# EDGAR Filing Document

**Accession Number:** 0000810369
**File Stem:** 0001193125-26-173996
**Filing Date:** 2026-4
**Character Count:** 189689
**Document Hash:** 25405f5b39cd6bf8e8c12bcd342b9d1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-173996.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-173996

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZALICO VARIABLE SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000810369

**ORGANIZATION NAME:**
- **EIN:** 363050975
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05025
- **FILM NUMBER:** 26889649

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CHASE LIFE
- **STREET 2:** 2500 WESTFIELD DRIVE
- **CITY:** ELGIN
- **STATE:** IL
- **ZIP:** 60123
- **BUSINESS PHONE:** 847-930-7272

**MAIL ADDRESS:**
- **STREET 1:** C/O CHASE LIFE
- **STREET 2:** 2500 WESTFIELD DRIVE
- **CITY:** ELGIN
- **STATE:** IL
- **ZIP:** 60123

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KILICO VARIABLE SEPARATE ACCOUNT/IL
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### ZALICO VARIABLE SEPARATE ACCOUNT/IL (Series ID: S000006944)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000018910 | Zurich Select                |  |
| C000018911 | Zurich Power V/Farmers VUL I |  |
| C000018912 | Scudder Destinations Life    |  |
| C000018913 | Zurich Kemper Lifeinvestor   |  |

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**FINANCIAL STATEMENTS** 

**December 31, 2025** 

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

---

| | |
|:---|:---|
| **Index** | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#toc36726_1) | 1 |
|  [Statement of Assets, Liabilities and Policy Owners' Equity, December 31, 2025](#toc36726_2) | 4 |
|  [Statement of Operations for the year ended December 31, 2025](#toc36726_3) | 11 |
|  [Statement of Changes in Policy Owners' Equity for the year ended December 31, 2025](#toc36726_4) | 18 |
|  [Statement of Changes in Policy Owners' Equity for the year ended December 31, 2024](#toc36726_5) | 25 |
|  [Notes to Financial Statements](#toc36726_6) | 32 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g36726g12g13.jpg)

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Zurich American Life Insurance Company and

Policy Owners of ZALICO Variable Separate Account of Zurich

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Life Insurance Company

**Opinion on the Financial Statements** 

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

**Basis for Opinion** 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g36726g01a02.jpg)

We have served as the Separate Account's Auditor since 2021.

April 23, 2026

A member firm of Ernst & Young Global Limited 1

------

##### [**Table of Contents**](#toc)
**Appendix** 

Subaccounts comprising ZALICO Variable Separate Account of Zurich American Life Insurance Company

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccounts** | **Statement of Operations** | **Statements of Changes in Policy<br>Owners' Equity** |
| &nbsp;&nbsp;&nbsp; Alger Balanced-Class I-2<br> Alger Capital Appreciation-Class I-2<br> Alger Growth & Income-Class I-2<br> Alger Large Cap Growth-Class I-2<br> Alger Mid Cap Growth-Class I-2<br> AST Balanced Asset Allocation Portfolio<br> AST Core Fixed Income Portfolio<br> AST International Equity Portfolio<br> AST Large-Cap Value Portfolio<br> AST Large-Cap Growth Portfolio<br> AST Small Cap Equity Portfolio<br> BNY Mellon Investment Portfolios MidCap Stock Portfolio – Initial Shares<br> BNY Mellon Stock Index Fund Inc. – Initial Shares<br> BNY Mellon Sustainable U.S. Equity Portfolio Inc. – Initial Shares<br> BNY Mellon VIF Appreciation Portfolio-Initial Shares<br> BNY Mellon VIF Small Cap Portfolio – Initial Shares<br> DWS Capital Growth VIP A<br> DWS Core Equity VIP A<br> DWS CROCI<sup>®</sup> International VIP A<br> DWS Global Small Cap VIP A<br> DWS CROCI<sup>®</sup> U.S. VIP A<br> DWS Global Income Builder VIP A<br> DWS Government Money Market VIP A DWS High Income VIP A<br> DWS International Opportunities VIP A<br> DWS Small Mid Cap Growth VIP A DWS Small Mid Cap Value VIP A<br> DWS Equity 500 Index VIP A<br> DWS Small Cap Index VIP A<br> Fidelity VIP II Contrafund<br> Fidelity VIP Equity Income<br> Fidelity VIP Growth<br> Fidelity VIP Growth Opportunities Fidelity VIP High Income<br> Fidelity VIP II Index 500<br> Fidelity VIP Overseas<br> FTVIP Templeton Developing Markets Fund CL 2<br> FTVIP Templeton Foreign Fund CL 2<br> FTVIP Templeton Global Bond Fund CL 2 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund Series I<br> Invesco V.I. Diversified Dividend Fund Series I | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

---

A member firm of Ernst & Young Global Limited 2

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccounts** | **Statement of Operations** | **Statements of Changes in Policy<br>Owners' Equity** |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Equity and Income Fund Series I<br> Invesco V.I. Technology Fund Series I<br> Janus Henderson Balanced Portfolio I-S<br> Janus Henderson Enterprise Portfolio I-S<br> Janus Henderson Flexible Bond Portfolio I-S<br> Janus Henderson Forty Portfolio I-S<br> Janus Henderson Global Research Portfolio I-S<br> Janus Henderson Overseas Portfolio I-S<br> Janus Henderson Research Portfolio I-S<br> LVIP American Century Disciplined Core Value<br> LVIP American Century International<br> LVIP American Century Ultra<br> LVIP American Century Value<br> PIMCO PVIT International Bond (U.S. Dollar-Hedged) – Admin<br> PIMCO PVIT Low Duration Portfolio – Admin |  |  |
| &nbsp;&nbsp;&nbsp; AST Balanced Asset Allocation Portfolio | For the year ended December 31, 2025 | For the year ended December 31, 2025 and for the period from December 6, 2024 through December 31, 2024 |
| &nbsp;&nbsp;&nbsp; AST Mid-Cap Growth Portfolio | N/A | For the period ended December 13, 2024 |
| &nbsp;&nbsp;&nbsp; AST T Rowe Price Asset Allocation Portfolio | N/A | For the period ended December 6, 2024 |
| &nbsp;&nbsp;&nbsp; DWS Core Equity VIP B<br> DWS CROCI<sup>®</sup> International VIP B | N/A | For the period ended June 17, 2024 |

