# EDGAR Filing Document

**Accession Number:** 0000110698
**File Stem:** 0001193125-26-194257
**Filing Date:** 2026-4
**Character Count:** 1018115
**Document Hash:** 299b39c20b6b6dd7a637b18eb6a2bc8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-194257.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-194257

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORACE MANN LIFE INSURANCE CO SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000110698

**ORGANIZATION NAME:**
- **EIN:** 370726637
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01343
- **FILM NUMBER:** 26920369

**BUSINESS ADDRESS:**
- **STREET 1:** #1 HORACE MANN PLZ
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62715-0001
- **BUSINESS PHONE:** 2177892500

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 4657
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62708-4657

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANN HORACE LIFE INSURANCE CO SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORACE MANN LIFE INSURANCE CO SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000110698

**ORGANIZATION NAME:**
- **EIN:** 370726637
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-129284
- **FILM NUMBER:** 26920368

**BUSINESS ADDRESS:**
- **STREET 1:** #1 HORACE MANN PLZ
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62715-0001
- **BUSINESS PHONE:** 2177892500

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 4657
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62708-4657

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANN HORACE LIFE INSURANCE CO SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MANN HORACE LIFE INSURANCE CO SEPARATE ACCOUNT (Series ID: S000001088)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020488 | Goal Planning Annuity |  |

File Nos. 333-129284

811-1343

**SECURITIES AND EXCHANGE COMMISSION** <br>**Washington, D.C. 20549**

**FORM N-4** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **☒** |
| **Post-Effective Amendment No. 28** |  |
| **and** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** |  |
| **Amendment No. 147** |  |

---

**HORACE MANN LIFE INSURANCE COMPANY SEPARATE ACCOUNT**

(Exact Name of Registrant)

<u>Horace Mann Life Insurance Company</u>

(Name of Depositor)

<u>One Horace Mann Plaza, Springfield, Illinois 62715</u>

(Address of Depositor's Principal Executive Offices)

<u>(217) 789-2500</u>

(Depositor's Telephone Number)

Donald M. Carley <br>One Horace Mann Plaza

<u>Springfield, Illinois 62715</u>

(Name and Address of Agent for Service)

<u>Copies of Communications to:</u>

Stephen E. Roth <br>Eversheds Sutherland (US) LLP <br>700 Sixth Street, NW Suite 700 <br>Washington, DC 20001-3980

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is proposed that this filing will become effective: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is proposed that this filing will become effective: |
| [ ] | Immediately upon filing pursuant to paragraph (b) of Rule 485 |
| ☒  | On May 1, 2026 pursuant to paragraph (b) of Rule 485 |
| [ ] | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
| [ ] | On May 1, 2026 pursuant to paragraph (a)(1) of Rule 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If appropriate, check the following box: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If appropriate, check the following box: |
| [ ] | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check each box that appropriately characterizes the Registrant: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check each box that appropriately characterizes the Registrant: |
| [ ] | &nbsp;&nbsp; New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or <br> amendment thereto within 3 years preceding this filing)<br>|
| [ ] | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")) |
| [ ]  | &nbsp;&nbsp; If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with <br> any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act<br>|
| [ ] | Insurance Company relying on Rule 12h-7 under the Exchange Act |
| [ ] | Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act) |

---

------

**Goal Planning Annuity (GPA) Individual Flexible Premium Variable Deferred Annuity Contract funded through Horace Mann Life Insurance Company Separate Account of Horace Mann Life Insurance Company**

**May 1, 2026**

This prospectus describes an individual flexible premium deferred variable annuity Contract issued by Horace Mann Life Insurance Company ("HMLIC"). It was issued in connection with retirement plans or arrangements, which may qualify for special tax treatment under the Internal Revenue Code of 1986 as amended ("IRC") or as a non-qualified annuity Contract.

An investment in the Contract is subject to risks related to HMLIC, and any obligations (including those under any fixed account Investment Options), guarantees, or benefits are subject to the claims-paying ability of HMLIC.

The Contract is not suitable as a short-term savings vehicle and is designed for individuals seeking long-term, tax-deferred accumulation of funds. Surrender charges may apply and will reduce the value of Your Contract if You withdraw money during the surrender charge period. Taxes and penalties may also be applicable.

Effective May 1, 2025, HMLIC resumed issuing the Contract as a traditional IRA, Roth IRA, SIMPLE IRA, SEP IRA or as a non-qualified annuity Contract. The investment choices under the Contract are a fixed account that credits a specified guaranteed interest rate, and the HMLIC Separate Account. You can allocate Your Net Premiums and Your Contract's cash value to the fixed account or to the HMLIC Separate Account which invests through each of its Subaccounts (sometimes referred to as variable Investment Options) in a corresponding Underlying Fund. The Underlying Funds are listed in Appendix A: Investment Options Available Under the Contract.

We provide a premium bonus rider under versions of the Contract with a 9-year surrender charge period. This bonus feature provides for a credit equal to two percent (2%) of Net Premium We receive at Our Home Office during the first Contract Year. Electing this bonus feature may be beneficial to You only if You own the Contract a sufficient length of time. Under some circumstances, You may be worse off by electing this bonus feature. Electing this option will result in the surrender charge period being increased from 5 to 9 years in length. Electing this option will not cause the mortality and expense risk fee to increase, nor will it increase surrender charges during the Contract's first 5 years. However, during years 6-9 of the surrender charge period, the amount of the premium bonus may be more than offset by the surrender charges associated with the bonus if You fail to own the Contract for a sufficient length of time. Under this scenario, the excess will be a profit to Us.

This prospectus sets forth the information an investor should know before purchasing or making additional premium payments to a Contract and should be kept for future reference.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

**THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THIS SECURITY OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**THE ANNUITIES OFFERED BY HMLIC ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY. THEY ARE NOT DEPOSITS OF, OBLIGATIONS OF, OR GUARANTEED BY ANY BANK. THEY INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.**

The date of this prospectus is May 1, 2026.

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | **Page** |
| **[Definitions](#xx_cc929611-4f53-4418-8bc5-97a6b4c47742_1)** | 3  |
| **[Important Information You Should Consider About the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_1)** | 5  |
| **[Overview of the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_4)** | 8  |
| **[Benefits Available Under the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_7)** | 11  |
| **[Buying the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_9)** | 13  |
| **[Making Withdrawals](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_10)[: Accessing the Money in Your Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_10)** | 14  |
| **[Principal Risks of Investing in the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_11)** | 15  |
| **[The Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_12)** | 16  |
| &nbsp;&nbsp;&nbsp; [Contract Owners' Rights](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_12) | 16  |
| &nbsp;&nbsp;&nbsp; [Purchasing the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_13) | 17  |
| &nbsp;&nbsp;&nbsp; [Premium Payments](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_13) | 17  |
| &nbsp;&nbsp;&nbsp; [Transactions](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_14) | 18  |
| &nbsp;&nbsp;&nbsp; [Deductions and Expenses](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_22) | 26  |
| &nbsp;&nbsp;&nbsp; [Death Benefit](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_25) | 29  |
| &nbsp;&nbsp;&nbsp; [Annuity Payments](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_27) | 31  |
| &nbsp;&nbsp;&nbsp; [Annuity Payment Options](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_28) | 32  |
| &nbsp;&nbsp;&nbsp; [Amount of Fixed and Variable Annuity Payments](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_29) | 33  |
| &nbsp;&nbsp;&nbsp; [Annuity Unit Value](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_30) | 34  |
| &nbsp;&nbsp;&nbsp; [Misstatement of Age or Sex](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_30) | 34  |
| **[Financial Information](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_30)** | 34  |
| **[Horace Mann Life Insurance Company, The Fixed Account, The Separate Account and The Portfolio Companies](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_30)** | 34  |
| &nbsp;&nbsp;&nbsp; [Horace Mann Life Insurance Company](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_30) | 34  |
| &nbsp;&nbsp;&nbsp; [The Fixed Account](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_31) | 35  |
| &nbsp;&nbsp;&nbsp; [The Separate Account](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_31) | 35  |
| &nbsp;&nbsp;&nbsp; [The Portfolio Companies](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_31) | 35  |
| **[Tax Consequences](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_33)** | 37  |
| &nbsp;&nbsp;&nbsp; [Tax Treatment of the Company and Status of the Contracts](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_33) | 37  |
| &nbsp;&nbsp;&nbsp; [General Federal Income Tax Provisions](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_33) | 37  |
| &nbsp;&nbsp;&nbsp; [Taxation of Non-Qualified Contracts](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_34) | 38  |
| &nbsp;&nbsp;&nbsp; [Taxation of Qualified Contracts](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_35) | 39  |
| &nbsp;&nbsp;&nbsp; [Contribution Limitations and General Requirements Applicable to Qualified Retirement Plans](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_39) | 43  |
| &nbsp;&nbsp;&nbsp; [Federal Estate Taxes](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_41) | 45  |
| &nbsp;&nbsp;&nbsp; [Gift and Generation-skipping Transfer Tax](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_41) | 45  |
| &nbsp;&nbsp;&nbsp; [Annuity Purchases by Nonresident Aliens and Foreign Corporations](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_41) | 45  |
| &nbsp;&nbsp;&nbsp; [Unclaimed Property](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_41) | 45  |
| &nbsp;&nbsp;&nbsp; [Possible Tax Law Changes](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_41) | 45  |
| **[Other Information](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42)** | 46  |
| &nbsp;&nbsp;&nbsp; [Distribution of the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42) | 46  |
| &nbsp;&nbsp;&nbsp; [Association Relationships](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42) | 46  |
| &nbsp;&nbsp;&nbsp; [Legal Proceedings](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42)  | 46  |
| &nbsp;&nbsp;&nbsp; [Modification of the Contract](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42) | 46  |
| &nbsp;&nbsp;&nbsp; [Registration Statement](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_42) | 46  |
| &nbsp;&nbsp;&nbsp; [Communications to Contract Owners](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_43) | 47  |
| &nbsp;&nbsp;&nbsp; [Contract Owner Inquiries](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_43) | 47  |
| &nbsp;&nbsp;&nbsp; [Forms Availability](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_43) | 47  |
| &nbsp;&nbsp;&nbsp; [Investor Information from FINRA](#xx_3e9c2eb5-d3d8-4f64-b4e4-2718e9808125_43) | 47  |
| **[Appendix A: Investment Options Available Under the Contract](#xx_0bfe7e86-4ad1-45a4-9ee2-a572a59f8693_1)** | 48  |
| **[Appendix B: Death Benefit Examples](#xx_812ca09e-9fad-4f8e-b9e5-050040a0a862_1)** | 52 |

---

------

**Definitions**

------

**Account Value:** The sum of the Fixed Account Value and the Variable Account Value.

**Accumulation Unit:** A unit of measurement used to determine the value of a Contract Owner's interest in a Subaccount before Annuity Payments begin.

**Accumulation Unit Value:** The value of an Accumulation Unit on any Valuation Date.

**Annuitant:** The natural person whose life determines the Annuity Payments made under a Contract.

**Annuitized Value:** The amount applied to purchase Annuity Payments. It is equal to the Account Value on the Annuity Date, less any applicable premium tax.

**Annuity Date:** The date Annuity Payments begin. The criteria for setting an Annuity Date are set forth in Your Contract, and the anticipated Annuity Date is shown on the data pages of Your Contract.

In addition, Qualified Contracts often have certain limitations upon election of an Annuity Date. Generally, distributions under Qualified Contracts (except Roth IRAs) must begin by April 1 following the calendar year in which the Contract Owner reaches age 73. See "Tax Consequences—Required Minimum Distributions."

**Annuity Payments:** A series of payments beginning on the Annuity Date.

**Annuity Period:** The period during which Annuity Payments are made.

**Annuity Unit:** A unit of measurement used in determining the amount of a Variable Annuity Payment during the Annuity Period.

**Annuity Unit Value:** The value of an Annuity Unit on any Valuation Date.

**Contract:** The individual flexible premium deferred variable annuity contract this prospectus offers.

**Contract Anniversary:** The same day and month as the Issue Date of Your Contract for each succeeding year of Your Contract.

**Contract Owner (You, Your):** The individual or entity to whom the Contract is issued.

**Contract Year:** A period of twelve months beginning on the date a Contract is issued and each anniversary of that date.

**Financial Exploitation:** (A) the wrongful or unauthorized taking, withholding, appropriation, or use of a Specified Adult's funds or securities; or (B) any act or omission by a person, including through the use of a power of attorney, guardianship, or any other authority regarding a Specified Adult, to (i) obtain control, through deception, intimidation or undue influence, over the Specified Adult's money, assets or property, or (ii) convert the Specified Adult's money, assets or property.

**FINRA:** The Financial Industry Regulatory Authority was created in July 2007 through the consolidation of National Association of Securities Dealers ("NASD") and the member regulation, enforcement and arbitration functions of the New York Stock Exchange. ("NYSE").

**Fixed Account Value:** The dollar value of the fixed account under the Contract before Annuity Payments begin.

**Fixed Annuity Payments:** Annuity Payments that do not participate in the investment experience of any Subaccount.

**HMLIC, We, Us, Our:** Horace Mann Life Insurance Company.

**Home Office:** The mailing address and telephone number of Our Home Office are: P.O. Box 4657, Springfield, Illinois 62708-4657; (800) 999-1030. Our street address is 1 Horace Mann Plaza, Springfield, Illinois 62715-0001.

**IRC:** The Internal Revenue Code of 1986, as amended.

**Issue Date:** The date when Your Contract becomes effective.

**Investment Options:** The fixed account and the Underlying Funds in which the Subaccounts invest.

**Net Premium:** Each premium payment paid to HMLIC under the Contract, less any applicable premium taxes.

**Non-Qualified Contract:** A Contract that is not issued under an employer sponsored retirement plan or individual retirement account.

------

**Proof of Death:** (1) A completed claimant's statement as provided by Us; and (2a) a certified copy of the death certificate or (2b) any other proof of death satisfactory to Us, including, but not limited to, a certified copy of a decree of a court of competent jurisdiction certifying death, or a written statement by a medical doctor who attended the deceased at the time of death; and (3) any additional forms, documentation, and written payment instructions necessary to process a death benefit claim, in a form satisfactory to Us.

**Qualified Contract:** The term "Qualified Contract" in this prospectus will be used to describe the following contracts: IRC Section 403(b) tax sheltered annuity ("403(b) Contract"); IRC Section 408(b) individual retirement annuity ("traditional IRA Contract"); IRC Section 408A Roth individual retirement annuity ("Roth IRA Contract"); IRC Section 408(p) savings incentive match plan for employees of small employers individual retirement annuity ("SIMPLE Contract"); IRC Section 408(k) simplified employee pension ("SEP Contract"); IRC Section 457(b) eligible governmental deferred compensation plan annuity ("457(b) Contract"); and IRC 401(a) qualified annuity ("401(a) Contract").

**Qualified Retirement Plan:** Employer retirement plans established under IRC Sections 401(a) or 403(b) or 457(b) and individual retirement arrangements under IRC Sections 408(b) and 408A.

**Required Minimum Distribution:** The amount required to be withdrawn from Your Contract after You reach age 73 or upon Your death. See "Tax Consequences – Required Minimum Distributions".

**Separate Account:** The Horace Mann Life Insurance Company Separate Account, a segregated variable investment account consisting of Subaccounts each of which invests in a corresponding Underlying Fund. The Separate Account was established by HMLIC under Illinois law and is registered as a Unit Investment Trust under the Investment Company Act of 1940, as amended (the "Act").

**Specified Adult:** A Contract Owner who is (A) a natural person age 65 and older; or (B) a natural person age 18 and older who HMLIC reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.

**Subaccount:** A division of the Separate Account that invests in shares of a corresponding Underlying Fund. Certain Subaccounts are not available for investment under Non-Qualified Contracts.

**Underlying Funds, Portfolio Companies:** All open-end management investment companies registered under the Act that are listed in this document and are available for investment by the Separate Account. The terms Underlying Funds and Portfolio Companies are used interchangeably in this prospectus.

**Unit Investment Trust (or "UIT"):** A type of investment company, regulated and separately registered and regulated by the SEC under the Investment Company Act of 1940. The Separate Account is registered as a UIT. The UIT referenced in this prospectus is open-ended, meaning there can be continuous purchases of shares of the Underlying Funds. Variable Annuity Payments are deposited in the UIT and allocated to the Subaccounts each of which invests in a specified Underlying Fund, which is separately registered under the Investment Company Act of 1940.

**Valuation Date:** Any day on which the NYSE is open for trading and on which the net asset value of each share of the Underlying Funds is determined. The Valuation Date ends at 3:00 p.m. Central Time, or the close of the NYSE, if earlier. We deem receipt of any Net Premium or transaction request to occur on a particular Valuation Date if We receive the Net Premium or transaction request (in either case, with all required information and documentation) at Our Home Office before 3:00 p.m. Central Time, or the close of the NYSE, if earlier, on that day. If received at or after 3:00 p.m. Central Time, or the close of the NYSE if earlier, We deem receipt to occur on the following Valuation Date.

**Valuation Period:** The period from the end of a Valuation Date to the end of the next Valuation Date, excluding the day the period begins and including the day it ends.

**Variable Account:** Your portion of the Separate Account set up to receive Net Premiums, any applicable premium bonus and transfers allocated to it.

**Variable Account Value:** The dollar value of the variable Investment Options under the Contract before Annuity Payments begin. This dollar value will vary based on the investment performance of the corresponding Underlying Fund(s).

**Variable Annuity Payments:** Annuity Payments that participate in the investment experience of one or more Subaccounts.

------

**Important Information You Should Consider About the Contract**

------

---

| | | |
|:---|:---|:---|
|  | **Fees, Expenses, and Adjustments** | &nbsp;&nbsp; **Location in** <br> **Statutory**<br> **Prospectus**<br>|
| **Are There Charges or** <br> **Adjustments for Early** <br> **Withdrawals?**<br>| &nbsp;&nbsp; **Yes**. There are two surrender charge schedules available under this Contract. <br> The charges applicable to Your Contract will depend on how You completed <br> the application and are printed on Your Contract data pages.<br> **5-Year Schedule** - If You make a withdrawal from or surrender the Contract <br> during the first 5 Contract Years, You may be assessed a surrender charge up to <br> 8.0% of the amount withdrawn or surrendered. For example, if You make an <br> early withdrawal, You could pay a surrender charge of up to $8,000 on a <br> $100,000 investment.<br> **9-Year Schedule** - If You make a withdrawal from or surrender the Contract <br> during the first 9 Contract Years, You may be assessed a surrender charge up to <br> 8.0% of the amount withdrawn or surrendered. For example, if You make an <br> early withdrawal, You could pay a surrender charge of up to $8,000 on a <br> $100,000 investment.<br> Surrender charges are applied to surrenders and withdrawals based on the <br> effective date of the Contract and not on the date the premium payment is <br> made. | &nbsp;&nbsp; The Contract - <br> Deductions and <br> Expenses - <br> Surrender Charges<br>|
| **Are There Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No.** Aside from the charges for early withdrawals described above and <br> potential premium taxes, there are no charges for Contract Owner <br> transactions. | &nbsp;&nbsp; The Contract - <br> Transactions<br>|

---

------

**Risks** 

------

---

| | | |
|:---|:---|:---|
| **What Are the Risks** <br> **Related to the** <br> **Insurance Company?**<br>| &nbsp;&nbsp; An investment in the Contract is subject to the risks related to Horace Mann <br> Life Insurance Company (HMLIC). Any obligations (including under any <br> fixed account Investment Options), guarantees, or benefits are subject to the <br> claims-paying ability of HMLIC. More information about HMLIC, including <br> its financial strength ratings, is available upon request from HMLIC, and may <br> be obtained by calling 1-800-999-1030 or visiting http://<br> www.horacemann.com/why-us/a-history-of-financial-strength. | &nbsp;&nbsp; **Location in** <br> **Statutory**<br> **Prospectus<u>Principal</u>** <br> **<u>Risks of Investing</u>** <br> **<u>in the Contract –</u>** <br> **<u>Insurance</u>** <br> **<u>Company Risks</u>**<br>|
|  | **Restrictions** |  |
| **Are There Restrictions** <br> **on the Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes.** HMLIC reserves the right to remove or substitute Underlying Funds as <br> Investment Options that are available under the Contract.<br> At any time before the Contract's Annuity Date, You may transfer amounts <br> from one Subaccount to another, and to and from the fixed account of the <br> Contract, subject to certain restrictions.<br> We reserve the right to restrict or terminate the transfer privilege for any <br> specific Contract Owner if, in Our judgment, the Contract Owner is using the <br> Contract for the purposes of market timing or for any other purpose that We, <br> in Our sole discretion determine to be potentially detrimental to other <br> shareholders of an Underlying Fund. <br> If HMLIC determines that You are engaging in a pattern of transfers that <br> reflects a market timing strategy or is potentially harmful to other Contract <br> Owners, it will notify You in writing of any restrictions. | &nbsp;&nbsp; Horace Mann Life <br> Insurance <br> Company - The <br> Fixed Account - <br> The Separate <br> Account and the <br> Portfolio <br> Companies - The <br> Portfolio <br> Companies - <br> Selection of <br> Portfolio <br> Companies<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract - <br> Transactions - <br> Transfers<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract - <br> Transactions - <br> Market Timing<br>|
| **Are There any** <br> **Restrictions on** <br> **Contract Benefits?**<br>| &nbsp;&nbsp; **Yes.** The Premium Bonus Rider was only available at issue of the Contract and <br> only available if the Contract Owner elected the 9-year surrender charge <br> schedule.<br> The Guaranteed Minimum Death Benefit Riders may not have been available <br> in all states. If available, they may not have been issued on or after the <br> Contract Owner's70<sup>th</sup> birthday.<br> If You elected a Guaranteed Minimum Death Benefit Rider at issue, We <br> reserve the right to restrict allocations or transfers to the fixed account or any <br> of the Subaccounts. <br> The Guaranteed Minimum Death Benefit Riders cannot be terminated by the <br> Contract Owner after the Issue Date.<br> The Guaranteed Minimum Death Benefit Riders may only be terminated by <br> Us as described in the Guaranteed Minimum Death Benefit Rider(s) attached <br> to Your Contract. | &nbsp;&nbsp; The Contract – <br> Deductions and <br> Expenses – <br> Premium Bonus <br> Rider<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract – <br> Death Benefit – <br> Guaranteed <br> Minimum Death <br> Benefit Riders<br>|
|  | **Taxes** |  |
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; An investor should consult with a tax professional to determine the tax <br> implications of an investment in and purchase payments received under the <br> Contract.<br> There is no additional tax benefit to the investor when the Contract is <br> purchased through a tax-qualified plan or individual retirement account (IRA). <br> Withdrawals will be subject to ordinary income tax and may be subject to tax <br> penalties.<br> Generally, all or a portion of any distribution from a Non-Qualified Contract <br> will be taxable as ordinary income and may be subject to tax penalties. | &nbsp;&nbsp; Tax Consequences - <br> Taxation of <br> Qualified Contracts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Tax Consequences - <br> Taxation of Non-<br> Qualified Contracts<br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Conflicts of Interes**t | &nbsp;&nbsp; **Location in** <br> **Statutory**<br> **Prospectus**<br>|
| **How Are Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; Some investment professionals may receive compensation for selling a contract <br> to investors. This compensation is typically paid in the form of commissions, <br> but the sale of the Contract may also count toward the investment <br> professional's qualification for receipt of cash and non-cash compensation <br> related to sales incentives or contests. These investment professionals may have <br> a financial incentive to offer or recommend the Contract over another <br> investment. | &nbsp;&nbsp; Other Information <br> - Distribution of <br> the Contract<br>|
| **Should I Exchange My** <br> **Contract?**<br>| &nbsp;&nbsp; Some investment professionals may have a financial incentive to offer an <br> investor a new contract in place of the one he or she already owns. That <br> investor should only exchange his or her existing Contract if he or she <br> determines, after comparing the features, fees, and risks of both contracts, that <br> it is preferable for him or her to purchase the new Contract rather than <br> continue to own the existing contract. | &nbsp;&nbsp; The Contract - <br> Transactions - <br> Conversions/Exchanges<br>|

---

**Overview of the Contract**

------

**What is the purpose of this Contract, and what is it designed to do?**

The Contract is no longer offered for sale. The purpose of the Contract is to help individuals who are seeking long-term, tax-deferred accumulation of funds. Purchasing the Contract as an investment vehicle for a Qualified Retirement Plan does not provide any additional tax advantage beyond that already available through the Qualified Retirement Plan. Therefore, the individual should have reasons other than tax deferral to purchase this product.

The Contract can be used to supplement Your retirement income by providing accumulated funds that can be used for retirement or by providing a stream of income payments during the payout phase. It also offers death benefits to protect Your designated beneficiaries. This Contract may be appropriate if You have a long investment time horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Investment Options.

To determine the Contract You own, look in the bottom left-hand corner of Your Contract for the form number. This prospectus applies to all HMLIC Contracts with a form number of IC-452 immediately followed by any combination of 3 letters and/or numbers.

**How Do I Accumulate Assets in this Contract and Receive Income from the Contract?**

Your Contract has two phases: 1) an accumulation (savings) phase; and 2) a payout (income) phase.

1) Accumulation (Savings) Phase

The accumulation phase is the period of time (often several years or even decades) during which You are making premium payments into Your Contract. To help You accumulate assets, You can invest Your premium payments in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portfolio Companies (mutual funds), a broad range of varying asset categories (such as lifecycle/target date, large company value, small company growth, and bond funds, among others). Each has its own investment strategies, investment advisers, expense ratios, and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fixed account option, which offers a guaranteed interest rate. The guaranteed interest rate is established at issue, but will never be less than 1%. The fixed account is part of HMLIC's general account.

**A list of Portfolio Companies in which You can invest is provided in Appendix A: Investment Options Available Under the Contract, located in the back of the prospectus along with the type of fund, the adviser/subadviser, current expenses and performance information for each Portfolio Company.** 

2) Payout (Income) Phase

You can elect to annuitize Your Contract and turn Your Account Value into a stream of income payments (sometimes called Annuity Payments), at which time the accumulation phase of the Contract ends. These payments may continue for a fixed period of years, for Your entire life, or for the longer of a fixed period or Your life. The payments may also be fixed or variable. Variable payments will vary based on the performance of the Investment Options You select.

------

Please note that if You annuitize, Your investments will be converted to income payments and You may no longer be able to choose to withdraw money at will from Your Contract. All death benefits terminate upon annuitization.

**What are the Primary Features and Options that this Contract Offers?**

*Accessing Your money.* Until You annuitize, subject to any restrictions imposed by the IRC or under the Qualified Retirement Plan, You can choose to withdraw Your Account Value at any time. Although if You withdraw early, You may have to pay a surrender charge and/or income taxes, including a penalty tax if You are younger than age 59 ½.

*Loans. Loans may be available in certain Qualified Contracts*, except for IRA contracts issued under IRC Sections 408(b) and 408A, if allowed by the Qualified Retirement Plan. The terms of such loans are subject to the provisions of the plan and the IRC.

*Tax treatment.* You can transfer money between Investment Options without tax implications, and earnings (if any) on Your investments are generally tax-deferred. You are taxed only when: (1) You make a withdrawal; (2) You receive an income payment from the Contract; or (3) upon payment of a death benefit.

*Systematic Withdrawals*. Before commencement of an Annuity Period, You may select systematic withdrawals. You may choose monthly, quarterly, semi-annual or annual withdrawals, with the exception of Required Minimum Distributions which are paid annually. As with any withdrawal, systematic withdrawals will reduce the Account Value of the Contract.

*Death benefits.* Your Contract includes a basic death benefit that will pay Your designated beneficiaries the greater of: (1) the Account Value; or (2) the Net Premium paid, less an adjustment for any withdrawals and a reduction for any outstanding loan balance. An adjustment for any withdrawal is determined by dividing the withdrawal amount by the Account Value immediately prior to the withdrawal and multiplying the resulting fraction by the death benefit immediately prior to the withdrawal.

*Guaranteed Minimum Death Benefit Riders—In addition to the standard death benefit included in the Contract, the Contract Owner could have added the optional death benefit riders at Contract issue for an additional cost. These riders may not have been available in all states and could not be issued on or after the Contract Owner's 70th birthday.* <br>*Premium Bonus Rider—This rider provides for a credit to the Account Value equal to two percent (2%) of Net Premium We receive at Our Home Office during the first Contract Year. Premium bonus amounts are treated as interest, resulting in an increase to the Account Value, the amount available to purchase Annuity Payments under the Contract, and the death benefit. Withdrawals from the Contract will reduce the Account Value, the amount available to purchase Annuity Payments under the Contract, and the death benefit. For Non-qualified Contracts, the amount of any premium bonus is not included in Your cost basis. You could have elected this optional rider at the time of Contract issue. If you elected this rider the surrender charge period was increased from 5 to 9 years in length. Electing this rider does not cause the M&E Fee to increase, nor does it increase surrender charges during the Contract's first 5 years. However, during years 6-9 of the surrender charge period, the amount of the premium bonus may be more than offset by the surrender charges associated with the bonus. We may use any proceeds from surrender charges associated with the bonus to recoup the amount of any premium bonus paid.*

*Portfolio rebalancing and dollar cost averaging.* At no additional charge, You may select portfolio rebalancing, which automatically rebalances the Investment Options You select to maintain Your chosen mix of Investment Options. Alternately, at no additional charge, You may select dollar cost averaging, which automatically transfers a specific amount of money from the fixed account to the Investment Options You have selected, at set intervals over a specific period of time.

**The following tables describe the fees and expenses that You will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to Your Contract data page for information about the specific fees You will pay each year based on the options You have elected.**

**The first table describes the fees and expenses that You will pay at the time that You buy the Contract, surrender or make withdrawals from the Contract, or transfer Account Value between Investment Options. State premium taxes may also be deducted.**

**Transaction Expenses** 

---

| | |
|:---|:---|
| Sales Load Imposed on Purchases (as a percentage of purchase payments) |  |
| Deferred Sales Load (or Surrender Charge) (as a percentage of amount surrendered) | 8% Maximum Surrender Charge |
| Transfer Fee |  |

---

**The next table describes the fees and expenses that You will pay *each year* during the time that You own the Contract (not including Portfolio Company fees and expenses).**

------

**Annual Contract Expenses** 

---

| | |
|:---|:---|
| Administrative Expenses <sup>(1)</sup> <br>| $25 |
| Base Contract Expenses (as a percentage of average of Variable Account Value or Contract Account Value) | 1.25% |
| &nbsp;&nbsp;&nbsp; Optional Benefit Expenses (as a percentage of Variable Account Value) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Guaranteed Minimum Death Benefit Rider — Annual Step-up<sup>(2)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Guaranteed Minimum Death Benefit Rider — 5% Accumulation<sup>(2)</sup> <br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.20% <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 0.30% <br>|
| Loan Interest | 5.4% |

---

(1) We sometimes use multiple Contract numbers, with the same first nine digits in the numbers, to segregate multiple sources of funds for a Contract Owner, such as employee versus employer. In these situations, We will deduct only one annual maintenance fee per year for those multiple Contract numbers. We reserve the right to change the annual maintenance fee for Contracts issued in the future. This fee will be waived if the Account Value equals or exceeds $25,000 at the time the fee is assessed.

(2) If You purchase both the Guaranteed Minimum Death Benefit Rider—Annual Step-up and the Guaranteed Minimum Death Benefit Rider—5% Accumulation at Contract issue, then, for the life of Your Contract, the total annual charge for both riders will be 0.40% of the average Variable Account Value.

**The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that You may pay periodically during the time that You own the Contract. Expenses shown may change over time and may be higher or lower in the future. These amounts also include applicable platform charges if you choose to invest in certain Portfolio Companies. A complete list of Portfolio Companies under the Contract, including their annual expenses, may be found at the back of this document.** 

---

| | | |
|:---|:---|:---|
| **Annual Portfolio Company Expenses** | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp; (expenses that are deducted from Portfolio Company assets, including management fees, <br> distribution and/or service (12b-1) fees, and other expenses)<br>| &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 1.29% |

---

------

**Example**

**This Example is intended to help You compare the cost of investing in the Variable Options with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, annual Contract expenses, and Annual Portfolio Company Expenses.**

**The Example assumes all Contract value is allocated to the Variable Options. The Example does not reflect the Contract Adjustment. Your costs could differ from those shown below if you invest in Fixed Options.**

**The Example assumes that You invest $100,000 in the Variable Options for the time periods indicated. The Example also assumes that Your investment has a 5% return each year and assumes the most expensive combination of Annual Portfolio Company Expenses and optional benefits available for an additional charge. Although Your actual costs may be higher or lower, based on these assumptions, Your costs would be:**

**$25 Administrative Expense** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; If You surrender Your Contract at the end of the applicable time <br> period: | 1 year | 3 years | 5 years | 10 years |
| &nbsp;&nbsp;&nbsp; If You surrender Your Contract at the end of the applicable time <br> period: | &nbsp;&nbsp; $11128 | &nbsp;&nbsp; $16509 | &nbsp;&nbsp; $20956 | &nbsp;&nbsp; $32456 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; If You annuitize or do not surrender Your Contract at the end of <br> the applicable time period: | 1 year | 3 years | 5 years | 10 years |
| &nbsp;&nbsp;&nbsp; If You annuitize or do not surrender Your Contract at the end of <br> the applicable time period: | &nbsp;&nbsp; $2972 | &nbsp;&nbsp; $9090 | &nbsp;&nbsp; $15448 | &nbsp;&nbsp; $32456 |

---

**Benefits Available Under the Contract**

------

The following table summarizes information about the benefits available under the Contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of benefit** | **Purpose** | **Is Benefit Standard** <br> **or Optional**<br>| **Maximum Fee** | **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
| Death Benefit<br> (Standard Death <br> Benefit)<br>| If You die before the <br> Annuity Date and <br> while the Contract is in <br> force, pays Your <br> designated <br> beneficiaries the <br> greater of: (1) the <br> Account Value; or (2) <br> the Net Premium paid, <br> less an adjustment for <br> any withdrawals and a <br> reduction for any <br> outstanding loan <br> balance.<br>| Standard |  |  |
| Guaranteed Minimum <br> Death <br> Benefit — Annual <br> Step-up<br>| If You die before the <br> Annuity Date and <br> while the Contract is in <br> force, pays Your <br> designated <br> beneficiaries the <br> greatest of: (1) the <br> Standard Death <br> Benefit; or (2) the <br> death benefit provided <br> in any other rider <br> attached to the <br> Contract; or (3) the <br> Step-Up Death Benefit <br> – The greatest <br> anniversary Account<br>| Optional | 0.20% of the average <br> Variable Account <br> Value<br>| May not be available in <br> all states.<br> This rider cannot be <br> terminated by You <br> after the Issue Date. <br> May only be <br> terminated by Us as <br> described in the <br> Guaranteed Minimum <br> Death Benefit Rider(s) <br> attached to Your <br> Contract. <br> We reserve the right to <br> restrict allocations or <br>|

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of benefit** | **Purpose** | **Is Benefit Standard** <br> **or Optional**<br>| **Maximum Fee** | **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  | Value (adjusted for any <br> additional net <br> premium, withdrawals <br> and outstanding loan <br> balance).<br>|  |  | transfers to the fixed <br> account or any of the <br> Subaccounts. <br>|
| Guaranteed Minimum <br> Death Benefit — 5% <br> Accumulation<br>| If You die before the <br> Annuity Date and <br> while the Contract is in <br> force, pays Your <br> designated <br> beneficiaries the <br> greatest of: (1) the <br> Standard Death <br> Benefit; or (2) the <br> death benefit provided <br> in any other rider <br> attached to the <br> Contract; or (3) the <br> Accumulation Death <br> Benefit – Net premium <br> (minus adjustments for <br> any withdrawals and <br> loans) accumulated at <br> 5% interest.<br>| Optional | 0.30% of the average <br> Variable Account <br> Value<br>| May not be available in <br> all states.<br> This rider cannot be <br> terminated by You <br> after the Issue Date. <br> May only be <br> terminated by Us as <br> described in the <br> Guaranteed Minimum <br> Death Benefit Rider(s) <br> attached to Your <br> Contract. <br> We reserve the right to <br> restrict allocations or <br> transfers to the fixed <br> account or any of the <br> Subaccounts.<br>|
| Premium Bonus | During the first <br> Contract Year, We will <br> increase the Account <br> Value with an amount <br> equal to 2.00% of the <br> Net Premium on the <br> date We receive the <br> Net Premium at Our <br> Home Office.<br>| Optional | Electing the Premium <br> Bonus Rider increased <br> the surrender charge <br> schedule to the 9-year <br> schedule.<br>| May not be available in <br> all states. <br> This rider cannot be <br> terminated by You <br> after the Issue Date. <br> For Non-qualified <br> Contracts, the amount <br> of any premium bonus <br> is not included in Your <br> cost basis.<br>|
| Portfolio Rebalancing | Automatically <br> rebalances the <br> Investment Options <br> You select (either <br> quarterly, semiannually <br> or annually) to <br> maintain Your chosen <br> mix of Investment <br> Options.<br>| Standard |  | Cannot use with the <br> dollar cost averaging <br> option.<br> Only available during <br> the accumulation <br> phase.<br> Subject to portfolio <br> restrictions.<br>|
| Dollar Cost Averaging | Automatically <br> transfers a specific <br> amount of money from <br> the Investment Options <br> You have selected, at <br> set intervals over a <br> specific period of time.<br>| Standard |  | Cannot use with the <br> portfolio rebalancing <br> option.<br> Only available during <br> the accumulation <br> phase.<br>|

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of benefit** | **Purpose** | **Is Benefit Standard** <br> **or Optional**<br>| **Maximum Fee** | **Brief Description of** <br> **Restrictions/**<br> **Limitations**<br>|
|  |  |  |  | Subject to portfolio <br> restrictions.<br>|
| Systematic <br> Withdrawals<br>| Automatically <br> withdraws money <br> (either monthly, <br> quarterly, semi-<br> annually or annually) <br> from the Investment <br> Options You select. <br> The amount of the <br> withdrawals are <br> determined by the <br> systematic withdrawal <br> option you select.<br>| Standard | None | Cannot use with the <br> dollar cost averaging <br> option.<br> Only available during <br> the accumulation <br> phase.<br> Subject to portfolio <br> restrictions.<br>|

---

**Buying the Contract**

------

**How Do I Purchase the Goal Planning Annuity Variable Annuity Contract?**

The Contract is not being sold to new Contract Owners. To purchase a Contract, You must have completed an application bearing all requested signatures and a client profile form, in those instances when the purchase of this product was the result of a recommendation. For 457(b) and 401(a) Contracts the employer will purchase the Contract on behalf of the employee, but the employee will be required to complete an application and client profile form in those instances, when the purchase of this product was the result of a recommendation.

