199 | 42.08 | 92.07 | 15397 | 1.16 |  | 0.00 - 0.00 |  | 18.13 | 18.13 |  |
| 2022 | 206 | 35.62 | 77.94 | 13578 | 0.54 |  | 0.00 - 0.00 |  | (15.83) | (15.83) |  |
| 2021 | 215 | 42.33 | 92.61 | 16794 | 0.37 |  | 0.00 - 0.00 |  | 22.55 | 22.55 |  |
|  | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II | Invesco V.I. Main Street Small Cap Fund® Series II |  |
| 2025 | 99 | 67.45 | 79.61 | 7666 | 0.23 |  | 0.00 - 0.70 |  | 7.68 | 8.44 |  |
| 2024 | 107 | 62.64 | 73.41 | 7587 |  |  | 0.00 - 0.70 |  | 11.62 | 12.41 |  |
| 2023 | 117 | 56.12 | 65.31 | 7391 | 0.93 |  | 0.00 - 0.70 |  | 17.00 | 17.82 |  |
| 2022 | 116 | 47.96 | 55.43 | 6176 | 0.25 |  | 0.00 - 0.70 |  | (16.63) | (16.04) |  |
| 2021 | 135 | 57.53 | 66.02 | 8639 | 0.17 |  | 0.00 - 0.70 |  | 21.41 | 22.26 |  |
|  | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares | Janus Henderson Balanced Portfolio Institutional Shares |  |
| 2025 | 485 | 45.23 | 153.42 | 47888 | 2.03 |  | 0.00 - 0.70 |  | 14.30 | 15.11 |  |
| 2024 | 519 | 39.29 | 134.22 | 44460 | 2.08 |  | 0.00 - 0.70 |  | 14.62 | 15.43 |  |
| 2023 | 538 | 34.04 | 117.10 | 40248 | 2.10 |  | 0.00 - 0.70 |  | 14.61 | 15.41 |  |
| 2022 | 571 | 29.50 | 102.18 | 37065 | 1.24 |  | 0.00 - 0.70 |  | (16.98) | (16.40) |  |
| 2021 | 596 | 35.28 | 123.08 | 46790 | 0.90 |  | 0.00 - 0.70 |  | 16.38 | 17.20 |  |
|  | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares | Janus Henderson Balanced Portfolio Service Shares |  |
| 2025 | 156 | 72.33 | 72.33 | 11300 | 1.71 |  | 0.00 - 0.00 |  | 14.82 | 14.82 |  |
| 2024 | 171 | 63.00 | 63.00 | 10784 | 1.77 |  | 0.00 - 0.00 |  | 15.15 | 15.15 |  |
| 2023 | 175 | 54.71 | 54.71 | 9594 | 1.79 |  | 0.00 - 0.00 |  | 15.13 | 15.13 |  |
| 2022 | 183 | 47.52 | 47.52 | 8676 | 0.97 |  | 0.00 - 0.00 |  | (16.62) | (16.62) |  |
| 2021 | 191 | 56.99 | 56.99 | 10875 | 0.67 |  | 0.00 - 0.00 |  | 16.91 | 16.91 |  |
|  | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares | Janus Henderson Enterprise Portfolio Institutional Shares |  |
| 2025 | 423 | 60.43 | 202.85 | 61505 | 0.20 |  | 0.00 - 0.70 |  | 6.92 | 7.67 |  |
| 2024 | 455 | 56.13 | 189.72 | 61833 | 0.74 |  | 0.00 - 0.70 |  | 14.80 | 15.61 |  |
| 2023 | 490 | 48.55 | 165.27 | 57764 | 0.16 |  | 0.00 - 0.70 |  | 17.25 | 18.07 |  |
| 2022 | 519 | 41.12 | 140.95 | 51838 | 0.20 |  | 0.00 - 0.70 |  | (16.53) | (15.94) |  |
| 2021 | 543 | 48.92 | 168.86 | 64851 | 0.32 |  | 0.00 - 0.70 |  | 16.02 | 16.83 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | Janus Henderson Flexible Bond Portfolio Institutional Shares | |
| 2025 | 180 | $19.28 | $41.28 | $5885 | 5.24 | % | 0.00 - 0.70 | % | 6.65 | 7.40 | % |
| 2024 | 188 | 17.95 | 38.71 | 5754 | 4.91 |  | 0.00 - 0.70 |  | 1.24 | 1.96 |  |
| 2023 | 190 | 17.61 | 38.23 | 5676 | 4.29 |  | 0.00 - 0.70 |  | 4.77 | 5.50 |  |
| 2022 | 193 | 16.69 | 36.49 | 5477 | 2.47 |  | 0.00 - 0.70 |  | (14.26) | (13.66) |  |
| 2021 | 199 | 19.33 | 42.56 | 6578 | 2.03 |  | 0.00 - 0.70 |  | (1.59) | (0.90) |  |
|  | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares | Janus Henderson Forty Portfolio Institutional Shares |  |
| 2025 | 146 | 71.11 | 141.69 | 16378 | 0.07 |  | 0.00 - 0.70 |  | 17.32 | 18.14 |  |
| 2024 | 156 | 60.19 | 119.93 | 14809 | 0.11 |  | 0.00 - 0.70 |  | 27.57 | 28.47 |  |
| 2023 | 171 | 46.85 | 81.35 | 12638 | 0.19 |  | 0.00 - 0.70 |  | 38.99 | 39.96 |  |
| 2022 | 178 | 33.47 | 58.53 | 9383 | 0.20 |  | 0.00 - 0.70 |  | (34.02) | (33.55) |  |
| 2021 | 173 | 50.38 | 88.70 | 13847 |  |  | 0.00 - 0.70 |  | 22.04 | 22.90 |  |
|  | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares |  |
| 2025 | 574 | 63.73 | 119.69 | 45888 | 0.58 |  | 0.00 - 0.70 |  | 20.07 | 20.92 |  |
| 2024 | 621 | 52.71 | 99.68 | 41277 | 0.75 |  | 0.00 - 0.70 |  | 22.72 | 23.58 |  |
| 2023 | 662 | 42.65 | 81.23 | 35743 | 0.93 |  | 0.00 - 0.70 |  | 25.90 | 26.78 |  |
| 2022 | 705 | 33.64 | 64.52 | 30058 | 1.05 |  | 0.00 - 0.70 |  | (19.97) | (19.41) |  |
| 2021 | 737 | 41.74 | 80.62 | 39170 | 0.52 |  | 0.00 - 0.70 |  | 17.27 | 18.09 |  |
|  | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares | Janus Henderson Global Research Portfolio Service Shares |  |
| 2025 | 31 | 76.11 | 76.11 | 2340 | 0.42 |  | 0.00 - 0.00 |  | 20.60 | 20.60 |  |
| 2024 | 32 | 63.11 | 63.11 | 2017 | 0.60 |  | 0.00 - 0.00 |  | 23.27 | 23.27 |  |
| 2023 | 33 | 51.20 | 51.20 | 1714 | 0.78 |  | 0.00 - 0.00 |  | 26.47 | 26.47 |  |
| 2022 | 35 | 40.48 | 40.48 | 1427 | 0.89 |  | 0.00 - 0.00 |  | (19.61) | (19.61) |  |
| 2021 | 37 | 50.36 | 50.36 | 1843 | 0.37 |  | 0.00 - 0.00 |  | 17.80 | 17.80 |  |
|  | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares | Janus Henderson Global Technology Portfolio Institutional Shares |  |
| 2025 | 22 | 139.74 | 139.74 | 3022 |  |  | 0.00 - 0.00 |  | 25.15 | 25.15 |  |
| 2024 | 25 | 111.66 | 111.66 | 2804 |  |  | 0.00 - 0.00 |  | 32.10 | 32.10 |  |
| 2023 | 27 | 84.52 | 84.52 | 2284 |  |  | 0.00 - 0.00 |  | 54.55 | 54.55 |  |
| 2022 | 28 | 54.69 | 54.69 | 1509 |  |  | 0.00 - 0.00 |  | (36.95) | (36.95) |  |
| 2021 | 26 | 86.75 | 86.75 | 2243 | 0.21 |  | 0.00 - 0.00 |  | 18.01 | 18.01 |  |
|  | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares | Janus Henderson Mid Cap Value Portfolio Institutional Shares |  |
| 2025 | 29 | 36.18 | 36.18 | 1048 | 0.83 |  | 0.00 - 0.00 |  | 6.50 | 6.50 |  |
| 2024 | 29 | 33.98 | 33.98 | 975 | 0.97 |  | 0.00 - 0.00 |  | 13.11 | 13.11 |  |
| 2023 | 30 | 30.04 | 30.04 | 889 | 1.13 |  | 0.00 - 0.00 |  | 11.40 | 11.40 |  |
| 2022 | 30 | 26.97 | 26.97 | 822 | 1.31 |  | 0.00 - 0.00 |  | (5.56) | (5.56) |  |
| 2021 | 31 | 28.55 | 28.55 | 896 | 0.45 |  | 0.00 - 0.00 |  | 19.73 | 19.73 |  |
|  | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares | Janus Henderson Mid Cap Value Portfolio Service Shares |  |
| 2025 | 108 | 54.25 | 54.25 | 5869 | 0.68 |  | 0.00 - 0.00 |  | 6.29 | 6.29 |  |
| 2024 | 110 | 51.04 | 51.04 | 5623 | 0.83 |  | 0.00 - 0.00 |  | 12.80 | 12.80 |  |
| 2023 | 116 | 45.25 | 45.25 | 5254 | 0.96 |  | 0.00 - 0.00 |  | 11.11 | 11.11 |  |
| 2022 | 121 | 40.73 | 40.73 | 4940 | 1.16 |  | 0.00 - 0.00 |  | (5.77) | (5.77) |  |
| 2021 | 127 | 43.22 | 43.22 | 5473 | 0.30 |  | 0.00 - 0.00 |  | 19.42 | 19.42 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to Highest | Lowest to Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | Janus Henderson Overseas Portfolio Institutional Shares | |
| 2025 | 87 | $18.12 | $18.12 | $1577 | 1.44 | % | 0.00 - 0.00 | % | 28.87 | 28.87 | % |
| 2024 | 94 | 14.06 | 14.06 | 1315 | 1.39 |  | 0.00 - 0.00 |  | 5.84 | 5.84 |  |
| 2023 | 92 | 13.28 | 13.28 | 1224 | 1.50 |  | 0.00 - 0.00 |  | 10.87 | 10.87 |  |
| 2022 | 105 | 11.98 | 11.98 | 1262 | 1.77 |  | 0.00 - 0.00 |  | (8.60) | (8.60) |  |
| 2021 | 109 | 13.11 | 13.11 | 1435 | 1.16 |  | 0.00 - 0.00 |  | 13.58 | 13.58 |  |
|  | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares | Janus Henderson Overseas Portfolio Service Shares |  |
| 2025 | 425 | 15.50 | 17.45 | 7351 | 1.33 |  | 0.00 - 0.70 |  | 27.68 | 28.58 |  |
| 2024 | 447 | 12.14 | 13.57 | 6023 | 1.32 |  | 0.00 - 0.70 |  | 4.84 | 5.58 |  |
| 2023 | 445 | 11.58 | 12.85 | 5677 | 1.42 |  | 0.00 - 0.70 |  | 9.81 | 10.58 |  |
| 2022 | 472 | 10.55 | 11.62 | 5437 | 1.68 |  | 0.00 - 0.70 |  | (9.47) | (8.84) |  |
| 2021 | 496 | 11.65 | 12.75 | 6282 | 1.04 |  | 0.00 - 0.70 |  | 12.50 | 13.29 |  |
|  | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Research Portfolio Institutional Shares |  |
| 2025 | 473 | 106.80 | 183.89 | 62853 |  |  | 0.00 - 0.70 |  | 17.56 | 18.39 |  |
| 2024 | 515 | 90.21 | 156.42 | 57676 | 0.03 |  | 0.00 - 0.70 |  | 34.36 | 35.31 |  |
| 2023 | 566 | 66.67 | 116.41 | 47059 | 0.14 |  | 0.00 - 0.70 |  | 42.18 | 43.17 |  |
| 2022 | 599 | 46.57 | 81.88 | 34809 | 0.16 |  | 0.00 - 0.70 |  | (30.38) | (29.89) |  |
| 2021 | 628 | 66.42 | 117.61 | 52263 | 0.10 |  | 0.00 - 0.70 |  | 19.49 | 20.33 |  |
|  | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Emerging Markets Equity Portfolio |  |
| 2025 | 18 | 101.52 | 101.52 | 1871 | 2.80 |  | 0.00 - 0.00 |  | 41.77 | 41.77 |  |
| 2024 | 20 | 71.61 | 71.61 | 1400 | 3.39 |  | 0.00 - 0.00 |  | 7.43 | 7.43 |  |
| 2023 | 21 | 66.66 | 66.66 | 1408 | 4.89 |  | 0.00 - 0.00 |  | 22.27 | 22.27 |  |
| 2022 | 22 | 54.52 | 54.52 | 1202 | 3.35 |  | 0.00 - 0.00 |  | (15.12) | (15.12) |  |
| 2021 | 22 | 64.22 | 64.22 | 1440 | 1.86 |  | 0.00 - 0.00 |  | 5.47 | 5.47 |  |
|  | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I | Legg Mason ClearBridge Variable Large Cap Value Portfolio Class I |  |
| 2025 | 98 | 49.71 | 57.85 | 5576 | 1.17 |  | 0.00 - 0.70 |  | 9.43 | 10.20 |  |
| 2024 | 104 | 45.42 | 52.49 | 5371 | 1.24 |  | 0.00 - 0.70 |  | 7.32 | 8.08 |  |
| 2023 | 114 | 42.32 | 48.57 | 5414 | 1.30 |  | 0.00 - 0.70 |  | 14.29 | 15.09 |  |
| 2022 | 104 | 37.03 | 42.20 | 4294 | 1.30 |  | 0.00 - 0.70 |  | (7.08) | (6.43) |  |
| 2021 | 126 | 39.85 | 45.10 | 5565 | 1.07 |  | 0.00 - 0.70 |  | 25.33 | 26.21 |  |
|  | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I | Legg Mason Western Assets Variable Global High Yield Bond Portfolio Class I |  |
| 2025 | 83 | 31.39 | 31.39 | 2617 | 6.80 |  | 0.00 - 0.00 |  | 9.96 | 9.96 |  |
| 2024 | 87 | 28.55 | 28.55 | 2480 | 6.63 |  | 0.00 - 0.00 |  | 7.06 | 7.06 |  |
| 2023 | 88 | 26.66 | 26.66 | 2352 | 5.75 |  | 0.00 - 0.00 |  | 10.26 | 10.26 |  |
| 2022 | 88 | 24.18 | 24.18 | 2129 | 6.71 |  | 0.00 - 0.00 |  | (13.72) | (13.72) |  |
| 2021 | 89 | 28.03 | 28.03 | 2488 | 4.52 |  | 0.00 - 0.00 |  | 1.33 | 1.33 |  |
|  | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class | MFS® High Yield Portfolio Initial Class |  |
| 2025 | 96 | 17.59 | 17.59 | 1695 | 6.76 |  | 0.00 - 0.00 |  | 8.65 | 8.65 |  |
| 2024 | 98 | 16.19 | 16.19 | 1583 | 6.25 |  | 0.00 - 0.00 |  | 6.92 | 6.92 |  |
| 2023 | 101 | 15.14 | 15.14 | 1531 | 5.82 |  | 0.00 - 0.00 |  | 12.41 | 12.41 |  |
| 2022 | 102 | 13.47 | 13.47 | 1376 | 5.58 |  | 0.00 - 0.00 |  | (10.51) | (10.51) |  |
| 2021 | 104 | 15.05 | 15.05 | 1567 | 5.04 |  | 0.00 - 0.00 |  | 3.49 | 3.49 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE 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, | |
| | | Accumulation Unit Value | | | | Expense Ratio | | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | |
| | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | MFS® Investors Trust Series Initial Class | |
| 2025 | 94 | $75.90 | $7152 | 1.61 | % | 0.00 - 0.00 | % | 13.57 | % |
| 2024 | 107 | 66.83 | 7135 | 0.69 |  | 0.00 - 0.00 |  | 19.52 |  |
| 2023 | 119 | 55.92 | 6680 | 0.73 |  | 0.00 - 0.00 |  | 18.98 |  |
| 2022 | 124 | 47.00 | 5851 | 0.67 |  | 0.00 - 0.00 |  | (16.49) |  |
| 2021 | 131 | 56.28 | 7399 | 0.62 |  | 0.00 - 0.00 |  | 26.81 |  |
|  | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class | MFS® Mass Investors Growth Stock Portfolio Initial Class |  |
| 2025 | 52 | 37.42 | 1946 | 0.27 |  | 0.00 - 0.00 |  | 9.90 |  |
| 2024 | 54 | 34.05 | 1845 | 0.34 |  | 0.00 - 0.00 |  | 16.27 |  |
| 2023 | 60 | 29.29 | 1762 | 0.30 |  | 0.00 - 0.00 |  | 24.01 |  |
| 2022 | 67 | 23.62 | 1589 | 0.10 |  | 0.00 - 0.00 |  | (19.26) |  |
| 2021 | 69 | 29.25 | 2009 | 0.24 |  | 0.00 - 0.00 |  | 25.97 |  |
|  | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class | MFS® New Discovery Series Initial Class |  |
| 2025 | 121 | 114.89 | 13863 |  |  | 0.00 - 0.00 |  | 12.96 |  |
| 2024 | 127 | 101.71 | 12951 |  |  | 0.00 - 0.00 |  | 6.72 |  |
| 2023 | 133 | 95.30 | 12719 |  |  | 0.00 - 0.00 |  | 14.41 |  |
| 2022 | 138 | 83.30 | 11476 |  |  | 0.00 - 0.00 |  | (29.76) |  |
| 2021 | 137 | 118.59 | 16237 |  |  | 0.00 - 0.00 |  | 1.80 |  |
|  | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class | MFS® Total Return Series Initial Class |  |
| 2025 | 251 | 57.79 | 14480 | 2.70 |  | 0.00 - 0.00 |  | 11.16 |  |
| 2024 | 267 | 51.99 | 13867 | 2.48 |  | 0.00 - 0.00 |  | 7.75 |  |
| 2023 | 282 | 48.25 | 13587 | 2.05 |  | 0.00 - 0.00 |  | 10.44 |  |
| 2022 | 291 | 43.69 | 12699 | 1.72 |  | 0.00 - 0.00 |  | (9.58) |  |
| 2021 | 302 | 48.32 | 14581 | 1.79 |  | 0.00 - 0.00 |  | 14.12 |  |
|  | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class | MFS® Utilities Series Initial Class |  |
| 2025 | 32 | 117.41 | 3799 | 2.90 |  | 0.00 - 0.00 |  | 15.01 |  |
| 2024 | 33 | 102.08 | 3363 | 2.30 |  | 0.00 - 0.00 |  | 11.66 |  |
| 2023 | 36 | 91.42 | 3327 | 3.56 |  | 0.00 - 0.00 |  | (2.11) |  |
| 2022 | 38 | 93.39 | 3590 | 2.47 |  | 0.00 - 0.00 |  | 0.76 |  |
| 2021 | 38 | 92.69 | 3477 | 1.75 |  | 0.00 - 0.00 |  | 14.09 |  |
|  | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class | MFS® Value Series Initial Class |  |
| 2025 | 49 | 65.42 | 3187 | 1.60 |  | 0.00 - 0.00 |  | 13.01 |  |
| 2024 | 50 | 57.89 | 2904 | 1.63 |  | 0.00 - 0.00 |  | 11.61 |  |
| 2023 | 55 | 51.86 | 2860 | 1.66 |  | 0.00 - 0.00 |  | 7.93 |  |
| 2022 | 58 | 48.05 | 2766 | 1.40 |  | 0.00 - 0.00 |  | (5.91) |  |
| 2021 | 60 | 51.07 | 3088 | 1.34 |  | 0.00 - 0.00 |  | 25.45 |  |
|  | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class | MFS® VIT Growth Series Initial Class |  |
| 2025 | 128 | 123.25 | 15819 |  |  | 0.00 - 0.00 |  | 12.19 |  |
| 2024 | 141 | 109.85 | 15465 |  |  | 0.00 - 0.00 |  | 31.47 |  |
| 2023 | 153 | 83.56 | 12808 |  |  | 0.00 - 0.00 |  | 35.86 |  |
| 2022 | 161 | 61.50 | 9918 |  |  | 0.00 - 0.00 |  | (31.63) |  |
| 2021 | 165 | 89.96 | 14814 |  |  | 0.00 - 0.00 |  | 23.53 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | MFS® VIT New Discovery Series Service Class | |
| 2025 | 11 | $55.04 | $55.04 | $631 |  | % | 0.70 - 0.70 | % | 11.77 | 11.77 | % |
| 2024 | 13 | 49.24 | 49.24 | 647 |  |  | 0.70 - 0.70 |  | 5.69 | 5.69 |  |
| 2023 | 15 | 46.59 | 46.59 | 698 |  |  | 0.70 - 0.70 |  | 13.46 | 13.46 |  |
| 2022 | 16 | 41.07 | 41.07 | 668 |  |  | 0.70 - 0.70 |  | (30.48) | (30.48) |  |
| 2021 | 17 | 59.07 | 59.07 | 999 |  |  | 0.70 - 0.70 |  | 0.86 | 0.86 |  |
|  | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class | MFS® VIT Research Series Initial Class |  |
| 2025 | 87 | 85.09 | 85.09 | 7430 | 0.97 |  | 0.00 - 0.00 |  | 12.85 | 12.85 |  |
| 2024 | 91 | 75.40 | 75.40 | 6841 | 0.60 |  | 0.00 - 0.00 |  | 18.87 | 18.87 |  |
| 2023 | 94 | 63.43 | 63.43 | 5989 | 0.52 |  | 0.00 - 0.00 |  | 22.42 | 22.42 |  |
| 2022 | 96 | 51.81 | 51.81 | 4986 | 0.49 |  | 0.00 - 0.00 |  | (17.21) | (17.21) |  |
| 2021 | 102 | 62.58 | 62.58 | 6399 | 0.54 |  | 0.00 - 0.00 |  | 24.80 | 24.80 |  |
|  | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I | Morgan Stanley VIF Emerging Markets Equity Portfolio Class I |  |
| 2025 | 37 | 15.56 | 15.56 | 578 | 0.44 |  | 0.00 - 0.00 |  | 32.96 | 32.96 |  |
| 2024 | 38 | 11.70 | 11.70 | 446 | 1.33 |  | 0.00 - 0.00 |  | 7.82 | 7.82 |  |
| 2023 | 47 | 10.85 | 10.85 | 507 | 1.63 |  | 0.00 - 0.00 |  | 11.97 | 11.97 |  |
| 2022 | 51 | 9.69 | 9.69 | 496 | 0.43 |  | 0.00 - 0.00 |  | (25.08) | (25.08) |  |
| 2021 | 50 | 12.94 | 12.94 | 645 | 0.82 |  | 0.00 - 0.00 |  | 2.99 | 2.99 |  |
|  | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I | Morgan Stanley VIF Growth Portfolio Class I |  |
| 2025 | 53 | 107.36 | 166.40 | 8209 |  |  | 0.00 - 0.70 |  | 34.77 | 35.72 |  |
| 2024 | 62 | 79.11 | 122.60 | 7073 |  |  | 0.00 - 0.70 |  | 45.56 | 46.59 |  |
| 2023 | 70 | 53.96 | 72.88 | 5342 |  |  | 0.00 - 0.70 |  | 47.63 | 48.66 |  |
| 2022 | 70 | 36.30 | 49.37 | 3592 |  |  | 0.00 - 0.70 |  | (60.35) | (60.07) |  |
| 2021 | 69 | 90.90 | 124.49 | 8916 |  |  | 0.00 - 0.70 |  | (0.59) | 0.10 |  |
|  | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I | Morningstar Aggressive Growth ETF Asset Allocation Portfolio Class I |  |
| 2025 | 488 | 34.97 | 54.16 | 17470 | 1.38 |  | 0.00 - 0.70 |  | 19.49 | 20.33 |  |
| 2024 | 505 | 29.07 | 45.01 | 15030 | 1.50 |  | 0.00 - 0.70 |  | 14.04 | 14.85 |  |
| 2023 | 520 | 25.31 | 35.37 | 13521 | 1.89 |  | 0.00 - 0.70 |  | 16.29 | 17.10 |  |
| 2022 | 532 | 21.61 | 30.42 | 11856 | 1.80 |  | 0.00 - 0.70 |  | (13.53) | (12.92) |  |
| 2021 | 523 | 24.82 | 35.17 | 13387 | 1.31 |  | 0.00 - 0.70 |  | 17.77 | 18.60 |  |
|  | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I | Morningstar Balanced ETF Asset Allocation Portfolio Class I |  |
| 2025 | 519 | 26.97 | 35.57 | 14584 | 2.21 |  | 0.00 - 0.70 |  | 14.27 | 15.07 |  |
| 2024 | 541 | 23.44 | 30.91 | 13250 | 2.08 |  | 0.00 - 0.70 |  | 9.73 | 10.50 |  |
| 2023 | 555 | 21.21 | 25.24 | 12284 | 2.32 |  | 0.00 - 0.70 |  | 12.33 | 13.11 |  |
| 2022 | 569 | 18.75 | 22.47 | 11130 | 2.03 |  | 0.00 - 0.70 |  | (13.21) | (12.60) |  |
| 2021 | 571 | 21.46 | 25.89 | 12783 | 1.60 |  | 0.00 - 0.70 |  | 10.23 | 11.00 |  |
|  | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I | Morningstar Conservative ETF Asset Allocation Portfolio Class I |  |
| 2025 | 61 | 17.20 | 19.33 | 1121 | 2.94 |  | 0.00 - 0.70 |  | 8.35 | 9.11 |  |
| 2024 | 61 | 15.88 | 17.72 | 1037 | 2.51 |  | 0.00 - 0.70 |  | 4.78 | 5.52 |  |
| 2023 | 64 | 15.15 | 15.53 | 1035 | 2.40 |  | 0.00 - 0.70 |  | 7.44 | 8.19 |  |
| 2022 | 74 | 14.10 | 14.35 | 1093 | 1.66 |  | 0.00 - 0.70 |  | (12.23) | (11.61) |  |
| 2021 | 81 | 16.07 | 16.24 | 1351 | 1.59 |  | 0.00 - 0.70 |  | 1.80 | 2.51 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | Morningstar Growth ETF Asset Allocation Portfolio Class I | |
| 2025 | 806 | $31.73 | $46.17 | $26408 | 1.70 | % | 0.00 - 0.70 | % | 17.33 | 18.15 | % |
| 2024 | 837 | 26.86 | 39.08 | 23218 | 1.69 |  | 0.00 - 0.70 |  | 12.09 | 12.88 |  |
| 2023 | 868 | 23.79 | 31.24 | 21402 | 2.05 |  | 0.00 - 0.70 |  | 14.80 | 15.61 |  |
| 2022 | 906 | 20.58 | 27.21 | 19291 | 1.82 |  | 0.00 - 0.70 |  | (13.57) | (12.96) |  |
| 2021 | 934 | 23.64 | 31.49 | 22991 | 1.38 |  | 0.00 - 0.70 |  | 14.29 | 15.09 |  |
|  | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I | Morningstar Income and Growth ETF Asset Allocation Portfolio Class I |
| 2025 | 104 | 22.17 | 26.38 | 2332 | 2.68 |  | 0.00 - 0.70 |  | 11.15 | 11.94 |  |
| 2024 | 110 | 19.80 | 23.56 | 2209 | 2.73 |  | 0.00 - 0.70 |  | 7.44 | 8.20 |  |
| 2023 | 109 | 18.30 | 19.66 | 2028 | 2.36 |  | 0.00 - 0.70 |  | 10.21 | 10.99 |  |
| 2022 | 138 | 16.49 | 17.83 | 2375 | 2.17 |  | 0.00 - 0.70 |  | (12.92) | (12.31) |  |
| 2021 | 141 | 18.81 | 20.48 | 2769 | 1.73 |  | 0.00 - 0.70 |  | 5.91 | 6.66 |  |
|  | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares | PIMCO VIT Int. Bond U.S. Dollar-Hedged Admin. Shares |  |
| 2025 | 109 | 23.42 | 27.64 | 2979 | 3.49 |  | 0.00 - 0.70 |  | 3.23 | 3.95 |  |
| 2024 | 115 | 22.69 | 26.59 | 3005 | 3.61 |  | 0.00 - 0.70 |  | 4.72 | 5.46 |  |
| 2023 | 118 | 21.66 | 25.21 | 2927 | 2.59 |  | 0.00 - 0.70 |  | 8.26 | 9.02 |  |
| 2022 | 120 | 20.01 | 23.12 | 2735 | 1.49 |  | 0.00 - 0.70 |  | (10.78) | (10.15) |  |
| 2021 | 127 | 22.43 | 25.74 | 3206 | 1.58 |  | 0.00 - 0.70 |  | (2.64) | (1.96) |  |
|  | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares | PIMCO VIT Real Return Portfolio Admin. Shares |  |
| 2025 | 196 | 22.27 | 22.27 | 4372 | 3.32 |  | 0.00 - 0.00 |  | 7.85 | 7.85 |  |
| 2024 | 198 | 20.65 | 20.65 | 4088 | 2.62 |  | 0.00 - 0.00 |  | 2.13 | 2.13 |  |
| 2023 | 198 | 20.22 | 20.22 | 4010 | 2.99 |  | 0.00 - 0.00 |  | 3.67 | 3.67 |  |
| 2022 | 194 | 19.51 | 19.51 | 3794 | 6.98 |  | 0.00 - 0.00 |  | (11.90) | (11.90) |  |
| 2021 | 205 | 22.14 | 22.14 | 4546 | 4.99 |  | 0.00 - 0.00 |  | 5.59 | 5.59 |  |
|  | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares | PIMCO VIT Total Return Portfolio Admin. Shares |  |
| 2025 | 534 | 21.89 | 25.83 | 13542 | 4.10 |  | 0.00 - 0.70 |  | 8.13 | 8.89 |  |
| 2024 | 552 | 20.24 | 23.72 | 12849 | 4.04 |  | 0.00 - 0.70 |  | 1.81 | 2.53 |  |
| 2023 | 546 | 19.88 | 23.14 | 12407 | 3.56 |  | 0.00 - 0.70 |  | 5.20 | 5.93 |  |
| 2022 | 569 | 18.90 | 21.84 | 12218 | 2.61 |  | 0.00 - 0.70 |  | (14.90) | (14.30) |  |
| 2021 | 600 | 22.21 | 25.49 | 15047 | 1.82 |  | 0.00 - 0.70 |  | (1.96) | (1.27) |  |
|  | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA | Putnam VT High Yield Fund Class IA |  |
| 2025 | 28 | 45.55 | 45.55 | 1272 | 6.42 |  | 0.00 - 0.00 |  | 8.86 | 8.86 |  |
| 2024 | 29 | 41.85 | 41.85 | 1194 | 5.89 |  | 0.00 - 0.00 |  | 8.19 | 8.19 |  |
| 2023 | 29 | 38.68 | 38.68 | 1140 | 5.48 |  | 0.00 - 0.00 |  | 12.29 | 12.29 |  |
| 2022 | 31 | 34.44 | 34.44 | 1065 | 5.42 |  | 0.00 - 0.00 |  | (11.37) | (11.37) |  |
| 2021 | 33 | 38.86 | 38.86 | 1265 | 4.82 |  | 0.00 - 0.00 |  | 5.20 | 5.20 |  |
|  | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA | Putnam VT International Value Fund Class IA |  |
| 2025 | 14 | 57.82 | 57.82 | 830 | 1.36 |  | 0.00 - 0.00 |  | 35.07 | 35.07 |  |
| 2024 | 15 | 42.80 | 42.80 | 644 | 2.55 |  | 0.00 - 0.00 |  | 5.44 | 5.44 |  |
| 2023 | 15 | 40.60 | 40.60 | 603 | 1.63 |  | 0.00 - 0.00 |  | 19.08 | 19.08 |  |
| 2022 | 15 | 34.09 | 34.09 | 517 | 2.18 |  | 0.00 - 0.00 |  | (6.70) | (6.70) |  |
| 2021 | 16 | 36.54 | 36.54 | 567 | 2.41 |  | 0.00 - 0.00 |  | 15.28 | 15.28 |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE ACCOUNT**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, | 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, | |
| | | Accumulation Unit Value | Accumulation Unit Value | | | | Expense Ratio | | Total Return | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | Lowest to Highest\*\*\* | |
| | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | Putnam VT International Value Fund Class IB | |
| 2025 | 80 | $35.21 | $41.56 | $3221 | 1.27 | % | 0.00 - 0.70 | % | 33.74 | 34.68 | % |
| 2024 | 91 | 26.33 | 30.86 | 2688 | 2.45 |  | 0.00 - 0.70 |  | 4.48 | 5.21 |  |
| 2023 | 99 | 25.20 | 29.33 | 2785 | 1.40 |  | 0.00 - 0.70 |  | 17.85 | 18.68 |  |
| 2022 | 99 | 21.38 | 24.71 | 2364 | 2.04 |  | 0.00 - 0.70 |  | (7.46) | (6.81) |  |
| 2021 | 104 | 23.11 | 26.52 | 2683 | 2.03 |  | 0.00 - 0.70 |  | 14.14 | 14.94 |  |
|  | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I | T. Rowe Price All-Cap Opportunities Portfolio - I |  |
| 2025 | 50 | 133.33 | 133.33 | 6660 |  |  | 0.00 - 0.00 |  | 16.30 | 16.30 |  |
| 2024 | 59 | 114.64 | 114.64 | 6713 | 0.07 |  | 0.00 - 0.00 |  | 25.16 | 25.16 |  |
| 2023 | 63 | 91.59 | 91.59 | 5789 | 0.25 |  | 0.00 - 0.00 |  | 28.96 | 28.96 |  |
| 2022 | 64 | 71.02 | 71.02 | 4567 |  |  | 0.00 - 0.00 |  | (21.51) | (21.51) |  |
| 2021 | 66 | 90.49 | 90.49 | 5990 |  |  | 0.00 - 0.00 |  | 20.80 | 20.80 |  |
|  | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I | T. Rowe Price Blue Chip Growth Portfolio I |  |
| 2025 | 95 | 118.36 | 118.36 | 11217 |  |  | 0.00 - 0.00 |  | 18.74 | 18.74 |  |
| 2024 | 101 | 99.69 | 99.69 | 10053 |  |  | 0.00 - 0.00 |  | 35.51 | 35.51 |  |
| 2023 | 107 | 73.56 | 73.56 | 7893 |  |  | 0.00 - 0.00 |  | 49.29 | 49.29 |  |
| 2022 | 119 | 49.28 | 49.28 | 5868 |  |  | 0.00 - 0.00 |  | (38.50) | (38.50) |  |
| 2021 | 117 | 80.12 | 80.12 | 9409 |  |  | 0.00 - 0.00 |  | 17.62 | 17.62 |  |
|  | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I | T. Rowe Price Equity Income Portfolio I |  |
| 2025 | 488 | 78.04 | 78.04 | 38048 | 1.65 |  | 0.00 - 0.00 |  | 14.36 | 14.36 |  |
| 2024 | 509 | 68.24 | 68.24 | 34706 | 1.83 |  | 0.00 - 0.00 |  | 11.70 | 11.70 |  |
| 2023 | 528 | 61.09 | 61.09 | 32274 | 2.10 |  | 0.00 - 0.00 |  | 9.54 | 9.54 |  |
| 2022 | 544 | 55.77 | 55.77 | 30323 | 1.87 |  | 0.00 - 0.00 |  | (3.34) | (3.34) |  |
| 2021 | 578 | 57.70 | 57.70 | 33354 | 1.57 |  | 0.00 - 0.00 |  | 25.55 | 25.55 |  |
|  | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I | T. Rowe Price International Stock I |  |
| 2025 | 129 | 35.81 | 35.81 | 4624 | 1.99 |  | 0.00 - 0.00 |  | 18.41 | 18.41 |  |
| 2024 | 134 | 30.24 | 30.24 | 4049 | 0.93 |  | 0.00 - 0.00 |  | 3.25 | 3.25 |  |
| 2023 | 142 | 29.29 | 29.29 | 4150 | 1.05 |  | 0.00 - 0.00 |  | 16.24 | 16.24 |  |
| 2022 | 142 | 25.20 | 25.20 | 3571 | 0.75 |  | 0.00 - 0.00 |  | (15.81) | (15.81) |  |
| 2021 | 159 | 29.93 | 29.93 | 4757 | 0.60 |  | 0.00 - 0.00 |  | 1.32 | 1.32 |  |
|  | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I | T. Rowe Price Mid-Cap Growth I |  |
| 2025 | 95 | 149.80 | 149.80 | 14299 |  |  | 0.00 - 0.00 |  | 3.55 | 3.55 |  |
| 2024 | 102 | 144.67 | 144.67 | 14747 |  |  | 0.00 - 0.00 |  | 9.32 | 9.32 |  |
| 2023 | 107 | 132.34 | 132.34 | 14214 |  |  | 0.00 - 0.00 |  | 19.96 | 19.96 |  |
| 2022 | 109 | 110.32 | 110.32 | 12059 |  |  | 0.00 - 0.00 |  | (22.58) | (22.58) |  |
| 2021 | 119 | 142.50 | 142.50 | 16984 |  |  | 0.00 - 0.00 |  | 14.85 | 14.85 |  |
|  | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class | VanEck VIP Emerging Markets Fund Initial Class |  |
| 2025 | 112 | 48.45 | 48.45 | 5440 | 0.73 |  | 0.00 - 0.00 |  | 29.92 | 29.92 |  |
| 2024 | 118 | 37.29 | 37.29 | 4410 | 1.68 |  | 0.00 - 0.00 |  | 1.21 | 1.21 |  |
| 2023 | 120 | 36.85 | 36.85 | 4414 | 3.61 |  | 0.00 - 0.00 |  | 9.77 | 9.77 |  |
| 2022 | 120 | 33.57 | 33.57 | 4027 | 0.29 |  | 0.00 - 0.00 |  | (24.37) | (24.37) |  |
| 2021 | 110 | 44.38 | 44.38 | 4897 | 0.92 |  | 0.00 - 0.00 |  | (11.87) | (11.87) |  |