---

A member firm of Ernst & Young Global Limited 3

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** |
|  |<br>**Alger**<br>**Balanced-**<br>**Class I-2** |<br>**Alger Capital**<br>**Appreciation-**<br>**Class I-2** |<br>**Alger Growth**<br>**& Income-**<br>**Class I-2** |<br>**Alger Large**<br>**Cap Growth-**<br>**Class I-2** |<br>**Alger Mid**<br>**Cap Growth-**<br>**Class I-2** | **AST**<br>**Balanced**<br>**Asset**<br>**Allocation**<br>**Portfolio** |<br>**AST Core**<br>**Fixed Income**<br>**Portfolio** |<br>**AST**<br>**International**<br>**Equity**<br>**Portfolio** |<br>**AST Large-**<br>**Cap Growth**<br>**Portfolio** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $615659 | $742248 | $1342991 | $1439374 | $1852193 | $1251032 | $404106 | $703482 | $18418797 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 615659 | 742248 | 1342991 | 1439374 | 1852193 | 1251032 | 404106 | 703482 | 18418797 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $615659 | $742248 | $1342991 | $1439374 | $1852193 | $1251032 | $404106 | $703482 | $18418797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 14455 | 6621 | 16864 | 14170 | 29072 | 114164 | 41202 | 18759 | 911076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 27290 | 5761 | 38240 | 13951 | 77758 | 39046 | 28102 | 19716 | 166761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $22.56 | $128.84 | $35.12 | $103.17 | $23.82 | $32.04 | $14.38 | $35.68 | $110.45 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | | | | $— | $— | $— | $— |
|  | **Advanced Series Trust** | **Advanced Series Trust** | $nan<br>**BNY Mellon<br>Investment<br>Portfolio** | $nan<br>**BNY Mellon<br>Stock Index<br>Fund** | $nan<br>**BNY Mellon<br>Sustainable<br>U.S. Equity<br>Funds** | **BNY Mellon Variable<br>Investment Fund** | **BNY Mellon Variable<br>Investment Fund** | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable<br>Series I** |
|  |<br><br>**AST Large-**<br>**Cap Value**<br>**Portfolio** |<br><br>**AST Small**<br>**Cap Equity**<br>**Portfolio** | **BNY Mellon**<br>**Investment**<br>**Portfolios**<br>**MidCap**<br>**Stock**<br>**Portfolio -**<br>**Initial Shares** |<br><br>**BNY Mellon**<br>**Stock Index**<br>**Fund Inc. -**<br>**Initial Shares** |<br>**BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Portfolio Inc.**<br>**- Initial**<br>**Shares** |<br>**BNY Mellon**<br>**VIF**<br>**Appreciation**<br>**Portfolio -**<br>**Initial Shares** |<br>**BNY Mellon**<br>**VIF Small**<br>**Cap Portfolio**<br>**- Initial**<br>**Shares** |<br><br><br>**DWS Capital**<br>**Growth VIP A** |<br><br><br>**DWS Core**<br>**Equity VIP A** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $3418074 | $333358 | $156466 | $983488 | $240705 | $296936 | $938456 | $7099865 | $1837755 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3418074 | 333358 | 156466 | 983488 | 240705 | 296936 | 938456 | 7099865 | 1837755 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $3418074 | $333358 | $156466 | $983488 | $240705 | $296936 | $938456 | $7099865 | $1837755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 39908 | 3660 | 2572 | 12094 | 4202 | 4783 | 21968 | 87294 | 26038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 56006 | 3872 | 7693 | 11285 | 4115 | 8819 | 19551 | 165267 | 130801 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $61.03 | $86.09 | $20.34 | $87.15 | $58.49 | $33.67 | $48.00 | $42.96 | $14.05 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** |
|  | **DWS**<br>**CROCI<sup>®</sup>**<br>**International**<br>**VIP A** |<br>**DWS Global**<br>**Small Cap**<br>**VIP A** |<br>**DWS**<br>**CROCI<sup>®</sup> U.S.**<br>**VIP A** |<br>**DWS Global**<br>**Income**<br>**Builder VIP A** | **DWS**<br>**Government**<br>**Money**<br>**Market VIP A** |<br>**DWS High**<br>**Income VIP A** | **DWS**<br>**International**<br>**Opportunities**<br>**VIP A** |<br>**DWS Small**<br>**Mid Cap**<br>**Growth VIP A** |<br>**DWS Small**<br>**Mid Cap**<br>**Value VIP A** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $311925 | $239318 | $2172426 | $1033029 | $3108906 | $480521 | $5204 | $4099548 | $104871 |
|  Dividends and other receivables |  |  |  |  | 27 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 311925 | 239318 | 2172426 | 1033029 | 3108933 | 480521 | 5204 | 4099548 | 104871 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $311925 | $239318 | $2172426 | $1033029 | $3108933 | $480521 | $5204 | $4099548 | $104871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 12157 | 5112 | 214916 | 98051 | 1264859 | 76997 | 147 | 536739 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 29935 | 20684 | 115432 | 46221 | 3108906 | 83714 | 271 | 288904 | 7443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $10.42 | $11.57 | $18.82 | $22.35 | $1.00 | $5.74 | $19.20 | $14.19 | $14.09 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Investments<br>VIT Funds** | **Deutsche DWS Investments<br>VIT Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** |
|  | **DWS Equity**<br>**500 Index VIP A** | | | | | | | | |
|  | **DWS Equity**<br>**500 Index VIP A** | | | | | | | | |
|  | **DWS Equity**<br>**500 Index VIP A** | **DWS Small**<br>**Cap Index**<br>**VIP A** |<br>**Fidelity VIP II**<br>**Contrafund** | **Fidelity VIP**<br>**Equity**<br>**Income** |<br>**Fidelity VIP**<br>**Growth** | **Fidelity VIP**<br>**Growth**<br>**Opportunities** |<br>**Fidelity VIP**<br>**High Income** |<br>**Fidelity VIP II**<br>**Index 500** |<br>**Fidelity VIP**<br>**Overseas** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $1092413 | $194570 | $5196600 | $1455788 | $1827342 | $2636502 | $156973 | $4082870 | $99194 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1092413 | 194570 | 5196600 | 1455788 | 1827342 | 2636502 | 156973 | 4082870 | 99194 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $1092413 | $194570 | $5196600 | $1455788 | $1827342 | $2636502 | $156973 | $4082870 | $99194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 16734 | 4071 | 19483 | 18715 | 15961 | 12957 | 5601 | 4187 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 33561 | 12954 | 86769 | 49466 | 18700 | 26447 | 32167 | 6185 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $32.55 | $15.02 | $59.89 | $29.43 | $97.72 | $99.69 | $4.88 | $660.12 | $27.52 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Franklin Templeton Variable Insurance**<br>**Products Trust** | **Franklin Templeton Variable Insurance**<br>**Products Trust** | **Franklin Templeton Variable Insurance**<br>**Products Trust** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** |
|  | **FTVIP**<br>**Templeton**<br>**Developing**<br>**Markets**<br>**Fund CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Foreign Fund**<br>**CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Global Bond**<br>**Fund CL 2** | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Fund Series I** |<br>**Invesco V.I.**<br>**Equity and**<br>**Income Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Technology**<br>**Fund Series I** |<br>**Janus**<br>**Henderson**<br>**Balanced**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Enterprise**<br>**Portfolio I-S** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $187383 | $74238 | $44744 | $65340 | $93408 | $187 | $314096 | $2592256 | $1867116 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 187383 | 74238 | 44744 | 65340 | 93408 | 187 | 314096 | 2592256 | 1867116 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $187383 | $74238 | $44744 | $65340 | $93408 | $187 | $314096 | $2592256 | $1867116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 6615 | 3175 | 3068 | 3723 | 2461 | 14 | 3046 | 51936 | 22297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 15512 | 4577 | 3397 | 869 | 3432 | 10 | 12226 | 46406 | 22339 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $12.08 | $16.22 | $13.17 | $75.19 | $27.22 | $18.70 | $25.69 | $55.86 | $83.58 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
|  | **Janus**<br>**Henderson**<br>**Flexible**<br>**Bond**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Forty**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Research**<br>**Portfolio I-S** | **LVIP**<br>**American**<br>**Century**<br>**Disciplined**<br>**Core Value** |<br>**LVIP**<br>**American**<br>**Century**<br>**International** |<br>**LVIP**<br>**American**<br>**Century Ultra** |<br>**LVIP**<br>**American**<br>**Century**<br>**Value** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at current fair value | $74753 | $3317999 | $1485650 | $808675 | $2325709 | $78067 | $56332 | $175387 | $388023 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 74753 | 3317999 | 1485650 | 808675 | 2325709 | 78067 | 56332 | 175387 | 388023 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Policy owners' equity | $74753 | $3317999 | $1485650 | $808675 | $2325709 | $78067 | $56332 | $175387 | $388023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 4108 | 13350 | 24879 | 26573 | 24012 | 1535 | 1894 | 1503 | 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 7528 | 55840 | 18648 | 14487 | 35835 | 8065 | 4600 | 5569 | 30035 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $9.93 | $59.42 | $79.67 | $55.82 | $64.90 | $9.68 | $12.25 | $31.49 | $12.92 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Assets, Liabilities and Policy Owners' Equity (continued)** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **PIMCO Variable Insurance<br>Trust** | **PIMCO Variable Insurance<br>Trust** |
|  | **PIMCO PVIT**<br>**International**<br>**Bond (U.S.**<br>**Dollar-**<br>**Hedged) -**<br>**Admin** |<br>**PIMCO PVIT**<br>**Low Duration**<br>**Portfolio -**<br>**Admin** |
|  **ASSETS** |  |  |
|  Investments in underlying portfolio funds, at current fair value | $72026 | $34299 |
|  Dividends and other receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 72026 | 34299 |
|  **LIABILITIES AND POLICY OWNERS' EQUITY** |  |  |
|  Liabilities - other payables |  |  |
|  Policy owners' equity | $72026 | $34299 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 2820 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in Each Portfolio** | 7174 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $10.04 | $9.78 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** |
|  | **Alger<br>Balanced-<br>Class I-2** | **Alger Capital**<br>**Appreciation-**<br>**Class I-2** | **Alger Growth**<br>**& Income-<br>Class I-2** | **Alger Large<br>Cap Growth-<br>Class I-2** | **Alger Mid<br>Cap Growth-<br>Class I-2** | **AST<br>Balanced<br>Asset<br>Allocation<br>Portfolio** | **AST Core<br>Fixed Income<br>Portfolio** | **AST<br>International<br>Equity<br>Portfolio** | **AST Large-<br>Cap Growth<br>Portfolio** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $16105 | $— | $19161 | $— | $— | $— | $— | $— | $— |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 2678 | 5696 | 4457 | 4524 | 5952 | 10660 | 3618 | 6047 | 154179 |
| Net investment income (loss) | 13427 | (5696) | 14704 | (4524) | (5952) | (10660) | (3618) | (6047) | (154179) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | 8028 | 4198 | 62816 | 34372 | (18622) | 1842 | (718) | 69472 | 589410 |
| Capital gain distributions | 58180 | 116750 | 149142 | 154286 |  |  |  |  |  |
| Net realized gain (loss) on investments | 66208 | 120948 | 211958 | 188658 | (18622) | 1842 | (718) | 69472 | 589410 |
| Change in unrealized appreciation (depreciation) on investments | 3788 | 63718 | 4256 | 159794 | 292185 | 158662 | 28598 | 121348 | 2135225 |
| Net realized and unrealized gain on investments | 69996 | 184666 | 216214 | 348452 | 273563 | 160504 | 27880 | 190820 | 2724635 |
| Net increase in policy owners' equity resulting from operations | $83423 | $178970 | $230918 | $343928 | $267611 | $149844 | $24262 | $184773 | $2570456 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | | | | $— | $— | $— | $— |
|  | **Advanced Series Trust** | **Advanced Series Trust** | $nan<br>**BNY Mellon<br>Investment<br>Portfolio** | $nan<br>**BNY Mellon<br>Stock Index<br>Fund** | $nan<br>**BNY Mellon<br>Sustainable<br>U.S. Equity<br>Funds** | **BNY Mellon Variable**<br>**Investment Fund** | **BNY Mellon Variable**<br>**Investment Fund** | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable<br>Series I** |
|  | **AST Large-<br>Cap Value<br>Portfolio** | **AST Small<br>Cap Equity<br>Portfolio** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap<br>Stock<br>Portfolio -<br>Initial Shares** | **BNY Mellon<br>Stock Index<br>Fund Inc. -<br>Initial Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity<br>Portfolio Inc.<br>- Initial<br>Shares** | **BNY Mellon<br>VIF<br>Appreciation<br>Portfolio -<br>Initial Shares** | **BNY Mellon<br>VIF Small<br>Cap Portfolio<br>- Initial<br>Shares** | **DWS Capital<br>Growth VIP A** | **DWS Core<br>Equity VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $— | $— | $992 | $9359 | $550 | $1023 | $5738 | $3355 | $13541 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 28583 | 2853 | 1321 | 3231 | 1319 | 946 | 2902 | 60650 | 12575 |
| Net investment income (loss) | (28583) | (2853) | (329) | 6128 | (769) | 77 | 2836 | (57295) | 966 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | 142268 | 16536 | (53) | 31333 | 1883 | (1132) | (5189) | 470947 | 20261 |
| Capital gain distributions |  |  | 12897 | 49304 | 17582 | 41180 |  | 782353 | 174854 |
| Net realized gain (loss) on investments | 142268 | 16536 | 12844 | 80637 | 19465 | 40048 | (5189) | 1253300 | 195115 |
| Change in unrealized appreciation (depreciation) on investments | 337510 | 7403 | 538 | 61216 | 13312 | (13835) | 94150 | (436896) | 60114 |
| Net realized and unrealized gain on investments | 479778 | 23939 | 13382 | 141853 | 32777 | 26213 | 88961 | 816404 | 255229 |
| Net increase in policy owners' equity resulting from operations | $451195 | $21086 | $13053 | $147981 | $32008 | $26290 | $91797 | $759109 | $256195 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable<br>Series I** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** |
|  | **DWS<br>CROCI<sup>®</sup><br>International<br>VIP A** | **DWS Global<br>Small Cap<br>VIP A** | **DWS<br>CROCI<sup>®</sup> U.S.<br>VIP A** | **DWS Global<br>Income<br>Builder VIP A** | **DWS**<br>**Government<br>Money<br>Market VIP A** | **DWS High<br>Income VIP A** | **DWS<br>International<br>Opportunities<br>VIP A** | **DWS Small<br>Mid Cap<br>Growth VIP A** | **DWS Small<br>Mid Cap<br>Value VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $7071 | $3211 | $26077 | $43188 | $122137 | $32302 | $45 | $— | $914 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 1900 | 2211 | 17624 | 8345 | 24526 | 4248 | 44 | 31942 | 836 |
| Net investment income (loss) | 5171 | 1000 | 8453 | 34843 | 97611 | 28054 | 1 | (31942) | 78 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | 1008 | (19678) | 64769 | 2498 |  | (4916) | 43 | (68535) | 53 |
| Capital gain distributions |  | 15840 | 169084 | 123648 |  |  |  | 281640 | 10325 |
| Net realized gain (loss) on investments | 1008 | (3838) | 233853 | 126146 |  | (4916) | 43 | 213105 | 10378 |
| Change in unrealized appreciation (depreciation) on investments | 93004 | 43523 | 58142 | (23605) |  | 12574 | 750 | 98775 | 4925 |
| Net realized and unrealized gain on investments | 94012 | 39685 | 291995 | 102541 |  | 7658 | 793 | 311880 | 15303 |
| Net increase in policy owners' equity resulting from operations | $99183 | $40685 | $300448 | $137384 | $97611 | $35712 | $794 | $279938 | $15381 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Investments**<br>**VIT Funds** | **Deutsche DWS Investments**<br>**VIT Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** |
|  | **DWS Equity<br>500 Index VIP A** | **DWS Small<br>Cap Index<br>VIP A** | **Fidelity VIP II<br>Contrafund** | **Fidelity VIP<br>Equity<br>Income** | **Fidelity VIP<br>Growth** | **Fidelity VIP<br>Growth<br>Opportunities** | **Fidelity VIP<br>High Income** | **Fidelity VIP II<br>Index 500** | **Fidelity VIP<br>Overseas** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $11039 | $2296 | $6802 | $24736 | $5028 | $— | $9889 | $44294 | $1536 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 9232 | 570 | 43490 | 8171 | 5940 | 21376 | 598 | 34606 | 299 |
| Net investment income (loss) | 1807 | 1726 | (36688) | 16565 | (912) | (21376) | 9291 | 9688 | 1237 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | 36603 | (1653) | 208723 | 35136 | 12335 | 92951 | (1837) | 319687 | 719 |
| Capital gain distributions | 91328 | 9806 | 781534 | 76478 | 222221 | 37935 |  | 20325 | 8535 |
| Net realized gain (loss) on investments | 127931 | 8153 | 990257 | 111614 | 234556 | 130886 | (1837) | 340012 | 9254 |
| Change in unrealized appreciation (depreciation) on investments | 32971 | 11517 | (45682) | 103849 | 1169 | 347508 | 6875 | 248052 | 6148 |
| Net realized and unrealized gain on investments | 160902 | 19670 | 944575 | 215463 | 235725 | 478394 | 5038 | 588064 | 15402 |
| Net increase in policy owners' equity resulting from operations | $162709 | $21396 | $907887 | $232028 | $234813 | $457018 | $14329 | $597752 | $16639 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Franklin Templeton Variable<br>Insurance Products Trust** | **Franklin Templeton Variable<br>Insurance Products Trust** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Janus Aspen Series** | **Janus Aspen Series** |
|  | **FTVIP**<br>**Templeton<br>Developing<br>Markets** <br>**Fund CL 2** | **FTVIP**<br>**Templeton**<br>**Foreign Fund**<br>**CL 2** | **FTVIP<br>Templeton<br>Global Bond<br>Fund CL 2** | **Invesco V.I.<br>Discovery<br>Mid Cap<br>Growth Fund<br>Series I** | **Invesco V.I.<br>Diversified<br>Dividend<br>Fund Series I** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Series I** | **Invesco V.I.<br>Technology<br>Fund Series I** | **Janus<br>Henderson<br>Balanced<br>Portfolio I-S** | **Janus<br>Henderson<br>Enterprise<br>Portfolio I-S** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
| Dividend income | $868 | $1699 | $— | $— | $1458 | $4 | $— | $49801 | $3623 |
| **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 989 | 230 | 170 | 263 | 348 | 1 | 1077 | 9209 | 6035 |
| Net investment income (loss) | (121) | 1469 | (170) | (263) | 1110 | 3 | (1077) | 40592 | (2412) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | 5547 | 1667 | (760) | 472 | 1014 | 1 | (760) | 32294 | 7433 |
| Capital gain distributions | 2709 | 4743 |  | 5443 | 6969 | 10 | 33684 | 79760 | 134483 |
| Net realized gain (loss) on investments | 8256 | 6410 | (760) | 5915 | 7983 | 11 | 32924 | 112054 | 141916 |
| Change in unrealized appreciation (depreciation) on investments | 52575 | 10199 | 6832 | (2834) | 4872 | 9 | 23559 | 183564 | (11239) |
| Net realized and unrealized gain on investments | 60831 | 16609 | 6072 | 3081 | 12855 | 20 | 56483 | 295618 | 130677 |
| Net increase in policy owners' equity resulting from operations | $60710 | $18078 | $5902 | $2818 | $13965 | $23 | $55406 | $336210 | $128265 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
|  | **Janus<br>Henderson<br>Flexible<br>Bond<br>Portfolio I-S** | **Janus<br>Henderson<br>Forty<br>Portfolio I-S** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio I-S** | **Janus<br>Henderson<br>Overseas<br>Portfolio I-S** | **Janus<br>Henderson<br>Research<br>Portfolio I-S** | **LVIP<br>American<br>Century<br>Disciplined<br>Core Value** | **LVIP<br>American<br>Century<br>International** | **LVIP<br>American<br>Century Ultra** | **LVIP<br>American<br>Century<br>Value** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
| Dividend income | $4193 | $2337 | $7942 | $10436 | $— | $1256 | $661 | $— | $5993 |
| **EXPENSES** |  |  |  |  |  |  |  |  |  |
| Administration, mortality and expense risk charges | 310 | 28255 | 4949 | 2589 | 7842 | 287 | 123 | 522 | 1238 |
| Net investment income (loss) | 3883 | (25918) | 2993 | 7847 | (7842) | 969 | 538 | (522) | 4755 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on redemption of investments | (5868) | 164215 | 30134 | 10565 | 38377 | (379) | 41 | 988 | 5496 |
| Capital gain distributions |  | 385667 | 118313 |  | 161223 |  |  | 13806 | 28602 |
| Net realized gain (loss) on investments | (5868) | 549882 | 148447 | 10565 | 199600 | (379) | 41 | 14794 | 34098 |
| Change in unrealized appreciation (depreciation) on investments | 7521 | (26348) | 104077 | 161637 | 165054 | 9401 | 7064 | 5254 | 15969 |
| Net realized and unrealized gain on investments | 1653 | 523534 | 252524 | 172202 | 364654 | 9022 | 7105 | 20048 | 50067 |
| Net increase in policy owners' equity resulting from operations | $5536 | $497616 | $255517 | $180049 | $356812 | $9991 | $7643 | $19526 | $54822 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **PIMCO Variable Insurance<br>Trust** | **PIMCO Variable Insurance<br>Trust** |
|  | **PIMCO PVIT<br>International<br>Bond (U.S.<br>Dollar-<br>Hedged) -<br>Admin** | **PIMCO PVIT<br>Low Duration<br>Portfolio -<br>Admin** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |
| Dividend income | $2521 | $1357 |
| **EXPENSES** |  |  |
| Administration, mortality and expense risk charges | 648 | 309 |
| Net investment income (loss) | 1873 | 1048 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain (loss) on redemption of investments | (553) | (249) |
| Capital gain distributions |  |  |
| Net realized gain (loss) on investments | (553) | (249) |
| Change in unrealized appreciation (depreciation) on investments | 792 | 747 |
| Net realized and unrealized gain on investments | 239 | 498 |
| Net increase in policy owners' equity resulting from operations | $2112 | $1546 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** |
|  | **Alger**<br> **Balanced-** <br>**Class I-2** | **Alger Capital**<br> **Appreciation-** <br>**Class I-2** | **Alger Growth** <br>**& Income-**<br>**Class I-2** | **Alger Large**<br> **Cap Growth-** <br>**Class I-2** | **Alger Mid**<br> **Cap Growth-** <br>**Class I-2** | **AST**<br> **Balanced** <br>**Asset**<br>**Allocation**<br>**Portfolio** | **AST Core**<br> **Fixed Income** <br>**Portfolio** | **AST**<br> **International** <br>**Equity**<br>**Portfolio** | **AST Large-**<br> **Cap Growth** <br>**Portfolio** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $13427 | $(5696) | $14704 | $(4524) | $(5952) | $(10660) | $(3618) | $(6047) | $(154179) |
| Net realized gain (loss) on investments | 66208 | 120948 | 211958 | 188658 | (18622) | 1842 | (718) | 69472 | 589410 |
| Change in unrealized appreciation (depreciation) on investments | 3788 | 63718 | 4256 | 159794 | 292185 | 158662 | 28598 | 121348 | 2135225 |
| Net increase in policy owners' equity resulting from operations | 83423 | 178970 | 230918 | 343928 | 267611 | 149844 | 24262 | 184773 | 2570456 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 11542 |  | 22301 | 22438 | 38550 | 34146 | 29924 | 21490 | 375256 |
| Net transfer (to) from affiliate and subaccounts | (2924) | (19) | (13711) | (53654) | (14735) | (22743) | 3355 | (53576) | (249107) |
| Payments for redemptions | (920) |  | (61654) | (27532) | (46787) | (1462) | (1533) | (27559) | (486868) |
| Cost of insurance | (17590) | (3242) | (35904) | (37316) | (62205) | (59702) | (48664) | (35010) | (772208) |
| Net increase (decrease) from policy owners' equity transactions | (9892) | (3261) | (88968) | (96064) | (85177) | (49761) | (16918) | (94655) | (1132927) |
| Total increase (decrease) in policy owners' equity | 73531 | 175709 | 141950 | 247864 | 182434 | 100083 | 7344 | 90118 | 1437529 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 542128 | 566539 | 1201041 | 1191510 | 1669759 | 1150949 | 396762 | 613364 | 16981268 |
| End of period | $615659 | $742248 | $1342991 | $1439374 | $1852193 | $1251032 | $404106 | $703482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18418797 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | | | | $— | $— | $— | $— |
|  | **Advanced Series Trust** | **Advanced Series Trust** | $nan<br>**BNY Mellon**<br>**Investment**<br>**Portfolio** | $nan<br>**BNY Mellon**<br>**Stock Index**<br>**Fund** | $nan<br>**BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Funds** | **BNY Mellon Variable** <br>**Investment Fund** | **BNY Mellon Variable** <br>**Investment Fund** | **Deutsche DWS Variable** <br>**Series I** | **Deutsche DWS Variable** <br>**Series I** |
|  | **AST Large-**<br>**Cap Value**<br>**Portfolio** | **AST Small**<br>**Cap Equity**<br>**Portfolio** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap Stock<br>Portfolio -**<br>**Initial Shares** | **BNY Mellon<br>Stock Index<br>Fund Inc. -**<br>**Initial Shares** | **BNY Mellon<br>Sustainable**<br>**U.S. Equity**<br>**Portfolio Inc.<br>- Initial**<br>**Shares** | **BNY Mellon**<br>**VIF**<br>**Appreciation<br>Portfolio -**<br>**Initial Shares** | **BNY Mellon<br>VIF Small**<br>**Cap Portfolio**<br>**- Initial**<br>**Shares** | **DWS Capital**<br> **Growth VIP A** | **DWS Core**<br> **Equity VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(28583) | $(2853) | $(329) | $6128 | $(769) | $77 | $2836 | $(57295) | $966 |
| Net realized gain (loss) on investments | 142268 | 16536 | 12844 | 80637 | 19465 | 40048 | (5189) | 1253300 | 195115 |
| Change in unrealized appreciation (depreciation) on investments | 337510 | 7403 | 538 | 61216 | 13312 | (13835) | 94150 | (436896) | 60114 |
| Net increase in policy owners' equity resulting from operations | 451195 | 21086 | 13053 | 147981 | 32008 | 26290 | 91797 | 759109 | 256195 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 94032 | 5838 |  | 13999 | 3321 | 6918 | 18837 | 51484 | 33858 |
| Net transfer (to) from affiliate and subaccounts | (1894) | 1991 |  | 4948 | (75) | 4003 | 20163 | (986936) | (15175) |
| Payments for redemptions | (82612) | (660) |  | (43843) |  | (1999) | (30356) | (53370) | (25647) |
| Cost of insurance | (149640) | (15620) | (742) | (20046) | (3834) | (7110) | (29958) | (136828) | (60986) |
| Net increase (decrease) from policy owners' equity transactions | (140114) | (8451) | (742) | (44942) | (588) | 1812 | (21314) | (1125650) | (67950) |
| Total increase (decrease) in policy owners' equity | 311081 | 12635 | 12311 | 103039 | 31420 | 28102 | 70483 | (366541) | 188245 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 3106993 | 320723 | 144155 | 880449 | 209285 | 268834 | 867973 | 7466406 | 1649510 |
| End of period | $3418074 | $333358 | $156466 | $983488 | $240705 | $296936 | $938456 | $7099865 | $1837755 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Variable**<br>**Series I** | **Deutsche DWS Variable**<br>**Series I** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** |
|  | **DWS**<br>**CROCI<sup>®</sup>**<br>**International<br>VIP A** | **DWS Global**<br>**Small Cap**<br>**VIP A** | **DWS**<br>**CROCI<sup>®</sup> U.S.**<br>**VIP A** | **DWS Global<br>Income<br>Builder VIP A** | **DWS**<br>**Government <br>Money**<br>**Market VIP A** | **DWS High**<br>**Income VIP A** | **DWS**<br>**International** <br>**Opportunities**<br>**VIP A** | **DWS Small**<br>**Mid Cap**<br>**Growth VIP A** | **DWS Small**<br>**Mid Cap**<br>**Value VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $5171 | $1000 | $8453 | $34843 | $97611 | $28054 | $1 | $(31942) | $78 |
| Net realized gain (loss) on investments | 1008 | (3838) | 233853 | 126146 |  | (4916) | 43 | 213105 | 10378 |
| Change in unrealized appreciation (depreciation) on investments | 93004 | 43523 | 58142 | (23605) |  | 12574 | 750 | 98775 | 4925 |
| Net increase in policy owners' equity resulting from operations | 99183 | 40685 | 300448 | 137384 | 97611 | 35712 | 794 | 279938 | 15381 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 6348 |  | 21853 | 14256 | 229329 | 12526 |  | 119620 |  |
| Net transfer (to) from affiliate and subaccounts | (30283) | (76429) | (158405) | (106338) | 385583 | (25475) |  | 16095 |  |
| Payments for redemptions | (3640) |  | (19989) | (15307) | (485207) | (2553) |  | (70954) |  |
| Cost of insurance | (10043) | (1185) | (39807) | (24864) | (205747) | (19747) | (48) | (173117) | (489) |
| Net increase (decrease) from policy owners' equity transactions | (37618) | (77614) | (196348) | (132253) | (76042) | (35249) | (48) | (108356) | (489) |
| Total increase (decrease) in policy owners' equity | 61565 | (36929) | 104100 | 5131 | 21569 | 463 | 746 | 171582 | 14892 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 250360 | 276247 | 2068326 | 1027898 | 3087364 | 480058 | 4458 | 3927966 | 89979 |
| End of period | $311925 | $239318 | $2172426 | $1033029 | $3108933 | $480521 | $5204 | $4099548 | $104871 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Investments**<br>**VIT Funds** | **Deutsche DWS Investments**<br>**VIT Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** |
|  | **DWS Equity**<br>**500 Index VIP A** | | | | | | | | |
|  | **DWS Equity**<br>**500 Index VIP A** | | | | | | | | |
|  | **DWS Equity**<br>**500 Index VIP A** | **DWS Small**<br>**Cap Index**<br>**VIP A** |<br>**Fidelity VIP II**<br>**Contrafund** | **Fidelity VIP**<br>**Equity**<br>**Income** |<br>**Fidelity VIP**<br>**Growth** | **Fidelity VIP**<br>**Growth**<br>**Opportunities** |<br>**Fidelity VIP**<br>**High Income** |<br>**Fidelity VIP II**<br>**Index 500** |<br>**Fidelity VIP**<br>**Overseas** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $1807 | $1726 | $(36688) | $16565 | $(912) | $(21376) | $9291 | $9688 | $1237 |
| Net realized gain (loss) on investments | 127931 | 8153 | 990257 | 111614 | 234556 | 130886 | (1837) | 340012 | 9254 |
| Change in unrealized appreciation (depreciation) on investments | 32971 | 11517 | (45682) | 103849 | 1169 | 347508 | 6875 | 248052 | 6148 |
| Net increase in policy owners' equity resulting from operations | 162709 | 21396 | 907887 | 232028 | 234813 | 457018 | 14329 | 597752 | 16639 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales |  | 3453 | 100915 | 44556 | 18335 | 49338 | 4374 | 99318 | 3832 |
| Net transfer (to) from affiliate and subaccounts | (52250) | 5450 | (104008) | 9733 | 18094 | (26060) | (6538) | (96040) | (1187) |
| Payments for redemptions |  | (2847) | (209612) | (75837) | (3094) | (35701) | (1027) | (190323) |  |
| Cost of insurance | (4900) | (3154) | (195026) | (66927) | (38057) | (100334) | (6894) | (183203) | (3515) |
| Net increase (decrease) from policy owners' equity transactions | (57150) | 2902 | (407731) | (88475) | (4722) | (112757) | (10085) | (370248) | (870) |
| Total increase (decrease) in policy owners' equity | 105559 | 24298 | 500156 | 143553 | 230091 | 344261 | 4244 | 227504 | 15769 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 986854 | 170272 | 4696444 | 1312235 | 1597251 | 2292241 | 152729 | 3855366 | 83425 |
| End of period | $1092413 | $194570 | $5196600 | $1455788 | $1827342 | $2636502 | $156973 | $4082870 | $99194 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Franklin Templeton Variable Insurance<br>Products Trust** | **Franklin Templeton Variable Insurance<br>Products Trust** | **Franklin Templeton Variable Insurance<br>Products Trust** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Janus Aspen Series** | **Janus Aspen Series** |
|  | **FTVIP**<br>**Templeton**<br>**Developing**<br>**Markets**<br>**Fund CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Foreign Fund**<br>**CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Global Bond**<br>**Fund CL 2** | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Fund Series I** |<br>**Invesco V.I.**<br>**Equity and**<br>**Income Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Technology**<br>**Fund Series I** |<br>**Janus**<br>**Henderson**<br>**Balanced**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Enterprise**<br>**Portfolio I-S** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(121) | $1469 | $(170) | $(263) | $1110 | $3 | $(1077) | $40592 | $(2412) |
| Net realized gain (loss) on investments | 8256 | 6410 | (760) | 5915 | 7983 | 11 | 32924 | 112054 | 141916 |
| Change in unrealized appreciation (depreciation) on investments | 52575 | 10199 | 6832 | (2834) | 4872 | 9 | 23559 | 183564 | (11239) |
| Net increase in policy owners' equity resulting from operations | 60710 | 18078 | 5902 | 2818 | 13965 | 23 | 55406 | 336210 | 128265 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 3978 | 921 | 2418 | 458 | 2085 |  | 5795 | 20784 | 21477 |
| Net transfer (to) from affiliate and subaccounts | (8214) | (6113) | (159) | (2910) | 2124 | (1) | (4546) | (24299) | 35190 |
| Payments for redemptions | (52) |  | (52) |  | (21527) |  | (11300) | (47106) | (6268) |
| Cost of insurance | (6945) | (2299) | (934) | (2662) | (4271) | (6) | (8246) | (31117) | (51508) |
| Net increase (decrease) from policy owners' equity transactions | (11233) | (7491) | 1273 | (5114) | (21589) | (7) | (18297) | (81738) | (1109) |
| Total increase (decrease) in policy owners' equity | 49477 | 10587 | 7175 | (2296) | (7624) | 16 | 37109 | 254472 | 127156 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 137906 | 63651 | 37569 | 67636 | 101032 | 171 | 276987 | 2337784 | 1739960 |
| End of period | $187383 | $74238 | $44744 | $65340 | $93408 | $187 | $314096 | $2592256 | $1867116 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
|  | **Janus**<br>**Henderson**<br>**Flexible**<br>**Bond**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Forty**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Research**<br>**Portfolio I-S** | **LVIP**<br>**American**<br>**Century**<br>**Disciplined**<br>**Core Value** |<br>**LVIP**<br>**American**<br>**Century**<br>**International** |<br>**LVIP**<br>**American**<br>**Century Ultra** |<br>**LVIP**<br>**American**<br>**Century**<br>**Value** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $3883 | $(25918) | $2993 | $7847 | $(7842) | $969 | $538 | $(522) | $4755 |
| Net realized gain (loss) on investments | (5868) | 549882 | 148447 | 10565 | 199600 | (379) | 41 | 14794 | 34098 |
| Change in unrealized appreciation (depreciation) on investments | 7521 | (26348) | 104077 | 161637 | 165054 | 9401 | 7064 | 5254 | 15969 |
| Net increase in policy owners' equity resulting from operations | 5536 | 497616 | 255517 | 180049 | 356812 | 9991 | 7643 | 19526 | 54822 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 6308 | 82414 | 23586 | 13454 | 26704 | 2074 | 567 | 1755 | 10495 |
| Net transfer (to) from affiliate and subaccounts | (509) | (11511) | (7998) | (3347) | (32189) | 1614 | 1194 | (161) | (1152) |
| Payments for redemptions | (15455) | (227431) | (15595) | (5437) | (17586) |  |  |  | (27903) |
| Cost of insurance | (8290) | (159607) | (39543) | (18496) | (50011) | (4993) | (664) | (2278) | (15264) |
| Net increase (decrease) from policy owners' equity transactions | (17946) | (316135) | (39550) | (13826) | (73082) | (1305) | 1097 | (684) | (33824) |
| Total increase (decrease) in policy owners' equity | (12410) | 181481 | 215967 | 166223 | 283730 | 8686 | 8740 | 18842 | 20998 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 87163 | 3136518 | 1269683 | 642452 | 2041979 | 69381 | 47592 | 156545 | 367025 |
| End of period | $74753 | $3317999 | $1485650 | $808675 | $2325709 | $78067 | $56332 | $175387 | $388023 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