**How Much Can I Contribute and How are My Contributions Invested?**

Your premium payments will be invested in the Investment Options that You choose.

---

| | |
|:---|:---|
|  | **Qualified Policies (Purchased using pre-tax dollars) and**<br> **Non-Qualified Policies (Purchased using after-tax dollars)**<br>|
| Minimum Initial Annual Premium | $300 annually |
| Minimum Subsequent Annual Premiums | $300 annually |
| Maximum Subsequent Premiums (per Contract Year after 1st <br> Contract Anniversary)<br>| As permitted by IRS regulations |
| Maximum Total Premiums | $1,000,000 without Our prior approval |

---

\* ForNon-Qualified Contracts, We reserve the right to reject any premium payments for any reason. We may also permit You to invest more than the maximum amounts listed above if You obtain Our prior approval.

After Your initial premium payment, You are not required to make any additional premium payments under Your Contract.

**When Will Any Premium Payments that I Make be Credited to My Account?**

Net Premium payments allocated to the Separate Account will be applied at the applicable Accumulation Unit Value determined on the Valuation Date following receipt in good form (sufficiently clear so that We do not need to exercise any discretion to follow such instructions). The minimum premium payment for the Contract is $25 per month or $300 per year. HMLIC limits the maximum cumulative premium to $1 million without Our prior approval.

If a registered representative recommended and completed the application and associated forms, the appropriate broker-dealer has approved the suitability and best interest of the sale, Your application is complete and Your initial premium payment has been received at Our Home Office, We will issue Your Contract within two business days of its receipt, and credit Your initial Net Premium to Your Contract.

------

If an incomplete application is received, HMLIC will promptly request additional information needed to process the application. Any initial premium payment received by HMLIC will be held in a suspense account, without interest, for a period not exceeding five business days unless otherwise directed by the applicant. If the necessary information is not received within these five business days HMLIC will return any initial premium payment received by HMLIC, unless otherwise directed by the applicant.

**Allocation of Net Premiums**—When You complete Your application, You will give Us instructions on how to allocate Your Net Premium payments among the fixed account and/or the available Subaccounts. The amount You direct to a particular Subaccount or to the fixed account must be in whole number percentages from 5% to 100% of the Net Premium payment. If You make additional premium payments, We will allocate the Net Premiums in the same manner as Your initial Net Premium payment. A request to change the allocation of premium payments will be effective on the Valuation Date of receipt of the request in good form.

Premium payments allocated to the Separate Account are credited on the basis of Accumulation Unit Value. The number of Accumulation Units purchased by Your premium payments is determined by dividing the dollar amount credited to each Subaccount by the applicable Accumulation Unit Value next determined following receipt of the payment at Our Home Office. The value of an Accumulation Unit is affected by the investment experience of the Underlying Fund, expenses and the deduction of certain charges under the Contract.

Accumulation Units are valued on each Valuation Date. If We receive Your premium payment before 3:00 p.m. Central Time (or before the close of the NYSE, if earlier), We will process the order using the applicable Subaccount Accumulation Unit Value determined at the close of that Valuation Date. If We receive Your premium payment at or after 3:00 p.m. Central Time (or at or after the close of the NYSE if earlier), We will process the order using the applicable Subaccount Accumulation Unit Value determined at the close of the next Valuation Date.

**Making Withdrawals: Accessing the Money in Your Contract**

------

**Can I Access the Money in My Account During the Asset Accumulations (Savings) Phase?**

Yes. However, withdrawal of Account Value from Qualified Contracts (other than traditional IRAs and Roth IRAs) are subject to any restrictions imposed by the IRC or under the Qualified Retirement Plan. If not restricted by the IRC or Qualified Retirement Plan under which the Contract is issued, You may surrender the Contract or withdraw part of Your Account Value for cash before Annuity Payments begin. <br>Withdrawal of Account Value from Non-Qualified Contracts is subject to any restrictions imposed by the IRC. However, if not restricted by the IRC, You may surrender the Contract or withdraw part of Your Account Value for cash before Annuity Payments begin.

**What is the Process to Request a Withdrawal of Money from My Contract**?

You may request a surrender or a partial withdrawal by submitting a signed, HMLIC form to HMLIC at Our Home Office at P.O. Box 4657, Springfield, Illinois 62708-4657. The kind of HMLIC form to be used will depend on whether any proceeds from the withdrawal/surrender are to be sent to any party other than the Contract Owner. A Contract Owner may request a HMLIC withdrawal/surrender form by writing to P.O. Box 4657, Springfield, Illinois 62708-4657or by calling 800-999-1030 or may download the form on Our secure website at horacemann.com.

When credited, any premium bonus amounts are treated as interest, resulting in an increase to the Account Value, the amount available to purchase Annuity Payments under the Contract, and the death benefit. For Non-qualified Contracts, the amount of any premium bonus is not included in Your cost basis. For each withdrawal, You may specify the account(s) from which the withdrawal will be deducted. Unless You specify otherwise, withdrawals will be deducted from the fixed account and the Subaccount(s), each in proportion to their share of the sum of the Account Value in these accounts. The Account Value will be reduced by the amount We distribute, per Your request, any applicable surrender charges and/or any applicable taxes. Withdrawals from the Contract will reduce the Account Value, the amount available to purchase Annuity Payments under the Contract, and the death benefit. We may use any proceeds from surrender charges associated with the bonus to recoup the amount of any premium bonus paid. Any partial withdrawal is subject to a $100 minimum and may not reduce the Contract Owner's Account Value to less than $100.

The surrender or partial withdrawal of Variable Account Value (including a rollover, exchange, etc.) is determined on the basis of the Accumulation Unit Value. Withdrawals and surrenders will be processed either on a Valuation Date specified by You in a request, provided the Valuation Date specified occurs on or after receipt of the request in good form at Our Home Office, or on the Valuation Date following the receipt of such request in good form at Our Home Office. HMLIC ordinarily completes a transaction within seven calendar days after receipt of a request in good form for a partial withdrawal or surrender.

**Can I Access the Money in My Account During the Annuity (Income) Phase?**

------

You will receive payments under the Annuity Payment option You select. However, You generally may not take any other withdrawals.

**Principal Risks of Investing in the Contract**

**Risk of Loss—**The Contract involves investment risk, including the loss of the principal amount invested.

**Not a Short-term Investment—**The Contract is not suitable as a short-term savings vehicle. It is designed for individuals seeking long-term, tax-deferred accumulation of funds. Surrender charges may apply for up to 9 years. Surrender charges will reduce the value of Your Contract if You withdraw money during the surrender charge period. Purchasing the Contract as an investment vehicle for a Qualified Retirement Plan does not provide any additional tax advantage beyond that already available through the Qualified Retirement Plan. Therefore, You should have reasons other than tax deferral to purchase this product.

**Risks Associated with Investment Options—**There can be no guarantee, and no representation is made, that the investment results of any of the Underlying Funds will be comparable to the investment results of any other mutual fund, even if the other mutual fund has the same investment adviser or manager. Past performance does not guarantee how the Underlying Funds will perform in the future. Your investments in Underlying Funds will fluctuate and You could lose money.

**Premium Bonus Risk —**We provide a premium bonus rider under versions of the Contract with a 9-year surrender charge period. This bonus feature provides for a credit equal to two percent (2%) of Net Premium We receive at Our Home Office during the first Contract Year. Electing this bonus feature may be beneficial to You only if You own the Contract a sufficient length of time. Under some circumstances, You may be worse off by electing this bonus feature. Electing this option will result in the surrender charge period being increased from 5 to 9 years in length. Electing this option will not cause the mortality and expense risk fee to increase, nor will it increase surrender charges during the Contract's first 5 years. However, during years 6-9 of the surrender charge period, the amount of the premium bonus may be more than offset by the surrender charges associated with the bonus if You fail to own the Contract for a sufficient length of time. Under this scenario, the excess will be a profit to Us.

**Insurance Company Risks—**An investment in the Contract is subject to the risks related to Horace Mann Life Insurance Company (HMLIC). Any obligations (including under any fixed account Investment Options), guarantees, or benefits are subject to the claims-paying ability of HMLIC. More information about HMLIC, including its financial strength ratings, is available upon request from HMLIC, and may be obtained by calling 1-800-999-1030 or visiting http://www.horacemann.com/why-us/a-history-of-financial-strength.

**Limitation on Access to Cash Value Through Withdrawals—**Unless restricted by the IRC, or the terms of any Qualified Retirement Plan under which Qualified Contracts are issued (if applicable), You may at any time before the Annuity Date surrender Your Contract in whole or withdraw in part for cash. You may have to pay federal income taxes and an additional tax (penalty tax) if You surrender or make a withdrawal from Your Contract. The IRC provides an additional tax (penalty tax) for early distributions under annuity contracts and Qualified Retirement Plans. Values may not be withdrawn from Qualified Contracts, other than traditional IRAs and Roth IRAs except under certain circumstances.

Premium payments made on a pre-tax basis through salary reduction (other than amounts designated as Roth contributions), employer amounts, or deductible amounts in the case of traditional IRAs are not subject to current income taxes at the time they are made. Earnings are also not subject to income taxes as they accumulate within the Contract. Except for qualified distributions from Roth-type accounts or after-tax premium payments, Contract benefits will be subject to ordinary income taxes when received in accordance with Section 72 of the IRC. Distributions from Qualified Contracts (other than traditional IRAs or Roth IRAs) may be restricted by the Qualified Retirement Plan and the IRC. Early distributions from Qualified Contracts may be subject to a penalty tax and the IRC also generally requires that distributions from Qualified Contracts (other than Roth IRAs) begin by April 1, following the calendar year in which the Contract Owner reaches age 73.

Premium payments made to Non-Qualified Contracts are not deductible from current taxable income. Investment earnings credited to the Contract Owner's account are generally not subject to current income tax until such amounts are distributed as defined by the IRC. However, certain assignments or pledges of a Contract may be treated as distributions and accelerate the taxability of investment earnings. Although tax consequences may vary depending on the payout option elected under the Contract, some or all of each Annuity Payment is generally taxed as ordinary income, while a portion may not be taxed. The determination of the amount of each Annuity payment that is subject to current income tax depends upon the type of Contract and Your particular circumstances.

------

**Significant Events**—We are also exposed to risks related to natural and man-made disasters and catastrophes, such as storms, fires, floods, earthquakes, epidemics, pandemics, malicious acts, and terrorist acts, which could adversely affect Our ability to conduct business. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the Russian invasion of Ukraine and the responses by the United States and other governments). A natural or man-made disaster or catastrophe, including a pandemic (such as COVID-19), could affect the ability, or willingness, of Our workforce and employees of service providers and third party administrators to perform their job responsibilities. Even if Our workforce and employees of Our service providers and third party administrators were able to work remotely, those remote work arrangements could result in Our business operations being less efficient than under normal circumstances and lead to delays in Our issuing Contracts and processing of other Contract-related transactions, including orders from Contract Owners. Catastrophic events may negatively affect the computer and other systems on which We rely and may interfere with Our ability to receive, pickup and process mail, Our processing of Contract-related transactions, impact Our ability to calculate Contract value, or have other possible negative impacts. These events may also impact the issuers of securities in which the Portfolio Companies invest, which may cause the Portfolio Companies underlying Your Contract to lose value. There can be no assurance that We, the Portfolio Companies or Our service providers will avoid losses affecting Your Contract due to a natural disaster or catastrophe.

**The Contract**

**Contract Owners' Rights**

A Contract may have been issued as a Qualified Contract under a Qualified Retirement Plan or as a Non-Qualified Contract. Both types of Contracts are subject to certain tax restrictions. See "Tax Consequences."

For Qualified Contracts, the Contract Owner may be required to forego certain rights granted by the Contract and should refer to the provisions of his or her Contract, the provisions of the plan or trust instrument and/or applicable provisions of the IRC. Qualified Contracts issued under IRC Sections 403(b), 457(b), and 401(a) are subject to the terms of the Qualified Retirement Plan, which may limit rights and options otherwise available under the Contract. For example, an employer's 403(b) plan may not allow loans, may not permit Roth contributions, and may restrict withdrawals under certain circumstances.

Unless otherwise provided by law, and subject to the terms of any governing plan or trust, or to the rights of any irrevocable beneficiary, the Contract Owner may exercise all privileges of ownership, as defined in the Contract. These privileges include the right during the period specified in the Contract to change the beneficiary, and to agree to a modification of the Contract terms. When multiple Contract numbers, with the same first nine digits in the Contract numbers, are used to segregate multiple sources of funds for a Contract Owner, such as employee versus employer, beneficiaries must be consistent for all such Contract numbers, and the death benefit will be determined as the aggregate death benefit for all such Contract numbers. No designation or change in designation of a beneficiary will take effect unless We receive a written request at Our Home Office or the Contract Owner completes the beneficiary change request on Our secure website. The request will take effect as of the date We receive it in good form (sufficiently clear so that We do not need to exercise discretion to follow such instructions), subject to payment or other action taken by Us before Your request was received. An assignment of ownership of a Qualified Contract is generally prohibited. A Non-Qualified Contract may be assigned by giving Us written notice. We reserve the right, except to the extent prohibited by applicable laws, regulations, or actions of a State Insurance Commissioner, to require that the assignment will be effective only upon acceptance by Us, and to refuse assignments at any time on a non-discriminatory basis.

This prospectus describes only the variable portions of the Contract. On the Annuity Date, the Contract Owner has the right to select fixed annuity options. See the Contract for details regarding Fixed Annuity Payments.

The Annuitant is the person named on the Contract data pages on whose life Annuity Payments are based. For Qualified Contracts, the Annuitant is the Contract Owner.

The beneficiary(ies) will be the person(s) designated by You and named as such in the application, unless later changed. The beneficiary(ies) will receive their portion of the death benefit or under certain circumstances, their portion of any remaining guaranteed Annuity Payments. It is important that you periodically review your current beneficiaries on file at HMLIC to assure Your beneficiary designations reflect Your current intent.

If You do not name a beneficiary or if the beneficiary named is no longer living, the beneficiary(ies) will be: (1) Your spouse if living, otherwise; (2) Your children equally, if living, otherwise; (3) Your estate.

------

We will pay multiple beneficiaries according to the most recent written instructions we have received from You at our Home Office. If We do not have any written instructions, We will pay the death benefit or any remaining Annuity Payments in equal shares to the beneficiaries. If there is more than one beneficiary in a class and one of the beneficiaries predeceases You, We will pay the death benefit or any remaining Annuity Payments in equal shares to the surviving beneficiaries in that class, unless otherwise specified by You.

**Purchasing the Contract**

To purchase a Contract, You completed an application bearing all requested signatures and a client profile form, in those instances when the purchase of this product was the result of a recommendation. For 403(b), 457(b) and 401(a) Contracts where the employer purchased the Contract on behalf of the employee, the employee would have been required to complete an application and client profile form in those instances, when the purchase of this product was the result of a recommendation.

Applications for Contracts must have been sent, along with Your premium payment, to Our Home Office. If a registered representative recommended and completed the application and associated forms, the appropriate broker-dealer approved the suitability and best interest of the sale, Your application was complete and Your initial premium payment was received at Our Home Office, We issued Your Contract within two business days of receipt, and credited Your initial Net Premium to Your Contract. We deemed receipt to occur on a Valuation Date if We received a properly completed application and initial premium payment at Our Home Office before 3:00 p.m. Central Time. If received after 3:00 p.m. Central Time, We deemed receipt to occur on the following Valuation Date.

If an incomplete application was received, HMLIC would have promptly requested additional information needed to process the application. Any initial premium payment received by HMLIC would be held in a suspense account, without interest, for a period not exceeding five business days unless otherwise directed by the applicant. If the necessary information was not received within these five business days HMLIC would have returned any initial premium payment received by HMLIC, unless otherwise directed by the applicant.

We generally would not issue You a Contract if the Annuitant is older than age 85 on the date the Contract would take effect. Under certain circumstances, however, We may have issued Contracts above this maximum issue age.

Although We do not anticipate delays in Our receipt and processing of applications or premium payments, We may have experienced such delays to the extent agents failed to forward applications and premium payments to Our Home Office on a timely basis.

**Premium Payments**

**Amount and Frequency of Premium Payments**—Net Premium payments allocated to the Separate Account will be applied at the applicable Accumulation Unit Value next determined following receipt in good form (sufficiently clear so that We do not need to exercise any discretion to follow such instructions). The minimum premium payment for the Contract is $25 per month or $300 per year. HMLIC limits the maximum cumulative premium to $1 million without Our prior approval. After Your initial premium payment, You are not required to make any additional premium payments under Your contract. HMLIC offers a 2% premium bonus under Contracts to which the premium bonus rider applies. The surrender charge period is 9 years for Contracts with that rider. There is no additional charge for the rider. Premium bonus amounts are treated as interest, resulting in an increase to the Account Value, the amount available to purchase Annuity Payments under the Contract, and the death benefit.

The IRC limits the amounts which may be contributed to Qualified Retirement Plans. See "Tax Consequences—Contribution Limitations and General Requirements Applicable to Qualified Retirement Plans."

**Allocation of Net Premiums**—When You completed Your application, You gave Us instructions on how to allocate Your Net Premium payments among the fixed account and/or the available Subaccounts. If an incomplete application form was received, HMLIC promptly requested additional information needed to process the application. Any initial premium payment received by HMLIC was held in a suspense account, without interest, for a period not exceeding five business days unless otherwise directed by You. The amount You direct to a particular Subaccount or to the fixed account must be in whole number percentages from 5% to 100% of the Net Premium payment. If You make additional premium payments, We will allocate the Net Premiums in the same manner as Your initial Net Premium payment. A request to change the allocation of premium payments will be effective on the Valuation Date of receipt of the request in good form by HMLIC's Home Office unless a future date is requested. The Contract Owner may request a change of allocation at any time.

On and after May 1, 2019, no new premium allocations are allowed to the following Subaccounts:

------

Lord Abbett Series Developing Growth Portfolio <br>Fidelity VIP Overseas Portfolio SC2 <br>Templeton Global Bond VIP Fund Class 4

On and after May 1, 2026, no new premium allocations are allowed to the following Subaccount:

Fidelity Real Estate Portfolio SC 2

**Accumulation Units and Accumulation Unit Value**—Net Premiums allocated to the Separate Account are credited on the basis of Accumulation Unit Value. The number of Accumulation Units purchased by Net Premium payments is determined by dividing the dollar amount credited to each Subaccount by the applicable Accumulation Unit Value next determined following receipt of the payment at Our Home Office. The investment experience of the Portfolio Company(ies), expenses and the deduction of certain charges under the Contract affect accumulation unit value and/or the number of accumulation units. If Portfolio Company expenses are higher, You may not be able to purchase as many units. If Portfolio Company expenses are lower, You may be able to purchase more units. The deduction of Contract charges will reduce your number of Accumulation Units which also impacts your Account Value.

Accumulation Units are valued on each Valuation Date. If We receive Your premium payment before 3:00 p.m. Central Time (or before the close of the NYSE, if earlier), We will process the order using the applicable Subaccount Accumulation Unit Value determined at the close of that Valuation Date. If We receive Your premium payment at or after 3:00 p.m. Central Time (or at or after the close of the NYSE, if earlier), We will process the order using the applicable Subaccount Accumulation Unit Value determined at the close of the next Valuation Date.

The Accumulation Unit Value of a Subaccount for any Valuation Period is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the net asset value of the corresponding Underlying Fund attributable to the Accumulation Units at the end of the Valuation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● plus the amount of any income or capital gain distributions made by the Underlying Fund during the Valuation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● minus the dollar amount of the M&E Fee and applicable rider charges We deduct for each day in the Valuation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● divided by the total number of Accumulation Units outstanding at the end of the Valuation Period.

**Transactions**

**Good Form**—The information in this prospectus sets forth specific information and documentation that must be received by Us at Our Home Office in order to process requests for certain types of transactions. In addition to the specific requirements set forth below, Your instructions must be sufficiently clear so that We do not need to exercise any discretion to follow such instructions; and We must receive all of the information and supporting legal documentation We require in order to effect the transaction. Transaction requests made with such instructions, and including such information and supporting documentation, are referred to in this prospectus as being "in good form".

**Transfers**—Subject to the restrictions set forth below and the market timing restrictions (see "Market Timing"). You may transfer amounts from one Subaccount to another, and to and from the fixed account of the Contract, at any time before the Annuity Date. We reserve the right to limit transfers from the fixed account to the Subaccounts before the Annuity Date as follows and, therefore, You should carefully consider whether investment in the fixed account meets Your investment criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No more than 25% of the Fixed Account Value can be transferred to one or more Subaccounts during a 365 day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any request to transfer the total Fixed Account Value to one or more Subaccounts will be transferred over a four-year period. No more than 25% of the amount will be transferred in any year before the final transfer.

We may not accept or We may defer transfers at any time that We are unable to purchase or redeem shares of a Portfolio Company for example, when a Portfolio Company is not able to provide Us with its net asset value per share on a daily basis. We reserve the right to terminate the transfer privilege at any time for all Contract Owners. We also reserve the right to restrict or terminate the transfer privilege for any specific Contract Owner if, in Our judgment, the Contract Owner is using the Contract for the purposes of market timing or for any other purpose that We, in Our sole discretion, determine to be potentially detrimental to other shareholders of an Underlying Fund. See the "Market Timing" section below.

You may transfer value from one existing Investment Option into as many as 10 other Investment Options. The minimum amount that can be transferred is $100 or the entire dollar value of the Subaccount(s), whichever is less. A transfer may not leave a Subaccount balance or fixed account balance of less than $100.

------

A Contract Owner may elect to transfer funds between Subaccounts and the fixed account by submitting a written request to Our Home Office, by sending a telefacsimile (FAX) transmission request to (877) 832-3785, by telephoning (800) 999-1030 (toll-free), or by accessing Our website at horacemann.com and looking in the "My Account" section.

**Caution:** Telephone and computer systems may not always be available. Any telephone or computer systems, whether Yours, Your service provider's, Your agent's, or Our's, can experience outages or slowdowns for a variety of reasons. These outages may delay or prevent Our processing of Your transaction request. If You experience technical difficulties or problems, You should make Your transaction request in writing to Our Home Office. You also should protect Your validating information, because self-service options will be available to anyone who provides Your validating information. We will not be able to verify that the person providing electronic transfer instructions via automated telephone or online systems and providing validating information is You or is authorized by You.

Depending on the means used to request a transfer, the request must: (1) be signed by the Contract Owner or, for telephone and website transactions, accompanied by validating information, (2) include the name of the Contract Owner and the Contract number, and (3) specifically state the dollar amount, a whole percentage, or the number of Accumulation Units to be transferred. The request also must specify the Investment Options from which and to which the transfer is to be made. Transfers are effective on the Valuation Date of receipt of the request in good form at Our Home Office unless a future date is requested. See "Other Information—Forms Availability."

On and after May 1, 2019, no new transfers are allowed to the following Subaccounts:

Lord Abbett Series Developing Growth Portfolio <br>Fidelity VIP Overseas Portfolio SC2 <br>Templeton Global Bond VIP Fund Class 4

On and after May 1, 2026, no new transfers are allowed to the following Subaccount:

Fidelity Real Estate Portfolio SC 2

**Dollar Cost Averaging**—Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities is averaged over time and possibly over various market cycles. Dollar cost averaging transfers are completed by periodically transferring equal amounts of money. You may preschedule a series of transfers between Investment Options to take advantage of dollar cost averaging. You may select from a 3-month, 6-month or 12-month period to complete the dollar cost averaging program. The minimum amount to be transferred to any one Investment Option is 5%. HMLIC reserves the right to limit the number of Investment Options and which Investment Options are available for the dollar cost averaging program. You may request dollar cost averaging by submitting a written request to Horace Mann Life Insurance Company at P.O. Box 4657, Springfield, Illinois 62708-4657, by calling (800) 999-1030 (toll-free), by telefacsimile (FAX) transmission to (877) 832-3785 or by accessing Our website at horacemann.com and looking in the "My Account" section. This option is only available before the Annuity Date. You may not elect this program if You are participating in a rebalancing program.

The transfers will begin on the Valuation Date of receipt of the request in good form in HMLIC's Home Office and will continue on this day each period until the program is completed. If the original request is received on the 29th, 30th or 31st of the month, all subsequent transfers will be processed as of the 28th of the month. If You should decide to cancel an existing dollar cost averaging program, You must notify HMLIC's Home Office either by writing to P.O. Box 4657, Springfield, Illinois 62708-4657, by calling (800) 999-1030 (toll-free), by telefacsimile (FAX) transmission to (877) 832-3785 or by accessing Our website at horacemann.com and looking in the "My Account" section.

Because the values of the Subaccounts from which the transfers may occur may decrease over time, the dollar cost averaging program may conclude earlier than scheduled. In addition, the last dollar cost averaging transfer may be for less than all prior transfers. Finally, the value of a Subaccount may increase and result in a balance remaining at the end of the period selected.

All requests must identify the Contract Owner's name and Contract number, specify the Investment Options to be utilized and the amounts to be taken from each, and include proper authorization, such as a signature on a form or validating information if using the telephone or Our website.

**Example:** Assume an investor has $200 to invest. If the investor invests all of their money at once, they could buy 10 shares of an investment that has a current share price of $20.

------

Alternatively, the investor could divide the $200 into four equal investments of $50, spread out over four months and purchase $50 worth of the same investment on the first day of every month regardless of the price. While the price fluctuates over the four months, the amount of shares the $50 buys varies from month to month. With the price fluctuating, the investor ends up paying $200 over the four months for 11 shares.

On and after May 1, 2019, no new dollar cost averaging programs to the following Subaccounts can start, and allocations to the following Subaccounts cannot increase under any existing dollar cost averaging programs:

Fidelity VIP Overseas Portfolio SC2 <br>Lord Abbett Series Developing Growth Portfolio <br>Templeton Global Bond VIP Fund Class 4

On and after May 1, 2026, no new dollar cost averaging programs to the following Subaccount can start, and allocations to the following Subaccount cannot increase under any existing dollar cost averaging programs:

Fidelity Real Estate Portfolio SC 2

**Rebalancing**—Rebalancing is the periodic adjusting of Investment Option balances to maintain a pre-established asset allocation strategy. You may request a rebalancing of Your Account Value either once or on a periodic basis.

For periodic rebalancing requests, You may select from a quarterly, semiannual or annual period. Rebalancing is continuous for the period(s) selected unless changed or discontinued by the Contract Owner. The minimum percentage that may be transferred to any one Investment Option is 5%. HMLIC reserves the right to limit the number of Investment Options and which Investment Options are available for the rebalancing program. HMLIC also reserves the right to require a minimum Account Value of no greater than $5,000 before a request for rebalancing is approved. You may request rebalancing by submitting a written request to Horace Mann Life Insurance Company at P.O. Box 4657, Springfield, Illinois 62708-4657, by calling (800) 999-1030 (toll-free), by telefacsimile (FAX) transmission to (877) 832-3785 or by accessing Our website at horacemann.com and looking in the "My Account" section. This option is only available before the Annuity Date. You may not elect this program if You are participating in a dollar cost averaging program.

Rebalancing will begin on the Valuation Date of receipt of the request in good form in Our Home Office. For periodic rebalancing requests, subsequent rebalancing of Your Account Value will continue to occur on the same calendar day of each scheduled month. If the original request is received on the 29th, 30th or 31st of the month, all subsequent rebalancing of Your Account Value will be processed as of the 28th of the month. If You should decide to cancel an existing rebalancing program, You must notify Our Home Office either by writing to P.O. Box 4657, Springfield, Illinois 62708-4657, by calling (800) 999-1030 (toll-free), by telefacsimile (FAX) transmission to (877) 832-3785 or by accessing Our website at horacemann.com and looking in the "My Account" section.

All requests must identify the Contract Owner's name and Contract number, specify the Investment Options to be utilized and the percentage to be maintained in each option, and include proper authorization, such as a signature on a form or validating information if using the telephone or Our website. **Your rebalancing request must match Your premium allocation. If We receive a request to rebalance to allocations different from the current premium allocation, We will change the premium allocations to those on the rebalancing request.**

**Example:** Your target asset allocation is 70% stock funds, 25% bond funds and 5% money market funds. On day one, Your portfolio asset allocation aligns with Your target asset allocation. As time goes by, the different investments in Your portfolio will have their ups and downs. As a result, one year later, Your portfolio asset allocation is 55% stock funds, 35% bond funds and 10% money market funds. Utilizing rebalancing, You buy 15% stock funds, sell 10% bond funds and sell 5% money market funds to restore Your portfolio asset allocation to Your target asset allocation of 70% stock funds, 25% bond funds and 5% money market funds.

On and after May 1, 2019, no new rebalancing programs to the following Subaccounts can start, and allocations to the following Subaccounts cannot increase under existing rebalancing programs:

Fidelity VIP Overseas Portfolio SC2 <br>Lord Abbett Series Developing Growth Portfolio <br>Templeton Global Bond VIP Fund Class 4

On and after May 1, 2026, no new new rebalancing programs to the following Subaccount can start, and allocations to the following Subaccount cannot increase under existing rebalancing programs:

Fidelity Real Estate Portfolio SC 2

------

**Changes to Premium Allocations**—A Contract Owner may elect to change the allocation of future Net Premium payments at any time by mailing a written request to HMLIC at P.O. Box 4657, Springfield, Illinois 62708-4657, by calling (800) 999-1030 (toll-free), by telefacsimile (FAX) transmission to (877) 832-3785, or by accessing Our website at horacemann.com and looking in the "My Account" section. Depending on the means used to request a change, the request must: (1) be signed by the Contract Owner or, for telephone and website transactions, be accompanied by validating information, (2) include the Contract Owner's name and Contract number, and (3) specify the new allocation percentage for the fixed account and/or for each Investment Option (in whole percentages). Allocations made to the fixed account or to one or more Investment Options must total 100%. Changes in allocation instructions are effective on the Valuation Date of receipt of the request in good form by Our Home Office unless a later date is requested. See "Other Information—Forms Availability."

On and after May 1, 2019, Contract Owners are not allowed to begin or increase allocations to the following Subaccounts:

Fidelity VIP Overseas Portfolio SC2 <br>Lord Abbett Series Developing Growth Portfolio <br>Templeton Global Bond VIP Fund Class 4

On and after May 1, 2026, Contract Owners are not allowed to begin or increase allocations to the following Subaccount:

Fidelity Real Estate Portfolio SC 2

**Market Timing**—The Contract and the Subaccounts are not designed for "market timing" through frequent transfers or transfers that are large in relation to the total assets of the Underlying Fund. HMLIC discourages and does not accommodate frequent transfers among the Subaccounts or between the Subaccounts and the fixed account. Trading strategies that seek to benefit from short-term price fluctuations or price irregularities cause disruption to the Underlying Funds' investment strategies, with potential resulting harm to performance and increased trading costs or Underlying Fund expenses, and are thereby potentially harmful to Underlying Fund shareholders, generally and Contract Owners and their Contract performance, more specifically.

If We determine, in Our sole discretion, that Your transfer patterns among the Subaccounts reflect a market timing strategy, We will take action to protect the other Contract Owners and/or terminate the Contract. In making these determinations, We may consider the combined transfer activity of Contracts that We believe are under common ownership, control or direction. HMLIC does not include transfers made pursuant to dollar cost averaging or rebalancing when considering whether to take action. HMLIC applies its market timing policies and procedures uniformly to all owners of a particular Contract.

We reserve the right to restrict or terminate the transfer privilege for any specific Contract Owner if, in Our judgment, the Contract Owner is using the Contract for the purposes of market timing or for any other purpose that We, in Our sole discretion determine to be potentially detrimental to other shareholders of an Underlying Fund. We may require future transfer requests under the Contract to be submitted with an original signature via U.S. Mail for a finite period of time or for the duration of the Contract. If this restriction is imposed, We will reverse within one business day any transaction inadvertently processed that is not in compliance with the restriction. You will receive written confirmation of any such reversal.

If HMLIC determines that You are engaging in a pattern of transfers that reflects a market timing strategy or is potentially harmful to other Contract Owners, it will notify You in writing of any restrictions.

The detection and deterrence of market timing involves judgments that are inherently subjective. Our ability to detect such activity may be limited by operational and technological systems, as well as Our ability to predict strategies employed by others to avoid detection. Accordingly, there is no assurance that We will deter all market timing activity. Therefore, Contract Owners may be subject to the risks described above.

The Underlying Funds may have their own policies and procedures with respect to frequent purchases and redemptions of their shares, which are described in the Underlying Fund prospectuses. For example, Underlying Funds may assess a redemption fee (which We reserve the right to collect) on shares held for a relatively short period of time. Such policies and procedures may be more or less restrictive than HMLIC's policies and procedures. As a result, We may not have the contractual obligation or the operational capacity to apply the frequent trading policies and procedures of the Underlying Funds. However, We reserve the right to defer or restrict transfers at any time that We are unable to purchase or redeem shares of any of the Underlying Funds, including any refusal or restriction on purchases or redemptions as a result of the frequent trading policies and procedures of the Underlying Funds. HMLIC also reserves the right to implement and administer redemption fees imposed by one or more of the Underlying Funds. The prospectuses of the Underlying Funds include more details on the ability of the Underlying Funds to refuse or restrict purchases or redemptions of their shares.

------

Contract Owners should be aware that We are required to provide to an Underlying Fund, promptly upon request, certain information about the trading activity of individual Contract Owners, and to restrict or prohibit further purchases or transfers by specific Contract Owners identified by the Underlying Fund as violating the frequent trading policies established for that Underlying Fund.

**Loans**—Loans may be available in certain Qualified Contracts, except for IRA contracts issued under IRC Sections 408(b) and 408A, if allowed by the plan. The terms of such loans are subject to the provisions of the plan, Our loan agreement and loan endorsement, and the IRC . See "Tax Consequences."

Your loan request must be in writing on a loan agreement form provided by Us. This form must be sent to the Home Office and approved by Us. A loan is effective on the business day following the date We approve the loan agreement request, subject to any restrictions in the plan.

The minimum loan amount will never be greater than $2,500, or, if applicable, the amount established by the Department of Labor, whichever is less. The maximum loan amount for all loans from all retirement plans and deferred compensation plans sponsored by Your employer may not exceed the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any maximum amount established by the plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the greater of $10,000 or 50 percent of the Contract's fixed account surrender value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. $50,000 minus the highest outstanding balance of all loans in the previous 12 months under the Contract and any plans of Your employer as defined under Sections 72(p)(4) and 72(p)(2)(D) of the IRC.

No more than two outstanding loans will be permitted at any one time. We may defer granting a loan for up to six months after We receive Your request. No loans will be permitted if You have previously defaulted on a loan from any retirement plan or deferred compensation plan sponsored by Your employer.

Loans can only be made from values held in the Fixed Account. In order to borrow from values in the Variable Account You must first transfer those amounts to the Fixed Account. The Fixed Account Value is decreased by any outstanding loan balance.

Loan interest will be charged on all loans and will accrue daily at the loan interest rate shown on the loan agreement form. The loan interest rate is an adjustable rate and will be determined by us for each calendar quarter and will apply for 12 months to new loans made in that quarter and to outstanding loans whose loan anniversaries occur in that quarter. Each such loan interest rate so determined will not exceed the Monthly Average of the Composite Yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc., for the calendar month ending two months before the date on which the loan interest rate is determined. If this monthly average is no longer published, the rate used in its place will be that set by law or by regulation of the applicable state insurance regulator

If the Loan Interest Rate that can be charged for a loan for a 12-month period as determined above is ½ percent or more lower than the Loan Interest Rate charged for the preceding 12-month period, the Loan Interest Rate for the current 12-month period will be decreased so as to be equal to or less than that Loan Interest Rate so determined. If the Loan Interest Rate that can be charged for a loan for a 12-month period as determined above is ½ percent or more higher than the Loan Interest Rate charged for the preceding 12-month period, the Loan Interest Rate for the current 12-month period may be increased, but not to exceed the Loan Interest Rate so determined. The Loan Interest Rate will never be greater than that permitted by law.

