# EDGAR Filing Document

**Accession Number:** 0001116492
**File Stem:** 0001116492-26-000004
**Filing Date:** 2026-4
**Character Count:** 174873
**Document Hash:** 81f82838ae84d18eedc35264dde501f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001116492-26-000004.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001116492-26-000004

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS LIFE OF NY SEPARATE ACCOUNT VUL
- **CENTRAL INDEX KEY:** 0001116492

**ORGANIZATION NAME:**
- **EIN:** 133758127
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09979
- **FILM NUMBER:** 26888084

**BUSINESS ADDRESS:**
- **STREET 1:** 1350 BROADWAY
- **STREET 2:** SUITE 1710
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-280-6110

**MAIL ADDRESS:**
- **STREET 1:** 1350 BROADWAY
- **STREET 2:** SUITE 1710
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST AMERITAS VARIABLE LIFE SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 20000609

## Series and Classes Contracts Data

### AMERITAS LIFE OF NY SEPARATE ACCOUNT VUL (Series ID: S000011632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000031970 | Encore II    |  |

**AMERITAS LIFE OF NY**

**SEPARATE ACCOUNT VUL**

![](image_001.gif)

**FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025<br> AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED<br> AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Ameritas Life of NY Separate Account VUL

and the Board of Directors of Ameritas Life Insurance Corp. of New York

Lincoln, Nebraska

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

We have audited the accompanying statements of net assets of each of the subaccounts listed in Note 1 which comprise Ameritas Life of NY Separate Account VUL (the "Account") as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for the periods presented in Note 1. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for periods presented in Note 1, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the 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 and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

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

*/s/ Deloitte & Touche LLP*

 

Omaha, Nebraska

March 19, 2026

We have served as the Account's auditor since 2001.

This page left intentionally blank.

---

| | |
|:---|:---|
| **AMERITAS LIFE OF NY** | **AMERITAS LIFE OF NY** |
| **SEPARATE ACCOUNT VUL** | **SEPARATE ACCOUNT VUL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Calvert Variable Trust, Inc. (Summit):</u> |  |
| CVT S&P 500 Index Portfolio (S&P 500) - |  |
| 316.762 shares at $213.87 per share (cost $41,920) | $67746 |
| CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) - |  |
| 1,427.403 shares at $127.43 per share (cost $146,930) | 181894 |
| <u>Fidelity(R) Variable Insurance Products (Fidelity):</u> |  |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Service Class 2 (Equity-Income SC2) - |  |
| 5,247.264 shares at $28.13 per share (cost $119,498) | 147606 |
| Fidelity(R) VIP Overseas Portfolio, Service Class 2 (Overseas SC2) - |  |
| 231.024 shares at $27.12 per share (cost $5,065) | 6265 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Service Class 2 (Inv. Bond SC2) - |  |
| 169.752 shares at $10.97 per share (cost $2,084) | 1862 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class 2 (Contrafund SC2) - |  |
| 1,069.160 shares at $56.86 per share (cost $43,265) | 60792 |
| Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) - |  |
| 0.000 shares at $1.00 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS** | $466165 |

---

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

**AMERITAS LIFE OF NY**

**SEPARATE ACCOUNT VUL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **S&P 500** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $697 |  |
| Mortality and expense risk charge | (276) |  |
| **Net investment income(loss)** | 421 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 5845 |  |
| Net realized gain(loss) on sale of fund shares | 397 |  |
| **Net realized gain(loss)** | 6242 |  |
| **Change in unrealized appreciation/depreciation** | 3206 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $9869 |  |
|  | **S&P 500** | **S&P 500** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $421 | $431 |
| Net realized gain(loss) | 6242 | 3372 |
| Net change in unrealized appreciation/depreciation | 3206 | 7646 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 9869 | 11449 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (732) | (665) |
| **Net increase(decrease) from policyowner transactions** | (732) | (665) |
| **Total increase(decrease) in net assets** | 9137 | 10784 |
| **Net assets at beginning of period** | 58609 | 47825 |
| **Net assets at end of period** | $67746 | $58609 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **S&P** |  | **Equity-Income** |  | **Overseas** |  |
| **MidCap** |  | **SC2** |  | **SC2** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1912 |  | $2295 |  | $84 |  |
| (771) |  | (605) |  | (27) |  |
| 1141 |  | 1690 |  | 57 |  |
| 11511 |  | 8044 |  | 547 |  |
| 513 |  | 350 |  | 13 |  |
| 12024 |  | 8394 |  | 560 |  |
| (2014) |  | 12543 |  | 385 |  |
| $11151 |  | $22627 |  | $1002 |  |
| **S&P MidCap** | **S&P MidCap** | **Equity-Income SC2** | **Equity-Income SC2** | **Overseas SC2** | **Overseas SC2** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1141 | $1240 | $1690 | $1408 | $57 | $51 |
| 12024 | 7640 | 8394 | 7546 | 560 | 259 |
| (2014) | 10639 | 12543 | 6600 | 385 | (111) |
| 11151 | 19519 | 22627 | 15554 | 1002 | 199 |
| 3964 | 3964 | 4031 | 3997 | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (1798) | (1773) | (1375) | (1271) | (28) | (30) |
| 2166 | 2187 | 2656 | 2726 | 118 | 116 |
| 13317 | 21706 | 25283 | 18280 | 1120 | 315 |
| 168577 | 146871 | 122323 | 104043 | 5145 | 4830 |
| $181894 | $168577 | $147606 | $122323 | $6265 | $5145 |

---

**AMERITAS LIFE OF NY**

**SEPARATE ACCOUNT VUL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Inv. Bond** |  |
|  | **SC2** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $63 |  |
| Mortality and expense risk charge | (8) |  |
| **Net investment income(loss)** | 55 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (9) |  |
| **Net realized gain(loss)** | (9) |  |
| **Change in unrealized appreciation/depreciation** | 63 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $109 |  |
|  | **Inv. Bond SC2** | **Inv. Bond SC2** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $55 | $49 |
| Net realized gain(loss) | (9) | (10) |
| Net change in unrealized appreciation/depreciation | 63 | (24) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 109 | 15 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 134 | 67 |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (60) | (59) |
| **Net increase(decrease) from policyowner transactions** | 74 | 8 |
| **Total increase(decrease) in net assets** | 183 | 23 |
| **Net assets at beginning of period** | 1679 | 1656 |
| **Net assets at end of period** | $1862 | $1679 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Contrafund** |  |  |  |
| **SC2** |  | **Money Market** |  |
| **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (243) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (243) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 9385 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 185 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 9570 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 1004 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| $10331 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Contrafund SC2** | **Contrafund SC2** | **Money Market** | **Money Market** |
| **2025** | **2024** | **2025** | **2024** |
| $(243) | $(191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 9570 | 5992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 1004 | 6451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 10331 | 12252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 781 | 756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (316) | (308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 465 | 446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 10796 | 12698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 49996 | 37298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $60792 | $49996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**AMERITAS LIFE OF NY** <br> **SEPARATE ACCOUNT VUL**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024**<br>

**1. ORGANIZATION**

Ameritas Life of NY Separate Account VUL (the "Account") began operations during 2001. It operates as a separate investment account within Ameritas Life Insurance Corp. of New York (the "Company"), a wholly owned subsidiary of Ameritas Life Insurance Corp. The assets of the Account are held by the Company and are segregated from all of the Company's other assets and are used only to support the variable life products issued by the Company.

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2025, there are seven subaccounts available within the Account listed as follows:

---

| |
|:---|
| **Calvert Research and Management** |
| **(Advisor) (See Note 3)** |
| *Summit (Fund Series short cite)* |
| \*S&P 500 (Subaccount short cite) |
| \*S&P MidCap |
| **Fidelity Management & Research** |
| **Company LLC** |
| *Fidelity* |
| \*Equity-Income SC2 |
| \*Overseas SC2 |
| \*Inv. Bond SC2 |
| \*Contrafund SC2 |
| \*Money Market |

---

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets.

**2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**BASIS OF ACCOUNTING**

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable life separate accounts registered as unit investment trusts.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**INVESTMENTS**

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners' units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

**FAIR VALUE MEASUREMENTS**

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Quoted market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market
data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – Unobservable inputs that are not corroborated by market data.