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

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **PIMCO Variable Insurance**<br>**Trust** | **PIMCO Variable Insurance**<br>**Trust** |
|  | **PIMCO PVIT**<br>**International**<br>**Bond (U.S.**<br>**Dollar-**<br>**Hedged) -**<br>**Admin** |<br>**PIMCO PVIT**<br>**Low Duration**<br>**Portfolio -**<br>**Admin** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $1873 | $1048 |
| Net realized gain (loss) on investments | (553) | (249) |
| Change in unrealized appreciation (depreciation) of investments | 792 | 747 |
| Net increase in policy owners' equity resulting from operations | 2112 | 1546 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |
| Proceeds from sales | 3750 | 1822 |
| Net transfer (to) from affiliate and subaccounts | (1071) | (578) |
| Payments for redemptions |  | (914) |
| Cost of insurance | (7024) | (3008) |
| Net increase (decrease) from policy owners' equity transactions | (4345) | (2678) |
| Total increase (decrease) in policy owners' equity | (2233) | (1132) |
| **POLICY OWNERS' EQUITY** |  |  |
| Beginning of period | 74259 | 35431 |
| End of period | $72026 | $34299 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** |
|  | **Alger**<br> **Balanced-** <br>**Class I-2** | **Alger Capital**<br>**Appreciation-**<br>**Class I-2** | **Alger Growth**<br>**& Income-**<br>**Class I-2** | **Alger Large**<br>**Cap Growth-**<br>**Class I-2** | **Alger Mid**<br>**Cap Growth-**<br>**Class I-2** | **AST**<br> **Balanced** <br>**Asset**<br>**Allocation**<br>**Portfolio** | **AST Core**<br>**Fixed Income**<br>**Portfolio** | **AST**<br>**International** <br>**Equity**<br>**Portfolio** | **AST Large-**<br>**Cap Growth**<br>**Portfolio** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 12/6/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(2594) | $(5112) | $2541 | $(3744) | $(5454) | $(716) | $(3574) | $(5401) | $(125114) |
| Net realized gain (loss) on investments | 44548 | 59984 | 28817 | 10422 | (15844) | (41) | (2820) | 33056 | 514150 |
| Change in unrealized appreciation (depreciation) on investments | 38694 | 172198 | 190408 | 363006 | 314634 | (38596) | 9060 | (4837) | 2963628 |
| Net increase in policy owners' equity resulting from operations | 80648 | 227070 | 221766 | 369684 | 293336 | (39353) | 2666 | 22818 | 3352664 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 11581 |  | 23319 | 23416 | 40572 | 2034 | 47784 | 22634 | 334042 |
| Net transfer (to) from affiliate and subaccounts | (89359) | (188910) | (1925) | (41932) | (48932) | 1192466 | 12309 | 52058 | 2157117 |
| Payments for redemptions | (2696) | (2285) | (13901) | (27252) | (10551) |  | (10753) | (25531) | (488401) |
| Cost of insurance | (16956) | (2812) | (35309) | (34458) | (62669) | (4198) | (47152) | (32164) | (645373) |
| Net increase (decrease) from policy owners' equity transactions | (97430) | (194007) | (27816) | (80226) | (81580) | 1190302 | 2188 | 16997 | 1357385 |
| Total increase (decrease) in policy owners' equity | (16782) | 33063 | 193950 | 289458 | 211756 | 1150949 | 4854 | 39815 | 4710049 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 558910 | 533476 | 1007091 | 902052 | 1458003 |  | 391908 | 573549 | 12271219 |
| End of period | $542128 | $566539 | $1201041 | $1191510 | $1669759 | $1150949 | $396762 | $613364 | $16981268 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | | | $— | $— |
|  | | | | | | | | **BNY Mellon Variable** | **BNY Mellon Variable** |
|  | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** | $nan<br>**BNY Mellon**<br>**Investment**<br>**Portfolio** | $nan<br>**BNY Mellon**<br>**Stock Index**<br>**Fund** | $nan<br>**BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Fund** | **Investment Fund** | **Investment Fund** |
|  |<br><br>**AST Large-**<br>**Cap Value**<br>**Portfolio** |<br><br>**AST Mid-Cap**<br>**Growth**<br>**Portfolio** |<br><br>**AST Small**<br>**Cap Equity**<br>**Portfolio** |<br><br>**AST T Rowe**<br>**Price Asset**<br>**Allocation** | **BNY Mellon**<br>**Investment**<br>**Portfolios**<br>**MidCap**<br>**Stock**<br>**Portfolio -**<br>**Initial Shares** |<br><br>**BNY Mellon**<br>**Stock Index**<br>**Fund Inc. -**<br>**Initial Shares** |<br>**BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Portfolio Inc.**<br>**- Initial**<br>**Shares** |<br>**BNY Mellon**<br>**VIF**<br>**Appreciation**<br>**Portfolio -**<br>**Initial Shares** |<br>**BNY Mellon**<br>**VIF**<br>**Opportunistic**<br>**Small Cap**<br>**Portfolio -**<br>**Initial Shares** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/13/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/6/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(28603) | $(20816) | $(2927) | $(9656) | $(111) | $6760 | $(112) | $218 | $2926 |
| Net realized gain (loss) on investments | 201093 | 1469550 | 39324 | 722350 | 1948 | 81204 | 13220 | 17532 | 35 |
| Change in unrealized appreciation (depreciation) on investments | 99473 | (1054341) | 6377 | (560985) | 13205 | 91562 | 34528 | 11648 | 32942 |
| Net increase in policy owners' equity resulting from operations | 271963 | 394393 | 42774 | 151709 | 15042 | 179526 | 47636 | 29398 | 35903 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 96495 | 72882 | 6561 | 54194 |  | 14399 | 3418 | 6560 | 20070 |
| Net transfer (to) from affiliate and subaccounts | (1978) | (2588151) | (5667) | (1223115) |  | (31335) | (2771) | 4123 | 24866 |
| Payments for redemptions | (127669) | (123638) | (19808) | (42654) |  | (36780) | (32894) | (7) | (4887) |
| Cost of insurance | (152756) | (139642) | (16134) | (54772) | (703) | (21085) | (4461) | (6859) | (31496) |
| Net increase (decrease) from policy owners' equity transactions | (185908) | (2778549) | (35048) | (1266347) | (703) | (74801) | (36708) | 3817 | 8553 |
| Total increase (decrease) in policy owners' equity | 86055 | (2384156) | 7726 | (1114638) | 14339 | 104725 | 10928 | 33215 | 44456 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 3020938 | 2384156 | 312997 | 1114638 | 129816 | 775724 | 198357 | 235619 | 823517 |
| End of period | $3106993 | $— | $320723 | $— | $144155 | $880449 | $209285 | $268834 | $867973 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** |
|  |<br>**DWS Capital**<br>**Growth VIP A** |<br>**DWS Core**<br>**Equity VIP A** |<br>**DWS Core**<br>**Equity VIP B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **DWS**<br>**CROCI<sup>®</sup>**<br>**International**<br>**VIP A** | **DWS**<br>**CROCI<sup>®</sup>**<br>**International**<br>**VIP B** |<br>**DWS Global**<br>**Small Cap**<br>**VIP A** |<br>**DWS**<br>**CROCI<sup>®</sup> U.S.**<br>**VIP A** |<br>**DWS Global**<br>**Income**<br>**Builder VIP A** | **DWS**<br>**Government**<br>**Money**<br>**Market VIP A** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(50933) | $1702 | $218 | $6537 | $7156 | $1651 | $13942 | $29524 | $107803 |
| Net realized gain (loss) on investments | 836368 | 194825 | 36488 | 1851 | 11815 | (10168) | 93859 | 8539 |  |
| Change in unrealized appreciation (depreciation) on investments | 833874 | 134461 | (18347) | (4661) | (16818) | 22021 | 222484 | 56558 |  |
| Net increase in policy owners' equity resulting from operations | 1619309 | 330988 | 18359 | 3727 | 2153 | 13504 | 330285 | 94621 | 107803 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 55922 | 36939 | 2019 | 7320 | 3829 |  | 24367 | 14473 | 132723 |
| Net transfer (to) from affiliate and subaccounts | (329630) | (25544) | (160519) | 13498 | (261469) | (40557) | (182106) | (246006) | 698240 |
| Payments for redemptions | (144711) | (338814) |  | (6148) | (11749) | (3505) | (152348) | (45538) | (171557) |
| Cost of insurance | (144618) | (62706) | (5351) | (9446) | (4801) | (1418) | (41031) | (25424) | (203469) |
| Net increase (decrease) from policy owners' equity transactions | (563037) | (390125) | (163851) | 5224 | (274190) | (45480) | (351118) | (302495) | 455937 |
| Total increase (decrease) in policy owners' equity | 1056272 | (59137) | (145492) | 8951 | (272037) | (31976) | (20833) | (207874) | 563740 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 6410134 | 1708647 | 145492 | 241409 | 272037 | 308223 | 2089159 | 1235772 | 2523624 |
| End of period | $7466406 | $1649510 | $— | $250360 | $— | $276247 | $2068326 | $1027898 | $3087364 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | | | | | **Deutsche DWS Investments** | **Deutsche DWS Investments** | | | |
|  | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **VIT Funds** | **VIT Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** |
|  | | | | | **DWS Equity**<br>**500 Index VIP A** | | | | |
|  | | | | | **DWS Equity**<br>**500 Index VIP A** | | | | |
|  |<br>**DWS High**<br>**Income VIP A** | **DWS**<br>**International**<br>**Growth VIP A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **DWS Small**<br>**Mid Cap**<br>**Growth VIP A** | **DWS Small**<br>**Mid Cap**<br>**Value VIP A** | **DWS Equity**<br>**500 Index VIP A** | **DWS Small**<br>**Cap Index**<br>**VIP A** |<br>**Fidelity VIP II**<br>**Contrafund** | **Fidelity VIP**<br>**Equity**<br>**Income** |<br>**Fidelity VIP**<br>**Growth** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $33979 | $13 | $(33710) | $241 | $2773 | $1312 | $(31768) | $15367 | $(5293) |
| Net realized gain (loss) on investments | (34381) | 34 | (77308) | 4522 | 62380 | 3285 | 684255 | 111003 | 358145 |
| Change in unrealized appreciation (depreciation) on investments | 37056 | 301 | 286575 | (253) | 124262 | 11660 | 558928 | 46060 | 23603 |
| Net increase in policy owners' equity resulting from operations | 36654 | 348 | 175557 | 4510 | 189415 | 16257 | 1211415 | 172430 | 376455 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 12141 |  | 133830 |  |  | 3834 | 107205 | 38629 | 19101 |
| Net transfer (to) from affiliate and subaccounts | (207922) |  | (65043) |  | (8) | 3253 | (79257) | 5720 | (39698) |
| Payments for redemptions | (277) |  | (134054) |  | (5676) | (250) | (165315) | (29520) | (2724) |
| Cost of insurance | (20872) | (43) | (186652) | (476) | (4376) | (3404) | (191923) | (76497) | (36456) |
| Net increase (decrease) from policy owners' equity transactions | (216930) | (43) | (251919) | (476) | (10060) | 3433 | (329290) | (61668) | (59777) |
| Total increase (decrease) in policy owners' equity | (180276) | 305 | (76362) | 4034 | 179355 | 19690 | 882125 | 110762 | 316678 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 660334 | 4153 | 4004328 | 85945 | 807499 | 150582 | 3814319 | 1201473 | 1280573 |
| End of period | $480058 | $4458 | $3927966 | $89979 | $986854 | $170272 | $4696444 | $1312235 | $1597251 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | | | | | **Franklin Templeton Variable Insurance** | **Franklin Templeton Variable Insurance** | **Franklin Templeton Variable Insurance** | **Invesco Variable Insurance** | **Invesco Variable Insurance** |
|  | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Products Trust** | **Products Trust** | **Products Trust** | **Funds** | **Funds** |
|  |<br>**Fidelity VIP**<br>**Growth**<br>**Opportunities** |<br><br>**Fidelity VIP**<br>**High Income** |<br><br>**Fidelity VIP II**<br>**Index 500** |<br><br>**Fidelity VIP**<br>**Overseas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **FTVIP**<br>**Templeton**<br>**Developing**<br>**Markets**<br>**Fund CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Foreign Fund**<br>**CL 2** |<br>**FTVIP**<br>**Templeton**<br>**Global Bond**<br>**Fund CL 2** | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Fund Series I** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(18812) | $8383 | $13383 | $1143 | $4577 | $1343 | $(160) | $(277) | $1487 |
| Net realized gain (loss) on investments | 114825 | (1480) | 318514 | 4770 | 2403 | 459 | (732) | (354) | 3718 |
| Change in unrealized appreciation (depreciation) on investments | 557427 | 5500 | 453410 | (2134) | 2439 | (2676) | (4004) | 15254 | 6181 |
| Net increase in policy owners' equity resulting from operations | 653440 | 12403 | 785307 | 3779 | 9419 | (874) | (4896) | 14623 | 11386 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales | 48019 | 4369 | 102256 | 3828 | 4089 | 877 | 2426 | 441 | 2342 |
| Net transfer (to) from affiliate and subaccounts | (76542) | 502 | (30761) | (625) | 4370 | 3157 | 248 | (7) | 3583 |
| Payments for redemptions | (51049) | (3017) | (184043) | (191) | (2342) |  | (116) | (12989) |  |
| Cost of insurance | (105793) | (7151) | (199723) | (3374) | (6208) | (2085) | (881) | (2681) | (4288) |
| Net increase (decrease) from policy owners' equity transactions | (185365) | (5297) | (312271) | (362) | (91) | 1949 | 1677 | (15236) | 1637 |
| Total increase (decrease) in policy owners' equity | 468075 | 7106 | 473037 | 3417 | 9328 | 1075 | (3219) | (613) | 13023 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 1824166 | 145623 | 3382329 | 80008 | 128578 | 62576 | 40788 | 68249 | 88009 |
| End of period | $2292241 | $152729 | $3855366 | $83425 | $137906 | $63651 | $37569 | $67636 | $101032 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Invesco Variable Insurance** | **Invesco Variable Insurance** | | | | | | | |
|  | **Funds** | **Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** |
|  |<br>**Invesco V.I.**<br>**Equity and**<br>**Income Fund**<br>**Series I** |<br>**Invesco V.I.**<br>**Technology**<br>**Fund Series I** |<br>**Janus**<br>**Henderson**<br>**Balanced**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Enterprise**<br>**Portfolio I-S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Janus**<br>**Henderson**<br>**Flexible**<br>**Bond**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Forty**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Portfolio I-S** |<br>**Janus**<br>**Henderson**<br>**Research**<br>**Portfolio I-S** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $2 | $(998) | $38153 | $6688 | $3928 | $(23425) | $4707 | $6674 | $(6372) |
| Net realized gain (loss) on investments | 7 | 12026 | 14624 | 79777 | (2678) | 297358 | 62337 | 6706 | 101699 |
| Change in unrealized appreciation (depreciation) on investments | 10 | 63962 | 254052 | 148733 |  | 424093 | 176509 | 20300 | 450760 |
| Net increase in policy owners' equity resulting from operations | 19 | 74990 | 306829 | 235198 | 1250 | 698026 | 243553 | 33680 | 546087 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
| Proceeds from sales |  | 6022 | 22346 | 23159 | 6407 | 85157 | 25126 | 14832 | 28148 |
| Net transfer (to) from affiliate and subaccounts | (1) | (7138) | (4538) | (9722) | 5163 | (24688) | (16905) | 16340 | (84544) |
| Payments for redemptions |  | (32719) | (11415) | (26740) | (7658) | (172537) | (9497) | (9897) | (14873) |
| Cost of insurance | (4) | (7800) | (34185) | (53118) | (8216) | (153645) | (39089) | (18621) | (49309) |
| Net increase (decrease) from policy owners' equity transactions | (5) | (41635) | (27792) | (66421) | (4304) | (265713) | (40365) | 2654 | (120578) |
| Total increase (decrease) in policy owners' equity | 14 | 33355 | 279037 | 168777 | (3054) | 432313 | 203188 | 36334 | 425509 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 157 | 243632 | 2058747 | 1571183 | 90217 | 2704205 | 1066495 | 606118 | 1616470 |
| End of period | $171 | $276987 | $2337784 | $1739960 | $87163 | $3136518 | $1269683 | $642452 | $2041979 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO Variable Separate Account** 

