# EDGAR Filing Document

**Accession Number:** 0000845775
**File Stem:** 0000845775-26-000015
**Filing Date:** 2026-4
**Character Count:** 386568
**Document Hash:** cc1ca635e931a4fba58120c2920e3efb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000845775-26-000015.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0000845775-26-000015

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**EFFECTIVENESS DATE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
- **CENTRAL INDEX KEY:** 0000845775

**ORGANIZATION NAME:**
- **EIN:** 133191369
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05716
- **FILM NUMBER:** 26844521

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANZ LIFE INSURANCE COMPANY OF NY
- **STREET 2:** 28 LIBERTY STREET, 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005-1422
- **BUSINESS PHONE:** 212-586-7733

**MAIL ADDRESS:**
- **STREET 1:** ALLIANZ LIFE
- **STREET 2:** 5701 GOLDEN HILLS DRIVE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416-1297

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PREFERRED LIFE VARIABLE ACCOUNT C
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### ALLIANZ LIFE OF NY VARIABLE ACCOUNT C (Series ID: S000002607)

| Class ID   | Class Name                                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000007156 | Allianz Advantage New York Variable Annuity                                             |  |
| C000007157 | Allianz Opportunity New York Variable Annuity                                           |  |
| C000007158 | Allianz Charter II New York Variable Annuity                                            |  |
| C000007159 | Allianz High Five New York Variable Annuity                                             |  |
| C000027772 | Allianz Valuemark II New York Variable Annuity                                          |  |
| C000051278 | Allianz Vision New York Variable Annuity issued on or prior to April 29, 2011           |  |
| C000091400 | Retirement Pro NY                                                                       |  |
| C000098187 | Allianz Vision New York Variable Annuity issued from May 2, 2011 through April 26, 2013 |  |
| C000115836 | Allianz Retirement Advantage NY                                                         |  |
| C000119019 | Allianz Vision New York Variable Annuity issued on or after April 29, 2013              |  |
| C000138153 | Allianz Index Advantage New York                                                        |  |
| C000232732 | ALLIANZ INDEX ADVANTAGE NEW YORK issued on or after January 1, 2023                     |  |
| C000248320 | Allianz Index Advantage+ New York                                                       |  |

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**of** 

**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

**Financial Statements**

**December 31, 2025** 

**(With Report of Independent Registered Public Accounting Firm Thereon)**

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Allianz Life Insurance Company of New York and the Contract Owners of Allianz Life of NY Variable Account C

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Allianz Life of NY Variable Account C indicated in the table below (other than AZL DFA Five-Year Global Fixed Income Fund, AZL Gateway Fund, AZL MetWest Total Return Bond Fund, AZL MSCI Emerging Markets Equity Index Class 1, AZL MSCI Emerging Markets Equity Index Class 2, AZL MVP Fusion Balanced Fund, AZL MVP Fusion Conservative Fund, AZL MVP Fusion Moderate Fund, BlackRock Equity Dividend V.I. Fund, Eaton Vance VT Floating-Rate Income Fund, Fidelity VIP Emerging Markets Portfolio, JPMorgan Insurance Trust Core Bond Portfolio, Invesco V.I. Balanced-Risk Allocation Fund, Lazard Retirement International Equity Portfolio, Lazard Retirement U.S. Small-Mid Cap Equity Portfolio, Macquarie VIP Asset Strategy Series Portfolio, Macquarie VIP Energy Series Portfolio, Macquarie VIP Science and Technology Series Portfolio, T. Rowe Price Blue Chip Growth Portfolio, and T. Rowe Price Health Sciences Portfolio which do not present a statement of assets and liabilities) as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Allianz Life of NY Variable Account C (other than AZL DFA Five-Year Global Fixed Income Fund, AZL Gateway Fund, AZL MetWest Total Return Bond Fund, AZL MSCI Emerging Markets Equity Index Class 1, AZL MVP Fusion AZL MSCI Emerging Markets Equity Index Class 2, AZL MVP Fusion Balanced Fund, AZL MVP Fusion Conservative Fund, AZL MVP Fusion Moderate Fund, BlackRock Equity Dividend V.I. Fund, Eaton Vance VT Floating-Rate Income Fund, Fidelity VIP Emerging Markets Portfolio, Invesco V.I. Balanced-Risk Allocation Fund, JPMorgan Insurance Trust Core Bond Portfolio, Lazard Retirement International Equity Portfolio, Lazard Retirement U.S. Small-Mid Cap Equity Portfolio, Macquarie VIP Asset Strategy Series Portfolio, Macquarie VIP Energy Series Portfolio, Macquarie VIP Science and Technology Series Portfolio, T. Rowe Price Blue Chip Growth Portfolio, and T. Rowe Price Health Sciences Portfolio which do not present a statement of assets and liabilities) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | |
|:---|:---|:---|
| **Subaccounts of Allianz Life Variable Account C** | **Subaccounts of Allianz Life Variable Account C** | **Subaccounts of Allianz Life Variable Account C** |
| AZL Balanced Index Strategy Fund | AZL Russell 1000 Growth Index Fund Class 2 | MFS International Intrinsic Value Portfolio |
| AZL DFA Multi-Strategy Fund | AZL Russell 1000 Value Index Fund Class 1 | MFS VIT Total Return Bond Portfolio |
| AZL Enhanced Bond Index Fund | AZL Russell 1000 Value Index Fund Class 2 | MFS VIT Utilities Portfolio |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL S&P 500 Index Fund | Nomura VIP Asset Strategy Series |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Small Cap Stock Index Fund Class 1 | Nomura VIP Energy Series |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Small Cap Stock Index Fund Class 2 | Nomura VIP Growth Series |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL T. Rowe Price Capital Appreciation Fund | Nomura VIP Mid Cap Growth Series |

---

------

---

| | | |
|:---|:---|:---|
| AZL Government Money Market Fund | BlackRock Equity Dividend V.I. Fund | Nomura VIP Natural Resources Series |
| AZL International Index Fund Class 1 | ClearBridge Variable Growth Portfolio | Nomura VIP Science and Technology Series |
| AZL International Index Fund Class 2 | Columbia Variable Portfolio – Seligman Global Technology Fund | PIMCO VIT Balanced Allocation Portfolio |
| AZL Mid Cap Index Fund Class 1 | Davis VA Financial Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio |
| AZL Mid Cap Index Fund Class 2 | Eaton Vance VT Floating-Rate Income Fund | PIMCO VIT Emerging Markets Bond Portfolio |
| AZL Moderate Index Strategy Fund | Fidelity VIP Emerging Markets Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio |
| AZL MSCI Global Equity Index Fund Class 1 | Fidelity VIP Mid Cap Portfolio | PIMCO VIT High Yield Portfolio |
| AZL MSCI Global Equity Index Fund Class 2 | Fidelity VIP Strategic Income Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio |
| AZL MVP Balanced Index Strategy Fund | Franklin Rising Dividends VIP Fund | PIMCO VIT Low Duration Portfolio |
| AZL MVP DFA Multi-Strategy Fund | Franklin U.S. Government Securities VIP Fund | PIMCO VIT Real Return Portfolio |
| AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | Invesco V.I. American Value Fund | PIMCO VIT StocksPLUS Global Portfolio |
| AZL MVP Global Balanced Index Strategy Fund | Invesco V.I. Balanced-Risk Allocation Fund | PIMCO VIT Total Return Portfolio |
| AZL MVP Growth Index Strategy Fund | Invesco V.I. Global Strategic Income Fund | T. Rowe Price Blue Chip Growth Portfolio |
| AZL MVP Moderate Index Strategy Fund | Invesco V.I. International Growth Fund | T. Rowe Price Equity Income Portfolio |
| AZL MVP T. Rowe Price Capital Appreciation Plus Fund | Lazard Retirement International Equity Portfolio | T. Rowe Price Health Sciences Portfolio |
| AZL Russell 1000 Growth Index Fund Class 1 | Lazard Retirement U.S. Small-Mid Cap Equity Portfolio | Templeton Global Bond VIP Fund |
| LVIP JPMorgan Core Bond Fund |  |  |

---

***Basis for Opinions***

These financial statements are the responsibility of Allianz Life Insurance Company of New York management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Allianz Life of NY Variable Account C 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 each of the subaccounts of Allianz Life of NY Variable Account C 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 of these financial statements 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 audits also included evaluating the accounting principles used and significant estimates made by

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management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 6, 2026

We have served as the auditor of one or more of the subaccounts of Allianz Life of NY Variable Account C of Allianz Life Insurance Company of New York since 2019.

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL Balanced Index Strategy Fund | AZL DFA Multi-Strategy Fund | AZL Enhanced Bond Index Fund | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $21122 | $56475 | $3936 | $5606 | $102227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 21122 | 56475 | 3936 | 5606 | 102227 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 21122 | 56475 | 3936 | 5606 | 102227 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 21122 | 56475 | 3936 | 5567 | 102183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  |  |  | 39 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $21122 | $56475 | $3936 | $5606 | $102227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 1379 | 4048 | 403 | 287 | 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $20630 | $53880 | $4232 | $5533 | $92213 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Government Money Market Fund | AZL International Index Fund Class 1 | AZL International Index Fund Class 2 |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $808 | $13405 | $60443 | $5494 | $14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 808 | 13405 | 60443 | 5494 | 14190 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 808 | 13405 | 60443 | 5494 | 14190 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 805 | 13392 | 60423 | 5451 | 14106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 3 | 13 | 20 | 43 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $808 | $13405 | $60443 | $5494 | $14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 98 | 1552 | 60443 | 413 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $940 | $14919 | $60443 | $4272 | $10242 |

---

See accompanying notes to financial statements<br> Page 5 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 2 | AZL Moderate Index Strategy Fund | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 2 |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $1810 | $12259 | $78322 | $2003 | $3823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1810 | 12259 | 78322 | 2003 | 3823 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 1810 | 12259 | 78322 | 2003 | 3823 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 1785 | 12259 | 78268 | 2003 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 25 |  | 54 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $1810 | $12259 | $78322 | $2003 | $3823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 108 | 747 | 5211 | 173 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $3557 | $14272 | $73165 | $1664 | $2855 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL MVP Balanced Index Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Growth Index Strategy Fund |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $69249 | $128602 | $31428 | $56139 | $261042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 69249 | 128602 | 31428 | 56139 | 261042 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 69249 | 128602 | 31428 | 56139 | 261042 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 69244 | 128598 | 31428 | 56134 | 261042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 5 | 4 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $69249 | $128602 | $31428 | $56139 | $261042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 5457 | 11077 | 2294 | 4706 | 17662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $64770 | $114052 | $27259 | $53498 | $249450 |

---

See accompanying notes to financial statements<br> Page 6 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL MVP Moderate Index Strategy Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 1 |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $43590 | $145282 | $4818 | $18333 | $14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 43590 | 145282 | 4818 | 18333 | 14889 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 43590 | 145282 | 4818 | 18333 | 14889 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 43590 | 145282 | 4779 | 18333 | 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  |  | 39 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $43590 | $145282 | $4818 | $18333 | $14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 3263 | 11669 | 195 | 1063 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $43624 | $142480 | $5702 | $16492 | $14801 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | AZL Russell 1000 Value Index Fund Class 2 | AZL S&P 500 Index Fund | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 2 | AZL T. Rowe Price Capital Appreciation Fund |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $15038 | $29164 | $392 | $10317 | $14641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 15038 | 29164 | 392 | 10317 | 14641 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 15038 | 29164 | 392 | 10317 | 14641 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 14931 | 29058 | 392 | 10264 | 14521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 107 | 106 |  | 53 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $15038 | $29164 | $392 | $10317 | $14641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 1046 | 1265 | 30 | 924 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $13682 | $22972 | $495 | $11058 | $14724 |

---

See accompanying notes to financial statements<br> Page 7 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ClearBridge Variable Growth Portfolio | Columbia Variable Portfolio – Seligman Global Technology Fund | Davis VA Financial Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Strategic Income Portfolio |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $39 | $91 | $1018 | $42 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 39 | 91 | 1018 | 42 | 19 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 39 | 91 | 1018 | 42 | 19 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 39 | 91 | 1018 | 42 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $39 | $91 | $1018 | $42 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 3 | 2 | 57 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $60 | $50 | $756 | $40 | $19 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Franklin Rising Dividends VIP Fund | Franklin U.S. Government Securities VIP Fund | Invesco V.I. American Value Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. International Growth Fund |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $13123 | $10739 | $16 | $93 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 13123 | 10739 | 16 | 93 | 6 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 13123 | 10739 | 16 | 93 | 6 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 13053 | 10728 | 16 | 93 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 70 | 11 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $13123 | $10739 | $16 | $93 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 450 | 1020 | 1 | 20 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $10437 | $12118 | $14 | $106 | $8 |

---

See accompanying notes to financial statements<br> Page 8 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LVIP JPMorgan Core Bond Fund | MFS International Intrinsic Value Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Utilities Portfolio | Nomura VIP Growth Series |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $954 | $34 | $4061 | $8 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 954 | 34 | 4061 | 8 | 12 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 954 | 34 | 4061 | 8 | 12 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 954 | 34 | 4061 | 8 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $954 | $34 | $4061 | $8 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 97 | 1 | 352 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $946 | $27 | $4449 | $7 | $11 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP Mid Cap Growth Series | Nomura VIP Natural Resources Series | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT Emerging Markets Bond Portfolio |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $5 | $6 | $17903 | $1134 | $4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5 | 6 | 17903 | 1134 | 4245 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 5 | 6 | 17903 | 1134 | 4245 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 5 | 6 | 17901 | 1134 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $5 | $6 | $17903 | $1134 | $4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 1 | 1 | 1762 | 180 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $6 | $3 | $16787 | $1373 | $4619 |

---

See accompanying notes to financial statements<br> Page 9 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Real Return Portfolio |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $6730 | $31172 | $205 | $190 | $15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6730 | 31172 | 205 | 190 | 15000 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 6730 | 31172 | 205 | 190 | 15000 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 6730 | 31154 | 205 | 190 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period |  | 18 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $6730 | $31172 | $205 | $190 | $15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 749 | 4207 | 27 | 19 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $7021 | $31828 | $262 | $191 | $15899 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT Total Return Portfolio | T. Rowe Price Equity Income Portfolio | Templeton Global Bond VIP Fund | Total All Funds |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at Net Asset Value | $7917 | $47907 | $60 | $26456 | $1414032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 7917 | 47907 | 60 | 26456 | 1414032 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |  |  |  |  |
| Net Assets: | 7917 | 47907 | 60 | 26456 | 1414032 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Accumulation Period | 7896 | 47861 | 60 | 26425 | 1412910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts in Annuity Payment Period | 21 | 46 |  | 31 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $7917 | $47907 | $60 | $26456 | $1414032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Shares | 876 | 5070 | 2 | 2007 | 162930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Cost | $7110 | $53144 | $59 | $31211 | $1356437 |

---

See accompanying notes to financial statements<br> Page 10 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Assets and Liabilities

December 31, 2025

(In thousands)

The following open/available funds had no assets or liabilities as of December 31, 2025 and therefore, were not listed in the Statements of Assets and Liabilities:

---

| |
|:---|
| BlackRock Equity Dividend V.I. Fund |
| Eaton Vance VT Floating-Rate Income Fund |
| Fidelity VIP Emerging Markets Portfolio |
| Invesco V.I. Balanced-Risk Allocation Fund |
| Lazard Retirement International Equity Portfolio |
| Lazard Retirement U.S. Small-Mid Cap Equity Portfolio |
| Nomura VIP Asset Strategy Series |
| Nomura VIP Energy Series |
| Nomura VIP Science and Technology Series |
| T. Rowe Price Blue Chip Growth Portfolio |
| T. Rowe Price Health Sciences Portfolio |

---

See accompanying notes to financial statements<br> Page 11 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Balanced Index Strategy Fund | AZL DFA Multi-Strategy Fund | AZL Enhanced Bond Index Fund | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $580 | $1570 | $190 | $145 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 383 | 967 | 65 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 197 | 603 | 125 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 1342 | 2177 |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 121 | 168 | (101) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 1463 | 2345 | (101) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 656 | 4311 | 199 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 2119 | 6656 | 98 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $2316 | $7259 | $223 | $525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Government Money Market Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $2974 | $41 | $579 | $1487 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 1696 | 13 | 226 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 1278 | 28 | 353 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 1766 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 1297 | (34) | (243) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 3063 | (34) | (243) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 4957 | 61 | 667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 8020 | 27 | 424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $9298 | $55 | $777 | $949 |

---

See accompanying notes to financial statements<br> Page 12 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL International Index Fund Class 1 | AZL International Index Fund Class 2 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 2 |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $228 | $344 | $26 | $141 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 80 | 337 | 26 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 148 | 7 |  | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 93 | 155 | 497 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 90 | 904 | (254) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 183 | 1059 | 243 | 3491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 959 | 2407 | (148) | (2796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 1142 | 3466 | 95 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $1290 | $3473 | $95 | $566 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Moderate Index Strategy Fund | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 2 | AZL MVP Balanced Index Strategy Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $2013 | $54 | $44 | $2018 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 1373 | 29 | 85 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 640 | 25 | (41) | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  | 62 | 63 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 123 | 57 | 135 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 123 | 119 | 198 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 8700 | 225 | 452 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 8823 | 344 | 650 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $9463 | $369 | $609 | $6071 |

---

See accompanying notes to financial statements<br> Page 13 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MVP DFA Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Growth Index Strategy Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $3616 | $816 | $1612 | $6237 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 2098 | 501 | 855 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 1518 | 315 | 757 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 10600 | 770 |  | 22855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 3344 | 748 | 73 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 13944 | 1518 | 73 | 25651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (2769) | 119 | 4133 | (2572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 11175 | 1637 | 4206 | 23079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $12693 | $1952 | $4963 | $25293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MVP Moderate Index Strategy Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 2 |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $1202 | $5168 | $9 | $3 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 684 | 2282 | 64 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 518 | 2886 | (55) | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 3469 | 7454 | 472 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 109 | 978 | (155) | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 3578 | 8432 | 317 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (39) | (1520) | 439 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 3539 | 6912 | 756 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $4057 | $9798 | $701 | $2591 |

---

See accompanying notes to financial statements<br> Page 14 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 2 | AZL S&P 500 Index Fund | AZL Small Cap Stock Index Fund Class 1 |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $229 | $246 | $287 | $5 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 207 | 328 | 631 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 22 | (82) | (344) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 855 | 1064 | 5031 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (32) | 275 | 2109 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 823 | 1339 | 7140 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 1063 | 516 | (2680) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 1886 | 1855 | 4460 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $1908 | $1773 | $4116 | $12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Small Cap Stock Index Fund Class 2 | AZL T. Rowe Price Capital Appreciation Fund | ClearBridge Variable Growth Portfolio | Columbia Variable Portfolio – Seligman Global Technology Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $131 | $334 | $— | $— |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 234 | 336 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | (103) | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 1445 | 1853 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (48) | 162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 1397 | 2015 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (1000) | (743) | (1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 397 | 1272 | 5 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $294 | $1270 | $5 | $22 |

---

See accompanying notes to financial statements<br> Page 15 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Davis VA Financial Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Strategic Income Portfolio | Franklin Rising Dividends VIP Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $15 | $— | $1 | $127 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 22 |  |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | (7) |  | 1 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 88 | 5 |  | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 55 |  |  | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 143 | 5 |  | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 97 |  | 1 | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 240 | 5 | 1 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $233 | $5 | $2 | $1294 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. Government Securities VIP Fund | Invesco V.I. American Value Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. International Growth Fund |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $360 | $— | $5 | $— |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 183 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 177 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  | 2 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (284) |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (284) | 2 | (2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 641 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 357 | 2 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $534 | $2 | $8 | $1 |

---

See accompanying notes to financial statements<br> Page 16 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | LVIP JPMorgan Core Bond Fund | MFS International Intrinsic Value Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Utilities Portfolio |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $33 | $— | $174 | $— |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 16 |  | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 17 |  | 112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | 1 | 1 | (69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 1 | 3 | (69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 36 | 6 | 170 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 37 | 9 | 101 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $54 | $9 | $213 | $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Natural Resources Series | PIMCO VIT Balanced Allocation Portfolio |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $— | $— | $— | $749 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges |  |  |  | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net |  |  |  | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds | 2 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net |  |  | 2 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | 2 | 1 | 2 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (1) | (1) |  | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 1 |  | 2 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $1 | $— | $2 | $2462 |

---

See accompanying notes to financial statements<br> Page 17 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT High Yield Portfolio |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $33 | $301 | $280 | $2004 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 28 | 72 | 115 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 5 | 229 | 165 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (152) | (137) | (79) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (152) | (137) | (79) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 325 | 440 | 249 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 173 | 303 | 170 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $178 | $532 | $335 | $2228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT StocksPLUS Global Portfolio |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $7 | $7 | $526 | $347 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 2 | 1 | 264 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 5 | 6 | 262 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (48) |  | (269) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (48) |  | (269) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 54 | 3 | 958 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 6 | 3 | 689 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $11 | $9 | $951 | $1507 |

---

See accompanying notes to financial statements<br> Page 18 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Operations

For the year ended December 31, 2025

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Total Return Portfolio | T. Rowe Price Equity Income Portfolio | Templeton Global Bond VIP Fund | Total All Funds |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Reinvested in Fund Shares | $2070 | $1 | $— | $39369 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and Expense Risk and Administrative Charges | 820 |  | 452 | 23127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income (Loss), Net | 1250 | 1 | (452) | 16242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) and Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Capital Gain Distributions on Funds |  | 6 |  | 73589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Sales of Investments, Net | (1846) | 1 | (1682) | 10061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (1846) | 7 | (1682) | 83650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 4100 | 1 | 5793 | 32638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gains (Losses) & Changes in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation (Depreciation) on Investments | 2254 | 8 | 4111 | 116288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets From Operations | $3504 | $9 | $3659 | $132530 |

---

The following open/available funds had no activity for the year or period ended December 31, 2025 and therefore, were not listed in the Statements of Operations:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;BlackRock Equity Dividend V.I. Fund |
| &nbsp;&nbsp;&nbsp;Eaton Vance VT Floating-Rate Income Fund |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Emerging Markets Portfolio |
| &nbsp;&nbsp;&nbsp;Invesco V.I. Balanced-Risk Allocation Fund |
| &nbsp;&nbsp;&nbsp;Lazard Retirement International Equity Portfolio |
| &nbsp;&nbsp;&nbsp;Lazard Retirement U.S. Small-Mid Cap Equity Portfolio |
| &nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series |
| &nbsp;&nbsp;&nbsp;Nomura VIP Energy Series |
| &nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Health Sciences Portfolio |

---

See accompanying notes to financial statements<br> Page 19 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund | AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $197 | $(79) | $603 | $(185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 1463 | 634 | 2345 | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 656 | 881 | 4311 | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 2316 | 1436 | 7259 | 4584 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 1 | 6 | 38 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (154) | 3 | (2125) | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (2914) | (2173) | (10097) | (6039) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (2) | (2) | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (254) | (271) | (1203) | (1300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (3323) | (2437) | (13392) | (7624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (1007) | (1001) | (6133) | (3040) |
| Net Assets at Beginning of Period | 22129 | 23130 | 62608 | 65648 |
| Net Assets at End of Period | $21122 | $22129 | $56475 | $62608 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 1 | 2 | 5 |
| &nbsp;&nbsp;&nbsp;Redeemed | (160) | (126) | (526) | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (160) | (125) | (524) | (327) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $125 | $117 | $68 | $154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (101) | (68) | 67 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 199 | (53) | 390 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 223 | (4) | 525 | 518 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 10 | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 116 | 420 | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (944) | (787) | (356) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (60) | (71) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (878) | (427) | (381) | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (655) | (431) | 144 | 172 |
| Net Assets at Beginning of Period | 4591 | 5022 | 5462 | 5290 |
| Net Assets at End of Period | $3936 | $4591 | $5606 | $5462 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13 | 43 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (92) | (80) | (33) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (79) | (37) | (33) | (32) |

---

See accompanying notes to financial statements<br> Page 20 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $1278 | $758 | $28 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 3063 | 372 | (34) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 4957 | 9423 | 61 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 9298 | 10553 | 55 | 6 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 73 | 59 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (749) | (1361) |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (12781) | (17992) | (191) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (14) | (16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (1739) | (1909) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (15209) | (21218) | (191) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (5911) | (10665) | (136) | (60) |
| Net Assets at Beginning of Period | 108138 | 118803 | 944 | 1004 |
| Net Assets at End of Period | $102227 | $108138 | $808 | $944 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3 | 3 |  | 1 |
| &nbsp;&nbsp;&nbsp;Redeemed | (699) | (1036) | (18) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (696) | (1033) | (18) | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Government Money Market Fund | AZL Government Money Market Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $353 | $514 | $949 | $1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (243) | (468) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 667 | (29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 777 | 17 | 949 | 1363 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 16 | 1 | 1237623 | 556886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 281 | 313 | (1221071) | (535651) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1346) | (2710) | (10217) | (10294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  | (3706) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (2) | (2) | (6) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (158) | (174) | (186) | (238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1209) | (2572) | 6143 | 6990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (432) | (2555) | 7092 | 8353 |
| Net Assets at Beginning of Period | 13837 | 16392 | 53351 | 44998 |
| Net Assets at End of Period | $13405 | $13837 | $60443 | $53351 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 30 | 31 | 115914 | 53135 |
| &nbsp;&nbsp;&nbsp;Redeemed | (145) | (278) | (115398) | (52473) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (115) | (247) | 516 | 662 |

---

See accompanying notes to financial statements<br> Page 21 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL International Index Fund Class 1 | AZL International Index Fund Class 1 | AZL International Index Fund Class 2 | AZL International Index Fund Class 2 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $148 | $150 | $7 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 183 | 139 | 1059 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 959 | (197) | 2407 | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 1290 | 92 | 3473 | 126 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  | 4 | 12 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (69) | (50) | (763) | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (350) | (499) | (2380) | (1940) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (1) | (2) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  | (10) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (420) | (547) | (3142) | (1715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 870 | (455) | 331 | (1589) |
| Net Assets at Beginning of Period | 4624 | 5079 | 13859 | 15448 |
| Net Assets at End of Period | $5494 | $4624 | $14190 | $13859 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 1 | 18 |
| &nbsp;&nbsp;&nbsp;Redeemed | (25) | (37) | (203) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (25) | (37) | (202) | (123) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $— | $12 | $(129) | $(75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 243 | (211) | 3491 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (148) | 435 | (2796) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 95 | 236 | 566 | 1480 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  | 3 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  | (69) | 136 | (715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (279) | (360) | (1534) | (1815) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (1) | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  | (13) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (280) | (427) | (1408) | (2544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (185) | (191) | (842) | (1064) |
| Net Assets at Beginning of Period | 1995 | 2186 | 13101 | 14165 |
| Net Assets at End of Period | $1810 | $1995 | $12259 | $13101 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 18 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (14) | (22) | (50) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (14) | (22) | (32) | (78) |