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

**FEDERAL AND STATE INCOME TAXES**

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

**3. SEGMENT INFORMATION**

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Ameritas Life Insurance Corp. to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer of the Company as the chief operating decision maker as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant account policies (see note 2.) The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment disclosure requirements as of December 31, 2025 and for the years ended December 31, 2025 and December 31, 2024. All assets held and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

**4. RELATED PARTIES**

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2025 and 2024, as follows:

---

| | |
|:---|:---|
|  | **Sub-Advisor<br> Fee %**  |
| **Summit:** |  |
| S&P 500 | .050 |
| S&P MidCap | .050 |

---

---

| |
|:---|
| **5. PURCHASES AND SALES OF INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended<br> December 31, 2025 were as follows: |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Summit:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | $6542 | $1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap | 17381 | 2563 |
| **Fidelity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-Income SC2 | 14350 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overseas SC2 | 776 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inv. Bond SC2 | 196 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contrafund SC2 | 10140 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

 **6. FINANCIAL HIGHLIGHTS**

The unit value, units, net assets, investment income ratio ("Inv. Income Ratio"), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subaccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, the fees were .45 percent (annualized) of net assets. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units were $5 per policy monthly. On all life insurance policies, cost of insurance is charged to each policyowner monthly through the redemption of units. The cost of insurance is determined based upon several variables, including policyowners death benefit amount and account value.

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

 **6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Return %** |
| **Summit:** |  |  |  |  |  |  |
| <u>S&P 500</u> |  |  |  |  |  |  |
| 2025 | 296.08 | 229 | 67746 | 1.13 | 0.45 | 16.99 |
| 2024 | 253.09 | 232 | 58609 | 1.25 | 0.45 | 24.07 |
| 2023 | 203.99 | 234 | 47825 | 1.39 | 0.45 | 25.36 |
| 2022 | 146.75 | 238 | 38703 | 1.24 | 0.45 | (2.00) |
| 2021 | 360.61 | 134 | 48278 | 1.34 | 0.70 | 27.52 |
| <u>S&P MidCap</u> |  |  |  |  |  |  |
| 2025 | 173.71 | 1047 | 181894 | 1.11 | 0.45 | 6.66 |
| 2024 | 162.86 | 1035 | 168577 | 1.22 | 0.45 | 13.01 |
| 2023 | 119.60 | 1019 | 146871 | 1.25 | 0.45 | 15.60 |
| 2022 | 124.66 | 929 | 124928 | 0.95 | 0.45 | (11.86) |
| 2021 | 225.44 | 632 | 142586 | 0.85 | 0.70 | 23.55 |
| **Fidelity:** |  |  |  |  |  |  |
| <u>Equity-Income SC2</u> | <u>Equity-Income SC2</u> |  |  |  |  |  |
| 2025 | 35.48 | 4161 | 147606 | 1.70 | 0.45 | 18.22 |
| 2024 | 30.01 | 4076 | 122323 | 1.64 | 0.45 | 14.54 |
| 2023 | 23.91 | 3971 | 104043 | 1.79 | 0.45 | 9.89 |
| 2022 | 23.84 | 3087 | 92049 | 1.75 | 0.45 | (5.90) |
| 2021 | 82.48 | 1150 | 94811 | 1.69 | 0.70 | 23.74 |
| <u>Overseas SC2</u> |  |  |  |  |  |  |
| 2025 | 32.09 | 195 | 6265 | 1.42 | 0.45 | 19.52 |
| 2024 | 26.85 | 192 | 5145 | 1.42 | 0.45 | 4.34 |
| 2023 | 25.51 | 188 | 4830 | 0.82 | 0.45 | 8.36 |
| 2022 | 34.29 | 115 | 3941 | 0.87 | 0.70 | (25.21) |
| 2021 | 45.84 | 111 | 5102 | 0.34 | 0.70 | 18.56 |
| <u>Inv. Bond SC2</u> |  |  |  |  |  |  |
| 2025 | 12.14 | 153 | 1862 | 3.55 | 0.45 | 6.47 |
| 2024 | 11.40 | 147 | 1679 | 3.39 | 0.45 | 1.05 |
| 2023 | 11.28 | 147 | 1656 | 2.49 | 0.45 | 5.52 |
| 2022 | 10.47 | 146 | 1566 | 2.19 | 0.45 | 0.87 |
| 2021 | 16.38 | 106 | 1733 | 1.83 | 0.70 | (1.56) |
| <u>Contrafund SC2</u> |  |  |  |  |  |  |
| 2025 | 81.11 | 750 | 60792 |  | 0.45 | 20.66 |
| 2024 | 67.22 | 744 | 49996 | 0.03 | 0.45 | 32.85 |
| 2023 | 46.83 | 737 | 37298 | 0.27 | 0.45 | 32.53 |
| 2022 | 38.18 | 287 | 27826 | 0.27 | 0.45 | 2.08 |
| 2021 | 141.57 | 265 | 37449 | 0.03 | 0.70 | 26.63 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Return %** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |
| <u>Money Market</u> |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |

---

**7. CHANGES IN UNITS OUTSTANDING**

The changes in units outstanding for the periods ended December 31 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit:** |  |  |
| <u>S&P 500</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1 |
| Units redeemed | (3) | (3) |
| Net increase(decrease) | (3) | (2) |
| <u>S&P MidCap</u> |  |  |
| Units issued | 23 | 27 |
| Units redeemed | (11) | (11) |
| Net increase(decrease) | 12 | 16 |
| **Fidelity:** |  |  |
| <u>Equity-Income SC2</u> |  |  |
| Units issued | 128 | 149 |
| Units redeemed | (43) | (44) |
| Net increase(decrease) | 85 | 105 |
| <u>Overseas SC2</u> |  |  |
| Units issued | 5 | 5 |
| Units redeemed | (2) | (1) |
| Net increase(decrease) | 3 | 4 |
| <u>Inv. Bond SC2</u> |  |  |
| Units issued | 11 | 6 |
| Units redeemed | (5) | (6) |
| Net increase(decrease) | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Contrafund SC2</u> |  |  |
| Units issued | 10 | 12 |
| Units redeemed | (4) | (5) |
| Net increase(decrease) | 6 | 7 |
| <u>Money Market</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**AMERITAS LIFE INSURANCE**

**CORP. OF NEW YORK**

**________________**

**STATUTORY BASIS FINANCIAL STATEMENTS AS OF**

**DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE**

**THREE YEARS ENDED DECEMBER 31, 2025**

**SUPPLEMENTAL SCHEDULES AS OF AND FOR THE** 

**YEAR ENDED DECEMBER 31, 2025**

**AND INDEPENDENT AUDITOR'S REPORT**

 **INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors

Ameritas Life Insurance Corp. of New York

Lincoln, Nebraska

**Opinions**

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. of New York (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2025, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

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

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

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

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years 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 Statutory Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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

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

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

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

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

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

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

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

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

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements.

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

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.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 30, 2026

---

| | | |
|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** |
| **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** |
| **(in thousands, except shares)** | **(in thousands, except shares)** | **(in thousands, except shares)** |
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
| **ADMITTED ASSETS** |  |  |
| Bonds | $1072355 | $1039488 |
| Common stocks | 1651 | 1685 |
| Mortgage loans | 179980 | 195947 |
| Real Estate: |  |  |
| &nbsp;&nbsp;Property held for the production of income | 1300 |  |
| Cash, cash equivalents, and short-term investments | 10095 | 24011 |
| Contract loans | 51005 | 46277 |
| Derivative assets | 14804 | 12506 |
| Other investments | 9865 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and Invested Assets** | 1341055 | 1329385 |
| Investment income due and accrued | 11970 | 11513 |
| Deferred and uncollected premiums | 7994 | 8910 |
| Net deferred income tax asset | 7375 | 6069 |
| Reinsurance receivables | 12067 | 10369 |
| Reinsurance premium refund (Note 1) | 3082 | 3069 |
| Other admitted assets | 2360 | 2474 |
| Separate account assets | 504310 | 490303 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Admitted Assets** | $1890213 | $1862092 |
| **LIABILITIES, CAPITAL AND SURPLUS** |  |  |
| Reserves for life, accident and health policies | $1142947 | $1144409 |
| Deposit-type funds | 33274 | 34410 |
| Reserves for unpaid claims | 7480 | 12748 |
| Dividends payable to policyholders | 910 | 847 |
| Interest maintenance reserve | 2057 | 2668 |
| Accrued commissions, expenses and insurance taxes | 2505 | 1941 |
| Asset valuation reserve | 11624 | 12314 |
| Reinsurance payables | 9364 | 10039 |
| Funds held under coinsurance – affiliate | 33327 | 33945 |
| Payable to affiliates | 5616 | 217 |
| Federal income tax payable – affiliate | 3189 | 73 |
| Other liabilities | 19045 | 15779 |
| Separate account liabilities | 504310 | 490303 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1775648 | 1759693 |
| Common stock, par value $1,000 per share; 2,000 shares authorized, |  |  |
| &nbsp;&nbsp;issued and outstanding | 2000 | 2000 |
| Additional paid in capital | 186202 | 186202 |
| Unassigned surplus | (73637) | (85803) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Capital and Surplus** | 114565 | 102399 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities, Capital and Surplus** | $1890213 | $1862092 |