---

------

**LINCOLN BENEFIT LIFE VARIABLE LIFE 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, | |
| | | Accumulation Unit Value | | | | Expense Ratio | | Total Return | |
| | Accumulation Units (000s) | Lowest to <br>Highest | Net Assets (000s) | Investment Income Ratio\* | | Lowest to Highest\*\* | | Lowest to Highest\*\*\* | |
| | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | VanEck VIP Global Resources Fund Initial Class | |
| 2025 | 121 | $43.48 | $5262 | 2.54 | % | 0.00 - 0.00 | % | 36.48 | % |
| 2024 | 127 | 31.86 | 4051 | 2.60 |  | 0.00 - 0.00 |  | (2.83) |  |
| 2023 | 124 | 32.79 | 4076 | 2.83 |  | 0.00 - 0.00 |  | (3.58) |  |
| 2022 | 124 | 34.01 | 4226 | 1.66 |  | 0.00 - 0.00 |  | 8.39 |  |
| 2021 | 132 | 31.37 | 4145 | 0.44 |  | 0.00 - 0.00 |  | 18.92 |  |

---

------

FINANCIAL STATEMENTS - STATUTORY-BASIS**<br>Lincoln Benefit Life Company**

**(A Wholly-Owned Subsidiary of LBL HoldCo II, Inc.)** 

Years ended December 31, 2025 and 2024<br>With Reports of Independent Auditors

------

**Report of Independent Auditors**

****<br> The Board of Directors <br>Lincoln Benefit Life Company

**Opinion**

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

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, on the basis of accounting described in Note 1.

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

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

**Basis for Opinion**

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

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

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

**Responsibilities of Management for the Financial Statements**

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

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

**Auditor's Responsibilities for the Audit of the Financial Statements**

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

------

In performing an audit in accordance with GAAS, we:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.<br>

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

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

<br>/s/ Ernst & Young LLP

Chicago, Illinois

April 13, 2026<br>

------

**LINCOLN BENEFIT LIFE COMPANY** <br>**STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS** <br>**DECEMBER 31, 2025 AND 2024** <br>**($'S IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)**<br>

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Admitted Assets** | | |
| &nbsp;&nbsp;Bonds | $6141754 | $7350102 |
| &nbsp;&nbsp;Preferred stocks | 223399 | 231125 |
| &nbsp;&nbsp;Common stocks | 36272 | 75689 |
| &nbsp;&nbsp;Mortgage loans | 436794 | 466414 |
| &nbsp;&nbsp;Contract loans | 27951 | 31338 |
| &nbsp;&nbsp;Other investments | 446046 | 626633 |
| &nbsp;&nbsp;Receivables for securities | 5718 | 56948 |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 385035 | 215813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 7702969 | 9054062 |
| &nbsp;&nbsp;Due and accrued investment income | 64391 | 85760 |
| &nbsp;&nbsp;Current income tax recoverable | 9837 | 14826 |
| &nbsp;&nbsp;Net deferred tax asset | 25570 | 32654 |
| &nbsp;&nbsp;Deferred premium and other assets, net | 375164 | 280466 |
| &nbsp;&nbsp;Separate account assets | 1854773 | 1728171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Admitted Assets | $10032704 | $11195939 |
| **Liabilities, Capital Stock and Surplus** |  |  |
| &nbsp;&nbsp;Reserves for policy benefits | 3417827 | 3791971 |
| &nbsp;&nbsp;Reinsurance payable | 18072 | 14607 |
| &nbsp;&nbsp;Interest maintenance reserve | 61859 | 79167 |
| &nbsp;&nbsp;Asset valuation reserve | 74029 | 78537 |
| &nbsp;&nbsp;Funds held under coinsurance | 4216072 | 4264670 |
| &nbsp;&nbsp;Other liabilities | 73624 | 93626 |
| &nbsp;&nbsp;Repurchase liability | 119947 | 912537 |
| &nbsp;&nbsp;Separate account liabilities | 1854773 | 1728171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $9836203 | $10963286 |
| **Capital Stock and Surplus** |  |  |
| &nbsp;&nbsp;Common capital stock, $100 par value, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;30,000 shares authorized and 25,000 shares outstanding | 2500 | 2500 |
| &nbsp;&nbsp;Surplus note | 60000 | 60000 |
| &nbsp;&nbsp;Gross paid in and contributed surplus | 410739 | 350739 |
| &nbsp;&nbsp;Unassigned deficit | (276738) | (180586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Capital Stock and Surplus | $196501 | $232653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities, Capital Stock and Surplus | $10032704 | $11195939 |

---

See Notes to the Statutory-Basis Financial Statements

------

**LINCOLN BENEFIT LIFE COMPANY** <br>**STATEMENTS OF OPERATIONS - STATUTORY-BASIS** <br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023** <br>**($'S IN THOUSANDS)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $12532 | $11325 | $16840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 310713 | 363272 | 374326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and expense allowance | 50039 | 56414 | 63916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve adjustments on reinsurance ceded | (61740) | (78461) | (49155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 4472 | 22906 | 22154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 316016 | 375456 | 428081 |
| **Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefit payments to policyholders and beneficiaries | $398120 | $447851 | $505459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change to policy benefit reserves | (238473) | (282517) | (327468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers from separate accounts | (85139) | (88266) | (39150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and operating expenses | 261564 | 258131 | 275942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 336072 | 335199 | 414783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) Gain from operations before dividends and taxes | (20056) | 40257 | 13298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends | 23 | 17 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) Gain from operations before taxes | (20079) | 40240 | 13264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit |  |  | 10273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain from operations | (20079) | 40240 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses | (37878) | (30343) | (21390) |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income** | $**(57957)** | $**9897** | $**(18399)** |

---

See Notes to the Statutory-Basis Financial Statements

------

**LINCOLN BENEFIT LIFE COMPANY** <br>**STATEMENTS CHANGE IN CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS** <br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023** <br>**($'S IN THOUSANDS, EXCEPT SHARE AMOUNTS)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Capital Stock** | **Common Capital Stock** |<br>**Surplus**<br>**Notes** |<br>**Paid In**<br>**Surplus** |<br>**Unassigned**<br>**Funds** | **Total**<br>**Capital Stock**<br>**and Surplus** |
| **Balance, December 31, 2022** | **25000** | $**2500** | $**60000** | $**320739** | $**24566** | $**407805** |
| &nbsp;&nbsp;Net loss |  |  |  |  | (18399) | (18399) |
| &nbsp;&nbsp;Change in net unrealized capital losses |  |  |  |  | (80794) | (80794) |
| &nbsp;&nbsp;Change in net deferred income tax |  |  |  |  | 35053 | 35053 |
| &nbsp;&nbsp;Change in nonadmitted assets |  |  |  |  | (14295) | (14295) |
| &nbsp;&nbsp;Change in liability for reinsurance in unauthorized and certified companies |  |  |  |  | (1065) | (1065) |
| &nbsp;&nbsp;Change in asset valuation reserve |  |  |  |  | (7892) | (7892) |
| &nbsp;&nbsp;Change in ceding commission |  |  |  |  | (32746) | (32746) |
| **Balance, December 31, 2023** | **25000** | $**2500** | $**60000** | $**320739** | $**(95572)** | $**287667** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | 9897 | 9897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital losses |  |  |  |  | (107609) | (107609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  |  |  | 7937 | 7937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  |  |  | 31812 | 31812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in liability for reinsurance in unauthorized and certified companies |  |  |  |  | 1911 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  |  |  | (2491) | (2491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in paid in surplus |  |  |  | 30000 |  | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ceding commission |  |  |  |  | (26471) | (26471) |
| **Balance, December 31, 2024** | **25000** | $**2500** | $**60000** | $**350739** | $**(180586)** | $**232653** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (57957) | (57957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized capital losses |  |  |  |  | (79527) | (79527) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  |  |  | (135536) | (135536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  |  |  | 194898 | 194898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  |  |  | 4507 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in paid in surplus |  |  |  | 60000 |  | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ceding commission |  |  |  |  | (22537) | (22537) |
| **Balance, December 31, 2025** | **25000** | $**2500** | $**60000** | $**410739** | $**(276738)** | $**196501** |

---

See Notes to the Statutory-Basis Financial Statements

------

**LINCOLN BENEFIT LIFE COMPANY** <br>**STATEMENTS OF CASH FLOWS - STATUTORY-BASIS** <br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023** <br>**($'S IN THOUSANDS)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and other income received | $66619 | $77746 | $86462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income received | 325331 | 359895 | 367838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments to policyholders and beneficiaries, including net transfers to/from separate accounts | (348809) | (499124) | (539864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions, expenses and taxes paid | (254488) | (249510) | (278874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | (211347) | (310993) | (364438) |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured, repaid or received |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | $1325575 | $701607 | $521499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 56409 | 4794 | 6421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 28174 | 9496 | 88828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements |  |  | 74743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 235549 | 49469 | 69768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal proceeds from investments | 1645707 | 765366 | 761259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 142046 | 119025 | 254641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 9667 | 87106 | 86383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 9079 | 3535 | 18645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements | 792591 | 101866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 5014 | 20182 | 129649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal investments acquired | 958397 | 331714 | 489318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (Decrease) Increase in Contract Loans | (3651) | (1502) | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Investing Activities | 690961 | 435154 | 271251 |
| **Cash flows from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net outflows on deposit-type contracts | $(187632) | $(196299) | $(48493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital and paid in surplus | 60000 | 30000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held under coinsurance | (48599) | (50610) | (27837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other cash applied | (134161) | (3755) | (94166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Financing and Miscellaneous Sources | (310392) | (220664) | (170496) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Cash, Cash Equivalents and Short-term Investments | 169222 | (96503) | (263683) |
| Cash, Cash Equivalents and Short-term Investments, Beginning of year | $215813 | $312316 | $575999 |
| Cash, Cash Equivalents and Short-term Investments, End of year | $385035 | $215813 | $312316 |
| **Supplemental disclosures of cash flow information for non-cash transactions:** |  |  |  |
| Change of intercompany note payable and receivable | $10000 | $10000 | $— |
| Non-cash investment transfers | 61542 | 127512 | 303082 |
| Non-cash asset transfer for capital contribution |  | 7795 | 20294 |
| Capital contribution payable | 18000 | 67000 | 10000 |
| Non-cash reinsurance settlements | 24032 | 33889 |  |
| Paid-in-kind interest | 13851 | 9121 | 571 |

---

See Notes to the Statutory-Basis Financial Statements

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**<u>GENERAL</u>**

Lincoln Benefit Life Company (the "Company" or "Lincoln Benefit") is a stock insurance company domiciled in the State of Nebraska. It is a wholly-owned subsidiary of LBL HoldCo II, Inc. ("HoldCo"), which in turn is a wholly-owned subsidiary of LBL HoldCo, Inc. ("Holdings").

On December 31, 2019, Guaranty Income Life Insurance Company ("GILICO"), an Iowa-domiciled insurance company, completed the acquisition (the "Transaction") of Holdings and its subsidiaries (including the Company). On December 31, 2022, GILICO, also a subsidiary of Kuvare US Holdings ("Kuvare"), transferred its ownership of Holdings and its subsidiaries to Kuvare, the ultimate parent of both.

Lancaster Re Captive Insurance Company ("Lancaster Re"), a Nebraska domiciled captive insurance company, became a wholly-owned subsidiary of Lincoln Benefit on April 1, 2014.

The Company is authorized to sell life insurance and retirement products in all states as well as, in the District of Columbia, the U.S. Virgin Islands and Guam with the exception of New York. Prior to July 18, 2013, the Company sold interest-sensitive, traditional and variable life insurance products through both exclusive agencies ("Allstate Sales channel") and independent master brokerage agencies. Effective July 17, 2013, sales through the independent master brokerage agencies ceased. Sales through the Allstate Sales channel ceased in 2017.