---

See accompanying notes to financial statements<br> Page 22 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $640 | $(246) | $25 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 123 | (1181) | 119 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 8700 | 8165 | 225 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 9463 | 6738 | 369 | 313 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 21 | 75 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (911) | (1492) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (10652) | (10260) | (381) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (9) | (10) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (1594) | (1709) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (13145) | (13396) | (382) | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (3682) | (6658) | (13) | 152 |
| Net Assets at Beginning of Period | 82004 | 88662 | 2016 | 1864 |
| Net Assets at End of Period | $78322 | $82004 | $2003 | $2016 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (467) | (523) | (26) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (466) | (520) | (26) | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 | AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(41) | $(34) | $909 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 198 | 118 | 5040 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 452 | 495 | 122 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 609 | 579 | 6071 | 5171 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  | 55 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (19) | (106) | (323) | (221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (484) | (689) | (9993) | (12085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (1) | (1) | (12) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (3) | (5) | (1259) | (1393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (507) | (801) | (11532) | (13333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 102 | (222) | (5461) | (8162) |
| Net Assets at Beginning of Period | 3721 | 3943 | 74710 | 82872 |
| Net Assets at End of Period | $3823 | $3721 | $69249 | $74710 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 3 | 22 |
| &nbsp;&nbsp;&nbsp;Redeemed | (20) | (32) | (656) | (825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (20) | (32) | (653) | (803) |

---

See accompanying notes to financial statements<br> Page 23 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $1518 | $(656) | $315 | $58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 13944 | 7974 | 1518 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (2769) | 2723 | 119 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 12693 | 10041 | 1952 | 3207 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 122 | 298 | 67 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 447 | (330) | (463) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (18421) | (20757) | (3992) | (4953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (19) | (21) | (5) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (2447) | (2650) | (562) | (609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (20318) | (23463) | (4952) | (5867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (7625) | (13422) | (3000) | (2660) |
| Net Assets at Beginning of Period | 136227 | 149649 | 34428 | 37088 |
| Net Assets at End of Period | $128602 | $136227 | $31428 | $34428 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 38 | 22 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1441) | (1734) | (280) | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (1403) | (1712) | (275) | (379) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $757 | $54 | $2214 | $(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 73 | (650) | 25651 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 4133 | 5241 | (2572) | 13777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 4963 | 4645 | 25293 | 27750 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 101 | 171 | 688 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (539) | 48 | 586 | (2697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (6064) | (8961) | (32268) | (33593) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (10) | (11) | (22) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (994) | (1059) | (4158) | (4382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (7506) | (9812) | (35172) | (40134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (2543) | (5167) | (9879) | (12384) |
| Net Assets at Beginning of Period | 58682 | 63849 | 270921 | 283305 |
| Net Assets at End of Period | $56139 | $58682 | $261042 | $270921 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6 | 14 | 61 | 27 |
| &nbsp;&nbsp;&nbsp;Redeemed | (476) | (672) | (1602) | (1939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (470) | (658) | (1541) | (1912) |

---

See accompanying notes to financial statements<br> Page 24 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $518 | $26 | $2886 | $5366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 3578 | 1701 | 8432 | 6989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (39) | 2188 | (1520) | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 4057 | 3915 | 9798 | 17555 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 34 | 100 | 196 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (700) | (817) | 133 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (4947) | (6684) | (19978) | (19017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) | 1 | 2 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (6) | (6) | (13) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (748) | (816) | (2519) | (2668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (6366) | (8221) | (22178) | (20796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (2309) | (4306) | (12380) | (3241) |
| Net Assets at Beginning of Period | 45899 | 50205 | 157662 | 160903 |
| Net Assets at End of Period | $43590 | $45899 | $145282 | $157662 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2 | 5 | 16 | 46 |
| &nbsp;&nbsp;&nbsp;Redeemed | (309) | (433) | (1054) | (1092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (307) | (428) | (1038) | (1046) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(55) | $(22) | $(395) | $(363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 317 | 2235 | 2956 | 5541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 439 | (1033) | 30 | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 701 | 1180 | 2591 | 4698 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  | 12 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (30) | (17) | (604) | (1158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (528) | (426) | (2137) | (2385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (1) | (1) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  | (15) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (559) | (432) | (2755) | (3567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 142 | 748 | (164) | 1131 |
| Net Assets at Beginning of Period | 4676 | 3928 | 18497 | 17366 |
| Net Assets at End of Period | $4818 | $4676 | $18333 | $18497 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (14) | (13) | (43) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (14) | (13) | (43) | (65) |

---

See accompanying notes to financial statements<br> Page 25 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $22 | $204 | $(82) | $(110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 823 | 754 | 1339 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 1063 | 709 | 516 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 1908 | 1667 | 1773 | 1759 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  | 23 | 38 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (29) | (176) | (137) | (464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1522) | (1006) | (2197) | (2668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (4) | (4) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  | (12) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1555) | (1163) | (2309) | (3099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 353 | 504 | (536) | (1340) |
| Net Assets at Beginning of Period | 14536 | 14032 | 15574 | 16914 |
| Net Assets at End of Period | $14889 | $14536 | $15038 | $15574 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 1 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Redeemed | (77) | (67) | (85) | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (77) | (66) | (83) | (119) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL S&P 500 Index Fund | AZL S&P 500 Index Fund | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(344) | $(333) | $(2) | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 7140 | 3134 | 31 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (2680) | 3012 | (17) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 4116 | 5813 | 12 | 26 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 60 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 9 | (1010) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (4935) | (3425) | (57) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (3) | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (20) | (33) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (4889) | (4469) | (55) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (773) | 1344 | (43) | (8) |
| Net Assets at Beginning of Period | 29937 | 28593 | 435 | 443 |
| Net Assets at End of Period | $29164 | $29937 | $392 | $435 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (133) | (140) | (3) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (129) | (140) | (3) | (2) |

---

See accompanying notes to financial statements<br> Page 26 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 | AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(103) | $(121) | $(2) | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 1397 | 596 | 2015 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (1000) | 167 | (743) | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 294 | 642 | 1270 | 1477 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 10 | 47 | 38 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 195 | (277) | (75) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1414) | (1550) | (2126) | (2430) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (1) | (1) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (8) | (10) | (5) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1218) | (1791) | (2169) | (2423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (924) | (1149) | (899) | (946) |
| Net Assets at Beginning of Period | 11241 | 12390 | 15540 | 16486 |
| Net Assets at End of Period | $10317 | $11241 | $14641 | $15540 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10 | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Redeemed | (59) | (73) | (69) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (49) | (71) | (68) | (77) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio | Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $— | $— | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 6 | 10 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (1) | (6) | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 5 | 4 | 22 | 13 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  | 4 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1) | 4 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 4 | 8 | 22 | 14 |
| Net Assets at Beginning of Period | 35 | 27 | 69 | 55 |
| Net Assets at End of Period | $39 | $35 | $91 | $69 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) |  |  |  |  |

---

See accompanying notes to financial statements<br> Page 27 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Davis VA Financial Portfolio | Davis VA Financial Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(7) | $(4) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 143 | 94 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 97 | 126 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 233 | 216 | 5 | 5 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (11) | (39) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (180) | (100) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (191) | (139) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 42 | 77 | 5 | 6 |
| Net Assets at Beginning of Period | 976 | 899 | 37 | 31 |
| Net Assets at End of Period | $1018 | $976 | $42 | $37 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (8) | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (8) | (5) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio | Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $1 | $3 | $(98) | $(79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net |  | (3) | 1940 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 1 | 5 | (548) | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 2 | 5 | 1294 | 1346 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  |  | (35) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1) | (67) | (2839) | (1466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1) | (67) | (2877) | (1573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 1 | (62) | (1583) | (227) |
| Net Assets at Beginning of Period | 18 | 80 | 14706 | 14933 |
| Net Assets at End of Period | $19 | $18 | $13123 | $14706 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (2) | (21) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) |  | (2) | (21) | (12) |

---

See accompanying notes to financial statements<br> Page 28 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund | Invesco V.I. American Value Fund | Invesco V.I. American Value Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $177 | $180 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (284) | (581) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 641 | 353 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 534 | (48) | 2 | 7 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 5 | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 228 | 407 |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (1453) | (2937) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (3) | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (124) | (142) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (1347) | (2671) | (4) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (813) | (2719) | (2) | (6) |
| Net Assets at Beginning of Period | 11552 | 14271 | 18 | 24 |
| Net Assets at End of Period | $10739 | $11552 | $16 | $18 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9 | 17 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (61) | (126) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (52) | (109) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $3 | $1 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (2) | (2) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 7 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 8 | 1 | 1 |  |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (6) | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (6) | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 2 | (8) | 1 |  |
| Net Assets at Beginning of Period | 91 | 99 | 5 | 5 |
| Net Assets at End of Period | $93 | $91 | $6 | $5 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) |  | (1) |  |  |

---

See accompanying notes to financial statements<br> Page 29 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund | MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $17 | $27 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 1 | 4 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 36 | (33) | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 54 | (2) | 9 | 2 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 10 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 43 | (131) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (229) | (214) | (8) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (18) | (19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (194) | (361) | (8) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (140) | (363) | 1 | (3) |
| Net Assets at Beginning of Period | 1094 | 1457 | 33 | 36 |
| Net Assets at End of Period | $954 | $1094 | $34 | $33 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (19) | (29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (14) | (29) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $112 | $114 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (69) | (124) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 170 | 46 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 213 | 36 | 1 |  |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 15 | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (105) | 569 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (343) | (938) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (59) | (64) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (491) | (429) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (278) | (393) | 1 |  |
| Net Assets at Beginning of Period | 4339 | 4732 | 7 | 7 |
| Net Assets at End of Period | $4061 | $4339 | $8 | $7 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1 | 34 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (30) | (58) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (29) | (24) |  |  |

---

See accompanying notes to financial statements<br> Page 30 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP Growth Series | Nomura VIP Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | (1) | 1 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 1 | 2 |  |  |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations |  | (1) | (3) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions |  | (1) | (3) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 1 | 1 | (3) | (2) |
| Net Assets at Beginning of Period | 11 | 10 | 8 | 10 |
| Net Assets at End of Period | $12 | $11 | $5 | $8 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $— | $1 | $465 | $547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | 2 | 1 | 68 | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments |  | (2) | 1929 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 2 |  | 2462 | 1375 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account |  |  | (406) | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (5) | (4) | (2151) | (2080) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge |  |  | (361) | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (5) | (4) | (2911) | (2775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (3) | (4) | (449) | (1400) |
| Net Assets at Beginning of Period | 9 | 13 | 18352 | 19752 |
| Net Assets at End of Period | $6 | $9 | $17903 | $18352 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1) |  | (194) | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (1) |  | (193) | (201) |

---

See accompanying notes to financial statements<br> Page 31 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $5 | $(3) | $229 | $224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (152) | (108) | (137) | (166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 325 | 136 | 440 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 178 | 25 | 532 | 265 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | (31) | 99 | (21) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (255) | (141) | (721) | (617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge |  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (2) | (2) | (66) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (288) | (44) | (807) | (775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (110) | (19) | (275) | (510) |
| Net Assets at Beginning of Period | 1244 | 1263 | 4520 | 5030 |
| Net Assets at End of Period | $1134 | $1244 | $4245 | $4520 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 17 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (38) | (22) | (41) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (38) | (5) | (41) | (42) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $165 | $159 | $1494 | $1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (79) | (149) | (222) | (633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 249 | 129 | 956 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 335 | 139 | 2228 | 1842 |
| Contract Transactions-All Products |  |  |  |  |
| Purchase Payments |  | 6 | 22 | 6 |
| Transfers Between Funds or (to) from General Account | 111 | 373 | 70 | 568 |
| Surrenders and Terminations | (968) | (1690) | (4093) | (9617) |
| Rescissions |  |  |  |  |
| Bonus (Recapture) |  |  |  |  |
| Contract Maintenance Charge | (1) | (2) | (6) | (7) |
| Rider charge | (94) | (104) | (415) | (472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (952) | (1417) | (4422) | (9522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (617) | (1278) | (2194) | (7680) |
| Net Assets at Beginning of Period | 7347 | 8625 | 33366 | 41046 |
| Net Assets at End of Period | $6730 | $7347 | $31172 | $33366 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 11 | 40 | 5 | 24 |
| &nbsp;&nbsp;&nbsp;Redeemed | (109) | (186) | (166) | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (98) | (146) | (161) | (372) |

---

See accompanying notes to financial statements<br> Page 32 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $5 | $5 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains (Losses) on Investments, Net | (48) | (33) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 54 | 14 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 11 | (14) | 9 | 7 |
| Contract Transactions-All Products |  |  |  |  |
| Purchase Payments | 1 |  |  |  |
| Transfers Between Funds or (to) from General Account | (6) | 5 |  | 16 |
| Surrenders and Terminations |  | (99) | (4) | (7) |
| Rescissions |  |  |  |  |
| Bonus (Recapture) |  |  |  |  |
| Contract Maintenance Charge |  |  |  |  |
| Rider charge | (1) | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (6) | (96) | (4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 5 | (110) | 5 | 16 |
| Net Assets at Beginning of Period | 200 | 310 | 185 | 169 |
| Net Assets at End of Period | $205 | $200 | $190 | $185 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1) | (4) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (1) | (4) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $262 | $170 | $201 | $244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (269) | (413) | 22 | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 958 | 328 | 1284 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 951 | 85 | 1507 | 836 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 17 | 24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 146 | 960 | (101) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (2431) | (3412) | (824) | (1173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (3) | (3) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (222) | (249) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (2492) | (2679) | (927) | (1270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (1541) | (2594) | 580 | (434) |
| Net Assets at Beginning of Period | 16541 | 19135 | 7337 | 7771 |
| Net Assets at End of Period | $15000 | $16541 | $7917 | $7337 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9 | 65 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (167) | (238) | (43) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (158) | (173) | (43) | (65) |

---

See accompanying notes to financial statements<br> Page 33 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $1250 | $1409 | $1 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (1846) | (2406) | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 4100 | 1523 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 3504 | 526 | 9 | 12 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 48 | 41 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 56 | 2328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (9144) | (12457) | (14) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (10) | (11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (750) | (846) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (9799) | (10945) | (14) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (6295) | (10419) | (5) | (39) |
| Net Assets at Beginning of Period | 54202 | 64621 | 65 | 104 |
| Net Assets at End of Period | $47907 | $54202 | $60 | $65 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2 | 127 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (518) | (686) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (516) | (559) |  | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund | Total All Funds | Total All Funds |
|  | 2025 | 2024 | 2025 | 2024 |
| Increase (Decrease) in Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income (Loss), Net | $(452) | $(530) | $16242 | $10684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) on Investments, Net | (1682) | (2329) | 83650 | 43320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation) on Investments | 5793 | (1457) | 32638 | 65948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets From Operations | 3659 | (4316) | 132530 | 119952 |
| Contract Transactions-All Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase Payments | 20 | 3 | 1239359 | 559382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers Between Funds or (to) from General Account | 39 | 2324 | (1226902) | (538939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and Terminations | (4948) | (6844) | (196110) | (220053) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions |  |  |  | (3715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonus (Recapture) |  |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Maintenance Charge | (7) | (7) | (183) | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rider charge | (394) | (469) | (20474) | (22203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Contract Transactions | (5290) | (4993) | (204297) | (225721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (1631) | (9309) | (71767) | (105769) |
| Net Assets at Beginning of Period | 28087 | 37396 | 1485799 | 1591568 |
| Net Assets at End of Period | $26456 | $28087 | $1414032 | $1485799 |
| &nbsp;&nbsp;&nbsp; Changes in Units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3 | 70 | 116176 | 53783 |
| &nbsp;&nbsp;&nbsp;Redeemed | (150) | (204) | (125744) | (65128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (147) | (134) | (9568) | (11345) |

---

See accompanying notes to financial statements<br> Page 34 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024

(In thousands)

The following open/available funds had no activity for the years or periods ended December 31, 2025 and 2024, and therefore, were not listed in the Statements of Changes in Net Assets:

---

| |
|:---|
| BlackRock Equity Dividend V.I. Fund |
| Eaton Vance VT Floating-Rate Income Fund |
| Fidelity VIP Emerging Markets Portfolio |
| Invesco V.I. Balanced-Risk Allocation Fund |
| Lazard Retirement International Equity Portfolio |
| Lazard Retirement U.S. Small-Mid Cap Equity Portfolio |
| Nomura VIP Asset Strategy Series |
| Nomura VIP Energy Series |
| Nomura VIP Science and Technology Series |
| T. Rowe Price Blue Chip Growth Portfolio |
| T. Rowe Price Health Sciences Portfolio |

---

<br> <br> <br> <br>

See accompanying notes to financial statements<br> Page 35 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**(1) Organization**

Allianz Life of NY Variable Account C (Variable Account) is a segregated investment account of Allianz Life Insurance Company of New York (Allianz Life of New York) and is registered with the Securities and Exchange Commission as a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 (1940 Act), as amended. Allianz Life of New York applies the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) guidance of Topic 946, Financial Services - Investment Companies. The Variable Account was established by Allianz Life of New York on February 26, 1988, and commenced operations September 6, 1991. Accordingly, it is an accounting entity wherein all segregated account transactions are reflected.

The Variable Account's assets are the property of Allianz Life of New York and are held for the benefit of the owners and other persons entitled to payments under variable annuity contracts issued through the Variable Account and underwritten by Allianz Life of New York. The assets of the Variable Account are equal to the reserves and other liabilities of the Variable Account. These assets are not chargeable with liabilities that arise from any other business Allianz Life of New York may conduct. Allianz Life of New York products offered under the Variable Account are listed below. The only product actively being marketed is Allianz Index Advantage New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Advantage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Charter II New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz High Five New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Index Advantage New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Opportunity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuemark II New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Valuemark IV New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Vision New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Retirement Advantage New York

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allianz Retirement Pro New York

The Variable Account's subaccounts are invested, at net asset values, in one or more of the funds (investment options) in accordance with the selection made by the contractholder. The contractholder may have the option to invest in the fixed account or other index options in the General Account, based on the product features. The liabilities of the fixed account are included in the General Account, which is not registered as an investment company under the 1940 Act. Not all funds listed are available for all products. Some funds have been closed to accepting new money. Each multiple-class fund is presented on an aggregate basis, however, when mergers occur, the fund will be presented separately by class, to disclose which class received additional money. The funds and investment advisers are:

---

| | |
|:---|:---|
| Fund | Investment Adviser |
| AZL Balanced Index Strategy Fund † | Allianz Investment Management, LLC |
| AZL DFA Multi-Strategy Fund † | Allianz Investment Management, LLC |
| AZL Enhanced Bond Index Fund \*† | Allianz Investment Management, LLC |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL Government Money Market Fund \*† | Allianz Investment Management, LLC |
| AZL International Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL International Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL Mid Cap Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Mid Cap Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL Moderate Index Strategy Fund † | Allianz Investment Management, LLC |
| AZL MSCI Global Equity Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL MSCI Global Equity Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL MVP Balanced Index Strategy Fund † | Allianz Investment Management, LLC |
| AZL MVP DFA Multi-Strategy Fund † | Allianz Investment Management, LLC |
| AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund † | Allianz Investment Management, LLC |
| AZL MVP Global Balanced Index Strategy Fund † | Allianz Investment Management, LLC |

---

Page 36 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | |
|:---|:---|
| Fund | Investment Adviser |
| AZL MVP Growth Index Strategy Fund † | Allianz Investment Management, LLC |
| AZL MVP Moderate Index Strategy Fund † | Allianz Investment Management, LLC |
| AZL MVP T. Rowe Price Capital Appreciation Plus Fund † | Allianz Investment Management, LLC |
| AZL Russell 1000 Growth Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Russell 1000 Growth Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL Russell 1000 Value Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Russell 1000 Value Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL S&P 500 Index Fund \*† | Allianz Investment Management, LLC |
| AZL Small Cap Stock Index Fund Class 1 † | Allianz Investment Management, LLC |
| AZL Small Cap Stock Index Fund Class 2 \*† | Allianz Investment Management, LLC |
| AZL T. Rowe Price Capital Appreciation Fund \*† | Allianz Investment Management, LLC |
| BlackRock Equity Dividend V.I. Fund \* | BlackRock Advisors, LLC |
| ClearBridge Variable Growth Portfolio | Franklin Advisers, Inc. |
| Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Management Investment Advisors, LLC |
| Davis VA Financial Portfolio | Davis Selected Advisers, L.P. |
| Eaton Vance VT Floating-Rate Income Fund \* | Morgan Stanley Investment Management |
| Fidelity VIP Emerging Markets Portfolio | Fidelity Management & Research Company |
| Fidelity VIP Mid Cap Portfolio | Fidelity Management & Research Company |
| Fidelity VIP Strategic Income Portfolio | Fidelity Management & Research Company |
| Franklin Rising Dividends VIP Fund \* | Franklin Advisers, Inc. |
| Franklin U.S. Government Securities VIP Fund \* | Franklin Advisers, Inc. |
| Invesco V.I. American Value Fund \* | Invesco Advisors, Inc. |
| Invesco V.I. Balanced-Risk Allocation Fund \* | Invesco Advisors, Inc. |
| Invesco V.I. Global Strategic Income Fund | Invesco Advisors, Inc. |
| Invesco V.I. International Growth Fund \* | Invesco Advisors, Inc. |
| Lazard Retirement International Equity Portfolio \* | Lazard Asset Management, LLC |
| Lazard Retirement U.S. Small-Mid Cap Equity Portfolio \* | Lazard Asset Management, LLC |
| LVIP JPMorgan Core Bond Fund \* | Lincoln Financial Group |
| MFS International Intrinsic Value Portfolio \* | Massachusetts Financial Services Company |
| MFS VIT Total Return Bond Portfolio \* | Massachusetts Financial Services Company |
| MFS VIT Utilities Portfolio \* | Massachusetts Financial Services Company |
| Nomura VIP Asset Strategy Series \* | Nomura Investment Management Advisers |
| Nomura VIP Energy Series \* | Nomura Investment Management Advisers |
| Nomura VIP Growth Series \* | Nomura Investment Management Advisers |
| Nomura VIP Mid Cap Growth Series \* | Nomura Investment Management Advisers |
| Nomura VIP Natural Resources Series \* | Nomura Investment Management Advisers |
| Nomura VIP Science and Technology Series \* | Nomura Investment Management Advisers |
| PIMCO VIT Balanced Allocation Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT CommodityRealReturn Strategy Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT Emerging Markets Bond Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT Global Core Bond (Hedged) Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT High Yield Portfolio † | Pacific Investment Management Company, LLC |

---

Page 37 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | |
|:---|:---|
| Fund | Investment Adviser |
| PIMCO VIT Long-Term U.S. Government Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT Low Duration Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT Real Return Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT StocksPLUS Global Portfolio † | Pacific Investment Management Company, LLC |
| PIMCO VIT Total Return Portfolio † | Pacific Investment Management Company, LLC |
| T. Rowe Price Blue Chip Growth Portfolio \* | T. Rowe Price Associates, Inc. |
| T. Rowe Price Equity Income Portfolio \* | T. Rowe Price Associates, Inc. |
| T. Rowe Price Health Sciences Portfolio \* | T. Rowe Price Associates, Inc. |
| Templeton Global Bond VIP Fund \* | Franklin Advisers, Inc. |

---

\* Fund contains share classes which assess 12b-1 fees.<br> † The investment adviser of this fund is an affiliate of Allianz Life of New York and is paid an investment management fee by the fund.

During the years ended December 31, 2024 and 2025, the following funds had name changes.

---

| | | |
|:---|:---|:---|
| Prior Fund Name | Current Fund Name | Effective Date |
| ClearBridge Variable Aggressive Growth Portfolio | ClearBridge Variable Growth Portfolio | April 28, 2024 |
| Delaware Ivy VIP Asset Strategy | Macquarie VIP Asset Strategy Series | May 1, 2024 |
| Delaware Ivy VIP Energy | Macquarie VIP Energy Series | May 1, 2024 |
| Delaware Ivy VIP Growth | Macquarie VIP Growth Series | May 1, 2024 |
| Delaware Ivy VIP Mid Cap Growth | Macquarie VIP Mid Cap Growth Series | May 1, 2024 |
| Delaware Ivy VIP Natural Resources | Macquarie VIP Natural Resources Series | May 1, 2024 |
| Delaware Ivy VIP Science and Technology | Macquarie VIP Science and Technology Series | May 1, 2024 |
| Invesco Oppenheimer V.I. International Growth Fund | Invesco V.I. International Growth Fund | August 22, 2025 |
| Macquarie VIP Asset Strategy Series | Nomura VIP Asset Strategy Series | December 1, 2025 |
| Macquarie VIP Energy Series | Nomura VIP Energy Series | December 1, 2025 |
| Macquarie VIP Growth Series | Nomura VIP Growth Series | December 1, 2025 |
| Macquarie VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series | December 1, 2025 |
| Macquarie VIP Natural Resources Series | Nomura VIP Natural Resources Series | December 1, 2025 |
| Macquarie VIP Science and Technology Series | Nomura VIP Science and Technology Series | December 1, 2025 |

---

During the years ended December 31, 2024 and 2025, no funds were closed.

During the years ended December 31, 2024 and 2025, no new funds were added

During the years ended December 31, 2024 and 2025, no funds were merged or replaced.

Effective September 19, 2025, a 1:4 reverse split occurred for the AZL Russell 1000 Growth Index Fund Class 1. The effect of this transaction was to divide the number of outstanding shares of the fund by the split ratio, resulting in a corresponding increase in the net asset value per share. The shares presented in the Statements of Assets and Liabilities reflect this reverse split. There were no changes in the net assets, results of operations or total return as a result of this transaction.

Effective September 19, 2025, a 1:2 reverse split occurred for the following funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AZL Russell 1000 Value Index Fund Class 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AZL Small Cap Stock Index Fund Class 1

The effect of these transactions was to divide the number of outstanding shares of the fund by the split ratio, resulting in a corresponding increase in the net asset value per share. The shares presented in the Statements of Assets and Liabilities reflect this reverse split. There were no changes in the net assets, results of operations or total return as a result of these transactions.

Page 38 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**(2) Significant Accounting Policies** 

**Use of Estimates** 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Investments** 

Investment transactions are recorded by the Variable Account on the trade date. Investments of the Variable Account are valued each day the markets are open at fair value using net asset values provided by the investment advisers of the funds after the 4 PM Eastern Standard Time market close.

The Fair Value Measurement Topic of the FASB ASC establishes a fair value hierarchy that prioritizes the inputs used in the valuation techniques to measure fair value.

Level 1 - &nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date.