---

The accompanying notes are an integral part of the statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** |
| **Summary of Operations and Changes in Capital and Surplus – Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus – Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus – Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus – Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Premiums and Other Revenue** |  |  |  |
| &nbsp;&nbsp;Premiums, net | $186105 | $173966 | $171068 |
| &nbsp;&nbsp;Premium income – assumed modco reinsurance – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Net investment income | 60154 | 59076 | 54607 |
| &nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 5129 | 2297 | 2212 |
| &nbsp;&nbsp;Separate account reserve transfer assumed – affiliate | 10490 | 4831 | 4138 |
| &nbsp;&nbsp;Miscellaneous income | 6162 | 6041 | 5461 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Premiums and Other Revenue** | 270514 | 256179 | 249329 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Benefits to policyholders | 247517 | 211132 | 173712 |
| &nbsp;&nbsp;Modco reinsurance adjustment – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Change in reserves for life, accident and health policies | (1462) | 4046 | 32505 |
| &nbsp;&nbsp;Commissions | 13798 | 12884 | 12235 |
| &nbsp;&nbsp;General insurance expenses | 30317 | 31526 | 29365 |
| &nbsp;&nbsp;Taxes, licenses and fees | 3700 | 3431 | 2861 |
| &nbsp;&nbsp;Net transfers to (from) separate accounts | (42962) | (26074) | 6725 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 253382 | 246913 | 269246 |
| **Gain (Loss) from Operations before Dividends, Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expense and Net Realized Capital Losses** | 17132 | 9266 | (19917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to policyholders | 886 | 853 | 764 |
| **Gain (Loss) from Operations before Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expense and Net Realized Capital Losses** | 16246 | 8413 | (20681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense | 3387 | 121 | 381 |
| **Gain (Loss) from Operations before Net Realized Capital Losses** | 12859 | 8292 | (21062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses, net of taxes | (388) | (33) | (113) |
| **Net Income (Loss)** | 12471 | 8259 | (21175) |
| **Unassigned surplus** |  |  |  |
| &nbsp;&nbsp;Change in unrealized gains, net of tax | 60 | 78 | 1950 |
| &nbsp;&nbsp;Change in net deferred income taxes | 729 | (1426) | 5571 |
| &nbsp;&nbsp;Change in nonadmitted assets | (603) | 1165 | (5930) |
| &nbsp;&nbsp;Change in liability for reinsurance in unauthorized companies | (1181) | 865 | (1232) |
| &nbsp;&nbsp;Change in asset valuation reserve | 690 | 53 | (1088) |
| **Net Change in Capital and Surplus** | 12166 | 8994 | (21904) |
| Capital and Surplus at the Beginning of the Year | 102399 | 93405 | 115309 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital and Surplus at the End of Year** | $114565 | $102399 | $93405 |

---

The accompanying notes are an integral part of the statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** | **AMERITAS LIFE INSURANCE CORP. OF NEW YORK** |
| **Statement of Cash Flows - Statutory Basis** | **Statement of Cash Flows - Statutory Basis** | **Statement of Cash Flows - Statutory Basis** | **Statement of Cash Flows - Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;Premium collected net of reinsurance | $184344 | $173801 | $171006 |
| &nbsp;&nbsp;Net investment income received | 59424 | 58323 | 53665 |
| &nbsp;&nbsp;Separate account reserve transfer assumed – affiliate | 10490 | 4831 | 2931 |
| &nbsp;&nbsp;Miscellaneous income | 11320 | 8628 | 7618 |
| &nbsp;&nbsp;Benefits paid to policyholders | (249294) | (208990) | (168843) |
| &nbsp;&nbsp;Commissions, expenses and taxes paid | (46815) | (47542) | (46710) |
| &nbsp;&nbsp;Dividends paid to policyholders | (823) | (770) | (685) |
| &nbsp;&nbsp;Net transfers from (to) separate accounts | 42410 | 26020 | (6740) |
| &nbsp;&nbsp;Federal income taxes paid | (97) | (348) | (761) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash from Operating Activities** | 10959 | 13953 | 11481 |
| **INVESTING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;Proceeds from investments sold, matured or repaid | 137507 | 99678 | 71036 |
| &nbsp;&nbsp;Cost of investments acquired | (158100) | (86712) | (84703) |
| &nbsp;&nbsp;Net change in contract loans | (4648) | (5953) | (7486) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash from Investing Activities** | (25241) | 7013 | (21153) |
| **FINANCING AND MISCELLANEOUS ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;Change in deposit-type funds | (1136) | (297) | (512) |
| &nbsp;&nbsp;Other miscellaneous, net | 1502 | (7594) | (3169) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash from Financing and Miscellaneous Activities** | 366 | (7891) | (3681) |
| **Net Change in Cash, Cash Equivalents and Short-Term** |  |  |  |
| &nbsp;&nbsp;**Investments** | (13916) | 13075 | (13353) |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| **– Beginning of Year** | 24011 | 10936 | 24289 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| **– End of Year** | $10095 | $24011 | $10936 |
| **Non-cash transactions from investing activities:** |  |  |  |
| &nbsp;&nbsp;Exchanges of bonds and stocks | $17500 | $3882 | $22 |
| &nbsp;&nbsp;Real estate acquired through mortgage loan foreclosure | 1645 |  |  |
| &nbsp;&nbsp;Transfer of bonds to other invested assets | 237 |  |  |

---

The accompanying notes are an integral part of the statutory basis financial statements.

 **AMERITAS LIFE INSURANCE CORP. OF NEW YORK**

**Notes to Financial Statements - Statutory Basis**

**For the Years Ended December 31, 2025, 2024 and 2023**

**(in thousands)**

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES**

**Nature of Operations**

Ameritas Life Insurance Corp. of New York (the Company or Ameritas NY), a stock life insurance company domiciled in the State of New York, is a wholly-owned subsidiary of Ameritas Life Insurance Corp. (Ameritas Life). Ameritas Life is a wholly-owned subsidiary of Ameritas Holding Company (AHC), and AHC is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

Ameritas Life is an insurance company domiciled in the State of Nebraska. In addition to the Company, Ameritas Life owns Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

The Company's insurance operations consist of life and health insurance, annuity, group pensions and retirement contracts as well as group dental and vision products issued in the State of New York.

**Basis of Presentation**

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services (New York Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the New York Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). NAIC SAP has been adopted as a component of prescribed or permitted practices by the New York Department with modifications as the State of New York has adopted certain prescribed accounting practices that differ from those found in NAIC SAP (NY Reg 172). Specifically New York adopted NAIC SSAP No. 61, *Life, Deposit-type and Accident and Health Reinsurance* with the following addition: If a ceding insurer that receives credit for reinsurance by way of deduction from its reserve liability remits the associated reinsurance premiums for coverage beyond the paid-to-date of the policy, the ceding insurer may record an asset for the portion of the gross reinsurance premium that provides reinsurance coverage for the period from the next policy premium due date to the earlier of 1) the end of the policy year or 2) the next reinsurance premium due date. The asset shall be admitted as a write-in asset to the extent that the reinsurer must refund premiums to the ceding insurer in the event of either the termination of the ceded policy or the termination of the reinsurance agreement. The Company recognized assets of $3,082 and $3,069 at December 31, 2025 and 2024, respectively, related to these premiums on the Balance Sheets – Statutory Basis.

A reconciliation of the Company's net income (loss) and capital and surplus between NAIC SAP and the New York Department is shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* |
|  | *2025* | *2024* | *2023* |
| Net income (loss) New York basis | $12471 | $8259 | $(21175) |
| New York Prescribed Practices that increase NAIC SAP |  |  |  |
| &nbsp;&nbsp;NY Reg 172 | 88 | 458 | 34 |
| Net income (loss) NAIC SAP | $12383 | $7801 | $(21209) |
| Statutory Surplus New York basis | $114565 | $102399 | $93405 |
| New York Prescribed Practices that (decrease) NAIC SAP |  |  |  |
| &nbsp;&nbsp;NY Reg 172 | (1819) | (1907) | (2365) |
| Statutory Capital and Surplus, NAIC SAP | $116384 | $104306 | $95770 |

---

The impact of the New York prescribed accounting practices had an immaterial impact on the Company's Risk Based Capital.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The preparation of financial statements in accordance with statutory accounting practices requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

Under NAIC SAP, investments in bonds are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company's intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company's own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company's own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

Comprehensive income and its components are not presented under NAIC SAP.