Allstate Life Insurance Company ("ALIC"), now known as Everlake Life Insurance Company ("Everlake"), continues to administer and reinsure all life insurance business written by Lincoln Benefit through the Allstate Sales channel, all immediate annuities written by Lincoln Benefit prior to April 1, 2014, certain term life policies written by Lincoln Benefit, and Lincoln Benefit's variable annuity business.

**<u>BASIS OF PRESENTATION</u>**

The accompanying statutory financial statements of the Company are presented on the basis of accounting principles prescribed or permitted by the Nebraska Department of Insurance ("NE DOI" or the "Department"). The NE DOI requires insurance companies domiciled in the State of Nebraska to prepare their statutory financial statements in accordance with the National Association of Insurance Commissioners ("NAIC") *Accounting Practices and Procedures Manual* ("NAIC SAP"). Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

A reconciliation of the Company's net loss and capital and surplus between NAIC SAP and practices prescribed and permitted by the State of Nebraska is shown below ($'s in thousands). There are no deviations from NAIC SAP in the Company's statutory financial statements as of and for the year ended December 31, 2024 or December 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Net Income (Loss)</u> | **SSAP #** | **F/S Page** | **F/S Line #** | **12/31/2025** |
| (1) Company state basis (Page 4, Line 35, Columns 1 and 2) | XXX | XXX | XXX | $(57957) |
| (2) State Prescribed Practices that increase/(decrease) NAIC SAP | N/A | N/A | N/A |  |
| (3) State Permitted Practices that increase/(decrease) NAIC SAP | N/A | N/A | N/A |  |
| (4) Net Income, NAIC SAP | XXX | XXX | XXX | $(57957) |
| <u>Surplus</u> |  |  |  |  |
| (5) Company state basis (Page 3, Line 38, Columns 1 & 2) | XXX | XXX | XXX | $196501 |
| (6) State Prescribed Practices that increase/(decrease) NAIC SAP | N/A | N/A | N/A |  |
| (7) State Permitted Practices that increase/(decrease) NAIC SAP | N/A | 3 | 25 | (18000) |
| (8) Statutory Surplus, NAIC SAP | XXX | XXX | XXX | $214501 |

---

In accordance with the NE DOI section 44-2134, "Extraordinary dividends and distributions", the Company has received approval for a permitted practice allowing for the contribution of $18.0 million to the Company's subsidiary, Lancaster Re. This permitted practices differs from NAIC SAP. See Notes 2 and 21 for additional detail surrounding capital provided to the Company as well as its subsidiary and settlement information.

**<u>DIFFERENCES BETWEEN NAIC SAP AND U.S. GAAP</u>**

Accounting principles and procedures of the NAIC as prescribed or permitted by the Department comprise a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("U.S. GAAP"). NAIC SAP differs from U.S. GAAP in several respects, which causes differences in reported assets, liabilities, stockholder's equity (statutory capital and surplus), net income, and cash flows. The principal differences between NAIC SAP and U.S. GAAP include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in bonds are generally carried at amortized cost; under U.S. GAAP, investments in bonds, other than those classified as held-to-maturity, are carried at fair value. For bonds held as available-for-sale, changes in fair value are recorded

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

in accumulated other comprehensive income. Other than temporary impairments ("OTTI") of bonds result in a permanent write-down in the carrying value of the investment. For U.S. GAAP, impairments of available-for-sale bonds are reflected in a valuation allowance booked as part of the change of the market value in the income statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The changes in the unrealized gains or losses on certain investments are recorded as increases or decreases in statutory surplus; under U.S. GAAP, such unrealized gains and losses are recorded as a component of comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in insurance subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus; under U.S. GAAP, subsidiaries are consolidated and results of operations are included in net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minority ownership interests in partnerships are generally carried on an equity method basis with changes in equity reflected in unassigned surplus; under U.S. GAAP, minority ownership interests in partnerships are subject to lower thresholds and are generally carried at cost. Larger ownership interests are carried on an equity method basis with changes in equity reflected in net income. Controlling interests may be considered affiliated and require consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative instruments used as economic hedges are recorded at fair value and the changes in fair value are recorded as unrealized gains and losses in statutory surplus. Under U.S. GAAP, these derivatives are recorded at fair value and changes in fair value are recorded in net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embedded derivatives are carried consistently with the host instruments. Under U.S. GAAP, the embedded derivatives that are not clearly and closely related to the host are generally bifurcated and accounted for like any other freestanding derivative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest Maintenance Reserve ("IMR") represents the deferral of interest-related realized gains and losses, net of tax, on primarily fixed maturity investments which are amortized into income over the remaining life of the investment sold. No such reserve is required under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset Valuation Reserve ("AVR") represents a contingency reserve for credit related risk on most invested assets of the Company and is charged to statutory surplus. No such reserve is required under U.S. GAAP, but mortgage loans are recorded net of allowances for estimated uncollectible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain assets, principally prepaid expenses, agents' balances, and certain deferred tax assets have been designated as nonadmitted assets and excluded from assets by a charge to statutory surplus. Under U.S. GAAP, such amounts are carried with an appropriate valuation allowance, when necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intangible assets such as present value of future profits and other adjustments, resulting from the Company's acquisitions, are designated as nonadmitted for statutory purposes. Intangible assets such as goodwill are recorded for statutory purposes with limitations and amortized. Under U.S. GAAP, the present value of future profits is recorded and amortized and goodwill is recorded at cost and tested for impairment using a fair value methodology at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers. The change in this provision is credited or charged to unassigned statutory surplus. Under U.S. GAAP, a provision is established for potential credit risk associated with reinsurance recoverables with any changes to this provision reflected in earnings for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate reserves for a majority of life insurance and fixed annuity contracts are based on statutory mortality and interest requirements without consideration for anticipated withdrawals. Variable annuity contracts are reserved for using a prescribed principles-based approach. Under U.S. GAAP, reserves for traditional life insurance products are based on the present value of estimated future benefits less the present value of estimated future net premiums based on current assumptions that include discount rate, mortality, and lapses. Reserves for universal life and deferred annuities are recognized by establishing a liability equal to the current account value of the policyholders' contracts, with an additional reserve for certain guaranteed benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves are reported net of ceded reinsurance; under U.S. GAAP, reserves relating to business in which the ceding company is not legally relieved of its liability are reported gross with an offsetting reinsurance receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain annuity contracts which do not pass through all investment gains to the contract holders are maintained in the separate accounts, whereas U.S. GAAP reports these contracts in the general account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policy acquisition costs are expensed as incurred; under U.S. GAAP, these costs are related to the successful acquisition of new and renewal insurance policies and investment contracts which are deferred and recognized at a grouped contract level over the expected life of the underlying insurance contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cumulative effect of changes in accounting principles are recorded as increases or decreases in statutory surplus; under U.S. GAAP, cumulative effects of changes in accounting principles generally affect equity and net (loss) income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premiums of universal life and deferred annuity contracts including policy charges are recorded as revenue when due. Under U.S. GAAP, policy charges are recorded as revenue when due, and the premiums are recorded as policyholder account balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal income taxes are provided for in the Company's estimated current and deferred taxes. Income taxes incurred include current year estimates of Federal income taxes due or refundable, based on tax returns for the current year and all prior years to the extent not previously provided. Deferred taxes are provided for differences between the statutory financial statement basis and the tax basis of assets and liabilities. Changes in deferred tax assets ("DTAs") and deferred tax liabilities ("DTLs")

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

are recognized as a separate component of gains and losses in statutory unassigned surplus, while under U.S. GAAP, these changes are included in income tax expense or benefit. Under U.S. GAAP and NAIC SAP, gross deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. The remaining adjusted gross deferred tax asset not meeting certain criteria outlined in Statement of Statutory Accounting Principle ("SSAP") No. 101, "Income Taxes" ("SSAP No. 101"), are not admitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Statutory Statements of Cash Flows differ in certain respects from the presentation required by U.S. GAAP, including the presentation of the changes in cash and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. For statutory purposes, there is no reconciliation between net income and cash from operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NAIC SAP does not require the presentation of a Statement of Comprehensive Income; under U.S. GAAP such a statement is required.

The effects on the Company's financial statements attributable to the differences between NAIC SAP and U.S. GAAP are unknown and are presumed to be material.

**<u>USE OF ESTIMATES</u>**

The preparation of financial statements in conformity with statutory accounting principles prescribed or permitted by the State of Nebraska requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The most significant estimates are those used in determining the fair value of financial instruments, allowance for loan losses, aggregate reserves for life policies and contracts, deferred income taxes, provision for income taxes and OTTI of investments.

**<u>FINANCIAL INSTRUMENTS</u>**

In the normal course of business, the Company enters into transactions involving various types of financial instruments, including cash equivalents, short-term investments, debt and equity securities and mortgage loans. These instruments involve credit risk and also may be subject to risk of loss due to interest rate fluctuations. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize losses.

**<u>SIGNIFICANT ACCOUNTING POLICIES</u>**

The following is a summary of significant accounting policies followed by the Company in preparing the accompanying statutory-based financial statements:

**INVESTMENTS**

***Cash, cash equivalents and short-term investments***

Cash, cash equivalents and short-term investments are highly liquid securities. The Company's cash equivalents primarily include cash, commercial paper and certain money market investments which have an original term to maturity of less than three months. Short-term investments include debt instruments with a term to maturity exceeding three months, but less than one year on the date of acquisition. Cash equivalents and short-term investments are carried at estimated fair value or amortized cost, which approximates fair value.

***Bonds***

On the Statements of Admitted Assets, Liabilities, and Capital Stock and Surplus, "Bonds" consist of bonds not backed by other loans and asset-backed securities.

*<u>Bonds not backed by other loans</u>*:

The Securities Valuation Office ("SVO") of the NAIC evaluates the credit quality of the Company's bond investments and issues related credit ratings. Bonds rated "1" (highest quality), "2" (high quality), "3" (medium quality), "4" (low quality) or "5" (lower quality) are reported in the financial statements at amortized cost, less any valuation adjustment. Bonds rated "6" (lowest quality) are reported at the lower of amortized cost or fair value. The interest method is used to amortize any purchase or discount, including estimates of future prepayments that are obtained from independent sources. Prepayment assumptions are updated at least quarterly, with the prospective adjustment method used to recognize related changes in the estimated yield-to-maturity of such securities, except for interest-only securities, securities where yield has become negative or securities where cash flows include default and loss severity assumptions which utilize the prospective method.

Realized capital gains and losses are recognized based upon the specific identification of invested assets sold. Realized capital losses also include valuation adjustments for impairments of bonds, mortgage loans, and other investments that have experienced a decline in fair value that management considers to be other-

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

than-temporary. The Company performs periodic reviews of its investment portfolio to determine if there has been any other-than-temporary decline in the fair value of any individual securities. The Company considers numerous factors in evaluating each security including the length of time and the extent to which the fair value has been less than amortized cost, the financial condition and short-term prospects of the issuer and the intent and ability of the Company to retain the investment for a period of time sufficient to collect all amounts due according to the contractual terms of the security. If the Company determines that the decline in fair value below carrying value is other-than-temporary, the amortized cost basis of the investment is written down to fair value basis and the amount of the write down is accounted for as a realized capital loss.

*<u>Asset-backed securities</u>*:

Asset-backed securities ("ABS") and structured securities are reported in the financial statements at amortized cost, less any valuation adjustment, or fair value depending on its SVO rating or book price. The interest method is used to amortize any purchase premium or discount. Use of the interest method for asset-backed bonds and structured securities includes estimates of future prepayments obtained from independent sources. Prepayment assumptions are updated at least quarterly, with the prospective adjustment method used to recognize related changes in the estimated yield-to-maturity of such securities, except for interest-only securities, securities where yield has become negative or securities where cash flows include default and loss severity assumptions which utilize the prospective method.

***Common Stocks***

The Company holds unaffiliated common stock. Common stock is held at fair value, while shares of Federal Home Loan Bank of Chicago ("FHLB") stock are reported at cost, which approximates fair value.

***Preferred Stocks***

The Company holds unaffiliated redeemable and perpetual preferred stock. Redeemable preferred stocks with NAIC designation 1 to 3 are carried at amortized cost. Redeemable preferred stocks with NAIC designations 4 to 6 are reported at lower of amortized cost fair value. Perpetual preferred stocks are carried at fair value.

***Investments in Subsidiaries***

Investments in insurance subsidiaries are carried based on the underlying statutory equity of the subsidiary. The Company's investment in Lancaster Re is fully nonadmitted as of December 31, 2025 and 2024. The Company's book/carrying values and nonadmitted value of its investment in Lancaster Re were $13.5 million and $81.3 million as of December 31, 2025 and 2024, respectively.

***Mortgage Loans***

Mortgage loans are stated at unpaid principal balances, net of provisions for estimated losses. Mortgage loans acquired at a premium or discount are stated at amortized cost using the effective interest rate method, net of provisions for estimated losses. Purchases and sales of mortgage loans are recognized or derecognized in the Company's Statutory Statements of Admitted Assets, Liabilities and Capital Stock on the loan's settlement date, which is the date that the Company cash settles the purchase or sale of the loan. Transaction costs on mortgage loans are capitalized on initial recognition and are recognized in the Company's Statutory Statements of Operations using the effective interest rate method. Mortgage loans, which primarily include commercial first lien mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and generally are no more than 75% of the property's value at the time that the original loan is made. The Company regularly assesses the value of the collateral.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. When a mortgage loan is classified as impaired, allowances for credit losses are established to adjust the carrying value of the loan to its net recoverable amount.

The allowance for credit losses are estimated using the present value of expected cash flows discounted at the loan's effective interest rate or the fair value of the collateral, if the loan is collateral dependent. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan's effective interest rate, or the fair value of the collateral less cost to sell, is less than the recorded amount of the loan. The full extent of impairment in the mortgage portfolio cannot be assessed solely by reviewing these loans individually. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish the loan loss allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them.

It is the Company's policy to cease to carry accrued interest on commercial mortgage loans in default if deemed uncollectible or over 180 days past due. Interest income is recognized on impaired mortgage loans upon receipt.

Changes in allowances for losses are recorded as changes in unrealized gains and losses to surplus. Once the conditions causing impairment improve and future payments are reasonably assured, the mortgages are no longer classified as impaired and the

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

Company resumes accrual of income. However, if the original terms of the contract have been changed resulting in the Company providing an economic concession to the borrower at below market rates, then the mortgage is reclassified as restructured.

If the conditions causing impairment do not improve and future payments remain unassured, the Company typically derecognizes the asset through disposition or foreclosure. Uncollectible collateral-dependent loans are written off through realized losses for any difference between the carrying value and amount received for the underlying property at the time of disposition or foreclosure.

***Contract Loans***

Contract loans are carried at the amount of outstanding principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

***Other Investments***

Other investments include investments in surplus notes, interests in limited partnerships, derivatives and collateral loans. Investments in surplus notes that are rated NAIC 1 or NAIC 2 are carried at amortized cost. Investments in limited partnerships that lack a controlling ownership interest are reported under the equity method. Collateral loans are reported at outstanding balance with a corresponding non-admitted asset for any amounts which are in excess of the fair value of the pledged collateral.

The Company did not report any Low Income Housing Tax Credit ("LIHTC") investments as of December 31, 2025 and 2024.

***Derivatives***

As part of the Company's overall risk management policy, the Company uses options, swaps, forwards and futures to economically hedge its obligation under certain fixed indexed annuity contracts as well as mitigate certain risks inherent in the investment portfolio. For cross currency swaps, the Company is treating this as an accounting hedge and measures hedge effectiveness. Measurement coincides with the underlying hedged item which presently are bonds held at amortized cost. The Company's accounting policy for the various types of derivatives instruments is discussed in Note 7.

**ASSET VALUATION RESERVE AND INTEREST MAINTENANCE RESERVE**

The AVR is established as a liability based upon a formula prescribed by the NAIC to offset potential credit-related investment losses on all invested assets, with changes in the AVR charged or credited directly to surplus. The IMR is established as a liability to capture realized gains and losses, net of income tax, on the sale of fixed income investments, principally bonds and mortgage loans, resulting from changes in the general level of interest rates, and is amortized into income over the remaining years to expected maturity of the assets sold. Should the deferral of realized losses, net of income tax, result in a debit balance IMR, that amount is presented as an asset and nonadmitted.

**INVESTMENT INCOME DUE AND ACCRUED** 

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date. Due and accrued income is not recorded on: (a) bonds in default, (b) bonds delinquent more than 90 days or where collection of interest is improbable and (c) mortgage loans in default if deemed uncollectible or over 180 days past due. As of December 31, 2025 and 2024, the Company had $2.2 million and $0.6 million, respectively, of nonadmitted investment income due and accrued.

**POLICY AND CONTRACT RESERVES**

Policy reserves on annuity and supplementary contracts are calculated using the Commissioners' Annuity Reserve Valuation Method, except variable annuities which use the Commissioners' Annuity Reserve Valuation Method for Variable Annuities. The valuation interest assumptions follow the Standard Valuation Law and vary by the contracts' characteristics and issue year.

Policy reserves on life contracts are based on statutory mortality and valuation interest rates using the Commissioner's Reserve Valuation Method without consideration of withdrawals. The valuation interest and mortality assumptions follow the Standard Valuation Law and vary by the contracts' characteristics and issue year.

Valuation methods provide, in the aggregate, reserves that are greater than or equal to the minimum of guaranteed policy cash values or the amount required by law.

Accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using specified statutory interest rates and mortality. Morbidity and lapse assumptions are based on Company experience.

Liability for deposit-type contracts represents contracts without significant mortality or morbidity risk. Payments received from sales of deposit-type contracts are recognized by providing a liability equal to the current value of the policyholders' contracts. Interest rates credited to these contracts are based on the applicable terms of the respective contract.<br>****

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**LIABILITY FOR POLICY AND CONTRACT CLAIMS**

Liabilities for unpaid claims consist of the estimated amount payable for claims reported but not yet settled and an estimate of claims incurred but not reported. The amounts reported are based upon actual pending claim amounts and historical experience, adjusted for trends and current circumstances. Revisions of these estimates are included in the Company's Statutory Statements of Operations in the year such adjustments are determined to be required.

**INCOME TAXES**

The Company accounts for current and deferred income taxes and recognizes reserves for income tax contingencies in accordance with SSAP No. 101. Under the applicable asset and liability method for recording deferred income taxes, deferred taxes are recognized when assets and liabilities have different values for financial statement and tax reporting purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company's assessment of the realizability of such amounts. Refer to Note 13 of the Company's financial statements for further discussion of the Company's income taxes.

**REINSURANCE**

Policy and contract liabilities ceded have been reported as a reduction of the related reserves. Premiums, commissions, expense reimbursement, claims, and claim adjustment expenses related to reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and with the terms of the reinsurance contracts and are reported net of amounts ceded to other companies.

A liability has been provided for unsecured policy reserves on reinsurance ceded to companies not authorized to assume business in the state of domicile and is included in funds held under reinsurance treaties with unauthorized companies. Changes in this liability are reported directly in unassigned surplus.

**EXPERIENCE REFUNDS** 

Experience refunds are calculated in accordance with the applicable reinsurance agreements. Experience refunds are primarily determined by claims experience on the ceded blocks, in addition to numerous factors that include profitability of the Company during the period covered by the refund and capitalization levels of the Company. Experience refunds are recorded directly in the Company's Statutory Statements of Operations.

**GUARANTY ASSOCIATION ASSESSMENTS** 

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies involved in similar lines of business. Certain guaranty fund assessments paid by the Company are recoverable through premium tax credits over time.

**RECOGNITION OF REVENUE AND RELATED EXPENSES**

Scheduled life, accident and health insurance premiums and annuity considerations are recognized as revenue when due. Premiums for universal life and single premium contracts are recognized as revenue when collected. Benefits, surrenders and withdrawals are expensed as incurred. All acquisition costs and maintenance expenses are charged to the Company's Statutory Statements of Operations as incurred.

**OTHER INCOME**

Other income primarily consists of various insurance policy charges.

**SEPARATE ACCOUNTS**

The Company has established unitized Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in the variable Separate Accounts include individual and group life and annuity contracts.

Net investment income, capital gains and losses, and changes in mutual fund asset values on the variable Separate Accounts are allocated to policyholders and therefore do not affect the operating results of the Company. Assets held in the variable Separate Accounts are carried at fair value. The investment risk of such securities is retained by the contractholder. The Company earns separate account fees for providing administrative services and bearing the mortality risks related to contracts for which funds are invested in variable Separate Accounts.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The activity of the variable Separate Accounts is not reflected in the Company's financial statements except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fees that the Company receives, which are assessed periodically and recognized as revenue when assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The activity related to the guaranteed minimum death benefit, guaranteed minimum accumulation benefit and guaranteed minimum withdrawal benefit with offsetting transfers to/from the variable Separate Accounts are reflected in the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premiums and withdrawals with offsetting transfers to/from the variable Separate Accounts are reflected in the Statutory Company's Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers from the variable Separate Accounts due and accrued, which include accrued expense allowances receivable from the variable Separate Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dividends-received-deduction ("DRD"), which is included in the Company's income tax expense, is calculated based upon the variable Separate Accounts' assets held in connection with variable contracts.

The results of variable annuity contracts and certain variable life policies are reinsured to Everlake pursuant to a modified coinsurance agreement.

**NONADMITTED ASSETS**

Certain assets are designated as "nonadmitted" under NAIC SAP. Such assets, principally related to amounts advanced to or due from financial representatives, prepaid expenses, interest due and accrued on certain investments, aged reinsurance recoverables, deferred tax assets in excess of statutory limits and the Company's investment in Lancaster Re are excluded from assets and deducted from surplus in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus as of December 31, 2025 and 2024.

**RECLASSIFICATIONS**

Certain prior year amounts may have been reclassified to conform with the current year financial statement presentation.

**<u>ADOPTION OF NEW AND UPDATED NAIC SAP</u>**

Effective January 2025, the NAIC revised SSAP No. 2 to further restrict investments that are permitted for reporting as a cash

equivalent or short-term investments. The revisions are intended to capture certain investment types on Schedule BA and eliminate the ability to design certain investments to qualify for short-term reporting. Investments for consideration under this revision are collateral loans, non-collateral loans and surplus notes. The adoption of this revision did not have a significant impact on the financial statements of the Company.

Effective January 2025, the NAIC has undertaken the Principles Based Bond Definition (PBBD) Project. PBBD clarifies the definition and identification of bonds utilizing a principles-based approach. The Company now must assess the creditor relationship and the substance of the investment agreement, not just the legal form, to determine whether a security qualifies as a bond or other type of investment. The impact of the adoption of PBBD caused revisions to SSAP No. 26, SSAP No. 43 and SSAP No. 21. The change in aggregate book adjusted carrying value ("BACV") of securities previously classified as bonds and now classified as other invested assets due to the implementation of PBBD is $11.8 million resulting in a change in surplus of $(0).

**2. RELATED PARTY TRANSACTIONS**

The Company has significant transactions with affiliates. Intercompany revenues and expenses recognized under these agreements may not necessarily be indicative of costs that would be incurred if the Company operated on a stand-alone basis and if these transactions were with unrelated parties. Below is a summary of significant transactions with affiliates.

***Capital Contributions and Dividends***

<br>During 2025, the Company received capital contributions in the amount of $60.0 million from its parent compared to $30.0 million in 2024. The Company received no contributions in 2023.

<br>The Company paid no ordinary dividends in 2025, 2024 or 2023.

For the year ended December 31, 2025, the Company contributed $18.0 million to Lancaster Re, all of which was recorded as a contribution payable. For the year ended December 31, 2024, the Company contributed $77.0 million to Lancaster Re, of which $67.0 million was recorded as a contribution payable. For the year ended December 31, 2023, the Company contributed $70.0 million to Lancaster Re, of which $10.0 million was recorded as a contribution payable.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

***Reinsurance Related Agreements***

As more fully described in Note 8, the Company is party to various reinsurance transactions with affiliates.

Effective October 1, 2020, amended on July 1, 2021 the Company entered into a coinsurance agreement with Kuvare Bermuda Re Ltd., resulting in the transfer of certain fixed annuity contracts. The Company ceded statutory reserves of $1,224.0 million for which amounts are collateralized with a funds withheld account. The Company amended the agreement effective July 1, 2021 to increase the quota share from 35% to 50% on certain annuities ceding an additional $200.4 million of reserves. The Company had a receivable of $7.4 million at December 31, 2025 and a receivable of $24.6 million at December 31, 2024.

On December 31, 2019, the Company entered into a coinsurance agreement with GILICO, resulting in the transfer of certain life and annuity contracts. The Company ceded statutory reserves of $1,253.9 million in return for a ceding commission of $27.0 million, which was recorded in the Statutory Statements of Operations. The Company had a net receivable of $10.2 million and $10.5 million from GILICO under terms of the coinsurance agreement at December 31, 2025 and December 31, 2024, respectively.

