# EDGAR Filing Document

**Accession Number:** 0000353448
**File Stem:** 0001193125-26-173991
**Filing Date:** 2026-4
**Character Count:** 218445
**Document Hash:** fb1994aa22be1cf779d65de1352ea5f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-173991.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-173991

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZALICO VARIABLE ANNUITY SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000353448

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03199
- **FILM NUMBER:** 26889623

**BUSINESS ADDRESS:**
- **STREET 1:** 2500 WESTFIELD DRIVE
- **STREET 2:** LEGAL DEPARTMENT
- **CITY:** ELGIN
- **STATE:** IL
- **ZIP:** 60123
- **BUSINESS PHONE:** 847-930-7272

**MAIL ADDRESS:**
- **STREET 1:** 2500 WESTFIELD DRIVE
- **STREET 2:** LEGAL DEPARTMENT
- **CITY:** ELGIN
- **STATE:** IL
- **ZIP:** 60123

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KILICO MONEY MARKET SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19890824

## Series and Classes Contracts Data

### ZALICO VARIABLE ANNUITY SEPARATE ACCOUNT (Series ID: S000006943)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000018906 | Scudder Destinations/Farmers VA I |  |

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

**OF ZURICH AMERICAN LIFE INSURANCE COMPANY** 

**FINANCIAL STATEMENTS** 

**December 31, 2025** 

------

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

**of Zurich American Life Insurance Company** 

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

---

| | |
|:---|:---|
| **Index** | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#tx36487_1) | 1 |
|  [Statement of Assets, Liabilities and Contract Owners' Equity, December 31, 2025](#tx36487_2) | 4 |
|  [Statement of Operations for the year ended December 31, 2025](#tx36487_3) | 11 |
|  [Statement of Changes in Contract Owners' Equity for the year ended December 31, 2025](#tx36487_4) | 18 |
|  [Statement of Changes in Contract Owners' Equity for the year ended December 31, 2024](#tx36487_5) | 25 |
|  [Notes to Financial Statements](#tx36487_6) | 33 |

---

------

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

---

| | | |
|:---|:---|:---|
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) | Ernst & Young LLP<br> 155 N Upper Wacker Dr<br> Chicago, IL 60606 | Tel: +1 312 879 2000<br> Fax: +1 312 879 4000<br> ey.com |
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) |  |  |
| ![LOGO](g36487dsp3.jpg) |  |  |

---

Report of Independent Registered Public Accounting Firm

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

Contract Owners of ZALICO Variable Annuity Separate Account of

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

**Opinion on the Financial Statements** 

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

**Basis for Opinion**

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

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

![LOGO](g36487dsp3a.jpg)

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

April 23, 2026

A member firm of Ernst & Young Global Limited 1

------

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccounts** | **Statement of Operations** | **Statements of Changes in Contract<br>Owners' Equity** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Alger Balanced-Class I-2<br> Alger Capital Appreciation-Class I-2 | <br> For the year ended<br> December 31, 2025 | <br> For each of the two years in the period<br> ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; Alger Large Cap Growth-Class I-2 | <br> For the year ended<br> December 31, 2025 | <br> For each of the two years in the period<br> ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; Alger Mid Cap Growth-Class I-2 | <br> For the year ended<br> December 31, 2025 | <br> For each of the two years in the period<br> ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; Alger Small Cap Growth-Class I-2 | <br> For the year ended<br> December 31, 2025 | <br> For each of the two years in the period<br> ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Investment Portfolios MidCap Stock<br> Portfolio – Initial Shares |  |  |
| &nbsp;&nbsp;&nbsp; BNY Mellon Investment Portfolios MidCap Stock<br> Portfolio – Service Shares |  |  |
| &nbsp;&nbsp;&nbsp; BNY Mellon Sustainable U.S. Equity Portfolio Inc. –<br> Initial Shares |  |  |
| &nbsp;&nbsp;&nbsp; BNY Mellon Sustainable U.S. Equity Portfolio Inc. –<br> Service Shares |  |  |
| &nbsp;&nbsp;&nbsp; DWS Capital Growth VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Core Equity VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS CROCI<sup>®</sup> International VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS CROCI<sup>®</sup> U.S. VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Equity 500 Index VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Global Income Builder VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Global Small Cap VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Government Money Market VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS High Income VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS International Opportunities VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Small Mid Cap Growth VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Small Mid Cap Value VIP A |  |  |
| &nbsp;&nbsp;&nbsp; DWS Small Mid Cap Value VIP B |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Contrafund |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Equity Income |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP II Asset Manager 50% Portfolio |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP II Index 500 |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity VIP II Index 500 – Service Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin Mutual Global Discovery Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin Mutual Shares Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin Rising Dividends Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin Small Cap Value Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin Strategic Income Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Franklin U.S. Government Fund CL 2 |  |  |
| &nbsp;&nbsp;&nbsp; FTVIP Templeton Developing Markets Fund CL 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund<br> Invesco V.I. Discovery Mid Cap Growth Fund Series II | For the year ended<br> December 31, 2025 | For each of the two years in the period<br> ended December 31, 2025 |

---

A member firm of Ernst & Young Global Limited 2

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccounts** | **Statement of Operations** | **Statements of Changes in Contract**<br> **Owners' Equity** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Invesco V.I. Diversified Dividend Fund Series I |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Equity and Income Fund Series I |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Global Fund Series II |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Global Real Estate Fund Series I |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Global Strategic Income Fund Series II |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Health Care Series I |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund Series II |  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Small Cap Fund Series II |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Balanced Portfolio I-S |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Enterprise Portfolio I-S |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Forty Portfolio I-S |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Global Research Portfolio I-S |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Mid Cap Value Portfolio S-S |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Research Portfolio I-S |  |  |
| &nbsp;&nbsp;&nbsp; LVIP American Century VP Disciplined Core Value |  |  |
| &nbsp;&nbsp;&nbsp; LVIP American Century VP Value |  |  |
| &nbsp;&nbsp;&nbsp; LVIP JPMorgan Core Bond |  |  |
| &nbsp;&nbsp;&nbsp; LVIP JPMorgan Mid Cap Value |  |  |
| &nbsp;&nbsp;&nbsp; LVIP JPMorgan Small Cap Core |  |  |
| &nbsp;&nbsp;&nbsp; LVIP JPMorgan US Equity Portfolio |  |  |
| &nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio<br> Class S |  |  |
| &nbsp;&nbsp;&nbsp; VY JPMorgan Emerging Markets Equity Portfolio<br> Class I |  |  |
| &nbsp;&nbsp;&nbsp; DWS Capital Growth VIP B | N/A | For the period from January 1, 2024<br> through June 17, 2024 |
| &nbsp;&nbsp;&nbsp; DWS Core Equity VIP B |  | For the period from January 1, 2024<br> through June 17, 2024 |
| &nbsp;&nbsp;&nbsp; DWS CROCI<sup>®</sup> International VIP B |  | For the period from January 1, 2024<br> through June 17, 2024 |
| &nbsp;&nbsp;&nbsp; DWS CROCI<sup>®</sup> U.S. VIP B |  |  |
| &nbsp;&nbsp;&nbsp; DWS High Income VIP B |  |  |