Significant statutory accounting practices are as follows:

**Investments**

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

Real estate held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

The Company purchases and sells Exchange traded call options (Exchange traded index call options) based on the Standard & Poor's 500 Stock Index to hedge equity index universal life contracts. The Company has purchased and written Exchange traded index call options that expire through December 18, 2026. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased Exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written Exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties to the call options. To minimize this risk, the Company only enters into listed contracts guaranteed by the Chicago Board Options Exchange. The credit exposure is limited to the fair value of the net call options of $5,763 and $5,744 at December 31, 2025 and 2024, respectively. The Company may be required to post collateral to the brokering bank for the Exchange traded index call options. At December 31, 2025 and 2024, no collateral was required to be posted to the brokering bank under the terms of the option contract. The notional value of the gross assets was $116,745 and $113,338 at December 31, 2025 and 2024, respectively. The notional value of the gross liabilities was $124,275 and $121,163 at December 31, 2025 and 2024, respectively.

The options are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as derivative assets in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis. The amount reported in other liabilities for options was $9,041 and $6,762 at December 31, 2025 and 2024, respectively. Changes in the fair value of expired options are reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total gain from expired options of $3,102, $2,417, and $526 was recorded in net investment income for the years ended December 31, 2025, 2024, and 2023, respectively. Changes in the fair value of open options that do not meet the requirements of an effective hedge are reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis and totaled $91, $99, and $2,468 for the years ended December 31, 2025, 2024, and 2023, respectively.

Cash flows related to the gains and losses from options are reflected in net investment income received in the Statement of Cash Flow - Statutory Basis. Cash flows related to long options open, closed, and the mark-to-market transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flow - Statutory Basis. Cash flows related to short options open, closed, and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flow - Statutory Basis.

Other investments are surplus debentures that are carried under the amortized cost method.

Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans contracts in excess of the cash surrender value is nonadmitted.

If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**Nonadmitted Assets**

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, advances to agents, unearned annualized commissions and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $24,178 and $23,575 at December 31, 2025, and 2024, respectively.

**Reserves for Life, Accident and Health Policies, and Deposit-type Funds**

Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners' Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

Reserves for fixed annuities are calculated using the Commissioners' Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the New York Department.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

**Reserve for Unpaid Claims**

The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

**Dividends to Policyholders**

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. A portion of the Company's business has been issued on a participating basis. The amount of insurance in force on individual life participating policies was $2,521,451, or 18.2%, and $2,470,463, or 18.1%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**Asset Valuation and Interest Maintenance Reserves**

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into net investment income over what would have been the remaining years to maturity of the underlying investment.

**Recognition of Premium Revenues and Related Costs**

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

**Reinsurance**

Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

**Income Taxes**

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company's income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities, or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

The Company is subject to taxation in the United States and New York. The Company is not subject to examinations by tax authorities for years before 2022.

**Separate Accounts**

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company's revenues and expenses or surplus.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**Vulnerability due to Certain Concentrations**

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer's estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

**Accounting Pronouncements**

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company's statutory financial statements.

**NOTE 2 - INVESTMENTS**

**Bonds**

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Issuer Credit Obligations:* |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Obligations | $6955 | $56 | $(26) | $6985 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 5197 | 141 | (15) | 5323 |
| &nbsp;&nbsp;Municipal Bonds – Special Revenues | 7811 | 86 | (102) | 7795 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 837449 | 6300 | (78254) | 765495 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 2048 |  | (112) | 1936 |
| &nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities (Unaffiliated) | 47406 | 268 | (3491) | 44183 |
| &nbsp;&nbsp;Other Issuer Credit Obligations (Unaffiliated) | 900 | 3 |  | 903 |
| Total Issuer Credit Obligations | 907766 | 6854 | (82000) | 832620 |
| *Asset-Backed Securities:* |  |  |  |  |
| &nbsp;&nbsp;Financial Asset-Backed – Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Guaranteed | 3342 | 4 | (77) | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Guaranteed | 2500 |  | (196) | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed | 18765 | 184 | (618) | 18331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed | 4500 |  | (132) | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 20514 | 158 | (1237) | 19435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 14787 | 17 | (1) | 14803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) | 61531 | 135 | (301) | 61365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) | 9052 | 40 | (271) | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset-Backed - Self-Liquidating | $134991 | $538 | $(2833) | $132696 |
| &nbsp;&nbsp;Financial Asset-Backed – Not Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 250 |  | (18) | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset Backed - Not Self-Liquidating | $250 | $— | $(18) | $232 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Practical Expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Practical Expedient (Unaffiliated) | 9973 | 2 | (1374) | 8601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Practical Expedient | $9973 | $2 | $(1374) | $8601 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Full Analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Full Analysis (Unaffiliated) | 12764 | 117 | (779) | 12102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) | 6612 | 2 | (237) | 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Full Analysis | $19376 | $119 | $(1016) | $18479 |
| Total Asset-Backed Securities | $164590 | $659 | $(5241) | $160008 |
| Total Bonds | $1072356 | $7513 | $(87241) | $992628 |

---

**NOTE 2 - INVESTMENTS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| U.S. Government | $7417 | $— | $(488) | $6929 |
| Special revenue and special assessment obligations and all non-guaranteed obligations of agencies and authorities of governments and their political subdivisions | 34394 | 46 | (1860) | 32580 |
| Hybrid securities | 2049 |  | (75) | 1974 |
| Industrial and miscellaneous | 995628 | 3087 | (106332) | 892383 |
| Total bonds | $1039488 | $3133 | $(108755) | $933866 |

---

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | *Cost or Amortized Cost* | *Fair Value* |
| Due in one year or less | $48513 | $48350 |
| Due after one year through five years | 149291 | 147515 |
| Due after five years through ten years | 181143 | 176013 |
| Due after ten years | 693409 | 620750 |
| Total bonds | $1072356 | $992628 |

---

Proceeds from the sales of bonds were $18,247, $15,989, and $904 for the years ended December 31, 2025, 2024, and 2023, respectively.

Realized capital gains (losses) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Bonds: |  |  |  |
| Gross realized capital gains on sales | $141 | $104 | $8 |
| Gross realized capital losses on sales | (470) | (320) | (13) |
| Net realized capital losses on sales | (329) | (216) | (5) |
| Other, including impairments and net gain on dispositions other than sales | (328) | (77) | (77) |
| Total bonds | (657) | (293) | (82) |
| Mortgage loans | (25) | (52) |  |
| Real estate | (149) |  |  |
| Realized capital losses before federal income taxes and transfer to IMR | (831) | (345) | (82) |
| Realized capital gains (losses) transferred to IMR | (340) | (303) | 61 |
| Federal income tax benefit | (103) | (9) | (30) |
| Net realized capital losses | $(388) | $(33) | $(113) |

---

The Company has entered into an agreement with the FHLB of New York to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $31,430 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $301 maximum, plus an additional activity-based stock purchase equal to 4.5% of the dollar amount of any outstanding advances. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

**NOTE 2 - INVESTMENTS, (continued)**

The amount of FHLB capital stock held, in aggregate, and classified as of December 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Membership stock - class B | $301 | $335 |
| Activity stock | 1350 | 1350 |
| Aggregate total | $1651 | $1685 |
| Actual borrowing capacity as determined by the insurer | $31430 | $30930 |

---

The reserves of $30,083 and $30,093 related to the outstanding funding agreements with the FHLB are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $31413 | $35350 |
| Carrying value | 32225 | 37325 |
| Aggregate total borrowing - funding agreements | 30000 | 30000 |

---

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $37228 | $36261 |
| Carrying value | 37119 | 37726 |
| Amount borrowed at time of maximum collateral - funding agreements | 30000 | 30000 |

---

There are prepayment penalties on the Company's funding agreements.

**Restricted Assets**

A detailed summary of restricted assets (including pledged assets) primarily bonds and assets held under a funds withheld reinsurance agreement at cost or amortized cost is 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* |
|  |  |  | *Percentage* | *Percentage* |  |  | *Percentage* | *Percentage* |
| *Restricted Asset Category* | *Gross Restricted* | *Total Admitted Restricted Assets* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Assets* | *Gross Restricted* | *Total Admitted Restricted Assets* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Assets* |
| FHLB capital stock | $1651 | $1651 | 0.1% | 0.1% | $1685 | $1685 | 0.1% | 0.1% |
| Bonds on deposit with states | 505 | 505 | — % | — % | 506 | 506 | — % | — % |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 32225 | 32225 | 1.7% | 1.7% | 37325 | 37325 | 2.0% | 2.0% |
| Assets held under funds withheld reinsurance agreement | 33327 | 33327 | 1.7% | 1.8% | 33945 | 33945 | 1.8% | 1.8% |
| Total Restricted Assets | $67708 | $67708 | 3.5% | 3.6% | $73461 | $73461 | 3.9% | 3.9% |

---

**NOTE 2 - INVESTMENTS, (continued)**

The assets held under a funds withheld (FWH) reinsurance agreement reflected as assets within the reporting entity's financials statement is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| *Assets* | *Book/Adjusted Carrying Value*<br> *FWH* | *Fair Value*<br> *FWH* | *% of Book/Adjusted Carrying Value to Total Assets* | *% of Book/Adjusted Carrying Value to Total Admitted Assets* |
| General Account: |  |  |  |  |
| &nbsp;&nbsp;Cash, Cash Equivalents and Short-Term Investments | $4843 | $4844 | 0.3% | 0.3% |
| &nbsp;&nbsp;Schedule D, Part 1, Section 1 | 22454 | 20344 | 1.6% | 1.6% |
| &nbsp;&nbsp;Schedule D, Part 1, Section 2 | 123 | 125 | — % | — % |
| &nbsp;&nbsp;Schedule B | 5657 | 5332 | 0.4% | 0.4% |
| &nbsp;&nbsp;Schedule BA, Part 1 | 250 | 201 | — % | — % |
| Total General Account Assets | $33327 | $30846 | 2.4% | 2.4% |

---

The underlying invested assets supporting the funds withheld are not related or affiliated with the reinsurer. As of December 31, 2025 and 2024, respectively, the recognized obligation on the funds withheld reinsurance agreement was $33,327 and $33,945, representing approximately 2.6% and 2.7% of total liabilities.