Level 2 – &nbsp;&nbsp;&nbsp;&nbsp;Valuations derived from techniques that utilize observable inputs, other than quoted prices included in Level 1, which are observable for the asset or liability either directly or indirectly, such as:

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

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

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

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

Level 3 -&nbsp;&nbsp;&nbsp;&nbsp;Valuations derived from techniques in which the significant inputs are unobservable. Level 3 fair values reflect the Variable Account's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of December 31, 2025, all of the Variable Account's investments are in funds for which quoted prices are available in an active market which the Variable Account has the ability to access. Therefore, all investments have been categorized as Level 1. The characterization of the underlying securities held by the funds are accounted for on a trade-date basis and are in accordance with the Fair Value Measurements and Disclosures topic of the FASB ASC.

Realized gains on investments include realized gain distributions received from the respective funds and gains on the sale of fund shares as determined by the average cost method. Realized gain distributions are reinvested in the respective funds. Dividend distributions received from the funds are reinvested in additional shares of the funds and are recorded as income to the Variable Account on the ex-dividend date.

The cost of investments sold and the corresponding capital gains and losses are determined on a specific identification basis. Net investment income (loss) and net realized gains (losses) and unrealized appreciation (depreciation) on investments are allocated to the contracts on each valuation date based on each contract's pro rata share of the assets of the fund as of the beginning of the valuation date.

Transfers between subaccounts, including the fixed account (net), include transfers of all or part of the contractholders' interest to or from another eligible subaccount, or from or to the fixed account option of the general account of Allianz Life of New York.

**Contracts in Annuity Payment Period**

Net assets allocated to contracts in the payout period are periodically compared to annuity reserves computed for currently payable contracts according to the 1983 and 2000 Individual Annuity Mortality Tables using an assumed investment return (AIR) equal to the AIR of the specific contracts, either 3%, 4.5% or 5%. The mortality risk is fully borne by Allianz Life of New York and may result in additional amounts reimbursed to Allianz Life of New York if the reserves required are less than originally estimated. If additional reserves are required, Allianz Life of New York reimburses the Variable Account.

Page 39 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**Segment Disclosure** 

The Variable Account derives revenues from variable annuity products. Allianz Life of New York has identified the Finance Committee, a management committee of Allianz Life, as the chief operating decision maker (CODM) for overseeing the products and the performance of the underlying subaccounts to evaluate the results of the business and make operational decisions. Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment. Variable Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contractholders. Investment performance of subaccounts may vary based on the underlying fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

Page 40 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**(3) Related Party Charges, Expenses and Fees**

Under the terms of the contracts, certain charges, expenses and fees are incurred by the contractholders to cover Allianz Life of New York's expenses in connection with the issuance and administration of the contracts. Following is a summary of these charges, expenses and fees for the period ended December 31, 2025:

**Mortality and Expense Risk Charges**

Allianz Life of New York assumes mortality and expense risks related to the operations of the Variable Account. These charges range from 0.35% to 3.55% annually during the accumulation phase, or from 1.25% to 1.90% annually during the annuity phase for variable annuity payments. These charges are deducted on a daily basis and assessed against the daily net asset value of each fund. These charges are assessed either through a reduction in subaccount accumulation unit values during the accumulation phase, or a reduction in subaccount annuity unit values during the annuity phase for contractholders that selected variable annuity payments.

**Administrative Charges**

A charge to cover administrative expenses of the Variable Account may be deducted from the Variable Account, depending on the contract. This annual charge of 0.15% is calculated and assessed daily as a percentage of each fund's net asset value. This charge is assessed through a reduction in subaccount accumulation unit values during the accumulation phase, or a reduction in subaccount annuity unit values during the annuity phase for contractholders that selected variable annuity payments.

**Contract Maintenance Charges**

For certain contracts, an annual contract maintenance charge of $30 to $50 may be deducted to cover ongoing administrative expenses. These charges are assessed through the redemption of subaccount accumulation units during the accumulation phase, or a redemption in subaccount annuity unit values during the annuity phase if variable annuity payments are selected or a reduction in fixed annuity payments.

**Withdrawal Charges**

For certain contracts, a withdrawal charge (sometimes called a contingent deferred sales charge) is imposed as a percentage, with a range of 1.0% to 8.5%, of each purchase payment if the contract is surrendered or a partial withdrawal is taken during the withdrawal charge period. For certain contracts, a withdrawal charge may also apply during the annuity phase if there are liquidations of variable annuity payments under certain annuity options. These withdrawal charges are imposed as a percentage, with a range of 2.0% to 6.0% of the amount liquidated. These charges are assessed through the redemption of subaccount accumulation units during the accumulation phase, or a redemption in subaccount annuity units during the annuity phase.

**Rider Charges**

For certain contracts, optional benefit riders may be available for an additional charge to the contractholder. The rider charges for Investment Protector, Income Protector and Income Focus are deducted from the contract value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Protector: 1.05% to 1.30%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Protector: 1.00% to 1.70%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Focus: 1.30%

**Transfer Fee**

A charge for transfers between funds may be imposed at a rate of up to $25 per transfer. These charges are deducted from the contract value.

**Other Contract Charges**

For certain contracts there are additional fees, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Account Fee** - ranges from 0.85% to 1.05% and are imposed as a percentage of the account's guaranteed value and are assessed through the redemption of subaccount accumulation units during the accumulation phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Product Fee** - is 1.25% annually and is accrued on a daily basis as a percentage of the prior quarterly contract anniversary contract value adjusted for subsequent purchase payments and withdrawals. The fee is deducted from the contract value during the accumulation phase through the redemption of accumulation units.

Additional details on charges and fees can be found in the respective product prospectus.

Page 41 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**(4) Federal Income Taxes** 

Operations of the Variable Account form a part of Allianz Life of New York, which is taxed as a life insurance company under the Internal Revenue Code (the Code). Under current law, no federal income taxes are payable with respect to the Variable Account. Under the principles set forth in Internal Revenue Service Ruling 81-225 and Section 817(h) of the Code and regulations thereunder, Allianz Life of New York understands that it will be treated as owner of the assets invested in the Variable Account for federal income tax purposes, with the result that earnings and gains, if any, derived from those assets will not be included in an annuitant's gross income until amounts are received pursuant to an annuity.

**(5) Purchases and Sales of Investments (In thousands)**

The cost of purchases and proceeds from sales of investments for the year or period ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
|  | Cost of Purchases | Proceeds from Sales |
| AZL Balanced Index Strategy Fund | $2616 | $4400 |
| AZL DFA Multi-Strategy Fund | 4483 | 15095 |
| AZL Enhanced Bond Index Fund | 516 | 1269 |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | 223 | 459 |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | 6166 | 18331 |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | 41 | 203 |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | 1240 | 2095 |
| AZL Government Money Market Fund | 212242 | 205149 |
| AZL International Index Fund Class 1 | 330 | 509 |
| AZL International Index Fund Class 2 | 1116 | 4097 |
| AZL Mid Cap Index Fund Class 1 | 523 | 306 |
| AZL Mid Cap Index Fund Class 2 | 4371 | 2423 |
| AZL Moderate Index Strategy Fund | 3188 | 15693 |
| AZL MSCI Global Equity Index Fund Class 1 | 117 | 410 |
| AZL MSCI Global Equity Index Fund Class 2 | 265 | 751 |
| AZL MVP Balanced Index Strategy Fund | 7436 | 13993 |
| AZL MVP DFA Multi-Strategy Fund | 15796 | 23995 |
| AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | 2132 | 5999 |
| AZL MVP Global Balanced Index Strategy Fund | 1850 | 8600 |
| AZL MVP Growth Index Strategy Fund | 34547 | 44650 |
| AZL MVP Moderate Index Strategy Fund | 4760 | 7139 |
| AZL MVP T. Rowe Price Capital Appreciation Plus Fund | 14560 | 26398 |
| AZL Russell 1000 Growth Index Fund Class 1 | 492 | 635 |
| AZL Russell 1000 Growth Index Fund Class 2 | 3475 | 4104 |
| AZL Russell 1000 Value Index Fund Class 1 | 1086 | 1763 |
| AZL Russell 1000 Value Index Fund Class 2 | 1862 | 3189 |
| AZL S&P 500 Index Fund | 7392 | 7593 |
| AZL Small Cap Stock Index Fund Class 1 | 57 | 65 |
| AZL Small Cap Stock Index Fund Class 2 | 2263 | 2140 |
| AZL T. Rowe Price Capital Appreciation Fund | 2767 | 3085 |
| BlackRock Equity Dividend V.I. Fund |  |  |
| ClearBridge Variable Growth Portfolio | 6 | 1 |

---

Page 42 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost of Purchases | Proceeds from Sales |
| Columbia Variable Portfolio – Seligman Global Technology Fund | $7 | $1 |
| Davis VA Financial Portfolio | 110 | 221 |
| Eaton Vance VT Floating-Rate Income Fund |  |  |
| Fidelity VIP Emerging Markets Portfolio |  |  |
| Fidelity VIP Mid Cap Portfolio | 5 |  |
| Fidelity VIP Strategic Income Portfolio | 1 |  |
| Franklin Rising Dividends VIP Fund | 1432 | 3156 |
| Franklin U.S. Government Securities VIP Fund | 695 | 1865 |
| Invesco V.I. American Value Fund | 2 | 5 |
| Invesco V.I. Balanced-Risk Allocation Fund |  |  |
| Invesco V.I. Global Strategic Income Fund | 5 | 9 |
| Invesco V.I. International Growth Fund | 1 |  |
| Lazard Retirement International Equity Portfolio |  |  |
| Lazard Retirement U.S. Small-Mid Cap Equity Portfolio |  |  |
| LVIP JPMorgan Core Bond Fund | 144 | 321 |
| MFS International Intrinsic Value Portfolio | 2 | 8 |
| MFS VIT Total Return Bond Portfolio | 510 | 889 |
| MFS VIT Utilities Portfolio |  |  |
| Nomura VIP Asset Strategy Series |  |  |
| Nomura VIP Energy Series |  |  |
| Nomura VIP Growth Series | 2 |  |
| Nomura VIP Mid Cap Growth Series | 1 | 3 |
| Nomura VIP Natural Resources Series |  | 5 |
| Nomura VIP Science and Technology Series |  |  |
| PIMCO VIT Balanced Allocation Portfolio | 1051 | 3497 |
| PIMCO VIT CommodityRealReturn Strategy Portfolio | 194 | 478 |
| PIMCO VIT Emerging Markets Bond Portfolio | 365 | 943 |
| PIMCO VIT Global Core Bond (Hedged) Portfolio | 483 | 1270 |
| PIMCO VIT High Yield Portfolio | 2911 | 5838 |
| PIMCO VIT Long-Term U.S. Government Portfolio | 146 | 147 |
| PIMCO VIT Low Duration Portfolio | 12 | 10 |
| PIMCO VIT Real Return Portfolio | 1562 | 3792 |
| PIMCO VIT StocksPLUS Global Portfolio | 626 | 1352 |
| PIMCO VIT Total Return Portfolio | 4635 | 13185 |
| T. Rowe Price Blue Chip Growth Portfolio |  |  |
| T. Rowe Price Equity Income Portfolio | 7 | 13 |
| T. Rowe Price Health Sciences Portfolio |  |  |
| Templeton Global Bond VIP Fund | 1030 | 6772 |

---

Page 43 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

**(6) Financial Highlights**

A summary of units outstanding (in thousands), unit values, net assets (in thousands), ratios, and total returns for variable annuity contracts is as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund | AZL Balanced Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 963 | $17.72 | to | $23.37 | $21122 | 2.69% | 1.15% | to | 3.55% | 9.55% | to | 11.77% |
| 2024 | 1123 | $16.13 | to | $20.91 | $22129 | 1.44% | 1.15% | to | 3.55% | 4.71% | to | 6.85% |
| 2023 | 1248 | $15.36 | to | $19.57 | $23130 | 1.81% | 1.15% | to | 3.55% | 9.44% | to | 11.65% |
| 2022 | 1380 | $13.90 | to | $17.53 | $22982 | 2.28% | 1.15% | to | 3.55% | (17.93)% | to | (16.27)% |
| 2021 | 1458 | $16.89 | to | $20.93 | $29132 | 1.78% | 1.15% | to | 3.55% | 6.36% | to | 8.52% |
| AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund | AZL DFA Multi-Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 2072 | $20.85 | to | $29.06 | $56475 | 2.66% | 1.15% | to | 3.55% | 11.18% | to | 13.60% |
| 2024 | 2596 | $18.73 | to | $25.58 | $62608 | 1.37% | 1.15% | to | 3.55% | 5.36% | to | 7.67% |
| 2023 | 2923 | $17.76 | to | $23.76 | $65648 | 2.84% | 1.15% | to | 3.55% | 9.45% | to | 11.82% |
| 2022 | 3269 | $16.21 | to | $21.25 | $65986 | 1.12% | 1.15% | to | 3.55% | (14.37)% | to | (12.51)% |
| 2021 | 3672 | $18.91 | to | $24.29 | $85039 | 1.53% | 1.15% | to | 3.55% | 10.01% | to | 12.40% |
| AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund | AZL Enhanced Bond Index Fund |  |  |  |  |  |  |  |
| 2025 | 354 | $8.71 | to | $11.43 | $3936 | 4.43% | —% | to | 3.55% | 3.65% | to | 5.38% |
| 2024 | 433 | $8.41 | to | $10.85 | $4591 | 3.87% | —% | to | 3.55% | (4.04)% | to | (0.22)% |
| 2023 | 470 | $8.94 | to | $10.99 | $5022 | 1.69% | —% | to | 3.55% | 3.10% | to | 4.94% |
| 2022 | 414 | $9.38 | to | $10.46 | $4262 | 1.51% | 1.15% | to | 2.20% | (15.56)% | to | (14.87)% |
| 2021 | 407 | $11.11 | to | $12.29 | $4927 | 0.77% | 1.15% | to | 2.20% | (4.08)% | to | (3.30)% |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 |  |  |  |  |  |
| 2025 | 460 | $12.06 | to | $12.11 | $5606 | 2.63% | 1.40% | to | 1.49% | 9.95% | to | 10.05% |
| 2024 | 493 | $10.97 | to | $11.01 | $5462 | 4.24% | 1.40% | to | 1.49% | 9.90% | to | 9.99% |
| 2023 | 525 | $9.98 | to | $10.01 | $5290 | 2.95% | 1.40% | to | 1.49% | 12.55% | to | 12.66% |
| 2022 | 600 | $8.87 | to | $8.88 | $5374 | 1.45% | 1.40% | to | 1.49% | (15.66)% | to | (15.58)% |
| 2021¹ | 675 | $10.52 | to | $10.52 | $7168 | 0.80% | 1.40% | to | 1.49% | 5.18% | to | 5.23% |
| AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 |  |  |  |  |  |  |
| 2025 | 4430 | $17.62 | to | $28.42 | $102227 | 2.86% | —% | to | 3.55% | 7.50% | to | 10.83% |
| 2024 | 5126 | $16.37 | to | $25.88 | $108138 | 2.30% | —% | to | 3.55% | 7.60% | to | 10.96% |
| 2023 | 6159 | $15.20 | to | $24.00 | $118803 | 1.60% | —% | to | 3.55% | 10.07% | to | 13.47% |
| 2022 | 6711 | $13.80 | to | $21.76 | $115499 | 0.94% | 0.35% | to | 3.55% | (17.53)% | to | (14.86)% |
| 2021 | 7354 | $16.69 | to | $26.30 | $150623 | 0.83% | 0.35% | to | 3.55% | 4.27% | to | 11.26% |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 |  |  |  |  |  |  |
| 2025 | 73 | $10.92 | to | $11.02 | $808 | 4.59% | 1.40% | to | 1.49% | 6.22% | to | 6.32% |
| 2024 | 91 | $10.28 | to | $10.36 | $944 | 5.84% | 1.40% | to | 1.49% | 0.54% | to | 0.63% |
| 2023 | 97 | $10.23 | to | $10.30 | $1004 | 6.20% | 1.40% | to | 1.49% | 5.34% | to | 5.44% |
| 2022 | 133 | $9.71 | to | $9.77 | $1295 | 2.91% | 1.40% | to | 1.49% | (14.48)% | to | (14.40)% |
| 2021 | 143 | $11.35 | to | $11.41 | $1635 | 2.84% | 1.40% | to | 1.49% | (0.89)% | to | (0.81)% |
| AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 |  |  |  |  |  |  |
| 2025 | 1231 | $8.47 | to | $13.62 | $13405 | 4.26% | —% | to | 3.55% | 2.98% | to | 7.64% |
| 2024 | 1346 | $8.16 | to | $12.65 | $13837 | 5.09% | —% | to | 3.55% | (1.83)% | to | 1.75% |

---

Page 44 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2023 | 1593 | $8.31 | to | $12.43 | $16392 | 6.05% | —% | to | 3.55% | 2.97% | to | 6.68% |
| 2022 | 1511 | $8.07 | to | $11.65 | $14776 | 2.45% | —% | to | 3.55% | (16.38)% | to | (13.37)% |
| 2021 | 1683 | $9.65 | to | $13.45 | $19373 | 2.55% | —% | to | 3.55% | (3.19)% | to | 0.31% |
| AZL Government Money Market Fund | AZL Government Money Market Fund | AZL Government Money Market Fund | AZL Government Money Market Fund | AZL Government Money Market Fund | AZL Government Money Market Fund | AZL Government Money Market Fund |  |  |  |  |  |  |
| 2025 | 5695 | $5.93 | to | $14.90 | $60443 | 3.62% | —% | to | 3.55% | 0.08% | to | 6.49% |
| 2024 | 5179 | $5.93 | to | $14.37 | $53351 | 4.33% | —% | to | 3.55% | 0.76% | to | 4.42% |
| 2023 | 4517 | $5.88 | to | $13.76 | $44998 | 4.18% | —% | to | 3.55% | 0.65% | to | 4.27% |
| 2022 | 4517 | $5.84 | to | $13.20 | $49267 | 0.79% | —% | to | 3.55% | (2.74)% | to | 0.77% |
| 2021 | 4258 | $6.21 | to | $13.10 | $46026 | —% | —% | to | 3.55% | (3.34)% | to | —% |
| AZL International Index Fund Class 1 | AZL International Index Fund Class 1 | AZL International Index Fund Class 1 | AZL International Index Fund Class 1 | AZL International Index Fund Class 1 | AZL International Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 293 | $16.66 | to | $18.87 | $5494 | 4.45% | 1.40% | to | 2.75% | 27.48% | to | 29.22% |
| 2024 | 318 | $13.07 | to | $14.61 | $4624 | 4.54% | 1.40% | to | 2.75% | 0.32% | to | 1.70% |
| 2023 | 355 | $13.03 | to | $14.36 | $5079 | 4.21% | 1.40% | to | 2.75% | 14.37% | to | 15.92% |
| 2022 | 355 | $11.39 | to | $12.39 | $4392 | 4.60% | 1.40% | to | 2.75% | (16.57)% | to | (15.44)% |
| 2021 | 376 | $13.66 | to | $14.65 | $5506 | 2.54% | 1.40% | to | 2.75% | 7.79% | to | 9.26% |
| AZL International Index Fund Class 2 | AZL International Index Fund Class 2 | AZL International Index Fund Class 2 | AZL International Index Fund Class 2 | AZL International Index Fund Class 2 | AZL International Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 813 | $14.86 | to | $32.55 | $14190 | 2.42% | —% | to | 3.55% | 26.16% | to | 30.26% |
| 2024 | 1015 | $11.75 | to | $24.99 | $13859 | 2.63% | —% | to | 3.55% | (0.72)% | to | 2.53% |
| 2023 | 1138 | $11.81 | to | $24.37 | $15448 | 2.46% | —% | to | 3.55% | 13.25% | to | 16.93% |
| 2022 | 1090 | $10.40 | to | $20.84 | $13047 | 2.65% | —% | to | 3.55% | (17.49)% | to | (14.82)% |
| 2021 | 1322 | $12.57 | to | $24.47 | $19119 | 1.46% | —% | to | 3.55% | 6.69% | to | 10.16% |
| AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 | AZL Mid Cap Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 82 | $21.51 | to | $21.69 | $1810 | 1.40% | 1.40% | to | 1.49% | 5.60% | to | 5.70% |
| 2024 | 96 | $20.37 | to | $20.52 | $1995 | 2.00% | 1.40% | to | 1.49% | 11.99% | to | 12.09% |
| 2023 | 118 | $18.19 | to | $18.31 | $2186 | 8.51% | 1.40% | to | 1.49% | 14.45% | to | 14.55% |
| 2022 | 132 | $15.89 | to | $15.98 | $2127 | 3.23% | 1.40% | to | 1.49% | (14.62)% | to | (14.54)% |
| 2021 | 149 | $18.61 | to | $18.70 | $2804 | 2.59% | 1.40% | to | 1.49% | 22.19% | to | 22.30% |
| AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 | AZL Mid Cap Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 375 | $28.08 | to | $65.78 | $12259 | 1.15% | —% | to | 3.55% | (5.45)% | to | 6.53% |
| 2024 | 407 | $27.11 | to | $61.75 | $13101 | 1.65% | —% | to | 3.55% | 9.45% | to | 13.04% |
| 2023 | 485 | $24.67 | to | $54.63 | $14165 | 0.70% | —% | to | 3.55% | 11.85% | to | 15.48% |
| 2022 | 617 | $21.97 | to | $47.30 | $16019 | 0.68% | —% | to | 3.55% | (16.56)% | to | (13.85)% |
| 2021 | 758 | $26.23 | to | $54.91 | $23389 | 0.68% | —% | to | 3.55% | 19.35% | to | 23.23% |
| AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund | AZL Moderate Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 2595 | $21.56 | to | $40.87 | $78322 | 2.53% | —% | to | 3.55% | 10.86% | to | 14.29% |
| 2024 | 3061 | $19.42 | to | $35.76 | $82004 | 1.46% | —% | to | 3.55% | 6.27% | to | 9.59% |
| 2023 | 3581 | $18.26 | to | $32.63 | $88662 | 1.91% | —% | to | 3.55% | 10.99% | to | 14.42% |
| 2022 | 4135 | $16.44 | to | $28.52 | $90713 | 2.19% | —% | to | 3.55% | (18.19)% | to | (15.67)% |
| 2021 | 4591 | $20.07 | to | $33.81 | $121206 | 0.88% | —% | to | 3.55% | 8.31% | to | 11.67% |
| AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 | AZL MSCI Global Equity Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 134 | $14.94 | to | $15.00 | $2003 | 2.63% | 1.40% | to | 1.49% | 19.32% | to | 19.43% |
| 2024 | 160 | $12.52 | to | $12.56 | $2016 | 2.99% | 1.40% | to | 1.49% | 16.71% | to | 16.82% |
| 2023 | 173 | $10.73 | to | $10.75 | $1864 | 2.62% | 1.40% | to | 1.49% | 21.84% | to | 21.95% |
| 2022 | 214 | $8.81 | to | $8.82 | $1883 | 1.74% | 1.40% | to | 1.49% | (19.29)% | to | (19.22)% |

---

Page 45 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2021¹ | 246 | $10.91 | to | $10.92 | $2690 | 1.20% | 1.40% | to | 1.49% | 9.12% | to | 9.17% |
| AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 | AZL MSCI Global Equity Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 133 | $23.90 | to | $40.03 | $3823 | 1.19% | 0.35% | to | 3.55% | 16.73% | to | 20.34% |
| 2024 | 153 | $20.48 | to | $33.26 | $3721 | 1.42% | 0.35% | to | 3.55% | 14.18% | to | 17.75% |
| 2023 | 185 | $17.93 | to | $28.25 | $3943 | 1.24% | 0.35% | to | 3.55% | 19.26% | to | 22.94% |
| 2022 | 228 | $14.73 | to | $22.98 | $4058 | 1.07% | 0.35% | to | 3.55% | (21.08)% | to | (18.52)% |
| 2021 | 274 | $18.67 | to | $28.20 | $6101 | 1.31% | 0.35% | to | 3.55% | 6.16% | to | 20.76% |
| AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund | AZL MVP Balanced Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 3746 | $14.32 | to | $23.03 | $69249 | 2.83% | —% | to | 3.55% | 7.00% | to | 10.70% |
| 2024 | 4399 | $13.38 | to | $20.81 | $74710 | 1.59% | —% | to | 3.55% | 4.63% | to | 8.28% |
| 2023 | 5202 | $12.79 | to | $19.22 | $82872 | 0.61% | —% | to | 3.55% | 9.09% | to | 12.85% |
| 2022 | 2193 | $12.18 | to | $17.03 | $32062 | 2.15% | —% | to | 3.55% | (17.42)% | to | (14.87)% |
| 2021 | 2475 | $14.75 | to | $20.00 | $43028 | 1.75% | —% | to | 3.55% | 6.72% | to | 10.02% |
| AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund | AZL MVP DFA Multi-Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 8350 | $12.74 | to | $16.02 | $128602 | 2.78% | 0.35% | to | 3.55% | 8.30% | to | 10.65% |
| 2024 | 9753 | $11.76 | to | $14.48 | $136227 | 1.17% | 0.35% | to | 3.55% | 2.69% | to | 7.43% |
| 2023 | 11465 | $11.45 | to | $13.58 | $149649 | 0.19% | 0.35% | to | 3.55% | 10.79% | to | 12.13% |
| 2022 | 684 | $11.14 | to | $11.85 | $8031 | 0.97% | 1.15% | to | 2.20% | (13.67)% | to | (12.97)% |
| 2021 | 744 | $12.90 | to | $13.62 | $10052 | 1.25% | 1.15% | to | 2.20% | 11.27% | to | 12.17% |
| AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund | AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 1853 | $10.86 | to | $17.60 | $31428 | 2.52% | 0.35% | to | 3.55% | 4.99% | to | 6.42% |
| 2024 | 2128 | $10.34 | to | $16.53 | $34428 | 1.72% | 0.35% | to | 3.55% | 5.87% | to | 9.51% |
| 2023 | 2507 | $9.77 | to | $15.10 | $37088 | 1.58% | 0.35% | to | 3.55% | 10.18% | to | 11.38% |
| 2022 | 1810 | $12.47 | to | $13.59 | $24250 | 0.69% | 1.15% | to | 2.20% | (15.68)% | to | (15.00)% |
| 2021 | 2029 | $14.79 | to | $15.99 | $32008 | 2.49% | 1.15% | to | 2.20% | 8.66% | to | 9.54% |
| AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund | AZL MVP Global Balanced Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 3324 | $15.31 | to | $17.15 | $56139 | 2.83% | 1.15% | to | 2.20% | 8.37% | to | 9.26% |
| 2024 | 3794 | $14.13 | to | $15.69 | $58682 | 1.61% | 1.15% | to | 2.20% | 7.03% | to | 7.91% |
| 2023 | 4452 | $13.20 | to | $14.54 | $63849 | 3.99% | 1.15% | to | 2.20% | 11.38% | to | 12.28% |
| 2022 | 5060 | $11.85 | to | $12.95 | $64732 | 2.87% | 1.15% | to | 2.20% | (17.92)% | to | (17.25)% |
| 2021 | 5525 | $14.44 | to | $15.65 | $85510 | 1.47% | 1.15% | to | 2.20% | 5.70% | to | 6.56% |
| AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund | AZL MVP Growth Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 10795 | $18.24 | to | $29.97 | $261042 | 2.37% | —% | to | 3.55% | 7.90% | to | 11.80% |
| 2024 | 12336 | $16.91 | to | $26.81 | $270921 | 1.53% | —% | to | 3.55% | 8.16% | to | 12.10% |
| 2023 | 14248 | $15.63 | to | $23.91 | $283305 | 1.97% | —% | to | 3.55% | 12.75% | to | 16.81% |
| 2022 | 15769 | $13.86 | to | $20.47 | $272658 | 1.72% | —% | to | 3.55% | (18.05)% | to | (15.10)% |
| 2021 | 16939 | $16.92 | to | $24.11 | $350178 | 1.72% | —% | to | 3.55% | 12.34% | to | 16.40% |
| AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund | AZL MVP Moderate Index Strategy Fund |  |  |  |  |  |  |  |
| 2025 | 2006 | $19.82 | to | $22.19 | $43590 | 2.70% | 1.15% | to | 2.20% | 8.84% | to | 9.73% |
| 2024 | 2313 | $18.21 | to | $20.23 | $45899 | 1.61% | 1.15% | to | 2.20% | 7.52% | to | 8.40% |
| 2023 | 2741 | $16.94 | to | $18.66 | $50205 | 1.92% | 1.15% | to | 2.20% | 12.10% | to | 13.01% |
| 2022 | 3127 | $15.11 | to | $16.51 | $50798 | 1.98% | 1.15% | to | 2.20% | (17.22)% | to | (16.55)% |