---

A member firm of Ernst & Young Global Limited 3

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **BNY Mellon**<br>**Investment** <br>**Portfolios** | **BNY Mellon**<br>**Investment** <br>**Portfolios** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** |
|  | **Alger** <br>**Balanced-**<br>**Class I-2** | **Alger Capital<br>Appreciation**<br>**-Class I-2** | **Alger Large**<br>**Cap Growth-<br>Class I-2** | **Alger Mid**<br>**Cap Growth-<br>Class I-2** | **Alger Small<br>Cap Growth-<br>Class I-2** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap** <br>**Stock<br>Portfolio -<br>Initial Shares** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap**<br>**Stock** <br>**Portfolio -<br>Service<br>Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity**<br>**Portfolio Inc.**<br>**- Initial**<br>**Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity**<br>**Portfolio Inc.**<br>**- Service<br>Shares** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28748453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66566885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16497894 | $8360480 | $4612282 | $24207168 | $2570106 | $7363630 | $2998 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 28748453 | 66566885 | 16497894 | 8360480 | 4612282 | 24207168 | 2570106 | 7363630 | 2998 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $28748453 | $66566885 | $16497894 | $8360480 | $4612282 | $24207168 | $2570106 | $7363630 | $2998 |
|  Accumulation period | $28748453 | $66566885 | $16497894 | $8360480 | $4612282 | $24207168 | $2570106 | $7363630 | $2998 |
|  Annuity period |  |  |  |  |  |  |  |  |  |
|  **Total Contract Owners' Equity** | $28748453 | $66566885 | $16497894 | $8360480 | $4612282 | $24207168 | $2570106 | $7363630 | $2998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 790174 | 675899 | 46289 | 61810 | 33238 | 452999 | 49292 | 143660 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 1274311 | 516623 | 159910 | 350986 | 247440 | 1190126 | 127233 | 125874 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $22.56 | $128.85 | $103.17 | $23.82 | $18.64 | $20.34 | $20.20 | $58.50 | $57.65 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** |
|  | **DWS Capital**<br>**Growth**<br>**VIP A** | **DWS Core**<br>**Equity VIP A** | **DWS**<br>**CROCI<sup>®</sup>**<br>**International**<br>**VIP A** | **DWS Global**<br>**Small Cap**<br>**VIP A** | **DWS Small**<br>**Cap Index**<br>**VIP A** | **DWS**<br>**CROCI<sup>®</sup> U.S.**<br>**VIP A** | <br>**DWS Global**<br>**Income**<br>**Builder**<br>**VIP A** | **DWS**<br>**Government**<br>**Money**<br>**Market**<br>**VIP A** | **DWS High<br>Income**<br>**VIP A** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $212375922 | $54712408 | $15680468 | $20567251 | $1053905 | $74386485 | $63924782 | $53626772 | $25164339 |
|  Dividends and other receivables |  |  |  |  |  |  |  | 48015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 212375922 | 54712408 | 15680468 | 20567251 | 1053905 | 74386485 | 63924782 | 53674787 | 25164339 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212375922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54712408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15680468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20567251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74386485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63924782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53674787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25164339 |
|  Accumulation period | $212029153 | $54712408 | $15669196 | $20567251 | $1053905 | $74335468 | $63579781 | $53519006 | $25007828 |
|  Annuity period | 346769 |  | 11272 |  |  | 51017 | 345001 | 155781 | 156511 |
|  **Total Contract Owners' Equity** | $212375922 | $54712408 | $15680468 | $20567251 | $1053905 | $74386485 | $63924782 | $53674787 | $25164339 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 2409326 | &nbsp;&nbsp;&nbsp;&nbsp;1061033 | 840962 | 440115 | 98614 | 3242876 | 3774507 | 13892796 | 884573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 4943574 | 3894121 | 1504843 | 1777636 | 70167 | 3952523 | 2860169 | 53626777 | 4384031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $42.96 | $14.05 | $10.42 | $11.57 | $15.02 | $18.82 | $22.35 | $1.00 | $5.74 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | $— | $— | $— | $— |
|  | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | $nan<br>**Deutsche<br>DWS<br>Investments<br>VIT Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** |
|  | **DWS<br>International<br>Opportunities<br>VIP A** | **DWS Small<br>Mid Cap**<br>**Growth**<br>**VIP A** | **DWS Small<br>Mid Cap**<br>**Value VIP A** | **DWS Small<br>Mid Cap**<br>**Value VIP B** | **DWS Equity**<br>**500 Index**<br>**VIP A** | **Fidelity VIP<br>Contrafund** | **Fidelity VIP<br>Equity**<br>**Income** | **Fidelity VIP<br>Growth** | <br>**Fidelity VIP<br>Asset<br>Manager<br>50%<br>Portfolio** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $13509981 | $40411726 | $42717405 | $30979 | $110128023 | $87588400 | $21035432 | $45568034 | $2305492 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 13509981 | 40411726 | 42717405 | 30979 | 110128023 | 87588400 | 21035432 | 45568034 | 2305492 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $13509981 | $40411726 | $42717405 | $30979 | $110128023 | $87588400 | $21035432 | $45568034 | $2305492 |
|  Accumulation period | $13509981 | $40392304 | $42613310 | $30979 | $110128023 | $87473604 | $21035432 | $45548871 | $2305492 |
|  Annuity period |  | 19422 | 104095 |  |  | 114796 |  | 19163 |  |
|  **Total Contract Owners' Equity** | $13509981 | $40411726 | $42717405 | $30979 | $110128023 | $87588400 | $21035432 | $45568034 | $2305492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 415775 | 3650211 | 2500854 | 692 | 1865264 | 348985 | 151274 | 116047 | 34095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 702913 | 2847902 | 3031753 | 2194 | 3383349 | 1462488 | 714762 | 466312 | 130845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $19.22 | $14.19 | $14.09 | $14.12 | $32.55 | $59.89 | $29.43 | $97.72 | $17.62 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Fidelity<br>Variable Insurance Products <br>Funds** | <br>**Fidelity<br>Variable Insurance Products <br>Funds** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** |
|  | **Fidelity VIP**<br>**II Index 500** | **Fidelity VIP II<br>Index 500 -**<br>**Service<br>Class 2** | **FTVIP**<br>**Franklin**<br>**Mutual**<br>**Global<br>Discovery<br>Fund CL 2** | **FTVIP<br>Franklin**<br>**Mutual** <br>**Shares Fund**<br>**CL 2** | **FTVIP<br>Franklin<br>Rising**<br>**Dividends <br>Fund CL 2** | **FTVIP<br>Franklin<br>Small Cap**<br>**Value Fund**<br>**CL 2** | **FTVIP**<br>**Franklin**<br>**Strategic**<br>**Income Fund**<br>**CL 2** | **FTVIP<br>Franklin U.S.**<br>**Government**<br>**Fund CL 2** | <br>**FTVIP<br>Templeton**<br>**Developing**<br>**Markets<br>Fund CL 2** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $99354651 | $1965504 | $10242513 | $2119184 | $6109297 | $3441185 | $2442762 | $999471 | $2092144 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 99354651 | 1965504 | 10242513 | 2119184 | 6109297 | 3441185 | 2442762 | 999471 | 2092144 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $99354651 | $1965504 | $10242513 | $2119184 | $6109297 | $3441185 | $2442762 | $999471 | $2092144 |
|  Accumulation period | $99290974 | $1965504 | $10242513 | $2119184 | $6095652 | $3441185 | $2442762 | $999471 | $2045205 |
|  Annuity period | 63677 |  |  |  | 13645 |  |  |  | 46939 |
|  **Total Contract Owners' Equity** | $99354651 | $1965504 | $10242513 | $2119184 | $6109297 | $3441185 | $2442762 | $999471 | $2092144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 108635 | 2511 | 182731 | 57720 | 97852 | 55552 | 118775 | 79259 | 41022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 150508 | 3023 | 537383 | 131626 | 217878 | 248103 | 267553 | 95188 | 173191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $660.13 | $650.18 | $19.06 | $16.10 | $28.04 | $13.87 | $9.13 | $10.50 | $12.08 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** |
|  | **Invesco V.I.**<br>**Discovery<br>Large Cap<br>Fund**<br>**Series II** | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund<br>Series II** | **Invesco V.I.**<br>**Diversified**<br>**Dividend<br>Fund Series I** | **Invesco V.I.**<br>**Equity and**<br>**Income Fund<br>Series I** | **Invesco V.I.**<br>**Global Fund<br>Series II** | **Invesco V.I.**<br>**Global Real**<br>**Estate Fund<br>Series I** | <br>**Invesco V.I.<br>Global**<br>**Strategic**<br>**Income Fund<br>Series II** | **Invesco V.I.**<br>**Health Care<br>Series I** | **Invesco V.I.**<br>**Main Street**<br>**Fund**<br>**Series II** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $1800876 | $1492206 | $499369 | $10139522 | $15897782 | $1852124 | $1585757 | $1296110 | $4413867 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1800876 | 1492206 | 499369 | 10139522 | 15897782 | 1852124 | 1585757 | 1296110 | 4413867 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $1800876 | $1492206 | $499369 | $10139522 | $15897782 | $1852124 | $1585757 | $1296110 | $4413867 |
|  Accumulation period | $1800876 | $1492206 | $499369 | $10139522 | $15897782 | $1852124 | $1585757 | $1296110 | $4413867 |
|  Annuity period |  |  |  |  |  |  |  |  |  |
|  **Total Contract Owners' Equity** | $1800876 | $1492206 | $499369 | $10139522 | $15897782 | $1852124 | $1585757 | $1296110 | $4413867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 26261 | 26092 | 21686 | 795291 | 224015 | 59589 | 86705 | 26922 | 70127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 30395 | 23533 | 18346 | 554982 | 437955 | 130800 | 335965 | 43363 | 205775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $59.25 | $63.41 | $27.22 | $18.27 | $36.30 | $14.16 | $4.72 | $29.89 | $21.45 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $nan<br>**Invesco<br>Variable<br>Insurance<br>Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** |
|  | **Invesco V.I.<br>Main Street<br>Small Cap<br>Fund Series II** | **Janus<br>Henderson<br>Balanced<br>Portfolio I-S** | **Janus<br>Henderson**<br>**Enterprise<br>Portfolio I-S** | **Janus<br>Henderson<br>Forty<br>Portfolio I-S** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio I-S** | <br>**Janus<br>Henderson<br>Mid Cap<br>Value<br>Portfolio S-S** | **Janus<br>Henderson<br>Research<br>Portfolio I-S** | **LVIP<br>American<br>Century<br>Disciplined<br>Core Value** | **LVIP<br>American<br>Century<br>Value** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $6693667 | $60842673 | $50560349 | $12195468 | $40924493 | $2921475 | $38501199 | $6649648 | $9459449 |
|  Dividends and other receivables |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6693667 | 60842673 | 50560349 | 12195468 | 40924493 | 2921475 | 38501199 | 6649648 | 9459449 |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |  |  |
|  Contract owners' equity | $6693667 | $60842673 | $50560349 | $12195468 | $40924493 | $2921475 | $38501199 | $6649648 | $9459449 |
|  Accumulation period | $6693667 | $60670286 | $50499578 | $12195468 | $40849233 | $2921475 | $38437431 | $6649648 | $9459449 |
|  Annuity period |  | 172387 | 60771 |  | 75260 |  | 63768 |  |  |
|  **Total Contract Owners' Equity** | $6693667 | $60842673 | $50560349 | $12195468 | $40924493 | $2921475 | $38501199 | $6649648 | $9459449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 93506 | 438144 | 255867 | 135937 | 326900 | 52455 | 235303 | 246139 | 255174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 241561 | 1089199 | 604934 | 205242 | 513675 | 174105 | 593239 | 686947 | 732212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $27.71 | $55.86 | $83.58 | $59.42 | $79.67 | $16.78 | $64.90 | $9.68 | $12.92 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | | $|
|  | **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | | | |
|  | **Financial Group** | **Financial Group** | **Financial Group** | **Financial Group** | $nan<br>**Voya**<br>**Global**<br>**Resources**<br>**Trust** | $nan<br>**Voya**<br>**Investors**<br>**Trust** | |
|  | **LVIP**<br>**JPMorgan**<br>**Core Bond** | **LVIP**<br>**JPMorgan**<br>**MidCap Value** | **LVIP**<br>**JPMorgan**<br>**Small Cap<br>Core** | **LVIP**<br>**JPMorgan**<br>**US Equity**<br>**Portfolio** | <br>**Voya Global<br>High**<br>**Dividend<br>Low<br>Volatility<br>Portfolio<br>Class S** | **VY**<br>**JPMorgan<br>Emerging<br>Markets** <br>**Equity<br>Portfolio**<br>**Class I** | |
|  **ASSETS** |  |  |  |  |  |  |  |
|  Investments in underlying portfolio funds, at fair value | $543316 | $4107245 | $3530526 | $1489580 | $2331121 | $2798091 |  |
|  Dividends and other receivables |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 543316 | 4107245 | 3530526 | 1489580 | 2331121 | 2798091 |  |
|  **LIABILITIES AND CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |
|  Liabilities - other payables |  |  |  |  |  |  |  |
|  Contract owners' equity | $543316 | $4107245 | $3530526 | $1489580 | $2331121 | $2798091 |  |
|  Accumulation period | $543316 | $4107245 | $3530526 | $1489580 | $2331121 | $2765143 |  |
|  Annuity period |  |  |  |  |  | 32948 |  |
|  **Total Contract Owners' Equity** | $543316 | $4107245 | $3530526 | $1489580 | $2331121 | $2798091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Units Outstanding** | 36025 | 84065 | 56174 | 19488 | 110683 | 67595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Owned in each Portfolio** | 54572 | 455753 | 160873 | 30173 | 192974 | 202907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value per Share** | $9.96 | $9.01 | $21.95 | $49.37 | $12.08 | $13.79 |  |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **BNY Mellon**<br>**Investment**<br>**Portfolios** | **BNY Mellon**<br>**Investment**<br>**Portfolios** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** |
|  | **Alger<br>Balanced-<br>Class I-2** | **Alger Capital<br>Appreciation<br>-Class I-2** | **Alger Large<br>Cap Growth-<br>Class I-2** | **Alger Mid<br>Cap Growth-<br>Class I-2** | **Alger Small<br>Cap Growth-<br>Class I-2** | **BNY Mellon**<br>**Investment**<br>**Portfolios**<br>**MidCap**<br>**Stock**<br>**Portfolio -**<br>**Initial Shares** | **BNY**<br>**Mellon**<br>**Investment**<br>**Portfolios**<br>**MidCap**<br>**Stock**<br>**Portfolio -**<br>**Service**<br>**Shares** | **BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Portfolio Inc.<br>- Initial<br>Shares** | **BNY Mellon**<br>**Sustainable**<br>**U.S. Equity**<br>**Portfolio Inc.**<br>**-Service**<br>**Shares** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $760011 | $— | $— | $— | $— | $168509 | $10786 | $19131 | $3 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 395782 | 846427 | 196937 | 110189 | 58346 | 341408 | 32391 | 98818 | 75 |
|  Net investment income (loss) | 364229 | (846427) | (196937) | (110189) | (58346) | (172899) | (21605) | (79687) | (72) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | 1979209 | 4027033 | 881257 | (384489) | (1279092) | (85126) | 109428 | 509723 | 890 |
|  Capital gain distributions | 2745622 | 10655350 | 1801628 |  | 53505 | 2190501 | 222609 | 611294 | 434 |
|  Net realized gain (loss) on investments | 4724831 | 14682383 | 2682885 | (384489) | (1225587) | 2105375 | 332037 | 1121017 | 1324 |
|  Change in unrealized appreciation (depreciation) on investments | (1160633) | 2846191 | 1396102 | 1654774 | 1454710 | 52039 | (106397) | (116267) | (735) |
|  Net realized and unrealized gain on investments | 3564198 | 17528574 | 4078987 | 1270285 | 229123 | 2157414 | 225640 | 1004750 | 589 |
|  Net increase in contract owners' equity resulting from operations | $3928427 | $16682147 | $3882050 | $1160096 | $170777 | $1984515 | $204035 | $925063 | $517 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** |
|  | **DWS Capital**<br>**Growth VIP A** | **DWS Core**<br>**Equity VIP A** | **DWS<br>CROCI<sup>®</sup><br>International<br>VIP A** | **DWS Global<br>Small Cap<br>VIP A** | **DWS Small<br>Cap Index<br>VIP A** | **DWS<br>CROCI<sup>®</sup> U.S.<br>VIP A** | <br>**DWS Global<br>Income<br>Builder VIP A** | **DWS<br>Government<br>Money<br>Market VIP A** | **DWS High<br>Income VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $107198 | $430923 | $363956 | $236731 | $13197 | $955522 | $2873057 | $2183723 | $1720572 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 2892317 | 742804 | 189061 | 275252 | 14255 | 982489 | 840366 | 770806 | 331121 |
|  Net investment income (loss) | (2785119) | (311881) | 174895 | (38521) | (1058) | (26967) | 2032691 | 1412917 | 1389451 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | 10168425 | 1804644 | 555400 | (275825) | 7989 | 618944 | (781071) |  | (66562) |
|  Capital gain distributions | 25000578 | 5564425 |  | 1167993 | 56361 | 6195591 | 8225553 |  |  |
|  Net realized gain (loss) on investments | 35169003 | 7369069 | 555400 | 892168 | 64350 | 6814535 | 7444482 |  | (66562) |
|  Change in unrealized appreciation (depreciation) on investments | (10444124) | 647696 | 4117621 | 2568472 | 5599 | 3166310 | (989067) |  | 463934 |
|  Net realized and unrealized gain on investments | 24724879 | 8016765 | 4673021 | 3460640 | 69949 | 9980845 | 6455415 |  | 397372 |
|  Net increase in contract owners' equity resulting from operations | $21939760 | $7704884 | $4847916 | $3422119 | $68891 | $9953878 | $8488106 | $1412917 | $1786823 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | $— | $— | $— | $— |
|  | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | $nan<br>**Deutsche**<br>**DWS**<br>**Investments<br>VIT Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** |
|  | <br>**DWS<br>International<br>Opportunities<br>VIP A** | **DWS Small<br>Mid Cap<br>Growth VIP A** | **DWS Small<br>Mid Cap<br>Value VIP A** | **DWS Small<br>Mid Cap<br>Value VIP B** | **DWS Equity<br>500 Index<br>VIP A** | **Fidelity VIP<br>Contrafund** | **Fidelity VIP<br>Equity<br>Income** | **Fidelity VIP<br>Growth** | **Fidelity VIP<br>Asset<br>Manager<br>50%<br>Portfolio** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $117190 | $— | $403896 | $156 | $1155578 | $114472 | $357599 | $126415 | $55551 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 178477 | 552730 | 556570 | 526 | 1505858 | 1094363 | 265536 | 589090 | 30048 |
|  Net investment income (loss) | (61287) | (552730) | (152674) | (370) | (350280) | (979891) | 92063 | (462675) | 25503 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | 550394 | (385907) | (984453) | 191 | 6166701 | 6331198 | 582985 | 1760066 | 52209 |
|  Capital gain distributions |  | 2928376 | 4562394 | 3070 | 9560716 | 13369551 | 1110949 | 5654821 | 104860 |
|  Net realized gain on investments | 550394 | 2542469 | 3577941 | 3261 | 15727417 | 19700749 | 1693934 | 7414887 | 157069 |
|  Change in unrealized appreciation (depreciation) on investments | 1491430 | 612632 | 2914438 | 1297 | 765714 | (4405616) | 1473679 | (1503061) | 110050 |
|  Net realized and unrealized gain on investments | 2041824 | 3155101 | 6492379 | 4558 | 16493131 | 15295133 | 3167613 | 5911826 | 267119 |
|  Net increase in contract owners' equity resulting from operations | $1980537 | $2602371 | $6339705 | $4188 | $16142851 | $14315242 | $3259676 | $5449151 | $292622 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Fidelity**<br>**Variable Insurance**<br>**Products Funds** | <br>**Fidelity**<br>**Variable Insurance**<br>**Products Funds** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** |
|  | **Fidelity VIP<br>II Index 500** | **Fidelity VIP<br>II Index 500 -<br>Service<br>Class 2** | <br>**FTVIP<br>Franklin<br>Mutual Global<br>Discovery<br>Fund CL 2** | **FTVIP<br>Franklin<br>Mutual<br>Shares Fund<br>CL 2** | **FTVIP<br>Franklin<br>Rising<br>Dividends<br>Fund CL 2** | **FTVIP<br>Franklin<br>Small Cap<br>Value Fund<br>CL 2** | **FTVIP<br>Franklin<br>Strategic<br>Income Fund**<br>**CL 2** | **FTVIP<br>Franklin U.S.<br>Government<br>Fund CL 2** | **FTVIP<br>Templeton<br>Developing<br>Markets<br>Fund CL 2** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $1068622 | $17652 | $185470 | $43141 | $48487 | $39074 | $121627 | $34983 | $8875 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 1209966 | 29654 | 130493 | 29319 | 77403 | 46973 | 32524 | 14266 | 22664 |
|  Net investment income (loss) | (141344) | (12002) | 54977 | 13822 | (28916) | (7899) | 89103 | 20717 | (13789) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | 8203033 | 372783 | (8329) | (32640) | 58071 | 94831 | (66243) | (7120) | (7778) |
|  Capital gain distributions | 473889 | 10812 | 1028078 | 212558 | 580892 | 304745 | 27 |  | 27698 |
|  Net realized gain (loss) on investments | 8676922 | 383595 | 1019749 | 179918 | 638963 | 399576 | (66216) | (7120) | 19920 |
|  Change in unrealized appreciation (depreciation) on investments | 6349558 | (75537) | 877893 | 14884 | (29067) | (181924) | 117614 | 42190 | 616028 |
|  Net realized and unrealized gain on investments | 15026480 | 308058 | 1897642 | 194802 | 609896 | 217652 | 51398 | 35070 | 635948 |