An aging of unrealized losses on the Company's investments in bonds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| Issuer credit obligations | $178956 | $(2269) | $623662 | $(79731) | $802618 | $(82000) |
| Asset-backed securities | 45741 | (27) | 89282 | (5214) | 135023 | (5241) |
| Total | $224697 | $(2296) | $712944 | $(84945) | $937641 | $(87241) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| U.S. Governments | $— | $— | $6929 | $(488) | $6929 | $(488) |
| Special revenue and special |  |  |  |  |  |  |
| assessment obligations and all non- |  |  |  |  |  |  |
| guaranteed obligations of agencies |  |  |  |  |  |  |
| and authorities of governments and |  |  |  |  |  |  |
| their political subdivisions | 12261 | (311) | 20153 | (1549) | 32414 | (1860) |
| Hybrid securities |  |  | 1974 | (75) | 1974 | (75) |
| Industrial and miscellaneous | 145143 | (2505) | 713939 | (103827) | 859082 | (106332) |
| Total | $157404 | $(2816) | $742995 | $(105939) | $900399 | $(108755) |

---

The unrealized losses related to bonds in 2025 and 2024 reported above were partially due to liquidity and market-related considerations. The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company's intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.

**NOTE 2 - INVESTMENTS, (continued)**

The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company's investment managers; market liquidity; and the Company's intentions to sell or ability to hold the investments until recovery. Based on an evaluation of these factors, the Company did not record any realized losses for other-than-temporary impairments on unaffiliated common stocks during 2025, 2024, and 2023.

The Company's bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $14,366 and $22,902, respectively, (1.3% and 2.2%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized Cost* | *Fair Value* | *Unrealized Losses* | *Amortized Cost* | *Fair Value* | *Unrealized Losses* |
| Asset-backed securities | $17540 | $17498 | $(42) | $70748 | $65557 | $(5191) |
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized Cost* | *Fair Value* | *Unrealized Losses* | *Amortized Cost* | *Fair Value* | *Unrealized Losses* |
| Structured securities | $14703 | $14503 | $(200) | $92509 | $85094 | $(7415) |

---

**Mortgage Loans**

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property's net operating income to the borrower's principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

Debt service coverage ratios for income dependent mortgage loans on commercial real estate are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| DSCR distribution |  |  |
| Below 1 | $4269 | $6779 |
| 1.0 - 1.2 | 7211 | 9887 |
| 1.2 - 1.5 | 22136 | 32179 |
| Greater than 1.5 | 145574 | 146221 |
| Total | $179190 | $195066 |

---

Mortgage loans with DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

**NOTE 2 - INVESTMENTS, (continued)**

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Loan to value |  |  |
| Below 60% | $790 | $634 |
| 60-75% |  | 247 |
| Total | $790 | $881 |

---

An aging analysis of the commercial mortgage loans held by the Company is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Recorded investment (all) |  |  |
| Current | $179856 | $194459 |
| 30-59 days past due |  |  |
| 60-89 days past due |  | 536 |
| 90-179 days past due |  |  |
| 180+ days past due | 124 | 952 |
| Accruing interest 90-179 days past due |  |  |
| Recorded investment |  | 952 |
| Interest accrued |  | 22 |
| Accruing interest 180+ days past due |  |  |
| Recorded investment | 124 |  |
| Interest accrued | 6 |  |
| Participant or co-lender in a mortgage |  |  |
| Recorded investment | $179980 | $195856 |

---

At December 31, 2025, the average size of an individual commercial mortgage loan was $344. The Company's commercial mortgage loan policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company's commercial mortgage loan portfolio were 7.85% and 2.85%.

In 2025 and 2024, the Company had 33 and 11 commercial loans acquired or with additions to existing loans totaling $11,727 and $1,212 at the maximum rate of interest of 6.68% and 7.85% and the minimum rate of interest of 4.60% and 4.55%, respectively. No other categories of mortgage loans were acquired.

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial mortgage loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. The Company had no investments in impaired commercial mortgage loans recorded on nonaccrual status pursuant to SSAP No. 34, paragraph 6 as of December 31, 2025 and 2024.

In 2025, the Company had $4,440 aggregate amount of mortgage loans derecognized as a result of foreclosure, $1,645 real estate collateral recognized, and $2,765 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

**NOTE 2 - INVESTMENTS, (continued)**

**Net Investment Income**

Major categories of net investment income by class of investment are summarized below.

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Income: |  |  |  |
| Bonds | $46195 | $45538 | $42348 |
| Common stocks | 39 | 122 | 142 |
| Mortgage loans | 8231 | 9059 | 9794 |
| Real estate | 109 |  |  |
| Contract loans | 2252 | 2039 | 1675 |
| Cash, cash equivalents, and short-term investments | 1343 | 687 | 970 |
| Derivatives | 3102 | 2417 | 526 |
| Other investments | 473 | 585 | 576 |
| Amortization of interest maintenance reserve | 342 | 445 | 838 |
| Gross investment income | 62086 | 60892 | 56869 |
| Total investment expenses | 1932 | 1816 | 2262 |
| Net investment income | $60154 | $59076 | $54607 |

---

**Fair Value Measurements**

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

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

Net asset value (NAV) – Separate account assets 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.

**NOTE 2 - INVESTMENTS, (continued)**

The following tables provide information about the Company's financial assets and liabilities measured and reported at fair value or NAV:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call options | $14804 | $— | $— | $— | $14804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | 14804 |  |  |  | 14804 |
| &nbsp;&nbsp;Separate account assets |  |  |  | 504310 | 504310 |
| Total assets at fair value/net asset value | $14804 | $— | $— | $504310 | $519114 |
| Liabilities at fair value |  |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call options | $9041 | $— | $— | $— | $9041 |
| Total liabilities at fair value | $9041 | $— | $— | $— | $9041 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| &nbsp;&nbsp;Derivative assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call options | $12506 | $— | $— | $— | $12506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | $12506 | $— | $— | $— | $12506 |
| &nbsp;&nbsp;Separate account assets | $— | $— | $— | $490303 | $490303 |
| Total assets at fair value/net asset value | $12506 | $— | $— | $490303 | $502809 |
| Liabilities at fair value |  |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call options | $6762 | $— | $— | $— | $6762 |
| Total liabilities at fair value | $6762 | $— | $— | $— | $6762 |

---

The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

**Level 1 – Financial Assets and Liabilities**

These assets and liabilities include exchange traded index call options. Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities.

**Level 2 – Financial Assets and Liabilities**

There were no financial assets or liabilities measured at fair value in Level 2 at December 31, 2025 and 2024.

**Level 3 - Financial Assets and Liabilities**

There were no financial assets or liabilities measured at fair value in Level 3 at December 31, 2025 and 2024.

**NAV – Financial Assets**

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

**NOTE 2 - INVESTMENTS, (continued)**

The Company had no financial instruments that were determined it was not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.