Effective April 1, 2014, amended and restated on April 1, 2020, the Company entered into an indemnity reinsurance agreement on a combination coinsurance and coinsurance funds withheld basis with Lancaster Re, resulting in the transfer of XXX and AXXX reserves associated with certain term and universal life policies. In April 2014, the Company ceded statutory reserves of $2,773.2 million in return for a ceding commission, which was deferred net of tax into unassigned surplus in accordance with NAIC SAP. Amortization of $17.3 million, $16.5 million and $18.5 million was recorded during the years ended December 31, 2025, 2024 and 2023, resulting in an unamortized balance in surplus at December 31, 2025, 2024 and 2023 of $129.2 million, $146.5 million, and $163.0 million, respectively. The deferred ceding commission is amortized into income over the period under which earnings emerge from the business reinsured. The Company had a net reinsurance receivable from Lancaster Re of $25.6 million and $16.7 million at December 31, 2025 and 2024, respectively.

There is no reported risk-based capital or primary security shortfall associated with these agreements.

***Administrative Service Agreements and Other***

Effective January 1, 2023, the Company entered into a Cost Sharing and Services Agreement with Kuvare Corporate Management LLC ("KCM") whereby KCM provides administrative and other services to the Company. Total expenses incurred under this agreement to KCM were $12.3 million and $12.4 million for the year ended December 31, 2025 and 2024 respectively.

The Company and HoldCo have entered into a Services Agreement to provide certain administrative and other services to each other. There were no expenses incurred under this agreement to HoldCo for the years ended December 31, 2025 and 2024. Total expenses incurred for year ended 2023 were $4.3 million.

The Company and Lancaster Re have entered into a Services Agreement to provide certain administrative and other services to Lancaster Re. The Company and Lancaster Re also entered into an Investment Services Agreement pursuant to which the Company will provide investment management services with respect to assets of Lancaster Re. The Investment Services Agreement does not apply to the Funds Withheld Account held at Lincoln Benefit. Assets may be added to or withdrawn from the accounts at any time by Lancaster Re. Management and administrative fees are payable quarterly and totaled approximately $1.6 million, $1.5 million, and $1.4 million for the years ended December 31, 2025, 2024 and 2023 respectively.

Effective December 31, 2019, the Company entered into a Cost Sharing and Services Agreement with Kuvare US Holdings, Inc. ("Kuvare") whereby Kuvare has agreed to provide certain management and administrative services to Lincoln Benefit, including management, reinsurance, legal, audit, administration, financial planning and other services. Lincoln Benefit reimburses Kuvare at cost for services provided by Kuvare pursuant to this agreement. Total expenses incurred under this agreement to the Company were $15.4 million, $14.0 million, and $13.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

On December 31, 2019, Lincoln Benefit entered into an Investment Management Agreement with Kuvare Insurance Services LP (KIS), whereby KIS has agreed to provide certain investment advisory and management services to Lincoln Benefit. Total expenses incurred under this agreement to the Company were $24.4 million and $25.2 million for the year ended December 31, 2024 and 2023, respectively. Effective July 1, 2024, KIS was sold to an external third party.

The Company is party to a federal income Tax Allocation Agreement with Kuvare US Holdings, Inc. Refer to Note 13 for more information related to this agreement.

Effective April 1, 2014, the Company entered into a Fee Letter (the "Fee Letter") with Lanis LLC ("Lanis") pursuant to which the Company will pay Lanis the risk spread due on the Credit-Linked Note issued by Lanis to Lancaster Re. The fee letter also provided reimbursement in cash for any risk spread fees paid by the Company.

Effective November 4, 2016, the Company entered into an intercompany note receivable and note payable agreement with Lancaster Re in equal amounts (initially $100 million, and up to $1.0 billion). The consideration for each note is offset, and interest is paid quarterly based on rates defined in the agreement. The gross amounts as of December 31, 2025 and 2024 were $500.0 million and $490.0 million, respectively.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The maturities of the outstanding intercompany note receivable and payable as of December 31, 2025 and 2024 were as follows:<br>

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| 2025 | $— | $213000 |
| 2026 | 30500 | 30500 |
| 2027 | 5000 | 5000 |
| 2028 | 30100 |  |
| 2029 | 95000 | 27500 |
| 2030 | 48000 | 15000 |
| 2031 | 16000 | 16000 |
| 2032 | 25900 |  |
| 2033 | 249500 | 183000 |
| **Total** | $**500000** | $**490000** |

---

Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2025 were $15.8 million and $19.7 million, respectively. Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2024 were $20.5 million and $10.8 million, respectively. Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2023 were $21.2 million and $6.0 million, respectively.

Effective September 30, 2022, the Company established a revolving intercompany note of an amount not to exceed $250.0 million with an affiliated entity, Kuvare Bermuda Re Ltd ("KBR"). The Company had reported, including accrued interest, a $17.2 million receivable and a $26.8 million receivable at December 31, 2025 and 2024, respectively. Interest will be accrued from the date of each draw at a rate equal to Term Secured Overnight Financing Rate ("SOFR") Reference rate, plus 375 basis points.

***<br>Amounts Due To or From Affiliates***

The Company reported the following receivables/(payables) from/(to) affiliates as of December 31, 2025 and 2024 excluding amounts related to taxes (see Note 13), reinsurance agreements and contributions:

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| HoldCo | $(1000) | $(1000) |
| Lancaster Re | (584) | (1553) |
| United Life Insurance Company |  |  |
| Guaranty Income Life Insurance Company | (26594) |  |
| Kuvare | (6959) | (4633) |

---

Intercompany receivable and payable balances are evaluated on an individual company basis. Intercompany balances are generally settled quarterly.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**3. INVESTMENTS**

The statement value and fair value of the Company's bonds as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | | | | |
| ***($'s in thousands)*** |<br>**Statement Value** |<br>**Gross Unrealized Gains** |<br>**Gross Unrealized Losses** |<br>**Fair Value** |
| **Issuer Credit Obligations:** | | | | |
| &nbsp;&nbsp;U.S. Government Obligations | $129269 | $1 | $(60445) | $68825 |
| &nbsp;&nbsp;Other U.S. Government Obligations | 191400 |  | (53753) | 137647 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 19748 |  | (7371) | 12377 |
| &nbsp;&nbsp;Municipal Bonds — General Obligations (Direct & Guaranteed) | 34644 | 4 | (4460) | 30188 |
| &nbsp;&nbsp;Municipal Bonds — Special Revenue | 483153 | 37 | (110076) | 373114 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 3498332 | 3844 | (611846) | 2890330 |
| &nbsp;&nbsp;Bonds Issued from SEC-Registered Business Development Corps, Closed End Funds & REITs (Unaffiliated) | 1000 |  | (12) | 988 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 186476 | 8 | (48690) | 137794 |
| &nbsp;&nbsp;Bank Loans — Issued (Unaffiliated) | 5975 |  | (1482) | 4493 |
| &nbsp;&nbsp;Bank Loans — Acquired (Unaffiliated) | 3723 |  | (602) | 3121 |
| **Total Issuer Credit Obligations** | $**4553720** | $**3894** | $**(898737)** | $**3658877** |
| **Asset Backed Securities:** |  |  |  |  |
| &nbsp;&nbsp;Agency Residential Mortgage-Backed Securities — Guaranteed | 56230 |  | (10100) | 46130 |
| &nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities — Guaranteed | 1 |  |  | 1 |
| &nbsp;&nbsp;Agency Residential Mortgage-Backed Securities — Not/Partially Guaranteed | 171021 | 18 | (25118) | 145921 |
| &nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities — Not/Partially Guaranteed | 1164 |  | (275) | 889 |
| &nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 273921 | 15 | (79669) | 194267 |
| &nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 352248 | 20 | (45906) | 306362 |
| &nbsp;&nbsp;Non-Agency — CLOs/CBOs/CDOs (Unaffiliated) | 139317 | 59 | (6428) | 132948 |
| &nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 24888 |  | (2080) | 22808 |
| &nbsp;&nbsp;Other Financial Asset-Backed Securities — Not Self-Liquidating (Unaffiliated) | 201435 | 877 | (5925) | 196387 |
| &nbsp;&nbsp;Lease-Backed Securities — Practical Expedient (Unaffiliated) | 213779 | 544 | (30585) | 183738 |
| &nbsp;&nbsp;Other Non-Financial Asset-Backed Securities — Practical Expedient (Unaffiliated) | 154030 | 2836 | (12333) | 144533 |
| **Total Asset Backed Securities** | $**1588034** | $**4369** | $**(218419)** | $**1373984** |
| **Total Issuer Credit Obligations and Asset Backed Securities** | $**6141754** | $**8263** | $**(1117156)** | $**5032861** |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | | | | |
| ***($'s in thousands)*** |<br>**Statement Value** |<br>**Gross Unrealized Gains** |<br>**Gross Unrealized Losses** |<br>**Fair Value** |
| U.S. governments | $183332 | $1 | $(73890) | $109443 |
| All other governments | 19748 |  | (7961) | 11787 |
| U.S. political subdivisions | 55187 | 71 | (8494) | 46764 |
| Special revenue | 1264450 | 33 | (306587) | 957896 |
| Industrial and miscellaneous | 5708131 | 4327 | (900386) | 4812072 |
| Hybrids | 119254 | 366 | (13919) | 105701 |
| &nbsp;&nbsp;**Total bonds** | $**7350102** | $**4798** | $**(1311237)** | $**6043663** |

---

The statement value and estimated fair value as of December 31, 2025 by maturity periods for bonds, other than ABS and mortgage-backed securities ("MBS") were as shown below:

---

| | | |
|:---|:---|:---|
| **December 31, 2025** | | |
| ***($'s in thousands)*** |<br>**Statement Value** |<br>**Fair Value** |
| Due in one year or less | $161443 | $157539 |
| Due after one through five years | 386570 | 367069 |
| Due after five through ten years | 378705 | 348788 |
| Due after ten years | 3627002 | 2785481 |
| &nbsp;&nbsp;Total before asset and mortgage-backed securities | 4553720 | 3658877 |
| Asset and mortgage-backed securities | 1588034 | 1373984 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total bonds** | $**6141754** | $**5032861** |

---

Actual maturities may differ from contractual maturities on ABS and MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; accordingly, the contractual maturities for those securities are not shown.

Proceeds from sales of investments in bonds for the years ended December 31, 2025, 2024 and 2023 were $382.3 million, $92.2 million and $158.1 million, respectively; gross gains for the years ended December 31, 2025, 2024 and 2023 were $2.2 million, $0.2 million and $0.0 million, respectively, and gross losses for the years ended December 31, 2025, 2024 and 2023 were $23.0 million, $17.0 million and $6.1 million, respectively. Investment grade bonds were 96.6% and 96.7% of the Company's total bonds as of December 31, 2025 and 2024, respectively.

5GI securities are securities that have an NAIC 5 designation while "GI" refers to General Interrogatory and distinguishes NAIC 5GI securities from an NAIC 5 Designation. The Company held the following 5GI securities at December 31, 2025 and December 31, 2024: <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands, except # of securities)*** | **Number of 5GI Securities** | **Number of 5GI Securities** | **Aggregate BACV** | **Aggregate BACV** | **Aggregate Fair Value** | **Aggregate Fair Value** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ICO - Amortized Cost | 1 | 1 | $5000 | $5000 | $2382 | $1700 |
| ABS - Amortized Cost | 2 |  | 6048 |  | 5028 |  |
| Preferred Stock - Amortized Cost |  | 1 |  | 17500 |  | 24001 |
| Preferred Stock - Fair Value | 1 |  | 31604 |  | 31604 |  |
| **Total** | 4 | 2 | 42652 | 22500 | 39014 | 25701 |

---

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**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

For securities sold, redeemed or otherwise disposed as a result of a callable feature (including make whole call provisions), the number of CUSIPs and amount of investment income for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands, except # of securities)*** | | | | | | |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|<br>**Type** | **General Account** | **Separate Account** | **General Account** | **Separate Account** | **General Account** | **Separate Account** |
| Number of CUSIPs | 3 |  |  |  |  |  |
| Aggregate Amount of Investment Income | $573 | $— | $— | $— | $— | $— |

---

***Pricing*** 

Non-U.S. government fixed income holdings are valued on the basis of the quotes provided by pricing services, which are subject to pricing validation reviews and a pricing vendor challenge process. Valuations provided by vendors are generally based on the actual trade information as substantially all of the Company's non-U.S. government holdings are traded in a transparent and liquid market.

Corporate debt securities mainly include investment grade positions, which are priced on the basis of quotes provided by third-party pricing vendors and first utilize valuation inputs from actively traded securities, such as bid prices, bid spreads to Treasury securities, Treasury curves, and same or comparable issuer curves and spreads. Issuer spreads are determined from actual quotes and traded prices and incorporate considerations of credit/default, sector composition, liquidity and call features. Where market data is not available valuations are developed based on the modeling techniques that utilize observable inputs and option adjusted spreads and incorporate considerations of the security's seniority, maturity and the issuer's corporate structure.

Values of residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and ABS are obtained from third-party pricing vendors and through quoted prices, some of which may be based on the prices of comparable securities with similar structural and collateral features. Pricing inputs for ABS which are primarily comprised of debt securitized by credit card; student loan and auto receivables; focus on capturing collateral quality and performance, payment patterns, and delinquencies. Values of certain ABS for which there are no significant observable inputs are developed using benchmarks to similar transactions or indices.

For both CMBS and RMBS, cash flows are derived based on the transaction-specific information which incorporates priority in the capital structure and are generally adjusted to reflect benchmark yields, market prepayment data, collateral performance (default rates and loss severity) for specific vintage and geography, credit enhancements, and ratings. For certain RMBS and CMBS with low levels of market liquidity, judgments may be required to determine comparable securities based on the loan type and deal-specific performance. CMBS terms may also incorporate lock-out periods that restrict borrowers from prepaying the loans or provide disincentives to prepay and therefore reduce prepayment risk of these securities, as compared to RMBS. The factors specifically considered in valuation of CMBS include borrower-specific statistics in a specific region, such as debt service coverage and loan-to-value ratios, as well as the type of commercial property.

***Other-than-temporary impairments (OTTI)***

The Company recognizes and measures OTTI for asset-backed securities in accordance with SSAP No. 43, "Loan-Backed and Structured Securities". In accordance with SSAP No. 43, if the fair value of a structured security is less than its amortized cost basis at the balance sheet date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and the present value of its expected future cash flows discounted at the effective interest rate implicit in the security.

If the Company intends to sell the structured security, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. The amount of the OTTI recognized in earnings is the difference between the amortized cost basis and the fair value of the security.

If the Company does not intend to sell the structured security, or it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company performs cash flow testing to determine if the present value of its expected future cash flows discounted at the effective interest rate implicit in the security is less than its amortized cost basis.

Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third parties, along with assumptions and judgments about the future performance of the underlying collateral. Losses incurred on the respective portfolios are based on loss models using assumptions about key systemic risks such as unemployment rates and housing prices and loan specific information such as delinquency rates and loan-to-value ratios.

If the fair value of a debt security, other than those subject to SSAP No. 43, is less than its amortized cost basis at the balance sheet date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and its fair value.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

If the Company intends to sell the debt security, or it is more likely that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. If the Company does not intend to sell the debt security, or it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company employs a portfolio monitoring process to identify securities that are OTTI.

The Company has an Investment Committee comprised of investment and finance professionals which meets at least quarterly to review individual issues or issuers that may be of concern. In determining whether a security is OTTI, the Investment Committee considers the factors described below. The process involves a quarterly screening of all securities where fair value is less than the amortized cost basis. Discrete credit events, such as a ratings downgrade, are also used to identify securities that may be OTTI. The securities identified are then evaluated based on issuer-specific facts and circumstances, such as the issuer's ability to meet current and future interest and principal payments, an evaluation of the issuer's financial position and its near-term recovery prospects, difficulties being experienced by an issuer's parent or affiliate, and management's assessment of the outlook for the issuer's sector.

As a supplement to the qualitative assessment, independent screenings are performed to help identify securities that should be carefully scrutinized for inclusion on the watchlist and in the proper category. These include things like market value to book value ratio, highest unrealized losses, length of time at an unrealized loss and stress test results for structured securities. In making these evaluations, the Credit Committee exercises considerable judgment. Based on this evaluation, issues or issuers are considered for inclusion on one of the Company's following watchlists: Monitor, Concern, High Concern, or Default.

"Monitor List"- Management has concluded that the Company's amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require monitoring on a quarterly basis. The likelihood of future non-repayment is considered not probable. For loan-backed and structured securities, a principal loss would be projected under a significant stress model scenario. No OTTI charge is recorded in the Company's Statutory Statements of Operations for unrealized loss on securities related to these issuers.

"Concern List"- Management has concluded that the Company's amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require monitoring on a quarterly basis. The likelihood of future non-repayment is considered above average but not probable. For loan-backed and structured securities, a principal loss would be projected under a stress model scenario. No OTTI charge is recorded in the Company's Statutory Statements of Operations for unrealized loss on securities related to these issuers.

"High Concern"- Management has concluded that the Company's amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require continued monitoring. A security is moved from the Concern List to the High Concern List when changes in issuer-specific facts and circumstances increase the possibility that a security may become impaired. The likelihood of future non-repayment is considered probable. For loan-backed and structured securities, a principal loss would be projected under a base case model scenario. No OTTI charge is recorded in the Company's Statutory Statements of Operations for unrealized loss on securities related to these issuers.

"Default List"- A security that is not current with respect to principal and interest or was issued by a company that has entered bankruptcy subsequent to acquisition or experienced a significant credit downgrade. Management has concluded the amortized cost basis of the security may not be recovered due to expected delays or shortfalls in the contractually specified cash flows. For these investments, the amount of OTTI recognized in the Company's Statutory Statements of Operations is the difference between the amortized cost basis of the security and its fair value or present value of discounted cash flows dependent on the degree of impairment.

Should it be determined that a security is other than temporarily impaired, the Company records a loss through an appropriate adjustment in carrying value. During the year ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company incurred $22.6 million, $15.7 million and $29.4 million of OTTI, respectively.

There are inherent risks and uncertainties in management's evaluation of securities for OTTI. These risks and uncertainties include factors both external and internal to the Company, such as general economic conditions, an issuer's financial condition or near-term recovery prospects, market interest rates, unforeseen events which affect one or more issuers or industry sectors, and portfolio management parameters, including asset mix, interest rate risk, portfolio diversification, duration matching, and greater than expected liquidity needs. All of these factors could impact management's evaluation of securities for OTTI.<br>

The gross unrealized losses and fair value of investments carried at amortized cost aggregated by investment category, number of securities and length of time that securities have been in an unrealized loss position at December 31, 2025 and 2024 were as follows:

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| ***($'s in thousands, except # of securities)*** | **#** | **Fair Value** | **Unrealized Losses** | **#** | **Fair Value** | **Unrealized Losses** | **#** | **Fair Value** | **Unrealized Losses** |
| U.S. Government Obligations | 1 | $8297 | $(13) | 3 | $60497 | $(60432) | 4 | $68794 | $(60445) |
| Other U.S. Government Obligations |  |  |  | 28 | 137646 | (53753) | 28 | 137646 | (53753) |
| Non-U.S. Sovereign Jurisdiction Securities |  |  |  | 3 | 12377 | (7371) | 3 | 12377 | (7371) |
| Municipal Bonds — General Obligations (Direct & Guaranteed) | 1 | 92 | (1) | 11 | 29976 | (4459) | 12 | 30068 | (4460) |
| Municipal Bonds — Special Revenue | 1 | 11781 | (812) | 100 | 359549 | (109264) | 101 | 371330 | (110076) |
| Corporate Bonds (Unaffiliated) | 40 | 91056 | (1216) | 778 | 2618515 | (610630) | 818 | 2709571 | (611846) |
| Single Entity Backed Obligations (Unaffiliated) | 1 | 142 |  | 18 | 135606 | (48690) | 19 | 135748 | (48690) |
| Bonds Issued from SEC-Registered Business Development Corps, Closed End Funds & REITs (Unaffiliated) |  |  |  | 1 | 988 | (12) | 1 | 988 | (12) |
| Bank Loans — Issued (Unaffiliated) |  |  |  | 2 | 4493 | (1482) | 2 | 4493 | (1482) |
| Bank Loans — Acquired (Unaffiliated) | 2 | 208 | (66) | 1 | 1190 | (536) | 3 | 1398 | (602) |
| Agency Residential Mortgage-Backed Securities — Guaranteed |  |  |  | 17 | 46113 | (10100) | 17 | 46113 | (10100) |
| Agency Commercial Mortgage-Backed Securities — Guaranteed | 1 | 1 |  |  |  |  | 1 | 1 |  |
| Agency Residential Mortgage-Backed Securities — Not/Partially Guaranteed | 3 | 90 |  | 63 | 144010 | (25118) | 66 | 144100 | (25118) |
| Agency Commercial Mortgage-Backed Securities — Not/Partially Guaranteed |  |  |  | 5 | 889 | (275) | 5 | 889 | (275) |
| Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 1 | 157 | (3) | 56 | 193179 | (79666) | 57 | 193336 | (79669) |
| Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) |  |  |  | 56 | 298357 | (45906) | 56 | 298357 | (45906) |
| Non-Agency — CLOs/CBOs/CDOs (Unaffiliated) | 4 | 25095 | (438) | 22 | 95392 | (5990) | 26 | 120487 | (6428) |
| Equity Backed Securities (Unaffiliated) |  |  |  | 1 | 22807 | (2080) | 1 | 22807 | (2080) |
| Other Financial Asset-Backed Securities — Not Self-Liquidating (Unaffiliated) |  |  |  | 21 | 123468 | (5925) | 21 | 123468 | (5925) |
| Lease-Backed Securities — Practical Expedient (Unaffiliated) | 1 | 15 |  | 31 | 180701 | (30585) | 32 | 180716 | (30585) |
| Other Non-Financial Asset-Backed Securities — Practical Expedient (Unaffiliated) | 5 | 20980 | (1653) | 18 | 82948 | (10680) | 23 | 103928 | (12333) |
| &nbsp;&nbsp; **Total bonds** | **61** | $**157914** | $**(4202)** | **1235** | $**4548701** | $**(1112954)** | **1296** | $**4706615** | $**(1117156)** |
| &nbsp;&nbsp;**Total preferred stocks** | **—** | $**—** | $**—** | **4** | $**15470** | $**(4786)** | **5** | $**15470** | $**(4786)** |
| &nbsp;&nbsp;**Total bonds and stocks** | **61** | $**157914** | $**(4202)** | **1239** | $**4564171** | $**(1117740)** | **1301** | $**4722085** | $**(1121942)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **12 months or more** | **Total** | **Total** | **Total** |
| ***($'s in thousands, except # of securities)*** | **#** | **Fair Value** | **Unrealized Losses** | **#** | **Fair Value** | **Unrealized Losses** | **#** | **Fair Value** | **Unrealized Losses** |
| U.S. governments | 3 | $8111 | $(218) | 20 | $101281 | $(73672) | 23 | $109392 | $(73890) |
| All other governments |  |  |  | 3 | 11787 | (7961) | 3 | 11787 | (7961) |
| U.S. political subdivisions | 1 | 239 | (15) | 14 | 37398 | (8479) | 15 | 37637 | (8494) |
| Special revenue | 21 | 11218 | (726) | 256 | 946297 | (305861) | 277 | 957515 | (306587) |
| Industrial and miscellaneous | 87 | 311528 | (13823) | 1074 | 4021024 | (886563) | 1161 | 4332552 | (900386) |
| Hybrids | 6 | 34311 | (1201) | 19 | 66491 | (12718) | 25 | 100802 | (13919) |
| **Total bonds** | **118** | $**365407** | $**(15983)** | **1386** | $**5184278** | $**(1295254)** | **1504** | $**5549685** | $**(1311237)** |
| &nbsp;&nbsp;**Total preferred stocks** | **—** | $**—** | $**—** | **4** | $**12877** | $**(1128)** | **4** | $**15275** | $**(1230)** |
| &nbsp;&nbsp;**Total bonds and stocks** | **118** | $**365407** | $**(15983)** | **1390** | $**5197155** | $**(1296382)** | **1508** | $**5564960** | $**(1312467)** |

---

***Repurchase Agreements <br>***<br> In 2021, the Company entered into repurchase agreements. Repurchase agreements are accounted for as secured borrowings within the liabilities section of the financial statements. In a repurchase agreement, the company receives cash and incurs a liability to return those funds, plus interest, at a specified future date. These agreements are normally short term in nature and assets are restricted as collateral. All transactions are documented under Master Repurchase Agreements (MRA) or Global MRA and are accounted for in the Company's books and records.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