The initial interest rate for the loan will be the rate for the calendar quarter in which the loan becomes effective. We will notify You of the initial Loan Interest Rate on the loan requested. The loan interest rate may change annually on the anniversary date of the loan. We will send written notice of any change in the Loan Interest Rate at least 30 days before the loan anniversary. This notice will include a description of how the Loan Interest Rate is determined.

In accordance with the Soldier's and Sailor's Relief Act, the maximum loan interest rate that can be charged on the loan amount during the leave of absence for active military service is six percent.

The maximum loan amount described above is subject to the collateral amount established by Us. We will designate part or all of the fixed account and/or Subaccount(s) to be used for collateral for any loan amount. The designation of what can be used as collateral will be explained on the loan agreement form.

On the effective date of a loan, the collateral amount is established by Us. It will not exceed 100 percent of the loan amount. The percentage in effect on the effective date of a loan is shown on the loan agreement form. While a loan is outstanding, a withdrawal or transfer will not be permitted if it will decrease the collateral amount below that required by Us.

------

On the effective date of a loan, a loan reserve account is established. Fixed Account Value equaling the loan amount will be transferred from the fixed account and allocated to the loan reserve account. The Fixed Account Value is decreased by any outstanding loan balance. The loan reserve account value and the collateral amount will be the security for the loan. A minimum loan reserve account interest rate of 3 percent will be credited to the loan reserve account. Additional loan reserve account interest may be credited as determined by Us.

The loan amount shall be amortized and repaid no less frequently than quarterly. Although You may prepay the loan amount at any time, You must repay a loan within five years unless the loan is to be used to acquire or build a dwelling unit that will be used as a principal residence within a reasonable period of time. If the loan is used for a principal residence, it may be repaid over a period not exceeding 25 years, subject to a minimum quarterly repayment amount of $250 on loans exceeding five years.

We may permit the suspension of loan repayments for a period up to one year while You are on an unpaid leave of absence from employment. You must resume loan repayments upon completion of Your leave of absence and the installment payments due after repayments resume must be made as frequently and in an amount no less than was made before the suspension. The loan must be repaid by the end of the original loan term.

We may permit the suspension of loan repayments during any part of Your leave of absence for active military service, even if the leave exceeds one year. You must resume loan repayments upon completion of Your active military service and the installment payments due after repayments resume must be made as frequently and in an amount no less than was made before the suspension. The loan must be repaid by the end of the original loan term plus the period of active military service.

Any loan repayments received will first be applied towards loan interest due, with the remainder applied towards repayment of the loan balance. That portion of a loan repayment received which is applied towards repayment of the loan balance plus the amount of loan reserve account interest earned on such portion will be transferred from the loan reserve account and allocated to the fixed account and will begin earning the same interest rate as other funds newly allocated to the fixed account.

There is a grace period following each scheduled loan payment due date. The duration of the grace period is shown on the loan agreement form and shall conform to the requirements of regulations issued by the Internal Revenue Service establishing acceptable grace periods. If the payment has not been received by the end of the grace period, the loan amount will be in default and reported as a deemed distribution and be taxable income for the year in which the default occurred. Once a loan is in default, loan interest will no longer be charged and loan reserve account interest will no longer be credited to the loan reserve account. You may continue to make loan payments after a loan is in default, as long as those payments are equal to or greater than the payments prior to the loan's default. Loan payments made on a defaulted loan will be treated like after-tax contributions. However, they will not be treated like after-tax contributions for any other purposes. Once a loan is in default, no further loans will be available under the Contract. Further, if You have ever defaulted on a loan from any retirement plan or deferred compensation plan sponsored by Your employer, no further loans shall be permitted.

At the time federal tax law or regulation and applicable state regulations permit, We will recover the foreclosure amount from the Contract's total Account Value. Any withdrawal made to recover the foreclosure amount will be made in compliance with any applicable state and federal regulations. No actual distributions to repay loans shall be made which would violate Section 403(b)(11) or 457(d) or 457(e)(9)of the Code.

While a loan is outstanding, the loan amount will not participate in the investment experience of any Subaccount. Therefore, loans can affect the Account Value and death benefit whether or not the loan is repaid. The Account Value at surrender and the death benefit will be reduced by any outstanding loan amount.

The loan reserve account interest rate may be less than the interest rate We credit to funds in the fixed account. If the loan has not been repaid in full upon selection of any annuity income option, upon Your death, or upon surrender of the Contract, We will reduce the total Account Value by the sum of the loan amount and any applicable surrender charges.

In the event of Your death, the loan amount shall be treated as an offset amount on the date of death. The loan amount cannot be transferred to, or assumed by, Your beneficiary. If the loan amount was not repaid prior to the date of death, any distribution will be made net of the loan amount. In addition, the loan amount will be reported as a distribution to Your estate.

Loans permitted under the Contract may be taxable in whole or in part if You have additional loans from other plans or contracts. We will calculate the maximum loan amount based solely on information provided to Us by You and the sponsoring employer of the plan, including their representatives. We make no representations or guarantees as to the tax consequences of a loan. We recommend consulting a competent tax advisor prior to taking a loan.

------

We reserve the right, upon advance written notice of at least 30 days to You, to discontinue the availability of new loans. Any such discontinuance will not apply to loans that are outstanding on the effective date of such discontinuance.

**Conversions/Exchanges**—Some investment professionals may have a financial incentive to offer You a new Contract in place of the one You own. You should only exchange Your Contract if You determine, after comparing the features, fees and risks of both contracts, that it is better for You to purchase the new Contract rather than continue to own Your existing Contract.

**Surrender or Withdrawal Before Commencement of Annuity Period**—Withdrawal of Account Value from Qualified Contracts (other than traditional IRAs and Roth IRAs) are subject to any restrictions imposed by the IRC or under the employer retirement plan. (See "Tax Consequences.") However, if not restricted by the IRC or employer plan under which the Contract is issued, You may surrender the Contract or withdraw part of Your Account Value for cash before Annuity Payments begin. For each withdrawal, You may specify the account(s) from which the withdrawal will be deducted. Unless You specify otherwise, withdrawals will be deducted from the fixed account and the Subaccount(s), each in proportion to their share of the sum of the Account Value in these accounts. The Account Value will be reduced by the amount We distribute, per Your request, any applicable surrender charges and/or any applicable taxes. Withdrawals from the Contract will reduce the Account Value, the amount available to purchase Annuity Payments under the Contract, and the Death Benefit. Any partial withdrawal is subject to a $100 minimum and may not reduce the Contract Owner's interest in a Subaccount to less than $100.

The surrender or partial withdrawal of Variable Account Value (including a rollover, exchange, etc.) is determined on the basis of the Accumulation Unit Value next computed following the receipt of a request for surrender or partial withdrawal in good form in Our Home Office. A surrender or partial withdrawal may result in adverse federal income tax consequences to the Contract Owner. These consequences include current taxation of payments received, and may include penalty taxes resulting from early distributions. (See "Tax Consequences.")

A Contract Owner eligible to surrender or request a partial withdrawal may elect to do so by submitting a signed, HMLIC form to HMLIC at Our Home Office at P.O. Box 4657, Springfield, Illinois 62708-4657. The kind of HMLIC form to be used will depend on whether any proceeds from the withdrawal/surrender are to be sent to any party other than the Contract Owner. A Contract Owner may request a HMLIC withdrawal/surrender form by writing to P.O. Box 4657, Springfield, Illinois 62708-4657 or by calling 800-999-1030 or may download the form on Our secure website at horacemann.com. Depending on the volume of transaction requests received at Our Home Office, We may take up to 5 business days following Our receipt of a request for a withdrawal/surrender form to mail the form. Telefacsimile (FAX) transmissions and photocopies of the withdrawal/surrender request will be accepted only if all withdrawal/surrender proceeds are to be sent to the Contract Owner and the request, if sent by FAX, is sent to (877) 832-3785. When a request is received by FAX and the withdrawal/surrender proceeds exceed $75,000, We will confirm receipt of the request with the Contract Owner. Telefacsimile (FAX) transmissions and photocopies of the withdrawal/surrender request will not be accepted if any proceeds of the withdrawal/surrender are not to be sent to the Contract Owner. See "Other Information—Forms Availability."

Withdrawals and surrenders will be processed either on a Valuation Date specified by You in a request, provided the Valuation Date specified occurs on or after receipt of the request in good form at Our Home Office, or on the Valuation Date of such receipt of a request in good form at Our Home Office.

For Your protection, We will send a confirmation letter on all address changes. If You have requested an address change within 15 days prior to Your surrender or withdrawal request, We will process the surrender or withdrawal but We will not release Your distribution until the full 15 days following the address change has passed. In addition, if We suspect financial fraud We may ask for additional authentication (including but not limited to a Medallion signature guarantee).

Surrenders and withdrawals from any Subaccount are subject to the surrender charges shown below. There are two surrender charge periods available under this Contract. Both are shown below. The charges applicable to Your Contract will depend on how You completed the application and are printed on Your Contract data pages.

---

| | | |
|:---|:---|:---|
| Surrender Charges | Surrender Charge | Surrender Charge |
| During Contract Year | 9 Year | 5 Year |
| 1 | &nbsp;&nbsp; 8.0% | &nbsp;&nbsp; 8.0% |
| 2 | &nbsp;&nbsp; 7.5% | &nbsp;&nbsp; 7.5% |
| 3 | &nbsp;&nbsp; 7.0% | &nbsp;&nbsp; 7.0% |
| 4 | &nbsp;&nbsp; 6.0% | &nbsp;&nbsp; 6.0% |
| 5 | &nbsp;&nbsp; 5.0% | &nbsp;&nbsp; 5.0% |
| 6 | &nbsp;&nbsp; 4.0% | &nbsp;&nbsp; 0.0% |

---

------

---

| | | |
|:---|:---|:---|
| Surrender Charges | Surrender Charge | Surrender Charge |
| During Contract Year | 9 Year | 5 Year |
| 7 | &nbsp;&nbsp; 3.0% | &nbsp;&nbsp; 0.0% |
| 8 | &nbsp;&nbsp; 2.0% | &nbsp;&nbsp; 0.0% |
| 9 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 0.0% |
| Thereafter | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% |

---

Surrender charges are applied to surrenders and withdrawals based on the effective date of the Contract and not on the date the premium payment is made.

The applicable surrender charge will be deducted from the amount withdrawn and the balance paid to You. For example, a request to withdraw $3,000 at a 4% surrender charge will result in a surrender charge of $3000 × 4% = $120, which will be deducted from the withdrawal and the balance of $2,880 would be paid to You. Any taxes withheld will reduce the dollar amount of the distribution received. When You wish to receive a certain amount after the deduction of any surrender charges or applicable taxes, this is called a net withdrawal. We will determine what the total withdrawal and applicable charges would be to result in a desired net withdrawal when possible. In order for You to receive a net withdrawal of $3,000 in this example, We would need to withdraw $3,125 from Your account, raising the surrender charge to $3,125 × 4% = $125 with the balance of $3,000 paid to You.

The surrender charge is assessed on the basis of the amount surrendered or withdrawn from the Subaccount(s), but will never exceed 9% of Your total Net Premium payments to a Subaccount during the lifetime of the Contract. For example, if a Contract Owner's Subaccount value is $12,000 and Net Premium payments to date equal $10,000 and the Contract Owner surrenders the Contract, then the surrender charge may not exceed 9% of $10,000 ($900).

If premium taxes are deducted before surrender or withdrawal, any reduction of HMLIC's premium tax liability resulting from the surrender or withdrawal will be to HMLIC's benefit.

**Systematic Withdrawals**—Before Commencement of an Annuity Period, You may select systematic withdrawals, and You may choose monthly, quarterly, semi-annual or annual withdrawals, with the exception of Required Minimum Distributions which are paid annually. The 29th, 30th and 31st days of the month are not allowed as start dates. Each withdrawal must be for at least $100 and the minimum duration is 12 months. Requests for systematic withdrawals and the Investment Options from which those withdrawals will be taken, must be submitted to Us in writing, be in good form and must be approved by Us . Any applicable Withdrawal Charges will apply.

Only one systematic withdrawal option can be effective at one time. The systematic withdrawal option is not available on Contracts with an active dollar cost averaging program. As with any withdrawal, systematic withdrawals will reduce the Account Value of the Contract. HMLIC provides the following systematic withdrawal options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Required Minimum Distribution—Allows You to receive Your IRC Required Minimum Distribution annually. This is the default option unless You opt out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Interest only—Allows You to receive the interest earned in the fixed account under Your Contract in periodic payments through the year. The initial payment is made at the end of the initial frequency to allow for the interest to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed amount—Allows You to receive a specified amount in periodic payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Percent of Account Value—Allows You to withdraw a percentage of Your Account Value in periodic payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Substantially equal periodic payments—Allows You to receive periodic payments throughout a year as required by the IRC and related rules to receive withdrawals without penalty tax prior to age 59½.

A Contract Owner eligible for systematic withdrawals may elect this option by submitting a signed, HMLIC form to HMLIC at Our Home Office at P.O. Box 4657, Springfield, Illinois 62708-4657. A Contract Owner may request a HMLIC systematic withdrawal form by writing to P.O. Box 4657, Springfield, Illinois 62708-4657 or by calling 800-999-1030 or by accessing Our secure website at horacemann.com and looking in the "My Account" section.

**Example:** Under a fixed amount systematic withdrawal option, You may elect to withdraw a minimum of $100 per month for a minimum duration of 12 months.

**Payments We Make**—HMLIC ordinarily completes a transaction within seven calendar days after receipt of a request in good form to transfer, surrender, partially withdraw or commence Annuity Payments. The value of a Contract is determined as of the Valuation Date on which a transaction request in good form is received. However, determination of Account Value and processing the transaction may be deferred for: (1) any period during which the NYSE is closed for other than customary weekend

------

or holiday closings, or during which trading on the NYSE is restricted by the SEC; (2) any period when the SEC determines that an emergency exists that makes it not reasonably practicable to sell securities or to fairly determine Accumulation Unit Values or Annuity Unit Values; or (3) any other period designated by the SEC to protect persons with interests in the Separate Account.

Due to the increasing prevalence of Financial Exploitation that targets senior citizens and other vulnerable adults, and in response to guidance from the SEC, We now have authority to place a temporary hold on payments from variable insurance contracts when there is a reasonable suspicion of financial exploitation of seniors or other vulnerable adults.

If We reasonably believe that Financial Exploitation has occurred, is occurring, has been attempted, or will be attempted We may delay processing withdrawals or other disbursements from Your variable insurance contract. This action will only be taken when We have credible evidence or information suggesting possible financial exploitation. We will make every effort to reach out to Your trusted contact person. We may request information regarding Your contact information or seek assistance in identifying a legal guardian or trustee to ensure Your account is protected.

When a temporary hold is imposed, We will transfer those proceeds to the money market fund. We reserve the right to defer payment of amounts from the Variable Account for up to 55 days after receipt of Your written request in good form. During this time, We will be doing internal and external investigations to either confirm or deny the financial exploitation.

We reserve the right to defer payment of amounts from the fixed account for up to six months after receipt of Your written request in good form, but only after We have made a written request and received written approval of the insurance department of the state in which this Contract was delivered. We will pay interest from the date of receipt of Your written request in good form on any payment deferred for 30 days or more at the applicable interest rate.

If You have submitted a check or draft to Our Home Office, We may defer payment of the amount of such check or draft from the payment of surrenders, withdrawals, death benefit proceeds, or payments under a settlement option until the check or draft has been honored.

If mandated under applicable law, We may be required to reject a premium payment and/or block a Contract Owner's account and thereby refuse to pay any request for transfers, withdrawals, surrenders, loans (if applicable), or death benefits until instructions are received from the appropriate regulators. We also may be required to provide additional information about a Contract Owner or a Contract Owner's account to governmental regulators.

**Confirmations**—HMLIC mails written confirmations of premium payments and systematic withdrawals to Contract Owners on a quarterly basis within five business days following the end of each calendar quarter. Written confirmations of transfers, changes in allocations, withdrawals (other than systematic withdrawals) and surrenders are mailed to Contract Owners within seven calendar days of the date the transaction occurred.

If a Contract Owner believes that the confirmation statement contains an error, the Contract Owner should notify HMLIC as soon as possible after receipt of the confirmation statement. Notice may be provided by writing to HMLIC, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission to (877) 832-3785, or by telephoning (800) 999-1030 (toll free).

**Deductions and Expenses**

We make certain charges and deductions under the Contract. These charges and deductions compensate Us for: services and benefits We provide; costs and expenses We incur; and risks We assume. The fees and charges deducted under the Contract may result in a profit to Us.

Services and Benefits We Provide

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the death benefit, and cash benefits under the Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● access to Investment Options, including Net Premium allocations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● administration of elective options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the distribution of reports to Contract Owners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Annuity Payment options

Costs and Expenses We Incur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● costs associated with processing applications and with issuing and administering the Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● overhead and other expenses for providing services and benefits, sales and marketing expenses, including compensation paid in connection with the sale of the Contract

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● other costs of doing business, such as collecting premium payments, maintaining records, effecting transactions, and paying taxes (federal income tax, state and local premium tax, and other taxes) and fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● costs associated with acting as an approved investment provider in an employer's plan, such as recordkeeping or administration fees (for example, third party administrator fees)

Risks We Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the costs of providing the services and benefits under the Contracts exceed the charges We deduct

Waiver, Reduction or Elimination of Deductions and Expenses

We may reduce, waive or eliminate any of the deductions or expenses for Qualified Contracts sold under a particular employer's Qualified Retirement Plan. Any such reduction will reflect the differences We expect in distribution costs or services meant to be defrayed by such charges. Factors We consider for a reduction, waiver or elimination of deductions or expenses include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The number of participants under the Qualified Retirement Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The type and nature of the Qualified Retirement Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The expected level of assets and/or cash flow under the Qualified Retirement Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our agents' involvement in sales activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our sales-related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Distribution provisions under the Qualified Retirement Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Qualified Retirement Plan's purchase of one or more other variable annuity contracts from Us and the features of those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The level of employer involvement in determining eligibility for distributions under the Qualified Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our assessment of financial risk to Us relating to withdrawals.

We will not reduce, waive or eliminate any deduction or expense in a manner that is unfairly discriminatory against any person.

We may also apply different deduction and expense provisions in Qualified Contracts issued to employees or members of certain employer groups or associations which have negotiated the Qualified Contract terms on behalf of their employees or members. We will offer any resulting deduction or expense uniformly to all employees or members in the group.

**Premium Taxes**—Certain state and local governments levy a premium tax, currently between 0% to 3.5%. Any premium taxes relating to the Contract may be deducted from the premium payments or the Annuitized Value, when applicable. The amount of such premium taxes, if any, and the time of deduction of those taxes will be determined by the Contract Owner's current place of residence.

**Surrender Charges**—If You make a withdrawal or surrender under the Contract, HMLIC will assess a charge to compensate it for the cost of selling the Contract.

Withdrawals may not be made from Qualified Contracts (other than traditional IRAs and Roth IRAs), except under certain circumstances. (See "Tax Consequences.") However, if not restricted by the IRC or employer plan under which the Contract is issued, a Contract Owner may surrender the Contract in whole or withdraw a portion of the Account Value for cash before Annuity Payments begin.

HMLIC reserves the right to waive either a portion or the whole surrender charge in certain situations. In certain situations, You may make a withdrawal with no surrender charge. Please see Your Contract for further details. For further information regarding surrender or withdrawals see "The Contract—Transactions—Surrender or Withdrawal Before Commencement of Annuity Period."

There are two surrender charge periods available under this Contract. Both are shown below. The charges applicable to Your Contract will depend on how You completed the application and are printed on Your Contract data pages.

---

| | | |
|:---|:---|:---|
| Surrender Charges | Surrender Charge | Surrender Charge |
| During Contract Year | 9 Year | 5 Year |
| 1 | &nbsp;&nbsp; 8.0% | &nbsp;&nbsp; 8.0% |
| 2 | &nbsp;&nbsp; 7.5% | &nbsp;&nbsp; 7.5% |
| 3 | &nbsp;&nbsp; 7.0% | &nbsp;&nbsp; 7.0% |
| 4 | &nbsp;&nbsp; 6.0% | &nbsp;&nbsp; 6.0% |

---

------

---

| | | |
|:---|:---|:---|
| Surrender Charges | Surrender Charge | Surrender Charge |
| During Contract Year | 9 Year | 5 Year |
| 5 | &nbsp;&nbsp; 5.0% | &nbsp;&nbsp; 5.0% |
| 6 | &nbsp;&nbsp; 4.0% | &nbsp;&nbsp; 0.0% |
| 7 | &nbsp;&nbsp; 3.0% | &nbsp;&nbsp; 0.0% |
| 8 | &nbsp;&nbsp; 2.0% | &nbsp;&nbsp; 0.0% |
| 9 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 0.0% |
| Thereafter | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% |

---

**Annual Maintenance Fee**—We currently deduct an annual maintenance fee of no more than $25 from the Account Value of each Contract on the Contract Anniversary date. This fee will be waived if the Account Value equals or exceeds $25,000 at the time the fee is assessed. We will deduct a proportionate amount of the annual maintenance fee upon the surrender of this Contract. If the Contract Owner has multiple deferred annuity contracts or certificates with Us, We will combine the values of all such contracts/certificates to determine whether the $25,000 value has been met. We sometimes use multiple Contract numbers, with the same first nine digits in the numbers, to segregate multiple sources of funds for a Contract Owner, such as employee versus employer. In these situations, We will deduct only one annual maintenance fee per year for those multiple Contract numbers. The annual maintenance fee is included in the Base Contract Expense under Important Information You Should Consider About the Contract, Ongoing Fees and Expenses (Annual Charges). It is also shown under Fees, Annual Contract Expenses, Administrative Expenses.

The annual maintenance fee ceases when You apply the Annuitized Value to an Annuity Payment option. The annual maintenance fee is intended to reimburse HMLIC for actual expenses incurred in administering the Contract. We do not expect to profit from such fee and assume the risk that this annual maintenance fee may be insufficient to cover the actual costs of administering the Contract.

**Mortality and Expense Risk Fee ("M&E Fee")**—For assuming mortality and expense risk, We apply an asset charge to the Subaccounts. This fee may not exceed the current annual rate of 1.25% of the daily net assets of the Separate Account (0.45% for mortality risk, and 0.80% for expense risk); these may vary from time to time); however, We reserve the right to change the fee (subject to the 1.25% ceiling) in the future. The fee is computed on a daily basis and deducted from the Accumulation Unit Value. The mortality risk is a risk that Our Annuitants will live longer than predicted in the actuarial tables. The expense risk is a risk that Our Contract fees will not be sufficient to cover Our costs of issuing and administering the Contracts. The mortality and expense risk fee is included in the Base Contract Expense under Important Information You Should Consider About the Contract, Ongoing Fees and Expenses (Annual Charges). It is also included in the Base Contract Expenses under Fees, Annual Contract Expenses, Base Contract Expenses.

If this charge, combined with any other charges under the Contract does not cover Our total costs for services rendered and expenses incurred, We absorb the loss. Conversely, if the fees and charges more than cover Our actual costs, the excess is added to Our surplus.

**Charges for Optional Riders—Guaranteed Minimum Death Benefit Rider—Annual Step-up**—The Contract Owner could have elected this optional death benefit at the time of Contract issue for an additional charge. Contract Owners who elected this rider will currently pay 0.20% of the Variable Account Value on an annual basis\*. The charge for this rider will continue until the Contract is terminated or You annuitize the Account Value. <br>

**Guaranteed Minimum Death Benefit Rider—5% Accumulation**—The Contract Owner could have elected this optional death benefit at the time of Contract issue for an additional charge. Contract Owners who elected this rider will currently pay 0.30% of the Variable Account Value on an annual basis\*. The charge for this rider will continue until the Contract is terminated or You annuitize the Account Value.

*\**

*If You purchase both the Guaranteed Minimum Death Benefit Rider—Annual Step-up and the Guaranteed Minimum Death Benefit Rider—5% Accumulation at Contract issue, then, for the life of Your Contract, the total annual charge for both riders will be 0.40% of the average Variable Account Value.*

**Premium Bonus Rider**—The Contract Owner could have elected this rider at the time of Contract issue. This rider provides for a credit equal to two percent (2%) of Net Premium We receive at Our Home Office during the first Contract Year. If the Contract Owner elected this rider at Contract issue, the surrender charge period was increased from 5 to 9 years in length. Electing this rider did not cause the M&E Fee to increase, nor did it increase surrender charges during the Contract's first five years. However, during years 6-9 of the surrender charge period, the amount of the premium bonus may be more than offset by the surrender charges associated with the bonus. We may use any proceeds from surrender charges associated with the bonus to recoup the amount of any premium bonus paid. For Non-qualified Contracts, the amount of any premium bonus is not included in Your cost basis.

------

**Operating Expenses of the Portfolio Companies**—The deductions from and expenses paid out of the assets of the Portfolio Companies are described in each Portfolio Company's prospectus.

**Death Benefit**

Death Benefit Proceeds

If a Contract Owner dies (or the sole Annuitant dies and the sole Contract Owner is not a natural person) before the Annuity Date and while the Contract is in force, We will pay a death benefit to the beneficiary designated by the Contract Owner. The death benefit ends at the Annuity Date. When multiple Contract numbers, with the same first nine digits in the number, are used to segregate multiple sources of funds for a Contract Owner, such as employee versus employer, beneficiaries must be consistent for all such Contract numbers, and the death benefit will be determined as the aggregate death benefit for all such Contract numbers. The death benefit is determined for each beneficiary as of the date Proof of Death is received by HMLIC from such beneficiary. Proof of Death includes a certified death certificate or other satisfactory evidence of death, a completed claimant's statement and any additional forms, documentation, and written payment instructions necessary to process a death benefit claim, in a form satisfactory to Us. Where there are multiple beneficiaries, only one certified death certificate will be required.

The beneficiary will receive the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Account Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Net Premium paid, less an adjustment for any withdrawals and a reduction for any outstanding loan balance (An adjustment for any withdrawal is determined by dividing the withdrawal amount by the Account Value immediately prior to the withdrawal and multiplying the resulting fraction by the death benefit immediately prior to the withdrawal), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the death benefit provided in any rider attached to the Contract.

At the option of the beneficiary, We will pay all or part of the death benefit proceeds to the beneficiary under one of the Annuity Payment options described under "The Contract—Annuity Payment Options." If the form of Annuity Payment selected requires that payment be made by HMLIC after the death of the beneficiary, payments will be made to his/her designated beneficiary. Any part of a Contract Owner's interest payable to a minor child will be paid to the child's legal guardian for the benefit of the child.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the contract's maturity date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but after a thorough search We are not able to locate the beneficiary, or the beneficiary does not claim the death benefit in a timely manner, the death benefit will be paid to the unclaimed property office of the state in which the beneficiary or the Contract Owner last resided, as shown on Our books and records, or to Our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit or Contract proceeds if the beneficiary or owner of the property presents a timely claim with the proper documentation to the applicable state. To help prevent such escheatment, it is important that You keep Your desired beneficiary designations up to date, including full names and complete addresses, if and as they change.

Guaranteed Minimum Death Benefit Riders

In addition to the standard death benefit included in the Contract, the Contract Owner could have added the optional death benefits described below at Contract issue for an additional cost. These riders may not have been available in all states and could not be issued on or after the Contract Owner's 70th birthday.

**Guaranteed Minimum Death Benefit**—**Annual Step-up**—The Contract Owner could have elected this optional death benefit at the time of Contract issue for an additional charge.

Death Benefit under this rider

Before the Annuity Date, the death benefit is equal to the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the death benefit as described in the Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the death benefit provided in any other rider attached to the Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Step-Up Death Benefit described in the Guaranteed Minimum Death Benefit Annual Step-Up Rider.

------

Step-Up Death Benefit

The Step-Up Death Benefit is based on a series of calculations of Step-Up Anniversary Value. The Step-Up Death Benefit is equal to the greatest Step-Up Anniversary Value attained from this series of calculations, adjusted by any outstanding loan balance as set forth below.

HMLIC calculates the Step-Up Anniversary Value for every Contract Anniversary before the oldest Contract Owner's attainment of age 81, including the Contract Anniversary immediately following the oldest Contract Owner's attainment of age 80, or when HMLIC receives Proof of Death, whichever is earlier.

For Contracts with a loan endorsement, the Step-Up Anniversary Value for a given Contract Anniversary is equal to the "Total Accumulation Value" (as defined in the loan endorsement) as of that Contract Anniversary increased by any subsequent Net Premium received, and decreased by any adjustments for any subsequent withdrawals. The Step-Up Death Benefit will be adjusted by any outstanding loan balance at the time HMLIC receives Proof of Death of any Contract Owner or the sole Annuitant if the sole Contract Owner is not a natural person. We will determine any adjustment for any subsequent withdrawal by dividing the withdrawal amount by the "Total Accumulation Value" immediately before the withdrawal and multiplying the resulting fraction by the Step-Up Anniversary Value immediately before the withdrawal.

For Contracts without a loan endorsement, the Step-Up Anniversary Value for a given Contract Anniversary is equal to the Account Value as of that Contract Anniversary increased by any subsequent Net Premium received, and decreased by any adjustments for any subsequent withdrawals. We will determine any adjustment for any subsequent withdrawal by dividing the withdrawal amount by the Account Value immediately before the withdrawal and multiplying the resulting fraction by the Step-Up Anniversary Value immediately before the withdrawal. We will calculate the Death Benefit when We receive Proof of Death of any Contract Owner (or the sole Annuitant, if the sole Contract Owner is not a natural person). See Appendix A for an example of this death benefit calculation.

Rider charge

Any charge for this rider is guaranteed not to increase after this rider has been issued.

We will deduct any charge for this Rider from Your Variable Account Value.

Rider restrictions

We reserve the right to restrict allocations or transfers to the fixed account or any of the Subaccounts.

Termination of this rider

This rider cannot be terminated by the Contract Owner after the Issue Date. This rider terminates upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. when the Contract Owner applies the Annuitized Value to an annuity option under the Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the Contract terminates as a result of surrender of the Contract or death of the Contract Owner (or the sole Annuitant, if the sole Contract Owner is not a natural person).

**Guaranteed Minimum Death Benefit**—**5% Accumulation**—The Contract Owner could have elected this optional death benefit at the time of Contract issue for an additional charge.

Death benefit under this rider

Before the Annuity Date, the death benefit is equal to the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the death benefit as described in the Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the death benefit provided in any other rider attached to the Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Accumulation Death Benefit described in the Guaranteed Minimum Death Benefit—5% Accumulation Rider.

Accumulation Death Benefit

This rider provides an Accumulation Death Benefit as follows:

------

On the Issue Date, the Accumulation Death Benefit is equal to the initial Net Premium received. The Accumulation Death Benefit is increased by any subsequent Net Premium received, decreased by any adjustments for withdrawals, and is accumulated at the following interest rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 5 percent before or upon the Contract Anniversary immediately following the oldest Contract Owner's attainment of age 80.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 0 percent thereafter.

For Contracts without a loan endorsement, an adjustment for any withdrawal is determined by dividing the withdrawal amount by the Account Value immediately before the withdrawal and multiplying the resulting fraction by the Accumulation Death Benefit immediately before the withdrawal.

For Contracts with a loan endorsement, an adjustment for any withdrawal is determined by dividing the withdrawal amount by the Total Accumulation Value (as defined in the loan endorsement) immediately before the withdrawal and multiplying the resulting fraction by the Accumulation Death Benefit immediately before the withdrawal.

We will calculate the death benefit when We receive Proof of Death of any Contract Owner or the sole Annuitant, if the sole Contract Owner is not a natural person. We also will adjust the Accumulation Death Benefit by any outstanding loan balance at that time. See Appendix A for an example of this death benefit calculation.

Maximum Accumulation Death Benefit value

The amount of the Accumulation Death Benefit shall not exceed an amount equal to 200 percent of Net Premium, less any adjustments for withdrawals, and less an adjustment for any outstanding loan balance as of the date We receive Proof of Death.

Rider charge

Any charge for this rider is guaranteed not to increase after the rider has been issued.

We will deduct any charge for this Rider from Your Variable Account Value.

Rider restrictions

We reserve the right to restrict allocations or transfers to the fixed account or any of the Subaccounts.

Termination of this rider

This rider cannot be terminated by the Contract Owner after the Issue Date. This rider terminates upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. when the Contract Owner applies the Annuitized Value to an annuity option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the Contract terminates as a result of surrender of the Contract or death of the Contract Owner (or the sole Annuitant, if the sole Contract Owner is not a natural person).

**Annuity Payments**

The Annuity Date may be any date that is 10 years after the Contract effective date and prior to the Annuitant's 100<sup>th</sup> birthday. Qualified Contracts often have certain limitations upon election of an Annuity Date. Generally, distributions under Qualified Contracts (except Roth IRAs) must begin by April 1 following the calendar year in which the Contract Owner reaches age 73 or, except for IRAs, retires (See "Tax Consequences.") The Contract provides for fixed or Variable Annuity Payment options or a combination of both. The Contract Owner may elect to have Annuity Payments made under any one or more of the options described below or may elect a lump sum payment. To begin receiving Annuity Payments You must submit a request in good form to Our Home Office. **Not all Subaccount(s) may be available for Annuity Payments.**

The Contract Owner may elect to have a portion of the Account Value applied to purchase Annuity Payments, leaving the remainder of the Account Value in the Contract. The portion of the Account Value applied to purchase Annuity Payments will be treated as a withdrawal for purposes of determining any death benefit. If the selected Annuity Payment option allows withdrawals, any withdrawal made may have tax consequences, may affect any subsequent Annuity Payments, and may be subject to surrender charges.

We will process the request so that the Annuity Payments begin as of the date requested except the 29th, 30th or 31st of the month. If You elect a Fixed Annuity Payment option, We will transfer Your Variable Account Value to the fixed account on the Valuation Date Your request in good form is received at Our Home Office. In addition, if You elect a Variable Annuity Payment option, We will transfer Your Fixed Account Value to the Variable Account on the Valuation Date We receive Your request in good

------

form at Our Home Office. Your Net Premium allocation(s) will be changed to the fixed account or Variable Account, depending on the type of Annuity Payment option elected. Generally, at the time an Annuity Payment option is selected, a Contract Owner must elect whether to have federal and state income taxes withheld. (See "Other Information—Forms Availability" and "Tax Consequences.")

In general, the longer Annuity Payments are guaranteed, the lower the amount of each payment. Fixed Annuity Payments remain level throughout the payout period, except in the case of certain joint and survivor Annuity Payment options and Annuity Payment options with an Increase option (as described below), and are paid in monthly, quarterly, semiannual, and annual installments. Receiving annual payments will result in lower overall payments than receiving monthly payments over the course of a year. Payments are made at the beginning of the selected time period, and less frequent payments will result in a lower total amount of payments during an annual period than the total amount of payments that would be made during the same year for more frequent payments. An annual installment payment will result in the lowest total amount of payments during the year because it is paid entirely at the beginning of the year. Variable Annuity Payments will vary in amount and are paid only on a monthly basis. If the Annuitized Value to be applied under any one fixed or Variable Annuity Payment option is less than $2,000 or if the option chosen would provide Annuity Payments of less than $20 per month at the Annuity Date, then the Annuitized Value may be paid in a lump sum.

Certain of the Annuity Payment options available under a Contract can be selected with an Increase option or a Refund at Death option. **These optional features must be selected at the time You elect an Annuity Payment option and are available only when Annuity Payments are made on a fixed basis.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if an <u>Increase option</u> is selected, Annuity Payments will increase on each anniversary of the Annuity Date based on the increase percentage selected (1%, 2%, 3%, 4% or 5%). If You select an Increase option, then Your initial Annuity Payment (to which the increase percentage selected will apply) will be lower than the Annuity Payment You would receive under the Annuity Payment option without the Increase option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The <u>Cash Refund at Death option</u> pays You, upon the Annuitant's death, the difference between the Annuitized Value and the Annuity Payments made to date. The <u>Installment Refund at Death option</u> will, upon the death of the Annuitant(s), continue Annuity Payments until total Annuity Payments made equal the Annuitized Value.

The death benefit ends upon full annuitization of the Contract.

**Annuity Payment Options**

The following Annuity Payment options are available on a variable basis unless otherwise stated.

Before Your Annuity Date, You may select one of the following Annuity Payment options that We currently make available, and will continue to make available for the duration of Your Contract. We reserve the right to make other Annuity Payment options available under the Contract. If We do not receive written election of an Annuity Payment option from You at Our Home Office at least 30 days before the anticipated Annuity Date, the Annuity Payment option will be Life Annuity with Payments Guaranteed for 10 Years. Your Annuitized Value will be allocated to this Annuity Payment option as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Fixed Account Value will be applied to purchase monthly Fixed Annuity Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Variable Account Value will be applied to purchase monthly Variable Annuity Payments.

**Life Annuity with Payments Guaranteed for Life Only, 10, 15, or 20 Years**—Annuity Payments are made to the Contract Owner beginning with the Annuity Date. The Annuity Payments will be based upon the number of guaranteed payments selected, and the age and sex of the Annuitant on the Annuity Date. Payments for this Annuity Payment option will continue as long as the Annuitant lives, or until all guaranteed payments have been made, whichever is later.

Under the Life Annuity with Payments Guaranteed for Life Only option, it is possible that only one Annuity Payment will be made if the Annuitant's death occurs before the scheduled date of the second Annuity Payment. With the Life Annuity with Payments Guaranteed for Life Only on a fixed payment basis, You may elect a Cash or Installment Refund at Death option or an Increase option. With a Life Annuity with Payments Guaranteed for 10, 15, or 20 Years on a fixed payment basis, You may elect an Increase option.