The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Fair Value* | *Book /Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $832620 | $907765 | $— | $648343 | $184277 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 160008 | 164590 |  | 147505 | 12503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | 992628 | 1072355 |  | 795848 | 196780 |  |
| &nbsp;&nbsp;Common stocks | 1651 | 1651 |  | 1651 |  |  |
| &nbsp;&nbsp;Mortgage loans | 171196 | 179980 |  |  | 171196 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 10095 | 10095 | 10095 |  |  |  |
| &nbsp;&nbsp;Contract loans | 47257 | 51005 |  |  | 47257 |  |
| &nbsp;&nbsp;Derivative assets | 14804 | 14804 | 14804 |  |  |  |
| &nbsp;&nbsp;Other investments | 8836 | 9826 |  | 8049 | 787 |  |
| &nbsp;&nbsp;Investment income due and accrued | 11970 | 11970 | 11970 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 504310 |  |  |  | 504310 |
| Total financial assets | $1258437 | $1855996 | $36869 | $805548 | $416020 | $504310 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $33189 | $33274 | $— | $— | $33189 | $— |
| &nbsp;&nbsp;Derivative related liabilities | 9041 | 9041 | 9041 |  |  |  |
| Total financial liabilities | $42230 | $42315 | $9041 | $— | $33189 | $— |

---

**NOTE 2 - INVESTMENTS, (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Fair Value* | *Book /Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $933866 | $1039488 | $— | $689965 | $243901 | $— |
| &nbsp;&nbsp;Common stocks | 1685 | 1685 |  | 1685 |  |  |
| &nbsp;&nbsp;Mortgage loans | 179533 | 195947 |  |  | 179533 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 24011 | 24011 | 24011 |  |  |  |
| &nbsp;&nbsp;Contract loans | 42329 | 46277 |  |  | 42329 |  |
| &nbsp;&nbsp;Derivative assets | 12506 | 12506 | 12506 |  |  |  |
| &nbsp;&nbsp;Other investments | 8266 | 9471 |  | 7452 | 814 |  |
| &nbsp;&nbsp;Investment income due and accrued | 11513 | 11513 | 11513 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 490303 |  |  |  | 490303 |
| Total financial assets | $1213709 | $1831201 | $48030 | $699102 | $466577 | $490303 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $34295 | $34410 | $— | $— | $34295 | $— |
| &nbsp;&nbsp;Derivative liabilities | 6762 | 6762 | 6762 |  |  |  |
| Total financial liabilities | $41057 | $41172 | $6762 | $— | $34295 | $— |

---

The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

*Bonds*: For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations and asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3.

*Common stocks*: For FHLB stock, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2.

*Mortgage loans:* The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

*Cash, cash equivalents and short-term investments, and investment income due and accrued:* The carrying amounts approximate fair values.

*Contract loans:* The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

*Derivative assets and liabilities:* Exchange traded index call options valuations are based on quoted net asset values in active markets for identical securities. Written exchange traded call options are classified as Level 1.

*Other investments:* Fair values are estimated using values obtained from independent pricing services when available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information are assigned to Level 2. Other investments priced based on unobservable market inputs or internal valuations are assigned to Level 3.

 

**NOTE 2 - INVESTMENTS, (continued)**

*Deposit-type funds:* Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

*Separate account assets:* Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

**NOTE 3 - INCOME TAXES**

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). 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 deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $29926 | $49 | $29975 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 29926 | 49 | 29975 |
| Deferred tax assets nonadmitted | 19332 | 49 | 19381 |
| Subtotal net admitted deferred tax assets | 10594 |  | 10594 |
| Deferred tax liabilities | (3219) |  | (3219) |
| Net admitted deferred tax assets | $7375 | $— | $7375 |

---

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| &nbsp;&nbsp;(excluding the amount of deferred tax assets from above) |  |  |  |
| &nbsp;&nbsp;After application of the threshold limitation | $7375 | $— | $7375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets expected to be realized following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the balance sheet date | $7375 | $— | $7375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets allowed per limitation threshold | xxx | xxx | $16078 |
| Adjusted gross deferred tax assets offset by gross deferred tax liabilities | $3219 | $— | $3219 |
| Deferred tax assets admitted as the result of application of NAIC SAP | $10594 | $— | $10594 |

---

**NOTE 3 - INCOME TAXES, (continued)**

The components of the net deferred tax asset as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $29513 | $21 | $29534 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 29513 | 21 | 29534 |
| Deferred tax assets nonadmitted | 19952 | 21 | 19973 |
| Subtotal net admitted deferred tax assets | 9561 |  | 9561 |
| Deferred tax liabilities | (3492) |  | (3492) |
| Net admitted deferred tax assets | $6069 | $— | $6069 |

---

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| &nbsp;&nbsp;(excluding the amount of deferred tax assets from above) |  |  |  |
| &nbsp;&nbsp;After application of the threshold limitation | $6069 | $— | $6069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets expected to be realized following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the balance sheet date | $6069 | $— | $6069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets allowed per limitation threshold | xxx | xxx | $14449 |
| Adjusted gross deferred tax assets offset by gross deferred tax liabilities | 3492 | $— | $3492 |
| Deferred tax assets admitted as the result of application of NAIC SAP | $9561 | $— | $9561 |

---

The changes in the components of the net deferred tax asset from December 31, 2024 to December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $413 | $28 | $441 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 413 | 28 | 441 |
| Deferred tax assets nonadmitted | (620) | 28 | (592) |
| Subtotal net admitted deferred tax assets | 1033 |  | 1033 |
| Deferred tax liabilities | 273 |  | 273 |
| Net deferred tax liability | $1306 | $— | $1306 |

---

**NOTE 3 - INCOME TAXES, (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| &nbsp;&nbsp;(excluding the amount of deferred tax assets from above) |  |  |  |
| &nbsp;&nbsp;After application of the threshold limitation | $1306 | $— | $1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets expected to be realized following |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the balance sheet date | $1306 | $— | $1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets allowed per limitation threshold | xxx | xxx | $1629 |
| Adjusted gross deferred tax assets offset by gross deferred tax liabilities | $(273) | $— | $(273) |
| Deferred tax assets admitted as the result of application of NAIC SAP | $1033 | $— | $1033 |

---

The Company used the following amounts in determining deferred tax asset admissibility:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Ratio percentage used to determine recovery period and |  |  |
| &nbsp;&nbsp;Ratio percentage used to determine recovery period and threshold limitation amount | 803% | 827% |
| Amount of adjusted capital and surplus used to determine |  |  |
| &nbsp;&nbsp;recovery period and threshold limitation above | $107190 | $96330 |

---

**NOTE 3 - INCOME TAXES, (continued)**

The impact of tax planning strategies as of December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | *Ordinary* | *Capital* |
| Determination of adjusted gross deferred tax assets and net admitted deferred tax |  |  |
| &nbsp;&nbsp;assets by tax character as a percentage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross DTAs amount from above | $29926 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of adjusted gross DTAs by tax character attributable to the impact of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax planning strategies | — % | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Admitted Adjusted Gross DTAs amount from above | $10594 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of net admitted adjusted gross DTAs by tax character admitted because |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the impact of tax planning strategies | — % | — % |

---

The impact of tax planning strategies as of December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | *Ordinary* | *Capital* |
| Determination of adjusted gross deferred tax assets and net admitted deferred tax |  |  |
| &nbsp;&nbsp;assets by tax character as a percentage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross DTAs amount from above | $29513 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of adjusted gross DTAs by tax character attributable to the impact of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax planning strategies | — % | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Admitted Adjusted Gross DTAs amount from above | $9561 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of net admitted adjusted gross DTAs by tax character admitted because |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the impact of tax planning strategies | 35.0% | — % |

---

The changes in the impact of tax planning strategies from December 31, 2024 to December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | *Ordinary* | *Capital* |
| Determination of adjusted gross deferred tax assets and net admitted deferred tax |  |  |
| &nbsp;&nbsp;assets by tax character as a percentage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross DTAs amount from above | $413 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of adjusted gross DTAs by tax character attributable to the impact of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax planning strategies | — % | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Admitted Adjusted Gross DTAs amount from above | $1033 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of net admitted adjusted gross DTAs by tax character admitted because |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the impact of tax planning strategies | (35.0) % | — % |

---

The Company's tax planning strategies does not include the use of reinsurance.

The provision for incurred federal income taxes on earnings is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years ended December 31* | *Years ended December 31* | *Years ended December 31* |
|  | *2025* | *2024* | *2023* |
| Federal | $3387 | $121 | $381 |
| Federal income tax on net capital gains | (174) | (72) | (17) |
| Federal income tax incurred | $3213 | $49 | $364 |

---

**NOTE 3 - INCOME TAXES, (continued)**

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| Deferred tax assets: |  |  |  |  |  |
| &nbsp;&nbsp;*Ordinary* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discounting of unpaid losses | $5 | $5 | $5 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | 10 | 7 | 7 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 18012 | 18623 | 21018 | (611) | (2395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 3 |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 9745 | 9261 | 8524 | 484 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 191 | 178 | 160 | 13 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 2 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 1007 | 756 | 714 | 251 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax assets) | 951 | 683 | 840 | 268 | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 29926 | 29513 | 31268 | 413 | (1755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 19332 | 19952 | 21307 | (620) | (1355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | 10594 | 9561 | 9961 | 1033 | (400) |
| &nbsp;&nbsp;*Capital* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 49 | 21 | 35 | 28 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 49 | 21 | 35 | 28 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $10594 | $9561 | $9961 | $1033 | $(400) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| Deferred tax liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;*Ordinary* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $498 | $356 | $219 | $142 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 2281 | 2358 | 2524 | (77) | (166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 79 | 366 | 652 | (287) | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned commissions | 361 | 412 | 418 | (51) | (6) |
| Deferred tax liabilities | 3219 | 3492 | 3813 | (273) | (321) |
| Net deferred tax assets | $7375 | $6069 | $6148 | $1306 | $(79) |