<br>In order to mitigate the credit risk and replacement risk associated with such agreements, repurchase transactions are diversified across multiple counterparties. Each counterparty is approved through a formal credit process, monitored daily, and reviewed periodically via Goldman Sachs Asset Management (GSAM) Counterparty Risk Committee.<br>Repurchase transactions are generally collateralized by Treasuries, Agency Debentures, Agency MBS, IG Corporates and Municipals with a haircut at or below 5% in favor of the counterparties. The securities posted as collateral are priced daily and if the need arises margin is moved the same day to maintain a proper collateralization. The holdings of the investment portfolio are monitored closely to ensure adequate excess of eligible collateral for the margining process. <br>These repurchase agreements are Tri-party between Lincoln Benefit, GSAM, and bank counterparties. The following table describes the maximum and ending balance for each maturity time frame: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Unaudited First Quarter** | **Unaudited Second Quarter** | **Unaudited Third Quarter** | **Fourth<br>Quarter** |
| **At December 31, 2025** | | | | |
| **Maximum Amount** | | | | |
| Open – No Maturity | $— | $— | $— | $— |
| Overnight |  |  |  |  |
| 2 Days to 1 Week |  |  | 915548 |  |
| > 1 Week to 1 Month |  |  |  | 249690 |
| > 1 Month to 3 Months | 916781 | 925246 |  |  |
| > 3 Months to 1 Year |  |  |  | 642782 |
| > 1 Year |  |  |  |  |
| **Ending Balance** |  |  |  |  |
| Open – No Maturity | $— | $— | $— | $— |
| Overnight |  |  |  |  |
| 2 Days to 1 Week |  |  |  |  |
| > 1 Week to 1 Month | 910148 | 925246 | 264596 |  |
| > 1 Month to 3 Months |  |  |  |  |
| > 3 Months to 1 Year |  |  | 642948 | 119811 |
| > 1 Year |  |  | 3996 |  |
| **Total Ending Balance** | $910148 | $925246 | $911540 | $119811 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Unaudited First Quarter** | **Unaudited Second Quarter** | **Unaudited Third Quarter** | **Fourth<br>Quarter** |
| **At December 31, 2024** | | | | |
| **Maximum Amount** | | | | |
| Open – No Maturity | $— | $— | $— | $— |
| Overnight |  |  |  |  |
| 2 Days to 1 Week |  |  |  |  |
| > 1 Week to 1 Month |  |  |  |  |
| > 1 Month to 3 Months |  |  |  |  |
| > 3 Months to 1 Year | 989647 | 978173 | 951528 | 1209518 |
| > 1 Year |  |  |  |  |
| **Ending Balance** |  |  |  |  |
| Open – No Maturity | $— | $— | $— | $— |
| Overnight |  |  |  |  |
| 2 Days to 1 Week |  |  |  |  |
| > 1 Week to 1 Month |  |  |  |  |
| > 1 Month to 3 Months |  |  |  |  |
| > 3 Months to 1 Year | 977279 | 904537 | 887956 | 909124 |
| > 1 Year |  |  |  |  |
| **Total Ending Balance** | $977279 | $904537 | $887956 | $909124 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

<br>The following table details the securities "sold" under repurchase agreements: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Unaudited First Quarter** | **Unaudited Second Quarter** | **Unaudited Third Quarter** | **Fourth<br>Quarter** |
| **At December 31, 2025** | | | | |
| **Maximum Amount:** | | | | |
| Book Adjusted Carry Value | XXX | XXX | XXX | $1139393 |
| Non-admitted | XXX | XXX | XXX | XXX |
| Fair Value | $962629 | $969611 | $952812 | $920321 |
| **Ending Balance:** |  |  |  |  |
| Book Adjusted Carry Value | XXX | XXX | XXX | $211600 |
| Non-admitted | XXX | XXX | XXX | XXX |
| Fair Value | $954551 | $969566 | $944585 | $121093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Unaudited First Quarter** | **Unaudited Second Quarter** | **Unaudited Third Quarter** | **Fourth<br>Quarter** |
| **At December 31, 2024** | | | | |
| **Maximum Amount:** | | | | |
| Book Adjusted Carry Value | XXX | XXX | XXX | $1274548 |
| Non-admitted | XXX | XXX | XXX | XXX |
| Fair Value | $1011837 | $954554 | $971993 | $1025663 |
| **Ending Balance:** |  |  |  |  |
| Book Adjusted Carry Value | XXX | XXX | XXX | $1144834 |
| Non-admitted | XXX | XXX | XXX | XXX |
| Fair Value | $949031 | $929183 | $922722 | $901060 |

---

<br>The following table details the type and designation for securities "sold" under repurchase agreements: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAIC 1** | **NAIC 2** | **NAIC 3** | **Total** |
| **At December 31, 2025** | | | | |
| Bonds – Book Adjusted Carry Value | $142572 | $62066 | $— | $204638 |
| Bonds – FV | $74868 | $39263 | $— | $114131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAIC 1** | **NAIC 2** | **NAIC 3** | **Total** |
| **At December 31, 2024** | | | | |
| Bonds – Book Adjusted Carry Value | $563504 | $581331 | $— | $1144835 |
| Bonds – FV | $431657 | $469403 | $10247 | $911307 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

***Collateral Loans***

<br> The following is the amount admitted and nonadmitted, aggregated by the type of qualifying investment that secures the loan for the Company at December 31, 2025 ($'s in thousands) : <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Collateral Type** | **Collateral Type** | **Aggregate Collateral Loan** | **Admitted** | **Nonadmitted** |
| **(1)** | **Loan-Backed and Structured Securities** |  |  |  |
| a. | Affiliated |  |  |  |
| b. | Unaffiliated | $44897 | $44897 |  |
| **(2)** | **Real Estate** |  |  |  |
| a. | Affiliated |  |  |  |
| b. | Unaffiliated | $16044 | $16044 |  |
| **(3)** | **Joint Ventures, Partnerships, LLC** |  |  |  |
| a. | Affiliated |  |  |  |
| b. | Unaffiliated | $21689 | $21689 |  |
|  | **Total** | $**82630** | $**82630** | **—** |

---

**4. MORTGAGE LOANS**

The Company invests in first lien commercial mortgage loans throughout the United States. Investments are diversified by property type and geographic area. The Company monitors the condition of the mortgage loans in its portfolio. In those cases where mortgages have been restructured, appropriate allowances for losses have been made. In those cases where, in management's judgment, the mortgage loans' values are impaired, appropriate losses are recorded.

The geographical distribution of the statement value of the mortgage loans portfolio as of December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| Arizona | $14489 | $14834 |
| California | 61427 | 61709 |
| Florida | 26588 | 36326 |
| Georgia | 69217 | 80808 |
| Illinois | 37990 | 38113 |
| Massachusetts | 12412 | 12991 |
| Minnesota | 23250 | 23250 |
| Nevada | 5288 | 5990 |
| New Jersey | 49575 | 54885 |
| New York | 75224 | 74958 |
| Pennsylvania | 16337 | 16113 |
| South Carolina | 21562 | 22034 |
| Texas | 8327 | 10408 |
| Virginia | 15108 | 13995 |
| **Total mortgage loans** | $**436794** | $**466414** |

---

<br>Outstanding commitments on certain mortgage loans held in the investment portfolio to finance property improvements on underlying real estate totaled $13.5 million and $27.7 million at December 31, 2025 and 2024, respectively.

During 2025 and 2024, the Company did not originate any commercial loans; therefore, the maximum and minimum lending rates were 0.00%, respectively. During the years ended December 31, 2025 and 2024, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties and did not exceed 72% and 72% of the properties' value at the time the original loan was made in 2025 and 2024, respectively.

A loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. The allowance for credit losses is estimated using the present value of expected cash flows discounted at the

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

loan's effective interest rate or the fair value of the collateral, if the loan is collateral dependent. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan's effective interest rate, or the fair value of the loan collateral, less cost to sell, is less than the recorded amount of the loan. The Company had one office property which became impaired in the third quarter of 2024 and was subsequently restructured resulting in the recognition of a $15.7 million realized loss. This same office property was fully impaired in the fourth quarter of 2025, resulting in a $11.6 million loss recognized in "Net realized capital losses" on the Statutory Statement of Operations. At December 31, 2025, no loans were impaired or past due.

A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish the allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them. There was no general allowance for loan loss at December 31, 2025 or 2024. <br>

Should the Company hold any other troubled debt, the Company may modify the terms of a loan by adjusting the interest rate, extending the maturity date, or both.<br>&nbsp;&nbsp;&nbsp;&nbsp;

The Company accrues interest income on impaired loans to the extent it is deemed collectible, assuming it is delinquent less than 180 days and the loan continues to perform under its original or restructured contractual terms. Interest income is recognized on impaired mortgage loans upon receipt. At December 31, 2025, the Company has no loans over 180 days delinquent, and no loans on non-accrual status. At December 31, 2024, the Company had one loan for $11.6 million where interest was over 180 days delinquent and was in non-accrual status.

The credit quality indicator for the Company's mortgage loans is a risk-rated measure based on the borrowers' ability to pay and the value of the underlying collateral. The commercial mortgage loan risk rating is related to an increasing likelihood of loss, with lower quality ratings representing the category in which losses may be expected. It is used in measuring relative risk for the Asset Valuation Reserve calculation. The statement value of the Company's mortgage loans, net of allowances for credit losses, by credit quality indicator as of December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| CM1 - Highest Quality | $272145 | $264008 |
| CM2 - High Quality | 90678 | 116897 |
| CM3 - Medium Quality | 73971 | 73928 |
| Overdue and not in process of foreclosure |  | 11581 |
| **Total commercial mortgage loans** | $**436794** | $**466414** |
| Residential mortgage loans |  |  |
| **Total mortgage loans** | $**436794** | $**466414** |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**5. &nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT GAINS AND LOSSES**

***Realized capital gains and losses***

Realized capital gains and losses on debt securities, mortgages and derivatives which relate to changes in levels of interest rates are charged or credited to the IMR, net of tax, and amortized into income over the remaining contractual life of the security sold. Realized gains and losses from the remaining investments are reported, net of tax, on the Statutory Statements of Operations, but are not included in the computation of net gain from operations. Realized capital gains and losses are recognized on a specific identification basis.<br>Net realized gains and losses recognized through the Statutory Statements of Operations for the years ended December 31, 2025, 2024 and 2023 were comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Bonds | $(31824) | $(27679) | $(13120) |
| Preferred stock | (1565) | (286) | (23098) |
| Common stock | (6442) |  |  |
| Mortgage loans | (11581) | (13419) | 137 |
| Derivative instruments | (1) | 2070 | 2892 |
| Other investments | 435 | (3060) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | (50978) | (42374) | (33212) |
| Capital gains tax benefit | 802 | (4185) | (6575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses | (51780) | (38189) | (26637) |
| Losses transferred to IMR (net of taxes) | 13902 | 7846 | 5247 |
| **Total** | $**(37878)** | $**(30343)** | $**(21390)** |

---

<br>For the years 2025 and 2024, there were modifications to terms on loans held by the Company, and the recorded investment of modified loans at December 31, 2025 and December 31, 2024 was $25.3 million and $21.9 million, respectively. At the time of modification, the realized capital losses recognized the Company was $12.3 million and $3.1 million in 2025 and 2024, respectively.

In 2023, there was a modification to loan terms for one loan, Alpine Summit Collateral Loan. The underlying collateral value exceeded the outstanding loan value when it was modified, and the Company did not recognized any loss at the time of modification.

***Unrealized capital gains and losses***

Changes in unrealized gains and losses from investments are reported as a component of Capital and Surplus, net of deferred income taxes, and were as follows for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Common stock | $(2640) | $(3241) | $(751) |
| Common stocks of affiliates | (85789) | (116401) | (91101) |
| Preferred stock | 12894 | 8073 | 7771 |
| Derivative instruments | (649) | (445) | 999 |
| Other invested assets | (3173) | 4886 | 2288 |
| Bonds | (170) | (481) |  |
| **Total** | $**(79527)** | $**(107609)** | $**(80794)** |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**6. NET INVESTMENT INCOME**

Net investment income for the years ended December 31, 2025, 2024 and 2023 consisted of:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Bonds | $292649 | $343786 | $381488 |
| Equity securities | 17032 | 29175 | 18006 |
| Mortgage loans | 20643 | 21053 | 28937 |
| Contract loans | 1426 | 1601 | 1692 |
| Cash, cash equivalents and short-term investments | 12702 | 15418 | 11078 |
| Other investments | 49012 | 44031 | 31643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 393464 | 455064 | 472844 |
| Interest expenses | 67454 | 76962 | 81445 |
| Third party administration costs | 20996 | 20873 | 28426 |
| Other investment expenses | (2294) | 201 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income before IMR amortization | 307308 | 357028 | 362916 |
| IMR amortization | 3405 | 6244 | 11410 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total net investment income** | $**310713** | $**363272** | $**374326** |

---

The Company's policy is to exclude investment income due and accrued with amounts that are over 90 days past due for investments other than mortgage loans and over 180 days past due for mortgage loans or where the collection of interest is uncertain. Investment income due and accrued of $2.2 million and $0.6 million was excluded from surplus at December 31, 2025 and December 31, 2024, respectively. Gross investment income due and accrued was $66.6 million and $86.8 million at December 31, 2025 and December 31, 2024, respectively. <br>

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

Included in investment income due and accrued is paid-in-kind ("PIK") interest. The cumulative amount of PIK interest at December 31, 2025 and 2024 is as follows: <br>

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **PIK Interest (Cumulative):** | **PIK Interest (Cumulative):** |
| **CUSIP:** | **2025** | **2024** |
| 8002932C1 | $1103 | $877 |
| 95218#AD6 | 453 | 239 |
| 95218#AE4 | 902 | 499 |
| BKI1KB650 |  | 2443 |
| Hunterpoint-KUV |  | 89 |
| BGH9H2RD7 | 229 | 229 |
| BGH9H2RP0 | 884 | 884 |
| BGH9H2RR6 | 1056 | 1056 |
| BGH9H2RT2 | 216 | 216 |
| 122249AA3 | 167 | 146 |
| 178694AA3 | 53 | 45 |
| 3136BMAH1 | 43 | 44 |
| 3137FY7H3 | 372 | 292 |
| 38379G2S5 | 1203 | 1861 |
| 38379PBV8 | 1194 | 1768 |
| 38380U2K8 | 484 | 1046 |
| 38380VQ53 | 1434 | 1569 |
| 38380YAC9 | 326 | 334 |
| 38381TFA8 | 615 | 579 |
| 43037BAA0 | 75 | 62 |
| 59171UAA0 | 339 | 285 |
| 65619CAA7 | 865 | 617 |
| 76927TAB2 | 176 | 150 |
| 88430LAA6KUV | 72 | 59 |
| 01462\*AB5KUV | 128 |  |
| 01462\*AA7KUV | 385 |  |
| 67090S108 | 94 |  |
| BKI2A6JV9 | 129 |  |
| BKI2A6KQ8 | 129 |  |
| BKI2A6KU9 | 129 |  |
| BKI2A6L79 | 129 |  |
| 23366\*AA8LBL | 9 |  |
| **Total:** | **$13393** | **$15389** |

---

**7.**&nbsp;&nbsp;&nbsp;&nbsp;**DERIVATIVES**

Derivative financial instruments utilized by the Company may include index options, swaps, forwards and futures contracts. The notional amounts specified in the contracts are used to calculate contractual payments under the agreements and are generally not representative of the potential for gain or loss on these contracts.

Market risk is the risk that the Company will incur losses due to adverse changes in market prices, interest or foreign exchange rates. Market risk exists for all of the derivatives that the Company holds. To limit this risk, the Company's senior management has established risk control limits.

Counterparty credit risk relates to the Company's potential loss if counterparties concurrently fail to perform under the contractual terms of the contracts. The Company manages its exposure to counterparty credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master agreements and obtaining collateral where appropriate. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Certain derivatives, including futures and certain option contracts, are traded on organized exchanges, which require margin deposits and guarantee the execution of trades, thereby mitigating potential credit risk. See Note 16 for the amount of derivative collateral held at December 31, 2025 and December 31, 2024; all collateral held is cash.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The Company uses derivatives to manage risks with certain assets and liabilities arising from potential adverse impacts from changes in interest rates, foreign exchange rates and equity markets. The Company does not use derivatives for speculative purposes. Derivative instruments that meet the criteria of a highly effective hedge are valued and reported in a manner consistent with the hedged asset or liability. If the Company does not seek hedge accounting treatment then the derivative is accounted for at fair value with the change in fair value recorded as an unrealized gain or loss.

The paragraphs below describe the derivatives the Company primarily uses, including the objectives, cash requirements and accounting policies.

***Futures***

The Company utilizes equity index futures contracts. Futures contracts are defined as commitments to buy or sell designated financial instruments based on specified prices, yields or indexes. Futures contracts provide returns based upon a specified index or interest rate applied to a notional amount. The Company uses futures to hedge exposures in annuity contracts. Daily cash settlement of variation margins is required for futures contracts and is based on the changes in daily prices. The final settlement of futures contracts is in cash.

***Options***

The Company also uses equity index options. Index option contracts provide returns at specified or optional dates based on a specified index applied to the option's notional amount. The Company purchases and writes (sells) option contracts primarily to reduce market risk associated with certain annuity contracts. When the Company purchases/sells option contracts at specific prices, it is required to pay/receive a premium to/from the counterparties. The amount of premium paid/received is based on the number of contracts purchased/sold, the specified price and the maturity date of the contract. The Company pays/receives cash equal to the premium of purchased/written options when the contract is established. Premiums paid are reported as a derivative asset and premiums received are reported as a derivative liability. The change in the fair value of option contracts is reported as a change in surplus, with an adjustment to derivatives. If the option is exercised, the Company receives/pays cash equal to the product of the number of contracts and the specified price in the contract with the gain or loss on settlement reported in realized gain or loss. If the options are not exercised and the contracts expire, then no additional cash is exchanged and the remaining book value is offset to realized gain or loss.

***Swaps***

The Company employs interest rate swaps to reduce interest rate risk associated with certain investments supporting certain annuity contracts as well as cross-currency swaps to mitigate adverse changes in foreign exchange rates for certain investments. An interest rate swap is an agreement between two counterparties to exchange one stream of interest payments for another to manage exposure to fluctuation in interest rates or achieve better borrowing terms. A cross-currency swap is an agreement between two parties to exchange principal and interest payments in different currencies for a pre-defined period. Swaps provide returns at contractually defined dates based on respective interest rates applied to the notional amount with the net difference resulting in interest and principal payments settled between the counterparties. The change in the fair value of the swap is reported as an unrealized gain/loss through surplus, with an adjustment to derivatives. Cash flows received/paid at the reset dates are reported in net investment income and consist of any differences in the amounts of contractual interest calculated due to the respective counterparties based on changes in rates. Swaps usually terminate upon expiration with no recognition of a gain or loss. If terminated through a sale, the Company may realize a gain or loss. In order to mitigate counterparty default risk, both parties to a swap contract are required to pledge assets, often cash or high-quality securities, to cover potential mark-to-market losses.

At December 31, 2025, the Company's cross currency swap is treated as an accounting hedge. The Company did not report any derivatives as accounting hedges as of December 31, 2024.

All derivative transactions are covered under standardized contractual agreements with counterparties, all of which include credit-related contingent features. Certain counterparty relationships also may include supplementary agreements with tailored terms, such as additional triggers for early terminations, acceptable practices related to cross-transaction netting, and minimum thresholds for determining collateral. Credit-related triggers include failure to pay or deliver on an obligation past certain grace periods, bankruptcy or the downgrade of credit ratings to below a stipulated level. These triggers apply to both the Company and its counterparty.

Derivatives are carried in accordance with SSAP No. 86, "Derivatives." The Company's underlying notional or principal amounts and gross fair values as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional** | **Notional** | **Gross Fair Value** | **Gross Fair Value** | **Notional** | **Notional** | **Gross Fair Value** | **Gross Fair Value** |
| ***($'s in thousands)*** | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Swaps | $— | $19317 | $— | $649 | $— | $— | $— | $— |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**8.&nbsp;&nbsp;&nbsp;&nbsp;REINSURANCE**

Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Management believes that any liability arising from this contingency is unlikely. Everlake represents 41% and 40% of the Company's ceded reserves as of December 31, 2025 and December 31, 2024, respectively.

The Company has agreements with several unrelated companies, which provide for reinsurance of portions of the net-amount-at-risk under certain policies. These amounts are reinsured on either a yearly renewable term, coinsurance or modified coinsurance basis.

The existing reinsurance agreements are subject to risk transfer as defined under SSAP No. 61 *Life, Deposit-Type and Accident and Health Reinsurance* and supplemented by A-791 *Life and Health Reinsurance Agreements*. The Company has not entered into any reinsurance contracts that would limit the reinsurer's assumption of significant risk or contain provisions that delay recording or reimbursement of losses. All contracts settle quarterly, at a minimum.

On December 10, 2020, the Company recorded the receipt of an initial ceding commission of $82.3 million (before taxes of $17.3 million) as a result of an indemnity reinsurance agreement between the Company and COUNTRY Life Insurance Company, a life insurance company domiciled in Illinois. This amount was deferred in surplus in accordance with statutory accounting principles as defined in Account Practices and Procedures Manual Appendix A-791, paragraph 3 which limits the first year of recognition to the effective tax rate or 21%, resulting in an unamortized balance of $65.0 million in surplus at December 31, 2020. Amortization of $5.2 million, $9.9 million, and $14.2 million was recorded in 2025, 2024 and 2023, respectively, resulting in an unamortized balance in surplus of $24.9 million, $30.1 million, and $40.0 million at December 31, 2025, December 31, 2024, and December 31, 2023, respectively. The deferred ceding commission is amortized over the period under which earnings emerge from the business reinsured. <br>

The effects of reinsurance were as follows for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Insurance and other individual policy benefits and claims\*: |  |  |  |
| Direct | $1423711 | $1369491 | $1285312 |
| Assumed | 42821 | 50867 | 49982 |
| Ceded - affiliated | (473828) | (431884) | (336096) |
| Ceded - other non-affiliated | (853338) | (869979) | (864068) |
| **Net policy benefits and claims** | $**139366** | $**118495** | $**135130** |
| \*Excludes surrender benefits |  |  |  |
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Premiums and annuity considerations: |  |  |  |
| Direct | $884104 | $934730 | $966902 |
| Assumed | 24861 | 19681 | 23790 |
| Ceded - affiliated | (157035) | (124002) | (61900) |
| Ceded - other non-affiliated | (739398) | (819084) | (911952) |
| **Net premiums and annuity considerations** | $**12532** | $**11325** | $**16840** |

---

<br>On March 6, 2019, Scottish Re ("SRUS") was put into receivership by the Delaware Department of insurance ("the Receiver"). The Receiver filed a petition for approval of a rehabilitation plan for SRUS as of June 30, 2020; this plan was superceded by the Modified Plan of the Rehabilitation of Scottish Re effective June 30, 2022. Effective July 18, 2023, the Receiver filed a Motion for Entry of a Liquidation and Injunction Order with the recognition that SRUS was impaired and of unsound condition and that the rehabilitation was no longer viable. SRUS and the majority of its directors consented to the entry of this order which was deemed to be in the best interest of SRUS, its creditors and the general public. The Company released ceded reserves of $2.7 million to reflect the cancellation of the agreements per the terms of the liquidation order as of September 30, 2023. For claim recoverables, the Company had offset due premium against the outstanding settlements. Also, the Company received a $2.0 million partial payment in May 2022 under the court's directive. As of December 31, 2023, the Company has written-off $1.5 million of ceded benefits with future action dependent on the manner of distribution of the SRUS assets. There were no additional

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

write-offs in 2025. The Company has fully non-admitted the remaining $6.2 million, in 2023, of unpaid settlements in accordance with recent interpretative accounting guidance issued by the NAIC under SSAP No. 61 which requires assets to be held in trust or supported by other collateral for admission. <br>

For the year ended December 31, 2025, there was no commutation/recapture of ceded reinsurance. For the years ended December 31, 2024 and 2023, the Company had the following experience as a result of the commutation/recapture of ceded reinsurance, which was fully recaptured effective April 1, 2024:

---

| | | |
|:---|:---|:---|
| **($'s in thousands)** | **2024** | **2023** |
| (1) Claims incurred | $18218 | $13521 |
| (2) Claims adjustment expenses incurred |  |  |
| (3) Premiums earned | (16038) | (11141) |
| (4) Other |  |  |
| &nbsp;&nbsp;Reserve Adjustment on Reinsurance Ceded | (2241) | (2447) |
| &nbsp;&nbsp;Commission and expense allowance | 39 | 43 |
|  | $(22) | $(24) |
| (5) Company |  |  |
| Hannover Life Reassurance Company of America | $(22) | $(24) |
|  | $(22) | $(24) |

---

**9. RESERVES FOR LIFE CONTRACTS AND DEPOSIT TYPE CONTRACTS**

The reserves for life insurance and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates and methodologies) which produce reserves at least as great as those required by law and contract provisions.

Deduction of deferred fractional premiums upon death of the insured and return of any portion of the final premium for the period beyond the date of death are not applicable to the business of the Company. Surrender values are not promised in excess of reserves legally computed.

For traditional life contracts, the cost of additional mortality for each policy is assumed to equal the additional premium charged for that policy period and is reserved accordingly. Additional premiums are collected for policies issued on substandard lives. Reserves are held in a manner consistent with traditional policies. For interest-sensitive policies, substandard mortality is reflected in the cost of insurance charges.

As of December 31, 2025, 2024 and 2023, the Company had $3,744.7 million, $3,683.9 million and $3,826.5 million of direct insurance in force for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Nebraska, respectively. Deficiency reserves above base contract reserves as of December 31, 2025 and 2024 totaled $66.2 million and $65.8 million, respectively.