|  Net increase in contract owners' equity resulting from operations | $14885136 | $296056 | $1952619 | $208624 | $580980 | $209753 | $140501 | $55787 | $622159 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** |
|  | **Invesco V.I.**<br>**Discovery<br>Large Cap**<br>**Fund Series II** | <br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund**<br>**Series II** | **Invesco V.I.<br>Diversified<br>Dividend<br>Fund Series I** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Series I** | **Invesco V.I.<br>Global Fund<br>Series II** | **Invesco V.I.<br>Global Real<br>Estate Fund<br>Series I** | **Invesco V.I.<br>Global<br>Strategic<br>Income Fund<br>Series II** | **Invesco V.I.<br>Health Care<br>Series I** | **Invesco V.I.<br>Main Street<br>Fund Series II** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $— | $— | $7565 | $221741 | $— | $38375 | $89287 | $— | $13563 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 23622 | 19984 | 6230 | 146433 | 206796 | 25047 | 22017 | 17355 | 55472 |
|  Net investment income (loss) | (23622) | (19984) | 1335 | 75308 | (206796) | 13328 | 67270 | (17355) | (41909) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | (34391) | (3847) | 1939 | (297692) | (386446) | (84770) | (26411) | (33534) | (182208) |
|  Capital gain distributions | 219684 | 146518 | 36170 | 563275 | 3006455 |  |  | 50390 | 272149 |
|  Net realized gain (loss) on investments | 185293 | 142671 | 38109 | 265583 | 2620009 | (84770) | (26411) | 16856 | 89941 |
|  Change in unrealized appreciation (depreciation) on investments | 19214 | (78302) | 26524 | 768392 | (429474) | 187309 | 134393 | 164653 | 495376 |
|  Net realized and unrealized gain on investments | 204507 | 64369 | 64633 | 1033975 | 2190535 | 102539 | 107982 | 181509 | 585317 |
|  Net increase in contract owners' equity resulting from operations | $180885 | $44385 | $65968 | $1109283 | $1983739 | $115867 | $175252 | $164154 | $543408 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $nan<br>**Invesco<br>Variable<br>Insurance<br>Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** |
|  | **Invesco V.I.<br>Main Street<br>Small Cap<br>Fund Series II** | **Janus<br>Henderson<br>Balanced<br>Portfolio I-S** | **Janus<br>Henderson<br>Enterprise<br>Portfolio I-S** | **Janus<br>Henderson<br>Forty<br>Portfolio I-S** | <br>**Janus<br>Henderson<br>Global<br>Research<br>Portfolio I-S** | **Janus<br>Henderson<br>Mid Cap Value<br>Portfolio S-S** | **Janus<br>Henderson<br>Research<br>Portfolio I-S** | **LVIP<br>American<br>Century<br>Disciplined<br>Core Value** | **LVIP<br>American<br>Century<br>Value** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **REVENUE** |  |  |  |  |  |  |  |  |  |
|  Dividend income | $15276 | $1214834 | $102938 | $36280 | $225949 | $19677 | $— | $105836 | $146402 |
|  **EXPENSES** |  |  |  |  |  |  |  |  |  |
|  Administrative, mortality and expense risk charges | 87311 | 790273 | 664917 | 166502 | 515589 | 39745 | 489102 | 86403 | 121738 |
|  Net investment income (loss) | (72035) | 424561 | (561979) | (130222) | (289640) | (20068) | (489102) | 19433 | 24664 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |  |  |
|  Net realized gain (loss) on sale of investments | 111738 | 3924285 | 2328664 | 24419 | 3409476 | 14191 | 2696903 | (43552) | 191280 |
|  Capital gain distributions | 679257 | 2001404 | 3893019 | 1414246 | 3417793 | 296448 | 2871370 |  | 699005 |
|  Net realized gain (loss) on investments | 790995 | 5925689 | 6221683 | 1438665 | 6827269 | 310639 | 5568273 | (43552) | 890285 |
|  Change in unrealized appreciation (depreciation) on investments | (277231) | 1371836 | (2519691) | 561945 | 420060 | (155013) | 759625 | 843840 | 328876 |
|  Net realized and unrealized gain on investments | 513764 | 7297525 | 3701992 | 2000610 | 7247329 | 155626 | 6327898 | 800288 | 1219161 |
|  Net increase in contract owners' equity resulting from operations | $441729 | $7722086 | $3140013 | $1870388 | $6957689 | $135558 | $5838796 | $819721 | $1243825 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Statement of Operations (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | | $|
|  | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | $nan<br>**Voya**<br>**Global**<br>**Resources**<br>**Trust** | $nan<br>**Voya**<br>**Investors**<br>**Trust** | |
|  | **LVIP<br>JPMorgan<br>Core Bond** | **LVIP<br>JPMorgan<br>MidCap<br>Value** | **LVIP**<br>**JPMorgan<br>Small Cap**<br>**Core** | **LVIP**<br>**JPMorgan<br>US Equity<br>Portfolio** | <br>**Voya Global<br>High**<br>**Dividend<br>Low**<br>**Volatility<br>Portfolio<br>Class S** | **VY**<br>**JPMorgan<br>Emerging<br>Markets** <br>**Equity<br>Portfolio**<br>**Class I** | |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | |
|  **REVENUE** |  |  |  |  |  |  |  |
|  Dividend income | $19177 | $45540 | $21099 | $6487 | $47261 | $24462 |  |
|  **EXPENSES** |  |  |  |  |  |  |  |
| Administrative, mortality and expense risk charges | 7776 | 54395 | 45031 | 18894 | 29783 | 32623 |  |
| Net investment income (loss) | 11401 | (8855) | (23932) | (12407) | 17478 | (8161) |  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |
| Net realized gain (loss) on sale of investments | (4319) | (84521) | 47290 | 47253 | 150589 | (228086) |  |
| Capital gain distributions |  | 438690 | 270309 | 41047 | 271584 | 547791 |  |
| Net realized gain (loss) on investments | (4319) | 354169 | 317599 | 88300 | 422173 | 319705 |  |
|  Change in unrealized appreciation (depreciation) on investments | 23021 | (216333) | (27523) | 102250 | (87821) | 473024 |  |
| Net realized and unrealized gain on investments | 18702 | 137836 | 290076 | 190550 | 334352 | 792729 |  |
|  Net increase in contract owners' equity resulting from operations | $30103 | $128981 | $266144 | $178143 | $351830 | $784568 |  |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | <br>**BNY Mellon<br>Investment<br>Portfolios** | <br>**BNY Mellon<br>Investment<br>Portfolios** | **BNY Mellon<br>Sustainable U.S. Equity<br>Funds** | **BNY Mellon<br>Sustainable U.S. Equity<br>Funds** |
|  | **Alger**<br>**Balanced-**<br>**Class I-2** | **Alger Capital**<br>**Appreciation -**<br>**Class I-2** | **Alger Large**<br>**Cap Growth-**<br>**Class I-2** | **Alger Mid**<br>**Cap Growth-**<br>**Class I-2** | **Alger Small**<br>**Cap Growth-**<br>**Class I-2** | <br>**BNY Mellon<br>Investment<br>Portfolios<br>MidCap**<br>**Stock**<br>**Portfolio -**<br>**Initial Shares** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap**<br>**Stock**<br>**Portfolio -**<br>**Service**<br>**Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity<br>Portfolio Inc. -**<br>**Initial**<br>**Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity<br>Portfolio Inc.<br>-**<br>**Service**<br>**Shares** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $364229 | $(846427) | $(196937) | $(110189) | $(58346) | $(172899) | $(21605) | $(79687) | $(72) |
|  Net realized gain (loss) on investments | 4724831 | 14682383 | 2682885 | (384489) | (1225587) | 2105375 | 332037 | 1121017 | 1324 |
|  Change in unrealized appreciation (depreciation) on investments | (1160633) | 2846191 | 1396102 | 1654774 | 1454710 | 52039 | (106397) | (116267) | (735) |
|  Net increase in contract owners' equity resulting from operations | 3928427 | 16682147 | 3882050 | 1160096 | 170777 | 1984515 | 204035 | 925063 | 517 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales |  | 1240 | 126072 | 51666 | 58834 |  | 26494 | 32351 |  |
|  Net transfer (to) from affiliate and subaccounts | (810780) | (2496785) | (103695) | 228476 | (79577) | (482015) | 278855 | (62654) |  |
|  Payments for redemptions | (2465752) | (4936063) | (1353752) | (1429855) | (600170) | (2215495) | (397509) | (1009199) | (2600) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (64565) | (140987) |  |  |  | (57356) |  | (11032) |  |
|  Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (3341097) | (7572595) | (1331375) | (1149713) | (620913) | (2754866) | (92160) | (1050534) | (2600) |
|  Total increase (decrease) in contract owners' equity | 587330 | 9109552 | 2550675 | 10383 | (450136) | (770351) | 111875 | (125471) | (2083) |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 28161123 | 57457333 | 13947219 | 8350097 | 5062418 | 24977519 | 2458231 | 7489101 | 5081 |
|  End of period | $28748453 | $66566885 | $16497894 | $8360480 | $4612282 | $24207168 | $2570106 | $7363630 | $2998 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | <br>**Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** |
|  | <br>**DWS Capital**<br>**Growth VIP A** | **DWS Core**<br>**Equity VIP A** | **DWS**<br>**CROCI®**<br>**International**<br>**VIP A** | **DWS Global**<br>**Small Cap**<br>**VIP A** | **DWS Small**<br>**Cap Index**<br>**VIP A** | **DWS**<br>**CROCI® U.S.**<br>**VIP A** | **DWS Global**<br>**Income**<br>**Builder VIP A** | **DWS**<br>**Government**<br>**Money**<br>**Market VIP A** | **DWS High**<br>**Income VIP A** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(2785119) | $(311881) | $174895 | $(38521) | $(1058) | $(26967) | $2032691 | $1412917 | $1389451 |
| Net realized gain (loss) on investments | 35169003 | 7369069 | 555400 | 892168 | 64350 | 6814535 | 7444482 |  | (66562) |
| Change in unrealized appreciation (depreciation) on investments | (10444124) | 647696 | 4117621 | 2568472 | 5599 | 3166310 | (989067) |  | 463934 |
| Net increase in contract owners' equity resulting from operations | 21939760 | 7704884 | 4847916 | 3422119 | 68891 | 9953878 | 8488106 | 1412917 | 1786823 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 89505 | 6457 | 90716 |  |  | 21041 | 29500 | 107495 | 33843 |
|  Net transfer (to) from affiliate and subaccounts | (4208292) | (882195) | (270117) | (476996) | (157619) | (1535429) | (723430) | 7393454 | 820854 |
|  Payments for redemptions | (19795318) | (5868935) | (1083036) | (2047957) | (69751) | (8105992) | (7545894) | (11176436) | (2539482) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (292801) | (108417) | (28568) | (45742) |  | (144751) | (23054) | (69574) | (19766) |
| Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (24206906) | (6853090) | (1291005) | (2570695) | (227370) | (9765131) | (8262878) | (3745061) | (1704551) |
|  Total increase (decrease) in contract owners' equity | (2267146) | 851794 | 3556911 | 851424 | (158479) | 188747 | 225228 | (2332144) | 82272 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 214643068 | 53860614 | 12123557 | 19715827 | 1212384 | 74197738 | 63699554 | 56006931 | 25082067 |
|  End of period | $212375922 | $54712408 | $15680468 | $20567251 | $1053905 | $74386485 | $63924782 | $53674787 | $25164339 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | $— | $— | $— | $— |
|  | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | **Deutsche DWS**<br>**Variable Series II** | $nan<br>**Deutsche**<br>**DWS**<br>**Investments**<br>**VIT Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** |
|  | **DWS**<br>**International**<br>**Opportunities**<br>**VIP A** | **DWS Small**<br>**Mid Cap**<br>**Growth VIP A** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**DWS Small**<br>**Mid Cap**<br>**Value VIP A** | **DWS Small**<br>**Mid Cap**<br>**Value VIP B** | **DWS Equity**<br>**500 Index**<br>**VIP A** | **Fidelity VIP**<br>**Contrafund** | **Fidelity VIP**<br>**Equity**<br>**Income** | **Fidelity VIP**<br>**Growth** | **Fidelity VIP II**<br>**Asset**<br>**Manager** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(61287) | $(552730) | $(152674) | $(370) | $(350280) | $(979891) | $92063 | $(462675) | $25503 |
| Net realized gain (loss) on investments | 550394 | 2542469 | 3577941 | 3261 | 15727417 | 19700749 | 1693934 | 7414887 | 157069 |
| Change in unrealized appreciation (depreciation) on investments | 1491430 | 612632 | 2914438 | 1297 | 765714 | (4405616) | 1473679 | (1503061) | 110050 |
| Net increase in contract owners' equity resulting from operations | 1980537 | 2602371 | 6339705 | 4188 | 16142851 | 14315242 | 3259676 | 5449151 | 292622 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales |  | 68529 | 99966 |  | 620 | 333402 | 86022 | 203522 | 2180 |
|  Net transfer (to) from affiliate and subaccounts | 369469 | (455891) | (979646) |  | (2504917) | (4938433) | 83542 | (1774237) | 99206 |
|  Payments for redemptions | (744364) | (3246454) | (3820740) | (1) | (10507073) | (8764807) | (1995473) | (4693591) | (326893) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (31019) | (61883) | (64840) |  | (260375) |  |  |  |  |
| Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (405914) | (3695699) | (4765260) | (1) | (13271745) | (13369838) | (1825909) | (6264306) | (225507) |
|  Total increase (decrease) in contract owners' equity | 1574623 | (1093328) | 1574445 | 4187 | 2871106 | 945404 | 1433767 | (815155) | 67115 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 11935358 | 41505054 | 41142960 | 26792 | 107256917 | 86642996 | 19601665 | 46383189 | 2238377 |
|  End of period | $13509981 | $40411726 | $42717405 | $30979 | $110128023 | $87588400 | $21035432 | $45568034 | $2305492 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Fidelity**<br>**Variable Insurance<br>Products Funds** | <br>**Fidelity**<br>**Variable Insurance<br>Products Funds** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** | **Franklin Templeton**<br>**Variable Insurance Products Trust** |
|  | **Fidelity VIP II**<br>**Index 500** | **Fidelity<br>VIP II<br>Index 500 -<br>Service<br>Class 2** | **FTVIP**<br>**Franklin**<br>**Mutual**<br>**Global<br>Discovery<br>Fund CL 2** | **FTVIP<br>Franklin<br>Mutual**<br>**Shares Fund**<br>**CL 2** | **FTVIP<br>Franklin<br>Rising<br>Dividends<br>Fund CL 2** | <br>**FTVIP<br>Franklin**<br>**Small Cap<br>Value Fund**<br>**CL 2** | **FTVIP<br>Franklin<br>Strategic<br>Income Fund**<br>**CL 2** | **FTVIP<br>Franklin U.S.<br>Government<br>Fund CL 2** | **FTVIP<br>Templeton<br>Developing<br>Markets<br>Fund CL 2** |
|  | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(141344) | $(12002) | $54977 | $13822 | $(28916) | $(7899) | $89103 | $20717 | $(13789) |
|  Net realized gain (loss) on investments | 8676922 | 383595 | 1019749 | 179918 | 638963 | 399576 | (66216) | (7120) | 19920 |
|  Change in unrealized appreciation (depreciation) on investments | 6349558 | (75537) | 877893 | 14884 | (29067) | (181924) | 117614 | 42190 | 616028 |
|  Net increase in contract owners' equity resulting from operations | 14885136 | 296056 | 1952619 | 208624 | 580980 | 209753 | 140501 | 55787 | 622159 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 222951 | 4473 | 80415 | 25478 | 62480 | 42618 | 34187 | 19147 | 42300 |
|  Net transfer (to) from affiliate and subaccounts | 7120751 | (7737) | (251323) | (77410) | 155293 | (274225) | 67025 | 20008 | 163391 |
|  Payments for redemptions | (11964606) | (505933) | (1202777) | (330252) | (641759) | (502825) | (259782) | (210302) | (226887) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |  |  |
| Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (4620904) | (509197) | (1373685) | (382184) | (423986) | (734432) | (158570) | (171147) | (21196) |
|  Total increase (decrease) in contract owners' equity | 10264232 | (213141) | 578934 | (173560) | 156994 | (524679) | (18069) | (115360) | 600963 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 89090419 | 2178645 | 9663579 | 2292744 | 5952303 | 3965864 | 2460831 | 1114831 | 1491181 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99354651 | $1965504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10242513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442762 | $999471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092144 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** |
|  | **Invesco V.I.<br>Discovery<br>Large Cap<br>Fund Series II** | **Invesco V.I.<br>Discovery<br>Mid Cap<br>Growth Fund**<br>**Series II** | **Invesco V.I.<br>Diversified<br>Dividend<br>Fund Series I** | **Invesco V.I.**<br>**Equity and**<br>**Income Fund**<br>**Series I** | **Invesco V.I.<br>Global Fund**<br>**Series II** | **Invesco V.I.**<br>**Global Real**<br>**Estate Fund**<br>**Series I** | <br>**Invesco V.I.<br>Global<br>Strategic<br>Income Fund**<br>**Series II** | **Invesco V.I.<br>Health Care**<br>**Series I** | **Invesco V.I.<br>Main Street<br>Fund Series II** |
|  | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 | 1/1/2025<br> to<br> 12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(23622) | $(19984) | $1335 | $75308 | $(206796) | $13328 | $67270 | $(17355) | $(41909) |
|  Net realized gain (loss) on investments | 185293 | 142671 | 38109 | 265583 | 2620009 | (84770) | (26411) | 16856 | 89941 |
|  Change in unrealized appreciation (depreciation) on investments | 19214 | (78302) | 26524 | 768392 | (429474) | 187309 | 134393 | 164653 | 495376 |
|  Net increase in contract owners' equity resulting from operations | 180885 | 44385 | 65968 | 1109283 | 1983739 | 115867 | 175252 | 164154 | 543408 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 6115 | 2639 | 914 | 6951 | 117905 | 16938 | 16868 | 2392 | 10557 |
|  Net transfer (to) from affiliate and subaccounts | (35695) | (28415) | 49170 | 100114 | (18678) | 79483 | (17181) | (18914) | 96558 |
|  Payments for redemptions | (214327) | (103785) | (160912) | (1637271) | (2083486) | (198429) | (300592) | (276132) | (422961) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |  |  |
| Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (243907) | (129561) | (110828) | (1530206) | (1984259) | (102008) | (300905) | (292654) | (315846) |
|  Total increase (decrease) in contract owners' equity | (63022) | (85176) | (44860) | (420923) | (520) | 13859 | (125653) | (128500) | 227562 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 1863898 | 1577382 | 544229 | 10560445 | 15898302 | 1838265 | 1711410 | 1424610 | 4186305 |
|  End of period | $1800876 | $1492206 | $499369 | $10139522 | $15897782 | $1852124 | $1585757 | $1296110 | $4413867 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $nan<br>**Invesco<br>Variable<br>Insurance<br>Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln Financial Group** | **Lincoln Financial Group** |
|  | **Invesco V.I.**<br>**Main Street**<br>**Small Cap**<br>**Fund Series II** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Enterprise**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Forty**<br>**Portfolio I-S** | <br>**Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Mid Cap**<br>**Value**<br>**Portfolio S-S** | **Janus**<br>**Henderson**<br>**Research**<br>**Portfolio I-S** | **LVIP**<br>**American**<br>**Century**<br>**Disciplined**<br>**Core Value** | **LVIP**<br>**American**<br>**Century**<br>**Value** |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(72035) | $424561 | $(561979) | $(130222) | $(289640) | $(20068) | $(489102) | $19433 | $24664 |
|  Net realized gain (loss) on investments | 790995 | 5925689 | 6221683 | 1438665 | 6827269 | 310639 | 5568273 | (43552) | 890285 |
|  Change in unrealized appreciation (depreciation) on investments | (277231) | 1371836 | (2519691) | 561945 | 420060 | (155013) | 759625 | 843840 | 328876 |
|  Net increase in contract owners' equity resulting from operations | 441729 | 7722086 | 3140013 | 1870388 | 6957689 | 135558 | 5838796 | 819721 | 1243825 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 50268 | 319056 | 170480 | 620 | 355965 | 26931 | 168192 | 28153 | 67645 |
|  Net transfer (to) from affiliate and subaccounts | 32313 | 784797 | (447982) | 70680 | (101584) | 7390 | (464121) | (116811) | 17796 |
|  Payments for redemptions | (598799) | (8675361) | (5543598) | (809065) | (4489710) | (353951) | (4642119) | (829119) | (935716) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  | (26945) |  |  |  |  |  |
|  Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (516218) | (7571508) | (5821100) | (764710) | (4235329) | (319630) | (4938048) | (917777) | (850275) |
|  Total increase (decrease) in contract owners' equity | (74489) | 150578 | (2681087) | 1105678 | 2722360 | (184072) | 900748 | (98056) | 393550 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 6768156 | 60692095 | 53241436 | 11089790 | 38202133 | 3105547 | 37600451 | 6747704 | 9065899 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60842673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50560349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12195468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40924493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38501199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6649648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9459449 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | | | $|
|  | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | $nan<br>**Voya**<br>**Global**<br>**Resources**<br>**Trust** | $nan<br>**Voya**<br>**Investors**<br>**Trust** | |