---

Page 46 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2021 | 3348 | $18.25 | to | $19.79 | $65293 | 1.80% | 1.15% | to | 2.20% | 10.01% | to | 10.91% |
| AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund | AZL MVP T. Rowe Price Capital Appreciation Plus Fund |  |  |  |  |  |  |  |
| 2025 | 6527 | $20.51 | to | $22.60 | $145282 | 3.44% | 1.15% | to | 2.20% | 6.03% | to | 6.89% |
| 2024 | 7565 | $19.34 | to | $21.14 | $157662 | 4.87% | 1.15% | to | 2.20% | 10.75% | to | 11.65% |
| 2023 | 8611 | $17.47 | to | $18.94 | $160903 | 7.98% | 1.15% | to | 2.20% | 14.81% | to | 15.74% |
| 2022 | 9610 | $15.21 | to | $16.36 | $155416 | 7.35% | 1.15% | to | 2.20% | (15.58)% | to | (14.90)% |
| 2021 | 10359 | $18.02 | to | $19.22 | $197069 | 3.51% | 1.15% | to | 2.20% | 14.49% | to | 15.42% |
| AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 | AZL Russell 1000 Growth Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 110 | $43.09 | to | $43.45 | $4818 | 0.20% | 1.40% | to | 1.49% | 16.33% | to | 16.43% |
| 2024 | 124 | $37.04 | to | $37.32 | $4676 | 0.92% | 1.40% | to | 1.49% | 30.88% | to | 31.00% |
| 2023 | 137 | $28.30 | to | $28.48 | $3928 | 1.44% | 1.40% | to | 1.49% | 40.94% | to | 41.07% |
| 2022 | 154 | $20.08 | to | $20.19 | $3113 | 0.61% | 1.40% | to | 1.49% | (30.49)% | to | (30.43)% |
| 2021 | 174 | $28.89 | to | $29.02 | $5082 | 0.70% | 1.40% | to | 1.49% | 25.26% | to | 25.37% |
| AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 | AZL Russell 1000 Growth Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 273 | $52.96 | to | $94.28 | $18333 | 0.02% | —% | to | 3.55% | 15.23% | to | 17.38% |
| 2024 | 316 | $46.59 | to | $80.32 | $18497 | 0.23% | —% | to | 3.55% | 27.80% | to | 31.99% |
| 2023 | 381 | $36.45 | to | $60.85 | $17366 | 0.36% | —% | to | 3.55% | 37.73% | to | 42.20% |
| 2022 | 498 | $26.47 | to | $42.80 | $16409 | 0.06% | —% | to | 3.55% | (32.04)% | to | (29.84)% |
| 2021 | 575 | $38.95 | to | $61.00 | $27769 | 0.25% | —% | to | 3.55% | 22.45% | to | 26.43% |
| AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 | AZL Russell 1000 Value Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 690 | $18.88 | to | $21.38 | $14889 | 1.56% | 1.40% | to | 2.75% | 12.28% | to | 13.80% |
| 2024 | 767 | $16.81 | to | $18.79 | $14536 | 2.82% | 1.40% | to | 2.75% | 10.84% | to | 12.36% |
| 2023 | 833 | $15.17 | to | $16.72 | $14032 | 3.62% | 1.40% | to | 2.75% | 8.67% | to | 10.14% |
| 2022 | 919 | $13.96 | to | $15.18 | $14049 | 2.11% | 1.40% | to | 2.75% | (10.37)% | to | (9.16)% |
| 2021 | 1009 | $15.58 | to | $16.71 | $16976 | 2.06% | 1.40% | to | 2.75% | 21.17% | to | 22.82% |
| AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 | AZL Russell 1000 Value Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 499 | $24.61 | to | $41.87 | $15038 | 1.64% | —% | to | 3.55% | 11.37% | to | 14.70% |
| 2024 | 582 | $22.09 | to | $36.50 | $15574 | 1.53% | —% | to | 3.55% | 9.90% | to | 13.22% |
| 2023 | 701 | $20.10 | to | $32.24 | $16914 | 1.98% | —% | to | 3.55% | 7.95% | to | 11.17% |
| 2022 | 826 | $17.95 | to | $29.00 | $18457 | 1.20% | —% | to | 3.55% | (11.37)% | to | (8.50)% |
| 2021 | 1011 | $20.25 | to | $31.69 | $25384 | 1.42% | —% | to | 3.55% | 19.92% | to | 23.82% |
| AZL S&P 500 Index Fund | AZL S&P 500 Index Fund | AZL S&P 500 Index Fund | AZL S&P 500 Index Fund | AZL S&P 500 Index Fund | AZL S&P 500 Index Fund |  |  |  |  |  |  |  |
| 2025 | 733 | $32.22 | to | $59.88 | $29164 | 0.98% | —% | to | 3.55% | 13.24% | to | 16.92% |
| 2024 | 862 | $28.38 | to | $51.22 | $29937 | 1.05% | —% | to | 3.55% | 20.00% | to | 23.94% |
| 2023 | 1002 | $23.59 | to | $41.32 | $28593 | 1.18% | —% | to | 3.55% | 21.31% | to | 25.24% |
| 2022 | 1301 | $19.40 | to | $33.00 | $30433 | 1.03% | —% | to | 3.55% | (21.34)% | to | (18.79)% |
| 2021 | 1505 | $24.60 | to | $40.63 | $44338 | 0.99% | —% | to | 3.55% | 23.65% | to | 27.67% |
| AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 | AZL Small Cap Stock Index Fund Class 1 |  |  |  |  |  |  |  |
| 2025 | 21 | $17.31 | to | $19.61 | $392 | 1.40% | 1.40% | to | 2.75% | 2.85% | to | 4.24% |
| 2024 | 24 | $16.83 | to | $18.81 | $435 | 2.59% | 1.40% | to | 2.75% | 5.34% | to | 6.78% |
| 2023 | 26 | $15.98 | to | $17.62 | $443 | 1.95% | 1.40% | to | 2.75% | 12.51% | to | 14.04% |
| 2022 | 39 | $14.20 | to | $15.45 | $594 | 1.58% | 1.40% | to | 2.75% | (18.71)% | to | (17.61)% |
| 2021 | 42 | $17.47 | to | $18.75 | $767 | 1.16% | 1.40% | to | 2.75% | 22.94% | to | 24.62% |
| AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 | AZL Small Cap Stock Index Fund Class 2 |  |  |  |  |  |  |  |
| 2025 | 383 | $22.21 | to | $38.55 | $10317 | 1.28% | —% | to | 3.55% | 1.93% | to | 5.09% |

---

Page 47 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2024 | 432 | $21.77 | to | $36.68 | $11241 | 1.26% | —% | to | 3.55% | 4.35% | to | 7.61% |
| 2023 | 503 | $20.84 | to | $34.09 | $12390 | 1.01% | —% | to | 3.55% | 11.35% | to | 14.96% |
| 2022 | 561 | $18.67 | to | $29.65 | $12251 | 0.77% | —% | to | 3.55% | (19.55)% | to | (16.94)% |
| 2021 | 613 | $23.15 | to | $35.70 | $16461 | 0.64% | —% | to | 3.55% | 21.65% | to | 25.60% |
| AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund | AZL T. Rowe Price Capital Appreciation Fund |  |  |  |  |  |  |  |
| 2025 | 426 | $26.89 | to | $54.88 | $14641 | 2.26% | 0.35% | to | 3.55% | 7.61% | to | 11.11% |
| 2024 | 494 | $24.93 | to | $49.39 | $15540 | 2.22% | 0.35% | to | 3.55% | 8.26% | to | 11.81% |
| 2023 | 571 | $22.97 | to | $44.17 | $16486 | 1.33% | 0.35% | to | 3.55% | 14.35% | to | 18.06% |
| 2022 | 674 | $20.04 | to | $37.42 | $17021 | 0.65% | 0.35% | to | 3.55% | (15.15)% | to | (12.40)% |
| 2021 | 840 | $23.55 | to | $42.71 | $24966 | 0.96% | 0.35% | to | 3.55% | 14.00% | to | 17.71% |
| ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio | ClearBridge Variable Growth Portfolio |  |  |  |  |  |  |  |
| 2025 | 1 | $38.88 | to | $38.88 | $39 | —% | 0.35% | to | 0.35% | 12.71% | to | 12.71% |
| 2024 | 1 | $34.50 | to | $34.50 | $35 | 0.11% | 0.35% | to | 0.35% | 12.03% | to | 12.03% |
| 2023 | 1 | $30.79 | to | $30.79 | $27 | 0.07% | 0.35% | to | 0.35% | 23.70% | to | 23.70% |
| 2022 | 1 | $24.89 | to | $24.89 | $22 | —% | 0.35% | to | 0.35% | (26.84)% | to | (26.84)% |
| 2021 | 1 | $34.03 | to | $34.03 | $37 | 0.18% | 0.35% | to | 0.35% | 9.66% | to | 9.66% |
| Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund | Columbia Variable Portfolio – Seligman Global Technology Fund |  |  |  |  |  |  |  |
| 2025 | 1 | $91.69 | to | $91.69 | $91 | —% | 1.49% | to | 1.49% | 32.74% | to | 32.74% |
| 2024 | 1 | $69.08 | to | $69.08 | $69 | —% | 1.40% | to | 1.49% | 25.02% | to | 25.02% |
| 2023 | 1 | $55.25 | to | $55.25 | $55 | —% | 1.49% | to | 1.49% | 43.14% | to | 43.14% |
| 2022 | 1 | $38.60 | to | $38.60 | $38 | —% | 1.49% | to | 1.49% | (32.73)% | to | (32.73)% |
| 2021 | 1 | $57.38 | to | $57.38 | $57 | 0.40% | 1.49% | to | 1.49% | 36.97% | to | 36.97% |
| Davis VA Financial Portfolio | Davis VA Financial Portfolio | Davis VA Financial Portfolio | Davis VA Financial Portfolio | Davis VA Financial Portfolio | Davis VA Financial Portfolio |  |  |  |  |  |  |  |
| 2025 | 22 | $32.85 | to | $57.73 | $1018 | 1.53% | 1.15% | to | 3.55% | 24.81% | to | 26.76% |
| 2024 | 30 | $25.78 | to | $45.34 | $976 | 1.89% | 1.15% | to | 3.55% | 25.13% | to | 27.68% |
| 2023 | 35 | $20.46 | to | $35.51 | $899 | 2.14% | 1.15% | to | 3.55% | 11.45% | to | 13.69% |
| 2022 | 37 | $18.24 | to | $31.23 | $848 | 1.77% | 1.15% | to | 3.55% | (11.58)% | to | (9.80)% |
| 2021 | 42 | $20.50 | to | $34.62 | $1048 | 1.39% | 1.15% | to | 3.55% | 26.17% | to | 28.72% |
| Fidelity VIP Emerging Markets Portfolio | Fidelity VIP Emerging Markets Portfolio | Fidelity VIP Emerging Markets Portfolio | Fidelity VIP Emerging Markets Portfolio | Fidelity VIP Emerging Markets Portfolio | Fidelity VIP Emerging Markets Portfolio |  |  |  |  |  |  |  |
| 2025 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2024 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2023 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2022 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2021 | 1 | $16.80 | to | $16.80 | $21 | 1.80% | 0.35% | to | 0.35% | (2.75)% | to | (2.75)% |
| Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio | Fidelity VIP Mid Cap Portfolio |  |  |  |  |  |  |  |
| 2025 |  | $120.79 | to | $120.79 | $42 | 0.26% | 0.35% | to | 0.35% | 11.10% | to | 11.10% |
| 2024 |  | $108.73 | to | $108.73 | $37 | 0.36% | 0.35% | to | 0.35% | 16.76% | to | 16.76% |
| 2023 |  | $93.12 | to | $93.12 | $31 | 0.40% | 0.35% | to | 0.35% | 14.40% | to | 14.40% |
| 2022 |  | $81.40 | to | $81.40 | $27 | 0.19% | 0.35% | to | 0.35% | (15.26)% | to | (15.26)% |
| 2021 | 1 | $96.06 | to | $96.06 | $50 | 0.25% | 0.35% | to | 0.35% | 24.87% | to | 24.87% |
| Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio | Fidelity VIP Strategic Income Portfolio |  |  |  |  |  |  |  |
| 2025 | 1 | $26.63 | to | $26.63 | $19 | 3.66% | 0.35% | to | 0.35% | 8.20% | to | 8.20% |
| 2024 | 1 | $24.61 | to | $24.61 | $18 | 3.68% | 0.35% | to | 0.35% | 5.41% | to | 5.41% |

---

Page 48 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2023 | 3 | $23.35 | to | $23.35 | $80 | 5.34% | 0.35% | to | 0.35% | 8.80% | to | 8.80% |
| 2022 | 3 | $21.46 | to | $21.46 | $56 | 2.45% | 0.35% | to | 0.35% | (11.83)% | to | (11.83)% |
| 2021 | 5 | $24.34 | to | $24.34 | $116 | 3.83% | 0.35% | to | 0.35% | 3.17% | to | 3.17% |
| Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund | Franklin Rising Dividends VIP Fund |  |  |  |  |  |  |  |
| 2025 | 93 | $95.03 | to | $227.60 | $13123 | 0.94% | 0.35% | to | 2.75% | 8.77% | to | 9.76% |
| 2024 | 114 | $87.37 | to | $204.28 | $14706 | 1.15% | 0.35% | to | 2.75% | 7.76% | to | 10.40% |
| 2023 | 126 | $81.08 | to | $185.04 | $14933 | 1.05% | 0.35% | to | 2.75% | 9.04% | to | 11.68% |
| 2022 | 143 | $74.36 | to | $165.69 | $15356 | 0.99% | 0.35% | to | 2.75% | (12.99)% | to | (10.88)% |
| 2021 | 159 | $85.46 | to | $185.92 | $19533 | 0.98% | 0.35% | to | 2.75% | 23.35% | to | 26.35% |
| Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund | Franklin U.S. Government Securities VIP Fund |  |  |  |  |  |  |  |
| 2025 | 410 | $14.46 | to | $41.71 | $10739 | 3.28% | —% | to | 3.55% | 3.23% | to | 4.74% |
| 2024 | 462 | $14.01 | to | $39.23 | $11552 | 3.11% | —% | to | 3.55% | (1.95)% | to | 1.01% |
| 2023 | 571 | $14.28 | to | $38.84 | $14271 | 2.73% | —% | to | 3.55% | 1.08% | to | 4.10% |
| 2022 | 636 | $14.13 | to | $37.31 | $15455 | 2.41% | —% | to | 3.55% | (12.67)% | to | (10.07)% |
| 2021 | 745 | $16.18 | to | $41.48 | $20405 | 2.47% | —% | to | 3.55% | (5.01)% | to | (2.17)% |
| Invesco V.I. American Value Fund | Invesco V.I. American Value Fund | Invesco V.I. American Value Fund | Invesco V.I. American Value Fund | Invesco V.I. American Value Fund | Invesco V.I. American Value Fund |  |  |  |  |  |  |  |
| 2025 |  | $92.46 | to | $92.46 | $16 | 0.21% | 0.35% | to | 0.35% | 20.33% | to | 20.33% |
| 2024 |  | $76.83 | to | $76.83 | $18 | 0.81% | 0.35% | to | 0.35% | 29.64% | to | 29.64% |
| 2023 |  | $59.27 | to | $59.27 | $24 | 0.38% | 0.35% | to | 0.35% | 14.89% | to | 14.89% |
| 2022 |  | $51.59 | to | $51.59 | $22 | 0.37% | 0.35% | to | 0.35% | (3.20)% | to | (3.20)% |
| 2021 | 1 | $53.29 | to | $53.29 | $33 | 0.36% | 0.35% | to | 0.35% | 27.18% | to | 27.18% |
| Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Global Strategic Income Fund |  |  |  |  |  |  |  |
| 2025 | 4 | $19.76 | to | $29.83 | $93 | 5.71% | 1.25% | to | 2.75% | 9.92% | to | 11.31% |
| 2024 | 4 | $17.97 | to | $26.80 | $91 | 3.00% | 1.25% | to | 2.75% | 0.34% | to | 1.62% |
| 2023 | 5 | $17.91 | to | $26.37 | $99 | —% | 1.25% | to | 2.75% | 5.94% | to | 7.28% |
| 2022 | 5 | $16.91 | to | $24.58 | $102 | —% | 1.25% | to | 2.75% | (13.86)% | to | (12.77)% |
| 2021 | 6 | $19.63 | to | $28.18 | $126 | 4.61% | 1.25% | to | 2.75% | (6.03)% | to | (4.84)% |
| Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund | Invesco V.I. International Growth Fund |  |  |  |  |  |  |  |
| 2025 |  | $36.28 | to | $36.28 | $6 | 0.06% | 0.35% | to | 0.35% | 15.13% | to | 15.13% |
| 2024 |  | $31.51 | to | $31.51 | $5 | 0.36% | 0.35% | to | 0.35% | (2.16)% | to | (2.16)% |
| 2023 |  | $32.20 | to | $32.20 | $5 | 0.31% | 0.35% | to | 0.35% | 20.22% | to | 20.22% |
| 2022 |  | $26.79 | to | $26.79 | $4 | —% | 0.35% | to | 0.35% | (27.42)% | to | (27.42)% |
| 2021 | 1 | $36.91 | to | $36.91 | $27 | —% | 0.35% | to | 0.35% | 9.74% | to | 9.74% |
| LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund | LVIP JPMorgan Core Bond Fund |  |  |  |  |  |  |  |
| 2025 | 71 | $12.01 | to | $14.04 | $954 | 3.25% | 0.35% | to | 2.20% | 4.82% | to | 5.67% |
| 2024 | 85 | $11.46 | to | $13.29 | $1094 | 3.79% | 0.35% | to | 2.20% | (0.77)% | to | 0.04% |
| 2023² | 114 | $11.57 | to | $13.28 | $1457 | 1.25% | 0.35% | to | 2.20% | 0.19% | to | 0.72% |
| MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio | MFS International Intrinsic Value Portfolio |  |  |  |  |  |  |  |
| 2025 |  | $34.67 | to | $34.67 | $34 | 1.31% | 0.35% | to | 0.35% | 32.50% | to | 32.50% |
| 2024 | 1 | $26.16 | to | $26.16 | $33 | 1.11% | 0.35% | to | 0.35% | 6.59% | to | 6.59% |
| 2023 | 1 | $24.55 | to | $24.55 | $36 | 0.49% | 0.35% | to | 0.35% | 16.96% | to | 16.96% |
| 2022 | 2 | $20.99 | to | $20.99 | $33 | 0.56% | 0.35% | to | 0.35% | (24.02)% | to | (24.02)% |
| 2021 | 1 | $27.62 | to | $27.62 | $38 | 0.11% | 0.35% | to | 0.35% | 9.89% | to | 9.89% |
| MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio | MFS VIT Total Return Bond Portfolio |  |  |  |  |  |  |  |

---

Page 49 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2025 | 219 | $15.59 | to | $19.17 | $4061 | 4.25% | 0.35% | to | 2.20% | 4.62% | to | 5.47% |
| 2024 | 248 | $14.90 | to | $18.17 | $4339 | 4.07% | 0.35% | to | 2.20% | 0.09% | to | 0.91% |
| 2023 | 272 | $14.92 | to | $18.01 | $4732 | 3.00% | 0.35% | to | 2.20% | 4.83% | to | 5.65% |
| 2022 | 316 | $14.23 | to | $17.04 | $5239 | 2.50% | 0.35% | to | 2.20% | (16.03)% | to | (15.37)% |
| 2021 | 333 | $16.95 | to | $25.29 | $6528 | 2.52% | 0.35% | to | 2.20% | (3.20)% | to | (1.41)% |
| MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio | MFS VIT Utilities Portfolio |  |  |  |  |  |  |  |
| 2025 |  | $55.05 | to | $55.05 | $8 | 2.75% | 0.35% | to | 0.35% | 14.36% | to | 14.36% |
| 2024 |  | $48.14 | to | $48.14 | $7 | 2.11% | 0.35% | to | 0.35% | 10.95% | to | 10.95% |
| 2023 |  | $43.38 | to | $43.38 | $7 | 3.36% | 0.35% | to | 0.35% | (2.67)% | to | (2.67)% |
| 2022 |  | $44.58 | to | $44.58 | $7 | 2.23% | 0.35% | to | 0.35% | 0.13% | to | 0.13% |
| 2021 |  | $44.52 | to | $44.52 | $7 | 1.54% | 0.35% | to | 0.35% | 13.43% | to | 13.43% |
| Nomura VIP Growth Series | Nomura VIP Growth Series | Nomura VIP Growth Series | Nomura VIP Growth Series | Nomura VIP Growth Series | Nomura VIP Growth Series |  |  |  |  |  |  |  |
| 2025 |  | $652.02 | to | $652.02 | $12 | —% | 0.35% | to | 0.35% | 8.03% | to | 8.03% |
| 2024 |  | $603.54 | to | $603.54 | $11 | —% | 0.35% | to | 0.35% | 23.46% | to | 23.46% |
| 2023 |  | $488.86 | to | $488.86 | $10 | —% | 0.35% | to | 0.35% | 37.44% | to | 37.44% |
| 2022 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2021 |  | $490.22 | to | $490.22 | $33 | —% | 0.35% | to | 0.35% | 29.57% | to | 29.57% |
| Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series | Nomura VIP Mid Cap Growth Series |  |  |  |  |  |  |  |
| 2025 |  | $70.26 | to | $70.26 | $5 | —% | 0.35% | to | 0.35% | 0.82% | to | 0.82% |
| 2024 |  | $69.69 | to | $69.69 | $8 | —% | 0.35% | to | 0.35% | 1.84% | to | 1.84% |
| 2023 |  | $68.43 | to | $68.43 | $10 | —% | 0.35% | to | 0.35% | 19.20% | to | 19.20% |
| 2022 |  | $57.41 | to | $57.41 | $8 | —% | 0.35% | to | 0.35% | (31.03)% | to | (31.03)% |
| 2021 |  | $83.24 | to | $83.24 | $13 | —% | 0.35% | to | 0.35% | 15.95% | to | 15.95% |
| Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series | Nomura VIP Natural Resources Series |  |  |  |  |  |  |  |
| 2025 |  | $19.00 | to | $19.00 | $6 | —% | 0.35% | to | 0.35% | 37.27% | to | 37.27% |
| 2024 | 1 | $13.84 | to | $13.84 | $9 | 5.85% | 0.35% | to | 0.35% | (0.93)% | to | (0.93)% |
| 2023 | 1 | $13.97 | to | $13.97 | $13 | 2.53% | 0.35% | to | 0.35% | 1.23% | to | 1.23% |
| 2022 | 1 | $13.80 | to | $13.80 | $13 | 1.63% | 0.35% | to | 0.35% | 17.36% | to | 17.36% |
| 2021 | 1 | $11.76 | to | $11.76 | $12 | 1.60% | 0.35% | to | 0.35% | 26.24% | to | 26.24% |
| PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio | PIMCO VIT Balanced Allocation Portfolio |  |  |  |  |  |  |  |
| 2025 | 1101 | $13.80 | to | $16.61 | $17903 | 4.10% | —% | to | 3.55% | 13.06% | to | 14.61% |
| 2024 | 1294 | $11.75 | to | $14.49 | $18352 | 4.40% | —% | to | 3.55% | 5.65% | to | 7.43% |
| 2023 | 1495 | $11.05 | to | $13.49 | $19752 | 2.79% | —% | to | 3.55% | 11.59% | to | 13.51% |
| 2022 | 1710 | $9.91 | to | $11.88 | $19943 | 0.97% | —% | to | 3.55% | (18.68)% | to | (17.28)% |
| 2021 | 1843 | $12.18 | to | $14.37 | $26023 | 0.09% | —% | to | 3.55% | 2.61% | to | 9.43% |
| PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio | PIMCO VIT CommodityRealReturn Strategy Portfolio |  |  |  |  |  |  |  |
| 2025 | 151 | $6.32 | to | $13.21 | $1134 | 2.80% | —% | to | 3.55% | 14.82% | to | 18.38% |
| 2024 | 189 | $5.50 | to | $11.15 | $1244 | 2.19% | —% | to | 3.55% | 0.65% | to | 3.79% |
| 2023 | 194 | $5.46 | to | $10.75 | $1263 | 16.25% | —% | to | 3.55% | (10.93)% | to | (8.17)% |
| 2022 | 204 | $6.12 | to | $11.70 | $1473 | 21.48% | —% | to | 3.55% | 4.99% | to | 8.24% |
| 2021 | 257 | $5.82 | to | $10.81 | $1740 | 4.20% | —% | to | 3.55% | 28.88% | to | 32.88% |
| PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio | PIMCO VIT Emerging Markets Bond Portfolio |  |  |  |  |  |  |  |
| 2025 | 199 | $15.31 | to | $23.40 | $4245 | 6.95% | —% | to | 3.55% | 11.30% | to | 13.61% |
| 2024 | 240 | $13.76 | to | $20.60 | $4520 | 6.43% | —% | to | 3.55% | 4.03% | to | 6.20% |
| 2023 | 282 | $13.22 | to | $19.61 | $5030 | 5.70% | —% | to | 3.55% | 7.28% | to | 9.77% |