**of Zurich American Life Insurance Company** 

**Statement of Changes in Policy Owners' Equity (continued)** 

**For the year ended December 31, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **PIMCO Variable Insurance<br>Trust** | **PIMCO Variable Insurance<br>Trust** |
|  | **LVIP<br>American<br>Century<br>Disciplined<br>Core Value** | **LVIP<br>American<br>Century<br>International** | **LVIP<br>American<br>Century Ultra** | **LVIP<br>American<br>Century<br>Value** | **PIMCO PVIT<br>International<br>Bond (U.S.<br>Dollar-<br>Hedged) -<br>Admin** | **PIMCO PVIT<br>Low Duration<br>Portfolio -<br>Admin** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $617 | $631 | $(503) | $9497 | $1965 | $1066 |
| Net realized gain (loss) on investments | (200) | 7 | 21928 | 31971 | (338) | (142) |
| Change in unrealized appreciation (depreciation) on investments | 7263 | 391 | 16103 | (9984) | 1595 | 301 |
| Net increase in policy owners' equity resulting from operations | 7680 | 1029 | 37528 | 31484 | 3222 | 1225 |
| **POLICY OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sales | 1854 | 548 | 1755 | 11099 | 3761 | 1872 |
| Net transfer (to) from affiliate and subaccounts | 4650 | 5016 | (4371) | (32758) | 1879 | 2220 |
| Payments for redemptions |  |  | (22597) | (2710) |  |  |
| Cost of insurance | (4662) | (661) | (2201) | (15184) | (6379) | (2826) |
| Net increase (decrease) from policy owners' equity transactions | 1842 | 4903 | (27414) | (39553) | (739) | 1266 |
| Total increase (decrease) in policy owners' equity | 9522 | 5932 | 10114 | (8069) | 2483 | 2491 |
| **POLICY OWNERS' EQUITY** |  |  |  |  |  |  |
| Beginning of period | 59859 | 41660 | 146431 | 375094 | 71776 | 32940 |
| End of period | $69381 | $47592 | $156545 | $367025 | $74259 | $35431 |

---

See accompanying notes to financial statements.

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

**(1) Organization** 

ZALICO Variable Separate Account (the "Separate Account") is a unit investment trust registered under the Investment Company Act of 1940, as amended, established by Zurich American Life Insurance Company ("ZALICO" or the "Company"). ZALICO is a stock life insurance company founded in 1947. The Company is incorporated under the insurance laws of the State of Illinois and is licensed in the District of Columbia and all states, with the exception of New York.

The Company is a wholly owned subsidiary of Zurich Holding Company of America, Inc. ("ZHCA"), a Delaware Corporation, which in turn is a wholly owned indirect subsidiary of its ultimate parent company Zurich Insurance Group Ltd. ("ZIG"), of Zurich, Switzerland.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from ZALICO's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life policies is not chargeable with liabilities arising out of any other business ZALICO may conduct.

The Separate Account is used to fund policies (the "Policy") for the Zurich Select variable life policies ("Zurich Select"), the Power V flexible premium variable universal life policies ("Power V"), the Farmers Variable Universal Life I flexible premium variable universal life policies ("Farmers Variable Universal Life I"), the Scudder Destinations Life modified single premium variable universal life policies ("Scudder Destinations Life") and Zurich Life *investor* flexible premium universal life policies ("Zurich Life *investor*"). Each subaccount is an open-end diversified management investment company. The Separate Account follows the accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 "*Financial Services - Investment Companies*."

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

As of December 31, 2025, the Separate Account was comprised of fifty-six total subaccounts, which are currently open. The following is a list of subaccounts in alphabetical order:

---

| | |
|:---|:---|
|  Alger Balanced-Class I-2 | DWS Small Mid Cap Value VIP A |
|  Alger Capital Appreciation-Class I-2 | DWS Equity 500 Index VIP A |
|  Alger Growth & Income-Class I-2 | DWS Small Cap Index VIP A |
|  Alger Large Cap Growth-Class I-2 | Fidelity VIP II Contrafund |
|  Alger Mid Cap Growth-Class I-2 | Fidelity VIP Equity Income |
|  AST Balanced Asset Allocation Portfolio (e) (f) | Fidelity VIP Growth |
|  AST Core Fixed Income Portfolio | Fidelity VIP Growth Opportunities |
|  AST International Equity Portfolio | Fidelity VIP High Income |
|  AST Large-Cap Growth Portfolio (g) | Fidelity VIP II Index 500 |
|  AST Large-Cap Value Portfolio | Fidelity VIP Overseas |
|  AST Mid-Cap Growth Portfolio (g) | FTVIP Templeton Developing Markets Fund CL 2 |
|  AST Small Cap Equity Portfolio (h) | FTVIP Templeton Foreign Fund CL 2 |
|  AST T Rowe Price Asset Allocation (f) | FTVIP Templeton Global Bond Fund CL 2 |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | Invesco V.I. Discovery Mid Cap Growth Fund Series I |
|  BNY Mellon Stock Index Fund Inc. - Initial Shares | Invesco V.I. Diversified Dividend Fund Series I |
| BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | Invesco V.I. Equity and Income Fund Series I |
|  BNY Mellon VIF Appreciation Portfolio - Initial Shares | Invesco V.I. Technology Fund Series I |
|  BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | Janus Henderson Balanced Portfolio I-S |
|  DWS Capital Growth VIP A | Janus Henderson Enterprise Portfolio I-S |
|  DWS Core Equity VIP A | Janus Henderson Flexible Bond Portfolio I-S |
|  DWS Core Equity VIP B (d) | Janus Henderson Forty Portfolio I-S |
|  DWS CROCI<sup>®</sup> International VIP A | Janus Henderson Global Research Portfolio I-S |
|  DWS CROCI<sup>®</sup> International VIP B (d) | Janus Henderson Overseas Portfolio I-S |
|  DWS Global Small Cap VIP A | Janus Henderson Research Portfolio I-S |
|  DWS CROCI<sup>®</sup> U.S. VIP A | LVIP American Century Disciplined Core Value (c) |
|  DWS Global Income Builder VIP A | LVIP American Century International (c) |
|  DWS Government Money Market VIP A | LVIP American Century Ultra (c) |
|  DWS High Income VIP A | LVIP American Century Value (c) |
|  DWS International Opportunities VIP A (b) | PIMCO PVIT International Bond (U.S. Dollar- Hedged) - Admin |
|  DWS Small Mid Cap Growth VIP A | PIMCO PVIT Low Duration Portfolio - Admin |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective December 31, 2025, name changed from BNY Mellon Variable Investment Fund Opportunistic Small Cap Portfolio to BNY Mellon Variable Investment Fund Small Cap Portfolio.

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

(b) Effective May 1, 2025, name changed from DWS International Growth VIP to DWS International Opportunities VIP.

(c) Effective April 26, 2024, American Century Funds were acquired by LVIP American Century Funds managed by Lincoln Financial Group.

(d) On June 17, 2024, subaccount liquidated.

(e) Subaccount commenced operations on December 6, 2024.

(f) As of December 6, 2024, AST T Rowe Price Asset Allocation Portfolio merged into the AST Balanced Allocation Portfolio.

(g) As of December 13, 2024, AST Mid-Cap Growth Portfolio merged into the AST Large-Cap Growth Portfolio.

(h) On December 16, 2024, name changed from AST Small Cap Growth Portfolio to AST Small Cap Equity Portfolio.

Policy owners may also allocate some or all of gross premiums or transfer some or all of the policy value to the Guaranteed Account, which is part of ZALICO's General Account. The assets of ZALICO's General Account support its insurance and annuity obligations and are subject to ZALICO's general liabilities from its business operations.

**(2) Significant Accounting Policies** 

**New Accounting Pronouncement** 

As of December 31, 2024, the Separate Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - *Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the new standard impacts financial statement disclosures only and does not affect financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of an entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the president of the life business. The subaccount represents a single operating segment, as the CODM monitors the operating results of the subaccount as a whole, and the subaccount's long-term strategic asset allocation is pre-determined based on a defined investment strategy. The change in net assets resulting from operations, which is used by the CODM to assess the segment's performance, is consistent with that presented within the subaccount's financial statements. Segment assets are reflected on the accompanying Statement of Assets, Liabilities and Policy Owners' Equity as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**Investments** 

Investments are made in the various portfolios in accordance with selections made by the policy owners. The Separate Account's assets are the property of ZALICO for the benefit of policy owners and are segregated from ZALICO's other assets. Such investments are made at the net asset value per share, reported by the respective portfolios, whose investments are stated at fair value.

**Security transactions and investment income** 

Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Dividend income is recorded as income on the ex-dividend date and is reinvested in additional shares of the portfolio. Realized gains and losses from sales of investment shares are reported on a specific identification cost basis. Capital gain distributions are included in realized gains (losses) on investments.

**Accumulation unit valuation** 

On each day the New York Stock Exchange (the "Exchange") is open for trading, the accumulation unit value is determined as of the earlier of 3:00 p.m. (CST) or the close of the Exchange by dividing the total value of each subaccount's investments and other assets, less liabilities, by the number of accumulation units outstanding in the respective subaccount.

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

**Federal income taxes** 

The results of the operations of the Separate Account are included in the federal income tax return of ZALICO. Under the provisions of the policies, ZALICO has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the years ended December 31, 2025 or 2024. Management will periodically review the policy in the event of changes in tax law. Accordingly, a charge may be made in future years for any federal income taxes that would be attributable to the policies.

**Net transfers (to) from affiliate or subaccounts** 

Net transfers (to) from affiliate or subaccounts include transfers of all or part of the policy owners' interest to or from another eligible subaccount or to the general account of ZALICO.

**Estimates** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets or liabilities at the date of the financial statements. As a result, actual results reported as increases and decreases in net policy owners' equity could differ from the estimates reported in the accompanying financial statements.

**Risks and uncertainties** 

The Separate Account provides for various subaccount investment options in any combination of the available open-end management investment companies, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Generally, all investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the Statement of Assets, Liabilities and Policy Owners' Equity, Statement of Operations, and the Statement of Changes in Policy Owners' Equity. Accordingly, these financial statements should be read in conjunction with the financial statements of the underlying open-end management investment companies in Note 1.

**Fair value measurements** 

The Separate Account determined the fair value of its financial instruments based on the fair value hierarchy established in the Financial Accounting Standards Board's ("FASB") guidance referenced in the Fair Value Measurements and Disclosure Topic which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Separate Account has categorized its financial instruments based on the priority of the inputs to the valuation technique, into the three level hierarchy as outlined in the applicable guidance. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. As there are no level 2 or level 3 assets in any period presented, disclosures of transfers between levels of disclosure and a reconciliation of level 3 assets are not required. In addition, there are no other financial assets or assets valued on a non-recurring basis.

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

Financial assets and liabilities recorded at fair value on the Statement of Assets, Liabilities and Policy Owners' Equity are categorized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level** **1:** Unadjusted quoted
prices for identical assets or liabilities in an active market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 2**: Quoted prices in markets that are not active or
significant inputs that are observable either directly or indirectly. Level 2 inputs include the following:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 3:** Prices or valuation techniques that require inputs
that are both unobservable and significant to the overall fair value measurement. They reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability.

**Determination of fair values** 

The valuation methodologies used to determine the fair values of assets and liabilities under the FASB guidance referenced in the Fair Value Measurements and Disclosures Topic reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy for each of the financial statement periods presented herein and consist of open-ended management investment companies. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective mutual funds.