|  | **LVIP**<br>**JPMorgan**<br>**Core Bond** | **LVIP**<br>**JPMorgan**<br>**MidCap**<br>**Value** | **LVIP**<br>**JPMorgan**<br>**Small Cap**<br>**Core** | **LVIP**<br>**JPMorgan**<br>**US Equity**<br>**Portfolio** | <br>**Voya Global**<br>**High**<br>**Dividend<br>Low**<br>**Volatility**<br>**Portfolio**<br>**Class S** | **VY**<br>**JPMorgan**<br>**Emerging**<br>**Markets**<br>**Equity**<br>**Portfolio**<br>**Class I** | |
|  | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | 1/1/2025<br>to<br>12/31/2025 | |
|  **OPERATIONS** |  |  |  |  |  |  |  |
| Net investment income (loss) | $11401 | $(8855) | $(23932) | $(12407) | $17478 | $(8161) |  |
| Net realized gain (loss) on investments | (4319) | 354169 | 317599 | 88300 | 422173 | 319705 |  |
| Change in unrealized appreciation (depreciation) on investments | 23021 | (216333) | (27523) | 102250 | (87821) | 473024 |  |
| Net increase in contract owners' equity resulting from operations | 30103 | 128981 | 266144 | 178143 | 351830 | 784568 |  |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |
|  Proceeds from sales | 6541 | 11913 | 18766 | 9220 | 15486 | 9658 |  |
|  Net transfer (to) from affiliate and subaccounts | 42446 | 23122 | (53935) | 16973 | 233724 | (138340) |  |
|  Payments for redemptions | (51683) | (501588) | (539320) | (64366) | (471722) | (217426) |  |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |
|  Annuity payout reserve adjustment |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (2696) | (466553) | (574489) | (38173) | (222512) | (346108) |  |
|  Total increase (decrease) in contract owners' equity | 27407 | (337572) | (308345) | 139970 | 129318 | 438460 |  |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |
|  Beginning of period | 515909 | 4444817 | 3838871 | 1349610 | 2201803 | 2359631 |  |
|  End of period | $543316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530526 | $1489580 | $2331121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798091 |  |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | **Alger Portfolios** | <br>**BNY Mellon**<br>**Investment**<br>**Portfolios** | <br>**BNY Mellon**<br>**Investment**<br>**Portfolios** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** | **BNY Mellon**<br>**Sustainable U.S. Equity**<br>**Funds** |
|  | **Alger<br>Balanced-<br>Class I-2** | **Alger Capital<br>Appreciation-<br>Class I-2** | **Alger Large**<br>**Cap Growth-<br>Class I-2** | **Alger Mid<br>Cap Growth-<br>Class I-2** | **Alger Small<br>Cap Growth-**<br>**Class I-2** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap<br>Stock<br>Portfolio -**<br>**Initial Shares** | **BNY Mellon<br>Investment<br>Portfolios<br>MidCap<br>Stock<br>Portfolio -**<br>**Service**<br>**Shares** | **BNY Mellon<br>Sustainable<br>U.S. Equity<br>Portfolio Inc.**<br>**- Initial<br>Shares** | **BNY Mellon<br>Sustainable**<br>**U.S. Equity<br>Portfolio Inc.**<br>**- Service**<br>**Shares** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(379706) | $(738497) | $(164501) | $(109504) | $(50760) | $(145506) | $(17704) | $(62008) | $(63) |
|  Net realized gain (loss) on investments | 603943 | 2274825 | 647241 | (219406) | (634507) | 609821 | 97299 | 381148 | 47 |
|  Change in unrealized appreciation (depreciation) on investments | 3586527 | 17973790 | 3790776 | 1793806 | 1049036 | 2230837 | 180632 | 1162470 | 949 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 3810764 | 19510118 | 4273516 | 1464896 | 363769 | 2695152 | 260227 | 1481610 | 933 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales |  | 1200 | 61542 | 44062 | 39680 |  | 30450 | 5610 |  |
|  Net transfer (to) from affiliate and subaccounts | 681630 | (1984012) | (74082) | (78769) | (199944) | (419307) | (50049) | 143996 |  |
|  Payments for redemptions | (1618574) | (3906729) | (1410211) | (959876) | (548116) | (1975128) | (497410) | (794122) |  |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (62613) | (123416) |  |  |  | (60735) |  | (10695) |  |
|  Annuity payout reserve adjustment |  |  |  |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (999557) | (6012957) | (1422751) | (994583) | (708380) | (2455170) | (517009) | (655211) |  |
|  Total increase (decrease) in contract owners' equity | 2811207 | 13497161 | 2850765 | 470313 | (344611) | 239982 | (256782) | 826399 | 933 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 25349916 | 43960172 | 11096454 | 7879784 | 5407029 | 24737537 | 2715013 | 6662702 | 4148 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28161123 | $57457333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13947219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350097 | $5062418 | $24977519 | $2458231 | $7489101 | $5081 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | |
|  | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | **Deutsche DWS**<br>**Variable Series I** | $nan<br>**Deutsche**<br>**DWS**<br>**Variable**<br>**Series II** |
|  | **DWS Capital<br>Growth VIP A** | **DWS Capital<br>Growth VIP B** | **DWS Core<br>Equity VIP A** | **DWS Core<br>Equity VIP B** | **DWS<br>CROCI<sup>®</sup><br>International<br>VIP A** | <br>**DWS<br>CROCI<sup>®</sup><br>International<br>VIP B** | **DWS Global<br>Small Cap<br>VIP A** | **DWS Small<br>Cap Index<br>VIP A** | **DWS<br>CROCI<sup>®</sup> U.S.<br>VIP A** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(2475933) | $(445) | $(302130) | $(51) | $242656 | $(18) | $(8028) | $(4686) | $65783 |
|  Net realized gain (loss) on investments | 26378232 | 96509 | 4181827 | 5887 | 205667 | (561) | 438154 | 15917 | 304331 |
|  Change in unrealized appreciation (depreciation) on investments | 22015347 | (93226) | 5187544 | (3004) | (305074) | 561 | 461850 | 45050 | 10868207 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 45917646 | 2838 | 9067241 | 2832 | 143249 | (18) | 891976 | 56281 | 11238321 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 100051 |  | 10123 |  | 24471 |  |  |  | 22387 |
|  Net transfer (to) from affiliate and subaccounts | (2403160) | (35859) | (1314230) | (23440) | 188193 | (40) | (486707) | 532001 | (1794929) |
|  Payments for redemptions | (21614530) | (310095) | (4750311) |  | (955002) | (36437) | (1514398) | (34360) | (7230488) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (293447) |  | (109530) |  | (26203) |  | (46939) |  | (154395) |
|  Annuity payout reserve adjustment | 21942 |  |  |  | 704 |  |  |  | 2364 |
|  Net increase (decrease) from contract owners' equity transactions | (24189144) | (345954) | (6163948) | (23440) | (767837) | (36477) | (2048044) | 497641 | (9155061) |
|  Total increase (decrease) in contract owners' equity | 21728502 | (343116) | 2903293 | (20608) | (624588) | (36495) | (1156068) | 553922 | 2083260 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 192914566 | 343116 | 50957321 | 20608 | 12748145 | 36495 | 20871895 | 658462 | 72114478 |
|  End of period | $214643068 | $— | $53860614 | $— | $12123557 | $— | $19715827 | $1212384 | $74197738 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** | <br>**Deutsche DWS**<br>**Variable Series II** |
|  | **DWS<br>CROCI<sup>®</sup><br>U.S. VIP B** | **DWS Global<br>Income<br>Builder VIP A** | **DWS<br>Government<br>Money<br>Market VIP A** | **DWS High<br>Income VIP A** | **DWS High<br>Income VIP B** | **DWS<br>International<br>Growth VIP A** | <br>**DWS Small<br>Mid Cap<br>Growth VIP A** | **DWS Small<br>Mid Cap<br>Value VIP A** | **DWS Small<br>Mid Cap<br>Value VIP B** |
|  | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>6/17/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $9 | $1414321 | $1968033 | $1160030 | $391 | $(23012) | $(610832) | $(80657) | $(356) |
|  Net realized gain (loss) on investments | 32204 | (215304) |  | (345661) | (995) | 545169 | (99781) | 1546141 | 12293 |
|  Change in unrealized appreciation (depreciation) on investments | (28154) | 3651033 |  | 590377 | 694 | 438785 | 2399211 | 546245 | (12472) |
|  Net increase (decrease) in contract owners' equity resulting from operations | 4059 | 4850050 | 1968033 | 1404746 | 90 | 960942 | 1688598 | 2011729 | (535) |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales |  | 138740 | 993802 | 17469 |  |  | 120856 | 110369 |  |
|  Net transfer (to) from affiliate and subaccounts | (41152) | 290169 | 3618355 | 80970 | (8409) | (321691) | (1010322) | (297016) |  |
|  Payments for redemptions | (141131) | (6879563) | (7857414) | (2552832) | 1 | (1070433) | (4277480) | (4077275) | (124052) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  | (24155) | (65518) | (19610) |  | (29910) | (67057) | (67433) |  |
|  Annuity payout reserve adjustment |  | 24334 | 7378 | 9725 |  |  | 294 | 1739 |  |
|  Net increase (decrease) from contract owners' equity transactions | (182283) | (6450475) | (3303397) | (2464278) | (8408) | (1422034) | (5233709) | (4329616) | (124052) |
|  Total increase (decrease) in contract owners' equity | (178224) | (1600425) | (1335364) | (1059532) | (8318) | (461092) | (3545111) | (2317887) | (124587) |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 178224 | 65299979 | 57342295 | 26141599 | 8318 | 12396450 | 45050165 | 43460847 | 151379 |
|  End of period | $— | $63699554 | $56006931 | $25082067 | $— | $11935358 | $41505054 | $41142960 | $26792 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $nan<br>**Deutsche**<br>**DWS**<br>**Investments**<br>**VIT Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Fidelity**<br>**Variable Insurance Products Funds** | **Franklin Templeton**<br>**Variable Insurance Products<br>Trust** | **Franklin Templeton**<br>**Variable Insurance Products<br>Trust** |
|  | **DWS Equity**<br>**500 Index**<br>**VIP A** | **Fidelity VIP**<br>**Contrafund** | **Fidelity VIP**<br>**Equity**<br>**Income** | **Fidelity VIP**<br>**Growth** | **Fidelity VIP II<br>Asset**<br>**Manager** | **Fidelity VIP**<br>**Index 500** | **Fidelity VIP II<br>Index 500 -<br>Service<br>Class 2** | **FTVIP**<br>**Franklin**<br>**Mutual Global**<br>**Discovery**<br>**Fund CL 2** | **FTVIP**<br>**Franklin**<br>**Mutual**<br>**Shares Fund<br>CL 2** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br> to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br> to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(199518) | $(903234) | $83418 | $(584818) | $23155 | $(57707) | $(9613) | $36608 | $14155 |
|  Net realized gain (loss) on investments | 11154121 | 16011273 | 1901814 | 12398009 | 43880 | 10424478 | 361827 | 735876 | (68836) |
|  Change in unrealized appreciation (depreciation) on investments | 10479785 | 6306216 | 538848 | (988515) | 98928 | 7893925 | 86909 | (391022) | 287345 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 21434388 | 21414255 | 2524080 | 10824676 | 165963 | 18260696 | 439123 | 381462 | 232664 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales |  | 540075 | 79002 | 267359 | 2369 | 289218 | 4471 | 96955 | 35630 |
|  Net transfer (to) from affiliate and subaccounts | (836879) | 7757572 | 335931 | 2109974 | (15770) | (4764983) | 94009 | (42108) | (66499) |
|  Payments for redemptions | (7706505) | (10559619) | (2129735) | (5323040) | (259041) | (9003656) | (445188) | (1592172) | (347277) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees | (253489) |  |  |  |  |  |  |  |  |
|  Annuity payout reserve adjustment |  | 5703 |  | 1249 |  | 3633 |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (8796873) | (2256269) | (1714802) | (2944458) | (272442) | (13475788) | (346708) | (1537325) | (378146) |
|  Total increase (decrease) in contract owners' equity | 12637515 | 19157986 | 809278 | 7880218 | (106479) | 4784908 | 92415 | (1155863) | (145482) |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 94619402 | 67485010 | 18792387 | 38502971 | 2344856 | 84305511 | 2086230 | 10819442 | 2438226 |
|  End of period | $107256917 | $86642996 | $19601665 | $46383189 | $2238377 | $89090419 | $2178645 | $9663579 | $2292744 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Franklin Templeton**<br>**Variable Insurance Products Trust** | <br>**Franklin Templeton**<br>**Variable Insurance Products Trust** | <br>**Franklin Templeton**<br>**Variable Insurance Products Trust** | <br>**Franklin Templeton**<br>**Variable Insurance Products Trust** | <br>**Franklin Templeton**<br>**Variable Insurance Products Trust** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** | **Invesco Variable Insurance Funds** |
|  | **FTVIP**<br>**Franklin**<br>**Rising**<br>**Dividends**<br>**Fund CL 2** | **FTVIP**<br>**Franklin**<br>**Small Cap**<br>**Value Fund**<br>**CL 2** | <br>**FTVIP<br>Franklin<br>Strategic<br>Income Fund<br>CL 2** | **FTVIP**<br>**Franklin<br>U.S.**<br>**Government**<br>**Fund CL 2** | **FTVIP**<br>**Templeton**<br>**Developing**<br>**Markets**<br>**Fund CL 2** | **Invesco V.I.**<br>**Discovery**<br>**Large Cap**<br>**Fund Series II** | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap**<br>**Growth Fund**<br>**Series II** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Fund Series I** | **Invesco V.I.**<br>**Equity and**<br>**Income Fund**<br>**Series I** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(18021) | $(16349) | $82872 | $17045 | $45243 | $(23414) | $(20047) | $3045 | $37580 |
|  Net realized gain (loss) on investments | 368248 | 6302 | (90519) | (17274) | (39997) | 7118 | (30259) | 15690 | 170993 |
|  Change in unrealized appreciation (depreciation) on investments | 206507 | 394778 | 75401 | (987) | 100419 | 479446 | 343257 | 40347 | 842498 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 556734 | 384731 | 67754 | (1216) | 105665 | 463150 | 292951 | 59082 | 1051071 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 31150 | 39903 | 73904 | 14153 | 21202 | 42226 | 13966 | 1223 | 8062 |
|  Net transfer (to) from affiliate and subaccounts | (73286) | (188647) | 202416 | 106441 | (24763) | 109535 | 56524 | 6671 | 475475 |
|  Payments for redemptions | (717141) | (362093) | (333644) | (57895) | (291466) | (182536) | (131100) | (28297) | (1349553) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |  |  |
|  Annuity payout reserve adjustment | 1241 |  |  |  | 648 |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (758036) | (510837) | (57324) | 62699 | (294379) | (30775) | (60610) | (20403) | (866016) |
|  Total increase (decrease) in contract owners' equity | (201302) | (126106) | 10430 | 61483 | (188714) | 432375 | 232341 | 38679 | 185055 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 6153605 | 4091970 | 2450401 | 1053348 | 1679895 | 1431523 | 1345041 | 505550 | 10375390 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460831 | $1114831 | $1491181 | $1863898 | $1577382 | $544229 | $10560445 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | <br>**Invesco Variable Insurance Funds** | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** |
|  | **Invesco V.I.**<br>**Global Fund**<br>**Series II** | **Invesco V.I.**<br>**Global Real**<br>**Estate Fund**<br>**Series I** | <br>**Invesco V.I.**<br>**Global**<br>**Strategic**<br>**Income Fund**<br>**Series II** | **Invesco V.I.**<br>**Health Care**<br>**Series I** | **Invesco V.I.**<br>**Main Street**<br>**Fund Series II** | **Invesco V.I.**<br>**Main Street**<br>**Small Cap**<br>**Fund Series II** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Portfolio I-S** | **Janus<br>Henderson**<br>**Enterprise** <br>**Portfolio I-S** | **Janus**<br>**Henderson**<br>**Forty**<br>**Portfolio I-S** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(218136) | $23443 | $24368 | $(21626) | $(55008) | $(91610) | $442847 | $(305802) | $(139063) |
|  Net realized gain (loss) on investments | 1235163 | (99274) | (23651) | 25918 | 139866 | 403728 | 3295734 | 4038473 | 770833 |
|  Change in unrealized appreciation (depreciation) on investments | 1149203 | 18138 | 22083 | 48305 | 709627 | 393503 | 4197560 | 3308190 | 1805812 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 2166230 | (57693) | 22800 | 52597 | 794485 | 705621 | 7936141 | 7040861 | 2437582 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 74954 | 23610 | 91520 | 2247 | 11472 | 57252 | 285275 | 224974 |  |
|  Net transfer (to) from affiliate and subaccounts | 78972 | (63914) | 46735 | 87627 | 4192 | (87658) | 844541 | (364812) | 687867 |
|  Payments for redemptions | (1864681) | (310047) | (158244) | (265444) | (412656) | (647206) | (7395609) | (5484193) | (838241) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |  | (24312) |
|  Annuity payout reserve adjustment |  |  |  |  |  |  | 9746 | 1745 |  |
|  Net increase (decrease) from contract owners' equity transactions | (1710755) | (350351) | (19989) | (175570) | (396992) | (677612) | (6256047) | (5622286) | (174686) |
|  Total increase (decrease) in contract owners' equity | 455475 | (408044) | 2811 | (122973) | 397493 | 28009 | 1680094 | 1418575 | 2262896 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 15442827 | 2246309 | 1708599 | 1547583 | 3788812 | 6740147 | 59012001 | 51822861 | 8826894 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15898302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60692095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53241436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089790 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **Janus Aspen Series** | **Janus Aspen Series** | **Janus Aspen Series** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** | **Lincoln**<br>**Financial Group** |
|  | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio I-S** | **Janus**<br>**Henderson**<br>**Mid Cap**<br>**Value**<br>**Portfolio S-S** | **Janus**<br>**Henderson<br>Research** <br>**Portfolio I-S** | **LVIP<br>American<br>Century**<br>**Disciplined** <br>**Core Value** | **LVIP<br>American<br>Century<br>Value** | **LVIP<br>JPMorgan<br>Core Bond** | **LVIP<br>JPMorgan<br>MidCap<br>Value** | **LVIP**<br>**JPMorgan**<br>**Small Cap<br>Core** | **LVIP**<br>**JPMorgan**<br>**U.S. Equity**<br>**Portfolio** |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 |
|  **OPERATIONS** |  |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(214969) | $(16534) | $(454532) | $(3535) | $144589 | $15868 | $(7088) | $(22268) | $(11004) |
|  Net realized gain (loss) on investments | 3681480 | 195082 | 2637280 | (162212) | 979250 | (1707) | 662038 | (55596) | 132275 |
|  Change in unrealized appreciation (depreciation) on investments | 3867331 | 155870 | 7777840 | 926613 | (366340) | (12918) | (89749) | 466587 | 141542 |
|  Net increase (decrease) in contract owners' equity resulting from operations | 7333842 | 334418 | 9960588 | 760866 | 757499 | 1243 | 565201 | 388723 | 262813 |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |  |  |  |  |  |  |
|  Proceeds from sales | 140663 | 40188 | 183703 | 30918 | 132443 | 5100 | 25126 | 27177 | 6596 |
|  Net transfer (to) from affiliate and subaccounts | (380935) | (52465) | (124179) | (31680) | (137051) | 92151 | 203298 | (80035) | (74554) |
|  Payments for redemptions | (3681840) | (231863) | (3250280) | (887552) | (1294231) | (9586) | (862612) | (434131) | (71041) |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |  |  |  |  |  |  |
|  Annuity payout reserve adjustment | 1915 |  | 2309 |  |  |  |  |  |  |
|  Net increase (decrease) from contract owners' equity transactions | (3920197) | (244140) | (3188447) | (888314) | (1298839) | 87665 | (634188) | (486989) | (138999) |
|  Total increase (decrease) in contract owners' equity | 3413645 | 90278 | 6772141 | (127448) | (541340) | 88908 | (68987) | (98266) | 123814 |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |  |  |  |  |  |  |
|  Beginning of period | 34788488 | 3015269 | 30828310 | 6875152 | 9607239 | 427001 | 4513804 | 3937137 | 1225796 |
|  End of period | $38202133 | $3105547 | $37600451 | $6747704 | $9065899 | $515909 | $4444817 | $3838871 | $1349610 |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | | | $|
|  | $nan<br>**Voya**<br>**Global<br>Resources<br>Trust** | $nan<br>**Voya**<br>**Investors**<br>**Trust** | |
|  | **Voya Global<br>High<br>Dividend Low<br>Volatility<br>Portfolio<br>Class S** | **VY<br>JPMorgan<br>Emerging<br>Markets<br>Equity<br>Portfolio<br>Class I** | |
|  | 1/1/2024<br>to<br>12/31/2024 | 1/1/2024<br>to<br>12/31/2024 | |
|  **OPERATIONS** |  |  |  |
| Net investment income (loss) | $27181 | $(6502) |  |
| Net realized gain (loss) on investments | 183232 | (184455) |  |
| Change in unrealized appreciation (depreciation) on investments | 48984 | 222744 |  |
| Net increase (decrease) in contract owners' equity resulting from operations | 259397 | 31787 |  |
|  **CONTRACT OWNERS' EQUITY TRANSACTIONS** |  |  |  |
|  Proceeds from sales | 20964 | 10527 |  |
|  Net transfer (to) from affiliate and subaccounts | (30834) | 104961 |  |
|  Payments for redemptions | (431530) | (406525) |  |
|  Guaranteed retirement income benefit, maintenance fees, and other fees |  |  |  |
|  Annuity payout reserve adjustment |  | 827 |  |
|  Net increase (decrease) from contract owners' equity transactions | (441400) | (290210) |  |
|  Total increase (decrease) in contract owners' equity | (182003) | (258423) |  |
|  **CONTRACT OWNERS' EQUITY** |  |  |  |
|  Beginning of period | 2383806 | 2618054 |  |
|  End of period | $2201803 | $2359631 |  |