---

Page 50 of 53

------

**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2022 | 313 | $12.30 | to | $18.28 | $5111 | 4.83% | —% | to | 3.55% | (18.66)% | to | (16.78)% |
| 2021 | 328 | $15.08 | to | $22.47 | $6441 | 4.47% | —% | to | 3.55% | (5.97)% | to | (3.78)% |
| PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio | PIMCO VIT Global Core Bond (Hedged) Portfolio |  |  |  |  |  |  |  |
| 2025 | 660 | $7.89 | to | $10.60 | $6730 | 4.05% | —% | to | 3.55% | 3.18% | to | 5.26% |
| 2024 | 758 | $7.65 | to | $10.07 | $7347 | 3.71% | —% | to | 3.55% | 0.07% | to | 2.12% |
| 2023 | 904 | $7.50 | to | $9.86 | $8625 | 2.30% | —% | to | 3.55% | 4.22% | to | 6.49% |
| 2022 | 1016 | $7.20 | to | $9.26 | $9135 | 1.60% | —% | to | 3.55% | (14.62)% | to | (12.76)% |
| 2021 | 1147 | $8.43 | to | $10.62 | $11860 | 2.10% | —% | to | 3.55% | (4.95)% | to | (1.01)% |
| PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio | PIMCO VIT High Yield Portfolio |  |  |  |  |  |  |  |
| 2025 | 1106 | $17.46 | to | $31.08 | $31172 | 6.29% | —% | to | 3.55% | 6.19% | to | 7.63% |
| 2024 | 1267 | $16.57 | to | $27.81 | $33366 | 5.84% | —% | to | 3.55% | 3.30% | to | 5.57% |
| 2023 | 1639 | $16.04 | to | $26.39 | $41046 | 5.68% | —% | to | 3.55% | 8.51% | to | 10.86% |
| 2022 | 2108 | $14.79 | to | $31.40 | $47773 | 5.05% | —% | to | 3.55% | (13.29)% | to | (10.61)% |
| 2021 | 2361 | $17.05 | to | $35.13 | $60731 | 4.44% | —% | to | 3.55% | 0.17% | to | 3.27% |
| PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio | PIMCO VIT Long-Term U.S. Government Portfolio |  |  |  |  |  |  |  |
| 2025 | 8 | $18.67 | to | $33.59 | $205 | 3.28% | —% | to | 2.75% | 4.00% | to | 6.32% |
| 2024 | 9 | $17.95 | to | $31.59 | $200 | 2.74% | —% | to | 2.75% | (8.08)% | to | (6.02)% |
| 2023 | 13 | $19.53 | to | $33.61 | $310 | 2.37% | —% | to | 2.75% | 1.73% | to | 3.99% |
| 2022 | 11 | $19.20 | to | $32.33 | $257 | 2.04% | —% | to | 2.75% | (30.43)% | to | (28.89)% |
| 2021 | 11 | $27.59 | to | $45.46 | $374 | 1.59% | —% | to | 2.75% | (6.85)% | to | (4.78)% |
| PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio | PIMCO VIT Low Duration Portfolio |  |  |  |  |  |  |  |
| 2025 | 9 | $20.83 | to | $20.83 | $190 | 3.94% | 0.35% | to | 0.35% | 5.17% | to | 5.17% |
| 2024 | 9 | $19.81 | to | $19.81 | $185 | 3.99% | 0.35% | to | 0.35% | 4.13% | to | 4.13% |
| 2023 | 9 | $19.02 | to | $19.02 | $169 | 3.60% | 0.35% | to | 0.35% | 4.61% | to | 4.61% |
| 2022 | 9 | $18.18 | to | $18.18 | $162 | 1.98% | 0.35% | to | 0.35% | (6.07)% | to | (6.07)% |
| 2021 | 4 | $19.36 | to | $19.36 | $84 | 0.52% | 0.35% | to | 0.35% | (1.27)% | to | (1.27)% |
| PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio | PIMCO VIT Real Return Portfolio |  |  |  |  |  |  |  |
| 2025 | 924 | $11.24 | to | $32.77 | $15000 | 3.32% | —% | to | 3.55% | 4.37% | to | 7.49% |
| 2024 | 1082 | $10.77 | to | $30.49 | $16541 | 2.63% | —% | to | 3.55% | (1.21)% | to | 1.78% |
| 2023 | 1255 | $10.90 | to | $29.96 | $19135 | 2.98% | —% | to | 3.55% | 0.31% | to | 3.31% |
| 2022 | 1493 | $10.87 | to | $29.00 | $22254 | 6.98% | —% | to | 3.55% | (14.76)% | to | (12.22)% |
| 2021 | 1600 | $12.75 | to | $33.03 | $27530 | 4.94% | —% | to | 3.55% | 2.18% | to | 5.24% |
| PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio | PIMCO VIT StocksPLUS Global Portfolio |  |  |  |  |  |  |  |
| 2025 | 309 | $19.75 | to | $28.52 | $7917 | 4.56% | 0.35% | to | 3.55% | 20.10% | to | 23.58% |
| 2024 | 352 | $16.45 | to | $23.08 | $7337 | 5.11% | 0.35% | to | 3.55% | 9.55% | to | 12.11% |
| 2023 | 417 | $15.02 | to | $20.58 | $7771 | 2.81% | 0.35% | to | 3.55% | 18.74% | to | 21.32% |
| 2022 | 468 | $12.64 | to | $16.97 | $7236 | 1.18% | 0.35% | to | 3.55% | (21.49)% | to | (19.65)% |
| 2021 | 516 | $16.11 | to | $21.12 | $10011 | 0.12% | 0.35% | to | 3.55% | 15.34% | to | 17.85% |
| PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio | PIMCO VIT Total Return Portfolio |  |  |  |  |  |  |  |
| 2025 | 2313 | $12.58 | to | $31.88 | $47907 | 4.11% | —% | to | 3.55% | 3.34% | to | 21.10% |
| 2024 | 2829 | $11.94 | to | $28.53 | $54202 | 4.04% | —% | to | 3.55% | (0.92)% | to | 2.54% |
| 2023 | 3388 | $12.04 | to | $27.92 | $64621 | 3.56% | —% | to | 3.55% | 2.41% | to | 5.94% |
| 2022 | 3974 | $11.74 | to | $26.45 | $72272 | 2.61% | —% | to | 3.55% | (17.17)% | to | (14.31)% |
| 2021 | 4276 | $14.16 | to | $30.97 | $92360 | 1.82% | —% | to | 3.55% | (4.57)% | to | (1.27)% |
| T. Rowe Price Blue Chip Growth Portfolio | T. Rowe Price Blue Chip Growth Portfolio | T. Rowe Price Blue Chip Growth Portfolio | T. Rowe Price Blue Chip Growth Portfolio | T. Rowe Price Blue Chip Growth Portfolio | T. Rowe Price Blue Chip Growth Portfolio |  |  |  |  |  |  |  |

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Page 51 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | At December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 | For the years or periods ended December 31 |
|  | Units Outstanding \*\*\*\* | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Unit Fair Value lowest to highest | Net Assets \*\*\*\* | Investment Income Ratio\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Expense Ratio<br> lowest to highest\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* | Total Return <br> lowest to highest\*\*\* |
| 2025 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2024 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2023 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| 2022 |  | $47.30 | to | $47.30 | $6 | —% | 0.35% | to | 0.35% | (38.88)% | to | (38.88)% |
| 2021 |  | $— | to | $— | $— | —% | 0.35% | to | 0.35% | —% | to | —% |
| T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio |  |  |  |  |  |  |  |
| 2025 | 1 | $52.88 | to | $52.88 | $60 | 1.41% | 0.35% | to | 0.35% | 13.68% | to | 13.68% |
| 2024 | 1 | $46.52 | to | $46.52 | $65 | 1.46% | 0.35% | to | 0.35% | 10.99% | to | 10.99% |
| 2023 | 2 | $41.91 | to | $41.91 | $104 | 1.90% | 0.35% | to | 0.35% | 8.93% | to | 8.93% |
| 2022 | 3 | $38.48 | to | $38.48 | $106 | 1.77% | 0.35% | to | 0.35% | (3.92)% | to | (3.92)% |
| 2021 | 2 | $40.05 | to | $40.05 | $65 | 1.39% | 0.35% | to | 0.35% | 24.78% | to | 24.78% |
| Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund | Templeton Global Bond VIP Fund |  |  |  |  |  |  |  |
| 2025 | 719 | $20.01 | to | $43.52 | $26456 | —% | —% | to | 3.55% | 11.46% | to | 14.29% |
| 2024 | 866 | $17.80 | to | $38.02 | $28087 | —% | —% | to | 3.55% | (14.27)% | to | (12.37)% |
| 2023 | 1000 | $20.76 | to | $57.33 | $37396 | —% | —% | to | 3.55% | (0.45)% | to | 2.53% |
| 2022 | 1136 | $20.84 | to | $55.92 | $41861 | —% | —% | to | 3.55% | (8.03)% | to | (5.28)% |
| 2021 | 1314 | $22.65 | to | $59.04 | $51973 | —% | —% | to | 3.55% | (8.08)% | to | (5.32)% |

---

---

| | |
|:---|:---|
| 2021¹ | 1 Period from June 18, 2021 (fund commencement) to December 31, 2021 |
| 2023² | 2 Period from April 28, 2023 (fund commencement) to December 31, 2023 |

---

\* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying fund, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as mortality and expense risk and administrative charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

\*\* These ratios represent the annualized contract expenses of the Variable Account, consisting primarily of mortality and expense risk and administrative charges, for each period indicated, based on the products available to the contractholders. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contractholder accounts through the redemption of units such as the contract maintenance charges and rider charges for the optional benefits, and expenses of the underlying funds are excluded. Mortality and expense risk and administrative charges for all funds in annuitized contracts are excluded from the expense ratio.

\*\*\* These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect contract expenses of the Variable Account for products held at the time by contractholders. The total return does not include any expenses assessed through the redemption of units. Inclusion of these expenses in the calculation would result in a reduction in the total return presented. Funds with a date notation, as shown above, indicate the effective date of that fund in the Variable Account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum values. Based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract returns are not within the ranges presented and are not annualized. Adjustments were made to contractholder units and unit values in May and June 2025 within certain funds, to streamline the administration, processing and service to contractholders. These adjustments resulted in no impact to account balances.

\*\*\*\* Units Outstanding excludes units for annuitized contracts. Total Net Assets includes the net assets of the annuitized contracts. Total net assets of annuitized contracts at December 31, 2025, 2024, 2023, 2022 and 2021, are $1,122, $828, $460, $492, and $660, respectively.

Page 52 of 53

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**ALLIANZ LIFE OF NY VARIABLE ACCOUNT C**

**OF ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Financial Statements

December 31, 2025

The following open/available funds had no activity for the years or periods ended December 31, 2025, 2024, 2023, 2022 and, 2021, therefore, were not listed in the Financial Highlights:

---

| |
|:---|
| BlackRock Equity Dividend V.I. Fund |
| Eaton Vance VT Floating-Rate Income Fund |
| Invesco V.I. Balanced-Risk Allocation Fund |
| Lazard Retirement International Equity Portfolio |
| Lazard Retirement U.S. Small-Mid Cap Equity Portfolio |
| Nomura VIP Asset Strategy Series |
| Nomura VIP Energy Series |
| Nomura VIP Science and Technology Series |
| T. Rowe Price Health Sciences Portfolio |

---

**(7) Subsequent Events**

No material subsequent events have occurred since December 31, 2025 through April 6, 2026, the date at which the financial statements were issued, that would require adjustment to the financial statements.

Page 53 of 53

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Financial Statements

December 31, 2025 and 2024

(With Report of Independent Auditors Thereon)

------

**Report of Independent Auditors**

To the Board of Directors of Allianz Life Insurance Company of New York

***Opinions***

We have audited the accompanying statutory financial statements of Allianz Life Insurance Company of New York (the "Company"), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, of capital and surplus, and of cash flow for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 2.

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

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

***Basis for Opinions***

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

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

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

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

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

Statutory Financial Statements as of December 31, 2025

<br> 1 of 44 <br>

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

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

***Auditors' Responsibilities for the Audit of the Financial Statements***

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

In performing an audit in accordance with US GAAS, we:

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

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

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

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

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

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

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 6, 2026

Statutory Financial Statements as of December 31, 2025

<br> 2 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus

December 31, 2025 and 2024

(Dollars in thousands, except share data)

---

| | | |
|:---|:---|:---|
| **Admitted Assets** | **2025** | **2024** |
| Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $570547 | 587208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 34317 | 33195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 188 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 17 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables for securities | 1134 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 606479 | 621230 |
| Investment income due and accrued | 5057 | 5063 |
| Deferred tax asset, net | 9179 | 6183 |
| Current federal and foreign income tax recoverable | 1826 | 4974 |
| Admitted disallowed interest maintenance reserve | 5244 | 8575 |
| Other assets | 519 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted assets, exclusive of separate account assets | 628304 | 646472 |
| Separate account assets | 7659768 | 6401473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted assets | $8288072 | 7047945 |

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Statutory Financial Statements as of December 31, 2025

<br> 3 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus

December 31, 2025 and 2024

(Dollars in thousands, except share data)

---

| | | |
|:---|:---|:---|
| **Liabilities and Capital and Surplus** | **2025** | **2024** |
| Policyholder liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life policies and annuity contracts | $418082 | 375063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health policies | 82490 | 90433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit-type contracts | 6022 | 5769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life policy and contract claims | 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health policy and contract claims | 415 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policyholder funds | 3565 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total policyholder liabilities | 510597 | 475791 |
| Interest maintenance reserve | (1328) | (541) |
| General expenses due and accrued | 1345 | 1178 |
| Due from separate accounts | (168910) | (119332) |
| Payable to parent and affiliates | 5118 | 7282 |
| Asset valuation reserve | 31535 | 25258 |
| Other liabilities | 1447 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities, exclusive of separate account liabilities | 379804 | 390656 |
| Separate account liabilities | 7659768 | 6401473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8039572 | 6792129 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $10 par value. Authorized, issued, and outstanding 200,000 shares at December 31, 2025 and 2024 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 252500 | 192500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special surplus funds - admitted disallowed interest maintenance reserve | 5244 | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unassigned (deficit) surplus | (11244) | 52741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 248500 | 255816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and capital and surplus | $8288072 | 7047945 |
| See accompanying notes to statutory financial statements. |  |  |

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Statutory Financial Statements as of December 31, 2025

<br> 4 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Statements of Operations

Years ended December 31, 2025, 2024, and 2023

(Dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $1239799 | 1103640 | 970465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration for supplementary contracts | 1952 | 2144 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 20576 | 20568 | 20031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 1238 | 1546 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees from separate accounts | 47783 | 51878 | 54306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 1311348 | 1179776 | 1048901 |
| Benefits and other expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | 65573 | 73415 | 57890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders | 720002 | 590751 | 491471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in aggregate reserves and deposit funds | 35708 | (44108) | (32581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other agent compensation | 75584 | 69944 | 62988 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 55134 | 49630 | 45032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers to separate accounts | 409506 | 402302 | 396569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other expenses | 1361507 | 1141934 | 1021369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations before income taxes and net realized capital (loss) gain | (50159) | 37842 | 27532 |
| Income tax benefit | (1830) | (7495) | (1665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income from operations before net realized capital (loss) gain | (48329) | 45337 | 29197 |
| Net realized capital (loss) gain, net of taxes and interest maintenance reserve | (11919) | (37073) | (41157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(60248) | 8264 | (11960) |
| See accompanying notes to statutory financial statements. |  |  |  |

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Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Statements of Capital and Surplus

Years ended December 31, 2025, 2024, and 2023

(Dollars in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Capital and surplus at beginning of year | $255816 | 185200 | 171564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Correction of errors, net of tax (Note 3) |  |  | (2198) |
| Adjusted balance at beginning of year | 255816 | 185200 | 169366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | (60248) | 8264 | (11960) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized capital (loss) gain | (3982) | 9852 | (7720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income tax | 12035 | (8310) | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in nonadmitted assets | (9009) | 5978 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution from parent | 60000 | 60000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes in capital and surplus | (6112) | (5168) | (6942) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in admitted disallowed IMR |  |  | 11618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital and surplus at end of year | $248500 | 255816 | 185200 |
| See accompanying notes to statutory financial statements. |  |  |  |

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Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Statutory Statements of Cash Flow

Years ended December 31, 2025, 2024, and 2023

(Dollars in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and annuity considerations, net | $932125 | 908773 | 801076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 22938 | 23469 | 22280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 49021 | 53422 | 56100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash provided by operating activities | 1004084 | 985664 | 879456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits and expenses paid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit and loss-related payments | 475239 | 466829 | 377130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions, expenses paid, and aggregate write-ins for deductions | 130554 | 120973 | 106560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers to separate accounts | 459085 | 455733 | 399816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (received) paid, net | (5181) | (4845) | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash used in operating activities | 1059697 | 1038690 | 887096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (55613) | (53026) | (7640) |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured, or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 51292 | 65499 | 89218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous proceeds | 244 | 227 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash provided by investing activities | 51536 | 65726 | 89814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 34851 | 34617 | 62148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 16335 | 25526 | 51189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous applications | 497 | 135 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash used in investing activities | 51683 | 60278 | 113527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (147) | 5448 | (23713) |
| Cash flows from financing and miscellaneous activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution | 60000 | 60000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in payable to parent and affiliates | (2164) | 230 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (954) | (10469) | 8479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing and miscellaneous activities | 56882 | 49761 | 40355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | 1122 | 2183 | 9002 |
| Cash and cash equivalents: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 33195 | 31012 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $34317 | 33195 | 31011 |
| Supplemental disclosure of cash flow information for non-cash transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bond exchanges - proceeds and cost (Investing) | $(499) | (983) | (5309) |
| See accompanying notes to statutory financial statements. |  |  |  |

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Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**(1)Organization and Nature of Operations**

Allianz Life Insurance Company of New York (the Company) is a wholly-owned subsidiary of Allianz Life Insurance Company of North America (Allianz Life), which is a wholly-owned subsidiary of Allianz of America, Inc. (AZOA). AZOA is a wholly-owned subsidiary of Allianz Europe, B.V., which is a wholly-owned subsidiary of Allianz SE. Allianz SE is a European company registered in Munich, Germany, and is the Company's ultimate parent.

The Company is a life insurance company licensed to sell annuity, group and individual life, group and individual accident and health policies in six states and the District of Columbia. Based on statutory net premium written, the Company's business is predominately annuity. The annuity business consists of variable-indexed annuities and closed blocks of variable, fixed and fixed-indexed annuities. The life business includes term life policies and closed blocks of universal life policies. Accident and health business is primarily comprised of closed blocks of long-term care (LTC) insurance. The Company's primary distribution channel is through broker-dealers.

After evaluating the Company's ability to continue as a going concern, management is not aware of any conditions or events which raise substantial doubt concerning the Company's ability to continue as a going concern as of the date of filing these Statutory Financial Statements.

**(2)&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***&nbsp;&nbsp;&nbsp;&nbsp;***Basis of Presentation***

The Statutory Financial Statements have been prepared in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services (the Department). The Department recognizes statutory accounting practices prescribed or permitted by the state of New York for determining and reporting the financial condition and results of operations of an insurance company and its solvency under New York insurance law. The state of New York has adopted the National Association of Insurance Commissioners (NAIC) *Accounting Practices and Procedures Manual* as its prescribed basis of statutory accounting principles (SAP). The state of New York has also adopted certain prescribed accounting practices that differ from those found in NAIC SAP. The Company has no material statutory accounting practices that differ from those of the Department or NAIC SAP. These practices differ in some respects from accounting principles generally accepted in the United States of America (U.S. GAAP). The effects of these differences, while not quantified, are presumed to be material to the Statutory Financial Statements. The more significant of these differences are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs, such as commissions and other costs incurred in connection with acquiring new and renewal business, are charged to current operations as incurred. Under U.S. GAAP, acquisition costs that are directly related to the successful acquisition of insurance contracts are capitalized and charged to operations on a straight-line basis over the expected term of the related contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Aggregate reserves for life policies and annuity contracts, excluding variable annuities, are based on statutory mortality and interest assumptions without consideration for lapses or withdrawals. Under U.S. GAAP, aggregate reserves consider lapses and withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Ceded reinsurance recoverable are netted against their related reserves within Policyholder liabilities, Life policies and annuity contracts and Life policy and contract claims, on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Under U.S. GAAP, these ceded reserves are presented on a gross basis as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Bonds are carried at values prescribed by the NAIC, generally amortized cost, except for those with an NAIC rating of 6, which are reported at the lower of amortized cost or fair value. Under U.S. GAAP, bonds classified as "available-for-sale" are carried at fair value, with unrealized gains and losses recorded in stockholder's equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred income taxes are recorded directly to Unassigned surplus. Under U.S. GAAP, these items are generally recorded as an item of income tax benefit or expense in operations. Moreover, under NAIC SAP, a valuation allowance may be recorded against the deferred tax asset (DTA) and admittance

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

testing may result in an additional charge to capital and surplus for nonadmitted portions of DTAs. Under U.S. GAAP, a valuation allowance may be recorded against the DTA and reflected as an expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to establish an asset valuation reserve (AVR) liability and an interest maintenance reserve (IMR) liability. The AVR provides for a standardized statutory investment valuation reserve for certain invested assets. Changes in this reserve are recorded as direct charges or credits to Unassigned surplus. The IMR is designed to defer net realized capital gains and losses, net of tax, resulting from changes in the level of prevailing market interest rates and amortize them into income within the Statutory Statements of Operations over the remaining life of the investment sold. The IMR represents the unamortized portion of applicable investment gains and losses as of the balance sheet date. There is no such concept under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;Certain assets designated as "nonadmitted assets" are not recognized and are charged directly to Unassigned surplus within the Statutory Statements of Capital and Surplus. These include, but are not limited to, furniture and fixtures, prepaid expenses, receivables outstanding greater than 90 days, negative IMR, and portions of DTAs. There is no such concept under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;A provision is made for amounts ceded to unauthorized reinsurers in excess of collateral in the form of a trust or letter of credit through a direct charge to Unassigned surplus within the Statutory Statements of Capital and Surplus. There is no such requirement under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;Revenues for universal life policies and annuity contracts, excluding deposit-type contracts, are recognized as revenue when received within the Statutory Statements of Operations. Under U.S. GAAP, policy and contract fees charged for the cost of insurance, policy administrative charges, amortization of policy initiation fees, and surrender contract charges are recorded as revenues when earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;Benefits for universal life policies and annuity contracts within the Statutory Statements of Operations, excluding deposit-type contracts, consist of payments made to policyholders. Under U.S. GAAP, benefits represent interest credited, and claims and benefits incurred in excess of the policyholder's contract balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;Changes in the fair value of derivatives are recorded as direct adjustments to Unassigned surplus as a component of Change in unrealized capital gains (losses) within the Statutory Statements of Capital and Surplus. Under U.S. GAAP, changes in the fair value of derivatives are recorded in derivative income (loss) as part of operating income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;Commissions allowed by reinsurers on business ceded are reported as income when received within the Statutory Statements of Operations. Under U.S. GAAP, such commissions are deferred and amortized as a component of deferred acquisition costs to the extent recoverable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;The Statutory Financial Statements do not include a statement of comprehensive income as required under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;The Statutory Statements of Cash Flow do not classify cash flows consistent with U.S. GAAP and a reconciliation of net income to net cash provided from operating activities is not provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;The calculation of reserves and transfers in the separate account statement requires the use of a Commissioners Annuity Reserve Valuation Method (CARVM) allowance on annuities for NAIC SAP. There is no such requirement under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;Sales inducements and premium bonuses are included in Life policies and annuity contracts in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus, and are charged to current operations as incurred. Under U.S. GAAP, deferred sales inducements and premium bonuses are similarly reserved; however, the costs are capitalized as assets and charged to operations as future profits are recognized in a manner similar to acquisition costs.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;Negative cash balances are presented as a negative asset within the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. These balances are presented as a liability under U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;Embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument. Under U.S. GAAP, entities must separate the embedded derivative from the host contracts and separately account for those embedded derivatives at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;For variable-indexed annuities, the Department requires the Company to maintain a separate asset portfolio to back related reserves. These assets and liabilities are required to be included as part of the Separate account assets and Separate account liabilities presented on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Under U.S. GAAP, there is no such requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Permitted and Prescribed Statutory Accounting Practices***

The Company is required to file annual statements with insurance regulatory authorities, which are prepared on an accounting basis permitted or prescribed by such authorities. Prescribed statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the NAIC. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. The Company has no permitted or prescribed practices that differ from NAIC SAP that had an impact on net income or surplus as of December 31, 2025, 2024, and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates***

The preparation of Statutory Financial Statements in conformity with NAIC SAP requires management to make certain estimates and assumptions that affect reported amounts of admitted assets and liabilities, including reporting or disclosure of contingent assets and liabilities as of December 31, 2025 and 2024, and the reported amounts of revenues and expenses during the reporting period. Future events, including changes in mortality, morbidity, interest rates, capital markets, and asset valuations could cause actual results to differ from the estimates used within the Statutory Financial Statements. Such changes in estimates are recorded in the period they are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;Premiums and Annuity Considerations***

Life premiums are recognized as income over the premium paying period of the related policies. Nondeposit-type annuity considerations are recognized as revenue when received. Accident and health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Reserves for Life Policies and Annuity Contracts***

Reserves are principally calculated as the minimum reserves permitted by the state where the contract is issued for the year in which the contract is issued.

For the Company's fixed annuity product lines, reserves are calculated using CARVM. The Company uses issue year for fixed-indexed and change in fund basis for deferred fixed-interest annuities for the calculation method, on a continuous basis, using the maximum allowable interest rate. Deferred fixed-indexed and fixed-interest annuities only have a single-tier structure, which may include bonuses.

For the Company's variable and variable-indexed annuity product lines, reserves are calculated using NY Regulation 213, for guaranteed benefits with adequacy confirmed using stochastic scenario testing. Variable deferred annuities include a wide range of guaranteed minimum death benefits and living benefits (income, accumulation, and withdrawal).