Guaranteed Annuity Payments cannot extend beyond the life expectancy of the Annuitant, as defined by the IRC. If the Contract Owner dies before all Annuity Payments have been made, the remaining guaranteed Annuity Payments will be paid to the Beneficiary(ies).

------

If the Annuitant dies before all guaranteed Annuity Payments have been made, the remaining guaranteed Annuity Payments will be paid to the Contract Owner, if living, otherwise to the Beneficiary(ies).

After the Annuity Date, this Annuity Payment option cannot be changed and withdrawals cannot be made.

**Payments for a Specified Period**—Annuity Payments are made to the Contract Owner beginning with the Annuity Date and continue for the specified period of time as elected. The specified period can be as short as five years or as long as 30 years, so long as the payments extend beyond the surrender charge period. This option is available on a fixed payment basis only.

Annuity Payments cannot extend beyond the life expectancy of the Annuitant, as defined by the IRC. If the Contract Owner dies before all Annuity Payments have been made, the remaining Annuity Payments will be paid to the Beneficiary(ies) for the remainder of the specified period.

If the Annuitant dies before all Annuity Payments have been made, the remaining Annuity Payments will be paid to the Contract Owner, if living, otherwise to the Beneficiary(ies) for the remainder of the specified period.

You may elect whether to have the right to make withdrawals. If you elect not to have the right to make withdrawals, (1) You may elect an Increase option and (2) after the Annuity Date, this Annuity Payment option cannot be changed.

If You elect to have the right to make withdrawals, You may change this Annuity Payment option after the Annuity Date. Any change or withdrawal of Annuitized Value You make may affect any subsequent Annuity Payments and may have tax consequences. Surrender charges may apply. If You request a withdrawal, the value of Your future Annuity Payments will be calculated and will be reduced by the amount of the withdrawal plus the amount of any applicable surrender charges. The present value of any future Annuity Payments will be calculated assuming 2.0% interest on the date the withdrawal is processed and any future Annuity Payments will be adjusted accordingly. If You surrender the Annuitized Value applied to this Annuity Payment option, Annuity Payments will cease and the Contract will terminate. Thereafter, HMLIC will be free of any liability for the terminated Contract.

**Joint and Survivor Annuity**—Payments are made to the Contract Owner beginning with the Annuity Date. The Annuity Payments will be based upon the specific survivor option selected, and the age and sex of the two Annuitants on the Annuity Date.

The available survivor options are to pay during the lifetime of the survivor (1) 50%, (2) 66 <sup>2</sup>∕3%, or (3) 100% of the Annuity Payments paid (or the number of Annuity Units) while both Annuitants were living. Upon the death of one Annuitant, the selected survivor option percentage will be applied to determine the remaining payments during the lifetime of the survivor. Upon the death of the survivor, Annuity Payments cease. If the Contract Owner dies while at least one Annuitant is living, the remaining Annuity Payments will be paid to the Beneficiary(ies). After the Annuity Date, this Annuity Payment option cannot be changed and withdrawals cannot be made. With the Joint and Survivor Annuity on a fixed payment basis, You may elect an Increase option. With the Joint and 100% Survivor Annuity on a fixed payment basis, You may elect an Increase option or the Installment Refund at Death option or the Cash Refund at Death Option.

**Other Payout Options** — If the Contract Owner does not wish to elect one or more of the Annuity Payment options described above, the Contract Owner may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. receive the proceeds in a lump sum less any applicable surrender charges, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. leave the Contract with HMLIC and receive the value under any applicable required minimum distribution requirements of IRC Section 401(a) (9), (See "Taxation of Qualified Contracts—Required Minimum Distributions,") or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. elect any other payout option that HMLIC makes available.

**Amount of Fixed and Variable Annuity Payments**

The Annuitized Value will be applied to purchase the Annuity Payment option You select. The Annuitized Value applied to purchase Variable Annuity Payments will be allocated to the Subaccount(s) as the Contract Owner instructs. Not all Subaccount(s) may be available for Annuity Payments. The first monthly Annuity Payment purchased per $1,000 applied to each Subaccount under a Variable Annuity Payment option will be the same amount as the initial guaranteed monthly Annuity Payment purchased per $1,000 applied to the corresponding fixed annuity option.

**Fixed Annuity Payments**—Except in the case of certain joint and survivor Annuity Payment options and Annuity Payment options with an Increase option (as described above), the amount of each Fixed Annuity Payment will not change. Higher Annuity Payments may be made at the sole discretion of HMLIC.

------

**Variable Annuity Payments**—If You choose to receive Variable Annuity Payments, the dollar amount of Your payment will depend upon: (1) Your Annuitized Value that is applied to purchase Variable Annuity Payments on the Annuity Date; (2) the assumed interest rate for the Contract (here, 2%); and (3) the performance of the variable Investment Options You selected. The amount of the first monthly Variable Annuity Payment will vary with the form of Annuity Payment option selected and the age(s) of the Annuitant(s).

The first monthly Variable Annuity Payment is used to calculate the number of Variable Annuity Units for each subsequent monthly Annuity Payment. The number of Variable Annuity Units remains constant over the payment period except when a joint and survivor Annuity Payment option is chosen. In those cases, the number of Variable Annuity Units will be reduced upon the death of either Annuitant to the survivor percentage elected.

The amount of monthly Annuity Payments following the first Variable Annuity Payment varies from month to month. Annuity Payments are determined each month by multiplying the Variable Annuity Units by the applicable Variable Annuity Unit Value at the date of payment. **Not all subaccounts may be available for Annuity Payments.**

**Annuity Unit Value**

The Annuity Unit Value for each Subaccount was initially established at $10.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The current Variable Annuity Unit Value is equal to the prior Variable Annuity Unit Value on the Valuation Date when Annuity Payments were last determined, multiplied by the applicable net investment factor. This factor is computed by dividing (1) the net asset value of a share of the Underlying Fund on the current Valuation Date, plus any dividends or other distributions, by (2) the net asset value of a share of the Underlying Fund on the Valuation Date of the preceding Valuation Period, and multiplying this result by the investment multiplier. The investment multiplier is one divided by the sum of one plus the assumed interest rate and the mortality and expense risk fee, adjusted to a monthly rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the net investment factor is equal to one, then monthly payments from that Subaccount will remain level. If the net investment factor is greater than one, the monthly payments from that Subaccount will increase. Conversely, if the net investment factor is less than one, the payments from that Subaccount will decrease.

**Not all Subaccounts may be available for Annuity Payments.**

**Misstatement of Age or Sex**

If any age or sex has been misstated, We will pay Annuity Payments in the amount which would have been paid at the correct age and sex. We will deduct any overpayments We have made, including interest, from future payments. We will pay any under payments, including interest, in a lump sum to the Contract Owner if living, otherwise to the beneficiary(ies). The interest rate will be equal to the guaranteed interest rate after the Annuity Date, as indicated on the data pages of the Contract. We may pay interest in excess of the guaranteed amount. This interest may vary from time to time and is not guaranteed.

**Financial Information**

------

Financial statements of the Separate Account and of HMLIC are available with the Statement of Additional Information. A copy of the Statement of Additional Information and of the financial statements may be obtained without charge by mailing a written request to HMLIC, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission request to (877) 832-3785, or by telephoning (800) 999-1030 (toll-free).

**Horace Mann Life Insurance Company, The Fixed Account, The Separate Account and The Portfolio Companies**

**Horace Mann Life Insurance Company**

HMLIC, located at 1 Horace Mann Plaza, Springfield, Illinois 62715-0001 (Our Home Office), is an Illinois stock life insurance company organized in 1949. HMLIC is licensed to do business in 48 states and in the District of Columbia. HMLIC writes individual and group life insurance and annuity contracts on a nonparticipating basis.

HMLIC is an indirect wholly-owned subsidiary of Horace Mann Educators Corporation, a publicly-held insurance holding company traded on the NYSE.

------

**The Fixed Account**

The fixed account is part of HMLIC's general account. We use general account assets to support Our insurance and annuity obligations (death benefits and Annuity Payments) other than those funded by separate accounts. Unlike the Separate Account, the general account isn't segregated or insulated from claims of HMLIC's creditors. You must depend on the financial strength and claims paying ability of HMLIC for satisfaction of HMLIC's obligations under the Contract. Subject to applicable law, HMLIC has sole discretion over the investment of the assets of the fixed account. We begin crediting interest to any Net Premium received and allocated to the fixed account after the initial Net Premium, from the date We receive the Net Premium in Our Home Office. HMLIC bears the full investment risk for all amounts contributed to the fixed account. HMLIC guarantees that the amounts allocated to the fixed account under the Contracts will be credited interest daily at an annual effective interest rate as specified in Your Contract. We will determine any interest rate credited in excess of the guaranteed rate at Our sole discretion. For additional information about the fixed account, see Your Contract.

**The fixed account has not been registered with the Securities and Exchange Commission.** 

**The Separate Account**

On October 9, 1965, HMLIC established the Separate Account under Illinois law. The Separate Account is registered with the SEC as a Unit Investment Trust under the 1940 Act and qualifies as a "separate account" within the meaning of the Federal securities laws. The Separate Account and each Subaccount are administered and accounted for as a part of the business of HMLIC. However, the income, gains and losses, whether or not realized, of the Separate Account are credited to or charged against the amounts allocated to that Subaccount, in accordance with the terms of the Contract and without regard to any other business of HMLIC. The assets of the Separate Account may not be used to pay any liabilities of HMLIC other than those arising from the Contracts. All obligations arising under the Contract, including the promise to make Annuity Payments, are general corporate obligations of HMLIC. Accordingly, all of HMLIC's assets are available to meet its obligations and expenses under the Contract. HMLIC is solely responsible for its obligations under the Contract. While HMLIC is obligated to make payments under the Contract, the amounts of Variable Annuity Payments are not guaranteed.

The Separate Account is divided into Subaccounts. HMLIC uses the assets of each Subaccount to buy shares of a corresponding Underlying Fund based on Contract Owner instructions.

**The Portfolio Companies**

Each of the Portfolio Companies is registered with the SEC as a diversified open-end management investment company under the 1940 Act. This registration does not involve supervision of the management or investment practices or policies of the Portfolio Companies by the SEC.

The Portfolio Companies are listed in Appendix A in the back of this prospectus along with the type of fund, adviser/subadviser, current expenses and performance information for each Portfolio Company. The current expenses and performance information reflect fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that Your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.

More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at dfinview.com/HoraceMann/TAHD/GPA. You can also request this information at no cost by calling 1-800-999-1030 or by sending an email request to contactcenterannuity@horacemann.com. Prospectuses for the Portfolio Companies should be read carefully in conjunction with this prospectus before investing.

The investment objectives and policies of certain Portfolio Companies are similar to the investment objectives and policies of other mutual funds that may be managed by the same investment adviser or manager. The investment results of the Portfolio Companies may differ from the results of these other mutual funds. There can be no guarantee, and no representation is made, that the investment results of any of the Portfolio Companies will be comparable to the investment results of any other mutual fund, even if the other mutual fund has the same investment adviser or manager.

**Limit on Number of Investment Options Selected** —HMLIC reserves the right to limit the number of Investment Options selected at one time during the accumulation phase of Your Contract.

**Selection of Portfolio Companies**—We select the Portfolio Companies offered through the Separate Account based on several criteria, including asset class coverage, the strength of the adviser's or sub-adviser's reputation and tenure, brand recognition, performance, and the capability and qualifications of each investment firm. We review the Portfolio Companies periodically and may remove a Portfolio Company or limit its availability for new Net Premium and/or transfers of Account Value if We determine that

------

the Portfolio Company no longer meets one or more of the selection criteria, and/or if the Portfolio Company has not attracted significant allocations from Contract Owners. We do not provide investment advice and do not recommend or endorse any particular Portfolio Company. You bear the risk of any decline in Your Variable Account Value resulting from the performance of the Portfolio Companies You have chosen.

**Separate Account Pricing Agreement**—Effective April 15, 2005 HMLIC entered into an agreement with State Street Bank and Trust Company ("State Street"), a national banking association located at 801 Pennsylvania Avenue, Kansas City, MO 64105, to calculate the daily Accumulation Unit Value for each Subaccount and to maintain certain required accounting records.

**Payments We Receive**—As described above, an Underlying Fund or an investment adviser or sub-adviser of an Underlying Fund (or its affiliates) may make payments to Us and/or certain of Our affiliates. For certain Underlying Funds, some or all such payments may be made from 12b-1 fees or service fees that are deducted from the Underlying Fund assets. In a "fund of funds" situation, We and/or certain of Our affiliates may receive 12b-1 fees on assets in the funds within the fund of funds. In such cases, We (and Our affiliates) do not also receive 12b-1 fees from the fund of funds for those same assets. Other payments may be derived, in whole or in part, from the advisory fee deducted from Underlying Fund assets. Contract Owners, through their indirect investment in the Underlying Funds, bear the costs of these advisory fees (see the prospectuses for the Underlying Funds for more information). The amount of payments We (or Our affiliates) receive generally is based on a percentage of assets of the Underlying Fund attributable to the Contract and certain other variable insurance products that We issue. These percentages differ and some Underlying Funds or their advisers or sub-advisers (or their affiliates) may pay Us more than others. These percentages currently range up to 0.50%.

Proceeds from certain of these payments may be used for any corporate purpose, including payment of expenses that We and/or Our affiliates incur in promoting, marketing and administering the Contracts, and that We, in the role as an intermediary, incur in promoting, marketing and administering the Underlying Funds. We and Our affiliates may profit from these payments.

**Addition, Deletion, or Substitution of Portfolio Companies**—We do not guarantee that each Portfolio Company will always be available for investment through the Contract. We reserve the right, subject to compliance with applicable law, to add new Portfolio Companies or classes of Portfolio Companies, close existing Portfolio Companies or classes of Portfolio Companies, or substitute shares of a different Portfolio Company for Portfolio Company shares that are held by an Investment Option. New or substitute Portfolio Companies may have different fees and expenses and their availability may be limited to certain classes of purchasers. We will not add, delete or substitute any shares attributable to Your interest in an Investment Option without notice to You and prior approval of the SEC and any state governmental agency, to the extent required by the 1940 Act or other applicable law.

We also may establish or add new Portfolio Companies, remove existing Portfolio Companies, or combine Portfolio Companies. We also reserve the right to deregister the Separate Account, or to operate the Separate Account in another form permitted by law.

**Voting Rights**—We are the legal owner of the Underlying Fund shares held in the Separate Account and have the right to vote on all matters submitted to the Underlying Fund shareholders. Nevertheless, unless otherwise restricted by the retirement plan under which the Contract is issued, each Contract Owner has the right to instruct HMLIC with respect to voting his or her interest in the shares of the Underlying Funds held by the Separate Account at all shareholder meetings.

The number of votes that a Contract Owner may vote will be calculated separately for each Underlying Fund. The number will be determined by applying the Contract Owner's percentage interest, if any, in a particular Underlying Fund to the total number of votes attributable to that Underlying Fund.

The Owner's percentage interest and the total number of votes will be determined as of the record date established by that Portfolio for voting purposes. Voting instructions will be solicited by written communication in accordance with procedures established by the applicable Portfolio.

Before a vote of Underlying Fund shareholders, Contract Owners will receive various materials, such as proxy materials and voting instruction forms, that relate to voting Underlying Fund shares from the Underlying Funds. The number of votes that may be cast by a Contract Owner is based on the number of units owned as of the record date of the shareholder meeting.

We will vote all of the shares We own, including those for which We have received no instructions and those attributable to investment by HMLIC, in proportion to the vote by Contract Owners who allocate or transfer amounts to the Subaccounts, as long as such action is required by law. Therefore, the outcome of the vote could be decided by a few Contract Owners who provide timely

------

voting instructions. Should federal securities laws, regulations, or interpretations change, We may elect to vote Underlying Fund shares in Our own right. If required by state insurance officials, or if permitted under federal regulation, We may disregard certain Contract Owner voting instructions under certain circumstances.

**Tax Consequences**

The following discussion of federal income tax consequences is only a brief summary and is not intended as tax advice. The tax rules governing the taxation and provisions of annuity contracts are extremely complex, often difficult to comprehend and may be changed at any time. This discussion does not address special rules, prior tax laws, gift, estate/transfer taxes, or state tax laws. A Contract Owner should consult a qualified and competent tax advisor before taking any action that could have tax consequences.

**Purchasing a Contract as an investment vehicle for a Qualified Retirement Plan does not provide any additional tax advantage beyond that already available through the Qualified Retirement Plan.**

**Tax Treatment of the Company and the Separate Account**

**Separate Account**—The operations of the Separate Account form part of the operations of HMLIC and do not constitute a type of taxable entity distinct from Our other operations. Under present law, no federal income tax will be payable by HMLIC on the investment income and capital gains of the Separate Account if certain conditions are met.

**Diversification Requirements**—The IRC requires that the investments of the Separate Account be "adequately diversified" under Section 817(h) in order for the Contracts to be treated as annuity contracts for federal income tax purposes. Provided the investments of the Underlying Funds continue to meet the diversification requirements of IRC Section 817(h), the Contract Owner will not pay federal income tax on the investment earnings under a Contract until Annuity Payments begin or a surrender or withdrawal is made. The Separate Account intends to comply with these diversification requirements.

**Contract Owner Control**—In certain circumstances, owners of variable annuity contracts have been considered for federal income tax purposes to be the owners of the assets of the Separate Account supporting their contracts because of their ability to direct their investments to particular subaccounts of a Separate Account. When this is the case, the Contract Owners have been currently taxed on income and gains attributable to the Variable Account assets. There is limited guidance in this area, and some features of Our Contracts, such as the flexibility of a Contract Owner to allocate premium payments and transfer amounts among the subaccounts of the Separate Account, have not been explicitly addressed in published guidance. While We believe the Contracts do not give the Contract Owners investment control over Separate Account assets, We reserve the right to modify the Contracts as necessary to prevent a Contract Owner from being treated as the owner of the Separate Account assets supporting the Contract.

**Foreign Tax Credits**—We may benefit from any foreign tax credits attributable to taxes paid by certain Underlying Funds to foreign jurisdictions to the extent permitted under federal law.

**General Federal Income Tax Provisions**

**Deductibility of Premium Payments**—Premium payments made to Non-Qualified Contracts are not deductible from current taxable income. Under certain circumstances premium payments made to Qualified Contracts may be excludible or deductible from current taxable income.

**Pre-Distribution Taxation of Contracts**—Investment earnings credited to the Contract Owner's account are generally not subject to current income tax until such amounts are distributed as defined by the IRC. However, certain assignments or pledges of a Contract or loans under a Contract may be treated as distributions and accelerate the taxability of investment earnings.

**Early/Premature Distribution Tax**—In the case of a distribution from a Contract, there may be imposed an additional tax (penalty tax) equal to 10% (25% for SIMPLE IRAs during the first two years) of the amount treated as income. In general, however, there is no penalty tax on distributions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● made on or after the Contract Owner reaches age 59½;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● made on or after the death of a Contract Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● attributable to the Contract Owner becoming disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● made as part of a series of substantially equal periodic payments for the life (or life expectancy) of the Contract Owner or the joint lives or joint life expectancy of the Contract Owner and a beneficiary.

Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the penalty tax.

------

**Annuity Payments**—Although tax consequences may vary depending on the payout option elected under a Contract, some or all of each Annuity Payment is generally taxed as ordinary income, while a portion may not be taxed. The determination of the amount of each Annuity Payment that is subject to current income tax depends upon the type of Contract and Your particular circumstances.

**Death Benefits**—Amounts may be distributed from a Contract because of the death of the Annuitant or a Contract Owner. Such death benefits are not life insurance benefits. Generally, such amounts are includible in the income of the beneficiary as follows: (i) if distributed in a lump sum, they are taxed in the same manner as withdrawals from the Contract, or (ii) if distributed under an annuity payment, they are taxed in the same manner as Annuity Payments.

**Contract Transactions**—A transfer or assignment of ownership of a Contract, the designation of an Annuitant, the selection of certain Annuity Dates, or the exchange of a Contract may result in certain tax consequences to You that are not discussed herein. In addition, a transfer or assignment of a Contract that is a Qualified Contract is generally prohibited. A Contract Owner contemplating any such transaction should consult a tax advisor as to the tax consequences.

**Withholding**— Mandatory federal income tax is required to be withheld at the rate of 20% on eligible rollover distributions from Qualified Contracts. Exceptions to this rule include: distributions from traditional IRAs or Roth IRAs, non-taxable distributions, a direct rollover or direct transfer to an eligible retirement plan, periodic payments over the Contract Owner's life expectancy or the joint life expectancy of the Contract Owner and the beneficiary, periodic payments over a period of ten years or more, Required Minimum Distributions, and hardship distributions.

For all amounts not subject to the mandatory 20% withholding, federal income tax is generally required to be withheld unless the Contract Owner elects not to have federal income tax withheld. For periodic payments (Annuity Payments), the withholding is calculated similar to wage withholding. For all other payments withholding is at the rate of 10%. For periodic payments, HMLIC will notify the Contract Owner at least annually of his or her right to revoke the election not to have federal income tax withheld. State and/or local tax withholding may also apply.

**Definition of Spouse under Federal Law**—The right of a spouse to continue the Contract and all Contract provisions relating to spouses and spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Internal Revenue Service ("IRS") guidance provides that civil unions and similar relationships recognized under state law are not marriages unless denominated as such.

**Taxation of Non-Qualified Contracts**

Generally all or a portion of any distribution from a Non-Qualified Contract will be taxable as ordinary income. The taxable amount will be dependent upon the type of distribution and the "investment in the contract". The investment in the Contract is generally the total of all premium payments and represents the portion of the Contract already taxed. For Non-qualified Contracts, the amount of any premium bonus is not included in the investment in the Contract. The investment in the Contract is reduced by the portion of a withdrawal or other distribution not taxed. The remaining portion of the Contract is investment earnings, which have not yet been taxed.

**Withdrawals**—If a withdrawal of less than the entire value of a Non-Qualified Contract occurs, the amount received will be treated as ordinary income subject to current income tax up to the amount of the investment earnings in the Contract. For Contracts issued before August 14, 1982, the rules for determining the portion of any withdrawal that is treated as ordinary income subject to current income tax are different and You should consult with a tax advisor.

In the case of a withdrawal of the entire value of the Contract (a surrender), the amount received generally will be subject to current income tax only to the extent it exceeds the Contract Owner's "investment in the contract".

**Annuity Payments**—For Annuity Payments received under a Non-Qualified Contract a portion of each Annuity Payment will consist of both a return of the investment in the Contract and investment earnings. The portion considered excludible from taxable income, or a return of the investment in the Contract, is determined by the ratio of the total amount of the investment in the Contract to the "expected return" under the Contract (exclusion ratio). Generally, the expected return is the total amount that can be expected to be received under the Contract. The calculation of the expected return will vary depending upon the payout options selected and ages of the Annuitants. When the investment in the Contract has been recovered all future Annuity Payments will be fully taxable. For Annuity Payments that began before January 1, 1987, the exclusion ratio will apply to all payments received.

------

**Partial Annuitization**—If a portion of the Account Value of a Non-Qualified Contract is applied to purchase Annuity Payments and the Contract meets certain rules, that portion will be treated as a separate Contract with a pro-rata allocation of the investment in the Contract and a separate Annuity Date for purposes of determining the income taxation of the Annuity Payments. The Annuity Payments must be made over a period of 10 years or more, or over the life expectancy of one or more Annuitants. Annuity Payments under a partial annuitization will be subject to income tax as discussed in the previous paragraph.

**Early/Premature Distribution Tax**—An additional tax (penalty tax) may also apply to premature distributions from a Non-Qualified Contract. A premature distribution is generally any distribution made before the Contract Owner reaches age 59½. The penalty tax is 10% of the amount of the payment that is includable in income.

Certain payments may be exempt from the penalty tax, such as payments made:

1)

after age 59½,

2)

as the result of death or disability,

3)

under an immediate annuity contract, and

4)

that are part of a series of substantially equal periodic payments over the life or life expectancy of the Contract Owner or the joint lives or joint life expectancy of the Contract Owner and another person.

Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the penalty tax.

**Required Distributions Upon Death of any Contract Owner**—The beneficiary of a Non-Qualified Contract is generally required to take distributions upon the death of any Contract Owner. Specifically, if the Contract Owner dies on or after the Annuity Date the entire interest in the Contract will be distributed at least as rapidly as under the method of distribution being used as of the date of the Contract Owner's death. If the Contract Owner dies prior to the Annuity Date, the entire interest in the Contract will be distributed within five years after the date of the Contract Owner's death. There are two exceptions to the five-year rule: payments over the life expectancy, or a period not exceeding the life expectancy, of the designated beneficiary provided the payments begin within one year of the Contract Owner's death, or, if the beneficiary is the surviving spouse, the spouse may treat the Contract as his or her own and continue the Contract. If the beneficiary is not a natural person, such as a trust or estate, the exceptions will not apply and the entire interest in the Contract must be distributed within five years after the date of the Contract Owner's death.

**Multiple Contracts**—All Non-Qualified Contracts that are issued by Us (or Our affiliates) after October 21, 1988 to the same Contract Owner during any calendar year are treated as one annuity Contract for purposes of determining the amount includible in such Contract Owner's income when a taxable distribution occurs.

**Exchanges**— Exchanges of Non-Qualified Contracts are an assignment of the accumulation in the Contract to another issuer and if completed in accordance with federal tax rules would not be includable in income until they are ultimately paid out to the Contract Owner.

**Net Investment Income Tax**—A net investment income tax of 3.8% applies to all or part of a taxpayer's net investment income when certain thresholds are met. Net investment income includes interest, dividend, and annuity income. The tax is assessed against the lesser of net investment income or the amount of modified adjusted gross income that exceeds $200,000 for single taxpayers and those filing as Head of Household, $250,000 for married taxpayers filing jointly and $125,000 for married taxpayers filing separately.

**Taxation of Qualified Contracts**

Qualified Retirement Plans receive tax-favored treatment under provisions of the IRC. **Purchasing a Contract as an investment vehicle for a Qualified Retirement Plan does not provide any additional tax advantage beyond that already available through the qualified plan.** In addition, Qualified Contracts issued under IRC Sections 403(b), 457(b), and 401(a) are subject to the terms of the employer's plan, which may limit rights and options otherwise available under the Contract.

**Contributions**—Premium payments made to Qualified Contracts are generally not subject to current income tax at the time they are made. This includes salary reduction amounts made under a salary reduction agreement and non-elective contributions made by the employer. The exceptions to this are contributions to Roth IRAs, the amount of salary reductions designated as a Roth contribution (discussed below), and traditional IRA contributions determined to not be deductible. These contributions are all subject to current income tax in the year they are made. Investment earnings credited to the Contract Owner's account are generally

------

not subject to current income tax until such amounts are distributed as defined by the IRC and the employer's plan, if applicable. Distributions of investment earnings attributable to amounts from a Roth IRA or a designated Roth account may not be subject to income tax if certain conditions are met.

Section 403(b), 457(b), and 401(k) Qualified Retirement Plans are allowed to establish Designated Roth accounts within their plans. If this feature is included in the plan, the Contract Owner can designate some or all of his/her salary reduction contributions as Designated Roth contributions resulting in those designated amounts being includable in the Contract Owner's income in the year they were made and subject to all wage withholding requirements.

Designated Roth contributions, combined with other salary reduction contributions, are subject to the annual limits discussed under the "Section 403(b) Tax-Deferred Annuity", "457(b) Eligible Governmental Plan", and "Section 401(a)" sections, below.

A 403(b), 457(b), or 401(k) Qualified Retirement Plan may allow amounts in non-Roth accounts to be converted to Designated Roth accounts. Amounts converted to a Designated Roth account are taxable as ordinary income in the year of conversion, but are not subject to the 10% penalty tax. However, if there is a distribution of these amounts within the next 5 years they may be subject to the recapture of the 10% penalty tax. Amounts converted to a Designated Roth account cannot be reversed.

**Withdrawals**—If a withdrawal of a portion or all (surrender) of the value of a Qualified Contract occurs, the entire amount received will be treated as ordinary income subject to current income tax unless the Contract Owner has an "investment in the Contract." The investment in the Contract is the total of all contributions, with the exception of those that were excludible or deductible from income at the time made, and represents the portion of the Contract already taxed. When there is an investment in the Contract, the amount of the withdrawal not subject to income tax is based upon the ratio of the investment in the Contract to the total value immediately before the distribution.

For withdrawals from Roth IRAs or Designated Roth accounts in a 403(b), 457(b), or 401(k) Contract, if the distribution is a qualified distribution, earnings are not subject to income tax. A distribution from a Designated Roth account in a 403(b), 457(b), or 401(k) Contract is considered qualified if it is made more than five years after establishment of the account and made on or after the Contract Owner attains age 59½, dies or becomes disabled. A distribution from a Roth IRA is considered qualified if it is made at least five years after issuance of the Contract Owner's first Roth IRA and made after the Contract Owner attains age 59½, dies or becomes disabled, or is eligible for a qualified first-time homebuyer distribution. In addition, a Roth IRA Contract Owner may receive a distribution of after-tax contributions at any time.

**Annuity Payments**—Annuity Payments received under a Qualified Contract will be treated as ordinary income subject to current income tax unless the Contract Owner has an investment in the Contract. If the Contract Owner has an investment in the Contract some portion of each Annuity Payment will be treated as ordinary income subject to current income tax based upon IRC Section 72 rules, the payment options selected, and age(s) of the Annuitant(s).

Annuity Payments from Roth IRAs or Designated Roth accounts in a 403(b), 457(b), or 401(k) Contract will not be subject to income tax if they are qualified distributions as defined above.

**Rollovers**—A rollover, including a direct rollover, is a distribution (cash or other assets) from an eligible retirement plan followed by a contribution to another eligible retirement plan and is not subject to current income tax. Distributions that include amounts already included in income (after-tax) can be rolled over but must occur via a direct rollover with separate accounting in the new retirement plan. A direct rollover is a transaction in which no payment or distribution of funds is made to the Contract Owner or other payee. Distributions that are properly rolled over are not includable in income until they are ultimately paid out of the new contract. For Section 403(b), 457(b) and 401(a) Contracts only amounts eligible for distribution can be rolled over.

Only one indirect rollover from an IRA to another, or the same, IRA can be made in any 12-month period. The limit will be applied by aggregating all individual IRAs, including Traditional, Roth, SEP and SIMPLE. Trustee-to-trustee or issuer-to issuer transfers are not limited, and conversions of Traditional IRAs to Roth IRAs are not limited.

Amounts under a Section 403(b) plan can be rolled over to another 403(b) plan, a traditional IRA, a SEP IRA, an eligible Section 457(b) governmental plan (provided it agrees to separate accounting), or a Section 401(a) plan. Amounts in a Designated Roth account of a Section 403(b) plan can only be rolled over to another Designated Roth account of a Section 403(b) plan, a 457(b) governmental plan, a Section 401(k) plan, or to a Roth IRA.

Amounts under a traditional IRA can be rolled over to a Section 403(b) plan, another traditional IRA, a SEP IRA, an eligible Section 457(b) governmental plan (provided it agrees to separate accounting), or a Section 401(a) plan. After-tax contributions in a traditional IRA can only be rolled over into another IRA.

------

Amounts under a SIMPLE IRA can only be rolled over to another SIMPLE IRA during the first two years of participation. Thereafter, a SIMPLE IRA can be rolled over to a Section 403(b) plan, a traditional IRA, a SEP IRA, a Section 457 (b) plan (provided it agrees to separate accounting), or a Section 401(a) plan.

Amounts under a SEP IRA can be rolled over to a Section 403(b) plan, a traditional IRA, another SEP IRA, an eligible 457(b) governmental plan (provided it agrees to separate accounting), or a Section 401(a) plan.

Amounts under a Roth IRA can be rolled over to another Roth IRA.

Amounts under an eligible Section 457(b) governmental plan can be rolled over to a Section 403(b) plan, a traditional IRA, a SEP IRA, another eligible Section 457(b) governmental plan, or a Section 401(a) plan. Amounts in a Designated Roth account of a 457(b) governmental plan can only be rolled over to another Designated Roth account of a Section 403(b) plan, another Section 457(b) governmental plan, or a Section 401(k) plan, or to a Roth IRA.

Amounts under a Section 401(a) plan can be rolled over to a 403(b) plan, a traditional IRA, a SEP IRA, a Section 457(b) governmental plan (provided it agrees to separate accounting) or another Section 401(a) plan.

SIMPLE IRAs may accept rollovers from a 403(b) plan, 457(b) plan, 401(a) plan, traditional IRA, or SEP IRA after the first two years of participation in the SIMPLE IRA.

Beneficiaries may also make rollovers. If the beneficiary is the surviving spouse, the amount may be rolled over to his or her own eligible retirement plan, provided the plan accepts rollover contributions, to his or her own IRA or Roth IRA or to an inherited IRA or Roth IRA. If the beneficiary is not the spouse, the beneficiary may make a direct rollover to an inherited IRA or Roth IRA if from a decedent's Roth 403(b), Roth 457(b), or Roth 401(k), which is subject to the inherited IRA minimum distribution rules.

**Transfers and Exchanges**—For Qualified Contracts, with the exception of Section 403(b) Contracts, a trustee-to-trustee or issuer-to-issuer transfer is a tax-free transfer from one Qualified Contract to a similar Qualified Contract that does not involve a distribution. Amounts that are properly transferred are not includable in income until they are ultimately paid out of the Contract.

For a Section 403(b) Contract, a transfer is the movement of all or some portion of the balance in the 403(b) Contract from one employer's 403(b) plan to another employer's 403(b) plan, and an exchange is the movement of all or some portion of the balance in a 403(b) Contract between investment providers in the same employer's 403(b) plan. You should consult with a tax advisor for additional guidance on transfers and exchanges.

**Early/Premature Distribution Tax**—An additional tax (penalty tax) may also apply to premature distributions from a Qualified Contract. A premature distribution is generally any distribution made before the Contract Owner reaches age 59½. The penalty tax is 10% of the amount of the payment that is includable in income. The penalty tax increases to 25% for distributions from a SIMPLE IRA if made within the first two years of participation. The penalty tax does not apply to conversions of traditional IRAs or other eligible retirement plans to Roth IRAs and most distributions from Section 457(b) plans. However, it may apply if converted amounts are distributed during the five-year period beginning with the year of conversion.

------

Certain payments may be exempt from the penalty tax depending on the type of Qualified Contract such as payments made:

1)

after attainment of age 59½,

2)

as the result of death, disability or terminal illness,

3)

that are part of a series of substantially equal periodic payments over the life or life expectancy of the Contract Owner or the joint lives or joint life expectancy of the Contract Owner and another person,

4)

after separation from service and attainment of age 55,

5)

for unreimbursed medical expenses that exceed 7.5% of adjusted gross income ("AGI"),

6)

under a qualified domestic relations order ("QDRO"),

7)

to correct excess contributions, and/or deferrals,

8)

in limited circumstances, to a reservist called to active duty after September 11, 2001,

9)

for a qualified birth or adoption,

10)

for certain emergency expenses,

11)

in the event of domestic abuse, and

12)

in connection with federally declared disasters.

If the Contract is a traditional IRA or Roth IRA, the exceptions above related to terminal illness, separation from service and QDRO do not apply and there are additional exceptions, which include a payment made:

1)

for reimbursement of health insurance while the Contract Owner is unemployed,

2)

for qualified education expenses, and

3)

for a qualified first-time home purchase.

Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the penalty tax.

**Required Minimum Distributions**—The Contract Owner of a Qualified Contract (other than a Roth IRA and Designated Roth) is generally required to take certain Required Minimum Distributions during the Contract Owner's life, and the beneficiary designated by the Contract Owner is required to take the balance of the Contract value within certain specified periods following the Contract Owner's death. Roth IRAs and Designated Roth accounts are not subject to the lifetime Required Minimum Distribution requirements but are subject to the after-death distributions requirements described below.

The Contract Owner must take the first Required Minimum Distribution by the required beginning date and subsequent Required Minimum Distributions by December 31 of each year thereafter. Payments must be made over the life or life expectancy of the Contract Owner or the joint lives or joint life expectancy of the Contract Owner and the beneficiary. The amount of the Required Minimum Distribution depends upon the Contract value and the applicable life expectancy. The required beginning date for traditional IRAs, SEPs, and SIMPLE IRAs is no later than April 1 of the calendar year following the calendar year in which the Contract Owner attains age 73. The required beginning date for Section 403(b) plans, Section 457(b) plans, and Section 401(a) plans is no later than April 1 of the calendar year following the calendar year in which the Contract Owner attains age 73 or retires.

Upon the death of the Contract Owner, the individual designated as the beneficiary must take a distribution of the entire account by December 31 of the calendar year containing the 10<sup>th</sup> anniversary of the Contract Owner's death. If the Contract Owner dies on or after the date distributions were required to begin, a designated beneficiary must also take annual distributions based upon the greater of the Contract Owner's remaining life expectancy or the beneficiary's life expectancy. An Eligible Designated Beneficiary can take distributions annually based on the beneficiary's or Contract Owner's life expectancy as discussed below. An Eligible Designated Beneficiary is 1) a spouse, 2) a disabled individual, 3) a chronically ill individual, 4) an individual who is not more than 10 years younger than the Contract Owner, and 5) a minor child of the Contract Owner. For a minor child of the Contract Owner, distributions based on life expectancy can only be made until he/she reaches the age of majority. At that time the remaining balance will be required to be distributed within 10 years.