---

See accompanying notes to financial statements.

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

**(1) Organization** 

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

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

ZALICO has structured the Separate Account into a unit investment trust form registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940. The Separate Account follows the accounting guidance in Accounting Standards Codification ("ASC") Topic 946, "*Financial Services - Investment Companies*."

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

The Separate Account is used to fund contracts or certificates (collectively referred to as "Contracts") for Zurich Advantage III periodic and flexible payment variable annuity contracts ("Zurich Advantage III"), Zurich Passport individual and group variable, fixed and market value adjusted deferred annuity contracts ("Zurich Passport"), Scudder Destinations individual and group variable, fixed and market value adjusted deferred annuity contracts ("Scudder Destinations"), Farmers Variable Annuity I individual and group variable, fixed and market value adjusted deferred annuity contracts ("Farmers Variable Annuity I"), Zurich Preferred individual and group variable and market value adjusted deferred annuity contracts ("Zurich Preferred"), Zurich Preferred Plus individual and group variable and market value adjusted deferred annuity contracts ("Zurich Preferred Plus"), Zurich ZS4 individual and group variable and market value adjusted deferred annuity contracts ("Zurich ZS4") and Zurich Archway individual and group variable and market value adjusted deferred annuity contracts ("Zurich Archway"). The Separate Account is divided into a total of seventy subaccounts which are currently open with various subaccount options available to contract owners depending upon their respective Contracts as of December 31, 2025. As of December 31, 2025, assets were invested in sixty of the subaccount options. Subaccounts with no investment activity are not shown on the financial statements.

The Zurich Advantage III contracts have 48 subaccount options available to contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Fidelity Variable Insurance Products Funds, the Franklin Templeton Variable Insurance Products Trust, the Invesco Variable Insurance Funds, the Janus Aspen Series, the Lincoln Financial Group, the Voya Global Resources Trust and the Voya Investors Trust, all of which are open-end management investment companies.

The Zurich Passport contracts have 8 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Deutsche DWS Variable Series II, an open-end management investment company.

The Scudder Destinations contracts have 19 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Deutsche DWS Investments VIT Funds, the Invesco Variable Insurance Funds, and the Janus Aspen Series, all of which are open-end management investment companies.

The Farmers Variable Annuity I contracts have 19 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Deutsche DWS Investments VIT Funds, the Invesco Variable Insurance Funds, and the Janus Aspen Series, all of which are open-end management investment companies.

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

The Zurich Preferred and Zurich Preferred Plus contracts have 44 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Fidelity Variable Insurance Products Funds, the Franklin Templeton Variable Insurance Products Trust, the Invesco Variable Insurance Funds, the Janus Aspen Series, and the Lincoln Financial Group, all of which are open-end management investment companies.

The Zurich ZS4 contracts have 8 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Deutsche DWS Investments VIT Funds, and the Invesco Variable Insurance Funds, all of which are open-end management investment companies.

The Zurich Archway contracts have 43 subaccount options available to the contract owners and each subaccount invests exclusively in the shares of a corresponding portfolio in the Alger Portfolios, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Funds, the Deutsche DWS Variable Series I, the Deutsche DWS Variable Series II, the Fidelity Variable Insurance Products Funds, the Franklin Templeton Variable Insurance Products Trust, the Invesco Variable Insurance Funds, the Janus Aspen Series, and the Lincoln Financial Group, all of which are open-end management investment companies.

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

As of December 31, 2025, the Separate Account was comprised of seventy total subaccounts which are currently open. The following is a list of subaccounts in alphabetical order (which may or may not match the order of such subaccounts on the face of the financial statements):

---

| | |
|:---|:---|
| Alger Balanced-Class I-2 | Fidelity VIP II Index 500 |
| Alger Capital Appreciation-Class I-2 | Fidelity VIP II Index 500 - Service Class 2 |
| Alger Capital Appreciation-Class S (d) | FTVIP Franklin Mutual Global Discovery Fund CL 2 |
| Alger Large Cap Growth-Class I-2 | FTVIP Franklin Mutual Shares Fund CL 2 |
| Alger Mid Cap Growth-Class I-2 | FTVIP Franklin Rising Dividends Fund CL 2 |
| Alger Small Cap Growth-Class I-2 | FTVIP Franklin Small Cap Value Fund CL 2 |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | FTVIP Franklin Strategic Income Fund CL 2 |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares | FTVIP Franklin U.S. Government Fund CL 2 |
| BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | FTVIP Templeton Developing Markets Fund CL 2 |
| BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares | Invesco V.I. Discovery Large Cap Fund Series II (a) |
| DWS Equity 500 Index VIP A | Invesco V.I. Discovery Mid Cap Growth Fund Series II |
| DWS Equity 500 Index VIP B2 (f) | Invesco V.I. Diversified Dividend Fund Series I |
| DWS Capital Growth VIP A | Invesco V.I. Equity and Income Fund Series I |
| DWS Capital Growth VIP B (f) | Invesco V.I. Global Fund Series II |
| DWS Core Equity VIP A | Invesco V.I. Global Real Estate Fund Series I |
| DWS Core Equity VIP B (f) | Invesco V.I. Global Strategic Income Fund Series II |
| DWS CROCI<sup>®</sup> International VIP A | Invesco V.I. Health Care Series I |
| DWS CROCI<sup>®</sup> International VIP B (f) | Invesco V.I. Main Street Fund Series II |
| DWS Global Small Cap VIP A | Invesco V.I. Main Street Small Cap Fund Series II |
| DWS Global Small Cap VIP B (f) | Janus Henderson Balanced Portfolio I-S |
| DWS Small Cap Index VIP A | Janus Henderson Balanced Portfolio S-S (d) |
| DWS CROCI<sup>®</sup> U.S. VIP A | Janus Henderson Enterprise Portfolio I-S |
| DWS CROCI<sup>®</sup> U.S. VIP B (f) | Janus Henderson Enterprise Portfolio S-S (d) |
| DWS Global Income Builder VIP A | Janus Henderson Forty Portfolio I-S |
| DWS Government Money Market VIP A | Janus Henderson Global Research Portfolio I-S |
| DWS High Income VIP A | Janus Henderson Global Research Portfolio S-S (d) |
| DWS High Income VIP B (f) | Janus Henderson Mid Cap Value Portfolio S-S |
| DWS International Opportunities VIP A (c) | Janus Henderson Research Portfolio I-S |
| DWS International Growth VIP B (f) | Janus Henderson Research Portfolio S-S (d) |
| DWS Small Mid Cap Growth VIP A | LVIP American Century Disciplined Core Value (e) |
| DWS Small Mid Cap Value VIP A | LVIP American Century Disciplined Core Value II (d) (e) |
| DWS Small Mid Cap Value VIP B | LVIP American Century Value (e) |
| Fidelity VIP Contrafund | LVIP American Century Value II (d) (e) |
| Fidelity VIP Contrafund - Service II (d) | LVIP JPMorgan Core Bond |
| Fidelity VIP Equity Income | LVIP JPMorgan MidCap Value |
| Fidelity VIP Equity Income - Service II (d) | LVIP JPMorgan Small Cap Core |
| Fidelity VIP Growth | LVIP JPMorgan U.S. Equity Portfolio |
| Fidelity VIP Growth - Service II (d) | Voya Global High Dividend Low Volatility Portfolio Class S |
| Fidelity VIP Asset Manager 50% Portfolio (b) | VY JPMorgan Emerging Markets Equity Portfolio Class I |

---

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

Notes:

(a) Effective May 1, 2025, name changed from Invesco V.I. Capital Appreciation Fund to Invesco V.I. Discovery Large Cap Fund.

(b) Effective May 1, 2025, name changed from Fidelity VIP II Asset Manager to Fidelity VIP Asset Manager 50% Portfolio.

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

(d) Subaccount available for investment; however, no activity in 2025 or 2024, and as such have not been shown in the accompanying financial statements.

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

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

Contract owners may allocate some or all of net purchase payments or transfer some or all of the contract value to the Fixed Account Option, which is part of ZALICO's General Account. The assets of ZALICO's General Account support its insurance and annuity obligations and are subject to ZALICO's general liabilities from its business operations.

**(2) Significant Accounting Policies** 

**New Accounting Pronouncement** 

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

**Investments** 

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

**Security transactions and investment income** 

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

**Accumulation unit valuation** 

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

**Federal income taxes** 

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

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

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

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

**Estimates** 

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

**Risks and uncertainties** 

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

**Annuity payouts** 

Net assets allocated to contracts in the annuity payout period are computed according to the 1983a Individual Annuitant Mortality Table with projections. Unless the annuitant elects otherwise, the assumed investment return is 2.5% for most products (i.e. Scudder Destinations, Farmers Variable Annuity I, Zurich Archway, Zurich ZS4, Zurich Preferred, Zurich Preferred Plus, and most Zurich Advantage III policies), or 4.0% for Zurich Passport and some Zurich Advantage III contracts. The mortality risk is fully borne by ZALICO and may result in additional amounts being transferred into the Separate Account by ZALICO to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company.

**Fair value measurements** 

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

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

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

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

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

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

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

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

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

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

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

**Determination of fair values** 

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

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  **Alger Portfolios:** |  |  |
|  Alger Balanced-Class I-2 | $4547374 | $4778621 |
|  Alger Capital Appreciation-Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11992459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9756131 |
|  Alger Large Cap Growth-Class I-2 | 2351403 | 2078087 |
|  Alger Mid Cap Growth-Class I-2 | 442312 | 1702214 |
|  Alger Small Cap Growth-Class I-2 | 361415 | 987171 |
|  **BNY Mellon Investment Portfolios:** |  |  |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | 2677164 | 3414429 |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares | 862175 | 753331 |
|  **BNY Mellon Sustainable U.S. Equity Funds:** |  |  |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | 912286 | 1431214 |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares | 437 | 2674 |
|  **Deutsche DWS Variable Series I:** |  |  |
|  DWS Capital Growth VIP A | 25817943 | 27809390 |
|  DWS Core Equity VIP A | 6382115 | 7982661 |
|  DWS CROCI<sup>®</sup> International VIP A | 1162633 | 2278743 |
|  DWS Global Small Cap VIP A | 1649659 | 3090883 |
|  DWS Small Cap Index VIP A | 161281 | 333347 |
|  **Deutsche DWS Variable Series II:** |  |  |
|  DWS CROCI<sup>®</sup> U.S. VIP A | 7454362 | 11050871 |
|  DWS Global Income Builder VIP A | 11815434 | 9820069 |
|  DWS Government Money Market VIP A | 20115081 | 22442744 |
|  DWS High Income VIP A | 3645835 | 3960935 |
|  DWS International Opportunities VIP A | 1100996 | 1568197 |
|  DWS Small Mid Cap Growth VIP A | 3715972 | 5036026 |
|  DWS Small Mid Cap Value VIP A | 5554105 | 5909645 |
|  DWS Small Mid Cap Value VIP B | 3225 | 526 |
|  **Deutsche DWS Investments VIT Funds:** |  |  |
|  DWS Equity 500 Index VIP A | 12281247 | 16342556 |
|  **Fidelity Variable Insurance Products Funds:** |  |  |
|  Fidelity VIP Contrafund | 15355278 | 16335456 |
|  Fidelity VIP Equity Income | 1698870 | 2321767 |
|  Fidelity VIP Growth | 6020949 | 7093110 |
|  Fidelity VIP Asset Manager 50% Portfolio | 292056 | 387200 |
|  Fidelity VIP II Index 500 | 8757582 | 13045939 |
|  Fidelity VIP II Index 500 - Service Class 2 | 31877 | 542264 |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  **Franklin Templeton Variable Insurance Products Trust:** |  |  |
|  FTVIP Franklin Mutual Global Discovery Fund CL 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831715 |
|  FTVIP Franklin Mutual Shares Fund CL 2 | 291504 | 447308 |
|  FTVIP Franklin Rising Dividends Fund CL 2 | 1011962 | 883972 |
|  FTVIP Franklin Small Cap Value Fund CL 2 | 524859 | 962446 |
|  FTVIP Franklin Strategic Income Fund CL 2 | 333722 | 403161 |
|  FTVIP Franklin U.S. Government Fund CL 2 | 136193 | 286623 |
|  FTVIP Templeton Developing Markets Fund CL 2 | 348599 | 355887 |
|  **Invesco Variable Insurance Funds:** |  |  |
|  Invesco V.I. Discovery Large Cap Fund Series II | 292408 | 340254 |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series II | 235825 | 238853 |
|  Invesco V.I. Diversified Dividend Fund Series I | 95504 | 168826 |
|  Invesco V.I. Equity and Income Fund Series I | 1212194 | 2103819 |
|  Invesco V.I. Global Fund Series II | 3894758 | 3079359 |
|  Invesco V.I. Global Real Estate Fund Series I | 229990 | 318668 |
|  Invesco V.I. Global Strategic Income Fund Series II | 271779 | 505414 |
|  Invesco V.I. Health Care Series I | 98009 | 357628 |
|  Invesco V.I. Main Street Fund Series II | 499278 | 584884 |
|  Invesco V.I. Main Street Small Cap Fund Series II | 956515 | 865511 |
|  **Janus Aspen Series:** |  |  |
|  Janus Henderson Balanced Portfolio I-S | 4293065 | 9438608 |
|  Janus Henderson Enterprise Portfolio I-S | 5015306 | 7505366 |
|  Janus Henderson Forty Portfolio I-S | 2832304 | 2312990 |
|  Janus Henderson Global Research Portfolio I-S | 3974198 | 5081375 |
|  Janus Henderson Mid Cap Value Portfolio S-S | 384999 | 428249 |
|  Janus Henderson Research Portfolio I-S | 2954232 | 5510012 |
|  **Lincoln Financial Group:** |  |  |
|  LVIP American Century Disciplined Core Value | 118631 | 1016975 |
|  LVIP American Century Value | 1007606 | 1134212 |
|  LVIP JPMorgan Core Bond | 68906 | 60202 |
|  LVIP JPMorgan MidCap Value | 572781 | 609498 |
|  LVIP JPMorgan Small Cap Core | 578743 | 906855 |
|  LVIP JPMorgan US Equity Portfolio | 106902 | 116435 |
|  **Voya Global Resources Trust:** |  |  |
|  Voya Global High Dividend Low Volatility Portfolio Class S | 727725 | 661175 |
|  **Voya Investors Trust:** |  |  |
|  VY JPMorgan Emerging Markets Equity Portfolio Class I | 712473 | 518951 |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

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

The following is a summary of Separate Account expense charges which are assessed either as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account.

---

| | |
|:---|:---|
| **Contract Charges** | **Range** |
|  **Mortality and Expense Risk Charge** |  |
| Each subaccount is assessed a daily asset charge for mortality and expense risks through a reduction in unit values. The mortality and expense risk charge covers certain insurance benefits available under the contracts and certain expenses the Company expects to incur. It also covers the risk that charges will not be sufficient to cover costs associated with the contracts and to provide contractual benefits. | **0-1.25%** |
|  **Administration Charge** |  |
| Each subaccount is assessed a daily administration charge through a reduction in unit values. This charge reimburses the Company for expenses incurred for administering the Contracts. These expenses include owner inquiries, changes in allocations, owner reports, Contract maintenance costs, and data processing costs. The administrative charge covers the average anticipated administrative expenses incurred while the Contracts are in force. | **0-.50%** |
|  **Records Maintenance Charge** |  |
| An annual records maintenance charge is assessed during the accumulation period through the redemption of units and is assessed equally among all subaccounts in which the contract holder has an interest. The charge is assessed at the end of each contract year, on contract surrender and upon annuitization. However, the separate account does not deduct the records maintenance charge for contracts with contract value of at least $50,000 on the assessment date. This charge reimburses the separate account for the expenses of establishing and maintaining Contract records. | **0-$30** |
|  **Withdrawal Charge** |  |
| Withdrawal charges are applicable only during the first seven contribution years following each purchase payment. When a withdrawal is requested in good order, and a withdrawal charge applies, the contract value is reduced by the amount of the withdrawal charge through the redemption of units. This charge is subject to certain exceptions. The withdrawal charge compensates the Company for Contract distribution expenses, which include the payment of commissions and other promotion and acquisition expenses. | **0-8%** |
|  **Optional Benefit Fees** |  |
| Optional benefits may be elected by contract holders. These benefits include death benefits and living benefits through the purchase of riders, such as Guaranteed Retirement Income Benefit Rider ("GRIB"), Earnings Based Death Benefit Rider ("EBDB"), Safeguard Enhanced Death Benefit Rider and/or Safeguard Plus Enhanced Death Benefit Rider. The fees for such benefits are recorded through redemption of units. These fees are calculated on an "Asset Base" basis. | **0.15-0.75%** |
|  **Transfer Charge** |  |
| The Company currently allows unlimited transfers without charge. The Company reserves the right to assess a transfer fee for the thirteenth and each subsequent transfer during a contract year. The charge would be assessed through the redemption of units. | **0-$25** |
|  **Investment Management Fees and Other Expenses** |  |
| In some cases, the value of the net assets of each subaccount is reduced by the investment management, 12b-1 fees and service fees and other expenses incurred by the corresponding portfolio in which the subaccount invests. These fees and expenses are paid indirectly by the contract holder through the reduction of unit values. | **0.1-1.43%** |
|  **Redemption Fees** |  |
| A fund or portfolio may assess a redemption fee on subaccount assets that are redeemed out of the fund or portfolio in connection with a withdrawal or transfer. Each fund or portfolio determines the amount of the redemption fee and when the fee is imposed. The redemption fee is retained by or paid to the fund or portfolio and is not retained by the Company. The redemption fee is deducted from the contract value through the redemption of units. | **0-2%** |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | |
|:---|:---|
| **Contract Charges - continued** | **Range** |
|  **Applicable State Premium Taxes** |  |
| Certain state and local governments impose a premium tax on purchase payments which, depending on the state, is paid by the Company at the time a purchase payment is received from the contract holder or at the time the Contract is annuitized. If the contract holder lives in a state where premium taxes are paid at the time a purchase payment is received, the Company reserves the right to deduct the amount of the premium tax payable from the contract value at the time the purchase payment is received. If the contract holder lives in a state where premium taxes are paid at time of annuitization, the amount of the premium tax payable will be deducted from the contract value. | **0-3.5%** |

---

**Related Party Transactions** 

Policy loans are also provided for under the terms of the policy. The minimum amount of the loan under Zurich Advantage III, Zurich Preferred and Zurich Preferred Plus policies is $1,000 and the contract must have at least a $1,500 value. The minimum amount of loan under Zurich Archway and Zurich ZS4 policies is $1,000 and is limited to 80% of the policy value, less applicable surrender charges. The minimum amount of loan under Scudder Destinations policies is $1,000 and maximum loan amount available is 50% of contract value or $50,000 whichever is less. Farmers Variable Annuity I and Zurich Passport policies do not have loan privileges. Interest is assessed against a policy loan under the terms of the Contract. The balance of loans outstanding as of December 31, 2025, was $19,620,832. Policy loans are carried in the ZALICO general account.