The Tabular Interest has been determined by formula as described in the NAIC instructions, except for some business for which the Tabular Interest is determined from basic policy data for reserving. The Tabular less Actual Reserve Released has been determined by formula as described in the NAIC instructions. The Tabular Cost has been determined by formula as described in the NAIC instructions, except for universal life products which use cost of insurance and some business which uses basic policy data for reserving. The Tabular Interest on funds not involving life contingencies was determined from the interest credited to the deposits, except for certain guaranteed interest contracts for which Tabular Interest on funds is determined by formula as described in the instructions.

The Company recorded no premium deficiency reserves related to accident and health contracts for the years ended December 31, 2025 and 2024.<br>There were no significant reserve changes during the year ended December 31, 2025.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

Other reserve changes in 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** |  |  | **Ordinary** | **Ordinary** | **Ordinary** |  | **Group** | **Group** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Item** | **Total** | **Industrial Life** | **Life Insurance** | **Individual Annuities** | **Supplementary Contracts** | **Credit Life Group and Individual** | **Life Insurance** | **Annuities** |
| Traditional Life - model refinements | $2200 | $— | $2200 | $— | $— | $— | $— | $— |
| 3106999 Total | $2200 | $— | $2200 | $— | $— | $— | $— | $— |

---

Other reserve changes in 2023 were as follows: <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2023** |  |  | **Ordinary** | **Ordinary** | **Ordinary** |  | **Group** | **Group** |
| **Item** | **Total** | **Industrial Life** | **Life Insurance** | **Individual Annuities** | **Supplementary Contracts** | **Credit Life Group and Individual** | **Life Insurance** | **Annuities** |
| Annuity Reserve C3 Phase 1 Testing | $20000 | $— |  | $20000 | $— | $— | $— | $— |
| 3106999 Total | $20000 | $— | $— | $20000 | $— | $— | $— | $— |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The withdrawal characteristics of general account and separate account life reserves and deposits as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | | | |
| | ($'s in thousands) | ($'s in thousands) | ($'s in thousands) | | | |
| A. | General Account | General Account | General Account | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $27739 | $88318 |
|  |  | b. | Universal life | 717783 | 717778 | 722394 |
|  |  | c. | Universal life with secondary guarantees | 3465797 | 3216621 | 7109597 |
|  |  | d. | Indexed universal life | 50829 | 46991 | 50059 |
|  |  | e. | Indexed universal life with secondary guarantees | 822547 | 707613 | 753505 |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  | 62406 | 78138 |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life | 126755 | 126512 | 130542 |
|  |  | j. | Miscellaneous reserves |  |  | 42308 |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX | 2333638 |
|  |  | b. | Accidental death benefits | XXX | XXX | 73 |
|  |  | c. | Disability - active lives | XXX | XXX | 873 |
|  |  | d. | Disability - disabled lives | XXX | XXX | 28411 |
|  |  | e. | Miscellaneous reserves | XXX | XXX | 86646 |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 5183711 | 4905660 | 11424502 |
|  | (4) | Reinsurance ceded | Reinsurance ceded | 4951038 | 4669125 | 11156955 |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $232673 | $236535 | $267547 |
| B. | Separate Account with Guarantees | Separate Account with Guarantees | Separate Account with Guarantees | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $— | $— |
|  |  | b. | Universal life |  |  |  |
|  |  | c. | Universal life with secondary guarantees |  |  |  |
|  |  | d. | Indexed universal life |  |  |  |
|  |  | e. | Indexed universal life with secondary guarantees |  |  |  |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  |  |  |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life |  |  |  |
|  |  | j. | Miscellaneous reserves |  |  |  |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX |  |
|  |  | b. | Accidental death benefits | XXX | XXX |  |
|  |  | c. | Disability - active lives | XXX | XXX |  |
|  |  | d. | Disability - disabled lives | XXX | XXX |  |
|  |  | e. | Miscellaneous reserves | XXX | XXX |  |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) |  |  |  |
|  | (4) | Reinsurance ceded | Reinsurance ceded |  |  |  |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $— | $— | $— |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| C. | Separate Account Nonguaranteed | Separate Account Nonguaranteed | Separate Account Nonguaranteed | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $— | $— |
|  |  | b. | Universal life |  |  |  |
|  |  | c. | Universal life with secondary guarantees |  |  |  |
|  |  | d. | Indexed universal life |  |  |  |
|  |  | e. | Indexed universal life with secondary guarantees |  |  |  |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  |  |  |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life | 1442686 | 1439960 | 1445123 |
|  |  | j. | Miscellaneous reserves |  |  |  |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX |  |
|  |  | b. | Accidental death benefits | XXX | XXX |  |
|  |  | c. | Disability - active lives | XXX | XXX |  |
|  |  | d. | Disability - disabled lives | XXX | XXX |  |
|  |  | e. | Miscellaneous reserves | XXX | XXX |  |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 1442686 | 1439960 | 1445123 |
|  | (4) | Reinsurance ceded | Reinsurance ceded |  |  |  |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $1442686 | $1439960 | $1445123 |
| D. |  |  |  | **Amount** |  |  |
|  | Life and Accident and Health Annual Statement: | Life and Accident and Health Annual Statement: | Life and Accident and Health Annual Statement: |  |  |  |
|  | 1. | Exhibit 5, Life Insurance Section, Total (net) | Exhibit 5, Life Insurance Section, Total (net) | $244680 |  |  |
|  | 2 | Exhibit 5, Accidental Death Benefits Section, Total (net) | Exhibit 5, Accidental Death Benefits Section, Total (net) | 6 |  |  |
|  | 3 | Exhibit 5, Disability - Active Lives Section, Total (net) | Exhibit 5, Disability - Active Lives Section, Total (net) | 362 |  |  |
|  | 4 | Exhibit 5, Disability - Disabled Lives Section, Total (net) | Exhibit 5, Disability - Disabled Lives Section, Total (net) | 477 |  |  |
|  | 5 | Exhibit 5, Miscellaneous Reserves Section, Total (net) | Exhibit 5, Miscellaneous Reserves Section, Total (net) | 22022 |  |  |
|  | 6 | Subtotal | Subtotal | 267547 |  |  |
|  | Separate Accounts Annual Statement: | Separate Accounts Annual Statement: | Separate Accounts Annual Statement: |  |  |  |
|  | 7 | Exhibit 3,line 0199999, Column 2 | Exhibit 3,line 0199999, Column 2 | 1445123 |  |  |
|  | 8 | Exhibit 3,line 0499999, Column 2 | Exhibit 3,line 0499999, Column 2 |  |  |  |
|  | 9 | Exhibit 3,line 0599999, Column 2 | Exhibit 3,line 0599999, Column 2 |  |  |  |
|  | 10 | Subtotal (Lines 7 through 9) | Subtotal (Lines 7 through 9) | 1445123 |  |  |
|  | 11 | Combined Total (Lines 6 plus 10) | Combined Total (Lines 6 plus 10) | $1712670 |  |  |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | | | |
| | **($'s in thousands)** | **($'s in thousands)** | **($'s in thousands)** | | | |
| A. | General Account | General Account | General Account | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $22811 | $85219 |
|  |  | b. | Universal life | 766254 | 766245 | 771543 |
|  |  | c. | Universal life with secondary guarantees | 3575929 | 3247802 | 7006877 |
|  |  | d. | Indexed universal life | 66027 | 60178 | 63535 |
|  |  | e. | Indexed universal life with secondary guarantees | 784326 | 646435 | 699292 |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  | 59199 | 75517 |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life | 117573 | 117041 | 122507 |
|  |  | j. | Miscellaneous reserves |  |  | 44007 |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX | 2593952 |
|  |  | b. | Accidental death benefits | XXX | XXX | 80 |
|  |  | c. | Disability - active lives | XXX | XXX | 1121 |
|  |  | d. | Disability - disabled lives | XXX | XXX | 27034 |
|  |  | e. | Miscellaneous reserves | XXX | XXX | 88460 |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 5310109 | 4919711 | 11579144 |
|  | (4) | Reinsurance ceded | Reinsurance ceded | 5051101 | 4659290 | 11285973 |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $259008 | $260421 | $293171 |
| B. | Separate Account with Guarantees | Separate Account with Guarantees | Separate Account with Guarantees | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $— | $— |
|  |  | b. | Universal life |  |  |  |
|  |  | c. | Universal life with secondary guarantees |  |  |  |
|  |  | d. | Indexed universal life |  |  |  |
|  |  | e. | Indexed universal life with secondary guarantees |  |  |  |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  |  |  |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life |  |  |  |
|  |  | j. | Miscellaneous reserves |  |  |  |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX |  |
|  |  | b. | Accidental death benefits | XXX | XXX |  |
|  |  | c. | Disability - active lives | XXX | XXX |  |
|  |  | d. | Disability - disabled lives | XXX | XXX |  |
|  |  | e. | Miscellaneous reserves | XXX | XXX |  |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) |  |  |  |
|  | (4) | Reinsurance ceded | Reinsurance ceded |  |  |  |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $— | $— | $— |
| C. | Separate Account Nonguaranteed | Separate Account Nonguaranteed | Separate Account Nonguaranteed | **Account Value** | **Cash Value** | **Reserve** |
|  | (1) | Subject to discretionary withdrawal, surrender values or policy loans: | Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
|  |  | a. | Term policies with cash value | $— | $— | $— |
|  |  | b. | Universal life |  |  |  |
|  |  | c. | Universal life with secondary guarantees |  |  |  |
|  |  | d. | Indexed universal life |  |  |  |
|  |  | e. | Indexed universal life with secondary guarantees |  |  |  |
|  |  | f. | Indexed life |  |  |  |
|  |  | g. | Other permanent cash value life insurance |  |  |  |
|  |  | h. | Variable life |  |  |  |
|  |  | i. | Variable universal life | 1326289 | 1320309 | 1327896 |
|  |  | j. | Miscellaneous reserves |  |  |  |
|  | (2) | Not subject to discretionary withdrawal or no cash values | Not subject to discretionary withdrawal or no cash values |  |  |  |
|  |  | a. | Term policies without cash value | XXX | XXX |  |
|  |  | b. | Accidental death benefits | XXX | XXX |  |
|  |  | c. | Disability - active lives | XXX | XXX |  |
|  |  | d. | Disability - disabled lives | XXX | XXX |  |
|  |  | e. | Miscellaneous reserves | XXX | XXX |  |
|  | (3) | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 1326289 | 1320309 | 1327896 |
|  | (4) | Reinsurance ceded | Reinsurance ceded |  |  |  |
|  | (5) | Total (net) (3 minus 4) | Total (net) (3 minus 4) | $1326289 | $1320309 | $1327896 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| D. |  |  | **Amount** |
|  | Life and Accident and Health Annual Statement: | Life and Accident and Health Annual Statement: |  |
|  | 1. | Exhibit 5, Life Insurance Section, Total (net) | $270417 |
|  | 2 | Exhibit 5, Accidental Death Benefits Section, Total (net) | 3 |
|  | 3 | Exhibit 5, Disability - Active Lives Section, Total (net) |  |
|  | 4 | Exhibit 5, Disability - Disabled Lives Section, Total (net) | 491 |
|  | 5 | Exhibit 5, Miscellaneous Reserves Section, Total (net) | 22260 |
|  | 6 | Subtotal | 293171 |
|  | Separate Accounts Annual Statement: | Separate Accounts Annual Statement: |  |
|  | 7 | Exhibit 3,line 0199999, Column 2 | 1327896 |
|  | 8 | Exhibit 3,line 0499999, Column 2 |  |
|  | 9 | Exhibit 3,line 0599999, Column 2 |  |
|  | 10 | Subtotal (Lines 7 through 9) | 1327896 |
|  | 11 | Combined Total (Lines 6 plus 10) | $1621067 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**10. WITHDRAWAL CHARACTERISTICS OF ANNUITY RESERVES AND DEPOSIT LIABILITIES**

The withdrawal characteristics of general account and separate account annuity reserves and deposits as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | | | | | |
| **($'s in thousands)** | **($'s in thousands)** | **($'s in thousands)** | **($'s in thousands)** | | | | | |
| | | | |<br>**General Account** |<br>**Separate Accounts with Guarantees** |<br>**Separate Accounts Nonguaranteed** |<br>**Total** |<br>**% of Total** |
| A. |  | INDIVIDUAL ANNUITIES: | INDIVIDUAL ANNUITIES: |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $129976 | $19257 | $— | $149233 | 4.1% |
|  |  | b. | At book value less current surrender charge of 5% or more | 3034 |  |  | 3034 | 0.1% |
|  |  | c. | At fair value | 13779 |  | 378861 | 392640 | 10.6% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 146789 | 19257 | 378861 | 544907 | 14.8% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 2885549 |  |  | 2885549 | 78.6% |
|  | 2. | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 235254 |  | 5267 | 240521 | 6.6% |
|  | 3. | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 3267592 | 19257 | 384128 | 3670977 | 100.0% |
|  | 4. | Reinsurance ceded | Reinsurance ceded | 1758087 | 19257 |  | 1777344 |  |
|  | 5. | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $1509505 | $— | $384128 | $1893633 |  |
|  | 6. | Amount included in A.1.b. above that will move to A.1.e. | Amount included in A.1.b. above that will move to A.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $547 | $— | $— | $547 |  |
|  |  |  |  | **General Account** | **Separate Accounts with Guarantees** | **Separate Accounts Nonguaranteed** | **Total** | **% of Total** |
| B. |  | GROUP ANNUITIES: | GROUP ANNUITIES: |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $115131 | $21 | $— | $115152 | 60.0% |
|  |  | b. | At book value less current surrender charge of 5% or more | 17 |  |  | 17 | 0.0% |
|  |  | c. | At fair value |  |  | 27608 | 27608 | 14.5% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 115148 | 21 | 27608 | 142777 | 74.5% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 29216 |  |  | 29216 | 15.2% |
|  | 2. | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 19774 |  | 11 | 19785 | 10.3% |
|  | 3. | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 164138 | 21 | 27619 | 191778 | 100.0% |
|  | 4. | Reinsurance ceded | Reinsurance ceded | 34337 | 21 |  | 34358 |  |
|  | 5. | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $129801 | $— | $27619 | $157420 |  |
|  | 6. | Amount included in B.1.b. above that will move to B.1.e. | Amount included in B.1.b. above that will move to B.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $14 | $— | $— | $14 |  |
|  |  |  |  | **General Account** | **Separate Accounts with Guarantees** | **Separate Accounts Nonguaranteed** | **Total** | **% of Total** |
| C. |  | DEPOSIT TYPE CONTRACTS | DEPOSIT TYPE CONTRACTS |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $— | $— | $— | $— | 0.0% |
|  |  | b. | At book value less current surrender charge of 5% or more |  |  |  |  | 0.0% |
|  |  | c. | At fair value | 518 |  |  | 518 | 0.1% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 518 |  |  | 518 | 0.1% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 26589 |  |  | 26589 | 2.7% |
|  | 2. | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 966492 |  |  | 966492 | 97.2% |
|  | 3. | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 993599 |  |  | 993599 | 100.0% |
|  | 4. | Reinsurance ceded | Reinsurance ceded | 37901 |  |  | 37901 |  |
|  | 5. | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $955698 | $— | $— | $955698 |  |
|  | 6. | Amount included in C.1.b. above that will move to C.1.e. | Amount included in C.1.b. above that will move to C.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $— | $— | $— | $— |  |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| D. |  |  | **Amount** |
|  | Life and Accident and Health Annual Statement: | Life and Accident and Health Annual Statement: |  |
|  | 1. | Exhibit 5, Annuities Section, Total (net) | $1639306 |
|  | 2. | Exhibit 5, Supplementary Contracts With Life Contingencies (net) |  |
|  | 3. | Exhibit 7, Deposit-Type contracts, Line 14, Column 1 | 955698 |
|  | 4. | Subtotal | 2595004 |
|  | Separate Accounts Annual Statement: | Separate Accounts Annual Statement: |  |
|  | 5. | Exhibit 3,line 0299999, Column 2 | 411748 |
|  | 6. | Exhibit 3,line 0399999, Column 2 |  |
|  | 7. | Policyholder dividend and coupon accumulations |  |
|  | 8. | Policyholder premiums |  |
|  | 9. | Guaranteed interest contracts |  |
|  | 10. | Other contract deposit funds |  |
|  | 11. | Subtotal | 411748 |
|  | 12. | Combined Total | $3006752 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | | | | | |
| **($'s in thousands)** | **($'s in thousands)** | **($'s in thousands)** | **($'s in thousands)** | | | | | |
| | | | |<br>**General Account** |<br>**Separate Accounts with Guarantees** |<br>**Separate Accounts Nonguaranteed** |<br>**Total** |<br>**% of Total** |
| A. |  | INDIVIDUAL ANNUITIES: | INDIVIDUAL ANNUITIES: |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $148695 | $26487 | $— | $175182 | 4.4% |
|  |  | b. | At book value less current surrender charge of 5% or more | 3514 |  |  | 3514 | 0.1% |
|  |  | c. | At fair value | 15049 |  | 369291 | 384340 | 9.7% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 167258 | 26487 | 369291 | 563036 | 14.2% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 3130570 |  |  | 3130570 | 79.1% |
|  | 2 | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 257337 |  | 5251 | 262588 | 6.6% |
|  | 3 | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 3555165 | 26487 | 374542 | 3956194 | 100.0% |
|  | 4 | Reinsurance ceded | Reinsurance ceded | 1847302 | 26487 |  | 1873789 |  |
|  | 5 | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $1707863 | $— | $374542 | $2082405 |  |
|  | 6 | Amount included in A.1.b. above that will move to A.1.e. | Amount included in A.1.b. above that will move to A.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $818 | $— | $— | $818 |  |
|  |  |  |  | **General Account** | **Separate Accounts with Guarantees** | **Separate Accounts Nonguaranteed** | **Total** | **% of Total** |
| B. |  | GROUP ANNUITIES: | GROUP ANNUITIES: |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $140370 | $19 | $— | $140389 | 62.0% |
|  |  | b. | At book value less current surrender charge of 5% or more | 17 |  |  | 17 | 0.0% |
|  |  | c. | At fair value |  |  | 26929 | 26929 | 11.9% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 140387 | 19 | 26929 | 167335 | 73.9% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 37147 |  |  | 37147 | 16.4% |
|  | 2 | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 21877 |  | 63 | 21940 | 9.7% |
|  | 3 | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 199411 | 19 | 26992 | 226422 | 100.0% |
|  | 4 | Reinsurance ceded | Reinsurance ceded | 40205 | 19 |  | 40224 |  |
|  | 5 | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $159206 | $— | $26992 | $186198 |  |
|  | 6 | Amount included in B.1.b. above that will move to B.1.e. | Amount included in B.1.b. above that will move to B.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $14 | $— | $— | $14 |  |
|  |  |  |  | **General Account** | **Separate Accounts with Guarantees** | **Separate Accounts Nonguaranteed** | **Total** | **% of Total** |
| C. |  | DEPOSIT TYPE CONTRACTS | DEPOSIT TYPE CONTRACTS |  |  |  |  |  |
|  | 1. | Subject to discretionary withdrawal: | Subject to discretionary withdrawal: |  |  |  |  |  |
|  |  | a. | With market value adjustment | $— | $— | $— | $— | 0.0% |
|  |  | b. | At book value less current surrender charge of 5% or more |  |  |  |  | 0.0% |
|  |  | c. | At fair value | 652 |  |  | 652 | 0.1% |
|  |  | d. | Total with market value adjustment or at fair value (Total of a through c) | 652 |  |  | 652 | 0.1% |
|  |  | e. | At book value without adjustment (minimal or no charge or adjustment) | 31878 |  |  | 31878 | 2.7% |
|  | 2 | Not subject to discretionary withdrawal | Not subject to discretionary withdrawal | 1155853 |  |  | 1155853 | 97.2% |
|  | 3 | Total (gross: direct + assumed) | Total (gross: direct + assumed) | 1188383 |  |  | 1188383 | 100.0% |
|  | 4 | Reinsurance ceded | Reinsurance ceded | 45053 |  |  | 45053 |  |
|  | 5 | Total (net) (line 3 minus 4) | Total (net) (line 3 minus 4) | $1143330 | $— | $— | $1143330 |  |
|  | 6 | Amount included in C.1.b. above that will move to C.1.e. | Amount included in C.1.b. above that will move to C.1.e. |  |  |  |  |  |
|  |  | for the first time within the year after the statement date | for the first time within the year after the statement date | $— | $— | $— | $— |  |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| D. |  |  | **Amount** |
|  | Life and Accident and Health Annual Statement: | Life and Accident and Health Annual Statement: |  |
|  | 1. | Exhibit 5, Annuities Section, Total (net) | $1867069 |
|  | 2 | Exhibit 5, Supplementary Contracts With Life Contingencies (net) |  |
|  | 3 | Exhibit 7, Deposit-Type contracts, Line 14, Column 1 | 1143330 |
|  | 4 | Subtotal | 3010398 |
|  | Separate Accounts Annual Statement: | Separate Accounts Annual Statement: |  |
|  | 5 | Exhibit 3,line 0299999, Column 2 | 401534 |
|  | 6 | Exhibit 3,line 0399999, Column 2 |  |
|  | 7 | Policyholder dividend and coupon accumulations |  |
|  | 8 | Policyholder premiums |  |
|  | 9 | Guaranteed interest contracts |  |
|  | 10 | Other contract deposit funds |  |
|  | 11 | Subtotal | 401534 |
|  | 12 | Combined Total | $3411932 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**11. &nbsp;&nbsp;&nbsp;&nbsp;SEPARATE ACCOUNTS**

The Company continues to have variable life policies and variable annuity contracts in-force, however, it stopped issuing new business on these products in 2017 and 2006, respectively. The assets and liabilities of variable life policies and variable annuity contracts are recorded as assets and liabilities of the Separate Accounts and are legally insulated from the General Account, excluding any purchase payments or transfers directed by the contract holder to earn a fixed rate of return which are included in the Company's General Account assets. The legal insulation of the Separate Accounts assets prevents such assets from being generally available to satisfy claims resulting from the General Account. Separate Accounts which contain variable annuity and variable life business are unit investment trusts registered with the Securities and Exchange Commission ("SEC"). The results of the Separate Accounts related to variable annuity and certain variable life business are reinsured to Everlake, formerly ALIC, pursuant to a modified coinsurance agreement. Other variable life business has been separately reinsured to GILICO pursuant to a modified coinsurance agreement and certain variable life mortality risks have been reinsured to another counterparty pursuant to a Monthly Renewable Term ("MRT") agreement.

The Separate Accounts allow the contract holder to accumulate funds within a variety of portfolios, at rates which depend upon the return achieved from the types of investments chosen. The net investment experience of the Separate Accounts is credited directly to the contract holder and can be favorable or unfavorable. The assets of each portfolio are held separately from the other portfolios and each has distinct investment objectives and policies. Absent any contract provision wherein the Company provides a guarantee, the contract holders of the variable annuity and variable life products bear the investment risk that Separate Accounts' funds may not meet their stated investment objectives.

The assets legally insulated and not legally insulated from the general account as of December 31, 2025 and 2024 were attributed to the following products/transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Product/transaction** | **Legally insulated assets** | **Separate Account Assets (Not legally insulated)** | **Legally insulated assets** | **Separate Account Assets (Not legally insulated)** |
| Variable annuity contracts | $412091 | $— | $401934 | $— |
| Variable life policies | 1442682 |  | 1326237 |  |
| **Total** | $**1854773** | $**—** | $**1728171** | $**—** |

---

Some of the Separate Account liabilities are guaranteed by the General Account. To compensate the General Account for the risk taken on variable annuity products, the Separate Accounts paid risk charges of $0.8 million, $0.9 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. All such guarantees and the related risk charges are reinsured to Everlake, formerly ALIC. The risk charges related to variable life products are not explicit, but rather embedded within the cost of insurance.

The amounts paid by the General Account for Separate Account guarantees for the years ended December 31, 2025, 2024 and 2023 were $0.4 million, $0.6 million and $1.3 million, respectively. Certain of these guarantees and the related risk charges are reinsured to Everlake.