Aggregate reserves for life insurance policies are principally calculated using the Commissioners Reserve Valuation Method (CRVM) or VM-20, *Requirements for Principle-Based Reserves for Life Products*, depending on the policy's issue date. Additional reserves are held for supplemental benefits and for contracts with secondary guarantees, consistent with prescribed regulations and actuarial guidelines.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

The Company performs an annual asset adequacy analysis as required by regulation covering substantially all of its reserves. These tests are not only performed under the required interest rate scenarios, but also under additional stochastically generated interest and equity growth scenarios. Sensitivity tests, including policy lapse, annuitization, maintenance expenses, and investment return, are performed to evaluate potential insufficiencies in reserve adequacy. The results of these tests and analysis resulted in additional adequacy reserves recorded of $71,000 and $11,000 at December 31, 2025 and 2024, respectively. For the universal life business, the Department's Regulation 147 – *Valuation of Life Insurance Reserves* stand-alone asset adequacy analysis was performed, which resulted in establishing additional reserves of $100 as of December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Reserves for Accident and Health Policies***

For accident and health business, reserves consist of active life reserves (mainly reserves for unearned premiums and reserves for contingent benefits on individual LTC business) and claim reserves (the present value of amounts not yet due). Claim reserves represent incurred but unpaid claims under group policies. For the Accident & Health products, the Department's Regulation 56 – *Minimum Reserves for Individual Accident and Health Insurance Policies* standalone asset adequacy analysis was performed through a gross premium valuation. The testing under the "sound value" requirements resulted in recorded reserves of $26,726 and $36,504 as of December 31, 2025 and 2024, respectively. The anticipated investment income was utilized in the calculation of this liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)&nbsp;&nbsp;&nbsp;&nbsp;Deposit-type Contracts***

Deposit-type contracts represent liabilities to policyholders in a payout status, who have chosen a fixed payout option without life contingencies. The premiums and claims related to deposit-type contracts are not reflected in the Statutory Statements of Operations as they do not have insurance risk. The Company accounts for the contract as a deposit-type contract in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)***&nbsp;&nbsp;&nbsp;&nbsp;***Policy and Contract Claims***

Policy and contract claims include the liability for claims reported but not yet paid, claims incurred but not yet reported (IBNR), and claim settlement expenses on the Company's accident and health business. Actuarial reserve development methods are generally used in the determination of IBNR liabilities. In cases of limited experience or lack of credible claims data, loss ratios are used to determine an appropriate IBNR liability. Claim and IBNR liabilities of a short-term nature are not discounted, but those claim liabilities resulting from disability income or LTC benefits include interest and mortality discounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance***

The Company cedes business to other insurers. Reinsurance premium and benefits paid or provided are accounted for in a manner consistent with the basis used in accounting for original policies issued and the terms of the reinsurance contracts. Amounts recoverable from reinsurers represent account balances and unpaid claims covered under reinsurance contracts. Amounts paid or deemed to have been paid for claims covered by reinsurance contracts are recorded as a reinsurance recoverable and are included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)&nbsp;&nbsp;&nbsp;&nbsp;Investments***

Investment values are determined in accordance with methods prescribed by the NAIC.

**Bonds**

The Securities Valuation Office (SVO) of the NAIC evaluates the credit quality of the Company's bond investments. Bonds rated at "1" (highest quality), "2" (high quality), "3" (medium quality), "4" (low quality), or "5" (lower quality) are reported at cost adjusted for the amortization of premiums, accretion of discounts, and any impairment. Bonds rated at "6" (lowest quality) are carried at the lower of amortized cost or fair value

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

with any adjustments to fair value recorded to Unassigned surplus within the Statutory Statements of Capital and Surplus.

In accordance with its investment policy, the Company invests primarily in high-grade marketable securities. Dividends are accrued on the date declared and interest is accrued as earned. Premiums or discounts on bonds are amortized using the constant-yield method.

Asset-backed securities and structured securities are amortized using anticipated prepayments, in addition to other less significant factors. Prepayment assumptions for asset-backed and structured securities are obtained from various external sources or internal estimates. The Company believes these assumptions are consistent with those a market participant would use. The Company recognizes income using the modified scientific method based on prepayment assumptions and the estimated economic life of the securities. For structured securities, except impaired bonds, when actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments retrospectively. Any resulting adjustment is included in Net investment income on the Statutory Statements of Operations. For impaired bonds, when adjustments are made for anticipated prepayments and other expected changes in future cash flows, the effective yield is recalculated using the prospective method as required by Statement of Statutory Accounting Principles (SSAP) No. 43 – *Asset Backed and Structured Securities* (SSAP No. 43).

Gross realized gains and losses are computed based on the average amortized cost of all lots held for a particular CUSIP.

The fair value of bonds is obtained from third-party pricing sources whenever possible. Management completes its own independent price verification (IPV) process, which ensures security pricing is obtained from a third-party source other than the sources used by the Company's internal and external investment managers. The IPV process supports the reasonableness of price overrides and challenges by the internal and external investment managers and reviews pricing for appropriateness. Results of the IPV process are reviewed by the Company's Pricing Committee.

Allianz Life reviews its entire combined investment portfolio, including the investment portfolios of the Company and all other subsidiaries, in aggregate each quarter to determine if declines in fair value are other than temporary.

For bonds for which the fair value is less than amortized cost, the Company evaluates whether a credit loss exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security; (b) changes in the financial condition, credit rating, and near-term prospects of the issuer; (c) whether the issuer is current on contractually obligated interest and principal payments; (d) changes in the financial condition of the security's underlying collateral, if any; and (e) the payment structure of the security. For asset-backed securities, the Company must allocate other-than-temporary impairments (OTTI) between interest and noninterest-related declines in fair value. Interest-related impairments are considered other than temporary when the Company has the intent to sell the investment prior to recovery of the cost of the investment. The Company maintains a prohibited disposal list that restricts the ability of the investment managers to sell securities in a significant unrealized loss position and requires formal attestations from investment managers regarding their lack of intent to sell certain securities.

Impairments considered to be other-than-temporary are recorded as a reduction of the cost of the security, and a corresponding realized loss is recognized on the Statutory Statements of Operations in the period in which the impairment is determined. Recognition of the realized loss is subject to potential offset by AVR and IMR.

**Cash and Cash Equivalents**

Cash and cash equivalents may include cash on hand, demand deposits, money market funds, and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the carrying value is deemed to approximate fair value.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**Policy Loans**

Policy loans are supported by the underlying cash value of the policies. Policy loans are carried at unpaid principal balances plus accrued interest income on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The unpaid principal balances are not in excess of the cash surrender values of the related policies.

**Receivables for Securities**

Receivables and payables for securities are carried at fair value on the trade date and represent a timing difference on securities that are traded at the balance sheet date but not settled until subsequent to the balance sheet date. Receivables and payables for securities are included in Receivables for securities and Other liabilities, respectively, on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)&nbsp;&nbsp;&nbsp;&nbsp;Derivatives***

The Company utilizes derivatives within certain actively managed investment portfolios for hedging purposes.

**Futures and Options Contracts**

The Company provides benefits through certain annuity products which are linked to the fluctuation of various market indices, and certain variable annuity contracts that provide minimum guaranteed benefits. The Company has analyzed the characteristics of these benefits and has entered into over-the-counter (OTC) option contracts and exchange-traded futures contracts tied to an underlying index with similar characteristics with the objective to economically hedge these benefits. Management monitors in-force amounts as well as option and futures contract values to ensure satisfactory matching and to identify unsatisfactory mismatches. If actual persistency deviated, management would purchase or sell option and futures contracts as deemed appropriate or take other actions.

The OTC option contracts and exchange-traded option (ETO) contracts are reported at fair value in Derivative assets and Derivative liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The fair value of the OTC options is derived internally and deemed by management to be reasonable via performing an IPV process. The process of deriving internal derivative prices requires the Company to calibrate Monte Carlo scenarios to actual market information. The calibrated scenarios are applied to derivative cash flow models to calculate fair value prices for the derivatives. The fair value of the ETO contracts is based on quoted market prices. Incremental gains and losses from expiring options are included in Net realized capital gain (loss) on the Statutory Statements of Operations. The liability for the related policyholder benefits is reported in Life policies and annuity contracts on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. The unrealized gain or loss on open OTC option contracts is recognized as a direct adjustment to Unassigned surplus within the Statutory Statements of Capital and Surplus. Any unrealized gains or losses on open OTC option contracts are recognized as realized when the contracts mature (see Note 5 for further discussion).

Futures contracts do not require an initial cash outlay, and the Company has agreed to daily net settlement based on movements of the representative index. Therefore, no asset or liability is recorded as of the end of the reporting period. A derivative asset or liability and an offsetting variation margin payable or receivable is recorded in Derivative assets or Derivative liabilities in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus for the outstanding unpaid variation margin representing market movements on the last trading day of the year.

Gains and losses are not considered realized until the termination or expiration of the futures contract. Unrealized gains and losses on futures contracts are reflected in the Statutory Statements of Capital and Surplus in Unassigned surplus, within Change in unrealized capital gains (loss). Realized gains and losses on futures contracts are included in the Statutory Statements of Operations, Net realized capital gain (loss), net of taxes and interest maintenance reserve.

Statutory Financial Statements as of December 31, 2025

<br> 13 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(l)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes***

The Company files a consolidated federal income tax return with AZOA. The consolidated tax allocation agreement stipulates that each company participating in the return will bear its share of the tax liability pursuant to certain tax allocation elections under the Internal Revenue Code (IRC) and its related regulations and reimbursement will be in accordance with an intercompany tax reimbursement arrangement. The Company generally will be paid for the tax benefit of any of their tax attributes used by any member of the consolidated group.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to significantly change the provision for federal income taxes recorded in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Any such change could significantly affect the amounts reported in the Statutory Statements of Operations. Management uses best estimates to establish reserves based on current facts and circumstances regarding tax exposure items where the ultimate deductibility is open to interpretation. Quarterly, management evaluates the appropriateness of such reserves based on any new developments specific to their fact patterns. Information considered includes results of completed tax examinations, Technical Advice Memorandums, and other rulings issued by the Internal Revenue Service or the tax courts.

The Company utilizes the asset and liability method of accounting for income taxes. DTAs and deferred tax liabilities (DTLs), net of the nonadmitted portion are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Gross DTAs and DTLs are measured using enacted tax rates and are considered for admitted tax asset status according to the admissibility test as set forth by the state of New York. Changes in DTAs and DTLs, including changes attributable to changes in tax rates, are recognized as a component of Unassigned surplus on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)&nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts***

Separate account assets and liabilities are primarily funds held for the exclusive benefit of variable and variable-indexed annuity contract holders. Separate account assets are reported at fair value in accordance with SSAP No. 56 – *Separate Accounts* (SSAP No. 56), with the exception of certain bonds, cash, cash equivalents, and investment income due and accrued. Certain assets that are allocated to the index options for the Allianz Index Advantage New York Variable Annuity (VIA), as listed above, are carried at amortized cost in accordance with the product filing requirements in the state of New York.

Amounts due from separate accounts primarily represent the difference between the assets held to back the VIA portfolio and the VIA liabilities. Amounts due also include differences between surrender value of the contracts and the Separate account liability as disclosed on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. This receivable represents the surrender fee that would be paid to the Company upon the surrender of the policy or contract by the policyholder or contract holder as of December 31. Amounts charged to the contract holders for mortality and contract maintenance, and other administrative services fees are included in income within Fees from separate accounts on the Statutory Statements of Operations. These fees have been earned and assessed against contract holders on a daily or monthly basis throughout the contract period and are recognized as revenue when assessed and earned. Net transfers to (from) separate accounts within the Statutory Statements of Operations primarily includes transfers for new premium and annuity considerations, benefit payments, surrender charge wear-off, realized and unrealized investment gains/losses, investment income, and other contractholder behavior.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)***&nbsp;&nbsp;&nbsp;&nbsp;***Receivables***

Receivable balances approximate estimated fair values. This is based on pertinent information available to management as of year-end, including the financial condition and creditworthiness of the parties underlying the receivables. Any balances outstanding more than 90 days are nonadmitted on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(o)&nbsp;&nbsp;&nbsp;&nbsp;Reclassifications***

Prior year balances have not been reclassified to conform to the current year presentation.

**(3)**&nbsp;&nbsp;&nbsp;&nbsp;**Accounting Changes and Corrections of Errors**

Accounting Changes

Not applicable

***Recently Issued Accounting Standards – Adopted in 2025***

In August 2023 and throughout 2024, the NAIC adopted revisions to SSAP No. 2R, SSAP No. 21R, SSAP No. 26R, SSAP No. 43R, and updated references for various SSAPs as well as standalone adoptions relating to and effective at the same time as Ref #2019-21, including Ref #2023-17, Ref #2024-08, Ref #2024-09, Ref #2024-01, Ref #2024-26, Ref #2023-16, Ref #2024-28, and INT 24-01. The revised SSAPs as well as the updated references were adopted as part of SAPWG's Principles-Based Bond Definition (PBBD) project. This adoption fundamentally redefines a bond under Statutory accounting as either an Issuer Credit Obligation or an Asset-Backed Security. Debt securities that do not meet the definition of a bond under the PBBD are now within scope of and accounted for in accordance with SSAP 21. The revised standards are effective starting January 1, 2025. The Company has adopted these revisions as of January 1, 2025 resulting in the reclassification of its existing balance sheet. As a result of implementation, assets of $282 were reclassified from Bonds to Other invested assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. In accordance with the transition guidance associated with this project, there was no impact on net income or surplus upon implementation. In addition, the Company has modified disclosures in Note 5 to reflect more granular reporting classifications.

In August 2025, the NAIC adopted revisions to INT 23-01: Net Negative (Disallowed) Interest Maintenance Reserve. The revisions extend the automatic nullification date of the INT to January 1, 2027, add additional guidance relating to the calculation of a reporting entity's maximum admitted net negative (disallowed) IMR balance, require that entities capture any amount of net negative (disallowed) IMR within the PBR calculation or Asset Adequacy Testing and/or Cash Flow Testing pursuant to the NAIC Valuation Manual, and enhance existing data capture disclosure information relating to derivative gains and losses that flow through IMR. The revisions are effective as of August 11, 2025, and will now be automatically nullified on January 1, 2027. The Company has adopted these revisions into its existing IMR monitoring and reporting processes. There was no impact on net income or surplus during the year ended December 31, 2025, as a result of adopting the revisions to this INT.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

***Recently Issued Accounting Standards – Adopted in 2024***

In December 2023, the NAIC adopted revisions to the Annual Statement Instructions through Ref #2023-15: IMR/AVR Specific Allocations. The revisions clarify the treatment of realized gains or losses in the context of allocating those gains and losses to either AVR or IMR. While the amendment reflects a SAP Clarification, the amendment addresses a new concept in basing the allocation of realized gains or losses on an "Acute Credit Event." The amendment was effective beginning January 1, 2024, and the Company adopted these revisions as of that date. There was no impact on net income or surplus during the year ended December 31, 2024, as a result of adopting the revisions.

In August 2024, the NAIC adopted revisions to SSAP No. 15 and SSAP No. 86, Debt and Holding Company Obligations and Derivatives, respectively, through Ref #2023-26. The revisions enhance existing disclosures related to unfunded commitments available to a reporting entity, as well as additional granularity related to a reporting entity's accounting policy for derivative cash flows. The revisions are effective August 13, 2024. The Company has adopted these revisions, resulting in additional disclosures detailing outstanding commitments in the Company's accounting policy for derivative cash flows in Note 5. There was no impact on net income or surplus during the year ended December 31, 2024, as a result of adopting the revisions.

***Recently Issued Accounting Standards – Adopted in 2023***

In March 2020, the NAIC adopted NS 2020-12, Reference Rate Reform, which provides optional guidance for a limited period of time to ease the potential burden on accounting for reference rate reform. The expedients outlined in the amendment are for modifications solely related to reference rate reform and optionally suspend assessments for re-measuring a contract. The Company adopted these amendments effective March 12, 2020. In August 2023, the NAIC adopted NS 2023-05, whereby the sunset date for relief afforded by NS 2020-12, was deferred until December 31, 2024. The Company has evaluated the impact of the new guidance and has identified financial assets which have terms related to reference rates that are expected to be discontinued. As of December 31, 2023, the Company has utilized the optional expedient to account for all modifications to financial assets occurring as a result of reference rate reform as a continuation of the existing financial asset. There was no impact on net income or surplus during the year ended December 31, 2023, as a result of adopting the revisions.

In August 2023, the NAIC adopted INT 23-01 Negative IMR. The temporary relief, which is optional for all companies required to maintain an AVR and IMR, allows for those entities to admit a limited amount of a net negative IMR balance as an admitted asset on a reporting entity's balance sheet. The revisions are effective as of August 13, 2023, and will be automatically nullified on January 1, 2026. The Company has adopted and implemented this INT for the purposes of December 31, 2023 reporting. Financial impacts associated with the implementation of this adoption are contained within Note 5(i), per the disclosure requirements associated with INT 23-01.

***Recently Issued Accounting Standards – To Be Adopted***

In February 2025, the NAIC adopted revisions to SSAP No. 56 - *Book Value Separate Accounts*. The revisions clarify measurement method guidance as well as prescribe guidance for how transfers to/from the general account and separate account should be recognized. The amendments are effective January 1, 2026. The company is currently working to assess the full impacts of this adoption.

In December 2025, the NAIC adopted revisions to SSAP No. 2, SSAP No. 21, SSAP No. 26, SSAP No. 43, and the Annual Statement Instructions relating to Debt Security & Residual Interest Disclosures. The revisions improve utilization of existing disclosures, clarify guidance, and incorporate consistent locations and frequency for debt security disclosures while also adding additional disclosures related to residuals. The amendments are effective December 31, 2026. The Company is still assessing the impacts associated with this adoption.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

In December 2025, the NAIC adopted revisions to SSAP No. 2, SSAP No. 21, SSAP No. 26, SSAP No. 30, SSAP No. 32, SSAP No. 43, and the Annual Statement Instructions relating to Private Placement Securities. The revisions incorporate a new electronic reporting column to identify private placement securities in the investment schedules and incorporate an aggregate disclosure that details key investment information by type of security (public and private placement type). The amendments are effective December 31, 2026. The Company is still assessing the impacts associated with this adoption.

***Corrections of Errors***

The Company records corrections of errors in accordance with SSAP No. 3 – *Accounting Changes and Correction of Errors* (SSAP No. 3). SSAP No. 3 prescribes that the correction of errors in previously issued Statutory Financial Statements will be reported as an adjustment to capital and surplus in the period the error is detected. These errors are shown within Correction of errors, net of tax, on the Statutory Statements of Capital and Surplus.

During the years ended December 31, 2025 and 2024 there were no corrections of errors recorded on the Statutory Statements of Capital and Surplus.

During 2023, an error was identified related to the non-admittance of negative IMR that resulted from separate account assets. As of December 31, 2022, the Company had produced a negative IMR in both the general account and the separate account, and therefore, should have non-admitted all negative IMR. The negative IMR in the general account was appropriately being fully non-admitted, however, the impacts from the non-admitted IMR in the separate account were not being reflected appropriately in the general account. The error resulted in a $2,198 overstatement of Due from the separate accounts and a corresponding $2,198 overstatement of Total capital and surplus within the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2022. The Statutory Statements of Capital and Surplus was adjusted in 2023 to correct for the prior period impact.

 **(4)&nbsp;&nbsp;&nbsp;&nbsp;Risk Disclosures** 

The following is a description of the significant risks facing the Company and how it attempts to mitigate those risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;Credit Risk***

Credit risk is the risk that issuers of fixed-income securities, borrowers of mortgages on commercial or residential real estate, or other parties with whom the Company has transactions, such as reinsurers and derivative counterparties, default on their contractual obligations, resulting in unexpected credit losses.

The Company mitigates this risk by adhering to investment policies and limits that provide portfolio diversification on an asset class, asset quality, creditor, and geographical basis, and by complying with investment limitations from applicable state insurance laws and regulations. The Company considers all relevant objective information available in estimating the cash flows related to structured securities. The Company actively monitors and manages exposures, and determines whether any securities are impaired. The aggregate credit risk is influenced by management's risk/return preferences, the economic and credit environment, and the ability to manage this risk through liability portfolio management.

For derivative counterparties, the Company mitigates credit risk by tracking and limiting exposure to each counterparty through limits that are reported regularly and, once breached, restricts further trades; establishing relationships with counterparties rated BBB+ and higher; and monitoring the credit default swaps (CDS) of each counterparty as an early warning signal to cease trading when credit default swap spreads imply severe impairment in credit quality.

The Company executes Credit Support Annexes (CSA) with all active and new counterparties which further limits credit risk by requiring counterparties to post collateral to a segregated account to cover any counterparty exposure. Additionally most transactions are cleared through a clearinghouse thereby transferring counterparty risk from the bank to the clearinghouse that tends to have stronger credit. This often leads to increased collateralization and lower counterparty risk for the Company.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Credit Concentration Risk***

Credit concentration risk is the risk of increased exposure to significant asset defaults (of a single security issuer); economic conditions (if business is concentrated in a certain industry sector or geographic area); or adverse regulatory or court decisions (if concentrated in a single jurisdiction) affecting credit.

The Company's Finance Committee, responsible for asset/liability management (ALM) issues, recommends an investment policy to the Company's Board of Directors (BOD) and approves the strategic asset allocation and accompanying investment mandates for an asset manager with respect to asset class. The investment policy and accompanying investment mandates specify asset allocation among major asset classes and the degree of asset manager flexibility for each asset class. The investment policy complies, at a minimum, with state statutes. Compliance with the policy is monitored by the Finance Committee who is responsible for implementing internal controls and procedures. Deviations from the policy are monitored and addressed. The Finance Committee and, subsequently, the BOD review the investment policy at least annually.

To further mitigate this risk, internal concentration limits based on credit rating and sector are established and are monitored regularly by Allianz Life on a consolidated basis. Any ultimate obligor group exceeding these limits is placed on a restricted list to prevent further purchases, and the excess exposure may be actively sold down to comply with concentration limit guidelines. Any exceptions require Chief Risk Officer approval and monitoring by the Risk Committee. Further, the Company performs a quarterly concentration risk calculation to ensure compliance with the State of New York basket clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Risk***

Liquidity risk is the risk that unexpected timing or amounts of cash needed will require liquidation of assets in a market that will result in a realized loss or an inability to sell certain classes of assets such that an insurer will be unable to meet its obligations and contractual guarantees. Liquidity risk also includes the risk that in the event of a company liquidity crisis, refinancing is only possible at higher interest rates. Liquidity risk can be affected by the maturity of liabilities, the presence of withdrawal penalties, the breadth of funding sources, and terms of funding sources. It can also be affected by counterparty collateral triggers as well as whether anticipated liquidity sources, such as credit agreements, are cancelable.

The Company manages liquidity within four specific domains: (1) monitoring product development, product management, business operations, and the investment portfolio; (2) setting ALM strategies; (3) managing the cash requirements stemming from the Company's derivative dynamic economic hedging activities; and (4) establishing a liquidity facility with Allianz Life to provide additional liquidity. The Company has established liquidity risk limits, which are approved by the Company's Risk Committee, and the Company monitors its liquidity risk regularly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk***

Interest rate risk is the risk that movements in interest rates or interest rate volatility will cause a decrease in the value of an insurer's assets relative to the value of its liabilities and/or an unfavorable change in prepayment activity resulting in compressed interest margins.

The Company has an ALM strategy to align cash flows and duration of the investment portfolio with policyholder liability cash flows and duration. Allianz Life monitors the economic and accounting impacts of interest rate sensitivities on assets and liabilities on a consolidated basis regularly and on the Company's specific basis periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;Equity Market Risk***

Equity market risk is the risk that movements in equity prices or equity volatility will cause a decrease in the value of an insurer's assets relative to the value of its liabilities.

Variable annuity products guarantee minimum payments regardless of market movements. The Company has adopted an economic hedging program to manage the equity risk of these products.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

Allianz Life monitors the impacts of equity sensitivities on assets and liabilities on a consolidated basis regularly and on the Company's specific basis periodically.

Basis risk is the risk that variable annuity hedge asset values change unexpectedly relative to the value of the underlying separate account funds of the variable annuity contracts. Basis risk may arise from the Company's inability to directly hedge the underlying investment options of the variable annuity contracts. The Company regularly reviews and synchronizes fund mappings, product design features, hedge design, and manages funds line-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;Operational Risk***

Operational risk is the risk of loss resulting from inadequate or failed internal processes and systems, from human misbehavior or error, or from external events. Operational risk is comprised of the following seven risk categories: (1) external fraud; (2) internal fraud; (3) employment practices and workplace safety; (4) clients/third-party, products and business practices; (5) damage to physical assets; (6) business disruption and system failure; and (7) execution, delivery, and process management. Operational risk is comprehensively managed through a combination of core qualitative and quantitative activities.

The Operational Risk Management framework includes the following key activities: (1) an Operational Risk Capital Model covering all material types of operational risks, under which the Company quantifies and regularly monitors operational risk; (2) a loss data capture policy to create transparency and gather information about losses that meet a designated threshold, requiring business owners to identify and resolve the root cause of operational loss events; and (3) a bottom-up risk assessment process for operational risk to proactively manage operational risk throughout the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Change Risk***

Regulatory change risk is the risk that regulatory changes and imposed regulation may materially impact the Company's business model, sales levels, company financials and ability to effectively comply with regulations.

The Company actively monitors all regulatory changes and participates in national and international discussions relating to legal, regulatory, and accounting changes. The Company maintains active membership with various professional and industry trade organizations. A formal process exists to review, analyze, and implement new legislation as it is enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)&nbsp;&nbsp;&nbsp;&nbsp;Rating Agency Risk***

Rating agency risk is the risk that rating agencies change their outlook or rating of the Company. The rating agencies generally utilize proprietary capital adequacy models in the process of establishing ratings for the Company. The Company is at risk of changes in these models and the impact that changes in the underlying business that it is engaged in can have on such models. To mitigate this risk, the Company maintains regular communications with the rating agencies and evaluates the impact of significant transactions on such capital adequacy models and considers the same in the design of transactions to minimize the adverse impact of this risk. Rating agency risk is also addressed in the TRA process and on an ad hoc basis as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;Mortality/Longevity Risk***

Mortality/longevity risk is the risk that mortality experience differs from assumptions used by the Company to reserve and price its products.

The Company mitigates mortality risk primarily through reinsurance, whereby the Company cedes a significant portion of its mortality risk to third parties. The Company also manages mortality risk through the underwriting process. Both mortality and longevity risks are managed through the review of life expectancy assumptions and experience in conjunction with active product management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)&nbsp;&nbsp;&nbsp;&nbsp;Lapse Risk***

Lapse risk is the risk that actual lapse experience evolves differently than the assumptions used for pricing and valuation exercises leading to a significant loss in Company value and/or income.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

The Company mitigates this risk by performing sensitivity analysis at the time of pricing to affect product design, adding Market Value Adjustments, bonus recaptures, and surrender charges when appropriate, regular ALM analysis, and exercising management levers at issue, as well as post-issue as experience evolves. Policyholder experience is monitored regularly. The Company manages lapse risk by reviewing assumptions at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)&nbsp;&nbsp;&nbsp;&nbsp;Cyber Security Risk***

Cyber security risk is the risk of losses due to external and/or internal attacks impacting the confidentiality, integrity, and/or availability of key systems, data, and processes reliant on digital technology. The Company has implemented preventative, detective, response, and recovery measures including firewalls, intrusion detection and prevention, advanced malware detection, spyware and anti-virus software, email protection, network and laptop encryption, web content filtering, web application firewalls, and regular scanning of all servers and network devices to identify vulnerabilities. Controls are implemented to prevent and review unauthorized access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(l)&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Risk***

Reinsurance risk is the risk that reinsurance companies default on their obligation where the Company has ceded a portion of its insurance risk. The Company uses reinsurance to limit its risk exposure to certain business lines and to enable better capital management.

Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company.

The Company mitigates this risk by requiring certain counterparties to post collateral to cover the exposure and to meet thresholds related to the counterparty's credit rating, exposure, or other factors. For counterparties that are not initially required to post collateral, if the thresholds are not met by those counterparties, they are required to establish a trust or letter of credit backed by assets meeting certain quality criteria. All arrangements are regularly monitored to determine whether trusts or letters of credit are sufficient to support the ceded liabilities and that their terms are being met. In addition, the Company reviews the financial standings and ratings of its reinsurance counterparties and monitors concentrations of credit risk to minimize its exposure to significant losses from reinsurer insolvencies regularly.

**(5)&nbsp;&nbsp;&nbsp;&nbsp;Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;Bonds and Other Assets Receiving Bond Treatment***

At December 31, the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments are shown below: &nbsp;&nbsp;&nbsp;&nbsp;

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Fair value** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;Issuer Credit Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations (Exempt from RBC) | $140640 | 213 | 3635 | 137219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 1996 |  | 15 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds - Special Revenue | 8415 | 41 | 590 | 7865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 335317 | 5439 | 19859 | 320897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single Entity Backed Obligations | 2495 | 11 | 241 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Issuer Credit Obligations: | $488863 | 5704 | 24340 | 470226 |
| &nbsp;&nbsp;Asset-Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed (Not Exempt from RBC) | 25948 | 12 | 4036 | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities | 48421 | 175 | 1144 | 47452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Financial Asset-Backed Securities (Full Analysis) | 2800 |  | 302 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities (Full Analysis) | 4515 | 72 | 7 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asset-Backed Securities: | 81684 | 259 | 5489 | 76454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $570547 | 5963 | 29829 | 546680 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Fair value** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government | $142012 |  | 7376 | 134636 |
| &nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions | 8522 | 31 | 758 | 7795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 357671 | 3072 | 30132 | 330611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 79003 | 3 | 7756 | 71250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $587208 | 3106 | 46022 | 544292 |

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At December 31, 2025 and 2024, the Company did not have NAIC-6 rated bonds.

At December 31, 2025 and 2024, the Company did not have any hybrid securities.

As of December 31, 2025 and 2024, investments with an amortized cost of $1,688 and $1,675, respectively were held on deposit as required by statutory regulations.

The amortized cost and fair value of bonds and other assets receiving bond treatment reported in the statutory Annual Statement Schedule D Part 1A at December 31, 2025, by contractual maturity, are shown below:

---

| | | |
|:---|:---|:---|
|  | **Amortized cost** | **Fair value** |
| Due in 1 year or less | $85723 | 85384 |
| Due after 1 year through 5 years | 107618 | 103588 |
| Due after 5 years through 10 years | 173280 | 166481 |
| Due after 10 years through 20 years | 65277 | 63032 |
| Due after 20 years | 64280 | 58819 |
| Asset-backed and other structured securities | 74369 | 69376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds and other assets receiving bond treatment | $570547 | 546680 |

---

Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

Proceeds from sales of bonds includes sales, maturities, paydowns, and other redemptions of bonds and other assets receiving bond treatment. Proceeds from sales of bonds for the years ended December 31 are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Proceeds from sales | $51292 | 65499 | 89218 |
| Gross gains | 203 | 49 | 181 |
| Gross losses | 471 | 863 | 1837 |

---

For the years ended December 31, 2025 and 2024, there were 6 and 4 CUSIPs sold, disposed, or otherwise redeemed as a result of a callable feature, respectively. The aggregate amount of investment income generated as a result of these transactions was $229 and $(601) for 2025 and 2024, respectively.

The Company's bond portfolio includes mortgage-backed securities. Due to the high quality of these investments and the lack of subprime loans within the securities, the Company does not have a material exposure to subprime mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Investment Losses***

To determine whether or not declines in fair value are other than temporary, Allianz Life performs a quarterly review of its entire combined investment portfolio, including the Company as their subsidiary, using quoted market prices by third-party sources. For further discussion, see Notes 2 and 6.

Unrealized losses and the related fair value of investments held by the Company for the years ended December 31 are shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **12 months or less** | **12 months or less** | **Greater than 12 months** | **Greater than 12 months** | **Total** | **Total** |
|  | **Fair value** | **Unrealized losses** | **Fair value** | **Unrealized losses** | **Fair value** | **Unrealized losses** |
| Bonds: |  |  |  |  |  |  |
| Issuer Credit Obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations (Exempt from RBC) | $7449 | 283 | 123694 | 3352 | 131143 | 3635 |
| &nbsp;&nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities |  |  | 1980 | 15 | 1980 | 15 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds - Special Revenue | 1929 | 16 | 3725 | 574 | 5654 | 590 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 12525 | 136 | 196108 | 19723 | 208633 | 19859 |
| &nbsp;&nbsp;&nbsp;Single Entity Backed Obligations |  |  | 1754 | 241 | 1754 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Issuer Credit Obligations | 21903 | 435 | 327261 | 23905 | 349164 | 24340 |
| Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed (Not Exempt from RBC) |  |  | 21113 | 4036 | 21113 | 4036 |
| &nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed (Not Exempt from RBC) | 5155 | 19 | 32598 | 1125 | 37753 | 1144 |
| &nbsp;&nbsp;&nbsp;Non-Financial Asset-Backed Securities (Full Analysis) |  |  | 2498 | 302 | 2498 | 302 |
| &nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities (Full Analysis) |  |  | 193 | 7 | 193 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | 5155 | 19 | 56402 | 5470 | 61557 | 5489 |
| &nbsp;&nbsp;&nbsp;Total temporarily impaired securities | $27058 | $454 | $383663 | $29375 | $410721 | $29829 |

---

Statutory Financial Statements as of December 31, 2025

<br> 22 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **12 months or less** | **12 months or less** | **Greater than 12 months** | **Greater than 12 months** | **Total** | **Total** |
|  | **Fair value** | **Unrealized losses** | **Fair value** | **Unrealized losses** | **Fair value** | **Unrealized losses** |
| Bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government | $22808 | 808 | 111828 | 6567 | 134636 | 7375 |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 1857 | 83 | 5146 | 675 | 7003 | 758 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 70518 | 3144 | 186581 | 26989 | 257099 | 30133 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 2373 | 28 | 67116 | 7728 | 69489 | 7756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total temporarily impaired securities | $97556 | 4063 | 370671 | 41959 | 468227 | 46022 |

---

As of December 31, 2025 and 2024, the number of bonds that were in an unrealized loss position was 185 and 229, respectively.

As of December 31, 2025 and 2024, of the total amount of unrealized losses, $29,811, or 99.9%, and $45,457, or 98.8%, respectively, are related to unrealized losses on investment grade securities. Investment grade is defined as a security having an NAIC SVO credit rating of 1 or 2. Unrealized losses on securities are principally related to changes in interest rates or changes in sector spreads from the date of purchase. As contractual payments continue to be met, management continues to expect all contractual cash flows to be received and does not consider these investments to be other-than-temporarily impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;Realized Investment Gains (Losses)***

Net realized capital gains (losses) for the years ended December 31 are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Bonds | $(268) | (814) | (1912) |
| Derivatives | (12303) | (37147) | (41041) |
| Other | 317 | 43 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized capital (losses) gains | (12254) | (37918) | (42948) |
| Income tax benefit (expense) on net realized gains (losses) | 203 | 168 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized capital (losses) gains, net of taxes | (12051) | (37750) | (42498) |
| Net (losses) gains transferred to IMR, net of taxes | (132) | (677) | (1341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (losses) gains, net of taxes and IMR | $(11919) | (37073) | (41157) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income***

Major categories of net investment income for the years ended December 31 are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | $21005 | 20095 | 21130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 8 | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and short-term investments | 4521 | 5453 | 3085 |
| Other | 204 | 256 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 25738 | 25816 | 24322 |
| Investment expenses | (2487) | (2069) | (1532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income before amortization of IMR | 23251 | 23747 | 22790 |
| Amortization of IMR | (2675) | (3179) | (2759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $20576 | 20568 | 20031 |

---

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

Interest income due and accrued for the years ended December 31 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Gross | $5057 | 5063 |
| Nonadmitted |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted | $5057 | 5063 |

---

The Company had no aggregate deferred interest as of December 31, 2025 and 2024.

The Company had no cumulative amounts of paid-in-kind interest included in the current principal balance as of December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities***

SSAP No. 43 requires the bifurcation of impairment losses on asset-backed or structured securities into interest and noninterest-related portions. The noninterest portion is the difference between the present value of cash flows expected to be collected from the security and the amortized cost basis of the security. The interest portion is the difference between the present value of cash flows expected to be collected from the security and its fair value at the balance sheet date.

The Company had no asset-backed securities with a recognized OTTI for the years ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;Derivatives and Hedging Instruments***

The Company does not have derivative contracts with financing premium. Derivatives held by the Company do not qualify for hedge accounting treatment.

Within the Statutory Statements of Cash Flow, net realized and unrealized gains on derivative instruments are reported in the Derivatives line of the Proceeds from investments sold, matured, or repaid section. Net realized and unrealized losses on derivative instruments are reported in the Derivatives line of the Cost of investments acquired section.

**Futures and Options Contracts**

OTC options are cleared through the Options Clearing Corporation, which operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission. The fair values of the collateral posted for futures and OTC options are discussed in the derivative collateral management section below.

The following table presents a summary of the aggregate notional amounts and fair values of the Company's derivative instruments reported on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | **Gross Fair Value** | **Gross Fair Value** | | **Gross Fair Value** | **Gross Fair Value** |
|  | <br>**Notional** <sup>(1)</sup> | **Assets** | **Liabilities** | <br>**Notional** <sup>(1)</sup> | **Assets** | **Liabilities** |
| OTC options | $49900 | 17 |  | 40100 | 1 |  |
| Futures | 297672 |  |  | 253315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative instruments |  | $17 |  |  | 1 |  |
| <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. | <sup>(1)</sup> Notional amounts are presented on an absolute basis. |

---

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**Derivative Collateral Management**

The Company manages derivative collateral for the general account and separate account combined. Additionally, said derivative collateral is managed separately between exchange-traded and OTC derivatives. The total collateral posted for exchange-traded derivatives at December 31, 2025 and 2024, had a fair value of $28,193 and $23,078, respectively, and is included in Bonds on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus and recorded at amortized cost. The Company retains ownership of the exchange-traded collateral, but the collateral resides in an account designated by the exchange. The collateral is subject to specific exchange rules regarding rehypothecation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)***&nbsp;&nbsp;&nbsp;&nbsp;***Offsetting Assets and Liabilities***

The Company elects to disclose derivative assets and liabilities eligible for offset under SSAP No. 64 – *Offsetting and Netting of Assets and Liabilities* on a gross basis on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus in accordance with the provisions set forth in SSAP No. 86. This treatment is consistent with the Company's historical reporting presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)***&nbsp;&nbsp;&nbsp;&nbsp;***Restricted Assets***

As of December 31, 2025, the Company had the following restricted assets, including assets pledged to others as collateral, recorded at book value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | **Gross (Admitted and Nonadmitted) Restricted** | | | **Percentage** | **Percentage** |
|  | **Total general account** | **Total separate account** | **Total current year** | **Total prior year** | <br>**Increase (decrease)** | <br>**Total current year nonadmitted restricted** | **Total current year admitted restricted** | **Gross restricted to total assets** |
| On deposit with states | $1688 |  | 1688 | 1675 | 13 | 1688 | —% | —% |
| Derivatives Collateral | 29750 |  | 29750 | 25798 | 3952 | 29750 | 0.4 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted assets | 31438 |  | 31438 | 27473 | 3965 | 31438 | 0.4% | 0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)***&nbsp;&nbsp;&nbsp;&nbsp;***Negative IMR***

Fixed income investments generating IMR losses comply with the the Company's documented investment and liability management policies. IMR losses for fixed-income-related derivatives are all in accordance with prudent and documented risk management procedures, in accordance with the Company's derivative use plans and reflect symmetry with historical treatment in which unrealized derivative gains were reversed to IMR and amortized in lieu of being recognized as realized gains upon derivative termination. Asset sales that generated admitted negative IMR were not compelled by liquidity pressures.

The Company had the following net negative IMR and admitted negative IMR balances as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| Net Negative IMR | $5244 |  |  |
| Admitted Negative IMR | 5244 |  |  |
| Calculated Adjusted Capital and Surplus | 226479 | 226479 | 226479 |
| Percentage of Admitted Negative IMR to Adjusted Capital | 2.3% | —% | —% |

---

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| Net Negative IMR | $(8575) |  |  |
| Admitted Negative IMR | 8575 |  |  |
| Calculated Adjusted Capital and Surplus | 171637 | 171637 | 171637 |
| Percentage of Admitted Negative IMR to Adjusted Capital | 5.0% | —% | —% |

---

The Company had the following unamortized balances in IMR from the allocation of gains/losses from derivatives that were reported at fair value prior to the termination of the derivative as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| Unamortized gains | $33376 |  |  |
| Unamortized losses | (42827) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| Unamortized gains | $35907 |  |  |
| Unamortized losses | (47681) |  |  |

---

**(6)&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements**

SSAP No. 100 – *Fair Value* establishes a fair value hierarchy that prioritizes the inputs used in the valuation techniques to measure fair value.

Level 1 – &nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date.

Level 2 – &nbsp;&nbsp;&nbsp;&nbsp;Valuations derived from techniques that utilize observable inputs, other than quoted prices included in Level 1, which are observable for the asset or liability either directly or indirectly, such as:

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

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

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

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

Level 3 – &nbsp;&nbsp;&nbsp;&nbsp;Valuations derived from techniques in which the significant inputs are unobservable. Level 3 fair values reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

The Company has analyzed the valuation techniques and related inputs, evaluated its assets and liabilities reported at fair value, and determined an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on the results of this evaluation and investment class analysis, each financial asset and liability was classified into Level 1, 2, or 3.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

The following presents the assets and liabilities measured at fair value on a recurring basis and their corresponding level in the fair value hierarchy at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Level 1** | **Level 2** <sup>(a)</sup> | **Level 3** | **Total** |
| *Assets at fair value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative assets | $— | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1829956 | 914732 |  | 2744688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets reported at fair value | 1829956 | 914749 |  | 2744705 |
| *Liabilities at fair value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Separate account derivative liabilities |  | 322419 |  | 322419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities reported at fair value | $— | 322419 |  | 322419 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at net asset value (NAV) that are included in Level 2 within this table. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** <sup>(a)</sup> | **Level 3** | **Total** |
| *Assets at fair value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative assets | $— | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1914644 | 575327 |  | 2489971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets reported at fair value | 1914644 | 575328 |  | 2489972 |
| *Liabilities at fair value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate account derivative liabilities |  | 201569 |  | 201569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities reported at fair value | $— | 201569 |  | 201569 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 within this table. |

---

The following is a discussion of the methodologies used to determine fair values for the assets and liabilities listed in the above table. These fair values represent an exit price (i.e., what a buyer in the marketplace would pay for an asset in a current sale or charge to transfer a liability). The Company has not made changes to valuation techniques in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;Valuation of Derivatives***

The fair value of OTC option assets and liabilities are derived internally, by calculating their expected discounted cash flows, using a set of calibrated, risk-neutral stochastic scenarios, including a market data monitor, a market data model generator, a stochastic scenario calibrator, and the actual asset pricing calculator, because active markets do not exist. Options that are internally priced and IRS, foreign currency swaps, TBA securities, and CDS are included in Level 2, because they use market observable inputs. The fair values of exchange-traded options and futures contracts are based on quoted market prices in active markets and are included in Level 1.

Certain derivatives are priced using external third-party vendors. The Company has controls in place to monitor the valuations of these derivatives. These prices are also internally recalculated and reviewed for reasonableness at the position level on a monthly basis. The Company does not have insight into the specific inputs used by third-party vendors; however, the key unobservable input would generally include the spread.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Valuation of Separate Account Assets and Separate Account Derivative Liabilities***

Separate account assets and Separate account derivative liabilities, with the exception of certain bonds, cash, cash equivalents and investment income due and accrued, are carried at fair value, which is based on the fair value of the underlying assets which are described throughout this note. Funds in the separate accounts are primarily invested in variable investment option funds with the following investment types: bond, domestic equity, international equity, or specialty. Variable investment option funds are included in Level 1 because their fair value is based on quoted prices in active, observable markets. The remaining investments are categorized similar to the investments held by the Company in the general account (e.g., if the separate account invested in bonds, short-term investments and derivatives, that portion could be classified within Level 2 or Level 3). Certain bonds, cash and cash equivalents, along with related accrued investment income and receivables, carried at amortized cost within the separate account have an amortized cost of $4,915,080 and $3,911,502 as of December 31, 2025 and 2024, respectively, and a fair value of $4,810,604 and $3,660,541 as of December 31, 2025 and 2024, respectively. Separate account assets carried at amortized cost are included in the table in section 6(f) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Rollforward***

The Company did not have any Level 3 assets or liabilities during the year ended December 31, 2025 or December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;Transfers***

The Company reviews its fair value hierarchy classifications quarterly. Transfers between levels occur when there are changes in the observability of inputs and market activity.

For the years ended December 31, 2025 and 2024, the Company did not have any transfers into or out of Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;Estimates***

The Company has been able to estimate the fair value of all financial assets and liabilities.

Statutory Financial Statements as of December 31, 2025

<br> 28 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Fair Value of Financial Instruments***

The following tables present the carrying amounts and fair values of all financial instruments at December 31 <sup>(b)</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | | | **Fair Value** | **Fair Value** | **Fair Value** |
|  | <br>**Aggregate Fair Value** | <br>**Admitted Assets/<br> Carrying Value** | **Level 1** | **Level 2** | **Level 3** |
| *Financial Assets* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $470226 | 488863 | 137219 | 333008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 76454 | 81684 |  | 76454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | 546680 | 570547 | 137219 | 409462 |  |
| &nbsp;&nbsp;&nbsp;Common stocks, unaffiliated |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents | 23471 | 23471 | 23471 |  |  |
| &nbsp;&nbsp;&nbsp;Derivative assets | 17 | 17 |  | 17 |  |
| &nbsp;&nbsp;&nbsp;Other Invested Assets | 294 | 277 |  | 294 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 7555291 | 7659768 | 1905019 | 5554474 | 95798 |
| *Financial Liabilities* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | $6315 | 6022 |  |  | 6315 |
| &nbsp;&nbsp;&nbsp;Other investment contracts | 354003 | 388845 |  |  | 354003 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 7555291 | 7659768 | 1905019 | 5554474 | 95798 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | | | **Fair Value** | **Fair Value** | **Fair Value** |
|  | <br>**Aggregate Fair Value** | <br>**Admitted Assets/<br> Carrying Value** | **Level 1** | **Level 2** | **Level 3** |
| *Financial Assets* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | $544292 | 587208 | 134636 | 406851 | 2805 |
| &nbsp;&nbsp;&nbsp;Cash equivalents | 31149 | 31149 | 31149 |  |  |
| &nbsp;&nbsp;&nbsp;Derivative assets | 1 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 6150512 | 6401473 | 1990725 | 4159787 |  |
| *Financial Liabilities* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | $5924 | 5769 |  |  | 5924 |
| &nbsp;&nbsp;&nbsp;Other investment contracts | 197990 | 346885 |  |  | 197990 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 6150512 | 6401473 | 1990725 | 4159787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> The Company does not have any assets or liabilities measured at NAV that are included in Level 2 in this table. In addition, the Company has no assets or liabilities for which it is not practicable to measure at fair value. |

---

A description of the Company's valuation techniques for financial instruments not reported at fair value and categorized within the fair value hierarchy is shown below:

**Valuation of Bonds**

The fair value of bonds is based on quoted market prices in active markets when available. Based on the market data, the securities are categorized into asset class, and based on the asset class of the security, appropriate pricing applications, models and related methodology, and standard inputs are utilized to determine what a buyer in the marketplace would pay for the security in a current sale. When quoted prices are not readily available or in an inactive market, standard inputs used in the valuation models, listed in approximate order of priority, include, but are not limited to, benchmark yields, reported trades, Municipal Securities Rulemaking Board reported trades, Nationally Recognized Municipal Securities Information Repository material event notices, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids,

Statutory Financial Statements as of December 31, 2025

<br> 29 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

offers, reference data, and industry and economic events. In some cases, including private placement securities and certain difficult-to-price securities, internal pricing models may be used that are based on market proxies. Internal pricing models based on market spread and U.S. Treasury rates are used to value private placement holdings. The primarily unobservable input used in the discounted cash flow models for states and political subdivisions, foreign government, and corporate bonds is a corporate index option adjusted spread (OAS). CDO and certain mortgage-backed securities are priced by a third-party vendor and the Company internally reviews the valuation for reasonableness. The Company does not have insight into the specific inputs; however, the key unobservable inputs would generally include default rates.

Generally, U.S. Treasury securities and exchange-traded stocks are included in Level 1. Most bonds for which prices are provided by third-party pricing sources, including private placement securities that are priced by asset managers, are included in Level 2, because the inputs used are market observable. Bonds for which prices were obtained from broker quotes, certain bonds without active trading markets, and internally priced private placements are included in Level 3.

**Valuation of Cash Equivalents**

Cash equivalents are primarily comprised of money market mutual funds. The fair value of money market mutual funds is based on quoted market prices in active markets and included in Level 1.

**Valuation of Deposit-Type Contracts**

Fair values of deposit-type contracts are based on discounted cash flows using internal inputs, including the discount rate and consideration of the Company's own credit standing and a risk margin for actuarial inputs.

**Valuation of Other Investment Contracts**

Other investment contracts are included within Life policies and annuity contracts within the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. Other investment contracts include certain reserves related to deferred annuities and other payout annuities that may include life contingencies, but do not have significant mortality risk due to substantial periods certain. Fair values are based on discounted cash flows using internal inputs, including the discount rate and consideration of the Company's own credit standing and a risk margin for market inputs.

**Valuation of Separate Account Liabilities**

The fair value of separate account liabilities approximates the fair value of separate account assets.

**(7)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***&nbsp;&nbsp;&nbsp;&nbsp;***Deferred Tax Assets and Liabilities***

The components of the net DTA or net DTL are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** | **Total** |
|  Total gross deferred tax assets | $31821 | 609 | 32430 |
|  Statutory valuation allowance adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets | 31821 | 609 | 32430 |
|  Deferred tax assets nonadmitted | (22131) |  | (22131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal net admitted deferred tax assets | 9690 | 609 | 10299 |
|  Deferred tax liabilities | (1120) |  | (1120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax assets | $8570 | 609 | 9179 |

---

Statutory Financial Statements as of December 31, 2025

<br> 30 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
|  Total gross deferred tax assets | $19937 | 752 | 20689 |
|  Statutory valuation allowance adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets | 19937 | 752 | 20689 |
|  Deferred tax assets nonadmitted | (13091) |  | (13091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal net admitted deferred tax assets | 6846 | 752 | 7598 |
|  Deferred tax liabilities | (1415) |  | (1415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax assets | $5431 | 752 | 6183 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
|  Total gross deferred tax assets | $11884 | (143) | 11741 |
|  Statutory valuation allowance adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets | 11884 | (143) | 11741 |
|  Deferred tax assets nonadmitted | (9040) |  | (9040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal net admitted deferred tax assets | 2844 | (143) | 2701 |
|  Deferred tax liabilities | 295 |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax assets | $3139 | (143) | 2996 |

---

The amount of admitted adjusted gross DTAs allowed under each component of SSAP No. 101 – *Income Taxes* (SSAP No. 101) as of December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $— |  |  |
|  Adjusted gross DTAs expected to be realized after application of the threshold limitations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.) | 8570 | 609 | 9179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs allowed per limitation threshold (11.b.ii) | N/A | N/A | 35112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii | 8570 | 609 | 9179 |
|  Adjusted gross DTAs offset by gross DTLs (11.c) | 1120 |  | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets admitted | $9690 | 609 | 10299 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $— |  |  |
|  Adjusted gross DTAs expected to be realized after application of the threshold limitations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.) | 5431 | 752 | 6183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs allowed per limitation threshold (11.b.ii) | N/A | N/A | 36159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii | 5431 | 752 | 6183 |
|  Adjusted gross DTAs offset by gross DTLs (11.c) | 1415 |  | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets admitted | $6846 | 752 | 7598 |

---

Statutory Financial Statements as of December 31, 2025

<br> 31 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| Federal income taxes paid in prior years recoverable through loss carrybacks (11.a) | $— |  |  |
|  Adjusted gross DTAs expected to be realized after application of the threshold limitations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs expected to be realized following the balance sheet date (11.b.i.) | 3139 | (143) | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs allowed per limitation threshold (11.b.ii) | N/A | N/A | (1047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesser of 11.b.i or 11.b.ii | 3139 | (143) | 2996 |
|  Adjusted gross DTAs offset by gross DTLs (11.c) | (295) |  | (295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets admitted | $2844 | (143) | 2701 |

---

Ratios used for threshold limitation as of December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31** | **December 31** |  |
|  | **2025** | **2024** | **Change** |
| &nbsp;&nbsp;&nbsp;Ratio percentage used to determine recovery period and threshold limitation amount | 672% | 637% | 35% |
| &nbsp;&nbsp;&nbsp;Amount of adjusted capital and surplus used to determine recovery period threshold limitation | $234077 | $241058 | $(6981) |

---

Impact of tax planning strategies on the determination of net admitted adjusted gross DTAs is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** |
|  Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs) | —% | 100.0% |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** |
|  Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs) | —% | 100.0% |

---

---

| | | |
|:---|:---|:---|
|  | **Change** | **Change** |
|  | **Ordinary** | **Capital** |
|  Net admitted adjusted gross DTAs - (percentage of total net admitted adjusted gross DTAs) | —% | —% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***&nbsp;&nbsp;&nbsp;&nbsp;***Unrecognized Deferred Tax Liabilities***

There are no temporary differences for which DTLs are not recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***&nbsp;&nbsp;&nbsp;&nbsp;***Current and Deferred Income Taxes***

The significant components of income taxes incurred (i.e. Current income tax expense) include:

Statutory Financial Statements as of December 31, 2025

<br> 32 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31** | **December 31** | **December 31** | | |
|  | **2025** | **2024** | **2023** | <br>**2025-2024 Change** | <br>**2024-2023 Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year federal tax (benefit) expense - ordinary income | $(1830) | (7495) | (1665) | 5665 | (5830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year foreign tax (benefit) expense - ordinary income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | (1830) | (7495) | (1665) | 5665 | (5830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year tax (benefit) expense - net realized capital gains (losses) | (203) | (168) | (450) | (35) | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and foreign income taxes incurred | $(2033) | (7663) | (2115) | 5630 | (5548) |

---

DTAs and DTLs consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31** | **December 31** | |
| <br>**Deferred tax assets** | **2025** | **2024** | <br>**Change** |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | $7343 | 6121 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 24472 | 13804 | 10668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted assets | 6 | 12 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 31821 | 19937 | 11884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted ordinary deferred tax assets | (22131) | (13091) | (9040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary tax assets | 9690 | 6846 | 2844 |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impaired assets | 609 | 752 | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 609 | 752 | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 609 | 752 | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $10299 | 7598 | 2701 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31** | **December 31** | |
| <br>**Deferred tax liabilities** | **2025** | **2024** | <br>**Change** |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $(1114) | (1099) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves |  | (310) | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premiums | (6) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | (1120) | (1415) | 295 |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  |
| Deferred tax liabilities | (1120) | (1415) | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset | $9179 | 6183 | 2996 |

---

The realization of the Ordinary DTAs is dependent upon the Company's ability to generate sufficient taxable income in future periods and the realization of Capital DTAs is dependent on tax planning strategies. Based on historical results and the prospects for future current operations, including tax planning strategies, management anticipates that it is more likely than not that future taxable ordinary and capital income will be sufficient for the realization of the remaining DTAs.