---

The change in the net admitted deferred tax assets was $1,306, $(79), and $59 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $(592), $(1,369), and $4,994, respectively, was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 3 - INCOME TAXES, (continued)**

The change in net deferred income taxes as of December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *Change* |
| Total gross deferred tax assets | $29975 | $29534 | $441 |
| Total deferred tax liabilities | 3219 | 3492 | (273) |
| Net deferred tax asset | $26756 | $26042 | 714 |
| Tax effect of change in unrealized gains |  |  | 15 |
| Change in net deferred income tax |  |  | $729 |
|  | *2024* | *2023* | *Change* |
| Total gross deferred tax assets | $29534 | $31303 | $(1769) |
| Total deferred tax liabilities | 3492 | 3813 | (321) |
| Net deferred tax asset | $26042 | $27490 | (1448) |
| Tax effect of change in unrealized gains |  |  | 22 |
| Change in net deferred income tax |  |  | $(1426) |
|  | *2023* | *2022* | *Change* |
| Total gross deferred tax assets | $31303 | $26313 | $4990 |
| Total deferred tax liabilities | 3813 | 3876 | (63) |
| Net deferred tax asset | $27490 | $22437 | 5053 |
| Tax effect of change in unrealized gains |  |  | 518 |
| Change in net deferred income tax |  |  | $5571 |

---

**NOTE 3 - INCOME TAXES, (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Net gain from operations before income taxes | $16245 | $8414 | $(20681) |
| Net realized capital losses before income taxes | (831) | (345) | (82) |
| Change in unauthorized reinsurance | (1181) | 863 | (1232) |
| Total pre-tax statutory income (loss) | 14233 | 8932 | (21995) |
| Change in nonadmitted assets | (1196) | (202) | (937) |
| IMR amortization | (342) | (445) | (838) |
| Tax-exempt income | (548) | (823) | (736) |
| Non-deductible expense | 11 | 60 | 48 |
| Other | 184 | (18) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 12342 | 7504 | (24449) |
| Statutory tax rate | 0.21 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2592 | 1576 | (5134) |
| Tax credits | (109) | (101) | (73) |
| Total statutory income taxes | $2483 | $1475 | $(5207) |
| Federal and foreign income tax incurred | $3213 | $49 | $364 |
| Change in deferred income tax | (730) | 1426 | (5571) |
| Total statutory income taxes | $2483 | $1475 | $(5207) |

---

At December 31, 2025 the Company did not have any net operating loss, net capital and/or alternative minimum tax carryforwards. There were no deposits admitted under Internal Revenue Code §6033.

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, Ameritas Life and AIP.

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

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. The provisions of OBBA are not material to the Company.

**NOTE 4 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES**

The Company received no capital contributions from its parent in 2025, 2024, and 2023, respectively.

The Company has a $50,000 unsecured line of credit from Ameritas Life under an agreement that provides for automatic annual renewal on May 1 unless terminated by either party. As of December 31, 2025, 2024, and 2023, there were no balances outstanding under the agreement.

**NOTE 4 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES, (continued)**

The Company reported the following amounts due from/(to) the below listed affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and payables to affiliates in the Balance Sheets - Statutory Basis. The balances are settled monthly on a net basis.

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Ameritas Holding Company | $(35) | $(165) |
| Ameritas Investment Company, LLC | (20) | (52) |
| Ameritas Life Insurance Corp. | (5544) | 329 |
| Total | $(5599) | $112 |

---

The Company's affiliates provide technical, financial, legal and marketing support to the Company under a general cost sharing agreement. The cost of these services to the Company for the years ended December 31, 2025, 2024, and 2023 was $23,888, $23,586, and $23,385, respectively. In addition, the Company receives investment advisory services from an affiliate. Costs related to this agreement, which are included in investment expenses, totaled $1,323, $1,345, and $1,353 for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 5 - DIVIDEND RESTRICTIONS AND SURPLUS**

The Company is subject to regulation by the New York Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company cannot exceed the lesser of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the New York Department. Based on this limitation, the Company would be able to pay $11,256 dividends in 2026 without prior approval. No dividends were paid to parent or affiliated companies in 2025, 2024, or 2023.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each is as follows as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Unrealized capital gains (losses), net of taxes | $1116 | $1056 | $978 |
| Nonadmitted asset values | (24178) | (23575) | (24740) |
| Asset valuation reserve | (11624) | (12314) | (12367) |
| Liability for reinsurance in unauthorized companies | (2501) | (1320) | (2185) |

---

**NOTE 6 - COMMITMENTS AND CONTINGENCIES**

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $4,707. In addition at December 31, 2025, the Company has committed to invest $2,000 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company's exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

**Guaranty Funds Assessments**

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the assets and charge to operations related to these assessments did not have a material financial impact. The Company recorded no amounts for the estimated liability and related asset for future guaranty fund assessments at December 31, 2025 and 2024, respectively, based on data provided by the National Organization of Life & Health Guaranty Associations.

The Company had no liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets as of December 31, 2025.

**NOTE 6 - COMMITMENTS AND CONTINGENCIES, (continued)**

**Litigation and Regulatory Examination**

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts were paid to settle related extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

**Uncollectibility of Assets**

The Company had admitted assets of $1,502 and $1,323 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company's financial condition.

**NOTE 7 - GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS**

**ASC Plans**

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross reimbursement for medical cost incurred | $17202 | $16704 | $15520 |
| Other income or expenses (including interest paid to or received from plans) | 857 | 949 | 1017 |
| Gross expenses incurred (claims and administrative) | 18059 | 17653 | 16537 |
| Net gain (loss) from operations | $506 | $112 | $(4) |

---

**NOTE 8 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS**

The Company has a third-party administrator, for which direct premiums written exceeded 5% of total capital and surplus. The third-party administrator administers group accident and health business, does not have an exclusive contract, and has been granted the authority for premium collection and binding authority. The total amount of direct premiums administered by the third-party administrator was $11,732, $11,148, and $10,708 for the years ended December 31, 2025, 2024, and 2023. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums written by third party administrators was $16,344, $16,058, and $15,120 for the years ended December 31, 2025, 2024, and 2023.

**NOTE 9 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

**NOTE 10 - REINSURANCE**

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

**NOTE 10 - REINSURANCE, (continued)**

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $1,766 recoverable at December 31, 2025 and 2024 as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $3,209. As a result of the recapture payment, $2,940 of ceded commission and $269 of ceded renewal premium was recorded in commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company conducts reinsurance business with Ameritas Life and other non-affiliated companies..

Reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and other non-affiliated companies are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | 2025 | 2024 | 2023 |
| &nbsp;&nbsp;Assumed | $9500 | $7807 | $7393 |
| &nbsp;&nbsp;Ceded | (25061) | (25214) | (26828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance premiums, net | $(15561) | $(17407) | $(19435) |

---

The following is a summary of affiliated transactions through reinsurance operations:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | 2025 | 2024 | 2023 |
| Premium income: |  |  |  |
| &nbsp;&nbsp;Assumed | $6490 | $5659 | $5800 |
| &nbsp;&nbsp;Ceded | 1652 | 2062 | 2289 |
| Benefits to policyholders: |  |  |  |
| &nbsp;&nbsp;Assumed | 23879 | 16621 | 12880 |
| &nbsp;&nbsp;Ceded | 1604 | 2399 | 2287 |
| Reserves for life, accident and health policies: |  |  |  |
| &nbsp;&nbsp;Assumed | 74501 | 77819 | 83541 |
| &nbsp;&nbsp;Ceded | 39416 | 39631 | 42693 |

---

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

**NOTE 11 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES**

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets - Statutory Basis, is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Total reserve for unpaid claims at January 1 | $20490 | $20377 | $19179 |
| Less reinsurance assumed | (12739) | (13551) | (14949) |
| Plus reinsurance ceded | 15300 | 13866 | 12450 |
| Direct balance | 23051 | 20692 | 16680 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;Current year | 33136 | 29869 | 30170 |
| &nbsp;&nbsp;Prior year | 1186 | 2561 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 34322 | 32430 | 32618 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;Current year | 28279 | 26404 | 25450 |
| &nbsp;&nbsp;Prior year | 3589 | 3667 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total paid | 31868 | 30071 | 28606 |
| Direct balance | 25505 | 23051 | 20692 |
| Plus reinsurance assumed | 11738 | 12739 | 13551 |
| Less reinsurance ceded | (14567) | (15300) | (13866) |
| Total reserve for unpaid claims at December 31 | $22676 | $20490 | $20377 |

---

As a result of unfavorable settlement of prior years' estimated claims, the provision for claims and claim adjustment expenses increased by $1,186, $2,561, and $2,448 for the year ended December 31, 2025, 2024, and 2023, respectively. During 2025, 2024, and 2023, unfavorable claim runout for disability products was partially offset by favorable claim runout for group dental products. There was no change in methodologies nor assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025, 2024, and 2023.