The Company did not have securities lending transactions within the Separate Accounts at December 31, 2025 or 2024.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

An analysis of the Separate Account reserves as of December 31, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***($'s in thousands)*** | ***($'s in thousands)*** | **Index** | **Nonindexed Guarantee Less Than/Equal to 4%** | **Nonindexed Guarantee More than 4%** | **Non-Guaranteed Separate Accounts** | **Total** |
| 1 | Premiums, considerations or deposits for the year ended 12/31/25 | Premiums, considerations or deposits for the year ended 12/31/25 | $— | $— | $— | $49668 | $49668 |
|  | Reserves at 12/31/25 | Reserves at 12/31/25 |  |  |  |  |  |
| 2 | For accounts with assets at: | For accounts with assets at: |  |  |  |  |  |
|  | a. | Fair value |  |  |  | 1856871 | 1856871 |
|  | b. | Amortized cost |  |  |  |  |  |
|  | c. | Total Reserves | $— | $— | $— | $1856871 | $1856871 |
| 3 | By withdrawal characteristics: | By withdrawal characteristics: |  |  |  |  |  |
|  | a. | &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal | $— | $— | $— | $— | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1. With market value adjustment  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;2. At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;3. At fair value |  |  |  | 1851592 | 1851592 |
|  |  | &nbsp;&nbsp;&nbsp;4. At book Value without market value adjustment and with current surrender charge less than 5% |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;5. Subtotal |  |  |  | 1851592 | 1851592 |
|  | b. | &nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  |  |  | 5279 | 5279 |
|  | c. | &nbsp;&nbsp;&nbsp;Total Reserves | $— | $— | $— | $1856871 | $1856871 |
| 4 | Reserves for Asset Default Risk in Lieu of AVR | Reserves for Asset Default Risk in Lieu of AVR | $— | $— | $— | $— | $— |

---

An analysis of the Separate Account reserves as of December 31, 2024 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***($'s in thousands)*** | ***($'s in thousands)*** | **Index** | **Nonindexed Guarantee Less Than/Equal to 4%** | **Nonindexed Guarantee More than 4%** | **Non-Guaranteed Separate Accounts** | **Total** |
| 1 | Premiums, considerations or deposits for the year ended 12/31/24 | Premiums, considerations or deposits for the year ended 12/31/24 | $— | $— | $— | $52925 | $52925 |
|  | Reserves at 12/31/24 | Reserves at 12/31/24 |  |  |  |  |  |
| 2 | For accounts with assets at: | For accounts with assets at: |  |  |  |  |  |
|  | a. | Fair value |  |  |  | 1729430 | 1729430 |
|  | b. | Amortized cost |  |  |  |  |  |
|  | c. | Total Reserves | $— | $— | $— | $1729430 | $1729430 |
| 3 | By withdrawal characteristics: | By withdrawal characteristics: |  |  |  |  |  |
|  | a. | &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal | $— | $— | $— | $— | $— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1. With market value adjustment  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;2. At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;3. At fair value |  |  |  | 1724116 | 1724116 |
|  |  | &nbsp;&nbsp;&nbsp;4. At book Value without market value adjustment and with current surrender charge less than 5% |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;5. Subtotal |  |  |  | 1724116 | 1724116 |
|  | b. | &nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  |  |  | 5314 | 5314 |
|  | c. | &nbsp;&nbsp;&nbsp;Total Reserves | $— | $— | $— | $1729430 | $1729430 |
| 4 | Reserves for Asset Default Risk in Lieu of AVR | Reserves for Asset Default Risk in Lieu of AVR | $— | $— | $— | $— | $— |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The reconciliation of Net Transfers to/(from) the Statement of Operations of the Separate Account Statement to the Statutory Statement of Operations of the Company for the years ended December 31, 2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Transfers as reported in the Summary of Operations of the Separate Accounts Statements |  |  |  |
| Transfers to Separate Accounts | $49668 | $52925 | $55011 |
| Transfers from Separate Accounts | (134807) | (141191) | (94161) |
| **Net transfers from Separate Accounts** | $**(85139)** | $**(88266)** | $**(39150)** |

---

**12. FAIR VALUE OF FINANCIAL INSTRUMENTS**

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. The Company uses observable inputs incorporated into proprietary modeling for select private holdings deemed more representative of the characteristics of these securities. Assets and liabilities recorded on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus 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 and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

Level 2 Assets and liabilities whose values are based on the following:

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

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

&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 or liability.

Level 3 Assets and liabilities 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 Company's estimates of the assumptions that market participants would use in valuing the assets and liabilities.

The availability of observable inputs varies by instrument. In situations where fair value is based on internally developed pricing models or inputs that are unobservable in the market, the determination of fair value requires more judgment. The degree of judgment exercised by the Company in determining fair value is typically greatest for instruments categorized in Level 3. In many instances, valuation inputs used to measure fair value fall into different levels of the fair value hierarchy. The category level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments.

The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company gains assurance that assets and liabilities are appropriately valued through the execution of various processes and controls designed to ensure the overall reasonableness and consistent application of valuation methodologies, including inputs and assumptions, and compliance with accounting standards. For fair values received from third parties or internally estimated, the Company's processes and controls are designed to ensure that the valuation methodologies are appropriate and consistently applied, the inputs and assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. For example, on a continuing basis, the Company assesses the reasonableness of individual fair values that have stale security prices or that exceed certain thresholds as compared to previous fair values received from valuation service providers or brokers or derived from internal models.

The Company performs procedures to understand and assess the methodologies, processes and controls of valuation service providers. In addition, the Company may validate the reasonableness of fair values by comparing information obtained from valuation service providers or brokers to other third-party valuation sources for selected securities. The Company performs ongoing price validation procedures such as backtesting of actual sales, which corroborate the various inputs used in internal models to market observable data. When fair value determinations are expected to be more variable, the Company validates them through reviews by members of management who have relevant expertise and who are independent of those charged with executing investment transactions. There were no significant changes made in valuation techniques during 2025 or 2024.

The Company may reclassify assets reported at fair value between levels of the SSAP No. 100 fair value hierarchy if appropriate based on changes in the quality of valuation inputs available during a reporting period. The policy governing when these transfers are recognized did not change during 2025 or 2024. The Company transferred $24.3 million into Level 3 in 2024 due to the lack of observable market data.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The Company's assets and liabilities by classification measured at fair value as of December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value<br>(NAV)** | **Total** |
| Assets at fair value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | $1854773 | $— | $— | $— | $1854773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  | 22199 | 21790 | 87836 | 131825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perpetual preferred stock |  | 106631 | 95512 |  | 202143 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total assets at fair value** | $**1854773** | $**128830** | $**117302** | $**87836** | $**2188741** |
| Liabilities at fair value: |  |  |  |  |  |
| Separate account liabilities | $1854773 | $— | $— | $— | $1854773 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities at fair value** | $**1854773** | $**—** | $**—** | $**—** | $**1854773** |

---

The Company's assets and liabilities by classification measured at fair value as of December 31, 2024 were as follows:<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value<br>(NAV)** | **Total** |
| Assets at fair value: |  |  |  |  |  |
| &nbsp;&nbsp;Separate account assets | $1728171 | $— | $— | $— | $1728171 |
| &nbsp;&nbsp;Other invested assets |  | 19664 | 24333 | 102936 | 146933 |
| &nbsp;&nbsp;Perpetual preferred stock |  | 105673 | 92947 |  | 198620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets at fair value | $1728171 | $125337 | $117280 | $102936 | $2073724 |
| Liabilities at fair value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $1728171 | $— | $— | $— | $1728171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities at fair value | $1728171 | $— | $— | $**—** | $1728171 |

---

<br>Fair value measurements in level 3 of the fair value hierarchy were as follows as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)***<br>Description | Balance at 01/01/2025 | Transfers into Level 3 | Transfers out of Level 3 | Total gains and losses included in Net Income | Total gains and losses included in Surplus | Purchases | Settlements/Sales/Distributions | Balance at 12/31/2025 |
| Financial Instruments |  |  |  |  |  |  |  |  |
| Other invested assets | $24333 | $— | $— | $— | $(1796) | $1649 | $(2397) | $21789 |
| Perpetual Preferred Stock | 92947 |  |  |  | 2565 |  |  | 95512 |
| Total Assets | $117280 | $— | $— | $— | $769 | $1649 | $(2397) | $117301 |

---

Fair value measurements in level 3 of the fair value hierarchy were as follows as of December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)***<br>Description | Balance at 01/01/2024 | Transfers into Level 3 | Transfers out of Level 3 | Total gains and losses included in Net Income | Total gains and losses included in Surplus | Purchases | Settlements/Sales/Distributions | Balance at 12/31/2024 |
| Financial Instruments |  |  |  |  |  |  |  |  |
| Other invested assets | $— | $24278 | $— | $— | $948 | $551 | $(1444) | $24333 |
| Perpetual Preferred Stock | 90000 |  |  |  | 696 | 2251 |  | 92947 |
| Total Assets | $90000 | $24278 | $— | $— | $1645 | $2802 | $(1444) | $117280 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Aggregate Fair Value** | **Admitted Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value<br>(NAV)** | **Not Practicable (Carrying Value)** |
| Assets at fair value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $5032861 | $6141754 | $68825 | $4944320 | $19716 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 218653 | 223399 |  | 123141 | 95512 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 15853 | 36272 | 14137 | 1716 |  |  | 20419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 407062 | 436794 |  |  | 407062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 433273 | 446046 |  | 297641 | 47796 | 87836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract loans | 27951 | 27951 |  |  | 27951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and short-term investments | 385035 | 385035 | 385035 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1854773 | 1854773 | 1854773 |  |  |  |  |
| Liabilities at fair value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit type contracts | $965093 | $955698 | $— | $— | $965093 | $— | $— |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 1854773 | 1854773 | 1854773 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | (348) | 649 |  | (348) |  |  |  |

---

The carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2024 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **Aggregate Fair Value** | **Admitted Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value<br>(NAV)** | **Not Practicable (Carrying Value)** |
| Assets at fair value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $6043661 | $7350102 | $66964 | $5976697 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 236540 | 231125 |  | 143593 | 92947 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 48987 | 75689 | 48987 |  |  |  | 26702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 423888 | 466414 |  |  | 423888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 596699 | 626633 |  | 443245 | 50518 | 102936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract loans | 31338 | 31338 |  |  | 31338 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and short-term investments | 215813 | 215813 | 179813 | 36000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1728171 | 1728171 | 1728171 |  |  |  |  |
| Liabilities at fair value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit type contracts | $1131657 | $1143330 | $— | $— | $1131657 | $— | $— |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 1728171 | 1728171 | 1728171 |  |  |  |  |

---

<br>The methods and assumptions that the Company uses in determining the estimated fair value of its financial instruments are summarized below:

**Cash, cash equivalents and short-term investments** – The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. Cash, cash equivalents and short-term investments include money market instruments, highly liquid debt instruments and certain other investments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1.

**Bonds and preferred stock** – The fair values of the Company's public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, market activity or other inputs observable in the market. The Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.

Indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, pricing overrides may be used. Internally developed valuations are generally included in Level 3 in the fair value hierarchy.

The fair value of private fixed maturities and redeemable preferred stock, which are comprised of investments in private placement securities are primarily determined using discounted cash flow models. These models primarily use observable inputs

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including observed prices and spreads for similar publicly traded or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.

**Common stocks –** The Company's investment in FHLB stock is not practicable to measure fair value due to the redemption provisions. It is reported in accordance with SSAP No. 30 and represents the price at which the FHLB will repurchase the stock. Reference "Other invested assets" below for discussion surrounding NAV.

**Mortgage loans** – The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate plus an appropriate credit spread for similar quality loans.

**Derivatives** - The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives.

**Other invested assets –** The Company's other invested assets consist of investments in surplus notes as well as limited partnerships and collateral loans. Investments in surplus notes are 144A institutionally traded private placements. Pricing is readily available from multiple pricing sources and therefore these are reflected in Level 2. Collateral loans are shown as Level 3 based on discounted cash flows and value of underlying collateral which may utilize unobservable inputs. Limited partnerships are reported at NAV, where available, or Level 3 based on their reliance on unobservable inputs. <br>

Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Invested assets using NAV as a practical expedient consist of certain limited partnership and collateral loan interests in real estate, common stock, hedge, insurance and other funds. All of these investments have individually varying investment strategies which also have a variety of redemption terms and conditions including certain fund interests that are restricted until maturity. The Company believes that using NAV as a practical expedient for these investments is a fair and close approximation of the investment's liquidation value.

**Contract loans** - The fair value of contract loans is determined by estimating future policy loan cash flows and discounting the cash flows at the current loan coupon rate. As a result, the carrying value of the contract loans approximates the fair value.

**Separate Accounts** – Separate account assets and liabilities consist principally of investments in mutual fund shares. The fair values are based on quoted market prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy.

**Deposit Liabilities –** Only the portion of deposit liabilities with defined or contractual maturities are reflected in the table above. The fair value is based upon the present value of the expected future cash flows.

**13. &nbsp;&nbsp;&nbsp;&nbsp;FEDERAL INCOME TAXES**

In 2025, the Company and its subsidiary, Lancaster Re, entered into the Kuvare Consolidated Tax Return which is governed by a tax allocation agreement with Lancaster Re, Guaranty Income Life Insurance Company, United Life Insurance Company, and Kuvare Bermuda Re, Ltd., under Internal Revenue Code Section 1504(c)(1). For 2024 and prior years, the Company filed a consolidated return with its subsidiary, Lancaster Re.

On July 4, 2025, the One Big Beautiful Bill Act was signed into U.S. law, introducing a broad range of business tax reform. The Company does not expect the new legislation to have a material impact on the ongoing effective tax rate or financial condition.

The Company does not believe it has any uncertain tax positions for its federal income tax return that would be material to its financial condition, results of income, or cash flows. Therefore, the Company did not record a liability for unrecognized tax contingencies/benefits at December 31, 2025 or 2024. As of December 31, 2025, there were no uncertain tax positions for which management believes it is reasonably possible that the total amounts of tax contingencies will significantly increase within 12 months of the reporting date. No amounts have been accrued for interest or penalties.

The application of SSAP No. 101 requires a company to evaluate the recoverability of DTAs and to establish a valuation allowance if necessary to reduce the DTAs to an amount which is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors including: (1) the nature of the DTAs and DTLs; (2) whether they are ordinary or capital; (3) the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time carryovers can be utilized; (6) unique tax rules that would impact the utilization of the DTAs and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The components of the Company's net DTAs and DTLs as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
|  |  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** | **(7)** | **(8)** | **(9)** |
|  |  | **Ordinary** | **Capital** | **(Col. 1 + 2) <br>Total** | **Ordinary** | **Capital** | **(Col. 4 + 5) <br>Total** | **(Col. 1 - 4) Ordinary** | **(Col. 2-5) <br>Capital** | **(Col. 7 + 8) <br>Total** |
| a. | Gross Deferred Tax Assets | $153273 | $18652 | $171925 | $161232 | $3027 | $164259 | $(7959) | $15625 | $7666 |
| b. | Statutory Valuation Allowance Adjustment | 126319 | 9202 | 135521 |  |  |  | 126319 | 9202 | 135521 |
| c. | Adjusted Gross Deferred Tax Assets (a - b) | 26954 | 9450 | 36404 | 161232 | 3027 | 164259 | (134278) | 6423 | (127855) |
| d. | Deferred Tax Assets Nonadmitted |  |  |  | 128452 |  | 128452 | (128452) |  | (128452) |
| e. | Subtotal Net Admitted Deferred Tax Asset (c - d) | 26954 | 9450 | 36404 | 32780 | 3027 | 35807 | (5826) | 6423 | 597 |
| f. | Deferred Tax Liabilities | (10834) |  | (10834) | (3153) |  | (3153) | (7681) |  | (7681) |
| g. | Net Admitted Deferred Tax Asset/(Net Deferred Tax Liability) (e - f) | $16120 | $9450 | $25570 | $29627 | $3027 | $32654 | $(13507) | $6423 | $(7084) |

---

The component amounts of the Company's net admitted DTAs by tax character as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
|  |  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** | **(7)** | **(8)** | **(9)** |
|  |  | **Ordinary** | **Capital** | **(Col. 1 + 2) <br>Total** | **Ordinary** | **Capital** | **(Col. 4 + 5) <br>Total** | **(Col. 1 - 4) <br>Ordinary** | **(Col. 2-5) <br>Capital** | **(Col. 7 + 8) <br>Total** |
|  | Admission Calculation Components SSAP No. 101 |  |  |  |  |  |  |  |  |  |
| a. | Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| b. | Adjusted Gross Tax Assets Expected to Be Realized (Excluding the Amount of Deferred Tax Assets from a) above) After Application of the Threshold Limitation. (The Lesser of (b)1 and (b)2 Below) | 16120 | 9450 | 25570 | 29627 | 3027 | 32654 | (13507) | 6423 | (7084) |
|  | 1. Adjusted Gross Deferred Tax Assets Expected To Be Realized Following the Balance Sheet Date | 16120 | 9450 | 25570 | 29627 | 3027 | 32654 | (13507) | 6423 | (7084) |
|  | 2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | xxx | xxx | 25570 | xxx | xxx | 30000 | xxx | xxx | (4430) |
| c. | Adjusted Gross Deferred Tax Assets (Excluding the Amount of Deferred Tax Assets from a) and b) above) Offset by Gross Deferred Tax Liabilities | 10834 |  | 10834 | 3153 |  | 3153 | 7681 |  | 7681 |
| d | **Total Admitted under 11a) through 11c)** | $**26954** | $**9450** | $**36404** | $**32780** | $**3027** | $**35807** | $**(5826)** | $**6423** | $**597** |

---

The recovery period and threshold limitation information as of December 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** |
| Ratio Percentage Used to Determine Recovery Period and Threshold Amount Limitation | 431.6% | 427.8% |
| Amount of Adjusted Capital and Surplus Used to Determine Recovery Period and Threshold Limitation in (b)2 above. | $244961 | $278536 |

---

The impact of tax planning strategies, as used in the Company's SSAP No. 101 calculation, on adjusted gross and net admitted DTAs as of December 31, 2025 and 2024 were as follows: &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** |
|  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** |
|  | **Ordinary** | **Capital** | **Ordinary** | **Capital** | **(Col. 1 - 3) Ordinary** | **(Col. 2-4) Capital** |
| Impact of Tax Planning Strategies |  |  |  |  |  |  |
| Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage |  |  |  |  |  |  |
| 1. Adjusted Gross DTAs Amount | $153273 | $18652 | $161232 | $3027 | $(7959) | $15625 |
| 2. Percentage of Adjusted Gross DTAs by Tax Character Attributable to the Impact of Tax Planning Strategies | 17.59% | 50.66% | 0.00% | 0.00% | 17.59% | 33.07% |
| 3. Net admitted Adjusted Gross DTAs amount | $26954 | $9450 | $32780 | $3027 | $(5826) | $6423 |
| 4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character Admitted Because of the Impact of Tax Planning Strategies | 100.00% | 100.00% | 0.00% | 0.00% | 100.00% | 100.00% |

---

As of December 31, 2025, the Company's tax planning strategies includes the use of reinsurance. As of December 31, 2024, the Company's tax planning strategies did not include the use of reinsurance.

The Company has an investment in Lancaster Re for which it has not recorded deferred taxes at this time. The amount of any deferred tax balance attributable to this investment has not yet been quantified. Aside from the Company's investment in

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

Lancaster Re, the Company has no temporary differences for which deferred taxes have not been established as of December 31, 2025 or 2024.

The Company's significant components of income taxes incurred for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **2025** | **2024** | **2023** |
| Current Income Tax | $— | $— | $10273 |
| Federal income tax (benefit) on net realized capital losses | 802 | (4185) | (6575) |
| **Federal and foreign income taxes (benefit) incurred** | $**802** | $**(4185)** | $**3698** |

---

The Company's significant components of the Company's DTAs and DTLs as of December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Deferred Tax Assets: |  |  |  |
| Ordinary: |  |  |  |
| Policyholder reserves | $14620 | $13739 | $881 |
| Investments |  | 1926 | (1926) |
| Deferred acquisition costs | 132031 | 124215 | 7816 |
| Receivables -- nonadmitted | 1906 | 1629 | 277 |
| Net operating loss carryforward | 4461 | 19331 | (14870) |
| Other (including items <5% of total ordinary tax assets) | 255 | 392 | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 153273 | 161232 | (7959) |
| Statutory valuation allowance adjustment | 126319 |  | 126319 |
| Nonadmitted |  | 128452 | (128452) |
| Admitted ordinary deferred tax assets | 26954 | 32780 | (5826) |
| Capital: |  |  |  |
| Investments | 3213 | 3027 | 186 |
| Net capital loss carry-forward | 15439 |  | 15439 |
| Other (unrealized gains) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 18652 | 3027 | 15625 |
| Statutory valuation allowance adjustment | 9202 |  | 9202 |
| Nonadmitted |  |  |  |
| Admitted capital deferred tax assets | 9450 | 3027 | 6423 |
| Admitted deferred tax assets | 36404 | 35807 | 597 |
| Deferred Tax Liabilities |  |  |  |
| Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (9796) |  | (9796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | (858) | (978) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (180) | (2175) | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | (10834) | (3153) | (7681) |
| Capital |  |  |  |
| Investments |  |  |  |
| Other (unrealized gains) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  |
| Deferred tax liabilities | (10834) | (3153) | (7681) |
| **Net deferred tax assets** | $**25570** | $**32654** | $**(7084)** |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The change in net deferred income taxes was comprised of the following: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Total deferred tax assets | $36404 | $164259 | $(127855) |
| Total deferred tax liabilities | (10834) | (3153) | (7681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset (liability) | $25570 | $161106 | (135536) |
| Tax effect of unrealized gains (losses) |  |  | 2877 |
| **Change in net deferred income tax** |  |  | $**(132659)** |
| Tax effect of non-admitted assets |  |  | 17686 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax per rate reconciliation** |  |  | $**(114973)** |

---

The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate of 21% to income before income taxes for 2025, 2024 and 2023. The significant items causing this difference for the years ended December 31, 2025, 2024 and 2023 were as follows:<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| | **Amount** | **Effective Tax Rate** | **Amount** | **Effective Tax Rate** | **Amount** | **Effective Tax Rate** |
| Provision computed at statutory rate | $(12002) | 21.00% | $1272 | 21.00% | $(3087) | 21.00% |
| IMR amortization | (715) | 1.25% | (1311) | -21.65% | (2396) | 16.30% |
| Transfer of IMR | (2919) | 5.11% | (1648) | -27.20% | (1102) | 7.50% |
| Amortization of initial ceding commission | (4733) | 8.28% | (5559) | -91.76% | (6877) | 46.78% |
| Adjustment for tax allocation agreement |  | 0.00% | (2742) | -45.26% | (17895) | 121.73% |
| Statutory unrealized losses | 2876 | -5.03% | 1687 | 27.85% | 1508 | -10.26% |
| Provision to return | 2259 | -3.95% | 2021 | 33.36% | 11427 | -77.73% |
| Change in valuation allowance | 135520 | -237.11% |  | 0.00% |  | 0.00% |
| Other | (4511) | 7.89% | (6020) | -99.39% | (7055) | 47.98% |
| **Total income taxes** | $**115775** | **-202.56%** | $**(12300)** | **-203.05%** | $**(25477)** | **173.30%** |
| Current income taxes incurred | 802 |  | (4185) |  | 3698 |  |
| Change in net deferred income taxes | 114973 |  | (8115) |  | (29175) |  |
| **Total statutory income taxes** | $**115775** |  | $**(12300)** |  | $**(25477)** |  |

---

At December 31, 2025 and 2024, the Company had net operating loss carryforwards of $21.2 million and $92.1 million, respectively, which have an unlimited carryforward period. For the years ended December 31, 2025 and 2024, the Company had no tax credit carryforwards. For the years ended December 31, 2025 and 2024, the Company had $15.4 million and $0 of capital loss carryforwards, respectively. The Company had no income taxes paid in prior years available for recoupment in the event of future net capital losses at December 31, 2025. The Company did not have deposits admitted under Section 6603 of the Internal Revenue Code as of December 31, 2025. There was no alternative minimum tax credit as of December 31, 2025 or 2024. Additionally, the Company does not meet the threshold for being subjected to the Corporate Alternative Minimum Tax as enacted by the Inflation Reduction Act.

**14. CAPITAL AND SURPLUS AND DIVIDEND RESTRICTIONS**

The Company had 30,000 common shares authorized and 25,000 shares issued and outstanding at December 31, 2025 and 2024. All shares had a par value of $100 per share.

The Company's ability to pay dividends is subject to certain statutory restrictions. The State of Nebraska has enacted laws governing the payment of dividends to stockholders by domestic insurers. Pursuant to state statues, the maximum amount of dividends and other distributions that a domestic insurer may pay in any twelve-month period without the prior approval of the Nebraska Director of Insurance (the "NE DOI Director") is limited to the greater of: (i) 10% of its statutory surplus as of the preceding December 31; or (ii) the Company's statutory net gain from operations for the preceding calendar year. See Note 2 for more information related to the payment of dividends.

The Company paid no ordinary or extraordinary dividends in 2025, 2024 or 2023.<br>

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

In 2025, the Company had the following surplus notes or similar obligations outstanding: <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)***<br>**Issue Date**  | **Original Issue Amount** | **Holder is Related Party** | **Carrying Amount at December 31, 2024** | **Carrying Amount at December 31, 2025** | **Maturity Date** | **Current Year Interest** | **Life to Date Interest** |
| December 31, 2022 | $60000 | YES | $60000 | $60000 | December 31, 2052 | $4650 | $13950 |
|  | $60000 |  | $60000 | $60000 |  | $4650 | $13950 |

---

<br>The surplus note was received in cash and carries an annual interest rate of 7.75%. Surplus notes are subordinate in right to payment to policyholders, claimant and beneficiary claims, and all prior claims of the Company as defined in the surplus notes, but senior to the claims of shareholders. <br>No principal or interest payments on the surplus note have been made since issuance. Payments of principal and interest for the surplus note must be approved in advance by the Nebraska Department of Insurance and subject to the Company's surplus exceeding minimum capital thresholds.