Statutory Financial Statements as of December 31, 2025

<br> 33 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

The Inflation Reduction Act was enacted on August 16, 2022. The Company has determined as of December 31, 2025 that it is an applicable corporation with respect to the Corporate Alternative Minimum Tax (CAMT), but that it will not incur a CAMT liability in 2025. The financial statements, therefore, do not include any impact related to CAMT. The Company has made an accounting election to disregard CAMT when evaluating the need for a Valuation Allowance for its non-CAMT DTAs.

The One Big Beautiful Bill Act (OBBBA) was enacted into law on July 4, 2025, which introduced changes to the tax treatment of a number of items. No material impacts of OBBBA for the Company have been identified.

In computing taxable income, life insurance companies are allowed a deduction attributable to their life insurance and accident and health reserves. The Tax Act of 2017 significantly changed the methodology by which these reserves are computed for tax purposes. The changes are effective for tax years beginning after 2017 and are subject to a transition rule that spreads the additional income tax liability over the subsequent eight years beginning in 2018. Due to complexities in the new methodology and limited guidance from the Internal Revenue Service and U.S. Treasury, the Company has recorded provisional amounts for the deferred tax revaluation associated with the changes in the computation of life insurance tax reserves based on information available at December 31, 2017. Pursuant to Interpretation of the SAP Working Group 18-01: *Updated Tax Estimates under the Tax Cuts and Jobs Act*, provisional tax computations related to these amounts were reasonably estimated as of December 31, 2017 and have been adjusted based on guidance received from Internal Revenue Service and U.S. Treasury. Adjusted amounts are reflected in the Company's results of operations for the years ended December 31, 2025, 2024, and 2023.

The Change in net deferred income tax is comprised of the following (this analysis is exclusive of the nonadmitted DTAs as the Change in nonadmitted assets is reported separately from the Change in net deferred income tax in the Unassigned surplus section of the Statutory Statements of Capital and Surplus):

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31** | **December 31** | |
|  | **2025** | **2024** | <br>**Change** |
|  Net deferred tax assets | $31309 | 19274 | 12035 |
|  Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets after statutory valuation allowance | 31309 | 19274 | 12035 |
|  Tax effect of unrealized gains/(losses) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  | $12035 |

---

Statutory Financial Statements as of December 31, 2025

<br> 34 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***&nbsp;&nbsp;&nbsp;&nbsp;***Reconciliation of Federal Income Tax Rate to Actual Effective Rate***

The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Federal income tax rate | 21.0% | 21.0% | 21.0% |
| Amortization of IMR | (1.2) | 1.8 | 2.1 |
| Dividends received deduction | 1.0 | (0.6) | (1.6) |
| Call interest reclass to capital | 0.1 |  |  |
| Tax hedges | 1.6 | 6.4 | 0.9 |
| Tax hedge reclassification | 5.2 | (20.6) | (31.3) |
| Non-deductible expenses |  | 0.1 | 0.8 |
| Prior period adjustments | 0.2 | (5.9) | 0.4 |
| Change in deferred tax impairments | (0.3) |  | 0.2 |
| Realized capital gains tax | 0.4 | (0.4) | (1.6) |
| Correction of error surplus |  |  | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | 28.0% | 1.8% | (10.8)% |
| Federal and foreign income taxes incurred | 3.6% | (19.8)% | (6.0)% |
| Realized capital gains tax | 0.4 | (0.4) | (1.6) |
| Change in net deferred income taxes | 24.0 | 22.0 | (3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | 28.0% | 1.8% | (10.8)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***&nbsp;&nbsp;&nbsp;&nbsp;***Carryforwards, Recoverable Taxes, and IRC Section 6603 Deposits***

As of December 31, 2025, there are no operating losses or tax credit carryforwards available for tax purposes.

There are no Federal income taxes available for recoupment in the event of future net losses.

There are no aggregate deposits admitted under Section 6603 of the IRC.

The Company had no tax contingencies computed in accordance with SSAP No. 101 as of December 31, 2025 and 2024.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits in federal income tax expense. During the years ended December 31, 2025 and 2024, the Company recognized no such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)***&nbsp;&nbsp;&nbsp;&nbsp;***Consolidated Federal Income Tax Return***

The Company's federal income tax return is consolidated with its parent, Allianz Life Insurance Company of North America (Allianz Life) for consolidation with the tax return of Allianz of America (AZOA), the parent of Allianz Life. The method of allocation among companies is subject to a written agreement with AZOA, approved by the Board of Directors of AZOA, that provides for computation of federal income taxes primarily on a separate company basis with the Company receiving reimbursement by AZOA for the benefit of all tax attributes, including credits and losses, when such attributes are utilized in the AZOA consolidated federal income tax return. In 2023, the Company amended the agreement to include the corporate alternative minimum tax applying principles described above. Intercompany tax balances are settled annually after the consolidated return is filed.

The Company is included in the consolidated group for which AZOA files a federal income tax return on behalf of all group members. As a member of the AZOA consolidated group, the Company is no longer subject to U.S. Federal income tax examinations for years prior to 2018, though examinations of State combined returns filed by AZOA, which include the Company may still be conducted for 2016 and subsequent years. In the second quarter of 2025, the Internal Revenue Service (IRS) examination of AZOA for the 2016 and 2017

Statutory Financial Statements as of December 31, 2025

<br> 35 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

income tax returns was closed after reaching a final agreement with the IRS Appeals Office regarding an issue related to variable annuity hedging income recognition. The IRS has also initiated an examination of AZOA's 2018-2022 income tax returns. The examination of the 2018-22 returns is expected to close by the end of 2026.

As of December 31, 2025, the companies included in the consolidated group for which AZOA files a federal income tax return are included below:

---

| | |
|:---|:---|
| **Members of Consolidated Tax Group** | **Members of Consolidated Tax Group** |
| Allianz Life Insurance Company of New York | Allianz Underwriters Insurance Company |
| Allianz Life Insurance Company of North America | AGCS Marine Insurance Company |
| AZOA Services Corporation | Allianz Reinsurance Management Services, Inc. |
| Allianz Global Risks US Insurance Company | Fireman's Fund Insurance Company |
| Allianz Reinsurance of America, Inc. | Fireman's Fund Indemnity Corporation |
| Allianz Technology of America, Inc. | National Surety Corporation |
| Allianz Renewable Energy Partners of America LLC | Chicago Insurance Company |
| Allianz Renewable Energy Partners of America 2 LLC | Interstate Fire & Casualty Company |
| Questar Capital Corporation | American Automobile Insurance Company |
| Allianz Fund Investments, Inc. | Allianz Risk Transfer, Inc. |
| Allianz Life Insurance Company of Missouri | Allianz Risk Transfer (Bermuda), Ltd. |

---

**(8)&nbsp;&nbsp;&nbsp;&nbsp;Accident and Health Claim Reserves**

Accident and health claim reserves are based on estimates that are subject to uncertainty. Uncertainty regarding reserves of a given accident year is gradually reduced as new information emerges each succeeding year, thereby allowing more reliable reevaluations of such reserves. While management believes that reserves as of December 31, 2025, are appropriate, uncertainties in the reserving process could cause reserves to develop favorably or unfavorably in the near term as new or additional information emerges. Any adjustments to reserves are reflected in the operating results of the periods in which they are made. Movements in reserves could significantly impact the Company's future reported earnings.

Activity in the accident and health claim reserves is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Balance at January 1, net of reinsurance recoverables of $1,831, $1,512, and $1,416, respectively | $13679 | 11403 | 10658 |
| &nbsp;&nbsp;Incurred related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year | 3669 | 4711 | 3845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior years | 1184 | 1321 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 4853 | 6032 | 3861 |
| &nbsp;&nbsp;Paid related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year | 442 | 428 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior years | 3944 | 3328 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total paid | 4386 | 3756 | 3116 |
| Balance at December 31, net of reinsurance recoverables of $1,984, $1,831, and $1,512, respectively | $14146 | 13679 | 11403 |

---

Claim reserves related to prior years incurred in 2025, 2024, and 2023 were unfavorable as a result of re-estimation of unpaid claims and claim adjustment expenses, principally on the individual LTC line of business.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**(9)&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance**

The Company primarily enters into reinsurance agreements to manage risk resulting from its life, annuity, and accident and health businesses, as well as businesses the Company has chosen to exit. In the normal course of business, the Company seeks to limit its exposure to loss by ceding risks using various types of reinsurance agreements.

The Company monitors the financial exposure and financial strength of the reinsurers on an ongoing basis. The Company attempts to mitigate risk by securing recoverable balances with various forms of collateral, including arranging trust accounts and letters of credit with certain reinsurers.

The effect of reinsurance on reserves and claims, for amounts recoverable from other insurers, was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
| Reduction in: | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Aggregate reserves | $28255 | 20762 |
| &nbsp;&nbsp;&nbsp;Policy and contract claims | 142 | 152 |

---

The Company assumed no business from other companies for the years ended December 31, 2025, 2024, and 2023. Life insurance, annuities, and accident and health business ceded to other companies are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year ended** | **Direct amount** | **Ceded to other companies** | **Net amount** |
| December 31, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force | $3981364 | 3581253 | 400111 |
| &nbsp;&nbsp;&nbsp;Premiums: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 5272 | 4758 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 1236890 |  | 1236890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health | 2744 | 349 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total premiums | $1244906 | 5107 | 1239799 |
| December 31, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force | $3559270 | 3186474 | 372796 |
| &nbsp;&nbsp;&nbsp;Premiums: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 4712 | 4247 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 1100598 |  | 1100598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health | 2953 | 376 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total premiums | $1108263 | 4623 | 1103640 |
| December 31, 2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force | $2921758 | 2627567 | 294191 |
| &nbsp;&nbsp;&nbsp;Premiums: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 3661 | 3321 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 967460 |  | 967460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident and health | 3058 | 393 | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total premiums | $974179 | 3714 | 970465 |

---

There are no nonaffiliated reinsurers owned in excess of 10% or controlled, either directly or indirectly, by the Company or by a representative, officer, trustee, or director of the Company.

There are no policies issued by the Company that have been reinsured with a company chartered in a country other than the United States that is owned in excess of 10% or controlled directly or indirectly by an insured, a beneficiary, a creditor, or any other person not primarily engaged in the insurance business.

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits.

The Company does not have reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts that, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.

The Company did not write off any uncollectible recoverables during 2025, 2024, or 2023.

**(10)**&nbsp;&nbsp;&nbsp;&nbsp;**Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics**

Information regarding the Company's annuity actuarial reserves and deposit liabilities by withdrawal characteristics at December 31 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **Percentage of total** | **2024** | **Percentage of total** |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $64226 | 1% | $63940 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charges of 5% or more | 4323150 | 57 | 3516985 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;At market value | 1402487 | 19 | 1471914 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with adjustment or at market value | 5789863 | 77 | 5052839 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 1565586 | 21 | 1238407 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal | 160852 | 2 | 151774 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross | 7516301 | 100% | 6443020 | 100% |
| Reinsurance ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net | $7516301 |  | $6443020 |  |
| Amount included in At book value less current charges of 5% or more that will move to At book value without adjustment in the year after the statement date: | $779548 |  | $700088 |  |

---

---

| | | |
|:---|:---|:---|
| Reconciliation of total annuity actuarial reserves and deposit fund liabilities: | **2025** | **2024** |
| Life, Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities, net (excluding supplementary contracts with life contingencies) | $317845 | 335885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental contracts with life contingencies, net | 24220 | 23899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit-type contracts | 6022 | 5769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 348087 | 365553 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities, net (excluding supplementary contracts with life contingencies) | 7167047 | 6076632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental contracts with life contingencies, net | 1167 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 7168214 | 6077468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total annuity actuarial reserves and deposit fund liabilities | $7516301 | 6443021 |

---

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**(11)&nbsp;&nbsp;&nbsp;&nbsp;Life Actuarial Reserves by Withdrawal Characteristics**

Information regarding the Company's life actuarial reserves by withdrawal characteristics at December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| <br>**General Account** | **Account value** | **Cash value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $— |  | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed life | 1706 | 1680 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 258 | 258 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 11000 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | 7898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 74725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross | 1964 | 1938 | 96135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded |  |  | 20118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net <sup>(1)</sup> | $1964 | 1938 | 76017 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. |
|  | **2024** | **2024** | **2024** |
| **General Account** | **Account value** | **Cash value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $— |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed life | 1633 | 1591 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 246 | 246 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 11000 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 12980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross | 1879 | 1837 | 28287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded |  |  | 13007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net <sup>(1)</sup> | $1879 | 1837 | 15280 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Balances reflected within this disclosure reside in the Company's general account; the Company's separate accounts do not contain Life business. |

---

The Company does not have any Life policies with either guarantees or nonguarantees in the separate account.

---

| | | |
|:---|:---|:---|
| Reconciliation of total life actuarial reserves: | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life, Accident, and Health Annual Statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance, net | $3373 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves, net | 72644 | 12472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total life actuarial reserves | $76017 | 15280 |

---

Statutory Financial Statements as of December 31, 2025

<br> 39 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

**(12)**&nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts**

The Company's separate accounts represent funds held for the benefit of contract holders entitled to payments under variable annuity contracts issued through the Company's separate accounts and underwritten by the Company. Information regarding the Company's separate accounts for the years ended December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Indexed** | **Nonguaranteed separate accounts** | **Nonguaranteed separate accounts** |
| Premiums, considerations, or deposits | $1129886 | 1586 | 1006768 |
| Reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for accounts with assets at fair value | 435319 | 1403654 | 2453968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for account, with assets at amortized cost | 5329240 |  | 3623499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | 5764559 | 1403654 | 6077467 |
| By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without MV adjustment and with current surrender charge of 5% or more | 3887081 |  | 2535017 |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | 435319 | 1402487 | 2453132 |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without MV adjustment and with current surrender charge of less than 5% | 1442159 |  | 1088483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 5764559 | 1402487 | 6076632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  | 1167 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $5764559 | 1403654 | 6077468 |

---

For the year ended December 31, 2025, the Company began classifying its variable-indexed premium as Indexed in the table above due to the nature of the variable-indexed products.

As of December 31, 2025 and 2024, the Company's separate accounts included legally insulated assets and non-insulated assets attributed to the following products/transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Product/transaction** | **Legally insulated** | **Not legally insulated** | **Legally insulated** | **Not legally insulated** |
| Variable Annuities | $1414077 |  | 1485804 |  |
| Variable Annuities (Non-Unitized Non-Insulated) |  | 6245691 |  | 4915669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1414077 | 6245691 | 1485804 | 4915669 |

---

The Company's separate account liabilities contain guaranteed benefits. The liabilities for guaranteed benefits are supported by the Company's general account assets. To compensate the general account for the risk taken, the separate account paid risk charges of $20,730, $22,140, $24,002, $24,891, and $25,752 during the past five years, respectively. The general account of the Company paid $997, $363, $5,133, $7,256, and $191 towards separate account guarantees during the past five years, respectively.

Statutory Financial Statements as of December 31, 2025

<br> 40 of 44 <br>

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

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

A reconciliation of net transfers to separate accounts for the years ended December 31 is included in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Transfers as reported in the Summary of Operations of the Separate Accounts Annual Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers to separate accounts | $1131472 | 1006768 | 884944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers from separate accounts | (722003) | (606029) | (487002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers to separate accounts | 409469 | 400739 | 397942 |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 37 | 1563 | (1373) |
| Transfers as reported in the Statutory Statements of Operations | $409506 | 402302 | 396569 |

---

**(13) &nbsp;&nbsp;&nbsp;&nbsp;Related-Party Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) &nbsp;&nbsp;&nbsp;&nbsp;Real Estate***

The Company subleases office space from an affiliate. In connection with this agreement, the Company incurred rent expense of $125, $69, and $83 in 2025, 2024, and 2023, respectively, which is included in General and administrative expenses on the Statutory Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) &nbsp;&nbsp;&nbsp;&nbsp;Service Fees***

The Company incurred fees for administrative services provided by Allianz Life of $23,334, $21,425 and $17,933 in 2025, 2024, and 2023, respectively. The Company's liability for these expenses was $2,563 and $2,485 as of December 31, 2025 and 2024, respectively, and is included in Payable to parent and affiliates on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. In the normal course of business, the outstanding amount is settled in cash.

The Company incurred fees for investment advisory services provided by affiliated companies of $7,289, $5,967, and $3,747 in 2025, 2024, and 2023, respectively. The Company's liability for these charges was $642 and $594 as of December 31, 2025 and 2024, respectively, and is included in Payable to parent and affiliates on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. In the normal course of business, the outstanding amount is settled in cash.

The Company has an agreement with Allianz Investment Management, LLC which has subsequent agreements with its affiliates Pacific Investment Management Company (PIMCO), and with certain other related parties whereby (1) specific investment options managed by PIMCO are made available through the Company's separate accounts to holders of the Company's variable annuity products, and (2) the Company receives compensation for providing administrative and recordkeeping services relating to the investment options managed by PIMCO. Income recognized by the Company from this affiliate for distribution and in-force related costs as a result of providing investment options to the contractholders was $325, $368, and $435 during 2025, 2024, and 2023, respectively, which is included in Fees from separate accounts on the Statutory Statements of Operations. The related receivable for the fees was $53 and $29 at December 31, 2025 and 2024, respectively, which is included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The Company has incurred commission expense related to the distribution of variable annuity products from Allianz Life Financial Services, LLC, (ALFS), an affiliated company, in the amount of $74,680, $69,052, and $61,230 for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company has an agreement with ALFS, whereby 12b-1 fee receivables are assigned to the Company and Allianz Life. The Company has also agreed with Allianz Life to share in reimbursing ALFS for direct and indirect expenses incurred in performing services for the Company and Allianz Life. In the event that assigned receivables exceed expenses, ALFS records a loss on the transaction with the Company and a dividend-in-kind to Allianz Life. The Company recorded revenue from this agreement of $2,993, $3,252, and $3,303 for the

Statutory Financial Statements as of December 31, 2025

<br> 41 of 44 <br>

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

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

years ended December 31, 2025, 2024, and 2023, respectively. The Company recorded expenses related to this agreement of $13,519, $14,803, and $12,245 for the years ended December 31, 2025, 2024, and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance***

The Company cedes certain term life and universal life insurance policies to Allianz Life. At December 31, 2025 and 2024, the Company had no reinsurance recoverables and receivables from Allianz Life included in Other assets on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) &nbsp;&nbsp;&nbsp;&nbsp;Line of Credit Agreement***

The Company has a line of credit agreement with Allianz Life to provide liquidity as needed. The Company's borrowing capacity under the agreement is limited to 5% of the general account admitted assets of the Company as of the preceding year end which amounts to $227,899. The Company's general account admitted assets include the book value portion of the non-insulated separate account assets. The interest rate for borrowing under the agreement is based on the Secured Overnight Financing Rate (SOFR). Borrowed amounts can be prepaid at any time with no prepayment penalty. There was no interest accrued as of December 31, 2025 and 2024. There was no outstanding balance under the line of credit agreement as of December 31, 2025, and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Capital Contributions***

The Company did not pay dividends to Allianz Life during the years ended December 31, 2025, 2024 and 2023.

The Company received capital contributions of $60,000, $60,000, and $30,000 from Allianz Life during the years ended December 31, 2025, 2024 and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) &nbsp;&nbsp;&nbsp;&nbsp;Intercompany Balances***

The Company reported a receivable of $53 and a payable of $5,118 to parent, subsidiaries and affiliates at December 31, 2025. The Company reported a receivable of $0 and a payable of $7,282 at December 31, 2024. Intercompany balances are settled in the normal course of business.

**(14)&nbsp;&nbsp;&nbsp;&nbsp;Employee Benefit Plans**

The Company participates in the Allianz Asset Accumulation Plan (AAAP), a defined contribution plan sponsored by Allianz of America Corporation. Eligible employees are immediately enrolled in the AAAP on their first day of employment. The AAAP will accept participants' pretax, Roth 401(k), and/or after-tax contributions up to 80% of the participants' eligible compensation, although contributions remain subject to annual limitations set by the Internal Revenue Service. The Company matches up to a maximum of 7.5% of the employees' eligible compensation. Participants are 100% vested in the Company's matching contribution after three years of service.

The AAAP administration expenses and the trust fund, including trustee fees, investment manager fees, and audit fees, are payable from the trust fund but may, at the Company's discretion, be paid by the Company. All legal fees are paid by the Company. It is the Company's policy to fund the AAAP costs as incurred. The Company has expensed $583, $446, and $395 in 2025, 2024, and 2023, respectively, toward the AAAP matching contributions and administration expenses.

**(15)**&nbsp;&nbsp;&nbsp;&nbsp;**Statutory Capital and Surplus**

Statutory accounting practices prescribed or permitted by the Company's state of domicile are directed toward insurer solvency and protection of policyholders. As such, the Company is required to meet minimum statutory capital and surplus requirements. The Company's statutory capital and surplus as of December 31, 2025 and 2024 were in compliance with these requirements. The maximum amount of dividends that can be paid by New York insurance companies to stockholders without prior approval of the Department is subject to restrictions relating to statutory earned surplus, also known as unassigned funds. Unassigned funds are determined in accordance with the accounting procedures and practices governing preparation of the statutory annual statement. In accordance with New York

Statutory Financial Statements as of December 31, 2025

<br> 42 of 44 <br>

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

statutes, the Company may declare and pay from its Unassigned surplus cash dividends of no more than the lesser of 10% of its beginning-of-the year statutory surplus, or its net gain from operations before net realized capital gains of the insurer for the 12-month period ending the 31st day of the preceding year. Based on these restrictions, no ordinary dividends can be paid in 2026 without prior approval of the Department. The Company paid no dividends in 2025, 2024, and 2023.

The Company has special surplus funds at December 31, 2025 and 2024 of $5,244 and $8,575, respectively, which is due to admitted disallowed IMR. Refer to Note 5(i) regarding the admitted disallowed IMR.

***Regulatory Risk-Based Capital***

An insurance enterprise's state of domicile imposes minimum risk-based capital requirements that were developed by the NAIC. The formulas for determining the amount of risk-based capital specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of an enterprise's regulatory total adjusted capital to its authorized control level risk-based capital, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. This ratio for the Company significantly exceeds required minimum thresholds as of December 31, 2025 and 2024.

**(16)&nbsp;&nbsp;&nbsp;&nbsp;Direct Premiums Written by Third-Party Administrators**

The Company has direct premiums written by third-party administrators (TPAs). The types of business written by the TPAs include life, accidental death and dismemberment, medical, disability, and LTC. The authority granted to the TPAs includes claims payment, claims adjustment, underwriting, binding authority, and premium collection. Total premiums written by TPAs were $5,281, $4,726, and $3,686 for 2025, 2024, and 2023, respectively. For the years ended December 31, 2025, 2024, and 2023, there were no individual TPAs that wrote premiums that equaled at least 5% of the capital and surplus of the Company.

**(17)**&nbsp;&nbsp;&nbsp;&nbsp;**Reconciliation to the Annual Statement**

The Company is required to file an Annual Statement with the Department. As of December 31, 2025 and 2024, there is no difference in admitted assets or liabilities between this report and the Annual Statement. As of December 31, 2025, 2024, and 2023, there is no difference in capital and surplus or net income between this report and the Annual Statement.

**(18)&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

The Company may become subject to claims and lawsuits that arise in the ordinary course of business.

The Company is contingently liable for possible future assessments under regulatory requirements pertaining to insolvencies and impairments of unaffiliated insurance companies. Provision has been made for assessments currently received and assessments anticipated for known insolvencies.

The financial services industry, variable and fixed annuities, life insurance, distribution companies, and broker-dealers, are subject to close scrutiny by regulators, legislators, and the media.

Federal and state regulators, such as state insurance departments, state securities departments, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Internal Revenue Service, and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning various selling practices, including suitability reviews, product exchanges, sales to seniors, and compliance with, among other things, insurance and securities law. The Company is and may become subject to ongoing market conduct examinations, inquiries, and investigations by regulators, which may result in fines and/or otherwise have a material adverse effect on the Company.

It can be expected that annuity and life product designs, management, and sales practices will be an ongoing source of regulatory scrutiny and enforcement actions, litigation, and rulemaking.

These matters could result in legal precedents and new industry-wide legislation, rules, and regulations that could significantly affect the financial services industry, including life insurance and annuity companies. It is unclear at this

Statutory Financial Statements as of December 31, 2025

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**ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK**

Notes to the Statutory Financial Statements

(Dollars in thousands, except share data and security holdings quantities)

time whether any such litigation or regulatory actions will have a material adverse effect on the Company in the future.

**(19)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

The Company has evaluated subsequent events through April 6, 2026, which is the date the Statutory Financial Statements were available to be issued. No material subsequent events have occurred since December 31, 2025 that require adjustment to the Statutory Financial Statements.

Statutory Financial Statements as of December 31, 2025

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