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

**(5) Changes in Units Outstanding** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units Issued** | **Units Redeemed** | **Net Increase / <br>(Decrease)** |
|  **Alger Portfolios:** |  |  |  |
|  Alger Balanced-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 42036 | 138485 | (96449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 54100 | 88788 | (34688) |
|  Alger Capital Appreciation-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27929 | 116508 | (88579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31927 | 121827 | (89900) |
|  Alger Large Cap Growth-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1846 | 5936 | (4090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2640 | 8713 | (6073) |
|  Alger Mid Cap Growth-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3652 | 13028 | (9376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2662 | 11766 | (9104) |
|  Alger Small Cap Growth-Class I-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2488 | 7313 | (4825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2408 | 7857 | (5449) |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units Issued** | **Units Redeemed** | **Net Increase / <br>(Decrease)** |
|  **BNY Mellon Investment Portfolios:** |  |  |  |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21396 | 75774 | (54378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22763 | 73404 | (50641) |
|  BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares | BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12839 | 14638 | (1799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8101 | 19965 | (11864) |
|  **BNY Mellon Sustainable U.S. Equity Funds:** |  |  |  |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4345 | 23564 | (19219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5304 | 22032 | (16728) |
|  BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares | BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 49 | (49) |
|  **Deutsche DWS Variable Series I:** |  |  |  |
|  DWS Capital Growth VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25711 | 328092 | (302381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38420 | 372422 | (334002) |
|  DWS Capital Growth VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 6013 | (6013) |
|  DWS Core Equity VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 20839 | 161648 | (140809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 23269 | 169539 | (146270) |
|  DWS Core Equity VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 441 | (441) |
|  DWS CROCI<sup>®</sup> International VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 68091 | 162612 | (94521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36097 | 95561 | (59464) |
|  DWS CROCI<sup>®</sup> International VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 2467 | (2467) |
|  DWS Global Small Cap VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17654 | 78956 | (61302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10587 | 62770 | (52183) |
|  DWS Small Cap Index VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9964 | 37364 | (27400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 69406 | 18405 | 51001 |
|  **Deutsche DWS Variable Series II:** |  |  |  |
|  DWS CROCI<sup>®</sup> U.S. VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 43310 | 488439 | (445129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46000 | 524147 | (478147) |
|  DWS CROCI<sup>®</sup> U.S. VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 7640 | (7640) |
|  DWS Global Income Builder VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 41263 | 519451 | (478188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 73029 | 551438 | (478409) |
|  DWS Government Money Market VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4802455 | 6913276 | (2110821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4283384 | 5404337 | (1120953) |
|  DWS High Income VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 61596 | 89097 | (27501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46988 | 260416 | (213428) |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units Issued** | **Units Redeemed** | **Net Increase / <br>(Decrease)** |
|  DWS High Income VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 342 | (342) |
|  DWS International Opportunities VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47018 | 62020 | (15002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15490 | 67223 | (51733) |
|  DWS Small Mid Cap Growth VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 127548 | 556983 | (429435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 173787 | 648287 | (474500) |
|  DWS Small Mid Cap Value VIP A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 78869 | 368799 | (289930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 151869 | 457568 | (305699) |
|  DWS Small Mid Cap Value VIP B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 3367 | (3367) |
|  **Deutsche DWS Investments VIT Funds:** |  |  |  |
|  DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A | DWS Equity 500 Index VIP A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 65748 | 307940 | (242192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 86779 | 264064 | (177285) |
|  **Fidelity Variable Insurance Products Funds:** |  |  |  |
|  Fidelity VIP Contrafund | Fidelity VIP Contrafund | Fidelity VIP Contrafund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9158 | 73612 | (64454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46073 | 58936 | (12863) |
|  Fidelity VIP Equity Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2168 | 16874 | (14706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5573 | 21023 | (15450) |
|  Fidelity VIP Growth |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 844 | 18702 | (17858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9625 | 18969 | (9344) |
|  Fidelity VIP Asset Manager 50% Portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2127 | 5606 | (3479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1714 | 6295 | (4581) |
|  Fidelity VIP II Index 500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9692 | 17681 | (7989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3971 | 22997 | (19026) |
|  Fidelity VIP II Index 500 - Service Class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10 | 729 | (719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 247 | 798 | (551) |
|  **Franklin Templeton Variable Insurance Products Trust:** |  |  |  |
|  FTVIP Franklin Mutual Global Discovery Fund CL 2 | FTVIP Franklin Mutual Global Discovery Fund CL 2 | FTVIP Franklin Mutual Global Discovery Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6963 | 33920 | (26957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12394 | 45128 | (32734) |
|  FTVIP Franklin Mutual Shares Fund CL 2 | FTVIP Franklin Mutual Shares Fund CL 2 | FTVIP Franklin Mutual Shares Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1337 | 12267 | (10930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6599 | 18040 | (11441) |
|  FTVIP Franklin Rising Dividends Fund CL 2 | FTVIP Franklin Rising Dividends Fund CL 2 | FTVIP Franklin Rising Dividends Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6821 | 14451 | (7630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3657 | 17512 | (13855) |
|  FTVIP Franklin Small Cap Value Fund CL 2 | FTVIP Franklin Small Cap Value Fund CL 2 | FTVIP Franklin Small Cap Value Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3379 | 15726 | (12347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4264 | 13651 | (9387) |
|  FTVIP Franklin Strategic Income Fund CL 2 | FTVIP Franklin Strategic Income Fund CL 2 | FTVIP Franklin Strategic Income Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11205 | 19188 | (7983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21580 | 24428 | (2848) |

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units Issued** | **Units Redeemed** | **Net Increase / <br>(Decrease)** |
|  FTVIP Franklin U.S. Government Fund CL 2 | FTVIP Franklin U.S. Government Fund CL 2 | FTVIP Franklin U.S. Government Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8556 | 22392 | (13836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13372 | 8336 | 5036 |
|  FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 | FTVIP Templeton Developing Markets Fund CL 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7208 | 8390 | (1182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2894 | 11184 | (8290) |
|  **Invesco Variable Insurance Funds:** |  |  |  |
|  Invesco V.I. Discovery Large Cap Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1236 | 5125 | (3889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4646 | 5074 | (428) |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1591 | 4000 | (2409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1742 | 2965 | (1223) |
|  Invesco V.I. Diversified Dividend Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2534 | 7819 | (5285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1919 | 2931 | (1012) |
|  Invesco V.I. Equity and Income Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 51897 | 178166 | (126269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 63993 | 143607 | (79614) |
|  Invesco V.I. Global Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13756 | 44082 | (30326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8171 | 36355 | (28184) |
|  Invesco V.I. Global Real Estate Fund Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6625 | 9984 | (3359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4310 | 15876 | (11566) |
|  Invesco V.I. Global Strategic Income Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10942 | 28367 | (17425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9638 | 10945 | (1307) |
|  Invesco V.I. Health Care Series I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1106 | 7850 | (6744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2367 | 6338 | (3971) |
|  Invesco V.I. Main Street Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3592 | 9450 | (5858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2750 | 10523 | (7773) |
|  Invesco V.I. Main Street Small Cap Fund Series II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4122 | 11822 | (7700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4558 | 15120 | (10562) |
|  **Janus Aspen Series:** |  |  |  |
|  Janus Henderson Balanced Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9345 | 68930 | (59585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12988 | 67558 | (54570) |
|  Janus Henderson Enterprise Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5841 | 36528 | (30687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4913 | 36747 | (31834) |
|  Janus Henderson Forty Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19422 | 27509 | (8087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 26665 | 27862 | (1197) |
|  Janus Henderson Global Research Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3248 | 40604 | (37356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2771 | 43191 | (40420) |
|  Janus Henderson Mid Cap Value Portfolio S-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1528 | 7488 | (5960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2690 | 7355 | (4665) |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units Issued** | **Units Redeemed** | **Net Increase / <br>(Decrease)** |
|  Janus Henderson Research Portfolio I-S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 871 | 34193 | (33322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3275 | 28850 | (25575) |
|  **Lincoln Financial Group:** |  |  |  |
|  LVIP American Century Disciplined Core Value | LVIP American Century Disciplined Core Value | LVIP American Century Disciplined Core Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1039 | 38162 | (37123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4844 | 43742 | (38898) |
|  LVIP American Century Value | LVIP American Century Value | LVIP American Century Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5464 | 30267 | (24803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12335 | 53223 | (40888) |
|  LVIP JPMorgan Core Bond | LVIP JPMorgan Core Bond | LVIP JPMorgan Core Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3364 | 3549 | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6787 | 600 | 6187 |
|  LVIP JPMorgan MidCap Value | LVIP JPMorgan MidCap Value | LVIP JPMorgan MidCap Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2091 | 12035 | (9944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11327 | 25085 | (13758) |
|  LVIP JPMorgan Small Cap Core | LVIP JPMorgan Small Cap Core | LVIP JPMorgan Small Cap Core |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5154 | 15463 | (10309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3836 | 12581 | (8745) |
|  LVIP JPMorgan US Equity Portfolio | LVIP JPMorgan US Equity Portfolio | LVIP JPMorgan US Equity Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 935 | 1396 | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1288 | 3485 | (2197) |
|  **Voya Global Resources Trust:** |  |  |  |
|  Voya Global High Dividend Low Volatility Portfolio Class S | Voya Global High Dividend Low Volatility Portfolio Class S | Voya Global High Dividend Low Volatility Portfolio Class S |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 20760 | 32599 | (11839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2991 | 10774 | (7783) |
|  **Voya Investors Trust:** |  |  |  |
|  VY JPMorgan Emerging Markets Equity Portfolio Class I | VY JPMorgan Emerging Markets Equity Portfolio Class I | VY JPMorgan Emerging Markets Equity Portfolio Class I |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4241 | 14664 | (10423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8030 | 17286 | (9256) |