**(3) Purchases and Sales of Investments** 

The cost of purchases and proceeds from sales of investments, including distributions received and reinvested, for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  **Alger Portfolios** |  |  |
|  Alger Balanced-Class I-2 | $85024 | $23310 |
|  Alger Capital Appreciation-Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116750 | 8956 |
|  Alger Growth & Income-Class I-2 | 182098 | 107220 |
|  Alger Large Cap Growth-Class I-2 | 176316 | 122619 |
|  Alger Mid Cap Growth-Class I-2 | 23330 | 114460 |
|  **Advanced Series Trust** |  |  |
|  AST Balanced Asset Allocation Portfolio | 7000 | 67422 |
|  AST Core Fixed Income Portfolio | 19897 | 40434 |
|  AST International Equity Portfolio | 8145 | 108846 |
|  AST Large-Cap Growth Portfolio | 4388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291494 |
|  AST Large-Cap Value Portfolio | 16971 | 185668 |
|  AST Small Cap Equity Portfolio | 16590 | 27893 |

---

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  **BNY Mellon Investment Portfolio** |  |  |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | $13889 | $2063 |
|  **BNY Mellon Stock Index Fund** |  |  |
|  BNY Mellon Stock Index Fund Inc. - Initial Shares | 84487 | 73998 |
|  **BNY Mellon Sustainable U.S. Equity Fund** |  |  |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | 21155 | 4930 |
|  **BNY Mellon Variable Investment Fund** |  |  |
|  BNY Mellon VIF Appreciation Portfolio - Initial Shares | 51562 | 8494 |
|  BNY Mellon VIF Small Cap Portfolio - Initial Shares | 29970 | 48448 |
|  **Deutsche DWS Variable Series I** |  |  |
|  DWS Capital Growth VIP A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191952 |
|  DWS Core Equity VIP A | 218554 | 110683 |
|  DWS CROCI<sup>®</sup> International VIP A | 17158 | 49605 |
|  DWS Global Small Cap VIP A | 19051 | 79826 |
|  **Deutsche DWS Variable Series II** |  |  |
|  DWS CROCI<sup>®</sup> U.S. VIP A | 216411 | 235223 |
|  DWS Global Income Builder VIP A | 175359 | 149121 |
|  DWS Government Money Market VIP A | 750889 | 729321 |
|  DWS High Income VIP A | 41672 | 48868 |
|  DWS International Opportunities VIP A | 45 | 92 |
|  DWS Small Mid Cap Growth VIP A | 371531 | 230190 |
|  DWS Small Mid Cap Value VIP A | 11240 | 1325 |
|  **Deutsche DWS Investments VIT Funds** |  |  |
|  DWS Equity 500 Index VIP A | 102367 | 66383 |
|  DWS Small Cap Index VIP A | 20526 | 6092 |
|  **Fidelity Variable Insurance Products Funds** |  |  |
|  Fidelity VIP II Contrafund | 793991 | 456877 |
|  Fidelity VIP Equity Income | 146870 | 142301 |
|  Fidelity VIP Growth | 258149 | 41563 |
|  Fidelity VIP Growth Opportunities | 45016 | 141214 |
|  Fidelity VIP High Income | 12831 | 13625 |
|  Fidelity VIP II Index 500 | 74577 | 414811 |
|  Fidelity VIP Overseas | 13309 | 4408 |

---

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  **Franklin Templeton Variable Insurance Products Trust** |  |  |
|  FTVIP Templeton Developing Markets Fund CL 2 | $9120 | $17765 |
|  FTVIP Templeton Foreign Fund CL 2 | 8878 | 10157 |
|  FTVIP Templeton Global Bond Fund CL 2 | 3353 | 2250 |
|  **Invesco Variable Insurance Funds** |  |  |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series I | 5733 | 5665 |
|  Invesco V.I. Diversified Dividend Fund Series I | 17554 | 31064 |
|  Invesco V.I. Equity and Income Fund Series I | 13 | 5 |
|  Invesco V.I. Technology Fund Series I | 46910 | 32599 |
|  **Janus Aspen Series** |  |  |
|  Janus Henderson Balanced Portfolio I-S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101352 |
|  Janus Henderson Enterprise Portfolio I-S | 179873 | 48911 |
|  Janus Henderson Flexible Bond Portfolio I-S | 12454 | 26518 |
|  Janus Henderson Forty Portfolio I-S | 425729 | 382116 |
|  Janus Henderson Global Research Portfolio I-S | 144501 | 62744 |
|  Janus Henderson Overseas Portfolio I-S | 28765 | 34744 |
|  Janus Henderson Research Portfolio I-S | 181181 | 100881 |
|  **Lincoln Financial Group** |  |  |
|  LVIP American Century Disciplined Core Value | 4947 | 5282 |
|  LVIP American Century International | 2235 | 600 |
|  LVIP American Century Ultra | 15526 | 2925 |
|  LVIP American Century Value | 44212 | 44679 |
|  **PIMCO Variable Insurance Trust** |  |  |
|  PIMCO PVIT International Bond (U.S. Dollar-Hedged) - Admin | 7725 | 10197 |
|  PIMCO PVIT Low Duration Portfolio - Admin | 3073 | 4704 |

---

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

**(4) Expenses and Related Party Transactions** 

---

| | |
|:---|:---|
| **Policy Charges** | **Range** |
|  **Mortality and Expense Risk Charge** |  |
| ZALICO assesses a daily asset charge to cover mortality and expense risk associated with certain "No-Lapse Guarantees" and administrative and maintenance expense to cover costs that may exceed administrative charges set by the policies. The charge is assessed as a reduction in unit value. | 0.20%-0.90%<br>annualized |
|  <br> **Sales Load** |  |
| A sales load is deducted from each premium payment before the net premium is allocated to the subaccounts. | 2% |
|  <br> **Contingent Deferred Sales Charge** |  |
| Proceeds payable on the surrender of a policy are reduced by the amount of any applicable contingent deferred sales charge due to ZALICO. The charge is assessed through the redemption of units and is based upon the number of full years which have elapsed between the date the policy was purchased and the surrender date. | 0.00%-100% |
|  <br> **Transfer Charges** |  |
| Under the terms of the policies, ZALICO has reserved the right to charge an amount for each transfer after the first 12 transfers in any policy year through a redemption in units. | $0-$25 per transfer |
|  <br> **Administrative Charge** |  |
| An administrative charge is assessed on monthly cash value of the policy or a flat charge through a redemption of units. | $5-$10 or<br> 0.25% to 0.35% of<br>net assets annualized |
|  <br> **Record Maintenance Charge** |  |
| A records maintenance charge is assessed annually as a redemption of units to compensate for issuance and administrative costs. | $30 |
|  <br> **Cost of Insurance Charge** |  |
| The guarantee cost of insurance charges is based on attained age, sex and history of tobacco use of the insured. The net amount at risk ("NAR") is the difference between the death benefit and the cash value of the policy. The charge is assessed as a reduction in unit value. | $.06 per $1,000 NAR-<br>$83.33 per $1,000<br>NAR |
|  <br> **Tax Charge** |  |
| A tax charge is assessed to cover a portion of the insurance company's state premium tax expense and certain federal income tax liability associated with the receipt of premium. The charge is either deducted from each premium payment or assessed against the average monthly cash value through a redemption of units. | 1%-3.5%<br> of premium payment<br>0.00%-0.40%<br>annualized |

---

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | |
|:---|:---|
| **Policy Charges** | **Range** |
|  <br> **Withdrawal Charge** |  |
| A charge is deducted against withdrawals of the initial premium paid under the policy. It is assessed to cover a portion of the insurance company's premium tax expenses and the sales expenses incurred in distributing the policies. The withdrawal charge declines to 0% after the ninth policy anniversary. | 0%-10% |
|  <br> **Systematic Withdrawal Charge** |  |
| A charge is assessed against systematic withdrawals to cover ZALICO's costs associated with processing the withdrawals. | $50 initial set up<br> $25 subsequent<br> changes |
|  <br> **Partial Withdrawal Charge** |  |
| A charge is assessed against partial withdrawals that are not processed under the systematic withdrawal plan in excess of one per policy year. | $25 |

---

**Related Party Transactions** 

Policy loans are also provided for under the terms of the Policy. The minimum amount of the loan under Zurich Select, Power V, Farmers Variable Universal Life I and Zurich Life *investor* policy is $500 and is limited to 90% of the surrender value, less applicable surrender charges. The minimum amount of the loan under the Scudder Destinations Life policy is $1,000 and is limited to 90% of the surrender value, less applicable surrender charges. Interest is assessed against a policy loan under the terms of the Policy. Policy loans are carried in ZALICO's general account.

Investment Distributors, Inc., a wholly owned subsidiary of Protective Life Insurance Company ("Protective Life"), is the principal underwriter for the Separate Account. Effective September 3, 2003, ZALICO transferred certain of its business, as well as the capital stock of its wholly-owned subsidiaries, to a former affiliate, Federal Kemper Life Assurance Company ("FKLA"). In a contemporaneous transaction, FKLA and ZALICO entered into a coinsurance agreement under which FKLA administers the business and the records of, and 100% reinsures, certain lines of business issued by ZALICO, and performs certain Separate Account administration functions for certain registered variable annuity policies that are funded through the Separate Account. These transfers were part of a larger transaction under which the capital stock of FKLA was sold to Bank One Insurance Holdings, Inc. ("Bank One"). On July 1, 2004, Bank One merged into JP Morgan Chase & Co., and FKLA changed its name to Chase Insurance Life and Annuity Company ("Chase Insurance"). On July 3, 2006, Protective Life, purchased Chase Insurance. Effective April 1, 2007, Chase Insurance merged with and into Protective Life.

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

**(5) Changes in Units Outstanding** 

The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  **Alger Portfolios** |  |  |  |
|  Alger Balanced-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 287 | 543 | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 412 | 3422 | (3010) |
|  Alger Capital Appreciation-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 34 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 2545 | (2545) |
|  Alger Growth & Income-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 213 | 1505 | (1292) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 236 | 686 | (450) |
|  Alger Large Cap Growth-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 283 | 1336 | (1053) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 141 | 1329 | (1188) |
|  Alger Mid Cap Growth-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 470 | 1882 | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 370 | 1997 | (1627) |
|  <br> **Advanced Series Trust** |  |  |  |
|  AST Balanced Asset Allocation Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 970 | 5835 | (4865) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 119245 | 216 | 119029 |
|  AST Core Fixed Income Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2212 | 3971 | (1759) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5355 | 5053 | 302 |
|  AST International Equity Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 305 | 3079 | (2774) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2174 | 1684 | 490 |
|  AST Large-Cap Growth Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 899 | 64362 | (63463) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 144121 | 77968 | 66153 |
|  AST Large-Cap Value Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 304 | 2118 | (1814) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 782 | 3255 | (2473) |
|  AST Mid-Cap Growth Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 282 | 27765 | (27483) |
|  AST Small Cap Equity Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 209 | 298 | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 296 | 711 | (415) |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  AST T Rowe Price Asset Allocation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 205 | 18457 | (18252) |
|  <br> **BNY Mellon Investment Portfolio** |  |  |  |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 13 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 13 | (13) |
|  <br> **BNY Mellon Stock Index Fund** |  |  |  |
|  BNY Mellon Stock Index Fund Inc. - Initial Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 391 | 978 | (587) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 92 | 1288 | (1196) |
|  <br> **BNY Mellon Sustainable U.S. Equity Fund** |  |  |  |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 48 | 60 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 48 | 629 | (581) |
|  <br> **BNY Mellon Variable Investment Fund** |  |  |  |
|  BNY Mellon VIF Appreciation Portfolio - Initial Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 165 | 132 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 171 | 103 | 68 |
|  BNY Mellon VIF Small Cap Portfolio - Initial Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 654 | 1162 | (508) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 907 | 660 | 247 |
|  <br> **Deutsche DWS Variable Series I** |  |  |  |
|  DWS Capital Growth VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 118 | 17012 | (16894) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 699 | 9005 | (8306) |
|  DWS Core Equity VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 524 | 1640 | (1116) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3481 | 10347 | (6866) |
|  DWS Core Equity VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12 | 3207 | (3195) |
|  DWS CROCI<sup>®</sup> International VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 467 | 2681 | (2214) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1497 | 1211 | 286 |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  DWS CROCI<sup>®</sup> International VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 659 | 14709 | (14050) |
|  DWS Global Small Cap VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 1935 | (1935) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 1195 | (1195) |
|  <br> **Deutsche DWS Variable Series II** |  |  |  |
|  DWS CROCI<sup>®</sup> U.S. VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7333 | 20108 | (12775) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 23175 | 48495 | (25320) |
|  DWS Global Income Builder VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 727 | 6871 | (6144) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 947 | 16750 | (15803) |
|  DWS Government Money Market VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 385250 | 379858 | 5392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 377453 | 164374 | 213079 |
|  DWS High Income VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2336 | 5478 | (3142) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3013 | 12357 | (9344) |
|  DWS International Opportunities VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 1 | (1) |
|  DWS Small Mid Cap Growth VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14075 | 31418 | (17343) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12845 | 44348 | (31503) |
|  DWS Small Mid Cap Value VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 7 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 7 | (7) |
|  <br> **Deutsche DWS Investments VIT Funds** |  |  |  |
|  DWS Equity 500 Index VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 890 | (890) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 187 | (187) |
|  DWS Small Cap Index VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 205 | 131 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 170 | 89 | 81 |
|  <br> **Fidelity Variable Insurance Products Funds** |  |  |  |
|  Fidelity VIP II Contrafund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45 | 1761 | (1716) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 182 | 1812 | (1630) |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  Fidelity VIP Equity Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 773 | 1975 | (1202) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 757 | 1999 | (1242) |
|  Fidelity VIP Growth |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 340 | 351 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 93 | 761 | (668) |
|  Fidelity VIP Growth Opportunities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 59 | 717 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 64 | 1363 | (1299) |
|  Fidelity VIP High Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 114 | 498 | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 321 | 515 | (194) |
|  Fidelity VIP II Index 500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16 | 444 | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 87 | 484 | (397) |
|  Fidelity VIP Overseas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 112 | 140 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 148 | 160 | (12) |
|  <br> **Franklin Templeton Variable Insurance Products Trust** |  |  |  |
|  FTVIP Templeton Developing Markets Fund CL 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 263 | 729 | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 513 | 495 | 18 |
|  FTVIP Templeton Foreign Fund CL 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 121 | 446 | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 236 | 130 | 106 |
|  FTVIP Templeton Global Bond Fund CL 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 251 | 152 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 274 | 151 | 123 |
|  <br> **Invesco Variable Insurance Funds** |  |  |  |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 18 | 317 | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16 | 1016 | (1000) |
|  Invesco V.I. Diversified Dividend Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 259 | 873 | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 172 | 119 | 53 |
|  Invesco V.I. Equity and Income Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  Invesco V.I. Technology Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 159 | 338 | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 79 | 650 | (571) |
|  <br> **Janus Aspen Series** |  |  |  |
|  Janus Henderson Balanced Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 283 | 2014 | (1731) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 466 | 1123 | (657) |
|  Janus Henderson Enterprise Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 564 | 559 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 292 | 1189 | (897) |
|  Janus Henderson Flexible Bond Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 474 | 1490 | (1016) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 727 | 981 | (254) |
|  Janus Henderson Forty Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 204 | 1630 | (1426) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 605 | 2049 | (1444) |
|  Janus Henderson Global Research Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 377 | 1110 | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 229 | 1107 | (878) |
|  Janus Henderson Overseas Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 703 | 1204 | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1075 | 915 | 160 |
|  Janus Henderson Research Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 256 | 1106 | (850) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 201 | 1871 | (1670) |
|  <br> **Lincoln Financial Group** |  |  |  |
|  LVIP American Century Disciplined Core Value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 82 | 108 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 116 | 72 | 44 |
|  LVIP American Century International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 60 | 18 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 209 | 17 | 192 |
|  LVIP American Century Ultra |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17 | 23 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15 | 320 | (305) |
|  LVIP American Century Value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 217 | 946 | (729) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 303 | 1286 | (983) |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | $nan<br> **Units Issued** | $nan<br>**Units<br> Redeemed** | $nan<br> **Net Increase/ <br> (Decrease)** |
|  **PIMCO Variable Insurance Trust** |  |  |  |
|  PIMCO PVIT International Bond (U.S. Dollar- Hedged) - Admin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 215 | 391 | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 165 | 195 | (30) |
|  PIMCO PVIT Low Duration Portfolio - Admin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 105 | 258 | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 198 | 122 | 76 |

---

**(6) Unit Values and Financial Highlights** 

ZALICO sells a number of variable life products, as discussed in Note 1, which are funded by the Separate Account. These products have unique combinations of features and fees that are charged against the policy owner's account. Differences in fee structures result in a variety of unit values, expense ratios and total returns. The following tables were developed by determining which products offered by ZALICO and funded by the Separate Account have the highest and lowest expense ratios. Only product designs within each subaccount that had units outstanding throughout the respective periods were considered when determining the highest and lowest expense ratio. The summaries may not reflect the minimum and maximum policy charges offered by ZALICO as policy owners may not have selected all available and applicable policy options.