The Company paid and incurred assumed and ceded reinsurance claims as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Paid assumed reinsurance claims | $3145 | $3214 | $3408 |
| Incurred assumed reinsurance claims | $2144 | $2402 | $2010 |
| Paid ceded reinsurance claims | $1702 | $1785 | $1596 |
| Incurred ceded reinsurance claims | $969 | $3219 | $3012 |

---

Anticipated salvage and subrogation are not included in the Company's determination of the liability for unpaid claims/losses.

**NOTE 12 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES**

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

**NOTE 12 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES, (continued)**

As of December 31, 2025 and 2024, respectively, the Company had $1,286,161 and $1,247,584 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the New York Department. Reserves to cover the above insurance totaled $9,930 and $8,262 at December 31, 2025 and 2024, respectively. Included in this total, as of December 31, 2025 and 2024, the Company had $193,881 and $65,327, respectively, of universal life insurance in force for which the guaranteed maturity premiums are less than the CRVM renewal net premiums. Additional reserves for this purpose totaled $6,660 and $4,527, at December 31, 2025 and 2024.

**NOTE 13 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3979 |  | 3979 | 4.6% |
| &nbsp;&nbsp;At fair value |  | 315 | 315 | 0.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3979 | 315 | 4294 | 5.0% |
| &nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 77460 |  | 77460 | 89.2% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 5019 |  | 5019 | 5.8% |
| &nbsp;&nbsp;Total gross | 86458 | 315 | 86773 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $86458 | $315 | $86773 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $708 | $— | $708 |  |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;With fair value adjustment | $41807 | $— | $41807 | 5.9% |
| &nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;At fair value |  | 455693 | 455693 | 64.9% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 41807 | 455693 | 497500 | 70.8% |
| &nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 202288 |  | 202288 | 28.8% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 3040 |  | 3040 | 0.4% |
| &nbsp;&nbsp;Total gross | 247135 | 455693 | 702828 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $247135 | $455693 | $702828 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $— | $— | $— |  |

---

**NOTE 13 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;At fair value |  | 47835 | 47835 | 58.6% |
| &nbsp;&nbsp;Total with adjustment or at fair value |  | 47835 | 47835 | 58.6% |
| &nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge or adjustment) | 746 |  | 746 | 0.9% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 33017 |  | 33017 | 40.5% |
| &nbsp;&nbsp;Total gross | 33763 | 47835 | 81598 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 489 |  | 489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $33274 | $47835 | $81109 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $366867 | $503843 | $870710 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3072 |  | 3072 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 276 | 276 | 0.3% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3072 | 276 | 3348 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 85477 |  | 85477 | 91.4% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 4694 |  | 4694 | 5.0% |
| &nbsp;&nbsp;Total gross | 93243 | 276 | 93519 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $93243 | $276 | $93519 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $303 | $— | $303 |  |

---

**NOTE 13 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $48208 | $— | $48208 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 435874 | 435874 | 62.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 48208 | 435874 | 484082 | 68.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 216145 |  | 216145 | 30.7% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 3035 |  | 3035 | 0.4% |
| &nbsp;&nbsp;Total gross | 267388 | 435874 | 703262 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $267388 | $435874 | $703262 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $— | $— | $— |  |
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 53746 | 53746 | 60.6% |
| &nbsp;&nbsp;Total with adjustment or at fair value |  | 53746 | 53746 | 60.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge or adjustment) | 987 |  | 987 | 1.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 33937 |  | 33937 | 38.3% |
| &nbsp;&nbsp;Total gross | 34924 | 53746 | 88670 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 514 |  | 514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $34410 | $53746 | $88156 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) in the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $395041 | $489896 | $884937 |  |

---

**NOTE 13 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the New York Department, and are provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $332703 | $359695 |
| &nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies, Total (net) | 890 | 936 |
| &nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 | 33274 | 34410 |
| &nbsp;&nbsp;Subtotal | 366867 | 395041 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 456008 | 436150 |
| &nbsp;&nbsp;Other contact deposit funds | 47835 | 53746 |
| &nbsp;&nbsp;Subtotal | 503843 | 489896 |
| Total | $870710 | $884937 |

---

 **NOTE 14 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | ***General Account*** | ***General Account*** | ***General Account*** | ***Separate Account Nonguaranteed*** | ***Separate Account Nonguaranteed*** | ***Separate Account Nonguaranteed*** |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $84721 | $77981 | $84970 | $— | $— | $— |
| Universal life with secondary guarantees | 147230 | 119391 | 354896 |  |  |  |
| Indexed universal life with secondary guarantees | 130946 | 100857 | 123656 |  |  |  |
| Other permanent cash value life insurance |  | 118381 | 197550 |  |  |  |
| Variable universal life | 4838 | 3489 | 4828 | 466 |  | 466 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 96526 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 48 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 2515 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 1054 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 37430 | XXX | XXX |  |
| Total gross | 367735 | 420099 | 903473 | 466 |  | 466 |
| Reinsurance ceded |  |  | 123458 |  |  |  |
| Total life reserves | $367735 | $420099 | $780015 | $466 |  | $466 |

---

**NOTE 14 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | ***General Account*** | ***General Account*** | ***General Account*** | ***Separate Account Nonguaranteed*** | ***Separate Account Nonguaranteed*** | ***Separate Account Nonguaranteed*** |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $88346 | $81298 | $88663 | $— | $— | $— |
| Universal life with secondary guarantees | 146017 | 117081 | 343911 |  |  |  |
| Indexed universal life with secondary guarantees | 121645 | 93754 | 117429 |  |  |  |
| Other permanent cash value life insurance |  | 111453 | 187673 |  |  |  |
| Variable universal life | 5231 | 3774 | 5225 | 406 |  | 406 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 97604 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 49 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 2785 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 1163 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 39642 | XXX | XXX |  |
| Total gross | 361239 | 407360 | 884144 | 406 |  | 406 |
| Reinsurance ceded |  |  | 127401 |  |  |  |
| Total life reserves | $361239 | $407360 | $756743 | $406 | $— | $406 |

---

The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the New York Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $740937 | $715310 |
| &nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 43 | 44 |
| &nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 848 | 934 |
| &nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 801 | 879 |
| &nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section, Total (net) | 37386 | 39576 |
| &nbsp;&nbsp;Subtotal | 780015 | 756743 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 466 | 406 |
| &nbsp;&nbsp;Subtotal | 466 | 406 |
| Total | $780481 | $757149 |

---

**NOTE 15 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2024* | *2024* |
| *Type* | *Gross* | *Net of Loading* | *Gross* | *Net of Loading* |
| Ordinary new business | $734 | $261 | $1169 | $400 |
| Ordinary renewal | 3125 | 3051 | 1589 | 2168 |
| Total | $3859 | $3312 | $2758 | $2568 |

---

**NOTE 16 – SEPARATE ACCOUNTS**

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025 and 2024, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company's Separate Accounts included legally insulated assets of $504,310 and $490,303, respectively. The assets of the separate account are carried at NAV.

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company's certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company does not engage in securities lending transactions within the separate account.

Information regarding the nonguaranteed separate accounts of the Company is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| For the year ended December 31: |  |  |  |
| &nbsp;&nbsp;Premiums, considerations or deposits | $61584 | $57012 | $60326 |
| At December 31: |  |  |  |
| Reserves by valuation basis |  |  |  |
| &nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value<sup>1</sup> | $504310 | $490303 |  |
| Reserves subject to discretionary withdrawal: |  |  |  |
| &nbsp;&nbsp;At fair value | $504310 | $490303 |  |
| Total included in "Separate account liabilities" in the |  |  |  |
| &nbsp;&nbsp;Balance Sheets – Statutory Basis | $504310 | $490303 |  |

---

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Transfers as reported in the Statements of Income and |  |  |  |
| &nbsp;&nbsp;Changes in Surplus of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to the separate accounts<sup>1</sup> | $58587 | $53245 | $56393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from the separate accounts | (101551) | (79305) | (49675) |
| Net transfers from separate accounts | (42964) | (26060) | 6718 |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Modco reinsurance agreement | 2 | (14) | 7 |
| Net transfers from separate accounts in the Summary of |  |  |  |
| &nbsp;&nbsp;Operations and Changes in Capital and Surplus –Statutory |  |  |  |
| &nbsp;&nbsp;Basis of the Company | $(42962) | $(26074) | $6725 |

---

<sup>1</sup>There are no assumption reinsurance transfers in any year.