------

For Eligible Designated Beneficiaries, the beneficiary must take distributions under one of the following two rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Contract Owner dies on or after the required beginning date, any remaining balance must be distributed over the greater of the Contract Owner's remaining life expectancy, or the beneficiary's life expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Contract Owner dies before the required beginning date, the balance must be distributed by December 31 of the calendar year containing the tenth anniversary of the Contract Owner's death or paid over the life expectancy of the beneficiary provided distributions begin by December 31 of the calendar year following the year of the Contract Owner's death. If the beneficiary is the surviving spouse, the spouse may defer payments until the end of the calendar year in which the Contract Owner would have reached age 73 or in the case of an IRA, treat the IRA as his or her own.

If a beneficiary is not designated or is not an individual the beneficiary is required to take distributions under one of the following two rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Annuitant dies after the date distributions were required to begin, distributions are required to be made over the Annuitant's remaining life expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Annuitant dies before the date distributions were required to begin, the entire balance must be distributed by December 31 of the fifth year following the Annuitant's death.

Distributions will be made in accordance with IRC Section 401(a)(9) and Regulation Sections 1.401(a)(9)-1 through 1.401(a)(9)-9. The provisions of these sections and any other provisions prescribed by revenue rulings, notices or other published guidance override any distribution options in the Contract inconsistent with IRC Section 401(a)(9). If there are multiple beneficiaries designated by the Annuitant, special rules under IRC Regulations 1.401(a)(9)-4 apply to the requirements for minimum distributions.

**Required Minimum Distribution Excise Tax**—If the amount distributed from a Qualified Contract is less than the Required Minimum Distribution for the year (discussed above), the Contract Owner is generally subject to a nondeductible excise tax of 25% on the difference between the Required Minimum Distribution and the amount actually distributed. If the insufficient Required Minimum Distribution is corrected within two years, the excise tax is reduced to 10%.

**Contribution Limitations and General Requirements Applicable to Qualified Retirement Plans**

All contributions to Qualified Retirement Plans are subject to annual limitations imposed by the IRC and discussed below for each type of Qualified Retirement Plan. Employer contributions are subject to additional limitations and are not discussed here. In addition, employer sponsored retirement plans, such as Section 403(b), Section 457(b) Eligible Governmental, and Section 401(a), may impose restrictions on distributions other than those provided by the IRC.

**403(b) Tax-Sheltered Plan**—A 403(b) tax-sheltered plan is available for employees of public schools and certain organizations tax-exempt under Section 501(c)(3). Employee salary reduction contributions are limited to the lesser of $24,500 for 2026 or 100% of income. Employer contributions are subject to an additional annual limitation. A special catch-up contribution is available to certain Contract Owners who have 15 years of service with his or her current employer. Additional catch-up amounts, $8,000 for 2026 may be contributed if the Contract Owner is age 50 or older. A higher catch-up contribution limit of $11,250 for 2025 may be contributed if the individual is age 60, 61, 62, or 63. Both the maximum salary reduction contribution and additional amount if You are age 50 or older are indexed for inflation in future years. If permitted by Your retirement plan, some or all of Your salary reduction contributions may be treated as Designated Roth Contributions (Roth 403(b)). Roth 403(b) contributions are salary reduction contributions that are irrevocably designated by You as not being excludable from income. Roth 403(b) contributions and related earnings will be accounted for separately. Contributions and earnings are not included in the Contract Owner's income until distributed with the exception of Roth 403(b) contributions which are included in income in the year contributed.

Distributions from Section 403(b) Contracts generally cannot be made until the Contract Owner attains age 59½. However, exceptions to this rule include severance from employment, death, disability and hardship and, generally, the balance in the Contract as of December 31, 1988. 403(b) Contract accumulations may be eligible for a tax-free rollover to an eligible retirement plan. Section 403(b) Contracts are subject to the Required Minimum Distribution rules, except amounts in a designated Roth account.

**408(b) Traditional IRA**—Annual contributions to a traditional IRA are limited to $7,500 for 2026. Additional catch-up contributions, up to $1,100 for 2026, may be made if the Contract Owner is age 50 or older. Both the annual and catch-up contribution limits are indexed for inflation in future years. Contribution limits to a traditional IRA are coordinated with Roth IRA contributions and combined cannot exceed the annual limit. The amount of any annual contribution that will be deductible from gross income is based upon the individual's compensation, coverage under a retirement plan, and filing status. For 2026, if the

------

Contract Owner of the traditional IRA Contract is an active participant in another eligible retirement plan the deduction phases out when modified adjusted gross income ("MAGI") is between $81,000 and $91,000 for single filers and between $129,000 and $149,000 for married individuals filing jointly and between $0 and $10,000 for married filing separately. If the Contract Owner is not an active participant in an employer's retirement plan but the Contract Owner's spouse is, the deduction phases out when AGI is between $242,000 and $252,000. Traditional IRA accumulations may be eligible for a tax-free rollover to another eligible retirement plan or transfer to another traditional IRA (subject to the one rollover per year limitation discussed earlier under "Rollovers"). Traditional IRAs are subject to Required Minimum Distribution rules.

**Roth IRA**—Annual contributions to a Roth IRA are limited to $7,500 for 2026. Additional catch-up contributions, up to $1,000 for 2026, may be made if the Contract Owner is age 50 or older. Both the annual and catch-up contribution limits are indexed for inflation in future years. Contributions to a traditional IRA are coordinated with Roth IRA contributions and combined cannot exceed the annual limit. The annual contribution has additional limitations based upon the Contract Owner's income and filing status. The annual contribution maximum is phased out when AGI is between $153,000 and $168,000 for single taxpayers and those taxpayers filing as Head of Household, between $242,000 and $252,000 for married taxpayers filing jointly and between $0 and $10,000 for married taxpayers filing separately. Contributions to a Roth IRA are not deductible and if the Contract Owner has held any Roth IRA for more than five years, certain qualified distributions are not includable in income (e.g., distributions made to a Contract Owner reaching age 59½ or becoming disabled). Traditional IRAs, SEP IRAs and SIMPLE IRAs (after 2 years of participation in a SIMPLE IRA) and other retirement plans can generally be converted to a Roth IRA. The converted amount is includable in income in the year of conversion. A conversion from a traditional IRA, SEP or SIMPLE to a Roth IRA cannot be recharacterized as a traditional contribution. Roth IRAs can only be rolled over to other Roth IRAs (subject to the one rollover per year limitation discussed earlier under "Rollovers"). Roth IRAs are not subject to the Required Minimum Distribution rules except upon the death of the Contract Owner.

**Simplified Employee Pension (SEP)**—A SEP may be established by an employer to provide retirement contributions for eligible employees using SEP IRA accounts. Under a regular SEP IRA, only employer contributions are permitted; employees may not make elective salary reduction deferrals. Employer contributions to a SEP IRA are limited to the lesser of 25% of compensation or the annual dollar limit of $72,000 for 2026. If the Contract Owner has elected to make traditional IRA contributions to the same SEP IRA account, the same limitations and deductibility rules described above for traditional IRAs apply to those traditional IRA contributions only. If the SEP is offered under a salary reduction basis (SARSEP), the limitation for salary reduction contributions is $24,500 for 2026, or 25% of compensation, whichever is less. The additional catch-up amount, up to $8,600 for 2026, may be contributed if the individual is age 50 or older. A higher catch-up contribution limit of $11,250 for 2026 may be contributed if the individual is age 60, 61, 62, or 63. Both the annual and catch-up contributions are indexed for inflation in future years. New SARSEPs are not permitted after 1996, however, those in effect before 1997 may continue. Employer contributions are allowed subject to additional limitations and must be coordinated with other eligible retirement plan limitations. SEP IRA plans are subject to certain minimum participation and nondiscrimination requirements. Contributions and earnings are not includable in income until distributed. Rollover and Required Minimum Distribution rules apply the same as for traditional IRAs.

**457(b) Eligible Governmental Plan**—A 457(b) deferred compensation plan is available for employees of eligible state or local governments. Employee salary reduction amounts are limited to the lesser of $24,500 for 2026 or 100% of includable compensation. Employer contributions are included in this annual limit and when combined with employee salary reduction amounts cannot exceed the annual limit. Additional catch-up amounts, up to $8,000 for 2026, may be contributed if the Contract Owner is age 50 or older. Both the maximum salary reduction amount and additional amount if You are age 50 or older are indexed for inflation in future years. An additional special catch-up contribution is allowed in the three years of employment before attaining normal retirement age as stated in the employer's plan. If permitted by Your retirement plan, some or all of Your salary reduction contributions may be treated as Designated Roth contributions (Roth 457(b)). Roth 457(b) contributions are salary reduction contributions that are irrevocably designated by You as not being excludable from income. Roth 457(b) contributions and related earnings will be accounted for separately. Contributions and earnings are not included in the Contract Owner's income until distributed with the exception of Roth 457(b) contributions which are included in income in the year contributed.

Distributions from 457(b) Contracts generally cannot be made until the Contract Owner attains age 59½ except for severance from employment or an unforeseeable emergency. Contract accumulations may be eligible for a tax-free rollover to another eligible retirement plan. 457(b) Contracts are subject to the Required Minimum Distribution rules, except amounts in a designated Roth account.

**Savings Incentive Match Plan for Employees (SIMPLE IRA)**—If the Contract is used for a SIMPLE IRA, the salary reduction limitation is $17,000 for 2026 and is indexed for inflation in future years. Certain SIMPLE IRAs may allow a higher limitation – up to $18,100 for 2026. Additional catch-up contributions up to $4,000 for 2026, may be made if the Contract

------

Owner is age 50 or older, but in those SIMPLE IRAs that allow a higher limitation, the additional amount is only $3,850. A higher catch-up contribution limit of $5,250 for 2026 may be contributed over the $17,000 or $18,100 limit, if the Contract Owner is age 60, 61, 62 or 63. Employer contributions are required and are coordinated with other Qualified Retirement Plan contribution limitations. SIMPLE IRAs can accept rollovers during the first two years of participation in the SIMPLE IRA only from other SIMPLE IRAs. After the first two years of participation, SIMPLE IRAs may accept rollovers from a 403(b) plan, 457(b) plan, 401(a) plan, traditional IRA, or SEP IRA. Rollovers from SIMPLE IRAs are similar to traditional IRAs except that rollovers during the first two years of participation are limited to other SIMPLE IRAs. Required Minimum Distribution rules apply the same as for traditional IRAs.

**401(a) plans** —A 401(a) plan permits employers to establish various types of retirement plans (e.g., pension, money purchase, profit sharing plans) for their employees. Retirement plans established in accordance with IRC Section 401(a) may permit the purchase of annuity contracts to provide benefits under the plan. A retirement plan qualified under IRC Section 401(a) may be funded with employer contributions, employee contributions, or a combination of both. Contributions and earnings are not included in the Contract Owner's income until distributed with the exception of designated Roth contributions and after-tax contributions. Distributions are generally not allowed prior to retirement and You should consult Your employer's plan or with a tax advisor for additional information. 401(a) Contract accumulations may be eligible for a tax-free rollover to an eligible retirement plan. 401(a) Contracts are subject to the Required Minimum Distribution rules.

**Federal Estate Taxes**

While no attempt is being made to discuss the federal estate tax implications of the Contract, purchasers of annuity contracts should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor and/or a tax advisor for more information.

**Gift and Generation-skipping Transfer Tax**

The Gift and Generation-skipping Transfer Tax may apply when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Contract Owner. In addition, regulations issued under the IRC may require Us to deduct the tax from Your Contract, or from any applicable payment, and pay it directly to the Internal Revenue Service. Consult a tax advisor for more information.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations**

The discussion above provides general information regarding U.S. federal income tax consequences to annuity contract purchasers who/that are U.S. citizens or residents. Annuity contract purchasers who/that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions. In addition, purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the annuity contract purchaser's country of citizenship or residence. Prospective annuity contract purchasers are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to an annuity contract purchase.

**Unclaimed Property**

The balance in your Contract is subject to state unclaimed property laws which generally provide that if no activity occurs in your Contract, or after a death claim, within a specified time period the balance in Your Contract must be paid to the unclaimed property office of the appropriate state. The Internal Revenue Service has provided guidance the payment to the state is subject to federal income tax withholding and reportable as a distribution to the Contract Owner.

**Possible Tax Law Changes**

Although the likelihood of legislative or regulatory changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation, regulation, or otherwise. Consult a tax advisor with respect to legislative or regulatory developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative or regulatory changes that could otherwise diminish the favorable tax treatment that Contract Owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice.

------

**Other Information**

**Financial statements—**

Financial statements of the Separate Account and of HMLIC are available with the Statement of Additional Information. A copy of the Statement of Additional Information and of the financial statements may be obtained without charge by mailing a written request to HMLIC, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission request to (877) 832-3785, or by telephoning (800 999-1030 (toll-free).

**Distribution of the Contract**—The Contracts were offered and sold by HMLIC through its licensed life insurance sales personnel who were also registered representatives of Horace Mann Investors, Inc ("HM Investors"). In addition, the Contracts may have been offered and sold through independent agents and other broker-dealers. HMLIC has entered into a distribution agreement with its affiliate, HM Investors, principal underwriter of the Separate Account. HM Investors, located at 1 Horace Mann Plaza, Springfield, Illinois 62715-0001, is a broker-dealer registered under the Securities Exchange Act of 1934. HM Investors is a member of FINRA and is a wholly-owned subsidiary of Horace Mann Educators Corporation. Your investment professional may receive compensation for selling this Contract to You, both in the form of commissions and because HMLIC may share the revenue it earns on this Contract with the professional's firm. This conflict of interest may influence Your investment professional to recommend this Contract over another investment. Sales commissions are paid by HMLIC to HM Investors and other broker-dealers and range from 1.00% to 11.00% of premium payments received. No specific charge is assessed directly to Contract Owners or to the Separate Account to cover the commissions and endorsement-related payments. We do intend to recover the amount of these commissions and other sales expenses and incentives We pay, however, through the fees and charges collected under the Contract and other corporate revenue.

**Association Relationships**—HMLIC or an affiliate has relationships with various education associations and school administrator associations. Under these relationships, HMLIC or an affiliate may pay the association to provide various services that are aimed at familiarizing the association's members with the Horace Mann brand, products or services, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Providing HMLIC or an affiliate with access to association members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Allowing HMLIC or an affiliate to sponsor and promote scholarship and awards programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Allowing HMLIC or an affiliate to sponsor and/or attend association meetings, conferences, or conventions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Allowing HMLIC or an affiliate to conduct workshops for association members.

Certain education associations endorse various insurance products of HMLIC or an affiliate. Neither HMLIC nor any of its affiliates pays any consideration solely in exchange for product endorsements.

**Legal Proceedings —** HMLIC, like other life insurance companies, is involved on occasion in lawsuits. Although the outcome of any litigation cannot be predicted with certainty, HMLIC believes that no pending or threatened lawsuits are likely to have a material adverse effect on the Separate Account, on the ability of HM Investors to perform under its principal underwriting agreement, or on HMLIC's ability to meet its obligations under the Contract.

**Modification of the Contract**—The Contract provides that it may be modified by HMLIC to maintain continued compliance with applicable state and federal laws. Contract Owners will be notified of any modification. Only officers designated by HMLIC may modify the terms of the Contract.

HMLIC reserves the right to offer Contract Owners, at some future date and in accordance with the requirements of the 1940 Act, the option to direct their Net Premium payments to a Subaccount within the Separate Account other than one or more of those currently offered. If shares of the Underlying Funds are not available for purchase by the Separate Account, or if in the judgment of HMLIC further investment in these shares is no longer appropriate in view of the purposes of the Separate Account or Subaccount, then (i) shares of another portfolio may be substituted for the Underlying Fund shares held in the affected Subaccount and/or (ii) payments received after a date specified by HMLIC may be applied to the purchase of shares of another portfolio. No substitution will be made without prior approval of the SEC and any required Contract Owner approvals. Any substitution would be for shares of a portfolio with investment objectives similar to those of the Underlying Fund it replaces.

**Registration Statement**—A registration statement has been filed with the SEC under the Securities Act of 1933 with respect to the Contract. This prospectus summarizes the material rights granted under and features of the Contract. For a complete statement of the terms thereof, reference is made to the Contract and these instruments as filed. This prospectus does not contain all information set forth in the registration statement, its amendments and exhibits.

------

**Communications to Contract Owners**—To ensure receipt of communications, Contract Owners must notify HMLIC of address changes. Notice of a change in address may be sent to Horace Mann Life Insurance Company, Annuity Customer Service, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission to (877) 832-3785, by calling (800) 999-1030 (toll-free) or by accessing HMLIC's website at horacemann.com and sending a message through the "Message Center" in the "My Account" section.

HMLIC will attempt to locate Contract Owners for whom no current address is on file. In the event HMLIC is unable to locate a Contract Owner, HMLIC may be forced to surrender the value of the Contract to the Contract Owner's last known state of residence in accordance with the state's abandoned property laws.

**Contract Owner Inquiries**—A toll-free number, (800) 999-1030, is available to telephone HMLIC's Annuity Customer Service Department. Written questions should be sent to Horace Mann Life Insurance Company, Annuity Customer Service, P.O. Box 4657, Springfield, Illinois 62708-4657 or by accessing HMLIC's website at horacemann.com and sending a message through the "Message Center" in the "My Account" section.

**Forms Availability**—Specific forms are available from HMLIC to aid the Contract Owner in effecting many transactions allowed under the Contract. These forms may be obtained by calling the Annuity Customer Service Department toll-free at (800) 999-1030 or may be downloaded from Our secure website at horacemann.com.

**Investor Information from FINRA**—Information about HM Investors and Your agent is available from FINRA at www.finra.org or by calling (800) 289-9999 (toll-free).

To receive prospectuses and other annuity-related documents electronically, sign-up for eDelivery. Visit www.horacemann.com to register or log into Your account. Your eDelivery preferences can be found on the eCommunications tab in My Profile.

This prospectus and the Portfolio Company prospectuses are also available online at www.horacemann.com. To access this information click on "Retirement", the tax type of Your annuity, and then "Prospectuses Online" in the "Annuity Resources" box.

------

**Appendix A: Investment Options Available Under the Contract**

------

The following is a list of Portfolio Companies available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at dfinview.com/HoraceMann/TAHD/GPA. You can also request this information at no cost by calling 1-800-999-1030 or by sending an email request to contactcenterannuity@horacemann.com.

The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that Your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Fund** | &nbsp;&nbsp; **Current** <br> **Expenses** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** |
| **Type of Fund** | &nbsp;&nbsp; **Current** <br> **Expenses** | **1-year** | **5-year** | **10-year** |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2015 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.66% | 11.66% | 3.73% | 6.33% |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2025 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.71% | 14.23% | 5.25% | 7.75% |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2035 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.78% | 16.42% | 7.28% | 9.72% |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2045 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.85% | 19.53% | 9.16% | 10.82% |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2055 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.85% | 19.53% | 9.16% | 11.33% |
| Lifecycle/Target Date <br> Funds<br>&nbsp;&nbsp; Fidelity<sup>®</sup> VIP Freedom <br> 2065 Portfolio SC2 / <br> Fidelity Management & <br> Research Company LLC<br>| 0.85% | 19.52% | 9.16% | 11.33% |
| Asset Allocation<br> &nbsp;&nbsp; Fidelity<sup>®</sup> VIP <br> FundsManager<sup>®</sup> 20% SC2\* <br> / Fidelity Management & <br> Research Company LLC<br>| 0.62% | 9.03% | 3.00% | 4.08% |
| Asset Allocation<br> &nbsp;&nbsp; Fidelity<sup>®</sup> VIP <br> FundsManager<sup>®</sup> 50% SC2\* <br> / Fidelity Management & <br> Research Company LLC<br>| 0.74% | 14.03% | 5.63% | 7.09% |
| Asset Allocation<br> &nbsp;&nbsp; Fidelity<sup>®</sup> VIP <br> FundsManager<sup>®</sup> 60% SC2\* <br> / Fidelity Management & <br> Research Company LLC<br>| 0.78% | 15.51% | 6.52% | 8.03% |
| Asset Allocation<br> &nbsp;&nbsp; Fidelity<sup>®</sup> VIP <br> FundsManager<sup>®</sup> 70% SC2\* <br> / Fidelity Management & <br> Research Company LLC<br>| 0.80% | 16.91% | 7.58% | 8.95% |
| Asset Allocation<br> &nbsp;&nbsp; Fidelity<sup>®</sup> VIP <br> FundsManager<sup>®</sup> 85% SC2\* <br> / Fidelity Management & <br> Research Company LLC<br>| 0.83% | 19.26% | 8.93% | 10.34% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Fund** | &nbsp;&nbsp; **Portfolio Company and**<br> **Adviser/Subadviser**<sup>(1)</sup> | &nbsp;&nbsp; **Current** <br> **Expenses** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** |
| **Type of Fund** | &nbsp;&nbsp; **Portfolio Company and**<br> **Adviser/Subadviser**<sup>(1)</sup> | &nbsp;&nbsp; **Current** <br> **Expenses** | **1-year** | **5-year** | **10-year** |
| Large Value | &nbsp;&nbsp; American Funds IS <br> Washington Mutual <br> Investors Fund Class 4\* / <br> Capital Research and <br> Management Company<br>| 0.75% | 16.90% | 13.60% | 12.08% |
| Large Blend | &nbsp;&nbsp; Fidelity<sup>®</sup> VIP Index 500 <br> Portfolio SC 2<sup>(2)</sup> / (Advisor) <br> Fidelity Management & <br> Research Company LLC / <br> (Sub Advisor) Geode <br> Capital Management, LLC<br>| 0.34% | 17.48% | 14.03% | 14.42% |
| Large Blend | &nbsp;&nbsp; LVIP JPMorgan U.S. Equity <br> Fund - Standard Class / J.P. <br> Morgan Investment <br> Management Inc.<br>| 0.63% | 14.54% | 13.69% | 14.84% |
| Large Growth | &nbsp;&nbsp; American Funds IS Growth <br> Fund Class 4 / Capital <br> Research and Management <br> Company<br>| 0.83% | 19.93% | 13.09% | 17.67% |
| Mid Value | &nbsp;&nbsp; MFS VIT III Mid-Cap <br> Value Portfolio Service <br> Class\* / Massachusetts <br> Financial Services <br> Company<br>| 1.04% | 5.75% | 9.90% | 9.69% |
| Mid Blend | &nbsp;&nbsp; CVT S&P Mid-Cap 400 <br> Index Class F\* / Calvert <br> Research and Management<br>| 0.53% | 6.92% | 8.55% | 10.13% |
| Mid Growth | &nbsp;&nbsp; Allspring VT Discovery <br> SMID Cap Growth <br> Fund<sup>sm(2)</sup> / Allspring Global <br> Investments, LLC<br>| 1.13% | 5.39% | -2.46% | 9.94% |
| Small Value | &nbsp;&nbsp; JPMorgan Small Cap Value <br> Fund\*<sup>(5)</sup> — A Shares / J.P. <br> Morgan Investment <br> Management Inc.<br>| 1.19% | 11.93% | 9.41% | 8.48% |
| Small Blend | &nbsp;&nbsp; BNY Mellon Investment <br> Portfolios: Small Cap Stock <br> Index Portfolio — Service <br> Shares<sup>(2)</sup> / BNY Mellon <br> Investment Adviser, Inc.<br>| 0.61% | 5.36% | 6.65% | 9.15% |
| Small Growth | &nbsp;&nbsp; ClearBridge Variable Small <br> Cap Growth 1 / Franklin <br> Templeton Fund Adviser, <br> LLC.<br>| 0.81% | 9.23% | -0.17% | 9.38% |
| Small Growth | &nbsp;&nbsp; Lord Abbett Series Fund - <br> Developing Growth <br> Portfolio\*<sup>(1)</sup> / Lord Abbett <br> & Co. LLC.<br>| 1.04% | 14.59% | -1.17% | 11.03% |
| International Stock - <br> Developed Markets<br>| &nbsp;&nbsp; Fidelity<sup>®</sup> VIP Overseas <br> Portfolio SC 2<sup>(2)(3)</sup> / Fidelity <br> Management & Research <br> Company LLC<br>| 0.97% | 20.05% | 6.35% | 7.66% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Fund** | &nbsp;&nbsp; **Portfolio Company and**<br> **Adviser/Subadviser**<sup>(1)</sup> | &nbsp;&nbsp; **Current** <br> **Expenses** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** | &nbsp;&nbsp; **Average Annual Total Returns** <br> **(as of 12/31/25)** |
| **Type of Fund** | &nbsp;&nbsp; **Portfolio Company and**<br> **Adviser/Subadviser**<sup>(1)</sup> | &nbsp;&nbsp; **Current** <br> **Expenses** | **1-year** | **5-year** | **10-year** |
| International Stock - <br> Developed Markets<br>| &nbsp;&nbsp; MFS VIT II International <br> Growth Portfolio Service <br> Class\* / Massachusetts <br> Financial Services <br> Company<br>| 1.13% | 20.81% | 6.80% | 9.60% |
| International Stock - <br> Emerging Markets<br>| &nbsp;&nbsp; American Funds IS New <br> World Fund Class 4\* / <br> Capital Research and <br> Management Company<br>| 1.07% | 27.92% | 5.06% | 8.98% |
| Real Estate | &nbsp;&nbsp; Fidelity<sup>®</sup> VIP Real Estate <br> SC2<sup>(4)</sup> / Fidelity <br> Management & Research <br> Company LLC<br>| 0.85% | 2.90% | 3.98% | 3.61% |
| Real Estate | &nbsp;&nbsp; Vanguard<sup>®</sup> VIF Real Estate <br> Index Portfolio / The The <br> Vanguard Group, Inc.<br>| 0.26% | 3.11% | 4.51% | 5.08% |
| Technology | &nbsp;&nbsp; Janus Henderson Global <br> Technology and Innovation <br> Fund Class S / Janus <br> Capital Management LLC.<br>| 0.97% | 24.84% | 13.44% | 21.18% |
| Intermediate-Term <br> Bond<br>| &nbsp;&nbsp; Fidelity<sup>®</sup> VIP Investment <br> Grade Bond Portfolio SC <br> 2<sup>(2)</sup> / Fidelity Management <br> & Research Company LLC<br>| 0.62% | 6.93% | -0.21% | 2.45% |
| High Yield Bond | &nbsp;&nbsp; BlackRock High Yield V.I. <br> Class III\* / BlackRock <br> Advisers, LLC.<br>| 0.78% | 9.09% | 4.57% | 6.07% |
| Global Bond | &nbsp;&nbsp; Templeton Global Bond <br> VIP Fund — Class 4\*<sup>(3)</sup> / <br> Franklin Advisers, Inc.<br>| 0.85% | 15.56% | -1.05% | -0.25% |
| Global Bond | &nbsp;&nbsp; Vanguard<sup>®</sup> VIF Global <br> Bond Index / The Vanguard <br> Group, Inc.<br>| 0.13% | 5.69% | -0.41% |  |
| Balanced | &nbsp;&nbsp; American Funds IS <br> Managed Risk Asset <br> Allocation Fund – P2 / <br> Capital Research and <br> Management Company<br>| 0.90% | 11.67% | 6.43% | 7.17% |
| Balanced | &nbsp;&nbsp; Wilshire VIT Global <br> Allocation Fund<sup>(2)</sup> / <br> Wilshire Advisors, LLC<br>| 1.29% | 17.48% | 6.89% | 7.62% |
| Money Market | &nbsp;&nbsp; Goldman Sachs VIT <br> Government Money Market <br> Fund\* / Goldman Sachs <br> Asset Management, L.P<br>| 0.18% | 4.20% | 3.18% | 2.11% |

---

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

\*

These expenses reflect temporary fee reductions. The details about these waivers can be found in the Portfolio Company prospectus at <u>dfinview.com/</u><u>HoraceMann/TAHD/GPA</u>

(1) Under certain Guaranteed Minimum Death Benefit Riders, We reserve the right to restrict allocations or transfers to the Fixed Account or any of the Portfolio Companies.

(2) The following Portfolio Companies are available for Variable Annuity Payments: Wilshire VIT Global Allocation Fund, Fidelity<sup>®</sup> VIP Index 500 Portfolio SC 2, Fidelity<sup>®</sup> VIP Overseas Portfolio SC 2, Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio SC 2, Allspring VT Discovery SMID Cap Growth Fund and BNY Mellon Investment Portfolios: Small Cap Stock Index Portfolio—Service Shares.

(3) On and after May 1, 2019, Contract Owners may not begin or increase premium payment allocations or make new transfers to the Portfolio Companies. However, if Contract Owners were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Companies, they may continue the program(s), but may not begin or increase allocations.

------

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

(4) On and after May 1, 2026, Contract Owners may not begin or increase premium payment allocations or make new transfers to the Portfolio Companies. However, if Contract Owners were participating on that date in the dollar cost averaging program or the rebalancing program with allocations to the Portfolio Companies, they may continue the program(s), but may not begin or increase allocations.

(5) This Portfolio Company is not available as an Investment Option in Non-Qualified Contracts.

------

**Appendix B: Death Benefit Examples**

------

**5% Accumulation Guaranteed Minimum Death Benefit ("GMDB") example**

Assume the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is an initial Net Premium of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a withdrawal on the 3rd Contract Anniversary of $25,000. The Account Value immediately before the withdrawal is $125,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We are calculating the death benefit on the 5th Contract Anniversary. The Account Value at that time is $101,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There are no loans on the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The oldest Contract Owner has not yet attained age 81.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No other GMDB rider was selected.

The accumulation GMDB value at issue is equal to the initial Net Premium.

$100,000

The accumulation GMDB value immediately before the withdrawal is the initial Net Premium accumulated at 5% interest for 3 years:

$100,000 × 1.05^3 = $115,763

The withdrawal adjustment is the withdrawal amount divided by the Account Value immediately before the withdrawal and multiplied by the accumulation GMDB value immediately before the withdrawal:

$25,000/$125,000 × $115,763 = $23,153

The accumulation GMDB value immediately following the withdrawal is the accumulation GMDB value immediately before the withdrawal less the withdrawal adjustment:

$115,763 – $23,153 = $92,610

The accumulation GMDB value on the 5th Contract Anniversary is the accumulation GMDB value immediately following the withdrawal accumulated at 5% interest for 2 years:

$92,610 × 1.05^2 = $102,103

The return of premium death benefit on the 5th Contract Anniversary is the initial Net Premium less a withdrawal adjustment:

$100,000 – ($25,000/$125,000 × $100,000) = $80,000

The death benefit is the greatest of the accumulation GMDB, the return of premium death benefit, and the Account Value.

Max [$102,103, $80,000, $101,000] = $102,103

**Guaranteed Minimum Death Benefit—Annual Step-up ("GMDB") example**

Assume the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is an initial Net Premium of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Account Value on the 1st Contract Anniversary is $90,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Account Value on the 2nd Contract Anniversary is $120,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a withdrawal during the 3rd Contract Year of $25,000. The Account Value immediately before the withdrawal is $125,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Account Value on the 3rd Contract Anniversary is $105,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We are calculating the death benefit during the 4th Contract Year. The Account Value at that time is $101,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There are no loans on the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The oldest Contract Owner has not yet attained age 81.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No other GMDB rider was selected.

The step-up anniversary value for the 1st Contract Anniversary projected to the date of death is the Account Value on the 1st Contract Anniversary less an adjustment for the subsequent withdrawal:

$90,000 – ($25,000/$125,000 × $90,000) = $72,000

------

The step-up anniversary value for the 2nd Contract Anniversary projected to the date of death is the Account Value on the 2nd Contract Anniversary less an adjustment for the subsequent withdrawal:

$120,000 – ($25,000/$125,000 × $120,000) = $96,000

The step-up anniversary value for the 3rd Contract Anniversary projected to the date of death is the Account Value on the 3rd Contract Anniversary:

$105,000

The step-up GMDB is equal to the maximum of these values:

Max [$72,000, $96,000, $105,000] = $105,000

The return of premium death benefit at the date of death is the initial Net Premium less a withdrawal adjustment:

$100,000 – ($25,000/$125,000 × $100,000) = $80,000

The death benefit is the greatest of the step-up GMDB, the return of premium death benefit, and the Account Value.

Max [$105,000, $80,000, $101,000] = $105,000

------

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

This page intentionally left blank.

------

May 1, 2026

***STATEMENT OF ADDITIONAL INFORMATION*** <br>INDIVIDUAL FLEXIBLE PAYMENT VARIABLE DEFERRED ANNUITY CONTRACTS <br>HORACE MANN LIFE INSURANCE COMPANY SEPARATE ACCOUNT <br>HORACE MANN LIFE INSURANCE COMPANY

This Statement of Additional Information is not a prospectus, and should be read in conjunction with the prospectus for the Goal Planning Annuity flexible premium Variable annuity Contract ("GPA Contract"), dated May 1, 2026. Copies of the prospectus for the GPA Contract may be obtained by writing to Horace Mann Life Insurance Company, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission to (877) 832-3785, or by telephoning toll-free (800) 999-1030. The prospectus for the GPA Contract sets forth information that a prospective investor should know before investing in a GPA Contract. Capitalized terms that are used, but not defined, in this Statement of Additional Information have the same meanings as in the prospectus for the GPA Contract.

May 1, 2026

------

**Table of Contents**

---

| | |
|:---|:---|
| **TOPIC** | **PAGE** |
| [General Information and History](#xx_13232566-e5c3-42b6-bfe9-04f8e2ee72a6_1) | 3  |
| [Underwriter](#xx_13232566-e5c3-42b6-bfe9-04f8e2ee72a6_1) | 3  |
| [Non-Principal Risks](#xx_13232566-e5c3-42b6-bfe9-04f8e2ee72a6_1) | 3  |
| [Separate Account Pricing Agreement](#xx_13232566-e5c3-42b6-bfe9-04f8e2ee72a6_1) | 3  |
| [Independent Registered Public Accounting Firm](#xx_13232566-e5c3-42b6-bfe9-04f8e2ee72a6_1) | 3  |
| [Financial Statements](#xx_3682fbc7-e2cd-47f8-88ff-d49213b63d04_1) | 4 |

---

------

**General Information and History**

Horace Mann Life Insurance Company ("HMLIC") sponsors the Horace Mann Life Insurance Company Separate Account (the "Separate Account"). HMLIC established the Separate Account under Illinois law on October 9, 1965. HMLIC is a wholly-owned subsidiary of Educators Life Insurance Company of America, which engages in the business of insurance. HMLIC is an indirect, wholly-owned subsidiary of Horace Mann Educators Corporation ("HMEC"), a publicly-held insurance holding company traded on the New York Stock Exchange.

**Underwriter**

HMLIC offers and sells the Contracts on a continuous basis through its licensed life insurance sales personnel who are also registered representatives of Horace Mann Investors, Inc. ("HM Investors"), a broker/dealer registered with the Securities and Exchange Commission and a member of FINRA. HM Investors serves as principal underwriter of the Separate Account. HM Investors is located at 1 Horace Mann Plaza, Springfield, Illinois 62715-0001. HM Investors is an affiliate of HMLIC and a wholly-owned subsidiary of HMEC.

HMLIC contracts with HM Investors to distribute the variable Contracts of HMLIC. The Contracts also may be offered and sold through independent agents and other, unaffiliated broker-dealers that have entered into selling agreements with HMLIC and HM Investors. (HM Investors and such unaffiliated broker-dealers shall be referred to herein collectively as "selling firms."). HM Investors passes through any commissions it receives for sales of the Contract to its registered representatives and to other selling firms for their sales of the Contract. The amount of the commissions was $9,860,501, $8,604,755 and $7,319,821 at December 31, 2025, 2024 and 2023.

**Non-Principal Risks**

There are no non-principal risks at this time.

**Separate Account Pricing Agreement**

Effective April 15, 2005 HMLIC entered into an agreement with State Street Bank and Trust Company ("State Street"), a national banking association located at 801 Pennsylvania; Avenue, Kansas City, MO 64105, to calculate the daily Accumulation Unit Value for each Subaccount and to maintain certain required accounting records. For these services HMLIC paid State Street $420,190.38, $424,409.00, and $434,932.02 in 2023, 2024 and 2025.

**Independent Registered Public Accounting Firm**

The statement of net assets of each of the sub-accounts comprising the Horace Mann Life Insurance Company Separate Account as of December 31, 2025, and the related statement of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, and the related statutory statements of admitted assets, liabilities and capital and surplus of Horace Mann Life Insurance Company as of December 31, 2025 and 2024, and the related statutory statements of operations, capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes and schedules I, III, and IV, included herein have been audited by KPMG LLP, independent registered public accounting firm, as set forth in their respective reports thereon included herein, and are included in reliance upon such reports given upon the authority of such firm as experts in accounting and auditing. The principal business address of KPMG LLP is 191 West Nationwide Blvd., Columbus, Ohio 43215.

The audit report covering the December 31, 2025 financial statements of Horace Mann Life Insurance Company contains an explanatory paragraph that states that Horace Mann Life Insurance Company prepared the statutory financial statements using statutory accounting practices prescribed or permitted by the Illinois Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report states that the statutory financial statements are not presented fairly in conformity with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in conformity with statutory accounting practices prescribed or permitted by the Illinois Department of Insurance.