A summary of the units outstanding, unit fair value and net assets for variable life insurance policies, investment income and expense ratios, excluding expenses of the underlying funds, and total return for each of the five years in the period ended December 31, 2025, (except for funds which are no longer active and which have not been shown in the accompanying financial statements) were as follows:

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Alger Balanced-Class I-2 | Alger Balanced-Class I-2 | Alger Balanced-Class I-2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14 | $41.410 | $63.092 | $616 |  | 2.78% |  | 0.20% |  | 0.90% |  | 15.11% |  | 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15 | 35.974 | 38.045 | 542 |  | N/A |  | 0.20% |  | 0.90% |  | 16.02% |  | 16.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18 | 31.008 | 32.564 | 559 |  | 1.42% |  | 0.20% |  | 0.90% |  | 16.38% |  | 17.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19 | 26.642 | 40.231 | 512 |  | 1.10% |  | 0.20% |  | 0.90% |  | (12.10)% |  | (11.49)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20 | 30.310 | 45.632 | 613 |  | 0.86% |  | 0.20% |  | 0.90% |  | 18.06% |  | 18.88% |
|  Alger Capital Appreciation-Class I-2 | Alger Capital Appreciation-Class I-2 | Alger Capital Appreciation-Class I-2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7 | 112.098 | 112.098 | 742 |  | N/A |  | 0.90% |  | 0.90% |  | 31.69% |  | 31.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7 | 85.125 | 85.125 | 567 |  | N/A |  | 0.90% |  | 0.90% |  | 46.81% |  | 46.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9 | 57.985 | 57.985 | 533 |  | N/A |  | 0.90% |  | 0.90% |  | 41.86% |  | 41.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11 | 40.875 | 40.875 | 459 |  | N/A |  | 0.90% |  | 0.90% |  | (37.09)% |  | (37.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11 | 64.973 | 64.973 | 734 |  | N/A |  | 0.90% |  | 0.90% |  | 18.06% |  | 18.06% |
|  Alger Growth & Income-Class I-2 | Alger Growth & Income-Class I-2 | Alger Growth & Income-Class I-2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17 | 79.172 | 94.707 | 1343 |  | 1.51% |  | 0.20% |  | 0.60% |  | 20.10% |  | 20.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 18 | 67.958 | 78.858 | 1201 |  | 0.60% |  | 0.20% |  | 0.60% |  | 21.93% |  | 22.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 19 | 55.514 | 64.676 | 1007 |  | 1.39% |  | 0.20% |  | 0.60% |  | 23.19% |  | 23.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19 | 43.627 | 52.500 | 849 |  | 1.35% |  | 0.20% |  | 0.60% |  | (15.49)% |  | (15.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20 | 51.519 | 62.119 | 1038 |  | 1.16% |  | 0.20% |  | 0.60% |  | 30.88% |  | 31.40% |
|  Alger Large Cap Growth-Class I-2 | Alger Large Cap Growth-Class I-2 | Alger Large Cap Growth-Class I-2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14 | 100.798 | 395.201 | 1439 |  | N/A |  | 0.20% |  | 0.60% |  | 29.49% |  | 30.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15 | 80.244 | 305.191 | 1192 |  | N/A |  | 0.20% |  | 0.60% |  | 42.03% |  | 42.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16 | 56.272 | 214.876 | 902 |  | N/A |  | 0.20% |  | 0.60% |  | 31.88% |  | 32.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18 | 41.310 | 162.934 | 729 |  | N/A |  | 0.20% |  | 0.60% |  | (39.02)% |  | (38.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17 | 67.609 | 267.192 | 1158 |  | N/A |  | 0.20% |  | 0.60% |  | 11.17% |  | 11.62% |
|  Alger Mid Cap Growth-Class I-2 | Alger Mid Cap Growth-Class I-2 | Alger Mid Cap Growth-Class I-2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 29 | 63.108 | 184.877 | 1852 |  | N/A |  | 0.20% |  | 0.60% |  | 16.07% |  | 16.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30 | 56.050 | 159.282 | 1670 |  | N/A |  | 0.20% |  | 0.60% |  | 20.34% |  | 20.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 32 | 46.389 | 132.358 | 1458 |  | N/A |  | 0.20% |  | 0.60% |  | 22.44% |  | 22.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33 | 36.680 | 108.100 | 1234 |  | N/A |  | 0.20% |  | 0.60% |  | (36.45)% |  | (36.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34 | 57.607 | 170.112 | 1980 |  | N/A |  | 0.20% |  | 0.60% |  | 3.58% |  | 4.00% |
|  **Advanced Series Trust** | **Advanced Series Trust** | **Advanced Series Trust** |  |  |  |  |  |  |  |  |  |  |  |  |
|  AST Balanced Asset Allocation Portfolio (e) (f) | AST Balanced Asset Allocation Portfolio (e) (f) | AST Balanced Asset Allocation Portfolio (e) (f) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 114 | 10.958 | 10.958 | 1251 |  | N/A |  | 0.90% |  | 0.90% |  | 13.33% |  | 13.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 119 | 9.669 | 9.669 | 1151 |  | N/A |  | 0.90% |  | 0.90% |  | (3.31)% |  | (3.31)% |
|  AST Core Fixed Income Portfolio | AST Core Fixed Income Portfolio | AST Core Fixed Income Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 41 | 9.808 | 9.808 | 404 |  | N/A |  | 0.90% |  | 0.90% |  | 6.20% |  | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 43 | 9.235 | 9.235 | 397 |  | N/A |  | 9.00% |  | 9.00% |  | 0.53% |  | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 43 | 9.187 | 9.187 | 392 |  | N/A |  | 0.90% |  | 0.90% |  | 5.40% |  | 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44 | 8.716 | 8.716 | 385 |  | N/A |  | 0.90% |  | 0.90% |  | (12.84)% |  | (12.84)% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **Units** |<br>**Unit Fair Value** | | | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Investment**<br>**Income**<br>**Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  AST International Equity Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19 | $37.502 | $703 | N/A |  | 0.90% |  | 0.90% |  | 31.65% |  | 31.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22 | 28.485 | 613 | N/A |  | 0.90% |  | 0.90% |  | 4.51% |  | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21 | 27.256 | 574 | N/A |  | 0.90% |  | 0.90% |  | 16.71% |  | 16.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 22 | 23.354 | 508 | N/A |  | 0.90% |  | 0.90% |  | (29.32)% |  | (29.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23 | 33.042 | 749 | N/A |  | 0.90% |  | 0.90% |  | 11.50% |  | 11.50% |
|  AST Large-Cap Growth Portfolio (g) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 911 | 20.217 | 18419 | N/A |  | 0.90% |  | 0.90% |  | 16.02% |  | 16.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 975 | 17.425 | 16.981 | N/A |  | 0.90% |  | 0.90% |  | 28.99% |  | 28.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 908 | 13.509 | 12271 | N/A |  | 0.90% |  | 0.90% |  | 42.35% |  | 42.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 976 | 9.490 | 9258 | N/A |  | 0.90% |  | 0.90% |  | (5.10)% |  | (5.10)% |
|  AST Large-Cap Value Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 40 | 85.649 | 3418 | N/A |  | 0.90% |  | 0.90% |  | 15.01% |  | 15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42 | 74.468 | 3107 | N/A |  | 0.90% |  | 0.90% |  | 8.94% |  | 8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44 | 68.355 | 3021 | N/A |  | 0.90% |  | 0.90% |  | 8.77% |  | 8.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 48 | 62.842 | 3033 | N/A |  | 0.90% |  | 0.90% |  | 0.80% |  | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23 | 62.344 | 1405 | N/A |  | 0.90% |  | 0.90% |  | 28.06% |  | 28.06% |
|  AST Mid-Cap Growth Portfolio (g) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 101.818 |  | N/A |  | 0.90% |  | 0.90% |  | 17.37% |  | 17.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27 | 86.749 | 2384 | N/A |  | 0.90% |  | 0.90% |  | 20.85% |  | 20.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29 | 71.780 | 2094 | N/A |  | 0.90% |  | 0.90% |  | (31.55)% |  | (31.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31 | 104.862 | 3260 | N/A |  | 0.90% |  | 0.90% |  | 9.50% |  | 9.50% |
|  AST Small Cap Equity Portfolio (h) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 91.078 | 333 | N/A |  | 0.90% |  | 0.90% |  | 6.45% |  | 6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4 | 85.557 | 321 | N/A |  | 0.90% |  | 0.90% |  | 13.83% |  | 13.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4 | 75.163 | 313 | N/A |  | 0.90% |  | 0.90% |  | 16.06% |  | 16.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 64.764 | 274 | N/A |  | 0.90% |  | 0.90% |  | (28.22)% |  | (28.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5 | 90.225 | 415 | N/A |  | 0.90% |  | 0.90% |  | 3.60% |  | 3.60% |
|  AST T Rowe Price Asset Allocation (f) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 69.624 |  | N/A |  | 0.90% |  | 0.90% |  | 14.01% |  | 14.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18 | 61.070 | 1115 | N/A |  | 0.90% |  | 0.90% |  | 15.82% |  | 15.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 20 | 52.726 | 1035 | N/A |  | 0.90% |  | 0.90% |  | (17.09)% |  | (17.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21 | 63.597 | 1324 | N/A |  | 0.90% |  | 0.90% |  | 11.41% |  | 11.41% |
|  AST BlackRock Low Duration Bond (i) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 19.895 |  | N/A |  | 0.90% |  | 0.90% |  | (1.61)% |  | (1.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021  | 8 | 20.220 | 161 | N/A |  | 0.90% |  | 0.90% |  | (1.49)% |  | (1.49)% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  AST BlackRock Loomis Sayles Bond Portfolio (i) | AST BlackRock Loomis Sayles Bond Portfolio (i) | AST BlackRock Loomis Sayles Bond Portfolio (i) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $29.876 | $29.876 | $— |  | N/A |  | 0.90% |  | 0.90% |  | (3.34)% |  | (3.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12 | 30.909 | 30.909 | 363 |  | N/A |  | 0.90% |  | 0.90% |  | (2.01)% |  | (2.01)% |
|  AST Loomis Sayles Large-Cap Growth Portfolio (i) | AST Loomis Sayles Large-Cap Growth Portfolio (i) | AST Loomis Sayles Large-Cap Growth Portfolio (i) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 101.628 | 101.628 |  |  | N/A |  | 0.90% |  | 0.90% |  | (27.91)% |  | (27.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 102 | 140.977 | 140.977 | 14416 |  | N/A |  | 0.90% |  | 0.90% |  | 17.30% |  | 17.30% |
|  AST T Rowe Price Large-Cap Value Portfolio (i) | AST T Rowe Price Large-Cap Value Portfolio (i) | AST T Rowe Price Large-Cap Value Portfolio (i) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 13.767 | 13.767 |  |  | N/A |  | 0.90% |  | 0.90% |  | 0.70% |  | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 140 | 13.671 | 13.671 | 1909 |  | N/A |  | 0.90% |  | 0.90% |  | 24.42% |  | 24.42% |
|  **BNY Mellon Investment Portfolio** | **BNY Mellon Investment Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 60.824 | 60.824 | 156 |  | 0.66% |  | 0.90% |  | 0.90% |  | 9.09% |  | 9.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 55.757 | 55.757 | 144 |  | 0.84% |  | 0.90% |  | 0.90% |  | 11.61% |  | 11.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 49.959 | 49.959 | 130 |  | 0.77% |  | 0.90% |  | 0.90% |  | 17.26% |  | 17.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3 | 42.606 | 42.606 | 111 |  | 0.69% |  | 0.90% |  | 0.90% |  | (14.84)% |  | (14.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3 | 50.032 | 50.032 | 131 |  | 0.63% |  | 0.90% |  | 0.90% |  | 24.76% |  | 24.76% |
|  **BNY Mellon Stock Index Fund** | **BNY Mellon Stock Index Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  BNY Mellon Stock Index Fund Inc. - Initial Shares | BNY Mellon Stock Index Fund Inc. - Initial Shares | BNY Mellon Stock Index Fund Inc. - Initial Shares |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12 | 80.719 | 231.147 | 983 |  | 1.00% |  | 0.20% |  | 0.60% |  | 16.83% |  | 17.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13 | 71.223 | 197.848 | 880 |  | 1.18% |  | 0.20% |  | 0.60% |  | 23.91% |  | 24.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14 | 57.248 | 159.665 | 776 |  | 1.45% |  | 0.20% |  | 0.60% |  | 25.18% |  | 25.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15 | 44.276 | 127.549 | 679 |  | 1.30% |  | 0.20% |  | 0.60% |  | (18.80)% |  | (18.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17 | 54.422 | 157.089 | 938 |  | 1.15% |  | 0.20% |  | 0.60% |  | 27.65% |  | 28.16% |
|  **BNY Mellon Sustainable U.S. Equity Fund** | **BNY Mellon Sustainable U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 42.795 | 160.016 | 241 |  | 0.24% |  | 0.20% |  | 0.90% |  | 14.94% |  | 15.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4 | 37.234 | 66.403 | 209 |  | 0.59% |  | 0.20% |  | 0.90% |  | 23.77% |  | 24.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 30.083 | 53.276 | 198 |  | 0.72% |  | 0.20% |  | 0.90% |  | 22.72% |  | 23.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 24.514 | 90.843 | 162 |  | 0.49% |  | 0.20% |  | 0.90% |  | (23.56)% |  | (23.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5 | 32.069 | 118.489 | 213 |  | 0.75% |  | 0.20% |  | 0.90% |  | 25.86% |  | 26.74% |
|  **BNY Mellon Variable Investment Fund** | **BNY Mellon Variable Investment Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  BNY Mellon VIF Appreciation Portfolio - Initial Shares | BNY Mellon VIF Appreciation Portfolio - Initial Shares | BNY Mellon VIF Appreciation Portfolio - Initial Shares | BNY Mellon VIF Appreciation Portfolio - Initial Shares |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5 | 61.436 | 219.137 | 297 |  | 0.36% |  | 0.20% |  | 0.60% |  | 9.42% |  | 9.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5 | 57.882 | 200.279 | 269 |  | 0.44% |  | 0.20% |  | 0.60% |  | 12.13% |  | 12.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 51.414 | 178.613 | 236 |  | 0.70% |  | 0.20% |  | 0.60% |  | 20.25% |  | 20.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 41.395 | 148.535 | 213 |  | 0.61% |  | 0.20% |  | 0.60% |  | (18.55)% |  | (18.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021  | 6 | 50.723 | 182.370 | 283 |  | 0.44% |  | 0.20% |  | 0.60% |  | 26.37% |  | 26.88% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) | BNY Mellon VIF Small Cap Portfolio - Initial Shares (a) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22 | $42.212 | $235.021 | $938 |  | 0.64% |  | 0.20% |  | 0.60% |  | 10.32% |  | 10.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22 | 39.443 | 213.028 | 868 |  | 0.68% |  | 0.20% |  | 0.60% |  | 3.99% |  | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22 | 37.778 | 204.855 | 824 |  | 0.32% |  | 0.20% |  | 0.60% |  | 8.63% |  | 9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 22 | 33.668 | 188.577 | 762 |  | N/A |  | 0.20% |  | 0.60% |  | (17.12)% |  | (16.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23 | 40.541 | 227.521 | 954 |  | 0.11% |  | 0.20% |  | 0.60% |  | 15.77% |  | 16.23% |
|  **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** | **Deutsche DWS Variable Series I** |  |  |  |  |  |  |  |  |
|  DWS Capital Growth VIP A | DWS Capital Growth VIP A | DWS Capital Growth VIP A | DWS Capital Growth VIP A | DWS Capital Growth VIP A | DWS Capital Growth VIP A | DWS Capital Growth VIP A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 87 | 71.081 | 176.554 | 7100 |  | 0.05% |  | 0.20% |  | 0.90% |  | 11.52% |  | 12.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 104 | 63.735 | 84.986 | 7466 |  | 0.19% |  | 0.20% |  | 0.90% |  | 25.48% |  | 26.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 112 | 50.793 | 67.255 | 6410 |  | 0.07% |  | 0.20% |  | 0.90% |  | 37.34% |  | 38.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 123 | 36.982 | 91.041 | 5072 |  | 0.09% |  | 0.20% |  | 0.90% |  | (31.36)% |  | (30.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 129 | 53.875 | 132.233 | 7806 |  | 0.21% |  | 0.20% |  | 0.90% |  | 21.68% |  | 22.53% |
|  DWS Core Equity VIP A | DWS Core Equity VIP A | DWS Core Equity VIP A | DWS Core Equity VIP A | DWS Core Equity VIP A | DWS Core Equity VIP A | DWS Core Equity VIP A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26 | 61.992 | 87.797 | 1838 |  | 0.78% |  | 0.20% |  | 0.90% |  | 15.79% |  | 16.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27 | 53.538 | 75.298 | 1650 |  | 0.94% |  | 0.20% |  | 0.90% |  | 19.01% |  | 19.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 34 | 44.988 | 62.832 | 1709 |  | 0.91% |  | 0.20% |  | 0.90% |  | 24.45% |  | 25.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 38 | 36.148 | 50.137 | 1539 |  | 0.76% |  | 0.20% |  | 0.90% |  | (16.28)% |  | (15.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 40 | 43.179 | 59.473 | 1932 |  | 0.75% |  | 0.20% |  | 0.90% |  | 24.18% |  | 25.05% |
|  DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) | DWS Core Equity VIP B (d) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 51.994 | 51.994 |  |  | 1.12% |  | 0.90% |  | 0.90% |  | 14.17% |  | 14.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 45.541 | 45.541 | 145 |  | 0.48% |  | 0.90% |  | 0.90% |  | 24.06% |  | 24.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 36.710 | 36.710 | 194 |  | 0.45% |  | 0.90% |  | 0.90% |  | (16.48)% |  | (16.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 43.952 | 43.952 | 248 |  | 0.45% |  | 0.90% |  | 0.90% |  | 23.83% |  | 23.83% |
|  DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A | DWS CROCI<sup>®</sup> International VIP A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12 | 17.754 | 30.411 | 312 |  | 2.52% |  | 0.20% |  | 0.90% |  | 43.61% |  | 44.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14 | 12.363 | 17.162 | 250 |  | 3.36% |  | 0.20% |  | 0.90% |  | 1.53% |  | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14 | 12.176 | 16.785 | 241 |  | 3.08% |  | 0.20% |  | 0.90% |  | 17.89% |  | 18.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16 | 10.328 | 17.691 | 234 |  | 2.99% |  | 0.20% |  | 0.90% |  | (13.96)% |  | (13.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17 | 12.004 | 20.561 | 278 |  | 2.49% |  | 0.20% |  | 0.90% |  | 8.26% |  | 9.02% |
|  DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) | DWS CROCI<sup>®</sup> International VIP B (d) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 19.403 | 19.403 |  |  | 6.09% |  | 0.90% |  | 0.90% |  | 0.21% |  | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14 | 19.362 | 19.362 | 272 |  | 2.98% |  | 0.90% |  | 0.90% |  | 17.52% |  | 17.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14 | 16.476 | 16.476 | 235 |  | 2.74% |  | 0.90% |  | 0.90% |  | (14.28)% |  | (14.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15 | 19.222 | 19.222 | 296 |  | 2.21% |  | 0.90% |  | 0.90% |  | 7.97% |  | 7.97% |
|  DWS Global Small Cap VIP A | DWS Global Small Cap VIP A | DWS Global Small Cap VIP A | DWS Global Small Cap VIP A | DWS Global Small Cap VIP A | DWS Global Small Cap VIP A | DWS Global Small Cap VIP A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5 | 46.818 | 46.818 | 239 |  | 1.25% |  | 0.90% |  | 0.90% |  | 19.44% |  | 19.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7 | 39.199 | 39.199 | 276 |  | 1.46% |  | 0.90% |  | 0.90% |  | 4.82% |  | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8 | 37.398 | 37.398 | 308 |  | 0.86% |  | 0.90% |  | 0.90% |  | 23.45% |  | 23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8 | 30.293 | 30.293 | 251 |  | 0.51% |  | 0.90% |  | 0.90% |  | (24.73)% |  | (24.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021  | 8 | 40.246 | 40.246 | 335 |  | 0.34% |  | 0.90% |  | 0.90% |  | 13.92% |  | 13.92% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** | **Deutsche DWS Variable Series II** |  |  |  |  |  |  |  |  |  |  |
|  DWS CROCI<sup>®</sup> U.S. VIP A | DWS CROCI<sup>®</sup> U.S. VIP A | DWS CROCI<sup>®</sup> U.S. VIP A | DWS CROCI<sup>®</sup> U.S. VIP A | DWS CROCI<sup>®</sup> U.S. VIP A |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 215 | $3.675 | $43.212 | $2172 |  | 1.23% |  | 0.90% |  | 0.90% |  | 16.14% |  | 16.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 228 | 3.164 | 37.205 | 2068 |  | 1.60% |  | 0.90% |  | 0.90% |  | 16.71% |  | 16.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 253 | 2.711 | 31.879 | 2089 |  | 1.64% |  | 0.90% |  | 0.90% |  | 19.69% |  | 19.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 277 | 2.265 | 26.635 | 1811 |  | 1.71% |  | 0.90% |  | 0.90% |  | (16.15)% |  | (16.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 292 | 2.702 | 31.765 | 2212 |  | 1.93% |  | 0.90% |  | 0.90% |  | 25.56% |  | 25.56% |
|  DWS Global Income Builder VIP A | DWS Global Income Builder VIP A | DWS Global Income Builder VIP A | DWS Global Income Builder VIP A | DWS Global Income Builder VIP A |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 98 | 7.895 | 32.830 | 1033 |  | 4.19% |  | 0.20% |  | 0.90% |  | 14.77% |  | 15.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 104 | 7.131 | 28.408 | 1028 |  | 3.49% |  | 0.20% |  | 0.90% |  | 8.12% |  | 8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 120 | 6.595 | 26.090 | 1236 |  | 3.04% |  | 0.20% |  | 0.90% |  | 13.87% |  | 14.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 129 | 5.538 | 22.754 | 1164 |  | 2.85% |  | 0.20% |  | 0.90% |  | (15.74)% |  | (15.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 143 | 6.552 | 26.817 | 1488 |  | 2.44% |  | 0.20% |  | 0.90% |  | 9.97% |  | 10.73% |
|  DWS Government Money Market VIP A | DWS Government Money Market VIP A | DWS Government Money Market VIP A | DWS Government Money Market VIP A | DWS Government Money Market VIP A |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1265 | 1.352 | 16.073 | 3109 |  | 3.94% |  | — % |  | 0.90% |  | 3.03% |  | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1259 | 1.394 | 15.462 | 3087 |  | 4.58% |  | — % |  | 0.90% |  | 3.98% |  | 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1046 | 1.340 | 14.737 | 2524 |  | 4.56% |  | — % |  | 0.90% |  | 3.81% |  | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1138 | 1.205 | 14.069 | 2646 |  | 1.07% |  | — % |  | 0.90% |  | 0.41% |  | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1276 | 1.196 | 13.887 | 2871 |  | 0.01% |  | — % |  | 0.90% |  | (0.88)% |  | 0.01% |