---

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

(6) Unit Values and Financial Highlights

ZALICO sells a number of variable annuity products, as discussed in Note 1, that are funded by the Separate Account. These products have unique combinations of features and fees that are charged against the contract owner's account. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The following tables were developed by determining which products offered by ZALICO and funded by the Separate Account have the highest and lowest expense ratios. The summaries may not reflect or directly equate to the minimum and maximum charges offered by ZALICO, as contract owners may not have selected all available and applicable contract options. A summary of the units outstanding, unit fair values, net assets for variable annuity contracts, net investment income ratios, the expense ratios, excluding expenses of the underlying funds, and total returns for each of the five years in the period ended December 31, 2025, (except for funds which are no longer active and which have not been shown in the accompanying financial statements) were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
|  **Alger Portfolios:** |  |  |  |  |  |  |  |  |  |
|  Alger Balanced-Class I-2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 790 | $36.382 | $36.382 | $28748 | N/A | 1.40% | 1.40% | 14.55% | 14.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 887 | 31.762 | 31.762 | 28161 | N/A | 1.40% | 1.40% | 15.44% | 15.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 921 | 27.515 | 27.515 | 25350 | 1.42% | 1.40% | 1.40% | 15.81% | 15.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 985 | 23.758 | 23.758 | 23391 | 1.10% | 1.40% | 1.40% | (12.53)% | (12.53)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1026 | 27.162 | 27.162 | 27882 | 0.89% | 1.40% | 1.40% | 17.48% | 17.48% |
|  Alger Capital Appreciation-Class I-2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 676 | 98.486 | 98.486 | 66567 | N/A | 1.40% | 1.40% | 31.04% | 31.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 764 | 75.159 | 75.159 | 57457 | N/A | 1.40% | 1.40% | 46.07% | 46.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 854 | 51.453 | 51.453 | 43960 | N/A | 1.40% | 1.40% | 41.16% | 41.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 896 | 36.450 | 36.450 | 32643 | N/A | 1.40% | 1.40% | (37.40)% | (37.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1052 | 58.225 | 58.225 | 61274 | N/A | 1.40% | 1.40% | 17.48% | 17.48% |
|  Alger Large Cap Growth-Class I-2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 46 | 230.219 | 391.235 | 16498 | N/A | 1.00% | 2.25% | 27.41% | 28.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 50 | 180.697 | 303.327 | 13947 | N/A | 1.00% | 2.25% | 39.73% | 41.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 56 | 129.321 | 214.418 | 11096 | N/A | 1.00% | 2.25% | 29.76% | 31.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 59 | 99.662 | 163.230 | 8795 | N/A | 1.00% | 2.25% | (40.00)% | (39.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 65 | 166.114 | 268.743 | 15943 | N/A | 1.00% | 2.25% | 9.38% | 10.73% |
|  Alger Mid Cap Growth-Class I-2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 62 | 108.766 | 146.467 | 8360 | N/A | 1.00% | 2.25% | 14.20% | 15.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 71 | 95.244 | 126.691 | 8350 | N/A | 1.00% | 2.25% | 18.39% | 19.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80 | 80.449 | 105.697 | 7880 | N/A | 1.00% | 2.25% | 20.47% | 21.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 85 | 66.779 | 86.667 | 6894 | N/A | 1.00% | 2.25% | (37.48)% | (36.71)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94 | 106.811 | 136.927 | 11921 | N/A | 1.00% | 2.25% | 1.91% | 3.17% |
|  Alger Small Cap Growth-Class I-2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 33 | 62.173 | 160.921 | 4612 | N/A | 1.00% | 2.25% | 3.58% | 4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38 | 60.023 | 153.458 | 5062 | 0.38% | 1.00% | 2.25% | 5.74% | 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44 | 56.765 | 143.346 | 5407 | N/A | 1.00% | 2.25% | 13.94% | 15.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47 | 49.822 | 124.280 | 5073 | N/A | 1.00% | 2.25% | (39.38)% | (38.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 50 | 82.185 | 202.501 | 8908 | N/A | 1.00% | 2.25% | (8.13)% | (6.99)% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
|  **BNY Mellon Investment Portfolios:** |  |  |  |  |  |  |  |  |  |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 453 | $53.438 | $53.438 | $24207 | 0.69% | 1.40% | 1.40% | 8.55% | 8.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 507 | 49.229 | 49.229 | 24978 | 0.87% | 1.40% | 1.40% | 11.05% | 11.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 558 | 44.331 | 44.331 | 24738 | 0.78% | 1.40% | 1.40% | 16.68% | 16.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 609 | 37.993 | 37.993 | 23119 | 0.70% | 1.40% | 1.40% | (15.26)% | (15.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 675 | 44.836 | 44.836 | 30285 | 0.66% | 1.40% | 1.40% | 24.15% | 24.15% |
| BNY Mellon Investment Portfolios MidCap Stock Portfolio - Service Shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 49 | 42.393 | 56.028 | 2570 | N/A | 1.00% | 2.25% | 7.40% | 8.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 51 | 39.473 | 51.532 | 2458 | 0.65% | 1.00% | 2.25% | 9.85% | 11.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 63 | 35.935 | 46.335 | 2715 | 0.54% | 1.00% | 2.25% | 15.40% | 16.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 66 | 31.140 | 39.663 | 2462 | 0.42% | 1.00% | 2.25% | (16.17)% | (15.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 77 | 37.145 | 46.735 | 3357 | 0.47% | 1.00% | 2.25% | 22.80% | 24.32% |
|  **BNY Mellon Sustainable U.S Equity** |  |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Initial Shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 144 | 107.282 | 148.263 | 7364 | 0.26% | 1.00% | 2.25% | (70.88) % | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 163 | 94.588 | 129.123 | 7489 | 0.55% | 1.00% | 2.25% | 22.13% | 23.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 180 | 77.450 | 104.429 | 6663 | 0.73% | 1.00% | 2.25% | 21.11% | 22.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 192 | 21.860 | 85.179 | 5786 | 0.53% | 1.00% | 2.25% | (24.57)% | (23.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 165 | 28.738 | 111.543 | 7622 | 0.77% | 1.00% | 2.25% | 24.20% | 25.74% |
| BNY Mellon Sustainable U.S. Equity Portfolio Inc. - Service Shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | 52.016 | 56.386 | 3 | 0.07% | 1.70% | 2.05% | 13.35% | 13.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 45.889 | 49.574 | 5 | 0.39% | 1.70% | 2.05% | 22.06% | 22.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 37.595 | 40.474 | 4 | 0.58% | 1.70% | 2.05% | 21.03% | 21.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 31.062 | 33.326 | 4 | 0.27% | 1.70% | 2.05% | (24.61)% | (24.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 41.200 | 44.052 | 5 | 0.59% | 1.70% | 2.05% | 24.14% | 24.56% |
|  **Deutsche DWS Variable Series I:** |  |  |  |  |  |  |  |  |  |
| DWS Capital Growth VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2409 | 104.938 | 158.090 | 212376 | 0.05% | 1.00% | 2.25% | (1.77)% | 11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2712 | 95.352 | 141.895 | 214643 | 0.19% | 1.00% | 2.25% | 23.82% | 25.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3046 | 77.011 | 113.192 | 192915 | 0.08% | 1.00% | 2.25% | 35.54% | 37.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3324 | 37.571 | 82.497 | 153866 | 0.09% | 1.00% | 2.25% | (32.26)% | (31.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3587 | 55.003 | 120.298 | 243399 | 0.21% | 1.00% | 2.25% | 20.08% | 21.56% |
| DWS Capital Growth VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 64.329 | 69.367 |  | N/A | 1.70% | 2.05% | 16.42% | 16.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6 | 55.256 | 59.488 | 343 | N/A | 1.70% | 2.05% | 35.41% | 35.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6 | 40.807 | 43.782 | 254 | N/A | 1.70% | 2.05% | (32.29)% | (32.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6 | 60.271 | 64.443 | 397 | N/A | 1.70% | 2.05% | 20.00% | 20.41% |
| DWS Core Equity VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1061 | 53.556 | 66.326 | 54712 | 0.79% | 1.00% | 2.05% | (7.71)% | 15.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1202 | 46.779 | 57.337 | 53861 | 0.87% | 1.00% | 2.05% | 17.66% | 18.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1348 | 39.758 | 48.229 | 50957 | 0.93% | 1.00% | 2.05% | 23.06% | 24.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1479 | 29.832 | 38.790 | 45120 | 0.78% | 1.00% | 2.05% | (17.22)% | (16.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1602 | 35.810 | 46.380 | 58746 | 0.78% | 1.00% | 2.05% | 22.78% | 24.06% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| DWS Core Equity VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | $49.594 | $53.478 | $— | 1.20% | 1.70% | 2.05% | 13.57% | 13.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 43.670 | 47.014 | 21 | 0.61% | 1.70% | 2.05% | 22.66% | 23.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 35.601 | 38.197 | 17 | 0.44% | 1.70% | 2.05% | (17.42)% | (17.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 43.109 | 46.094 | 21 | 0.46% | 1.70% | 2.05% | 22.43% | 22.85% |
| DWS CROCI<sup>®</sup> International VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 841 | 18.129 | 26.813 | 15680 | 2.62% | 1.00% | 2.25% | (3.98)% | 43.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 935 | 12.792 | 18.689 | 12124 | 3.38% | 1.00% | 2.25% | 0.19% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 995 | 12.768 | 18.425 | 12748 | 3.32% | 1.00% | 2.25% | 16.34% | 17.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1037 | 10.596 | 15.645 | 11356 | 3.09% | 1.00% | 2.25% | (15.10)% | (14.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1093 | 12.376 | 18.201 | 13981 | 2.46% | 1.00% | 2.25% | 6.83% | 8.16% |
| DWS CROCI<sup>®</sup> International VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 14.286 | 15.405 |  | 0.01% | 1.70% | 2.05% | (0.32)% | (0.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2 | 14.331 | 15.429 | 36 | 2.99% | 1.70% | 2.05% | 16.20% | 16.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2 | 12.333 | 13.233 | 31 | 2.76% | 1.70% | 2.05% | (15.25)% | (14.96) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2 | 14.553 | 15.560 | 37 | 2.20% | 1.70% | 2.05% | 6.75% | 7.12% |
| DWS Global Small Cap VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 440 | 46.732 | 46.732 | 20567 | 1.18% | 1.40% | 1.40% | 18.85% | 18.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 501 | 39.320 | 39.320 | 19716 | 1.39% | 1.40% | 1.40% | 4.29% | 4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 554 | 37.702 | 37.702 | 20872 | 0.88% | 1.40% | 1.40% | 22.85% | 22.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 585 | 30.690 | 30.690 | 17947 | 0.52% | 1.40% | 1.40% | (25.10)% | (25.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 638 | 40.976 | 40.976 | 26160 | 0.37% | 1.40% | 1.40% | 13.35% | 13.35% |
| DWS Small Cap Index VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 99 | 10.687 | 10.687 | 1054 | 1.16% | 1.40% | 1.40% | 11.08% | 11.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 126 | 9.621 | 9.621 | 1212 | 0.82% | 1.40% | 1.40% | 9.61% | 9.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75 | 8.778 | 8.778 | 658 | 0.88% | 1.40% | 1.40% | 15.15% | 15.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 66 | 7.623 | 7.623 | 502 | 0.57% | 1.40% | 1.40% | (21.73)% | (21.73)% |
|  **Deutsche DWS Variable Series II:** |  |  |  |  |  |  |  |  |  |
| DWS CROCI<sup>®</sup> U.S. VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3243 | 5.236 | 6.839 | 74386 | 1.29% | 1.00% | 2.05% | 14.84% | 574.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3688 | 4.560 | 5.894 | 74198 | 1.54% | 1.00% | 2.05% | 15.38% | 16.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4166 | 3.952 | 5.056 | 72114 | 1.69% | 1.00% | 2.05% | 18.34% | 19.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4502 | 3.339 | 23.177 | 65867 | 1.74% | 1.00% | 2.05% | (17.09)% | (16.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4841 | 4.028 | 27.777 | 85179 | 2.01% | 1.00% | 2.05% | 24.14% | 25.43% |
| DWS CROCI<sup>®</sup> U.S. VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 24.555 | 26.478 |  | 0.54% | 1.70% | 2.05% | 8.91% | 9.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8 | 22.547 | 24.274 | 178 | 1.36% | 1.70% | 2.05% | 17.96% | 18.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8 | 19.114 | 20.508 | 152 | 1.41% | 1.70% | 2.05% | (17.36)% | (17.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8 | 23.130 | 24.731 | 183 | 1.62% | 1.70% | 2.05% | 23.73% | 24.16% |
| DWS Global Income Builder VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3775 | 4.571 | 20.798 | 63925 | N/A | 1.00% | 2.25% | 13.25% | 504.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4253 | 4.036 | 16.796 | 63700 | 3.55% | 1.00% | 2.25% | 6.69% | 8.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4731 | 3.783 | 16.794 | 65300 | 3.15% | 1.00% | 2.25% | 12.37% | 13.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5292 | 3.367 | 19.097 | 64529 | 2.84% | 1.00% | 2.25% | (16.85)% | (15.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5833 | 4.049 | 22.825 | 85226 | 2.35% | 1.00% | 2.25% | 8.51% | 9.86% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| DWS Government Money Market VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13893 | $0.853 | $14.029 | $53675 | 3.98% | — % | 2.25% | 1.67% | 437.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15208 | 0.839 | 13.495 | 56007 | 4.87% | — % | 2.25% | 2.60% | 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16329 | 0.818 | 12.862 | 57342 | 4.42% | — % | 2.25% | 2.45% | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 20794 | 0.798 | 16.076 | 68688 | 1.23% | — % | 2.25% | (0.92) % | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20150 | 0.805 | 16.169 | 69256 | 0.01% | — % | 2.25% | (2.19) % | 0.02% |
| DWS High Income VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 885 | 2.073 | 20.468 | 25164 | N/A | 1.00% | 2.25% | 6.54% | 428.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1708 | 1.945 | 18.976 | 25082 | 5.86% | 1.00% | 2.25% | 4.77% | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1921 | 1.857 | 17.889 | 26142 | 5.26% | 1.00% | 2.25% | 8.89% | 10.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2072 | 1.705 | 22.349 | 25808 | 5.12% | 1.00% | 2.25% | (10.88) % | (9.78) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2441 | 1.913 | 24.871 | 33464 | 4.73% | 1.00% | 2.25% | 1.72% | 2.97% |
| DWS High Income VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 23.785 | 25.648 |  | 11.16% | 1.70% | 2.05% | 1.06% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 23.535 | 25.338 | 8 | 4.99% | 1.70% | 2.05% | 8.84% | 9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 21.623 | 23.199 | 8 | 4.72% | 1.70% | 2.05% | (11.19) % | (10.89) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 24.349 | 26.034 | 9 | 4.25% | 1.70% | 2.05% | 1.71% | 2.06% |
| DWS International Opportunities VIP A (c) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 416 | 32.494 | 32.494 | 13510 | 0.92% | 1.40% | 1.40% | 17.28% | 17.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 431 | 27.707 | 27.707 | 11935 | 1.26% | 1.40% | 1.40% | 7.84% | 7.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 483 | 25.692 | 25.692 | 12396 | 0.77% | 1.40% | 1.40% | 14.44% | 14.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 506 | 22.449 | 22.449 | 11356 | 0.98% | 1.40% | 1.40% | (29.50) % | (29.50) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 587 | 31.842 | 31.842 | 18699 | 0.33% | 1.40% | 1.40% | 6.62% | 6.62% |
| DWS International Growth VIP B (f) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 20.715 | 22.226 |  | N/A |  | 0.0205 | (30.14) % | (29.90) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 29.651 | 31.704 |  | N/A |  | 0.0205 | 5.71% | 6.08% |
| DWS Small Mid Cap Growth VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3651 | 2.676 | 6.188 | 40412 | N/A | 1.00% | 2.25% | 5.74% | 337.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4080 | 2.531 | 5.781 | 41505 | N/A | 1.00% | 2.25% | 2.82% | 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4554 | 2.462 | 5.553 | 45050 | 0.02% | 1.00% | 2.25% | 16.22% | 17.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4855 | 2.118 | 27.366 | 41098 | N/A | 1.00% | 2.25% | (29.60) % | (28.73) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5170 | 3.009 | 38.664 | 61937 | 0.04% | 1.00% | 2.25% | 11.34% | 12.71% |
| DWS Small Mid Cap Value VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2501 | 49.104 | 7.664 | 42717 | N/A | 1.00% | 2.25% | 15.62% | 788.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2791 | 6.548 | 42.472 | 41143 | 1.21% | 1.00% | 2.25% | 3.86% | 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3096 | 6.227 | 40.894 | 43461 | 1.14% | 1.00% | 2.25% | 12.43% | 13.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3413 | 4.321 | 44.132 | 42049 | 0.84% | 1.00% | 2.25% | (17.65) % | (16.64) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3854 | 5.237 | 53.070 | 55130 | 1.35% | 1.00% | 2.25% | 27.63% | 29.21% |
| DWS Small Mid Cap Value VIP B |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1 | 43.251 | 46.886 | 31 | 0.54% | 1.70% | 2.05% | 15.48% | 15.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1 | 37.453 | 40.462 | 27 | 0.24% | 1.70% | 2.05% | 3.66% | 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4 | 36.132 | 38.900 | 151 | 0.77% | 1.70% | 2.05% | 12.29% | 12.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 32.177 | 34.523 | 135 | 0.45% | 1.70% | 2.05% | (17.82) % | (17.54) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 39.155 | 45.680 | 164 | 0.91% | 1.70% | 2.05% | 27.43% | 27.87% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
|  **Deutsche DWS Investments VIT Funds:** |  |  |  |  |  |  |  |  |  |
| DWS Equity 500 Index VIP A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1865 | $59.042 | $59.042 | $110128 | 1.06% | 1.40% | 1.40% | 16.01% | 16.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2107 | 50.894 | 50.894 | 107257 | 1.27% | 1.40% | 1.40% | 22.89% | 22.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2285 | 41.414 | 41.414 | 94619 | 1.37% | 1.40% | 1.40% | 24.27% | 24.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2420 | 33.326 | 33.326 | 80647 | 1.20% | 1.40% | 1.40% | (19.46)% | (19.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2499 | 41.381 | 41.381 | 103413 | 1.44% | 1.40% | 1.40% | 26.63% | 26.63% |
|  **Fidelity Variable Insurance Products Funds:** | **Fidelity Variable Insurance Products Funds:** | **Fidelity Variable Insurance Products Funds:** | **Fidelity Variable Insurance Products Funds:** |  |  |  |  |  |  |
| Fidelity VIP Contrafund |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 349 | 159.955 | 277.851 | 87588 | 0.13% | 1.00% | 2.25% | 18.81% | 20.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 413 | 134.631 | 231.006 | 86643 | 0.20% | 1.00% | 2.25% | 30.83% | 32.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 426 | 102.903 | 174.397 | 67485 | 0.49% | 1.00% | 2.25% | 30.53% | 32.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 461 | 78.838 | 131.984 | 55394 | 0.45% | 1.00% | 2.25% | (27.93)% | (27.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 510 | 109.394 | 180.903 | 84274 | 0.06% | 1.00% | 2.25% | 25.02% | 26.57% |
| Fidelity VIP Equity Income |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 151 | 83.880 | 156.150 | 21035 | 1.76% | 1.00% | 2.25% | 16.40% | 17.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 166 | 72.061 | 132.508 | 19602 | 1.80% | 1.00% | 2.25% | 12.80% | 14.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 181 | 63.886 | 116.031 | 18792 | 1.87% | 1.00% | 2.25% | 8.22% | 9.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 201 | 59.033 | 105.911 | 19060 | 1.85% | 1.00% | 2.25% | (7.05)% | (5.90)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 207 | 63.507 | 112.548 | 20842 | 1.93% | 1.00% | 2.25% | 22.15% | 23.66% |
| Fidelity VIP Growth |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 116 | 210.617 | 435.261 | 45568 | 0.27% | 1.00% | 2.25% | 12.37% | 13.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 134 | 187.428 | 382.607 | 46383 | N/A | 1.00% | 2.25% | 27.51% | 29.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 143 | 146.995 | 296.382 | 38503 | 0.13% | 1.00% | 2.25% | 33.25% | 34.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 156 | 110.315 | 219.717 | 31083 | 0.58% | 1.00% | 2.25% | (26.12)% | (25.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 199 | 149.310 | 293.752 | 53502 | N/A | 1.00% | 2.25% | 20.50% | 22.00% |
| Fidelity VIP Asset Manager 50 % Portfolio (b) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34 | 56.539 | 73.841 | 2305 | 2.45% | 1.00% | 2.05% | 12.68% | 13.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38 | 50.179 | 64.861 | 2238 | 2.38% | 1.00% | 2.05% | 6.31% | 7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 42 | 47.202 | 60.382 | 2345 | 2.32% | 1.00% | 2.05% | 10.68% | 11.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45 | 42.647 | 53.995 | 2224 | 1.97% | 1.00% | 2.05% | (16.64)% | (15.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47 | 51.161 | 64.109 | 2766 | 1.58% | 1.00% | 2.05% | 7.71% | 8.83% |
| Fidelity VIP II Index 500 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 109 | 764.353 | 998.246 | 99355 | N/A | 1.00% | 2.05% | 15.41% | 16.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 117 | 662.284 | 856.051 | 89090 | 1.28% | 1.00% | 2.05% | 22.38% | 23.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 136 | 541.185 | 692.287 | 84306 | 1.52% | 1.00% | 2.05% | 23.67% | 24.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 134 | 437.614 | 554.059 | 66571 | 1.37% | 1.00% | 2.05% | (19.85)% | (19.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 145 | 546.016 | 684.202 | 89301 | 1.26% | 1.00% | 2.05% | 26.00% | 27.30% |
| Fidelity VIP II Index 500 - Service Class 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3 | 649.211 | 825.293 | 1966 | N/A | 1.25% | 2.25% | 14.90% | 16.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | 565.029 | 711.259 | 2179 | 1.05% | 1.25% | 2.25% | 21.83% | 23.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4 | 463.779 | 578.067 | 2086 | 1.25% | 1.25% | 2.25% | 23.12% | 24.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4 | 376.692 | 464.942 | 1796 | 1.16% | 1.25% | 2.25% | (20.21)% | (19.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4 | 47.802 | 577.024 | 2405 | 1.03% | 1.25% | 2.25% | 25.44% | 26.67% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| **Franklin Templeton Variable Insurance Products Trust:** |  |  |  |  |  |  |  |  |  |
| FTVIP Franklin Mutual Global Discovery Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 183 | $45.583 | $60.242 | $10243 | 1.86% | 1.00% | 2.25% | 20.63% | 22.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 210 | 37.788 | 49.331 | 9664 | 1.71% | 1.00% | 2.25% | 2.34% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 242 | 36.924 | 47.610 | 10819 | 2.47% | 1.00% | 2.25% | 17.67% | 19.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 263 | 31.379 | 39.967 | 9894 | 1.35% | 1.00% | 2.25% | (6.84)% | (5.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 286 | 33.683 | 42.379 | 11421 | 2.78% | 1.00% | 2.25% | 16.51% | 17.95% |
| FTVIP Franklin Mutual Shares Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 58 | 29.990 | 39.636 | 2119 | 1.96% | 1.00% | 2.25% | 9.07% | 10.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 69 | 27.497 | 35.897 | 2293 | 1.97% | 1.00% | 2.25% | 8.81% | 10.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80 | 25.271 | 32.585 | 2438 | 1.85% | 1.00% | 2.25% | 10.97% | 12.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 84 | 22.772 | 29.005 | 2292 | 1.85% | 1.00% | 2.25% | (9.46)% | (8.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 111 | 25.153 | 31.646 | 3310 | 3.02% | 1.00% | 2.25% | 16.55% | 17.99% |
| FTVIP Franklin Rising Dividends Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 98 | 50.600 | 66.874 | 6109 | N/A | 1.00% | 2.25% | 9.35% | 10.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 105 | 46.275 | 60.411 | 5952 | 1.04% | 1.00% | 2.25% | 8.34% | 9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 119 | 42.715 | 55.077 | 6154 | 0.91% | 1.00% | 2.25% | 9.62% | 10.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 125 | 38.968 | 49.633 | 5816 | 0.75% | 1.00% | 2.25% | (12.54)% | (11.45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 132 | 44.552 | 56.053 | 6967 | 0.90% | 1.00% | 2.25% | 24.00% | 25.53% |
| FTVIP Franklin Small Cap Value Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 56 | 50.621 | 66.904 | 3441 | 1.06% | 1.00% | 2.25% | 5.29% | 6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 68 | 48.080 | 62.768 | 3966 | 0.92% | 1.00% | 2.25% | 9.23% | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77 | 44.016 | 56.756 | 4092 | 0.51% | 1.00% | 2.25% | 10.27% | 11.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 81 | 39.916 | 50.842 | 3859 | 0.93% | 1.00% | 2.25% | (12.04)% | (10.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 92 | 45.380 | 57.096 | 4950 | 1.16% | 1.00% | 2.25% | 22.61% | 24.13% |
| FTVIP Franklin Strategic Income Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 119 | 16.674 | 22.037 | 2443 | 4.96% | 1.00% | 2.25% | 4.89% | 6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 127 | 15.898 | 20.753 | 2461 | 4.76% | 1.00% | 2.25% | 1.72% | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 130 | 15.629 | 20.152 | 2450 | 4.55% | 1.00% | 2.25% | 5.81% | 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 146 | 14.771 | 18.813 | 2583 | 4.10% | 1.00% | 2.25% | (12.71)% | (11.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 170 | 16.922 | 21.290 | 3415 | 3.28% | 1.00% | 2.25% | (0.14)% | 1.10% |
| FTVIP Franklin U.S. Government Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 79 | 10.230 | 13.521 | 999 | N/A | 1.00% | 2.25% | 4.35% | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 93 | 9.804 | 12.799 | 1115 | 2.86% | 1.00% | 2.25% | (0.88)% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 88 | 9.891 | 12.753 | 1053 | 2.24% | 1.00% | 2.25% | 2.17% | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 108 | 9.680 | 12.330 | 1249 | 1.84% | 1.00% | 2.25% | (11.73)% | (10.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 114 | 10.967 | 13.799 | 1486 | 2.39% | 1.00% | 2.25% | (3.99)% | (2.80)% |
| FTVIP Templeton Developing Markets Fund CL 2 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 41 | 41.480 | 54.822 | 2092 | N/A | 1.00% | 2.25% | 43.06% | 44.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42 | 28.996 | 37.855 | 1491 | 4.25% | 1.00% | 2.25% | 5.29% | 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 50 | 27.540 | 35.512 | 1680 | 2.06% | 1.00% | 2.25% | 10.15% | 11.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 53 | 25.002 | 31.847 | 1577 | 2.35% | 1.00% | 2.25% | (23.70)% | (22.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 61 | 32.768 | 41.228 | 2367 | 0.95% | 1.00% | 2.25% | (7.82)% | (6.67)% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| **Invesco Variable Insurance Funds:** |  |  |  |  |  |  |  |  |  |
| Invesco V.I. Discovery Large Cap Fund Series II (a) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26 | $56.028 | $74.046 | $1801 | N/A | 1.00% | 2.25% | 10.06% | 11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30 | 50.907 | 66.457 | 1864 | N/A | 1.00% | 2.25% | 30.87% | 32.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 31 | 38.900 | 50.158 | 1432 | N/A | 1.00% | 2.25% | 32.07% | 33.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 34 | 29.455 | 37.517 | 1207 | N/A | 1.00% | 2.25% | (32.48)% | (31.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 37 | 43.624 | 54.886 | 1923 | N/A | 1.00% | 2.25% | 19.59% | 21.07% |
| Invesco V.I. Discovery Mid Cap Growth Fund Series II |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26 | 46.495 | 61.450 | 1492 | N/A | 1.00% | 2.25% | 2.23% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 28 | 45.479 | 59.373 | 1577 | N/A | 1.00% | 2.25% | 21.18% | 22.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30 | 37.530 | 48.393 | 1345 | N/A | 1.00% | 2.25% | 10.38% | 11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30 | 34.002 | 43.310 | 1219 | N/A | 1.00% | 2.25% | (32.65)% | (31.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32 | 50.483 | 63.516 | 1882 | N/A | 1.00% | 2.25% | 16.18% | 17.62% |
| Invesco V.I. Diversified Dividend Fund Series I |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22 | 18.718 | 24.740 | 499 | 1.45% | 1.00% | 2.25% | 13.19% | 14.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27 | 16.536 | 21.589 | 544 | 1.91% | 1.00% | 2.25% | 10.71% | 12.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28 | 14.936 | 19.261 | 506 | 1.78% | 1.00% | 2.25% | 6.65% | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44 | 14.004 | 17.839 | 747 | 2.05% | 1.00% | 2.25% | (3.84)% | (2.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41 | 14.563 | 18.325 | 712 | 2.09% | 1.00% | 2.25% | 16.28% | 17.72% |
| Invesco V.I. Equity and Income Fund Series I |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 795 | 12.325 | 13.053 | 10140 | 2.14% | 1.00% | 2.25% | 8.93% | 11.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 922 | 11.171 | 11.687 | 10560 | 1.76% | 1.00% | 2.25% | 9.64% | 11.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1001 | 10.189 | 10.529 | 10375 | 1.84% | 1.00% | 2.25% | 8.13% | 9.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1176 | 9.423 | 9.618 | 11180 | 1.78% | 1.00% | 2.25% | (9.54)% | (8.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 882 | 10.408 | 10.503 | 9193 | N/A | 1.00% | 2.25% | (41.11)% | 5.03% |
| Invesco V.I. Global Fund Series II |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 224 | 57.648 | 66.906 | 15898 | N/A | 1.00% | 2.25% | 12.48% | 13.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 254 | 51.250 | 66.906 | 15898 | N/A | 1.00% | 2.25% | 13.22% | 14.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 283 | 45.265 | 58.366 | 15443 | N/A | 1.00% | 2.25% | 31.50% | 33.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 298 | 34.422 | 43.845 | 12285 | N/A | 1.00% | 2.25% | (33.43)% | (32.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 331 | 51.712 | 65.061 | 20319 | N/A | 1.00% | 2.25% | 12.64% | 14.03% |
| Invesco V.I. Global Real Estate Fund Series I |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 60 | 25.339 | 33.490 | 1852 | 2.08% | 1.00% | 2.25% | 5.48% | 6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 63 | 24.023 | 31.363 | 1838 | 2.53% | 1.00% | 2.25% | (3.97)% | (2.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75 | 25.017 | 32.259 | 2246 | 1.40% | 1.00% | 2.25% | 6.65% | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 87 | 23.457 | 29.878 | 2443 | 2.79% | 1.00% | 2.25% | (26.59)% | (25.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 93 | 31.951 | 40.201 | 3527 | 2.72% | 1.00% | 2.25% | 22.95% | 24.47% |
| Invesco V.I. Global Strategic Income Fund Series II |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 87 | 14.888 | 19.677 | 1586 | N/A | 1.00% | 2.25% | 10.27% | 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 104 | 13.501 | 17.626 | 1711 | 2.76% | 1.00% | 2.25% | 0.52% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 105 | 13.432 | 17.320 | 1709 | N/A | 1.00% | 2.25% | 6.22% | 7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 125 | 12.646 | 16.107 | 1892 | N/A | 1.00% | 2.25% | (13.65)% | (12.59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 142 | 14.646 | 18.427 | 2468 | 4.22% | 1.00% | 2.25% | (5.69)% | (4.52)% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| Invesco V.I. Health Care Series I |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27 | $39.100 | $51.676 | $1296 | N/A | 1.00% | 2.25% | 12.79% | 14.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 34 | 34.666 | 45.256 | 1425 | N/A | 1.00% | 2.25% | 1.86% | 3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 38 | 34.032 | 43.882 | 1548 | N/A | 1.00% | 2.25% | 0.76% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41 | 33.775 | 43.020 | 1665 | N/A | 1.00% | 2.25% | (15.22)% | (14.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44 | 39.839 | 50.124 | 2063 | 0.20% | 1.00% | 2.25% | 9.83% | 11.19% |
| Invesco V.I. Main Street Fund Series II |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 70 | 51.115 | 67.553 | 4414 | 0.32% | 1.00% | 2.25% | 13.10% | 14.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 76 | 45.196 | 59.001 | 4186 | N/A | 1.00% | 2.25% | 20.66% | 22.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 84 | 37.456 | 48.296 | 3789 | 0.50% | 1.00% | 2.25% | 20.14% | 21.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 89 | 31.178 | 39.712 | 3306 | 1.04% | 1.00% | 2.25% | (22.06)% | (21.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94 | 40.004 | 50.330 | 4472 | 0.52% | 1.00% | 2.25% | 24.43% | 25.97% |
| Invesco V.I. Main Street Small Cap Fund Series II |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 94 | 58.302 | 77.053 | 6694 | 0.23% | 1.00% | 2.25% | 6.05% | 7.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 101 | 54.974 | 71.767 | 6768 | N/A | 1.00% | 2.25% | 9.92% | 11.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 112 | 50.013 | 64.488 | 6740 | 0.91% | 1.00% | 2.25% | 15.23% | 16.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 121 | 43.402 | 55.281 | 6291 | 0.24% | 1.00% | 2.25% | (17.89) % | (16.87) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 130 | 52.856 | 66.501 | 8169 | 0.19% | 1.00% | 2.25% | 19.57% | 21.05% |
|  **Janus Aspen Series:** |  |  |  |  |  |  |  |  |  |
| Janus Henderson Balanced Portfolio I-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 438 | 93.803 | 152.696 | 60843 | 2.00% | 1.00% | 2.25% | 12.57% | 13.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 498 | 83.326 | 133.984 | 60692 | 2.08% | 1.00% | 2.25% | 12.87% | 14.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 552 | 73.822 | 117.244 | 59012 | 2.09% | 1.00% | 2.25% | 12.88% | 14.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 600 | 65.398 | 102.599 | 56266 | 1.16% | 1.00% | 2.25% | (18.24)% | (17.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 653 | 79.986 | 123.953 | 74313 | 0.89% | 1.00% | 2.25% | 14.62% | 16.04% |
| Janus Henderson Enterprise Portfolio I-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 256 | 142.651 | 216.396 | 50560 | 0.20% | 1.00% | 2.25% | 5.30% | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 287 | 135.467 | 202.987 | 53241 | 0.75% | 1.00% | 2.25% | 13.05% | 14.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 318 | 119.831 | 177.350 | 51823 | 0.16% | 1.00% | 2.25% | 15.48% | 16.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 350 | 103.766 | 151.703 | 48904 | 0.19% | 1.00% | 2.25% | (17.79)% | (16.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 381 | 126.217 | 182.273 | 64107 | 0.32% | 1.00% | 2.25% | 14.26% | 15.67% |
| Janus Henderson Forty Portfolio I-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 136 | 89.714 | 89.714 | 12195 | 0.31% | 1.40% | 1.40% | 16.51% | 16.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 144 | 77.000 | 77.000 | 11090 | 0.12% | 1.40% | 1.40% | 26.68% | 26.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 145 | 60.783 | 60.783 | 8827 | 0.20% | 1.40% | 1.40% | 38.04% | 38.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 146 | 44.033 | 44.033 | 6427 | 0.15% | 1.40% | 1.40% | (34.47)% | (34.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 189 | 67.195 | 67.195 | 12733 | 0.46% | 1.40% | 1.40% | 21.20% | 21.20% |
| Janus Henderson Global Research Portfolio I-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 327 | 91.697 | 137.094 | 40924 | N/A | 1.00% | 2.25% | 18.26% | 19.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 364 | 77.539 | 114.511 | 38202 | 0.77% | 1.00% | 2.25% | 20.85% | 22.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 405 | 64.162 | 93.591 | 34788 | 0.93% | 1.00% | 2.25% | 24.00% | 25.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 439 | 51.744 | 74.558 | 30134 | 0.97% | 1.00% | 2.25% | (21.18)% | (20.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 481 | 65.651 | 93.441 | 41547 | 0.52% | 1.00% | 2.25% | 15.49% | 16.92% |