------

**Financial Statements**

Audited financial statements of HMLIC and of the Separate Account are included herein. The financial statements for HMLIC should be considered only as bearing upon the ability of HMLIC to meet its obligations under the Contracts.

------

![](g378337kpmglogo.jpg)

KPMG LLP <br>Suite 500 <br>191 West Nationwide Blvd. <br>Columbus, OH 43215-2568

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Horace Mann Life Insurance Company and Contract Owners of Horace Mann Life Insurance Company Separate Account:

*Opinion on the Financial Statements*

We have audited the accompanying statement of net assets of the sub-accounts listed in the Appendix that comprise the Horace Mann Life Insurance Company Separate Account (the Separate Account) as of December 31, 2025, the related statement of operations for the year or period then ended, statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) including the financial highlights in Note 6 for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each sub-account as of December 31, 2025, the results of its operations for the year or period listed in the Appendix, changes in its net assets for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 and financial highlights 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 and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Separate Account's auditor since 1989.

Columbus, Ohio <br>April 9, 2026 <br>

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br>the KPMG global organization of independent member firms affiliated with KPMG <br> International Limited, a private English company limited by guarantee.

------

**Appendix**

Statement of net assets as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 <br>ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND <br>AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 <br>AMERICAN FUNDS IS GROWTH FUND CLASS 4 <br>AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 <br>AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 <br>AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 <br>AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 <br>AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 <br>AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 <br>BLACKROCK HIGH YIELD V.I. FUND CLASS I <br>BLACKROCK HIGH YIELD V.I. FUND CLASS III <br>BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES <br>CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F <br>CALVERT VP SRI BALANCED PORTFOLIO CLASS I <br>CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I <br>DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO <br>FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 <br>FIDELITY VIP INDEX 500 PORTFOLIO SC2 <br>FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS <br>FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 <br>FIDELITY VIP OVERSEAS PORTFOLIO SC2 <br>FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 <br>GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES <br>JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES <br>JPMORGAN SMALL CAP VALUE FUND CLASS A <br>LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES <br>LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 <br>MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS <br>MFS VIT II INTERNATIONAL GROWTH SC <br>MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS <br>MFS VIT MID CAP VALUE PORTFOLIO SC <br>MFS VIT NEW DISCOVERY SERIES INITIAL CLASS <br>

------

PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES <br>T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS <br>T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS <br>T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS <br>T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS <br>T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS <br>T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS <br>T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS <br>T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS <br>TEMPLETON GLOBAL BOND VIP FUND CLASS 1 <br>TEMPLETON GLOBAL BOND VIP FUND CLASS 4 <br>VANGUARD 500 INDEX FUND ADMIRAL SHARES <br>VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES <br>VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES <br>VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES <br>VANGUARD FEDERAL MONEY MARKET FUND <br>VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES <br>VANGUARD MID-CAP GROWTH INDEX FUND <br>VANGUARD REIT INDEX FUND ADMIRAL SHARES <br>VANGUARD SELECTED VALUE FUND INVESTOR SHARES <br>VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES <br>VANGUARD TARGET RETIREMENT 2020 FUND <br>VANGUARD TARGET RETIREMENT 2025 FUND <br>VANGUARD TARGET RETIREMENT 2030 FUND <br>VANGUARD TARGET RETIREMENT 2035 FUND <br>VANGUARD TARGET RETIREMENT 2040 FUND <br>VANGUARD TARGET RETIREMENT 2045 FUND <br>VANGUARD TARGET RETIREMENT 2050 FUND <br>VANGUARD TARGET RETIREMENT 2055 FUND <br>VANGUARD TARGET RETIREMENT 2060 FUND <br>VANGUARD TARGET RETIREMENT INCOME FUND <br>VANGUARD TOTAL BOND MARKET INDEX FUND <br>VANGUARD VIF EQUITY INDEX PORTFOLIO <br>VANGUARD VIF GLOBAL BOND INDEX <br>VANGUARD VIF INTERNATIONAL PORTFOLIO <br>VANGUARD VIF MID-CAP INDEX PORTFOLIO <br>VANGUARD VIF REIT INDEX PORTFOLIO <br>VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND <br>VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO <br>VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO <br>WILSHIRE VIT GLOBAL ALLOCATION FUND

Statement of net assets as of December 31, 2025, and the related statement of operations and changes in net assets for the period from May 1, 2025 (inception) to December 31, 2025.

NEUBERGER GENESIS FUND ADVISOR CLASS <br>JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I <br>JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **TOTAL ASSETS** | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $265244 | &nbsp;&nbsp; $35128557 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $190345 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $230553 | &nbsp;&nbsp; $34965446 | &nbsp;&nbsp; $6092183 | &nbsp;&nbsp; $52000498 | &nbsp;&nbsp; $8047206 | &nbsp;&nbsp; $11053455 | &nbsp;&nbsp; $1016853 | &nbsp;&nbsp; $15324820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $34690 | &nbsp;&nbsp; $353456 | &nbsp;&nbsp; $(45949) | &nbsp;&nbsp; $19255771 | &nbsp;&nbsp; $1915823 | &nbsp;&nbsp; $519597 | &nbsp;&nbsp; $178081 | &nbsp;&nbsp; $3764265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp; 11135 | &nbsp;&nbsp;&nbsp; 1396556 | &nbsp;&nbsp;&nbsp;&nbsp; 610731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530220 | &nbsp;&nbsp;&nbsp;&nbsp; 738549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601989 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448390 | &nbsp;&nbsp;&nbsp;&nbsp; 477269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157484 | &nbsp;&nbsp;&nbsp;&nbsp; 377118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496643 | &nbsp;&nbsp;&nbsp;&nbsp; 477269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178565 | &nbsp;&nbsp;&nbsp;&nbsp; 377118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419923 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $76.04 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $412.20 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $52.85 | &nbsp;&nbsp; $71.53 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $397.79 | &nbsp;&nbsp; $26.42 | &nbsp;&nbsp; $20.99 | &nbsp;&nbsp; $41.71 | &nbsp;&nbsp; $45.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $69.60 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $387.69 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.28 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $68.24 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $383.06 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.85 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $67.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $379.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.98 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **TOTAL ASSETS** | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148264594 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $119510 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $4884482 | &nbsp;&nbsp; $29112334 | &nbsp;&nbsp; $2356197 | &nbsp;&nbsp; $2114621 | &nbsp;&nbsp; $138336433 | &nbsp;&nbsp; $247943889 | &nbsp;&nbsp; $16873770 | &nbsp;&nbsp; $2226408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $1044959 | &nbsp;&nbsp; $7694903 | &nbsp;&nbsp; $13531 | &nbsp;&nbsp; $70151 | &nbsp;&nbsp; $10047671 | &nbsp;&nbsp; $38138198 | &nbsp;&nbsp; $2244746 | &nbsp;&nbsp; $(70398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 326152 | &nbsp;&nbsp;&nbsp; 2097278 | &nbsp;&nbsp;&nbsp;&nbsp; 336609 | &nbsp;&nbsp;&nbsp;&nbsp; 310337 | &nbsp;&nbsp;&nbsp;&nbsp; 8238984 | &nbsp;&nbsp;&nbsp;&nbsp; 2260625 | &nbsp;&nbsp;&nbsp; 6708251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76454 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 176553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786503 | &nbsp;&nbsp;&nbsp;&nbsp; 228903 | &nbsp;&nbsp;&nbsp;&nbsp; 177505 | &nbsp;&nbsp;&nbsp;&nbsp; 2655712 | &nbsp;&nbsp;&nbsp;&nbsp; 1140926 | &nbsp;&nbsp;&nbsp; 4919076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 176553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925941 | &nbsp;&nbsp;&nbsp;&nbsp; 228903 | &nbsp;&nbsp;&nbsp;&nbsp; 214262 | &nbsp;&nbsp;&nbsp;&nbsp; 2800317 | &nbsp;&nbsp;&nbsp;&nbsp; 1192351 | &nbsp;&nbsp;&nbsp; 4919076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $41.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $55.68 | &nbsp;&nbsp; $251.80 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $40.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $33.58 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $52.96 | &nbsp;&nbsp; $239.52 | &nbsp;&nbsp; $3.89 | &nbsp;&nbsp; $39.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $38.49 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $50.81 | &nbsp;&nbsp; $236.73 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $39.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $38.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $50.04 | &nbsp;&nbsp; $230.68 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $38.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $37.72 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $49.20 | &nbsp;&nbsp; $224.81 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $38.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **TOTAL ASSETS** | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $1110356 | &nbsp;&nbsp; $1843957 | &nbsp;&nbsp; $894743 | &nbsp;&nbsp; $1054853 | &nbsp;&nbsp; $13592583 | &nbsp;&nbsp; $2047085 | &nbsp;&nbsp; $1465934 | &nbsp;&nbsp; $32374107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) <br> on investments<br>| $287 | &nbsp;&nbsp; $580 | &nbsp;&nbsp; $(36181) | &nbsp;&nbsp; $136419 | &nbsp;&nbsp; $1109019 | &nbsp;&nbsp; $204522 | &nbsp;&nbsp; $164255 | &nbsp;&nbsp; $5694679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49849 | &nbsp;&nbsp;&nbsp;&nbsp; 155133 | &nbsp;&nbsp;&nbsp; 64748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861759 | &nbsp;&nbsp;&nbsp;&nbsp; 127353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54051 | &nbsp;&nbsp;&nbsp; 1277047 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73897 | &nbsp;&nbsp;&nbsp; 40451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91136 | &nbsp;&nbsp;&nbsp; 40451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888452 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $38.69 | &nbsp;&nbsp; $20.11 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $23.21 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $24.44 | &nbsp;&nbsp; $41.27 | &nbsp;&nbsp; $42.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $19.86 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.50 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $18.98 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.27 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $41.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $19.20 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $41.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **TOTAL ASSETS** | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $687805 | &nbsp;&nbsp; $1200221 | &nbsp;&nbsp; $25255265 | &nbsp;&nbsp; $209345 | &nbsp;&nbsp; $149371 | &nbsp;&nbsp; $1305253 | &nbsp;&nbsp; $13877 | &nbsp;&nbsp; $672060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $123907 | &nbsp;&nbsp; $213901 | &nbsp;&nbsp; $6242192 | &nbsp;&nbsp; $59388 | &nbsp;&nbsp; $39884 | &nbsp;&nbsp; $112011 | &nbsp;&nbsp; $1748 | &nbsp;&nbsp; $46387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp; 27257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46093 | &nbsp;&nbsp;&nbsp; 1037807 | &nbsp;&nbsp;&nbsp;&nbsp; 9709 | &nbsp;&nbsp;&nbsp; 91436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12155 | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 47485 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp; 19112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665061 | &nbsp;&nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp;&nbsp; 9874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 37983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp; 19112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701729 | &nbsp;&nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp;&nbsp; 9924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 38223 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided <br> by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.31 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $42.47 | &nbsp;&nbsp; $42.91 | &nbsp;&nbsp; $44.82 | &nbsp;&nbsp; $38.84 | &nbsp;&nbsp; $19.07 | &nbsp;&nbsp; $18.88 | &nbsp;&nbsp; $19.18 | &nbsp;&nbsp; $18.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.57 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.55 | &nbsp;&nbsp; $18.51 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $18.25 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.02 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX**<br> **500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **TOTAL ASSETS** | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777402667 | &nbsp;&nbsp; $6487123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $152044 | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $1105932 | &nbsp;&nbsp; $3677074 | &nbsp;&nbsp; $10669201 | &nbsp;&nbsp; $43595248 | &nbsp;&nbsp; $38747028 | &nbsp;&nbsp; $25842721 | &nbsp;&nbsp; $313763666 | &nbsp;&nbsp; $6412107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on <br> investments<br>| $61676 | &nbsp;&nbsp; $114613 | &nbsp;&nbsp; $1300325 | &nbsp;&nbsp; $6864868 | &nbsp;&nbsp; $8418590 | &nbsp;&nbsp; $7057965 | &nbsp;&nbsp; $463791045 | &nbsp;&nbsp; $75015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in <br> underlying mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99881 | &nbsp;&nbsp;&nbsp;&nbsp; 339453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897939 | &nbsp;&nbsp;&nbsp; 4316520 | &nbsp;&nbsp;&nbsp; 3140188 | &nbsp;&nbsp;&nbsp; 2125367 | &nbsp;&nbsp;&nbsp;&nbsp; 1195852 | &nbsp;&nbsp;&nbsp;&nbsp; 571050 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 | &nbsp;&nbsp;&nbsp;&nbsp; 166814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484793 | &nbsp;&nbsp;&nbsp; 2166205 | &nbsp;&nbsp;&nbsp; 1655751 | &nbsp;&nbsp;&nbsp; 1113567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892172 | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 | &nbsp;&nbsp;&nbsp;&nbsp; 257765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573237 | &nbsp;&nbsp;&nbsp; 2372944 | &nbsp;&nbsp;&nbsp; 1872271 | &nbsp;&nbsp;&nbsp; 1169352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934524 | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net <br> assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $784.36 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $15.01 | &nbsp;&nbsp; $21.51 | &nbsp;&nbsp; $21.92 | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $29.02 | &nbsp;&nbsp; $868.15 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $14.48 | &nbsp;&nbsp; $14.55 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $25.13 | &nbsp;&nbsp; $28.10 | &nbsp;&nbsp; $831.08 | &nbsp;&nbsp; $13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $20.79 | &nbsp;&nbsp; $24.63 | &nbsp;&nbsp; $27.73 | &nbsp;&nbsp; $791.11 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $20.32 | &nbsp;&nbsp; $20.74 | &nbsp;&nbsp; $24.56 | &nbsp;&nbsp; $27.46 | &nbsp;&nbsp; $781.01 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp; $20.43 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $758.92 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $650.21 | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE FUND**<br> **CLASS A**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **TOTAL ASSETS** | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $35761111 | &nbsp;&nbsp; $72667221 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $18435 | &nbsp;&nbsp; $141550 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $39522551 | &nbsp;&nbsp; $57404842 | &nbsp;&nbsp; $19266904 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2497485 | &nbsp;&nbsp; $1507204 | &nbsp;&nbsp; $1948610 | &nbsp;&nbsp; $4559062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $(3743005) | &nbsp;&nbsp; $15403929 | &nbsp;&nbsp; $(372906) | &nbsp;&nbsp; $– | &nbsp;&nbsp; $80351 | &nbsp;&nbsp; $47844 | &nbsp;&nbsp; $67122 | &nbsp;&nbsp; $(58144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp; 3261583 | &nbsp;&nbsp;&nbsp; 2684689 | &nbsp;&nbsp;&nbsp; 1084615 | &nbsp;&nbsp; 33301961 | &nbsp;&nbsp;&nbsp;&nbsp; 107679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24117 | &nbsp;&nbsp;&nbsp;&nbsp; 178963 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65263 | &nbsp;&nbsp;&nbsp; 3550816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp; 1354036 | &nbsp;&nbsp;&nbsp; 1381320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678764 | &nbsp;&nbsp; 26690772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp; 1524347 | &nbsp;&nbsp;&nbsp; 1459965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753058 | &nbsp;&nbsp; 30406254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92774 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $25.17 | &nbsp;&nbsp; $53.76 | &nbsp;&nbsp; $25.84 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.28 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $49.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $23.42 | &nbsp;&nbsp; $49.86 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp; $143.94 | &nbsp;&nbsp; $48.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $17.44 | &nbsp;&nbsp; $42.94 | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $1.11 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $47.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $17.10 | &nbsp;&nbsp; $42.13 | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $16.77 | &nbsp;&nbsp; $41.27 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $10.97 | &nbsp;&nbsp; $27.12 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **TOTAL ASSETS** | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $7504402 | &nbsp;&nbsp; $41333645 | &nbsp;&nbsp; $1150426 | &nbsp;&nbsp; $3168624 | &nbsp;&nbsp; $606692 | &nbsp;&nbsp; $5581928 | &nbsp;&nbsp; $4117897 | &nbsp;&nbsp; $514429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $118119 | &nbsp;&nbsp; $19196391 | &nbsp;&nbsp; $(8325) | &nbsp;&nbsp; $580235 | &nbsp;&nbsp; $7727 | &nbsp;&nbsp; $443107 | &nbsp;&nbsp; $742144 | &nbsp;&nbsp; $(64205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228014 | &nbsp;&nbsp;&nbsp; 1226099 | &nbsp;&nbsp;&nbsp;&nbsp; 116899 | &nbsp;&nbsp;&nbsp;&nbsp; 213003 | &nbsp;&nbsp;&nbsp; 60773 | &nbsp;&nbsp;&nbsp;&nbsp; 606751 | &nbsp;&nbsp;&nbsp;&nbsp; 311541 | &nbsp;&nbsp;&nbsp;&nbsp; 8678 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 111986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 | &nbsp;&nbsp;&nbsp;&nbsp; 140185 | &nbsp;&nbsp;&nbsp; 37062 | &nbsp;&nbsp;&nbsp;&nbsp; 258961 | &nbsp;&nbsp;&nbsp;&nbsp; 178586 | &nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 127618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 | &nbsp;&nbsp;&nbsp;&nbsp; 157526 | &nbsp;&nbsp;&nbsp; 37062 | &nbsp;&nbsp;&nbsp;&nbsp; 287046 | &nbsp;&nbsp;&nbsp;&nbsp; 178586 | &nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $61.94 | &nbsp;&nbsp; $97.55 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.62 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $59.60 | &nbsp;&nbsp; $92.86 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $23.75 | &nbsp;&nbsp; $16.58 | &nbsp;&nbsp; $20.94 | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $59.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $58.29 | &nbsp;&nbsp; $91.54 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $57.43 | &nbsp;&nbsp; $90.40 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $56.67 | &nbsp;&nbsp; $89.24 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.17 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.15 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **TOTAL ASSETS** | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $12574599 | &nbsp;&nbsp; $4733230 | &nbsp;&nbsp; $4498473 | &nbsp;&nbsp; $37550684 | &nbsp;&nbsp; $2238540 | &nbsp;&nbsp; $60495318 | &nbsp;&nbsp; $1381988 | &nbsp;&nbsp; $18979940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on <br> investments<br>| $1775894 | &nbsp;&nbsp; $1501338 | &nbsp;&nbsp; $402742 | &nbsp;&nbsp; $4407238 | &nbsp;&nbsp; $(57463) | &nbsp;&nbsp; $9098261 | &nbsp;&nbsp; $(133477) | &nbsp;&nbsp; $(3091290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95432 | &nbsp;&nbsp;&nbsp;&nbsp; 109721 | &nbsp;&nbsp;&nbsp; 1087274 | &nbsp;&nbsp;&nbsp;&nbsp; 124776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647141 | &nbsp;&nbsp;&nbsp;&nbsp; 172685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307265 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 | &nbsp;&nbsp;&nbsp;&nbsp; 106177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392652 | &nbsp;&nbsp;&nbsp;&nbsp; 158491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 | &nbsp;&nbsp;&nbsp;&nbsp; 106177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392652 | &nbsp;&nbsp;&nbsp;&nbsp; 158491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net <br> assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $78.57 | &nbsp;&nbsp; $87.52 | &nbsp;&nbsp; $46.16 | &nbsp;&nbsp; $65.04 | &nbsp;&nbsp; $23.47 | &nbsp;&nbsp; $177.24 | &nbsp;&nbsp; $7.88 | &nbsp;&nbsp; $103.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL**<br> **BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL**<br> **BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **TOTAL ASSETS** | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $3991121 | &nbsp;&nbsp; $4131469 | &nbsp;&nbsp; $7107325 | &nbsp;&nbsp; $4596709 | &nbsp;&nbsp; $167824 | &nbsp;&nbsp; $3401241 | &nbsp;&nbsp; $197398532 | &nbsp;&nbsp; $24456103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $(391991) | &nbsp;&nbsp; $1286706 | &nbsp;&nbsp; $(378648) | &nbsp;&nbsp; $(109352) | &nbsp;&nbsp; $3209 | &nbsp;&nbsp; $(181248) | &nbsp;&nbsp; $116987218 | &nbsp;&nbsp; $8509418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 447097 | &nbsp;&nbsp;&nbsp;&nbsp; 334662 | &nbsp;&nbsp;&nbsp;&nbsp; 131291 | &nbsp;&nbsp;&nbsp;&nbsp; 393628 | &nbsp;&nbsp;&nbsp; 12217 | &nbsp;&nbsp;&nbsp;&nbsp; 239583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497572 | &nbsp;&nbsp;&nbsp; 1642527 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 373941 | &nbsp;&nbsp;&nbsp;&nbsp; 306801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 | &nbsp;&nbsp;&nbsp;&nbsp; 298419 | &nbsp;&nbsp;&nbsp; 11527 | &nbsp;&nbsp;&nbsp;&nbsp; 146862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480729 | &nbsp;&nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 373941 | &nbsp;&nbsp;&nbsp;&nbsp; 306801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 | &nbsp;&nbsp;&nbsp;&nbsp; 298419 | &nbsp;&nbsp;&nbsp; 11527 | &nbsp;&nbsp;&nbsp;&nbsp; 176320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480729 | &nbsp;&nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by <br> units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.06 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $9.62 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $79.27 | &nbsp;&nbsp; $15.04 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $653.98 | &nbsp;&nbsp; $23.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.27 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.04 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **TOTAL ASSETS** | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $9482785 | &nbsp;&nbsp; $37545468 | &nbsp;&nbsp; $21142984 | &nbsp;&nbsp; $23774437 | &nbsp;&nbsp; $17080750 | &nbsp;&nbsp; $11698523 | &nbsp;&nbsp; $18992752 | &nbsp;&nbsp; $39992311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $1952714 | &nbsp;&nbsp; $13063765 | &nbsp;&nbsp; $1568 | &nbsp;&nbsp; $125065 | &nbsp;&nbsp; $(1107091) | &nbsp;&nbsp; $93908 | &nbsp;&nbsp; $(993553) | &nbsp;&nbsp; $11453709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319060 | &nbsp;&nbsp; 21144552 | &nbsp;&nbsp;&nbsp; 4290754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416297 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317677 | &nbsp;&nbsp; 19162064 | &nbsp;&nbsp;&nbsp; 2982393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317677 | &nbsp;&nbsp; 19162064 | &nbsp;&nbsp;&nbsp; 2982393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $52.05 | &nbsp;&nbsp; $159.31 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $8.01 | &nbsp;&nbsp; $51.14 | &nbsp;&nbsp; $158.48 | &nbsp;&nbsp; $59.93 | &nbsp;&nbsp; $126.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020**<br> **FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025**<br> **FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **TOTAL ASSETS** | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $9433480 | &nbsp;&nbsp; $30542079 | &nbsp;&nbsp; $61518054 | &nbsp;&nbsp; $62625660 | &nbsp;&nbsp; $59704774 | &nbsp;&nbsp; $43148557 | &nbsp;&nbsp; $46645350 | &nbsp;&nbsp; $10834197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $(499364) | &nbsp;&nbsp; $1206509 | &nbsp;&nbsp; $6649148 | &nbsp;&nbsp; $10108691 | &nbsp;&nbsp; $11601416 | &nbsp;&nbsp; $11678631 | &nbsp;&nbsp; $14951667 | &nbsp;&nbsp; $2857272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 325469 | &nbsp;&nbsp;&nbsp; 1591408 | &nbsp;&nbsp;&nbsp; 1610376 | &nbsp;&nbsp;&nbsp; 2656477 | &nbsp;&nbsp;&nbsp; 1427551 | &nbsp;&nbsp;&nbsp; 1578215 | &nbsp;&nbsp;&nbsp; 1039086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206945 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 193710 | &nbsp;&nbsp;&nbsp; 1089202 | &nbsp;&nbsp;&nbsp; 1222647 | &nbsp;&nbsp;&nbsp; 2013553 | &nbsp;&nbsp;&nbsp; 1088722 | &nbsp;&nbsp;&nbsp; 1268504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 193710 | &nbsp;&nbsp;&nbsp; 1089202 | &nbsp;&nbsp;&nbsp; 1222647 | &nbsp;&nbsp;&nbsp; 2013553 | &nbsp;&nbsp;&nbsp; 1088722 | &nbsp;&nbsp;&nbsp; 1268504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $46.12 | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $55.75 | &nbsp;&nbsp; $36.12 | &nbsp;&nbsp; $65.50 | &nbsp;&nbsp; $43.22 | &nbsp;&nbsp; $71.35 | &nbsp;&nbsp; $75.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **TOTAL ASSETS** | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $12516789 | &nbsp;&nbsp; $13757008 | &nbsp;&nbsp; $31013723 | &nbsp;&nbsp; $14546451 | &nbsp;&nbsp; $5700854 | &nbsp;&nbsp; $1815183 | &nbsp;&nbsp; $4583088 | &nbsp;&nbsp; $1638335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $3295288 | &nbsp;&nbsp; $693980 | &nbsp;&nbsp; $(1467586) | &nbsp;&nbsp; $4464634 | &nbsp;&nbsp; $3921 | &nbsp;&nbsp; $147140 | &nbsp;&nbsp; $573081 | &nbsp;&nbsp; $(66347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259299 | &nbsp;&nbsp;&nbsp; 1041888 | &nbsp;&nbsp;&nbsp; 3024170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231956 | &nbsp;&nbsp;&nbsp;&nbsp; 302962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68637 | &nbsp;&nbsp;&nbsp;&nbsp; 184412 | &nbsp;&nbsp;&nbsp;&nbsp; 135868 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789663 | &nbsp;&nbsp;&nbsp; 2627423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178050 | &nbsp;&nbsp;&nbsp;&nbsp; 268474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 | &nbsp;&nbsp;&nbsp;&nbsp; 115063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789663 | &nbsp;&nbsp;&nbsp; 2627423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178050 | &nbsp;&nbsp;&nbsp;&nbsp; 277061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 | &nbsp;&nbsp;&nbsp;&nbsp; 115063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.02 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $66.54 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $106.77 | &nbsp;&nbsp; $20.59 | &nbsp;&nbsp; $45.77 | &nbsp;&nbsp; $44.81 | &nbsp;&nbsp; $17.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.93 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **TOTAL ASSETS** | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $482979539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $1348099 |
| **TOTAL NET ASSETS**  | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $2972671 | &nbsp;&nbsp; $1124640 | &nbsp;&nbsp; $3388196 | &nbsp;&nbsp; $428850822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments | $137894 | &nbsp;&nbsp; $70121 | &nbsp;&nbsp; $(304) | &nbsp;&nbsp; $55476816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 291524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62651 | &nbsp;&nbsp;&nbsp;&nbsp; 313694 | &nbsp;&nbsp;&nbsp; 23499641 |
| Total Net Assets Represented by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 268709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 279484 | &nbsp;&nbsp;&nbsp;&nbsp; 9416418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65410 |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 268709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 279484 | &nbsp;&nbsp;&nbsp;&nbsp; 9815685 |
| Accumulation Unit Value (Net assets divided by units outstanding) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $67.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $40.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $39.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $53.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $11.58 | &nbsp;&nbsp; $39.03 | &nbsp;&nbsp; $12.12 | &nbsp;&nbsp; $49.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.61 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $– | &nbsp;&nbsp; $1359 | &nbsp;&nbsp; $261659 | &nbsp;&nbsp; $87736 | &nbsp;&nbsp; $232402 | &nbsp;&nbsp; $283742 | &nbsp;&nbsp; $14772 | &nbsp;&nbsp; $161814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 261659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87736 | &nbsp;&nbsp;&nbsp;&nbsp; 232402 | &nbsp;&nbsp;&nbsp;&nbsp; 283742 | &nbsp;&nbsp;&nbsp; 14772 | &nbsp;&nbsp;&nbsp;&nbsp; 161814 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 254875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5491473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 672778 | &nbsp;&nbsp;&nbsp; 42233 | &nbsp;&nbsp;&nbsp;&nbsp; 727729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (5316) | &nbsp;&nbsp; (1325899) | &nbsp;&nbsp; (111111) | &nbsp;&nbsp;&nbsp; 3826595 | &nbsp;&nbsp;&nbsp; (266965) | &nbsp;&nbsp;&nbsp;&nbsp; (17801) | &nbsp;&nbsp; (22619) | &nbsp;&nbsp;&nbsp;&nbsp; 670885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 44847 | &nbsp;&nbsp;&nbsp; 2902102 | &nbsp;&nbsp;&nbsp; 252377 | &nbsp;&nbsp;&nbsp; 2966629 | &nbsp;&nbsp; 2159096 | &nbsp;&nbsp;&nbsp;&nbsp; 276759 | &nbsp;&nbsp; 233618 | &nbsp;&nbsp; 2783751 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 39531 | &nbsp;&nbsp;&nbsp; 1831078 | &nbsp;&nbsp;&nbsp; 141267 | &nbsp;&nbsp; 12284698 | &nbsp;&nbsp; 1892131 | &nbsp;&nbsp;&nbsp;&nbsp; 931736 | &nbsp;&nbsp; 253232 | &nbsp;&nbsp; 4182364 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp; (215847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp; (215847) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $36432 | &nbsp;&nbsp; $1398499 | &nbsp;&nbsp; $335790 | &nbsp;&nbsp; $11543912 | &nbsp;&nbsp; $2034576 | &nbsp;&nbsp; $1083649 | &nbsp;&nbsp; $254903 | &nbsp;&nbsp; $4128332 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $90522 | &nbsp;&nbsp; $444126 | &nbsp;&nbsp; $136011 | &nbsp;&nbsp; $133744 | &nbsp;&nbsp; $1865896 | &nbsp;&nbsp; $3081778 | &nbsp;&nbsp; $283206 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 90522 | &nbsp;&nbsp;&nbsp;&nbsp; 444126 | &nbsp;&nbsp; 136011 | &nbsp;&nbsp; 133744 | &nbsp;&nbsp;&nbsp; 1865896 | &nbsp;&nbsp;&nbsp; 3081778 | &nbsp;&nbsp;&nbsp;&nbsp; 283206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp; 344319 | &nbsp;&nbsp; 2430852 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 | &nbsp;&nbsp;&nbsp;&nbsp; 4820 | &nbsp;&nbsp; 14203860 | &nbsp;&nbsp; 18553088 | &nbsp;&nbsp;&nbsp;&nbsp; 928989 | &nbsp;&nbsp;&nbsp; 145170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp; 1096787 | &nbsp;&nbsp; (29555) | &nbsp;&nbsp; (44374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295551 | &nbsp;&nbsp;&nbsp; 4133171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79718 | &nbsp;&nbsp; (218749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 417210 | &nbsp;&nbsp; 1567101 | &nbsp;&nbsp;&nbsp; 64906 | &nbsp;&nbsp;&nbsp; 82794 | &nbsp;&nbsp; (8956904) | &nbsp;&nbsp; (7064135) | &nbsp;&nbsp;&nbsp;&nbsp; 574917 | &nbsp;&nbsp;&nbsp; 250857 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 763207 | &nbsp;&nbsp; 5094740 | &nbsp;&nbsp;&nbsp; 40495 | &nbsp;&nbsp;&nbsp; 43240 | &nbsp;&nbsp;&nbsp; 5542507 | &nbsp;&nbsp; 15622124 | &nbsp;&nbsp; 1583625 | &nbsp;&nbsp;&nbsp; 177279 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp; (25327) | &nbsp;&nbsp; (24571) | &nbsp;&nbsp; (1785633) | &nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp; (25949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp; (25327) | &nbsp;&nbsp; (24571) | &nbsp;&nbsp; (1785633) | &nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp; (25949) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $787969 | &nbsp;&nbsp; $5108726 | &nbsp;&nbsp; $151179 | &nbsp;&nbsp; $152414 | &nbsp;&nbsp; $5622769 | &nbsp;&nbsp; $15222731 | &nbsp;&nbsp; $1657979 | &nbsp;&nbsp; $151329 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $18525 | &nbsp;&nbsp; $48402 | &nbsp;&nbsp; $23453 | &nbsp;&nbsp; $29873 | &nbsp;&nbsp; $333881 | &nbsp;&nbsp; $52985 | &nbsp;&nbsp; $33575 | &nbsp;&nbsp; $700831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 18525 | &nbsp;&nbsp;&nbsp; 48402 | &nbsp;&nbsp;&nbsp; 23453 | &nbsp;&nbsp;&nbsp; 29873 | &nbsp;&nbsp;&nbsp;&nbsp; 333881 | &nbsp;&nbsp;&nbsp; 52985 | &nbsp;&nbsp;&nbsp; 33575 | &nbsp;&nbsp;&nbsp;&nbsp; 700831 |
| **NET REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 83812 | &nbsp;&nbsp;&nbsp; 64842 | &nbsp;&nbsp;&nbsp; 49973 | &nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp;&nbsp;&nbsp; 525967 | &nbsp;&nbsp; 123240 | &nbsp;&nbsp;&nbsp; 91971 | &nbsp;&nbsp; 1925241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 56157 | &nbsp;&nbsp; (59239) | &nbsp;&nbsp; (48486) | &nbsp;&nbsp;&nbsp;&nbsp; (7778) | &nbsp;&nbsp;&nbsp;&nbsp; 338317 | &nbsp;&nbsp;&nbsp; 17389 | &nbsp;&nbsp;&nbsp;&nbsp; (9531) | &nbsp;&nbsp;&nbsp;&nbsp; 806940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (57758) | &nbsp;&nbsp; 134751 | &nbsp;&nbsp;&nbsp; 80984 | &nbsp;&nbsp;&nbsp; 92737 | &nbsp;&nbsp;&nbsp;&nbsp; 780383 | &nbsp;&nbsp; 147141 | &nbsp;&nbsp; 138042 | &nbsp;&nbsp; 1988263 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 82211 | &nbsp;&nbsp; 140353 | &nbsp;&nbsp;&nbsp; 82471 | &nbsp;&nbsp; 124336 | &nbsp;&nbsp; 1644667 | &nbsp;&nbsp; 287770 | &nbsp;&nbsp; 220482 | &nbsp;&nbsp; 4720444 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note <br> 3)<br>| &nbsp;&nbsp; (12337) | &nbsp;&nbsp; (20521) | &nbsp;&nbsp; (10712) | &nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp; (30494) | &nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp; (442624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (12337) | &nbsp;&nbsp; (20521) | &nbsp;&nbsp; (10712) | &nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp; (30494) | &nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp; (442624) |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $88399 | &nbsp;&nbsp; $168235 | &nbsp;&nbsp; $95213 | &nbsp;&nbsp; $140030 | &nbsp;&nbsp; $1797511 | &nbsp;&nbsp; $310261 | &nbsp;&nbsp; $233512 | &nbsp;&nbsp; $4978650 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $13317 | &nbsp;&nbsp; $19261 | &nbsp;&nbsp; $361475 | &nbsp;&nbsp; $3647 | &nbsp;&nbsp; $2387 | &nbsp;&nbsp; $15012 | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 13317 | &nbsp;&nbsp;&nbsp; 19261 | &nbsp;&nbsp;&nbsp;&nbsp; 361475 | &nbsp;&nbsp;&nbsp; 3647 | &nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp; 15012 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 7916 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 49057 | &nbsp;&nbsp;&nbsp; 79517 | &nbsp;&nbsp; 1895078 | &nbsp;&nbsp; 18719 | &nbsp;&nbsp; 10785 | &nbsp;&nbsp;&nbsp; 71107 | &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 41790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 9240 | &nbsp;&nbsp;&nbsp; 14418 | &nbsp;&nbsp;&nbsp;&nbsp; 896995 | &nbsp;&nbsp; 15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 15683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 59973 | &nbsp;&nbsp; 109960 | &nbsp;&nbsp; 2032477 | &nbsp;&nbsp; 11518 | &nbsp;&nbsp; 17581 | &nbsp;&nbsp; 109903 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 60474 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 118269 | &nbsp;&nbsp; 203894 | &nbsp;&nbsp; 4824549 | &nbsp;&nbsp; 45397 | &nbsp;&nbsp; 28941 | &nbsp;&nbsp; 196694 | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 106113 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp; (3363) | &nbsp;&nbsp; (2168) | &nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp; (3363) | &nbsp;&nbsp; (2168) | &nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $122088 | &nbsp;&nbsp; $207635 | &nbsp;&nbsp; $4826183 | &nbsp;&nbsp; $45681 | &nbsp;&nbsp; $29161 | &nbsp;&nbsp; $196383 | &nbsp;&nbsp; $2300 | &nbsp;&nbsp; $106236 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $39807 | &nbsp;&nbsp; $131142 | &nbsp;&nbsp; $292153 | &nbsp;&nbsp; $1009135 | &nbsp;&nbsp; $777473 | &nbsp;&nbsp; $398175 | &nbsp;&nbsp; $6830959 | &nbsp;&nbsp; $213263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 39807 | &nbsp;&nbsp; 131142 | &nbsp;&nbsp;&nbsp;&nbsp; 292153 | &nbsp;&nbsp; 1009135 | &nbsp;&nbsp;&nbsp;&nbsp; 777473 | &nbsp;&nbsp;&nbsp;&nbsp; 398175 | &nbsp;&nbsp;&nbsp;&nbsp; 6830959 | &nbsp;&nbsp; 213263 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 204820 | &nbsp;&nbsp;&nbsp;&nbsp; 439561 | &nbsp;&nbsp;&nbsp;&nbsp; 576813 | &nbsp;&nbsp;&nbsp;&nbsp; 3924402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (44945) | &nbsp;&nbsp; (35063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp; (393136) | &nbsp;&nbsp;&nbsp;&nbsp; 572269 | &nbsp;&nbsp;&nbsp;&nbsp; 468309 | &nbsp;&nbsp;&nbsp; 51026504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 134383 | &nbsp;&nbsp; 235447 | &nbsp;&nbsp; 1193037 | &nbsp;&nbsp; 6214399 | &nbsp;&nbsp; 5315834 | &nbsp;&nbsp; 4239548 | &nbsp;&nbsp;&nbsp; 58290356 | &nbsp;&nbsp; 138412 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 89867 | &nbsp;&nbsp; 200383 | &nbsp;&nbsp; 1235015 | &nbsp;&nbsp; 6026082 | &nbsp;&nbsp; 6327664 | &nbsp;&nbsp; 5284670 | &nbsp;&nbsp; 113241262 | &nbsp;&nbsp; 138915 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp; (17126) | &nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp; (65330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (17126) | &nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp; (65330) |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS** <br> **RESULTING FROM** <br> **OPERATIONS** <br>| $112547 | &nbsp;&nbsp; $287746 | &nbsp;&nbsp; $1385468 | &nbsp;&nbsp; $6435208 | &nbsp;&nbsp; $6548811 | &nbsp;&nbsp; $5288307 | &nbsp;&nbsp; $110903998 | &nbsp;&nbsp; $286848 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $1216731 | &nbsp;&nbsp; $991947 | &nbsp;&nbsp; $363647 | &nbsp;&nbsp; $1397349 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $2368 | &nbsp;&nbsp; $35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp; 1216731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991947 | &nbsp;&nbsp;&nbsp; 363647 | &nbsp;&nbsp; 1397349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 35554 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 6458619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp; 9397 | &nbsp;&nbsp;&nbsp; 67569 | &nbsp;&nbsp;&nbsp; 387594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (589478) | &nbsp;&nbsp;&nbsp; 3404564 | &nbsp;&nbsp; (367139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp; (7097) | &nbsp;&nbsp; (162023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 1762056 | &nbsp;&nbsp;&nbsp; 2206771 | &nbsp;&nbsp;&nbsp; 544653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 80351 | &nbsp;&nbsp; 47844 | &nbsp;&nbsp;&nbsp; 28255 | &nbsp;&nbsp;&nbsp; 195952 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1172578 | &nbsp;&nbsp; 12069953 | &nbsp;&nbsp;&nbsp; 186021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 87674 | &nbsp;&nbsp; 60196 | &nbsp;&nbsp;&nbsp; 88727 | &nbsp;&nbsp;&nbsp; 421523 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp; (7902) | &nbsp;&nbsp; (6153) | &nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp; (49796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp; (7902) | &nbsp;&nbsp; (6153) | &nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp; (49796) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING** <br> **FROM OPERATIONS** <br>| $1954837 | &nbsp;&nbsp; $12164433 | &nbsp;&nbsp; $314220 | &nbsp;&nbsp; $984963 | &nbsp;&nbsp; $79772 | &nbsp;&nbsp; $54042 | &nbsp;&nbsp; $77026 | &nbsp;&nbsp; $407281 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $14017 | &nbsp;&nbsp; $265422 | &nbsp;&nbsp; $10439 | &nbsp;&nbsp; $27053 | &nbsp;&nbsp; $5994 | &nbsp;&nbsp; $50753 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14017 | &nbsp;&nbsp;&nbsp;&nbsp; 265422 | &nbsp;&nbsp;&nbsp; 10439 | &nbsp;&nbsp;&nbsp; 27053 | &nbsp;&nbsp;&nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp;&nbsp; 50753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1668458 | &nbsp;&nbsp; 103124 | &nbsp;&nbsp; 200570 | &nbsp;&nbsp;&nbsp; 52171 | &nbsp;&nbsp;&nbsp; 553056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 55804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24268 | &nbsp;&nbsp; 3503899 | &nbsp;&nbsp; (60454) | &nbsp;&nbsp;&nbsp; 36006 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp; 229417 | &nbsp;&nbsp; (127352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 986124 | &nbsp;&nbsp; 2484584 | &nbsp;&nbsp;&nbsp; 15582 | &nbsp;&nbsp; 407140 | &nbsp;&nbsp; (24781) | &nbsp;&nbsp; (507700) | &nbsp;&nbsp;&nbsp; 716381 | &nbsp;&nbsp; (64205) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1010391 | &nbsp;&nbsp; 7656941 | &nbsp;&nbsp;&nbsp; 58251 | &nbsp;&nbsp; 643716 | &nbsp;&nbsp;&nbsp; 29465 | &nbsp;&nbsp;&nbsp; 274773 | &nbsp;&nbsp;&nbsp; 589029 | &nbsp;&nbsp;&nbsp; (8997) |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp; (13206) | &nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp; (2018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp; (13206) | &nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp; (2018) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $934661 | &nbsp;&nbsp; $7196889 | &nbsp;&nbsp; $55485 | &nbsp;&nbsp; $626634 | &nbsp;&nbsp; $28043 | &nbsp;&nbsp; $251000 | &nbsp;&nbsp; $534676 | &nbsp;&nbsp; $(11016) |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $95843 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $27649 | &nbsp;&nbsp; $639897 | &nbsp;&nbsp; $51127 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42989 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27649 | &nbsp;&nbsp;&nbsp;&nbsp; 639897 | &nbsp;&nbsp;&nbsp; 51127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 42989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp; 1230823 | &nbsp;&nbsp; 520673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 452335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 8271497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1695938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14242 | &nbsp;&nbsp;&nbsp; 51548 | &nbsp;&nbsp;&nbsp;&nbsp; (42394) | &nbsp;&nbsp;&nbsp;&nbsp; 409009 | &nbsp;&nbsp; (26812) | &nbsp;&nbsp; 1065960 | &nbsp;&nbsp; (48208) | &nbsp;&nbsp;&nbsp; (190814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56672 | &nbsp;&nbsp; 384893 | &nbsp;&nbsp; 1249802 | &nbsp;&nbsp; 3474799 | &nbsp;&nbsp;&nbsp; 90795 | &nbsp;&nbsp;&nbsp; (128120) | &nbsp;&nbsp; 126853 | &nbsp;&nbsp;&nbsp; (987231) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1301737 | &nbsp;&nbsp; 957114 | &nbsp;&nbsp; 1207408 | &nbsp;&nbsp; 4336142 | &nbsp;&nbsp;&nbsp; 63984 | &nbsp;&nbsp; 9209336 | &nbsp;&nbsp;&nbsp; 78645 | &nbsp;&nbsp;&nbsp;&nbsp; 517893 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp; (190274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp; (190274) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING** <br> **FROM OPERATIONS** <br>| $1248403 | &nbsp;&nbsp; $891554 | &nbsp;&nbsp; $1181718 | &nbsp;&nbsp; $4530561 | &nbsp;&nbsp; $89089 | &nbsp;&nbsp; $8458023 | &nbsp;&nbsp; $105675 | &nbsp;&nbsp; $327619 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $162801 | &nbsp;&nbsp; $108855 | &nbsp;&nbsp; $52587 | &nbsp;&nbsp; $239095 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $3324280 | &nbsp;&nbsp; $1032701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 162801 | &nbsp;&nbsp;&nbsp;&nbsp; 108855 | &nbsp;&nbsp;&nbsp;&nbsp; 52587 | &nbsp;&nbsp; 239095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3324280 | &nbsp;&nbsp; 1032701 |
| **NET REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 658758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp; (161598) | &nbsp;&nbsp;&nbsp;&nbsp; 212680 | &nbsp;&nbsp;&nbsp; 168670 | &nbsp;&nbsp; (58083) | &nbsp;&nbsp; (4097) | &nbsp;&nbsp; (156206) | &nbsp;&nbsp;&nbsp; 3027395 | &nbsp;&nbsp;&nbsp;&nbsp; 630640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 247757 | &nbsp;&nbsp; 1032016 | &nbsp;&nbsp; (342307) | &nbsp;&nbsp; 139393 | &nbsp;&nbsp; 29370 | &nbsp;&nbsp;&nbsp; 610837 | &nbsp;&nbsp; 39643992 | &nbsp;&nbsp; 6910689 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 86159 | &nbsp;&nbsp; 1244696 | &nbsp;&nbsp;&nbsp; 485120 | &nbsp;&nbsp;&nbsp; 81311 | &nbsp;&nbsp; 25273 | &nbsp;&nbsp;&nbsp; 454631 | &nbsp;&nbsp; 42671387 | &nbsp;&nbsp; 7541329 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp; (53235) | &nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp; (359763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp; (53235) | &nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp; (359763) |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $203401 | &nbsp;&nbsp; $1291883 | &nbsp;&nbsp; $463090 | &nbsp;&nbsp; $267170 | &nbsp;&nbsp; $23099 | &nbsp;&nbsp; $416172 | &nbsp;&nbsp; $42658951 | &nbsp;&nbsp; $8214267 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $304983 | &nbsp;&nbsp; $544222 | &nbsp;&nbsp; $810941 | &nbsp;&nbsp; $1299507 | &nbsp;&nbsp; $31896 | &nbsp;&nbsp; $442820 | &nbsp;&nbsp; $342430 | &nbsp;&nbsp; $640337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 304983 | &nbsp;&nbsp;&nbsp;&nbsp; 544222 | &nbsp;&nbsp;&nbsp; 810941 | &nbsp;&nbsp; 1299507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31896 | &nbsp;&nbsp;&nbsp; 442820 | &nbsp;&nbsp;&nbsp;&nbsp; 342430 | &nbsp;&nbsp;&nbsp;&nbsp; 640337 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2372272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1782494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 135458 | &nbsp;&nbsp;&nbsp;&nbsp; 719648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (74055) | &nbsp;&nbsp;&nbsp;&nbsp; 125647 | &nbsp;&nbsp;&nbsp;&nbsp; 35061 | &nbsp;&nbsp;&nbsp;&nbsp; 295265 | &nbsp;&nbsp;&nbsp;&nbsp; 333113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 1797823 | &nbsp;&nbsp; 3808860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 624627 | &nbsp;&nbsp; (1170713) | &nbsp;&nbsp; (132885) | &nbsp;&nbsp;&nbsp; (681365) | &nbsp;&nbsp; 3201191 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1933281 | &nbsp;&nbsp; 4528508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 550573 | &nbsp;&nbsp;&nbsp; 1327206 | &nbsp;&nbsp;&nbsp; (97824) | &nbsp;&nbsp; 1396394 | &nbsp;&nbsp; 3534304 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp; (553305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp; (553305) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $2113104 | &nbsp;&nbsp; $4522102 | &nbsp;&nbsp; $565175 | &nbsp;&nbsp; $1592931 | &nbsp;&nbsp; $1164763 | &nbsp;&nbsp; $202081 | &nbsp;&nbsp; $1537728 | &nbsp;&nbsp; $3621337 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $275655 | &nbsp;&nbsp; $882686 | &nbsp;&nbsp; $1748783 | &nbsp;&nbsp; $1740304 | &nbsp;&nbsp; $1602315 | &nbsp;&nbsp; $1158900 | &nbsp;&nbsp; $1261007 | &nbsp;&nbsp; $278049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 275655 | &nbsp;&nbsp;&nbsp;&nbsp; 882686 | &nbsp;&nbsp; 1748783 | &nbsp;&nbsp; 1740304 | &nbsp;&nbsp;&nbsp; 1602315 | &nbsp;&nbsp; 1158900 | &nbsp;&nbsp; 1261007 | &nbsp;&nbsp;&nbsp;&nbsp; 278049 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 402874 | &nbsp;&nbsp; 1303574 | &nbsp;&nbsp;&nbsp;&nbsp; 896139 | &nbsp;&nbsp;&nbsp;&nbsp; 339549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313606 | &nbsp;&nbsp;&nbsp;&nbsp; 177108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp; (532928) | &nbsp;&nbsp;&nbsp; (486226) | &nbsp;&nbsp;&nbsp;&nbsp; 696500 | &nbsp;&nbsp;&nbsp;&nbsp; 493700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369050 | &nbsp;&nbsp;&nbsp;&nbsp; 665342 | &nbsp;&nbsp;&nbsp;&nbsp; 596151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 855958 | &nbsp;&nbsp; 2419632 | &nbsp;&nbsp; 5729086 | &nbsp;&nbsp; 7711884 | &nbsp;&nbsp;&nbsp; 8500311 | &nbsp;&nbsp; 6823548 | &nbsp;&nbsp; 8690411 | &nbsp;&nbsp; 1870539 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 725904 | &nbsp;&nbsp; 3236981 | &nbsp;&nbsp; 7321725 | &nbsp;&nbsp; 8545133 | &nbsp;&nbsp;&nbsp; 9182966 | &nbsp;&nbsp; 7665999 | &nbsp;&nbsp; 9286562 | &nbsp;&nbsp; 1911281 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp; (137935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp; (137935) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $891972 | &nbsp;&nbsp; $3743560 | &nbsp;&nbsp; $8320069 | &nbsp;&nbsp; $9498367 | &nbsp;&nbsp; $10007287 | &nbsp;&nbsp; $8225620 | &nbsp;&nbsp; $9877503 | &nbsp;&nbsp; $2051395 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $316917 | &nbsp;&nbsp; $480164 | &nbsp;&nbsp; $1072928 | &nbsp;&nbsp; $178423 | &nbsp;&nbsp; $159233 | &nbsp;&nbsp; $15222 | &nbsp;&nbsp; $60753 | &nbsp;&nbsp; $34309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 316917 | &nbsp;&nbsp;&nbsp;&nbsp; 480164 | &nbsp;&nbsp; 1072928 | &nbsp;&nbsp;&nbsp;&nbsp; 178423 | &nbsp;&nbsp;&nbsp; 159233 | &nbsp;&nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; 60753 | &nbsp;&nbsp;&nbsp; 34309 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 236738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 343789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 | &nbsp;&nbsp;&nbsp; 102592 | &nbsp;&nbsp; 242033 | &nbsp;&nbsp;&nbsp; 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75961 | &nbsp;&nbsp;&nbsp; (193514) | &nbsp;&nbsp;&nbsp; (422754) | &nbsp;&nbsp;&nbsp;&nbsp; 764423 | &nbsp;&nbsp; (116223) | &nbsp;&nbsp; (137004) | &nbsp;&nbsp;&nbsp; 73925 | &nbsp;&nbsp;&nbsp; (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 2154264 | &nbsp;&nbsp; 1007021 | &nbsp;&nbsp; 1229135 | &nbsp;&nbsp; 1502021 | &nbsp;&nbsp;&nbsp; 232877 | &nbsp;&nbsp;&nbsp; 349805 | &nbsp;&nbsp; 170263 | &nbsp;&nbsp; (14662) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 2230225 | &nbsp;&nbsp; 1050244 | &nbsp;&nbsp;&nbsp;&nbsp; 806381 | &nbsp;&nbsp; 2610232 | &nbsp;&nbsp;&nbsp; 126361 | &nbsp;&nbsp;&nbsp; 315393 | &nbsp;&nbsp; 486221 | &nbsp;&nbsp;&nbsp;&nbsp; 5728 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp; (61504) | &nbsp;&nbsp; (16191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp; (61504) | &nbsp;&nbsp; (16191) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $2386751 | &nbsp;&nbsp; $1352134 | &nbsp;&nbsp; $1536204 | &nbsp;&nbsp; $2581094 | &nbsp;&nbsp; $220454 | &nbsp;&nbsp; $307588 | &nbsp;&nbsp; $485470 | &nbsp;&nbsp; $23846 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $114730 | &nbsp;&nbsp; $4749 | &nbsp;&nbsp; $122738 | &nbsp;&nbsp; $14817977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp; 114730 | &nbsp;&nbsp;&nbsp;&nbsp; 4749 | &nbsp;&nbsp;&nbsp; 122738 | &nbsp;&nbsp; 14817977 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 67511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 14474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 13684 | &nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp; (107140) | &nbsp;&nbsp;&nbsp;&nbsp; (285239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 66460 | &nbsp;&nbsp; (13778) | &nbsp;&nbsp;&nbsp; 221036 | &nbsp;&nbsp; 46464356 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 80143 | &nbsp;&nbsp;&nbsp; 64741 | &nbsp;&nbsp;&nbsp; 113896 | &nbsp;&nbsp; 60653526 |
| **EXPENSES**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (37177) | &nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp; (5791554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (37177) | &nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp; (5791554) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $157696 | &nbsp;&nbsp; $56842 | &nbsp;&nbsp; $192696 | &nbsp;&nbsp; $69679950 |