|  DWS High Income VIP A | DWS High Income VIP A | DWS High Income VIP A | DWS High Income VIP A | DWS High Income VIP A |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 77 | 4.058 | 33.271 | 481 |  | 6.73% |  | 0.90% |  | 0.90% |  | 7.97% |  | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 80 | 3.759 | 30.815 | 480 |  | 6.92% |  | 0.90% |  | 0.90% |  | 6.18% |  | 6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 89 | 3.540 | 29.022 | 660 |  | 5.14% |  | 0.90% |  | 0.90% |  | 10.35% |  | 10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 91 | 3.208 | 26.301 | 619 |  | 5.09% |  | 0.90% |  | 0.90% |  | (9.69)% |  | (9.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 97 | 3.552 | 29.124 | 711 |  | 4.59% |  | 0.90% |  | 0.90% |  | 3.08% |  | 3.08% |
|  DWS International Opportunities VIP A (b) | DWS International Opportunities VIP A (b) | DWS International Opportunities VIP A (b) | DWS International Opportunities VIP A (b) | DWS International Opportunities VIP A (b) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 35.513 | 35.513 | 5 |  | 0.94% |  | 0.90% |  | 0.90% |  | 17.86% |  | 17.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 30.132 | 30.132 | 4 |  | 1.24% |  | 0.90% |  | 0.90% |  | 8.38% |  | 8.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 27.801 | 27.801 | 4 |  | 0.77% |  | 0.90% |  | 0.90% |  | 15.01% |  | 15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 24.173 | 24.173 | 4 |  | 0.94% |  | 0.90% |  | 0.90% |  | (29.15)% |  | (29.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 34.118 | 34.118 | 5 |  | 0.43% |  | 0.90% |  | 0.90% |  | 7.15% |  | 7.15% |
|  DWS Small Mid Cap Growth VIP A | DWS Small Mid Cap Growth VIP A | DWS Small Mid Cap Growth VIP A | DWS Small Mid Cap Growth VIP A | DWS Small Mid Cap Growth VIP A |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 537 | 4.783 | 46.224 | 4100 |  | N/A |  | 0.20% |  | 0.90% |  | 7.15% |  | 7.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 554 | 4.464 | 42.841 | 3928 |  | N/A |  | 0.20% |  | 0.90% |  | 4.21% |  | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 586 | 4.283 | 40.824 | 4004 |  | 0.02% |  | 0.20% |  | 0.90% |  | 17.77% |  | 18.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 611 | 3.637 | 34.424 | 3509 |  | N/A |  | 0.20% |  | 0.90% |  | (28.66)% |  | (28.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 640 | 5.098 | 47.919 | 5107 |  | 0.04% |  | 0.20% |  | 0.90% |  | 12.83% |  | 13.61% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Investment**<br>**Income**<br>**Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
|  DWS Small Mid Cap Value VIP A | DWS Small Mid Cap Value VIP A | DWS Small Mid Cap Value VIP A | DWS Small Mid Cap Value VIP A | DWS Small Mid Cap Value VIP A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1 | $79.769 | $79.769 | $105 | 0.94% | 0.90% | 0.90% | 17.16% | 17.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1 | 68.085 | 68.085 | 90 | 1.18% | 0.90% | 0.90% | 5.26% | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1 | 64.685 | 64.685 | 86 | 1.12% | 0.90% | 0.90% | 13.93% | 13.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1 | 56.778 | 56.778 | 76 | 0.82% | 0.90% | 0.90% | (16.55)% | (16.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1 | 68.042 | 68.042 | 91 | 1.30% | 0.90% | 0.90% | 29.34% | 29.34% |
|  **Deutsche DWS Investments VIT Funds** | **Deutsche DWS Investments VIT Funds** | **Deutsche DWS Investments VIT Funds** | **Deutsche DWS Investments VIT Funds** | **Deutsche DWS Investments VIT Funds** |  |  |  |  |  |
|  DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17 | 65.282 | 65.282 | 1092 | 1.06% | 0.90% | 0.90% | 16.58% | 16.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 18 | 55.996 | 55.996 | 987 | 1.23% | 0.90% | 0.90% | 23.51% | 23.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18 | 45.337 | 45.337 | 807 | 1.35% | 0.90% | 0.90% | 24.88% | 24.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18 | 36.305 | 36.305 | 650 | 1.11% | 0.90% | 0.90% | (19.07)% | (19.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20 | 44.857 | 44.857 | 903 | 1.46% | 0.90% | 0.90% | 27.25% | 27.25% |
|  DWS Small Cap Index VIP A | DWS Small Cap Index VIP A | DWS Small Cap Index VIP A | DWS Small Cap Index VIP A | DWS Small Cap Index VIP A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 47.233 | 63.716 | 195 | 1.26% | 0.20% | 0.60% | 11.96% | 12.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4 | 43.488 | 56.907 | 170 | 1.14% | 0.20% | 0.60% | 10.49% | 10.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4 | 39.204 | 51.507 | 151 | 1.10% | 0.20% | 0.60% | 16.06% | 16.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 32.702 | 44.378 | 136 | 0.85% | 0.20% | 0.60% | (21.11)% | (20.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 41.369 | 56.252 | 168 | 0.89% | 0.20% | 0.60% | 13.82% | 14.27% |
|  **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** | **Fidelity Variable Insurance Products Funds** |  |  |  |  |  |
|  Fidelity VIP II Contrafund | Fidelity VIP II Contrafund | Fidelity VIP II Contrafund | Fidelity VIP II Contrafund | Fidelity VIP II Contrafund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19 | 266.730 | 266.730 | 5197 | 0.14% | 0.90% | 0.90% | 20.40% | 20.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21 | 221.540 | 221.540 | 4696 | 0.19% | 0.90% | 0.90% | 32.59% | 32.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23 | 167.084 | 167.084 | 3814 | 0.49% | 0.90% | 0.90% | 32.27% | 32.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24 | 126.325 | 126.325 | 3061 | 0.46% | 0.90% | 0.90% | (26.97)% | (26.97)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26 | 172.975 | 172.975 | 4458 | 0.06% | 0.90% | 0.90% | 26.70% | 26.70% |
|  Fidelity VIP Equity Income | Fidelity VIP Equity Income | Fidelity VIP Equity Income | Fidelity VIP Equity Income | Fidelity VIP Equity Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19 | 55.710 | 138.532 | 1456 | 1.79% | 0.20% | 0.90% | 17.96% | 18.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20 | 48.542 | 117.442 | 1312 | 1.84% | 0.20% | 0.90% | 14.31% | 15.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21 | 42.167 | 102.736 | 1201 | 1.88% | 0.20% | 0.90% | 9.66% | 10.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 22 | 37.116 | 93.683 | 1153 | 1.79% | 0.20% | 0.90% | (5.80)% | (5.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 24 | 39.208 | 99.455 | 1333 | 1.94% | 0.20% | 0.90% | 23.78% | 24.64% |
|  Fidelity VIP Growth | Fidelity VIP Growth | Fidelity VIP Growth | Fidelity VIP Growth | Fidelity VIP Growth |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16 | 113.596 | 333.131 | 1827 | 0.29% | 0.20% | 0.60% | 14.21% | 14.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16 | 102.529 | 291.673 | 1597 | N/A | 0.20% | 0.60% | 29.61% | 30.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17 | 78.791 | 225.042 | 1281 | 0.13% | 0.20% | 0.60% | 35.43% | 35.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17 | 56.327 | 166.172 | 983 | 0.59% | 0.20% | 0.60% | (24.91)% | (24.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021  | 20 | 74.860 | 221.286 | 1540 | N/A | 0.20% | 0.60% | 22.48% | 22.97% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Investment**<br>**Income**<br>**Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
|  Fidelity VIP Growth Opportunities | Fidelity VIP Growth Opportunities | Fidelity VIP Growth Opportunities | Fidelity VIP Growth Opportunities | Fidelity VIP Growth Opportunities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13 | $203.484 | $203.484 | $2637 | N/A | 0.90% | 0.90% | 20.86% | 20.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14 | 168.361 | 168.361 | 2292 | N/A | 0.90% | 0.90% | 37.64% | 37.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 15 | 122.316 | 122.316 | 1824 | N/A | 0.90% | 0.90% | 44.36% | 44.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16 | 84.732 | 84.732 | 1350 | N/A | 0.90% | 0.90% | (38.70)% | (38.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17 | 138.229 | 138.229 | 2340 | N/A | 0.90% | 0.90% | 10.94% | 10.94% |
|  Fidelity VIP High Income | Fidelity VIP High Income | Fidelity VIP High Income | Fidelity VIP High Income | Fidelity VIP High Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6 | 27.231 | 29.366 | 157 | 6.39% | 0.20% | 0.90% | 9.38% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6 | 25.589 | 26.848 | 153 | 6.03% | 0.20% | 0.90% | 7.99% | 8.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6 | 23.529 | 24.861 | 146 | 5.60% | 0.20% | 0.90% | 9.49% | 10.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6 | 20.743 | 22.705 | 139 | 4.96% | 0.20% | 0.90% | (12.16)% | (11.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 23.499 | 25.849 | 162 | 5.54% | 0.20% | 0.90% | 3.48% | 4.20% |
|  Fidelity VIP II Index 500 | Fidelity VIP II Index 500 | Fidelity VIP II Index 500 | Fidelity VIP II Index 500 | Fidelity VIP II Index 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 975.062 | 975.062 | 4083 | 1.12% | 0.90% | 0.90% | 16.73% | 16.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5 | 835.343 | 835.343 | 3855 | 1.30% | 0.90% | 0.90% | 23.78% | 23.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 674.867 | 674.867 | 3382 | 1.46% | 0.90% | 0.90% | 25.07% | 25.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 539.585 | 539.585 | 2868 | 1.37% | 0.90% | 0.90% | (18.94)% | (18.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 665.670 | 665.670 | 3838 | 1.26% | 0.90% | 0.90% | 27.43% | 27.43% |
|  Fidelity VIP Overseas | Fidelity VIP Overseas | Fidelity VIP Overseas | Fidelity VIP Overseas | Fidelity VIP Overseas |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 31.383 | 61.956 | 99 | 1.68% | 0.20% | 0.60% | 19.67% | 20.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 27.034 | 51.771 | 83 | 1.73% | 0.20% | 0.60% | 4.42% | 4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 25.786 | 49.578 | 80 | 1.01% | 0.20% | 0.60% | 19.79% | 20.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 20.840 | 41.388 | 76 | 0.97% | 0.20% | 0.60% | (24.93)% | (24.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3 | 27.707 | 55.135 | 101 | 0.54% | 0.20% | 0.60% | 18.99% | 19.46% |
|  **Franklin Templeton Variable Insurance Products Trust** | **Franklin Templeton Variable Insurance Products Trust** | **Franklin Templeton Variable Insurance Products Trust** | **Franklin Templeton Variable Insurance Products Trust** | **Franklin Templeton Variable Insurance Products Trust** |  |  |  |  |  |
|  FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7 | 27.651 | 30.071 | 187 | 0.53% | 0.20% | 0.90% | 44.97% | 45.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7 | 19.074 | 20.400 | 138 | 4.07% | 0.20% | 0.90% | 6.70% | 7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7 | 17.876 | 18.985 | 129 | 2.07% | 0.20% | 0.90% | 11.62% | 12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7 | 16.015 | 17.262 | 114 | 2.24% | 0.20% | 0.90% | (22.68)% | (22.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8 | 20.712 | 22.259 | 165 | 0.89% | 0.20% | 0.90% | (6.58)% | (5.93)% |
|  FTVIP Templeton Foreign Fund CL 2 | FTVIP Templeton Foreign Fund CL 2 | FTVIP Templeton Foreign Fund CL 2 | FTVIP Templeton Foreign Fund CL 2 | FTVIP Templeton Foreign Fund CL 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 23.090 | 52.037 | 74 | 2.46% | 0.20% | 0.60% | 28.42% | 28.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4 | 18.535 | 40.519 | 64 | 2.45% | 0.20% | 0.60% | (1.59)% | (1.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 18.759 | 41.174 | 63 | 3.22% | 0.20% | 0.60% | 20.04% | 20.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 15.130 | 34.301 | 55 | 2.90% | 0.20% | 0.60% | (8.16)% | (7.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 16.440 | 37.347 | 61 | 1.91% | 0.20% | 0.60% | 3.54% | 3.95% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  FTVIP Templeton Global Bond Fund CL 2 | FTVIP Templeton Global Bond Fund CL 2 | FTVIP Templeton Global Bond Fund CL 2 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | $14.584 | $33.358 | $45 |  | N/A |  | 0.20% |  | 0.60% |  | 15.04% |  | 15.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 13.069 | 28.997 | 38 |  | N/A |  | 0.20% |  | 0.60% |  | (11.90)% |  | (11.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 14.775 | 32.915 | 41 |  | N/A |  | 0.20% |  | 0.60% |  | 2.27% |  | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3 | 13.987 | 32.183 | 41 |  | N/A |  | 0.20% |  | 0.60% |  | (5.52)% |  | (5.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3 | 14.774 | 34.062 | 43 |  | N/A |  | 0.20% |  | 0.60% |  | (5.56)% |  | (5.18)% |
|  **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series I | Invesco V.I. Discovery Mid Cap Growth Fund Series I | Invesco V.I. Discovery Mid Cap Growth Fund Series I |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 17.354 | 17.750 | 65 |  | N/A |  | 0.20% |  | 0.60% |  | 4.16% |  | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4 | 16.660 | 16.973 | 68 |  | N/A |  | 0.20% |  | 0.60% |  | 23.49% |  | 23.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 13.491 | 13.690 | 68 |  | N/A |  | 0.20% |  | 0.60% |  | 12.48% |  | 12.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 11.995 | 12.123 | 63 |  | N/A |  | 0.20% |  | 0.60% |  | (31.39)% |  | (31.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 17.483 | 17.600 | 105 |  | N/A |  | 0.20% |  | 0.60% |  | 18.39% |  | 18.86% |
|  Invesco V.I. Diversified Dividend Fund Series I | Invesco V.I. Diversified Dividend Fund Series I | Invesco V.I. Diversified Dividend Fund Series I |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2 | 29.822 | 39.014 | 93 |  | 1.50% |  | 0.20% |  | 0.60% |  | 15.05% |  | 15.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 25.921 | 33.776 | 101 |  | 1.95% |  | 0.20% |  | 0.60% |  | 12.54% |  | 12.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 23.033 | 29.893 | 88 |  | 1.98% |  | 0.20% |  | 0.60% |  | 8.40% |  | 8.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3 | 21.249 | 27.468 | 79 |  | 1.76% |  | 0.20% |  | 0.60% |  | (2.26)% |  | (1.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 18.396 | 23.592 | 100 |  | 2.16% |  | 0.20% |  | 0.60% |  | 18.18% |  | 18.66% |
|  Invesco V.I. Equity and Income Fund Series I | Invesco V.I. Equity and Income Fund Series I | Invesco V.I. Equity and Income Fund Series I |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 13.114 | 13.114 |  |  | 2.11% |  | 0.90% |  | 0.90% |  | 11.80% |  | 11.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 11.730 | 11.730 |  |  | 1.83% |  | 0.90% |  | 0.90% |  | 11.11% |  | 11.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 10.557 | 10.557 |  |  | 1.99% |  | 0.90% |  | 0.90% |  | 9.57% |  | 9.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 9.634 | 9.634 |  |  | 1.72% |  | 0.90% |  | 0.90% |  | (8.33)% |  | (8.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 10.510 | 10.510 | 164 |  | 3.62% |  | 0.90% |  | 0.90% |  | 5.10% |  | 5.10% |
|  Invesco V.I. Technology Fund Series I | Invesco V.I. Technology Fund Series I | Invesco V.I. Technology Fund Series I |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 93.706 | 106.322 | 314 |  | N/A |  | 0.20% |  | 0.60% |  | 19.75% |  | 20.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 78.252 | 88.435 | 277 |  | N/A |  | 0.20% |  | 0.60% |  | 33.46% |  | 34.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4 | 58.631 | 65.996 | 244 |  | N/A |  | 0.20% |  | 0.60% |  | 46.07% |  | 46.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 40.139 | 45.002 | 185 |  | N/A |  | 0.20% |  | 0.60% |  | (40.31)% |  | (40.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 67.244 | 75.090 | 288 |  | N/A |  | 0.20% |  | 0.60% |  | 13.73% |  | 14.18% |
|  **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Janus Henderson Balanced Portfolio I-S | Janus Henderson Balanced Portfolio I-S | Janus Henderson Balanced Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52 | 49.739 | 155.699 | 2592 |  | 2.02% |  | 0.20% |  | 0.60% |  | 14.42% |  | 14.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 54 | 44.813 | 136.078 | 2338 |  | 2.12% |  | 0.20% |  | 0.60% |  | 14.74% |  | 15.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54 | 38.902 | 118.602 | 2059 |  | 2.08% |  | 0.20% |  | 0.60% |  | 14.73% |  | 15.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 58 | 32.828 | 103.377 | 1916 |  | 1.19% |  | 0.20% |  | 0.60% |  | (16.90)% |  | (16.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 61 | 39.426 | 124.400 | 2394 |  | 0.91% |  | 0.20% |  | 0.60% |  | 16.50% |  | 16.96% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  Janus Henderson Enterprise Portfolio I-S | Janus Henderson Enterprise Portfolio I-S | Janus Henderson Enterprise Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22 | $82.894 | $236.523 | $1867 |  | 0.20% |  | 0.20% |  | 0.60% |  | 7.03% |  | 7.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22 | 79.841 | 220.988 | 1740 |  | 0.75% |  | 0.20% |  | 0.60% |  | 14.91% |  | 15.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23 | 69.202 | 192.309 | 1571 |  | 0.16% |  | 0.20% |  | 0.60% |  | 17.37% |  | 17.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 25 | 57.082 | 163.849 | 1453 |  | 0.19% |  | 0.20% |  | 0.60% |  | (16.44)% |  | (16.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26 | 68.178 | 196.088 | 1783 |  | 0.32% |  | 0.20% |  | 0.60% |  | 16.13% |  | 16.60% |
|  Janus Henderson Flexible Bond Portfolio I-S | Janus Henderson Flexible Bond Portfolio I-S | Janus Henderson Flexible Bond Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4 | 18.136 | 30.829 | 75 |  | 5.18% |  | 0.20% |  | 0.60% |  | 6.76% |  | 7.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5 | 17.512 | 28.877 | 87 |  | 4.79% |  | 0.20% |  | 0.60% |  | 1.35% |  | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 17.210 | 28.493 | 90 |  | 4.52% |  | 0.20% |  | 0.60% |  | 4.88% |  | 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 15.887 | 27.169 | 75 |  | 2.21% |  | 0.20% |  | 0.60% |  | (14.17)% |  | (13.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 18.474 | 31.655 | 105 |  | 2.08% |  | 0.20% |  | 0.60% |  | (1.49)% |  | (1.10)% |
|  Janus Henderson Forty Portfolio I-S | Janus Henderson Forty Portfolio I-S | Janus Henderson Forty Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13 | 248.540 | 248.540 | 3318 |  | 0.07% |  | 0.90% |  | 0.90% |  | 17.09% |  | 17.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15 | 212.266 | 212.266 | 3137 |  | 0.11% |  | 0.90% |  | 0.90% |  | 27.32% |  | 27.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16 | 166.723 | 166.723 | 2704 |  | 0.19% |  | 0.90% |  | 0.90% |  | 38.72% |  | 38.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18 | 120.188 | 120.188 | 2148 |  | 0.17% |  | 0.90% |  | 0.90% |  | (34.14)% |  | (34.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18 | 182.502 | 182.502 | 3375 |  | N/A |  | 0.90% |  | 0.90% |  | 21.80% |  | 21.80% |
|  Janus Henderson Global Research Portfolio I-S | Janus Henderson Global Research Portfolio I-S | Janus Henderson Global Research Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25 | 59.339 | 147.678 | 1486 |  | 0.58% |  | 0.20% |  | 0.60% |  | 20.20% |  | 20.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 26 | 50.892 | 122.863 | 1270 |  | 0.78% |  | 0.20% |  | 0.60% |  | 22.84% |  | 23.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26 | 41.264 | 100.017 | 1066 |  | 0.93% |  | 0.20% |  | 0.60% |  | 26.02% |  | 26.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29 | 31.700 | 79.364 | 921 |  | 0.98% |  | 0.20% |  | 0.60% |  | (19.89)% |  | (19.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30 | 39.492 | 99.070 | 1172 |  | 0.53% |  | 0.20% |  | 0.60% |  | 17.39% |  | 17.85% |
|  Janus Henderson Overseas Portfolio I-S | Janus Henderson Overseas Portfolio I-S | Janus Henderson Overseas Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27 | 30.218 | 117.945 | 809 |  | 1.44% |  | 0.20% |  | 0.60% |  | 28.11% |  | 28.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27 | 24.317 | 92.069 | 642 |  | 1.45% |  | 0.20% |  | 0.60% |  | 5.20% |  | 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27 | 23.022 | 87.516 | 606 |  | 1.49% |  | 0.20% |  | 0.60% |  | 10.21% |  | 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29 | 20.223 | 79.406 | 583 |  | 1.64% |  | 0.20% |  | 0.60% |  | (9.15)% |  | (8.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30 | 22.215 | 87.402 | 672 |  | 1.17% |  | 0.20% |  | 0.60% |  | 12.91% |  | 13.36% |
|  Janus Henderson Research Portfolio I-S | Janus Henderson Research Portfolio I-S | Janus Henderson Research Portfolio I-S |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 24 | 96.353 | 179.483 | 2326 |  | N/A |  | 0.20% |  | 0.60% |  | 17.68% |  | 18.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25 | 84.403 | 152.515 | 2042 |  | 0.03% |  | 0.20% |  | 0.60% |  | 34.50% |  | 35.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27 | 62.502 | 113.393 | 1616 |  | 0.15% |  | 0.20% |  | 0.60% |  | 42.32% |  | 42.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29 | 42.518 | 79.675 | 1249 |  | 0.15% |  | 0.20% |  | 0.60% |  | (30.31)% |  | (30.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 29 | 60.887 | 114.325 | 1765 |  | 0.10% |  | 0.20% |  | 0.60% |  | 19.62% |  | 20.09% |