---

------

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| Janus Henderson Mid Cap Value Portfolio S-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52 | $45.580 | $60.239 | $2921 | N/A | 1.00% | 2.25% | 3.95% | 5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 58 | 43.846 | 57.239 | 3106 | 0.85% | 1.00% | 2.25% | 10.31% | 11.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 63 | 39.749 | 51.253 | 3015 | 0.94% | 1.00% | 2.25% | 8.67% | 10.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 63 | 36.578 | 46.590 | 2767 | 1.11% | 1.00% | 2.25% | (7.84)% | (6.71)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 69 | 39.692 | 49.938 | 3214 | 0.30% | 1.00% | 2.25% | 16.80% | 18.24% |
| Janus Henderson Research Portfolio I-S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 235 | 111.767 | 179.238 | 38501 | N/A | 1.00% | 2.25% | 15.78% | 17.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 269 | 96.530 | 152.913 | 37600 | 0.03% | 1.00% | 2.25% | 32.32% | 33.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 294 | 72.952 | 114.143 | 30828 | 0.14% | 1.00% | 2.25% | 40.03% | 41.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 320 | 52.096 | 80.519 | 23718 | 0.14% | 1.00% | 2.25% | (31.43)% | (30.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 348 | 75.978 | 115.995 | 37285 | 0.10% | 1.00% | 2.25% | 17.69% | 19.14% |
|  **Lincoln Financial Group:** |  |  |  |  |  |  |  |  |  |
| LVIP American Century Disciplined Core Value (e) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 246 | 21.827 | 29.322 | 6650 | 1.58% | 1.00% | 2.25% | 12.33% | 13.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 283 | 19.431 | 25.784 | 6748 | 1.31% | 1.00% | 2.25% | 10.59% | 11.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 322 | 17.570 | 23.029 | 6875 | 1.50% | 1.00% | 2.25% | 6.27% | 7.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 347 | 16.534 | 21.406 | 6900 | 1.62% | 1.00% | 2.25% | (14.65)% | (13.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 417 | 19.372 | 24.775 | 9646 | 1.12% | 1.00% | 2.25% | 20.93% | 22.43% |
| LVIP American Century Value (e) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 255 | 28.675 | 40.478 | 9459 | 1.58% | 1.00% | 2.25% | 13.47% | 14.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 280 | 25.271 | 35.237 | 9066 | 2.92% | 1.00% | 2.25% | 7.06% | 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 321 | 23.605 | 32.509 | 9607 | 2.34% | 1.00% | 2.25% | 6.70% | 8.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 357 | 22.122 | 30.095 | 9940 | 2.04% | 1.00% | 2.25% | (1.67)% | (0.45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 381 | 22.497 | 30.232 | 10670 | 1.81% | 1.00% | 2.25% | 21.77% | 23.28% |
| LVIP JPMorgan Core Bond |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 36 | 12.750 | 15.834 | 543 | N/A | 1.25% | 2.25% | 5.04% | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36 | 12.138 | 14.927 | 516 | 4.83% | 1.25% | 2.25% | (0.53)% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30 | 12.203 | 14.859 | 427 | 3.64% | 1.25% | 2.25% | 3.58% | 4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30 | 11.781 | 14.205 | 414 | 1.92% | 1.25% | 2.25% | (14.50)% | (13.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31 | 13.778 | 16.451 | 486 | 1.85% | 1.25% | 2.25% | (3.53)% | (2.57)% |
| LVIP JPMorgan MidCap Value |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 84 | 39.871 | 52.285 | 4107 | 1.07% | 1.00% | 2.25% | 2.41% | 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 94 | 38.932 | 50.430 | 4445 | 1.20% | 1.00% | 2.25% | 11.76% | 13.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 108 | 34.836 | 44.570 | 4514 | 3.07% | 1.00% | 2.25% | 8.48% | 9.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 116 | 32.113 | 40.585 | 4425 | 0.94% | 1.00% | 2.25% | (10.18)% | (9.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 129 | 35.751 | 44.632 | 5463 | 0.98% | 1.00% | 2.25% | 27.03% | 28.60% |
| LVIP JPMorgan Small Cap Core |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 56 | 48.945 | 68.395 | 3531 | N/A | 1.00% | 2.25% | 7.84% | 9.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 66 | 45.385 | 62.645 | 3839 | 0.79% | 1.00% | 2.25% | 9.24% | 10.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75 | 41.546 | 56.642 | 3937 | 1.33% | 1.00% | 2.25% | 10.62% | 11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 78 | 37.558 | 50.581 | 3645 | 0.43% | 1.00% | 2.25% | (21.12)% | (20.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 82 | 45.319 | 63.345 | 4815 | 0.55% | 1.00% | 2.25% | 18.71% | 20.18% |

---

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | | | | **Net** | **Investment** | | | | |
|  | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Assets (1)** | **Income** | **Expense Ratio (3)** | **Expense Ratio (3)** | **Total Return (4)** | **Total Return (4)** |
|  | **(000s)** | **Lowest** | **Highest** | **(000s)** | **Ratio (2)** | **Lowest** | **Highest** | **Lowest** | **Highest** |
| LVIP JPMorgan U.S. Equity Portfolio |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19 | $62.757 | $82.298 | $1490 | N/A | 1.00% | 2.25% | 12.02% | 13.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20 | 56.023 | 72.569 | 1350 | 0.54% | 1.00% | 2.25% | 21.24% | 22.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22 | 46.207 | 59.119 | 1226 | 1.61% | 1.00% | 2.25% | 24.37% | 25.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 23 | 37.152 | 46.955 | 1031 | 0.49% | 1.00% | 2.25% | (20.48)% | (19.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23 | 46.721 | 58.328 | 1287 | 0.81% | 1.00% | 2.25% | 26.50% | 28.06% |
|  **Voya Global Resources Trust:** |  |  |  |  |  |  |  |  |  |
| Voya Global High Dividend Low Volatility Portfolio Class S |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 111 | 18.313 | 22.284 | 2331 | N/A | 1.00% | 2.05% | 16.35% | 17.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 123 | 15.740 | 18.957 | 2202 | 2.54% | 1.00% | 2.05% | 10.40% | 11.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 148 | 14.257 | 16.993 | 2384 | 2.65% | 1.00% | 2.05% | 4.30% | 5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 155 | 13.670 | 16.126 | 2389 | 2.39% | 1.00% | 2.05% | (7.02)% | (6.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 169 | 14.701 | 17.164 | 2780 | 2.31% | 1.00% | 2.05% | 18.14% | 19.37% |
|  **Voya Investors Trust:** |  |  |  |  |  |  |  |  |  |
| VY JPMorgan Emerging Markets Equity Portfolio Class I |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 68 | 35.686 | 43.927 | 2798 | N/A | 1.00% | 2.05% | 35.86% | 37.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 78 | 26.266 | 31.999 | 2360 | 1.09% | 1.00% | 2.05% | 0.08% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 87 | 26.246 | 31.643 | 2618 | 1.95% | 1.00% | 2.05% | 4.67% | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 100 | 25.075 | 29.921 | 2840 | N/A | 1.00% | 2.05% | (27.38)% | (26.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 109 | 34.529 | 40.780 | 4244 | N/A | 1.00% | 2.05% | (11.66)% | (10.74)% |

---

<u>Notes</u>:

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

(2) This ratio represents dividends recorded by the subaccount from the underlying mutual fund divided by the average net assets. This ratio excludes the Expense Ratio. N/A is noted if the fund did not pay any dividends or subaccount ceased as an investment option.

(3) This ratio represents the annualized contract expenses of the Separate Account, resulting in a direct reduction of unit values, consisting primarily of mortality, expense, and administrative charges. Charges that require redemption of contract owner units are excluded. N/A is noted if the subaccount ceased as an investment option.

(4) Total return is calculated using the beginning and ending unit value (before rounding for this presentation), which reflects the changes in the underlying fund values and reductions related to the Expense Ratio, for the period indicated. Zurich Archway has total returns outside the ranges provided that do not correspond to the minimum or maximum expense ratio. This product invests in shares at the fund level that typically experience additional expenses. This can result in a lower subaccount total return than another product with a higher rider expense ratio. Total returns for periods of less than one year are not annualized. N/A is noted if the subaccount is not an investment option in the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective May 1, 2025, name changed from Invesco V.I. Capital Appreciation Fund to Invesco V.I. Discovery Large Cap Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective May 1, 2025, name changed from Fidelity VIP II Asset Manager to Fidelity VIP Asset Manager 50% Portfolio .

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective May 1, 2025, name changed from DWS International Growth VIP to DWS International Opportunities VIP.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Subaccount available for investment; however, no activity in 2025 or 2024, and as such have not been shown in the accompanying financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective April 26, 2024, American Century Funds were acquired by LVIP American Century Funds managed by Lincoln Financial Group.

&nbsp;&nbsp;&nbsp;&nbsp;(f) On June 17, 2024, subaccount liquidated.

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

**of Zurich American Life Insurance Company** 

**Notes to Financial Statements** 

(7) Subsequent Events

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