---

\* Janus Henderson Global Technology and Innovation Fund Class I became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Janus Henderson Global Technology and Innovation Fund Class S became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Neuberger Genesis Fund Advisor Class became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $– | $1359 | $261659 | $87736 | $232402 | $283742 | $14772 | $161814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5491473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5316) | &nbsp;&nbsp; (1325899) | &nbsp;&nbsp;&nbsp; (111111) | &nbsp;&nbsp;&nbsp; 3826595 | &nbsp;&nbsp;&nbsp; (266965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17801) | &nbsp;&nbsp;&nbsp;&nbsp; (22619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 44847 | &nbsp;&nbsp;&nbsp; 2902102 | &nbsp;&nbsp;&nbsp;&nbsp; 252377 | &nbsp;&nbsp;&nbsp; 2966629 | &nbsp;&nbsp; 2159096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276759 | &nbsp;&nbsp;&nbsp;&nbsp; 233618 | &nbsp;&nbsp;&nbsp; 2783751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp;&nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp;&nbsp; (215847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 36432 | &nbsp;&nbsp;&nbsp; 1398499 | &nbsp;&nbsp;&nbsp;&nbsp; 335790 | &nbsp;&nbsp; 11543912 | &nbsp;&nbsp; 2034576 | &nbsp;&nbsp;&nbsp; 1083649 | &nbsp;&nbsp;&nbsp;&nbsp; 254903 | &nbsp;&nbsp;&nbsp; 4128332 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937134 | &nbsp;&nbsp; 1156995 | &nbsp;&nbsp;&nbsp; 2184363 | &nbsp;&nbsp; 2193878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546415 | &nbsp;&nbsp;&nbsp;&nbsp; 114373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263) | &nbsp;&nbsp;&nbsp;&nbsp; (950533) | &nbsp;&nbsp;&nbsp;&nbsp; 350290 | &nbsp;&nbsp; (3048609) | &nbsp;&nbsp;&nbsp;&nbsp; 385474 | &nbsp;&nbsp;&nbsp;&nbsp; (224527) | &nbsp;&nbsp;&nbsp;&nbsp; (19266) | &nbsp;&nbsp;&nbsp;&nbsp; (924764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (1720) | &nbsp;&nbsp;&nbsp;&nbsp; (425584) | &nbsp;&nbsp;&nbsp;&nbsp; 150167 | &nbsp;&nbsp;&nbsp; 1002418 | &nbsp;&nbsp; 1035332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (4504) | &nbsp;&nbsp; (2599152) | &nbsp;&nbsp;&nbsp; (679216) | &nbsp;&nbsp; (6617032) | &nbsp;&nbsp;&nbsp; (548514) | &nbsp;&nbsp; (1096656) | &nbsp;&nbsp;&nbsp; (106350) | &nbsp;&nbsp; (1231571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5665) | &nbsp;&nbsp; (3037884) | &nbsp;&nbsp;&nbsp;&nbsp; 974200 | &nbsp;&nbsp; (6501557) | &nbsp;&nbsp; 3061162 | &nbsp;&nbsp;&nbsp;&nbsp; (432200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp; (1264173) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 30767 | &nbsp;&nbsp; (1639385) | &nbsp;&nbsp; 1309990 | &nbsp;&nbsp;&nbsp; 5042355 | &nbsp;&nbsp; 5095738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651449 | &nbsp;&nbsp;&nbsp;&nbsp; 257246 | &nbsp;&nbsp;&nbsp; 2864159 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $234477 | $36958287 | $4736244 | $66213915 | $4867291 | $10921603 | $937688 | $16224926 |
| **End of year** | $265244 | $35318902 | $6046234 | $71256270 | $9963029 | $11573052 | $1194934 | $19089085 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $90522 | $444126 | $136011 | $133744 | $1865896 | $3081778 | $283206 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 344319 | &nbsp;&nbsp;&nbsp; 2430852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820 | &nbsp;&nbsp;&nbsp; 14203860 | &nbsp;&nbsp;&nbsp; 18553088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928989 | &nbsp;&nbsp;&nbsp;&nbsp; 145170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp; 1096787 | &nbsp;&nbsp;&nbsp;&nbsp; (29555) | &nbsp;&nbsp;&nbsp;&nbsp; (44374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295551 | &nbsp;&nbsp;&nbsp;&nbsp; 4133171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79718 | &nbsp;&nbsp;&nbsp; (218749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 417210 | &nbsp;&nbsp;&nbsp; 1567101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82794 | &nbsp;&nbsp;&nbsp;&nbsp; (8956904) | &nbsp;&nbsp;&nbsp;&nbsp; (7064135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574917 | &nbsp;&nbsp;&nbsp;&nbsp; 250857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp;&nbsp;&nbsp; (25327) | &nbsp;&nbsp;&nbsp;&nbsp; (24571) | &nbsp;&nbsp;&nbsp;&nbsp; (1785633) | &nbsp;&nbsp;&nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp;&nbsp; (25949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 787969 | &nbsp;&nbsp;&nbsp; 5108726 | &nbsp;&nbsp;&nbsp;&nbsp; 151179 | &nbsp;&nbsp;&nbsp;&nbsp; 152414 | &nbsp;&nbsp;&nbsp;&nbsp; 5622769 | &nbsp;&nbsp;&nbsp; 15222731 | &nbsp;&nbsp;&nbsp; 1657979 | &nbsp;&nbsp;&nbsp;&nbsp; 151329 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 840286 | &nbsp;&nbsp;&nbsp; 1432028 | &nbsp;&nbsp;&nbsp;&nbsp; 388165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74265 | &nbsp;&nbsp;&nbsp;&nbsp; 3492306 | &nbsp;&nbsp;&nbsp;&nbsp; 6613546 | &nbsp;&nbsp;&nbsp; 3405335 | &nbsp;&nbsp;&nbsp;&nbsp; 146169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (73220) | &nbsp;&nbsp; (1031460) | &nbsp;&nbsp;&nbsp;&nbsp; (53393) | &nbsp;&nbsp;&nbsp;&nbsp; (61839) | &nbsp;&nbsp;&nbsp;&nbsp; (3896174) | &nbsp;&nbsp;&nbsp;&nbsp; (5968954) | &nbsp;&nbsp;&nbsp;&nbsp; (168551) | &nbsp;&nbsp;&nbsp; (124501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 146828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871638 | &nbsp;&nbsp;&nbsp;&nbsp; 371889 | &nbsp;&nbsp;&nbsp;&nbsp; 333845 | &nbsp;&nbsp;&nbsp;&nbsp; 1559741 | &nbsp;&nbsp;&nbsp;&nbsp; 1356228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546578 | &nbsp;&nbsp;&nbsp;&nbsp; (67917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (645804) | &nbsp;&nbsp; (4077920) | &nbsp;&nbsp;&nbsp; (340956) | &nbsp;&nbsp;&nbsp; (282473) | &nbsp;&nbsp; (11662298) | &nbsp;&nbsp; (21434837) | &nbsp;&nbsp; (1607386) | &nbsp;&nbsp;&nbsp; (113387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 266517 | &nbsp;&nbsp; (2813054) | &nbsp;&nbsp;&nbsp;&nbsp; 365111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63614 | &nbsp;&nbsp; (10526673) | &nbsp;&nbsp; (19455037) | &nbsp;&nbsp;&nbsp; 2166514 | &nbsp;&nbsp;&nbsp; (159687) |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 1054486 | &nbsp;&nbsp;&nbsp; 2295672 | &nbsp;&nbsp;&nbsp;&nbsp; 516291 | &nbsp;&nbsp;&nbsp;&nbsp; 216028 | &nbsp;&nbsp;&nbsp;&nbsp; (4903904) | &nbsp;&nbsp;&nbsp;&nbsp; (4232307) | &nbsp;&nbsp;&nbsp; 3824494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8358) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $4874955 | $34511565 | $1853437 | $1968744 | $153288007 | $290314394 | $15294022 | $2164369 |
| **End of year** | $5929441 | $36807237 | $2369728 | $2184772 | $148384104 | $286082087 | $19118516 | $2156011 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $18525 | $48402 | $23453 | $29873 | $333881 | $52985 | $33575 | $700831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64842 | &nbsp;&nbsp;&nbsp;&nbsp; 49973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525967 | &nbsp;&nbsp;&nbsp;&nbsp; 123240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91971 | &nbsp;&nbsp;&nbsp; 1925241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56157 | &nbsp;&nbsp;&nbsp;&nbsp; (59239) | &nbsp;&nbsp;&nbsp; (48486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57758) | &nbsp;&nbsp;&nbsp;&nbsp; 134751 | &nbsp;&nbsp;&nbsp;&nbsp; 80984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780383 | &nbsp;&nbsp;&nbsp;&nbsp; 147141 | &nbsp;&nbsp;&nbsp;&nbsp; 138042 | &nbsp;&nbsp;&nbsp; 1988263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (12337) | &nbsp;&nbsp;&nbsp;&nbsp; (20521) | &nbsp;&nbsp;&nbsp; (10712) | &nbsp;&nbsp;&nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp;&nbsp;&nbsp; (30494) | &nbsp;&nbsp;&nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp;&nbsp; (442624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88399 | &nbsp;&nbsp;&nbsp;&nbsp; 168235 | &nbsp;&nbsp;&nbsp;&nbsp; 95213 | &nbsp;&nbsp;&nbsp;&nbsp; 140030 | &nbsp;&nbsp;&nbsp; 1797511 | &nbsp;&nbsp;&nbsp;&nbsp; 310261 | &nbsp;&nbsp;&nbsp;&nbsp; 233512 | &nbsp;&nbsp;&nbsp; 4978650 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41469 | &nbsp;&nbsp;&nbsp;&nbsp; 17584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719765 | &nbsp;&nbsp;&nbsp;&nbsp; 847170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp; 2035884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4754) | &nbsp;&nbsp;&nbsp;&nbsp; (52253) | &nbsp;&nbsp;&nbsp;&nbsp; (2124) | &nbsp;&nbsp;&nbsp;&nbsp; (22230) | &nbsp;&nbsp;&nbsp;&nbsp; (717612) | &nbsp;&nbsp;&nbsp;&nbsp; (15710) | &nbsp;&nbsp;&nbsp;&nbsp; (80514) | &nbsp;&nbsp;&nbsp;&nbsp; (763759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 162917 | &nbsp;&nbsp;&nbsp;&nbsp; 163781 | &nbsp;&nbsp;&nbsp; (58121) | &nbsp;&nbsp;&nbsp;&nbsp; (77318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112330 | &nbsp;&nbsp;&nbsp; (109771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp; 1013235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (157089) | &nbsp;&nbsp;&nbsp; (132413) | &nbsp;&nbsp; (158015) | &nbsp;&nbsp;&nbsp;&nbsp; (78590) | &nbsp;&nbsp; (1569055) | &nbsp;&nbsp;&nbsp; (719031) | &nbsp;&nbsp;&nbsp; (226177) | &nbsp;&nbsp; (2914441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20090 | &nbsp;&nbsp; (201019) | &nbsp;&nbsp;&nbsp; (104153) | &nbsp;&nbsp; (1459997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp; (288529) | &nbsp;&nbsp;&nbsp;&nbsp; (643714) |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177079 | &nbsp;&nbsp;&nbsp;&nbsp; 188325 | &nbsp;&nbsp; (105806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337514 | &nbsp;&nbsp;&nbsp;&nbsp; 311998 | &nbsp;&nbsp;&nbsp;&nbsp; (55018) | &nbsp;&nbsp;&nbsp; 4334936 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $933565 | $1656212 | $964369 | $1155396 | $14364088 | $1939609 | $1685207 | $33733850 |
| **End of year** | $1110644 | $1844537 | $858563 | $1191273 | $14701602 | $2251607 | $1630189 | $38068786 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $13317 | $19261 | $361475 | $3647 | $2387 | $15012 | $211 | $7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 49057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79517 | &nbsp;&nbsp;&nbsp; 1895078 | &nbsp;&nbsp;&nbsp; 18719 | &nbsp;&nbsp;&nbsp; 10785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 41790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 9240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896995 | &nbsp;&nbsp;&nbsp; 15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 59973 | &nbsp;&nbsp;&nbsp;&nbsp; 109960 | &nbsp;&nbsp;&nbsp; 2032477 | &nbsp;&nbsp;&nbsp; 11518 | &nbsp;&nbsp;&nbsp; 17581 | &nbsp;&nbsp;&nbsp;&nbsp; 109903 | &nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 60474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp;&nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp;&nbsp;&nbsp; (3363) | &nbsp;&nbsp;&nbsp;&nbsp; (2168) | &nbsp;&nbsp;&nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 122088 | &nbsp;&nbsp;&nbsp;&nbsp; 207635 | &nbsp;&nbsp;&nbsp; 4826183 | &nbsp;&nbsp;&nbsp; 45681 | &nbsp;&nbsp;&nbsp; 29161 | &nbsp;&nbsp;&nbsp;&nbsp; 196383 | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 106236 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92120 | &nbsp;&nbsp;&nbsp; 1689074 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57108 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (7954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14382 | &nbsp;&nbsp;&nbsp;&nbsp; (488499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 10329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680) | &nbsp;&nbsp;&nbsp;&nbsp; (1116) | &nbsp;&nbsp;&nbsp;&nbsp; 193901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 86388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (33205) | &nbsp;&nbsp;&nbsp;&nbsp; (28217) | &nbsp;&nbsp; (1958645) | &nbsp;&nbsp; (57092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (42839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; (23694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp;&nbsp;&nbsp; (141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75709 | &nbsp;&nbsp;&nbsp;&nbsp; (111697) | &nbsp;&nbsp; (57597) | &nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp; 207820 | &nbsp;&nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp; 66410 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 112448 | &nbsp;&nbsp;&nbsp;&nbsp; 283343 | &nbsp;&nbsp;&nbsp; 4714486 | &nbsp;&nbsp; (11916) | &nbsp;&nbsp;&nbsp; 31586 | &nbsp;&nbsp;&nbsp;&nbsp; 404203 | &nbsp;&nbsp;&nbsp; 3938 | &nbsp;&nbsp; 172646 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $699264 | $1130778 | $26782971 | $280649 | $157669 | $1013061 | $11687 | $545801 |
| **End of year** | $811712 | $1414122 | $31497457 | $268733 | $189255 | $1417264 | $15625 | $718447 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $39807 | $131142 | $292153 | $1009135 | $777473 | $398175 | $6830959 | $213263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576813 | &nbsp;&nbsp;&nbsp;&nbsp; 3924402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44945) | &nbsp;&nbsp;&nbsp;&nbsp; (35063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp;&nbsp; (393136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468309 | &nbsp;&nbsp;&nbsp; 51026504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134383 | &nbsp;&nbsp;&nbsp;&nbsp; 235447 | &nbsp;&nbsp;&nbsp; 1193037 | &nbsp;&nbsp;&nbsp; 6214399 | &nbsp;&nbsp;&nbsp; 5315834 | &nbsp;&nbsp;&nbsp; 4239548 | &nbsp;&nbsp;&nbsp; 58290356 | &nbsp;&nbsp;&nbsp;&nbsp; 138412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17126) | &nbsp;&nbsp;&nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp;&nbsp;&nbsp; (65330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112547 | &nbsp;&nbsp;&nbsp;&nbsp; 287746 | &nbsp;&nbsp;&nbsp; 1385468 | &nbsp;&nbsp;&nbsp; 6435208 | &nbsp;&nbsp;&nbsp; 6548811 | &nbsp;&nbsp;&nbsp; 5288307 | &nbsp;&nbsp; 110903998 | &nbsp;&nbsp;&nbsp;&nbsp; 286848 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358362 | &nbsp;&nbsp;&nbsp; 2160921 | &nbsp;&nbsp;&nbsp; 1963431 | &nbsp;&nbsp;&nbsp; 1602342 | &nbsp;&nbsp;&nbsp; 14510213 | &nbsp;&nbsp; 1157720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1780) | &nbsp;&nbsp;&nbsp; (133271) | &nbsp;&nbsp;&nbsp;&nbsp; (113533) | &nbsp;&nbsp; (1601176) | &nbsp;&nbsp; (1449438) | &nbsp;&nbsp; (1264332) | &nbsp;&nbsp; (22792752) | &nbsp;&nbsp;&nbsp;&nbsp; 457115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp;&nbsp;&nbsp; (86897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83893) | &nbsp;&nbsp;&nbsp;&nbsp; (774665) | &nbsp;&nbsp; (1949222) | &nbsp;&nbsp; (2275733) | &nbsp;&nbsp;&nbsp;&nbsp; (2639421) | &nbsp;&nbsp;&nbsp;&nbsp; 543829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (509838) | &nbsp;&nbsp;&nbsp; (296957) | &nbsp;&nbsp; (1239347) | &nbsp;&nbsp; (3737281) | &nbsp;&nbsp; (2879495) | &nbsp;&nbsp; (2132722) | &nbsp;&nbsp; (59462776) | &nbsp;&nbsp;&nbsp; (346531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp; (462016) | &nbsp;&nbsp;&nbsp; (426833) | &nbsp;&nbsp; (1083858) | &nbsp;&nbsp; (3976218) | &nbsp;&nbsp; (4333729) | &nbsp;&nbsp; (4084665) | &nbsp;&nbsp; (70544602) | &nbsp;&nbsp; 1809777 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; (349468) | &nbsp;&nbsp;&nbsp; (139087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301610 | &nbsp;&nbsp;&nbsp; 2458990 | &nbsp;&nbsp;&nbsp; 2215082 | &nbsp;&nbsp;&nbsp; 1203642 | &nbsp;&nbsp;&nbsp; 40359396 | &nbsp;&nbsp; 2096625 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $1517076 | $3930773 | $11667915 | $48001126 | $44950535 | $31697043 | $737195316 | $4390498 |
| **End of year** | $1167608 | $3791686 | $11969525 | $50460116 | $47165617 | $32900685 | $777554711 | $6487123 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1216731 | $991947 | $363647 | $1397349 | $– | $– | $2368 | $35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 6458619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67569 | &nbsp;&nbsp;&nbsp;&nbsp; 387594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (589478) | &nbsp;&nbsp;&nbsp; 3404564 | &nbsp;&nbsp;&nbsp;&nbsp; (367139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7097) | &nbsp;&nbsp;&nbsp; (162023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 1762056 | &nbsp;&nbsp;&nbsp; 2206771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28255 | &nbsp;&nbsp;&nbsp;&nbsp; 195952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp;&nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6153) | &nbsp;&nbsp;&nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp;&nbsp; (49796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 1954837 | &nbsp;&nbsp; 12164433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77026 | &nbsp;&nbsp;&nbsp;&nbsp; 407281 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1283756 | &nbsp;&nbsp;&nbsp; 2117979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818995 | &nbsp;&nbsp;&nbsp; 2506281 | &nbsp;&nbsp; 1242976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22325 | &nbsp;&nbsp;&nbsp;&nbsp; 719756 | &nbsp;&nbsp;&nbsp;&nbsp; 209121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (750525) | &nbsp;&nbsp; (1692959) | &nbsp;&nbsp;&nbsp;&nbsp; (498630) | &nbsp;&nbsp; (1497602) | &nbsp;&nbsp;&nbsp;&nbsp; (32020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58011 | &nbsp;&nbsp;&nbsp; (210200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 2451069 | &nbsp;&nbsp; (1348031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200519 | &nbsp;&nbsp;&nbsp; 3595689 | &nbsp;&nbsp; 1309302 | &nbsp;&nbsp; 1511048 | &nbsp;&nbsp;&nbsp;&nbsp; 700080 | &nbsp;&nbsp;&nbsp;&nbsp; 271547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3936664) | &nbsp;&nbsp; (5487277) | &nbsp;&nbsp; (1600815) | &nbsp;&nbsp; (4486640) | &nbsp;&nbsp;&nbsp;&nbsp; (21913) | &nbsp;&nbsp;&nbsp;&nbsp; (38665) | &nbsp;&nbsp;&nbsp; (158332) | &nbsp;&nbsp;&nbsp; (299174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (959621) | &nbsp;&nbsp; (6427205) | &nbsp;&nbsp; (1082342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113030 | &nbsp;&nbsp; 2498064 | &nbsp;&nbsp; 1501006 | &nbsp;&nbsp; 1319254 | &nbsp;&nbsp;&nbsp;&nbsp; (29249) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995216 | &nbsp;&nbsp;&nbsp; 5737228 | &nbsp;&nbsp;&nbsp;&nbsp; (768122) | &nbsp;&nbsp;&nbsp; 1097993 | &nbsp;&nbsp; 2577836 | &nbsp;&nbsp; 1555048 | &nbsp;&nbsp; 1396280 | &nbsp;&nbsp;&nbsp;&nbsp; 378032 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $34784330 | $67071543 | $19662120 | $32203969 | $– | $– | $619452 | $4122886 |
| **End of year** | $35779546 | $72808771 | $18893998 | $33301961 | $2577836 | $1555048 | $2015732 | $4500918 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $14017 | $265422 | $10439 | $27053 | $5994 | $50753 | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1668458 | &nbsp;&nbsp;&nbsp;&nbsp; 103124 | &nbsp;&nbsp;&nbsp;&nbsp; 200570 | &nbsp;&nbsp;&nbsp; 52171 | &nbsp;&nbsp;&nbsp;&nbsp; 553056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 55804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24268 | &nbsp;&nbsp;&nbsp; 3503899 | &nbsp;&nbsp;&nbsp;&nbsp; (60454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36006 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp; 229417 | &nbsp;&nbsp;&nbsp; (127352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 986124 | &nbsp;&nbsp;&nbsp; 2484584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15582 | &nbsp;&nbsp;&nbsp;&nbsp; 407140 | &nbsp;&nbsp; (24781) | &nbsp;&nbsp;&nbsp; (507700) | &nbsp;&nbsp;&nbsp;&nbsp; 716381 | &nbsp;&nbsp; (64205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp;&nbsp;&nbsp; (13206) | &nbsp;&nbsp;&nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp;&nbsp; (2018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 934661 | &nbsp;&nbsp;&nbsp; 7196889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55485 | &nbsp;&nbsp;&nbsp;&nbsp; 626634 | &nbsp;&nbsp;&nbsp; 28043 | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 534676 | &nbsp;&nbsp; (11016) |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 293057 | &nbsp;&nbsp;&nbsp; 1191341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92130 | &nbsp;&nbsp;&nbsp;&nbsp; 138110 | &nbsp;&nbsp;&nbsp; 61017 | &nbsp;&nbsp;&nbsp;&nbsp; 301301 | &nbsp;&nbsp;&nbsp;&nbsp; 712588 | &nbsp;&nbsp; 223211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (309522) | &nbsp;&nbsp; (2307927) | &nbsp;&nbsp;&nbsp;&nbsp; (36177) | &nbsp;&nbsp;&nbsp; (143332) | &nbsp;&nbsp;&nbsp;&nbsp; (6592) | &nbsp;&nbsp;&nbsp; (368363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99134 | &nbsp;&nbsp;&nbsp; 45373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (239884) | &nbsp;&nbsp;&nbsp;&nbsp; (214309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38526 | &nbsp;&nbsp;&nbsp;&nbsp; 230603 | &nbsp;&nbsp;&nbsp; 11930 | &nbsp;&nbsp;&nbsp; (134603) | &nbsp;&nbsp;&nbsp;&nbsp; 216992 | &nbsp;&nbsp; 204900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (804643) | &nbsp;&nbsp; (4790080) | &nbsp;&nbsp;&nbsp;&nbsp; (72076) | &nbsp;&nbsp;&nbsp; (297588) | &nbsp;&nbsp; (73605) | &nbsp;&nbsp;&nbsp; (452709) | &nbsp;&nbsp;&nbsp; (327147) | &nbsp;&nbsp; (12231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp; (1061958) | &nbsp;&nbsp; (6127145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22088 | &nbsp;&nbsp;&nbsp;&nbsp; (72274) | &nbsp;&nbsp;&nbsp;&nbsp; (7474) | &nbsp;&nbsp;&nbsp; (655006) | &nbsp;&nbsp;&nbsp;&nbsp; 696623 | &nbsp;&nbsp; 461240 |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127297) | &nbsp;&nbsp;&nbsp; 1069743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77573 | &nbsp;&nbsp;&nbsp;&nbsp; 554360 | &nbsp;&nbsp;&nbsp; 20569 | &nbsp;&nbsp;&nbsp; (404006) | &nbsp;&nbsp; 1231299 | &nbsp;&nbsp; 450224 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $7749818 | $59460294 | $1064529 | $3194499 | $593850 | $6429041 | $3628742 | $– |
| **End of year** | $7622521 | $60530037 | $1142102 | $3748859 | $614419 | $6025035 | $4860041 | $450224 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $95843 | $– | $27649 | $639897 | $51127 | $– | $42989 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 1230823 | &nbsp;&nbsp;&nbsp;&nbsp; 520673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 8271497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1695938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51548 | &nbsp;&nbsp;&nbsp;&nbsp; (42394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409009 | &nbsp;&nbsp;&nbsp;&nbsp; (26812) | &nbsp;&nbsp;&nbsp; 1065960 | &nbsp;&nbsp;&nbsp;&nbsp; (48208) | &nbsp;&nbsp;&nbsp;&nbsp; (190814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56672 | &nbsp;&nbsp;&nbsp;&nbsp; 384893 | &nbsp;&nbsp; 1249802 | &nbsp;&nbsp;&nbsp; 3474799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90795 | &nbsp;&nbsp;&nbsp;&nbsp; (128120) | &nbsp;&nbsp;&nbsp;&nbsp; 126853 | &nbsp;&nbsp;&nbsp;&nbsp; (987231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp;&nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp;&nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp;&nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp;&nbsp; (190274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 1248403 | &nbsp;&nbsp;&nbsp;&nbsp; 891554 | &nbsp;&nbsp; 1181718 | &nbsp;&nbsp;&nbsp; 4530561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089 | &nbsp;&nbsp;&nbsp; 8458023 | &nbsp;&nbsp;&nbsp;&nbsp; 105675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327619 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 2632626 | &nbsp;&nbsp;&nbsp;&nbsp; 969369 | &nbsp;&nbsp;&nbsp;&nbsp; 370921 | &nbsp;&nbsp;&nbsp; 6886880 | &nbsp;&nbsp;&nbsp;&nbsp; 190458 | &nbsp;&nbsp; 10187746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59498 | &nbsp;&nbsp;&nbsp; 1767027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239196 | &nbsp;&nbsp;&nbsp;&nbsp; (50551) | &nbsp;&nbsp;&nbsp;&nbsp; (51809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566025 | &nbsp;&nbsp;&nbsp;&nbsp; 171554 | &nbsp;&nbsp;&nbsp;&nbsp; (19248) | &nbsp;&nbsp;&nbsp; 2127496 | &nbsp;&nbsp;&nbsp;&nbsp; 144660 | &nbsp;&nbsp;&nbsp; 1362766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (889867) | &nbsp;&nbsp;&nbsp; (394883) | &nbsp;&nbsp;&nbsp; (378784) | &nbsp;&nbsp; (2963975) | &nbsp;&nbsp;&nbsp; (230963) | &nbsp;&nbsp; (4624860) | &nbsp;&nbsp;&nbsp; (158304) | &nbsp;&nbsp; (1308003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2537084 | &nbsp;&nbsp;&nbsp;&nbsp; 693458 | &nbsp;&nbsp;&nbsp;&nbsp; (82772) | &nbsp;&nbsp;&nbsp; 6572544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92953 | &nbsp;&nbsp;&nbsp; 7177176 | &nbsp;&nbsp;&nbsp;&nbsp; (66948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317006 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 3785487 | &nbsp;&nbsp; 1585011 | &nbsp;&nbsp; 1098945 | &nbsp;&nbsp; 11103105 | &nbsp;&nbsp;&nbsp;&nbsp; 182042 | &nbsp;&nbsp; 15635198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644625 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $10565007 | $4649557 | $3802270 | $30854817 | $1999036 | $53958382 | $1209783 | $15244026 |