---

------

##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $|  | $|  | $|  | $|  | $|  |
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| | | | | | **Investment** | **Investment** | | | | | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | | **Income** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** | **Total Returns (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **Net**<br>**Assets (1)**<br>**(000s)** | **Ratio (2)** | **Ratio (2)** | **Lowest** | **Lowest** | **Highest** | **Highest** | **Lowest** | **Lowest** | **Highest** | **Highest** |
|  **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |  |  |  |  |  |  |  |  |  |  |  |  |
|  LVIP American Century Disciplined Core Value (c) | LVIP American Century Disciplined Core Value (c) | LVIP American Century Disciplined Core Value (c) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2 | $32.516 | $52.627 | $78 |  | 1.70% |  | 0.20% |  | 0.60% |  | 14.17% |  | 14.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2 | 28.479 | 45.911 | 69 |  | 1.37% |  | 0.20% |  | 0.60% |  | 12.41% |  | 12.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2 | 25.334 | 40.678 | 60 |  | 1.54% |  | 0.20% |  | 0.60% |  | 8.01% |  | 8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2 | 23.456 | 37.513 | 84 |  | 1.68% |  | 0.20% |  | 0.60% |  | (13.25)% |  | (12.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2 | 27.040 | 43.074 | 101 |  | 1.12% |  | 0.20% |  | 0.60% |  | 22.91% |  | 23.40% |
|  LVIP American Century International (c) | LVIP American Century International (c) | LVIP American Century International (c) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2 | 20.952 | 29.901 | 56 |  | 1.27% |  | 0.20% |  | 0.60% |  | 15.29% |  | 15.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2 | 18.172 | 25.832 | 48 |  | 1.66% |  | 0.20% |  | 0.60% |  | 1.99% |  | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2 | 17.818 | 25.226 | 42 |  | 1.43% |  | 0.20% |  | 0.60% |  | 11.90% |  | 12.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2 | 15.923 | 22.454 | 38 |  | 1.26% |  | 0.20% |  | 0.60% |  | (25.20)% |  | (24.90)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2 | 21.288 | 29.900 | 47 |  | 0.16% |  | 0.20% |  | 0.60% |  | 8.10% |  | 8.53% |
|  LVIP American Century Ultra (c) | LVIP American Century Ultra (c) | LVIP American Century Ultra (c) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2 | 86.310 | 119.305 | 175 |  | N/A |  | 0.20% |  | 0.60% |  | 12.17% |  | 12.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2 | 76.946 | 105.938 | 157 |  | N/A |  | 0.20% |  | 0.60% |  | 28.02% |  | 28.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2 | 60.102 | 82.418 | 146 |  | N/A |  | 0.20% |  | 0.60% |  | 42.66% |  | 43.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2 | 42.131 | 57.545 | 102 |  | N/A |  | 0.20% |  | 0.60% |  | (32.78)% |  | (32.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2 | 62.674 | 85.264 | 167 |  | N/A |  | 0.20% |  | 0.60% |  | 22.43% |  | 22.91% |
|  LVIP American Century Value (c) | LVIP American Century Value (c) | LVIP American Century Value (c) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8 | 42.718 | 51.391 | 388 |  | 1.59% |  | 0.20% |  | 0.60% |  | 15.33% |  | 15.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8 | 37.040 | 44.383 | 367 |  | 2.89% |  | 0.20% |  | 0.60% |  | 8.83% |  | 9.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9 | 34.036 | 40.621 | 375 |  | 2.35% |  | 0.20% |  | 0.60% |  | 8.45% |  | 8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10 | 31.384 | 37.308 | 350 |  | 2.04% |  | 0.20% |  | 0.60% |  | (0.06)% |  | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11 | 31.402 | 37.181 | 372 |  | 1.82% |  | 0.20% |  | 0.60% |  | 23.77% |  | 24.26% |
|  **PIMCO Variable Insurance Trust** | **PIMCO Variable Insurance Trust** | **PIMCO Variable Insurance Trust** |  |  |  |  |  |  |  |  |  |  |  |  |
|  PIMCO PVIT International Bond (U.S. Dollar-Hedged) - Admin | PIMCO PVIT International Bond (U.S. Dollar-Hedged) - Admin | PIMCO PVIT International Bond (U.S. Dollar-Hedged) - Admin |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 25.540 | 25.540 | 72 |  | 3.45% |  | 0.90% |  | 0.90% |  | 3.03% |  | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 24.790 | 24.790 | 74 |  | 3.59% |  | 0.90% |  | 0.90% |  | 4.52% |  | 4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3 | 23.719 | 23.719 | 72 |  | 2.55% |  | 0.90% |  | 0.90% |  | 8.05% |  | 8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3 | 21.952 | 21.952 | 68 |  | 1.47% |  | 0.90% |  | 0.90% |  | (10.95)% |  | (10.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3 | 24.653 | 24.653 | 79 |  | 1.58% |  | 0.90% |  | 0.90% |  | (2.83)% |  | (2.83)% |
|  PIMCO PVIT Low Duration Portfolio - Admin | PIMCO PVIT Low Duration Portfolio - Admin | PIMCO PVIT Low Duration Portfolio - Admin |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2 | 17.949 | 17.949 | 34 |  | 3.89% |  | 0.90% |  | 0.90% |  | 4.58% |  | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2 | 17.163 | 17.163 | 35 |  | 4.03% |  | 0.90% |  | 0.90% |  | 3.56% |  | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2 | 16.573 | 16.573 | 33 |  | 3.14% |  | 0.90% |  | 0.90% |  | 4.04% |  | 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3 | 15.930 | 15.930 | 47 |  | 1.65% |  | 0.90% |  | 0.90% |  | (6.58)% |  | (6.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3 | 17.052 | 17.052 | 54 |  | 0.55% |  | 0.90% |  | 0.90% |  | (1.81)% |  | (1.81)% |

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##### [**Table of Contents**](#toc)
**ZALICO VARIABLE SEPARATE ACCOUNT** 

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**Notes to Financial Statements** 

<u>Notes:</u> 

(1) Net Assets equals Policy Owners' Equity. N/A is noted if the subaccount ceased as an investment option.

(2) This ratio represents dividends, excluding distribution of capital gains, received by the subaccount from the
underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. This ratio excludes the expense charges that result in direct reduction in the unit values. The recognition of investment income by the
subaccount is affected by the timing of the declaration of dividends in the underlying fund in which the subaccounts invest. N/A is noted if the fund did not pay any dividends or subaccount ceased as an investment option.

(3) This ratio represents the annualized policy expenses of the Separate Account, consisting primarily of mortality and
expense risk charges for each period presented. The ratios include only those expenses that result in a direct reduction to unit values. Charges that require redemption of policy owner units and expenses of the underlying fund are excluded.

N/A is noted if the subaccount ceased as an investment option.

(4) Total return is calculated using the beginning and ending unit value (before rounding for this presentation), which
reflects the changes in the underlying fund values and reductions related to the Expense Ratio, for the period indicated. The total return does not include any expenses assessed through redemption of units; inclusion of these expenses in the
calculation would result in a reduction in the total return presented. N/A is noted if the subaccount ceased as an investment option.

(a) Effective December 31, 2025, name changed from BNY Mellon Variable Investment Fund Opportunistic Small Cap Portfolio to BNY Mellon Variable Investment Fund Small Cap Portfolio.

(b) Effective May 1, 2025, name changed from DWS International Growth VIP to DWS International Opportunities VIP.

(c) Effective April 26, 2024, American Century Funds were acquired by LVIP American Century Funds managed by Lincoln Financial Group.

(d) On June 17, 2024, subaccount liquidated.

(e) Subaccount commenced operations on December 6, 2024.

(f) As of December 6, 2024, AST T Rowe Price Asset Allocation Portfolio merged into the AST Balanced Allocation Portfolio.

(g) As of December 13, 2024, AST Mid-Cap Growth Portfolio merged into the AST Large-Cap Growth Portfolio.

(h) On December 16, 2024, name changed from AST Small Cap Growth Portfolio to AST Small Cap Equity Portfolio.

(i) Subaccount closed during 2022.

**(7) Subsequent Events** 

The Separate Account has evaluated the effects of events subsequent to December 31, 2025, and through April 23, 2026. All accounting and disclosure requirements related to subsequent events are included in the financial statements.