**15. RISK-BASED CAPITAL**

Life and health insurance companies are subject to certain Risk-based Capital ("RBC") requirements as specified by the NAIC. The RBC requirements provide a method for measuring the minimum acceptable amount of adjusted capital that a life insurer should have, as determined under statutory accounting principles, taking into account the risk characteristics of its investments and products. The Company has exceeded the minimum RBC requirements at December 31, 2025.

**16. COMMITMENTS AND CONTINGENT LIABILITIES**

**Regulation and Compliance**

The Company is subject to changing social, economic and regulatory conditions. From time to time, regulatory authorities or legislative bodies seek to impose additional regulations regarding agent and broker compensation, regulate the nature of and amount of investments, and otherwise expand overall regulation of insurance products and the insurance industry. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual effects of these actions on the Company's business, if any, are uncertain.

The Company is currently being examined by certain states for compliance with unclaimed property laws, premium tax filings and market conduct. It is possible that these examinations may result in additional payments to states and to changes in the Company's practices and procedures, which could impact benefit payments, operating expenses and reserves, among other consequences; however, it is not likely to have a material effect on the financial statements of the Company.

The Company is assessed amounts by the state guaranty funds to cover losses to policyholders of insolvent or rehabilitated insurance companies. Those mandatory assessments may be partially recovered through a reduction in future premium taxes in certain states. As of December 31, 2025 and December 31, 2024, the Company accrued $2.6 million and $4.1 million respectively, for guaranty fund assessments. As of December 31, 2025 and December 31, 2024, the Company had accrued $2.5 million and $3.4 million, respectively, for the related premium tax offset expected to be received. The period over which these assessments are expected to be paid varies. Premium tax offsets are realized on a straight-line basis over the period allowed by each individual state once the guaranty fund assessment has been paid. The Company did not recognize an impairment loss on the premium tax offsets in 2025, 2024 or 2023. The liabilities or assets related to guaranty fund assessments arising from insolvencies of entities that wrote long-term care contracts were not material as of December 31, 2025 and 2024.

Liabilities and assets, discounted and undiscounted, related to guaranty fund assessments arising from insolvencies of entities that wrote long-term care contracts were as follows as of December 31, 2025 ($'s in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Guaranty fund assessment** | **Guaranty fund assessment** | **Related assets** | **Related assets** |
|<br>**Name of Insolvency** | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| American Network Insurance Company | $14 | $9 | $13 | $8 |
| Penn Treaty Network America Insurance Company | $109 | $49 | $12 | $2 |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The discount rate applied as of December 31, 2025 was 4.25%.

The number of jurisdictions, ranges of years used to discount and weighted average number of years of the discounting time period for payables and recoverables by insolvency in 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Payables** | **Payables** | **Payables** | **Recoverables** | **Recoverables** | **Recoverables** |
|<br>**Name of Insolvency** | **Number of jurisdictions** | **Range of years** | **Weighted average number of years** | **Number of jurisdictions** | **Range of years** | **Weighted average number of years** |
| American Network Insurance Company | 31 | 7-52 | 44 | 27 | 7-52 | 45 |
| Penn Treaty Network America Insurance Company | 5 | 35-47 | 46 | 4 | 35-41 | 8 |

---

Liabilities and assets, discounted and undiscounted, related to guaranty fund assessments arising from insolvencies of entities that wrote long-term care contracts were as follows as of December 31, 2024 ($'s in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Guaranty fund assessment** | **Guaranty fund assessment** | **Related assets** | **Related assets** |
|<br>**Name of Insolvency** | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| American Network Insurance Company | $15 | $9 | $14 | $8 |
| Penn Treaty Network America Insurance Company | $114 | $49 | $17 | $2 |

---

The discount rate applied as of December 31, 2024 was 4.25%.

The number of jurisdictions, ranges of years used to discount and weighted average number of years of the discounting time period for payables and recoverables by insolvency in 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Payables** | **Payables** | **Payables** | **Recoverables** | **Recoverables** | **Recoverables** |
|<br>**Name of Insolvency** | **Number of jurisdictions** | **Range of years** | **Weighted average number of years** | **Number of jurisdictions** | **Range of years** | **Weighted average number of years** |
| American Network Insurance Company | 31 | 9-54 | 46 | 27 | 9-54 | 47 |
| Penn Treaty Network America Insurance Company | 5 | 37-49 | 47 | 4 | 37-43 | 8 |

---

***Retained Assets***

Effective April 1, 2014, the Company ceased offering Allstate Advantage Accounts ("Allstate Advantage"). Those retained asset accounts previously offered through the Allstate Advantage Account remain reinsured to Everlake, formerly ALIC. The Allstate Advantage accounts were offered to beneficiaries of certain life policies when the death benefit proceeds payable were $50,000 or greater, and for certain annuity contracts for proceeds of $10,000 or greater. The retained asset accounts are reported on a direct basis and fully reinsured. The Allstate Advantage accounts enabled beneficiaries to deposit benefit proceeds into an interest bearing checking account in the beneficiaries' name at the Northern Trust Company. The beneficiaries may draw upon these funds at their discretion, including an immediate withdrawal of the funds in full. During 2025 and 2024, the Allstate Advantage accounts earned interest at an average interest rate of 0.25%. These accounts are not FDIC insured.

The Company also offers to beneficiaries of certain life policies the option to deposit proceeds into a deposit fund, which continues to credit interest in accordance with the terms of the original contract. The interest rate credited to these deposit funds ranged from 2.0% to 4.0% in 2025 and 2024, respectively.

The Company had the following amount and number of assets retained in deposit funds as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| ***($'s in thousands)*** | **Number** | **Balance** | **Number** | **Balance** |
| a. Up to and including 12 months |  | $— |  | $— |
| b. 13 to 24 months |  |  | 1 | 403 |
| c. 25 to 36 months | 1 | 417 | 1 | 159 |
| d. 37 to 48 months | 1 | 131 | 4 | 409 |
| e. 49 to 60 months | 4 | 327 | 4 | 23 |
| f. Over 60 months | 17 | 4294 | 18 | 4417 |
| g. Total | **23** | $**5169** | **28** | $**5411** |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The activity in the Company's assets retained in deposit funds for the years ended December 31, 2025, 2024 and 2023 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| ***($'s in thousands)*** | **Individual** | **Individual** | **Individual** | **Individual** | **Individual** | **Individual** |
|  | **Number** | **Balance** | **Number** | **Balance** | **Number** | **Balance** |
| Number/balance of retained asset accounts, beginning of year | 28 | $5412 | 31 | $5593 | 34 | $6947 |
| Number/amount of retained asset accounts issued/added during the year |  |  | 1 | 101 | 1 | 389 |
| Investment earnings credited to retained asset accounts during the year | N/A | 177 | N/A | 195 | N/A | 217 |
| Fees and other charges assessed to retained asset accounts during the year | N/A |  | N/A |  | N/A |  |
| Number/amount of retained asset accounts transferred to state |  |  |  |  |  |  |
| unclaimed property funds during the year |  |  |  |  |  |  |
| Number/amount of retained asset accounts closed/withdrawn during the year | (5) | (420) | (4) | (478) | (4) | (1960) |
| **Number/balance of retained asset accounts, end of year** | **23** | $**5169** | **28** | $**5411** | **31** | $**5593** |

---

***Leases***

The Company leases office space under a non-cancellable operating lease agreement. The Company paid $0.2 million pursuant to this operating lease during each of the years ended December 31, 2025 and 2024.

The minimum aggregate rental commitments as of December 31, 2025 and 2024 were immaterial.

***Unfunded commitments***

The Company has commitments to provide additional capital contributions of $33.2 million and $18.3 million to joint ventures, partnerships and limited liability companies at December 31, 2025 and December 31, 2024, respectively. Refer to Note 4 for commitments to provide additional capital contributions related to mortgage loans.

***Litigation and Other Matters***

The Company is involved from time to time in judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its business. Management believes, based on currently available information, that the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's financial condition. Given the inherent difficulty of predicting the outcome of the Company's litigation and regulatory matters, particularly in cases or proceedings in which substantial or indeterminate damages or fines are sought, the Company cannot estimate losses or ranges of losses for cases or proceedings where there is only a reasonable possibility that a loss may be incurred. However, the Company believes that at the present time there are no pending or threatened lawsuits that are reasonably likely to have a material adverse effect on the financial position or results of operations.

In the normal course of its business, the Company has entered into agreements that include indemnities in favor of third parties, such as contracts with advisors and consultants, outsourcing agreements, information technology agreements, and service agreements. The Company has also agreed to indemnify its directors, officers and employees in accordance with the Company's by-laws. The Company believes any potential liability under these agreements is neither probable nor estimable. Therefore, the Company has not recorded any associated liability.

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

***Pledged or Restricted Assets***

The following were restricted assets (including pledged assets) as of December 31, 2025 ($'s in thousands):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Asset Category** | **Restricted Asset Category** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** |
| **Restricted Asset Category** | **Restricted Asset Category** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **6<br>Total From Prior Year** | **7<br>Increase / (Decrease) (5 minus 6)** | **Current Year** | **Current Year** | **Current Year** | **Current Year** |
| **Restricted Asset Category** | **Restricted Asset Category** | **<br>1<br>Total General Account <br>(G/A)** | **2<br>G/A Supporting Separate Account (S/A) Activity** | **3<br>Total S/A Restricted Assets** | **4<br>S/A Assets Supporting G/A Activity** | **5<br>Total<br> (1 plus 3)** | **6<br>Total From Prior Year** | **7<br>Increase / (Decrease) (5 minus 6)** | **8<br>Total Nonadmitted Restricted** | **9<br>Total Admitted Restricted<br> (5 minus 8)** | **10<br>Gross (Admitted & Nonadmitted) Restricted to Total Assets, %** | **11<br>Admitted Restricted to Total Admitted Assets, %** |
| a. | Subject to contractual obligation for which liability is not shown | $— | $— | $— | $— | $— | $— | $— | $— | $— | —% | —% |
| b. | Collateral held under security lending agreements |  |  |  |  |  |  |  |  |  | —% | —% |
| c. | Subject to repurchase agreements | 211600 |  |  |  | 211600 | 1144834 | (933234) |  | 211600 | 2.076% | 2.109% |
| d. | Subject to reverse repurchase agreement |  |  |  |  |  |  |  |  |  | —% | —% |
| e. | Subject to dollar repurchase agreements |  |  |  |  |  |  |  |  |  | —% | —% |
| f. | Subject to dollar reverse repurchase agreements |  |  |  |  |  |  |  |  |  | —% | —% |
| g. | Placed under option contracts |  |  |  |  |  |  |  |  |  | —% | —% |
| h. | Letter stock or securities restricted as to sale -- excluding FHLB capital stock |  |  |  |  |  |  |  |  |  | —% | —% |
| i. | FHLB capital stock | 20419 |  |  |  | 20419 | 26702 | (6283) |  | 20419 | 0.200% | 0.204% |
| j. | On deposit with states | 7797 |  |  |  | 7797 | 7811 | (14) |  | 7797 | 0.076% | 0.078% |
| k. | On deposit with other regulatory bodies | 594 |  |  |  | 594 | 594 |  |  | 594 | 0.006% | 0.006% |
| l. | Pledged as collateral to FHLB (including assets backing funding agreements) | 1383823 |  |  |  | 1383823 | 1661953 | (278130) |  | 1383823 | 13.577% | 13.793% |
| m. | Pledged as collateral not captured in other categories | 1110 |  |  |  | 1110 | 80 | 1030 |  | 1110 | 0.011% | 0.011% |
| n. | Other restricted assets |  |  |  |  |  |  |  |  |  | —% | —% |
| o. | Collateral assets received and on balance sheet |  |  |  |  |  |  |  |  |  | —% | —% |
| p. | Assets held under modco reinsurance agreements |  |  |  |  |  |  |  |  |  | —% | —% |
| q. | Assets held under funds withheld reinsurance agreements\*\* | 4422545 |  |  |  | 4422545 |  | 4422545 |  | 4422545 | 43.391% | 44.081% |
| r. | Total restricted assets (Sum of a through q) | $6047888 | $— | $— | $— | $6047888 | $2841974 | $3205914 | $— | $6047887 | 59.337% | 60.282% |

---

\*\*The book adjusted carrying value (BACV) of assets held under funds withheld reinsurance agreements include $4.0 billion of bonds, $0.1 billion of mortgage loans, $0.1 billion of cash, cash equivalents, and short-term investments, and $0.2 billion of other invested and other assets. None of the assets held under funds withheld reinsurance agreements are investments in related parties or affiliates.

The following were assets pledged as collateral in other categories (contracts that share similar characteristics, such as reinsurance and derivatives, were reported in the aggregate) as of December 31, 2025 ($'s in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description of Assets** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **8** | **Percentage** | **Percentage** |
| **Description of Assets** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **6** | **7** | **8** |  |  |
| **Description of Assets** | **1** | **2** | **3** | **4** | **5** | **Total From Prior Year** | **Increase/ (Decrease)<br>(5 minus 6)** | **Total Current Year Admitted Restricted** | **9** | **10** |
| **Description of Assets** | **<br>Total General Account (G/A)** | **<br>G/A Supporting S/A Activity<br> (a)** | **<br>Total Separate Account (S/A) Restricted Assets** | **<br>S/A Assets Supporting G/A Activity<br>(b)** | **<br>Total<br> (1 plus 3)** | **Total From Prior Year** | **Increase/ (Decrease)<br>(5 minus 6)** | **Total Current Year Admitted Restricted** | **Gross (Admitted and Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Derivatives collateral | $1110 | $— | $— | $— | $1110 | $80 | $1030 | $1110 | 0.0% | 0.0% |
| **Total** | $1110 | $— | $— | $— | $1110 | $80 | $1030 | $1110 | 0.0% | 0.0% |
| **(a) subset of column 1** |  |  |  |  |  |  |  |  |  |  |
| **(b) subset of column 3** |  |  |  |  |  |  |  |  |  |  |

---

------

**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

The following were restricted assets (including pledged assets) as of December 31, 2024 ($'s in thousands):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Restricted Asset Category** | **Restricted Asset Category** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Current Year** | **Current Year** | **Current Year** | **Current Year** |
| **Restricted Asset Category** | **Restricted Asset Category** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>Total From Prior Year** | **7<br>Increase / (Decrease) (5 minus 6)** | **8<br>Total Nonadmitted Restricted** | **9<br>Total Admitted Restricted<br> (5 minus 8)** | **Percentage** | **Percentage** |
| **Restricted Asset Category** | **Restricted Asset Category** | **1** | **2** | **3** | **4** | **5** | **<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>Total From Prior Year** | **7<br>Increase / (Decrease) (5 minus 6)** | **8<br>Total Nonadmitted Restricted** | **9<br>Total Admitted Restricted<br> (5 minus 8)** | **10** | **11** |
| **Restricted Asset Category** | **Restricted Asset Category** | **Total General Account (G/A)** | **G/A Supporting S/A Activity (a)** | **Total Separate Account (S/A) Restricted Assets** | **S/A Assets Supporting G/A Activity (b)** | **Total<br> (1 plus 3)** | **<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>Total From Prior Year** | **7<br>Increase / (Decrease) (5 minus 6)** | **8<br>Total Nonadmitted Restricted** | **9<br>Total Admitted Restricted<br> (5 minus 8)** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets<br>(c)** | **Admitted Restricted to Total Admitted Assets<br>(d)** |
| a. | Subject to contractual obligation for which liability is not shown | $— | $— | $— | $— | $— | $— | $— | $— | $— | 0.0% | 0.0% |
| b. | Collateral held under security lending agreements |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| c. | Subject to repurchase agreements | 1144834 |  |  |  | 1144834 | 1188356 | (43522) |  | 1144834 | 10.0% | 10.2% |
| d. | Subject to reverse repurchase agreement |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| e. | Subject to dollar repurchase agreements |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| f. | Subject to dollar reverse repurchase agreements |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| g. | Placed under option contracts |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| h. | Letter stock or securities restricted as to sale -- excluding FHLB capital stock |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| i. | FHLB capital stock | 26702 |  |  |  | 26702 | 29890 | (3188) |  | 26702 | 0.2% | 0.2% |
| j. | On deposit with states | 7811 |  |  |  | 7811 | 7823 | (13) |  | 7811 | 0.1% | 0.1% |
| k. | On deposit with other regulatory bodies | 594 |  |  |  | 594 | 595 |  |  | 594 | 0.0% | 0.0% |
| l. | Pledged as collateral to FHLB (including assets backing funding agreements) | 1661953 |  |  |  | 1661953 | 1840620 | (178667) |  | 1661953 | 14.6% | 14.8% |
| m. | Pledged as collateral not captured in other categories | 80 |  |  |  | 80 | 840 | (760) |  | 80 | 0.0% | 0.0% |
| n. | Other restricted assets |  |  |  |  |  |  |  |  |  | 0.0% | 0.0% |
| o. | Total Restricted Assets | $2841974 | $— | $— | $— | $2841974 | $3068124 | $(226150) | $— | $2841974 | 24.9% | 25.3% |
|  | **(a) subset of column 1** |  |  |  |  |  | **(c) Column 5 divided by Asset Page, Column 1, Line 28** | **(c) Column 5 divided by Asset Page, Column 1, Line 28** | **(c) Column 5 divided by Asset Page, Column 1, Line 28** | **(c) Column 5 divided by Asset Page, Column 1, Line 28** | **(c) Column 5 divided by Asset Page, Column 1, Line 28** | **(c) Column 5 divided by Asset Page, Column 1, Line 28** |
|  | **(b) subset of column 3** |  |  |  |  |  | **(d) Column 9 divided by Asset Page, Column 3, Line 28** | **(d) Column 9 divided by Asset Page, Column 3, Line 28** | **(d) Column 9 divided by Asset Page, Column 3, Line 28** | **(d) Column 9 divided by Asset Page, Column 3, Line 28** | **(d) Column 9 divided by Asset Page, Column 3, Line 28** | **(d) Column 9 divided by Asset Page, Column 3, Line 28** |

---

The following were assets pledged as collateral in other categories (contracts that share similar characteristics, such as reinsurance and derivatives, were reported in the aggregate) as of December 31, 2024 ($'s in thousands):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description of Assets** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **8** | **Percentage** | **Percentage** |
| **Description of Assets** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **Current Year** | **6** | **7** | **8** |  |  |
| **Description of Assets** | **1** | **2** | **3** | **4** | **5** | **Total From Prior Year** | **Increase/ (Decrease)<br>(5 minus 6)** | **Total Current Year Admitted Restricted** | **9** | **10** |
| **Description of Assets** | **Total General Account (G/A)** | **G/A Supporting S/A Activity<br> (a)** | **Total Separate Account (S/A) Restricted Assets** | **S/A Assets Supporting G/A Activity<br>(b)** | **Total<br> (1 plus 3)** | **Total From Prior Year** | **Increase/ (Decrease)<br>(5 minus 6)** | **Total Current Year Admitted Restricted** | **Gross (Admitted and Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Derivatives collateral | $80 | $— | $— | $— | $80 | $840 | $(760) | $80 | 0.0% | 0.0% |
| **Total** | $80 | $— | $— | $— | $80 | $840 | $(760) | $80 | 0.0% | 0.0% |
| **(a) subset of column 1** |  |  |  |  |  |  |  |  |  |  |
| **(b) subset of column 3** |  |  |  |  |  |  |  |  |  |  |

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**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

**17. DIRECT PREMIUM WRITTEN/PRODUCED BY MANAGING GENERAL AGENTS/THIRD PARTY ADMINISTRATORS**

The aggregate amount of direct premiums written/produced by managing general agents ("MGA")/third party administrators ("TPA") was $605.3 million, $656.2 million, and $691.4 million for the years ended December 31, 2025, 2024 and 2023, which exceeded 5% of the Company's surplus for each year. All direct premiums written/produced by MGA/TPA were ceded to Everlake, formerly ALIC, or other external reinsurers. Information for each MGA/TPA was as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** |  |  |  |  | **2025** | **2024** | **2023** |
| **Name of MGA/TPA** | **FEIN Number** | **Exclusive Contract** | **Types of Business Written** | **Types of Authority Granted** | **Total Direct Premiums Written/Produced** | **Total Direct Premiums Written/Produced** | **Total Direct Premiums Written/Produced** |
| Everlake Life Insurance Company | 36-2554642 | No | Individual life, group life, | U, C, CA, P, R | $556477 | $604850 | $637614 |
| 3075 Sanders Road |  |  | variable life, variable annuities, |  |  |  |  |
| Northbrook, IL 60062 |  |  | group annuities |  |  |  |  |
| LifeCare Assurance Company | 86-0388413 | No | Long-term care, | U, C, CA, P, R | 48847 | 51325 | 53803 |
| 6400 Canoga Avenue, Suite 100 |  |  | home health care |  |  |  |  |
| Woodland Hills, CA 91365 |  |  |  |  |  |  |  |
|  |  |  |  |  | $**605324** | $**656175** | $**691417** |

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<br>\* C – Claims payment

&nbsp;&nbsp;&nbsp;&nbsp;CA – Claims adjustment<br> R – Reinsurance ceding <br> P – Premium collection <br> U – Underwriting <br>

**18. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations, net of reinsurance, at December 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Gross** | **Net of Loading** | **Gross** | **Net of Loading** |
| Ordinary new business | $359 | $344 | $389 | $363 |
| Ordinary renewal | 67575 | 67661 | 53618 | 53588 |
| Group life | (63642) | (63640) | (59223) | (59235) |
| Individual annuities | (17136) | (17136) | (5882) | (5882) |
| **Total** | $**(12844)** | $**(12771)** | $**(11098)** | $**(11166)** |

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**19. FEDERAL HOME LOAN BANK AGREEMENTS**

Through its FHLB membership, the Company has used proceeds received from the issuance of funding agreements to improve the risk profile on its retained deferred annuities and on its universal life secondary guarantee products which are ultimately reinsured with Lancaster Re.

The amount of FHLB capital stock held as of December 31, 2025 and 2024 was as follows:

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| | | |
|:---|:---|:---|
| ***($'s in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| Membership Stock – Class B | $1949 | $2329 |
| Activity Stock | 16614 | 21322 |
| Excess Stock | 1856 | 3051 |
| **Total** | $**20419** | $**26702** |

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None of the Company's membership stock held as of December 31, 2025 was eligible for redemption.

The Company reported aggregate funding agreements and deposit liabilities of $890.0 million and $1,071.9 million as of December 31, 2025 and 2024, respectively. Related accrued interest expense amounted to $2.6 million and $2.8 million as of December 31, 2025 and 2024, respectively. These funding agreements are not subject to any prepayment obligations. The Company's maximum aggregate borrowings from the FHLB at any time during the years ended December 31, 2025 and 2024 were $1,071.9 million and $1,262.0 million, respectively. The Company has determined that the actual or estimated maximum

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**LINCOLN BENEFIT LIFE COMPANY**

**NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS**

**DECEMBER 31, 2025**

borrowing capacity as of December 31, 2025 and 2024 based on FHLB of Chicago regulatory and/or FHLB specific borrowing limits was $2,087.4 million and $3,293.4 million, respectively.

The carrying value and fair value of collateral pledged as of December 31, 2025 and 2024 were as follows ($'s in thousands):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Carrying Value | $1383823 | $1661953 |
| Fair Value | 1117841 | 1339541 |

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The carrying value and fair value of the maximum amounts of collateral pledged during the years ended December 31, 2025 and 2024 were as follows ($'s in thousands):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Carrying Value | $1661313 | $1865586 |
| Fair Value | 1356654 | 1555215 |

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**20. COMPANY OWNED LIFE INSURANCE <br>**<br> The Company reported $212.4 million related to Insurance Company Owned Life Insurance (ICOLI) related to certain key individuals throughout the Company. **<br>**

<br> ---

| | | |
|:---|:---|:---|
| **(Amounts in thousands, except percentages)** | **Aggregate Cash Surrender Value** | **Percentage** |
| Bonds | $4095 | 1.93% |
| Stocks |  | —% |
| Mortgage Loans |  | —% |
| Real Estate |  | —% |
| Cash and Short-Term Investments | 2517 | 1.18% |
| Derivatives |  | —% |
| Other Invested Assets | 205826 | 96.89% |
| **Amount of admitted balance that could be realized from an investment vehicle** | $212438 | 100.00% |

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**21. SUBSEQUENT EVENTS**

Effective December 31, 2025, the Company recorded a $60.0 million capital contribution receivable from Kuvare. The receivable is disclosed as part of "Deferred premium and other assets, net" on the Statement of Admitted Assets, Liabilities, and Capital Stock and Surplus with settlement occurring on February 27, 2026. Additionally, effective December 31, 2025, the Company recorded a payable to its subsidiary, Lancaster Re, for an $18.0 million capital contribution. The payable is disclosed as part of "Other liabilities" on the Statement of Admitted Assets, Liabilities, and Capital Stock and Surplus with settlement occurring on February 27, 2026. <br>Effective December 31, 2025, the Company recognized $7.4 million in additional collateral from its affiliate, KBR, which was settled on February 11, 2026.

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