| **End of year** | $14350494 | $6234568 | $4901215 | $41957922 | $2181078 | $69593580 | $1248510 | $15888651 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $162801 | $108855 | $52587 | $239095 | $– | $– | $3324280 | $1032701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 658758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (161598) | &nbsp;&nbsp;&nbsp;&nbsp; 212680 | &nbsp;&nbsp;&nbsp;&nbsp; 168670 | &nbsp;&nbsp;&nbsp;&nbsp; (58083) | &nbsp;&nbsp;&nbsp;&nbsp; (4097) | &nbsp;&nbsp;&nbsp; (156206) | &nbsp;&nbsp;&nbsp;&nbsp; 3027395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 247757 | &nbsp;&nbsp; 1032016 | &nbsp;&nbsp;&nbsp; (342307) | &nbsp;&nbsp;&nbsp;&nbsp; 139393 | &nbsp;&nbsp;&nbsp; 29370 | &nbsp;&nbsp;&nbsp;&nbsp; 610837 | &nbsp;&nbsp;&nbsp; 39643992 | &nbsp;&nbsp;&nbsp; 6910689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp;&nbsp;&nbsp; (53235) | &nbsp;&nbsp;&nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp;&nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp;&nbsp; (359763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 203401 | &nbsp;&nbsp; 1291883 | &nbsp;&nbsp;&nbsp;&nbsp; 463090 | &nbsp;&nbsp;&nbsp;&nbsp; 267170 | &nbsp;&nbsp;&nbsp; 23099 | &nbsp;&nbsp;&nbsp;&nbsp; 416172 | &nbsp;&nbsp;&nbsp; 42658951 | &nbsp;&nbsp;&nbsp; 8214267 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 194825 | &nbsp;&nbsp;&nbsp;&nbsp; 467750 | &nbsp;&nbsp;&nbsp;&nbsp; 911244 | &nbsp;&nbsp;&nbsp;&nbsp; 490484 | &nbsp;&nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp;&nbsp; 189898 | &nbsp;&nbsp;&nbsp; 47319404 | &nbsp;&nbsp;&nbsp; 3280350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57059 | &nbsp;&nbsp;&nbsp;&nbsp; 145875 | &nbsp;&nbsp;&nbsp;&nbsp; (29999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (221304) | &nbsp;&nbsp;&nbsp;&nbsp; 3997847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 130396 | &nbsp;&nbsp;&nbsp; (124560) | &nbsp;&nbsp;&nbsp;&nbsp; 172384 | &nbsp;&nbsp;&nbsp;&nbsp; 126752 | &nbsp;&nbsp;&nbsp;&nbsp; 9132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31372 | &nbsp;&nbsp;&nbsp;&nbsp; 9932415 | &nbsp;&nbsp;&nbsp;&nbsp; (390170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (586791) | &nbsp;&nbsp;&nbsp; (562966) | &nbsp;&nbsp;&nbsp; (501705) | &nbsp;&nbsp;&nbsp; (421003) | &nbsp;&nbsp; (17458) | &nbsp;&nbsp;&nbsp; (252687) | &nbsp;&nbsp; (19928728) | &nbsp;&nbsp; (2179046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; (361189) | &nbsp;&nbsp;&nbsp; (166863) | &nbsp;&nbsp;&nbsp;&nbsp; 722437 | &nbsp;&nbsp;&nbsp;&nbsp; 163802 | &nbsp;&nbsp;&nbsp;&nbsp; (4932) | &nbsp;&nbsp;&nbsp; (253307) | &nbsp;&nbsp;&nbsp; 41090292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944130 |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; (157788) | &nbsp;&nbsp; 1125020 | &nbsp;&nbsp; 1185527 | &nbsp;&nbsp;&nbsp;&nbsp; 430973 | &nbsp;&nbsp;&nbsp; 18168 | &nbsp;&nbsp;&nbsp;&nbsp; 162866 | &nbsp;&nbsp;&nbsp; 83749243 | &nbsp;&nbsp;&nbsp; 9158397 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3756918 | $4293156 | $5543150 | $4056384 | $152866 | $3057128 | $230636507 | $23807124 |
| **End of year** | $3599130 | $5418175 | $6728677 | $4487357 | $171033 | $3219994 | $314385750 | $32965521 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $304983 | $544222 | $810941 | $1299507 | $31896 | $442820 | $342430 | $640337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2372272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1782494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp; 1797823 | &nbsp;&nbsp;&nbsp; 3808860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624627 | &nbsp;&nbsp; (1170713) | &nbsp;&nbsp;&nbsp;&nbsp; (132885) | &nbsp;&nbsp;&nbsp;&nbsp; (681365) | &nbsp;&nbsp;&nbsp; 3201191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp;&nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp;&nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp;&nbsp; (553305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2113104 | &nbsp;&nbsp;&nbsp; 4522102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565175 | &nbsp;&nbsp;&nbsp; 1592931 | &nbsp;&nbsp;&nbsp; 1164763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202081 | &nbsp;&nbsp;&nbsp; 1537728 | &nbsp;&nbsp;&nbsp; 3621337 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1368880 | &nbsp;&nbsp;&nbsp; 6594845 | &nbsp;&nbsp;&nbsp; 8625642 | &nbsp;&nbsp;&nbsp; 3255898 | &nbsp;&nbsp;&nbsp; 1015770 | &nbsp;&nbsp;&nbsp; 1092790 | &nbsp;&nbsp;&nbsp; 2350373 | &nbsp;&nbsp;&nbsp; 7036466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22245 | &nbsp;&nbsp;&nbsp;&nbsp; (120596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147090 | &nbsp;&nbsp;&nbsp; 1400975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6213 | &nbsp;&nbsp;&nbsp; 2168940 | &nbsp;&nbsp; (1545330) | &nbsp;&nbsp;&nbsp; 2043196 | &nbsp;&nbsp;&nbsp;&nbsp; (291879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801358 | &nbsp;&nbsp;&nbsp; 2673389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (691261) | &nbsp;&nbsp; (2962739) | &nbsp;&nbsp; (3789582) | &nbsp;&nbsp; (1394187) | &nbsp;&nbsp; (1423994) | &nbsp;&nbsp; (1066336) | &nbsp;&nbsp; (1481438) | &nbsp;&nbsp; (2770550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885121 | &nbsp;&nbsp;&nbsp; 6578868 | &nbsp;&nbsp;&nbsp; 3428642 | &nbsp;&nbsp;&nbsp; 3914447 | &nbsp;&nbsp;&nbsp;&nbsp; (834067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594774 | &nbsp;&nbsp;&nbsp; 1805402 | &nbsp;&nbsp;&nbsp; 8308601 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 2998225 | &nbsp;&nbsp; 11100970 | &nbsp;&nbsp;&nbsp; 3993817 | &nbsp;&nbsp;&nbsp; 5507377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796855 | &nbsp;&nbsp;&nbsp; 3343130 | &nbsp;&nbsp; 11929938 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $8437274 | $39508263 | $17150735 | $18392124 | $15642963 | $10995577 | $14656069 | $39516082 |
| **End of year** | $11435499 | $50609233 | $21144552 | $23899502 | $15973659 | $11792432 | $17999199 | $51446020 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $275655 | $882686 | $1748783 | $1740304 | $1602315 | $1158900 | $1261007 | $278049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 402874 | &nbsp;&nbsp;&nbsp; 1303574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (532928) | &nbsp;&nbsp;&nbsp;&nbsp; (486226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 855958 | &nbsp;&nbsp;&nbsp; 2419632 | &nbsp;&nbsp;&nbsp; 5729086 | &nbsp;&nbsp;&nbsp; 7711884 | &nbsp;&nbsp;&nbsp; 8500311 | &nbsp;&nbsp;&nbsp; 6823548 | &nbsp;&nbsp;&nbsp; 8690411 | &nbsp;&nbsp;&nbsp; 1870539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp;&nbsp; (137935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 891972 | &nbsp;&nbsp;&nbsp; 3743560 | &nbsp;&nbsp;&nbsp; 8320069 | &nbsp;&nbsp;&nbsp; 9498367 | &nbsp;&nbsp; 10007287 | &nbsp;&nbsp;&nbsp; 8225620 | &nbsp;&nbsp;&nbsp; 9877503 | &nbsp;&nbsp;&nbsp; 2051395 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 732238 | &nbsp;&nbsp;&nbsp; 2628673 | &nbsp;&nbsp; 13446896 | &nbsp;&nbsp; 11161627 | &nbsp;&nbsp;&nbsp; 9482542 | &nbsp;&nbsp;&nbsp; 7268849 | &nbsp;&nbsp;&nbsp; 7668628 | &nbsp;&nbsp;&nbsp; 3466027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (212414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244785 | &nbsp;&nbsp;&nbsp;&nbsp; (694452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866232 | &nbsp;&nbsp;&nbsp;&nbsp; (399579) | &nbsp;&nbsp;&nbsp;&nbsp; (159092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 150384 | &nbsp;&nbsp;&nbsp;&nbsp; (746362) | &nbsp;&nbsp;&nbsp;&nbsp; (837986) | &nbsp;&nbsp;&nbsp;&nbsp; (414328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293895 | &nbsp;&nbsp;&nbsp;&nbsp; (181960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1284289) | &nbsp;&nbsp; (2820613) | &nbsp;&nbsp; (5134986) | &nbsp;&nbsp; (3548519) | &nbsp;&nbsp; (2790224) | &nbsp;&nbsp; (3323160) | &nbsp;&nbsp; (2537167) | &nbsp;&nbsp;&nbsp;&nbsp; (637882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82404) | &nbsp;&nbsp;&nbsp;&nbsp; (111265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (618485) | &nbsp;&nbsp;&nbsp;&nbsp; (713311) | &nbsp;&nbsp;&nbsp; 6728338 | &nbsp;&nbsp;&nbsp; 7992894 | &nbsp;&nbsp;&nbsp; 6300233 | &nbsp;&nbsp;&nbsp; 3998088 | &nbsp;&nbsp;&nbsp; 4758470 | &nbsp;&nbsp;&nbsp; 2839602 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 273487 | &nbsp;&nbsp;&nbsp; 3030249 | &nbsp;&nbsp; 15048407 | &nbsp;&nbsp; 17491260 | &nbsp;&nbsp; 16307520 | &nbsp;&nbsp; 12223708 | &nbsp;&nbsp; 14635973 | &nbsp;&nbsp;&nbsp; 4890997 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $8660629 | $28718339 | $53118796 | $55243091 | $54998671 | $42603480 | $46961043 | $8800471 |
| **End of year** | $8934116 | $31748588 | $68167203 | $72734351 | $71306191 | $54827188 | $61597016 | $13691468 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $316917 | $480164 | $1072928 | $178423 | $159233 | $15222 | $60753 | $34309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 | &nbsp;&nbsp;&nbsp;&nbsp; 102592 | &nbsp;&nbsp;&nbsp;&nbsp; 242033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75961 | &nbsp;&nbsp;&nbsp;&nbsp; (193514) | &nbsp;&nbsp;&nbsp;&nbsp; (422754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764423 | &nbsp;&nbsp;&nbsp; (116223) | &nbsp;&nbsp;&nbsp; (137004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 2154264 | &nbsp;&nbsp;&nbsp; 1007021 | &nbsp;&nbsp;&nbsp; 1229135 | &nbsp;&nbsp;&nbsp; 1502021 | &nbsp;&nbsp;&nbsp;&nbsp; 232877 | &nbsp;&nbsp;&nbsp;&nbsp; 349805 | &nbsp;&nbsp;&nbsp;&nbsp; 170263 | &nbsp;&nbsp;&nbsp;&nbsp; (14662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp;&nbsp;&nbsp; (61504) | &nbsp;&nbsp;&nbsp;&nbsp; (16191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2386751 | &nbsp;&nbsp;&nbsp; 1352134 | &nbsp;&nbsp;&nbsp; 1536204 | &nbsp;&nbsp;&nbsp; 2581094 | &nbsp;&nbsp;&nbsp;&nbsp; 220454 | &nbsp;&nbsp;&nbsp;&nbsp; 307588 | &nbsp;&nbsp;&nbsp;&nbsp; 485470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23846 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 3952865 | &nbsp;&nbsp;&nbsp; 1071882 | &nbsp;&nbsp;&nbsp; 3437081 | &nbsp;&nbsp;&nbsp; 3721073 | &nbsp;&nbsp;&nbsp;&nbsp; 468594 | &nbsp;&nbsp;&nbsp;&nbsp; 201256 | &nbsp;&nbsp;&nbsp;&nbsp; 711024 | &nbsp;&nbsp;&nbsp;&nbsp; 379968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (107513) | &nbsp;&nbsp;&nbsp;&nbsp; (161890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92278 | &nbsp;&nbsp;&nbsp;&nbsp; (116424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24626 | &nbsp;&nbsp;&nbsp;&nbsp; (18656) | &nbsp;&nbsp;&nbsp;&nbsp; (62493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26549) | &nbsp;&nbsp;&nbsp; 1442707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261500 | &nbsp;&nbsp;&nbsp;&nbsp; 587155 | &nbsp;&nbsp;&nbsp;&nbsp; (19496) | &nbsp;&nbsp;&nbsp;&nbsp; (51048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (578126) | &nbsp;&nbsp; (1585409) | &nbsp;&nbsp; (2621083) | &nbsp;&nbsp; (2324094) | &nbsp;&nbsp;&nbsp; (458066) | &nbsp;&nbsp;&nbsp; (190747) | &nbsp;&nbsp;&nbsp; (585799) | &nbsp;&nbsp;&nbsp;&nbsp; (61894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 3422396 | &nbsp;&nbsp;&nbsp;&nbsp; (709544) | &nbsp;&nbsp;&nbsp; 2335108 | &nbsp;&nbsp;&nbsp; 1537027 | &nbsp;&nbsp;&nbsp;&nbsp; 620274 | &nbsp;&nbsp;&nbsp;&nbsp; (28154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10176 | &nbsp;&nbsp;&nbsp;&nbsp; 315550 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 5809147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642590 | &nbsp;&nbsp;&nbsp; 3871313 | &nbsp;&nbsp;&nbsp; 4118120 | &nbsp;&nbsp;&nbsp;&nbsp; 840727 | &nbsp;&nbsp;&nbsp;&nbsp; 279434 | &nbsp;&nbsp;&nbsp;&nbsp; 495646 | &nbsp;&nbsp;&nbsp;&nbsp; 339396 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $10002930 | $13808397 | $25674824 | $14892965 | $4864047 | $1682888 | $4660524 | $1232592 |
| **End of year** | $15812077 | $14450987 | $29546137 | $19011085 | $5704774 | $1962323 | $5156169 | $1571988 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $114730 | $4749 | $122738 | $14817977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 14474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp;&nbsp; (107140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66460 | &nbsp;&nbsp;&nbsp;&nbsp; (13778) | &nbsp;&nbsp;&nbsp;&nbsp; 221036 | &nbsp;&nbsp;&nbsp; 46464356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (37177) | &nbsp;&nbsp;&nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp;&nbsp;&nbsp; (5791554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 157696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56842 | &nbsp;&nbsp;&nbsp;&nbsp; 192696 | &nbsp;&nbsp;&nbsp; 69679950 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 571277 | &nbsp;&nbsp;&nbsp;&nbsp; 151235 | &nbsp;&nbsp;&nbsp;&nbsp; 281424 | &nbsp;&nbsp;&nbsp; 11367896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5574) | &nbsp;&nbsp;&nbsp;&nbsp; (11038) | &nbsp;&nbsp;&nbsp;&nbsp; (59156) | &nbsp;&nbsp;&nbsp;&nbsp; (7199277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 142995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40806 | &nbsp;&nbsp;&nbsp;&nbsp; 112990 | &nbsp;&nbsp;&nbsp;&nbsp; (4684154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (430285) | &nbsp;&nbsp;&nbsp;&nbsp; (32301) | &nbsp;&nbsp;&nbsp; (514013) | &nbsp;&nbsp; (39041228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contract owners; transactions | &nbsp;&nbsp;&nbsp;&nbsp; 277018 | &nbsp;&nbsp;&nbsp;&nbsp; 148459 | &nbsp;&nbsp;&nbsp; (179614) | &nbsp;&nbsp; (39731579) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 434713 | &nbsp;&nbsp;&nbsp;&nbsp; 205301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13081 | &nbsp;&nbsp;&nbsp; 29948371 |
| **Net Assets:** |  |  |  |  |
| **Beginning of year**  | $2675851 | $989460 | $3374811 | $454379267 |
| **End of year** | $3110565 | $1194761 | $3387892 | $484327638 |

---

\* Janus Henderson Global Technology and Innovation Fund Class I became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Janus Henderson Global Technology and Innovation Fund Class S became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Neuberger Genesis Fund Advisor Class became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $– | $– | $189593 | $102984 | $125987 | $204274 | $15505 | $195679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1418290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146175 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (10245) | &nbsp;&nbsp; (1631399) | &nbsp;&nbsp;&nbsp; (103857) | &nbsp;&nbsp;&nbsp; 2846961 | &nbsp;&nbsp;&nbsp; (251309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98174) | &nbsp;&nbsp;&nbsp;&nbsp; (7840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 57307 | &nbsp;&nbsp;&nbsp; 7784254 | &nbsp;&nbsp;&nbsp;&nbsp; (47123) | &nbsp;&nbsp; 11923244 | &nbsp;&nbsp;&nbsp;&nbsp; 206546 | &nbsp;&nbsp;&nbsp; 1177582 | &nbsp;&nbsp;&nbsp; 47105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2996) | &nbsp;&nbsp;&nbsp;&nbsp; (454817) | &nbsp;&nbsp;&nbsp;&nbsp; (51681) | &nbsp;&nbsp;&nbsp;&nbsp; (743833) | &nbsp;&nbsp;&nbsp;&nbsp; (50555) | &nbsp;&nbsp;&nbsp;&nbsp; (127923) | &nbsp;&nbsp; (11829) | &nbsp;&nbsp;&nbsp;&nbsp; (209474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 44066 | &nbsp;&nbsp;&nbsp; 5698038 | &nbsp;&nbsp;&nbsp;&nbsp; (13068) | &nbsp;&nbsp; 15547646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30668 | &nbsp;&nbsp;&nbsp; 1301934 | &nbsp;&nbsp;&nbsp; 47259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860674 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996532 | &nbsp;&nbsp; 1032852 | &nbsp;&nbsp;&nbsp; 1908989 | &nbsp;&nbsp; 1251553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442751 | &nbsp;&nbsp;&nbsp; 72318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1672) | &nbsp;&nbsp;&nbsp;&nbsp; (869673) | &nbsp;&nbsp;&nbsp;&nbsp; 231417 | &nbsp;&nbsp; (2553953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63345 | &nbsp;&nbsp;&nbsp;&nbsp; (146121) | &nbsp;&nbsp; (29670) | &nbsp;&nbsp;&nbsp;&nbsp; (724850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (2217) | &nbsp;&nbsp; (1641385) | &nbsp;&nbsp;&nbsp;&nbsp; 282095 | &nbsp;&nbsp;&nbsp; 3068359 | &nbsp;&nbsp;&nbsp;&nbsp; 542168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438919 | &nbsp;&nbsp;&nbsp; 30734 | &nbsp;&nbsp;&nbsp;&nbsp; (107721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (36003) | &nbsp;&nbsp; (3491573) | &nbsp;&nbsp;&nbsp; (545139) | &nbsp;&nbsp; (6710254) | &nbsp;&nbsp;&nbsp; (253358) | &nbsp;&nbsp; (1064429) | &nbsp;&nbsp; (54285) | &nbsp;&nbsp; (1619277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp; (36326) | &nbsp;&nbsp; (5007629) | &nbsp;&nbsp;&nbsp;&nbsp; 997973 | &nbsp;&nbsp; (4316805) | &nbsp;&nbsp; 1600166 | &nbsp;&nbsp;&nbsp;&nbsp; (331553) | &nbsp;&nbsp;&nbsp; 18829 | &nbsp;&nbsp; (1590378) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690409 | &nbsp;&nbsp;&nbsp;&nbsp; 984904 | &nbsp;&nbsp; 11230841 | &nbsp;&nbsp; 1630834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970381 | &nbsp;&nbsp;&nbsp; 66088 | &nbsp;&nbsp;&nbsp;&nbsp; (729704) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $226737 | $36267878 | $3751340 | $54983074 | $3236457 | $9951222 | $871600 | $16954630 |
| **End of year** | $234477 | $36958287 | $4736244 | $66213915 | $4867291 | $10921603 | $937688 | $16224926 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $82308 | $479387 | $127889 | $127151 | $1740668 | $3482282 | $238305 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 3408903 | &nbsp;&nbsp;&nbsp; 12549781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497027 | &nbsp;&nbsp;&nbsp;&nbsp; (13484) | &nbsp;&nbsp;&nbsp;&nbsp; (47801) | &nbsp;&nbsp;&nbsp;&nbsp; 1467681 | &nbsp;&nbsp;&nbsp;&nbsp; 5087722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101092 | &nbsp;&nbsp;&nbsp; (350557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 640120 | &nbsp;&nbsp;&nbsp; 4461315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64760 | &nbsp;&nbsp;&nbsp;&nbsp; 5284813 | &nbsp;&nbsp;&nbsp; 15146766 | &nbsp;&nbsp;&nbsp; 1710201 | &nbsp;&nbsp;&nbsp;&nbsp; 376621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (54785) | &nbsp;&nbsp;&nbsp;&nbsp; (405700) | &nbsp;&nbsp;&nbsp;&nbsp; (23196) | &nbsp;&nbsp;&nbsp;&nbsp; (22903) | &nbsp;&nbsp;&nbsp;&nbsp; (1909447) | &nbsp;&nbsp;&nbsp;&nbsp; (3633750) | &nbsp;&nbsp;&nbsp;&nbsp; (165958) | &nbsp;&nbsp;&nbsp;&nbsp; (28608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 689981 | &nbsp;&nbsp;&nbsp; 5307946 | &nbsp;&nbsp;&nbsp;&nbsp; 124021 | &nbsp;&nbsp;&nbsp;&nbsp; 121207 | &nbsp;&nbsp;&nbsp;&nbsp; 9992617 | &nbsp;&nbsp;&nbsp; 32632801 | &nbsp;&nbsp;&nbsp; 2129166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71500 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 640365 | &nbsp;&nbsp;&nbsp; 1353128 | &nbsp;&nbsp;&nbsp;&nbsp; 104094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86297 | &nbsp;&nbsp;&nbsp;&nbsp; 3720076 | &nbsp;&nbsp;&nbsp;&nbsp; 6801038 | &nbsp;&nbsp;&nbsp; 2527827 | &nbsp;&nbsp;&nbsp;&nbsp; 114216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; 212853 | &nbsp;&nbsp;&nbsp;&nbsp; (428410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; (29360) | &nbsp;&nbsp;&nbsp;&nbsp; (2651752) | &nbsp;&nbsp;&nbsp;&nbsp; (4708407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357235 | &nbsp;&nbsp;&nbsp;&nbsp; (86658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (13806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11969 | &nbsp;&nbsp;&nbsp;&nbsp; 257437 | &nbsp;&nbsp;&nbsp;&nbsp; (1427658) | &nbsp;&nbsp;&nbsp;&nbsp; (4654363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621885 | &nbsp;&nbsp;&nbsp; (182088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (350440) | &nbsp;&nbsp; (3804786) | &nbsp;&nbsp;&nbsp; (199996) | &nbsp;&nbsp;&nbsp; (276005) | &nbsp;&nbsp; (11210648) | &nbsp;&nbsp; (20731799) | &nbsp;&nbsp; (1073098) | &nbsp;&nbsp;&nbsp; (351452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 487603 | &nbsp;&nbsp; (2535214) | &nbsp;&nbsp;&nbsp;&nbsp; (82665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38010 | &nbsp;&nbsp; (11585706) | &nbsp;&nbsp; (23321908) | &nbsp;&nbsp;&nbsp; 2426501 | &nbsp;&nbsp;&nbsp; (506083) |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 1177584 | &nbsp;&nbsp;&nbsp; 2772732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41356 | &nbsp;&nbsp;&nbsp;&nbsp; 159217 | &nbsp;&nbsp;&nbsp;&nbsp; (1593089) | &nbsp;&nbsp;&nbsp;&nbsp; 9310893 | &nbsp;&nbsp;&nbsp; 4555666 | &nbsp;&nbsp;&nbsp; (434583) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3697371 | $31738833 | $1812081 | $1809527 | $154881096 | $281003501 | $10738356 | $2598952 |
| **End of year** | $4874955 | $34511565 | $1853437 | $1968744 | $153288007 | $290314394 | $15294022 | $2164369 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $12701 | $52140 | $27689 | $31982 | $331854 | $43269 | $31618 | $553838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 61869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58027 | &nbsp;&nbsp;&nbsp; 26404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 26865 | &nbsp;&nbsp;&nbsp; (126432) | &nbsp;&nbsp;&nbsp;&nbsp; (2942) | &nbsp;&nbsp;&nbsp;&nbsp; (68312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342026 | &nbsp;&nbsp;&nbsp;&nbsp; (32801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (32095) | &nbsp;&nbsp;&nbsp;&nbsp; 133205 | &nbsp;&nbsp;&nbsp; 18873 | &nbsp;&nbsp;&nbsp;&nbsp; 176131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490660 | &nbsp;&nbsp;&nbsp;&nbsp; 144080 | &nbsp;&nbsp;&nbsp;&nbsp; 105455 | &nbsp;&nbsp;&nbsp; 1524391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (10711) | &nbsp;&nbsp;&nbsp;&nbsp; (22381) | &nbsp;&nbsp; (12041) | &nbsp;&nbsp;&nbsp;&nbsp; (18267) | &nbsp;&nbsp;&nbsp;&nbsp; (181907) | &nbsp;&nbsp;&nbsp;&nbsp; (23217) | &nbsp;&nbsp;&nbsp;&nbsp; (21724) | &nbsp;&nbsp;&nbsp;&nbsp; (406984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp; 58629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94558 | &nbsp;&nbsp;&nbsp; 57984 | &nbsp;&nbsp;&nbsp;&nbsp; 123748 | &nbsp;&nbsp;&nbsp; 1010146 | &nbsp;&nbsp;&nbsp;&nbsp; 135505 | &nbsp;&nbsp;&nbsp;&nbsp; 160100 | &nbsp;&nbsp;&nbsp; 2828910 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 41023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43450 | &nbsp;&nbsp;&nbsp; 14069 | &nbsp;&nbsp;&nbsp;&nbsp; 166747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867694 | &nbsp;&nbsp;&nbsp;&nbsp; 350544 | &nbsp;&nbsp;&nbsp;&nbsp; 162060 | &nbsp;&nbsp;&nbsp; 1965001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp; 32386 | &nbsp;&nbsp;&nbsp; (238579) | &nbsp;&nbsp;&nbsp;&nbsp; (4552) | &nbsp;&nbsp;&nbsp; (140021) | &nbsp;&nbsp;&nbsp;&nbsp; (295704) | &nbsp;&nbsp;&nbsp;&nbsp; (82258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp;&nbsp; (358764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 37058 | &nbsp;&nbsp;&nbsp; (190507) | &nbsp;&nbsp;&nbsp;&nbsp; (1676) | &nbsp;&nbsp;&nbsp; (220467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12088) | &nbsp;&nbsp;&nbsp;&nbsp; (16244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (32589) | &nbsp;&nbsp;&nbsp; (143590) | &nbsp;&nbsp; (32524) | &nbsp;&nbsp;&nbsp; (465268) | &nbsp;&nbsp; (1711898) | &nbsp;&nbsp;&nbsp; (212425) | &nbsp;&nbsp;&nbsp; (242988) | &nbsp;&nbsp; (1592031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 77622 | &nbsp;&nbsp;&nbsp; (530459) | &nbsp;&nbsp; (25137) | &nbsp;&nbsp;&nbsp; (659848) | &nbsp;&nbsp; (1160399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38671 | &nbsp;&nbsp;&nbsp;&nbsp; (45518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78792) |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp; 136251 | &nbsp;&nbsp;&nbsp; (435901) | &nbsp;&nbsp;&nbsp; 32847 | &nbsp;&nbsp;&nbsp; (536100) | &nbsp;&nbsp;&nbsp;&nbsp; (150253) | &nbsp;&nbsp;&nbsp;&nbsp; 174176 | &nbsp;&nbsp;&nbsp;&nbsp; 114583 | &nbsp;&nbsp;&nbsp; 2750117 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $797314 | $2092113 | $931522 | $1691496 | $14514341 | $1765433 | $1570624 | $30983733 |
| **End of year** | $933565 | $1656212 | $964369 | $1155396 | $14364088 | $1939609 | $1685207 | $33733850 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $9845 | $14501 | $285014 | $3807 | $1955 | $10419 | $141 | $5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 9837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp;&nbsp; 2617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 49289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88887 | &nbsp;&nbsp;&nbsp; 1832727 | &nbsp;&nbsp;&nbsp;&nbsp; 47424 | &nbsp;&nbsp;&nbsp; 14110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9905) | &nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp; (10144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (8022) | &nbsp;&nbsp;&nbsp;&nbsp; (13135) | &nbsp;&nbsp;&nbsp;&nbsp; (319758) | &nbsp;&nbsp;&nbsp;&nbsp; (5322) | &nbsp;&nbsp;&nbsp;&nbsp; (1922) | &nbsp;&nbsp;&nbsp;&nbsp; (12017) | &nbsp;&nbsp;&nbsp;&nbsp; (137) | &nbsp;&nbsp;&nbsp;&nbsp; (2117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 63156 | &nbsp;&nbsp;&nbsp;&nbsp; 115515 | &nbsp;&nbsp;&nbsp; 2814375 | &nbsp;&nbsp;&nbsp;&nbsp; 58094 | &nbsp;&nbsp;&nbsp; 17031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91582 | &nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp; (1562) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp; 131075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56860 | &nbsp;&nbsp;&nbsp; 1691520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86442 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (6051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57042 | &nbsp;&nbsp;&nbsp;&nbsp; (126058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 35193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp; 4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 413496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4650) | &nbsp;&nbsp; (1014072) | &nbsp;&nbsp; (212255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (60356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (3077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp; (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp; 139016 | &nbsp;&nbsp;&nbsp;&nbsp; 106410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809263 | &nbsp;&nbsp; (207779) | &nbsp;&nbsp;&nbsp;&nbsp; 4289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68537 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp; 447104 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 202172 | &nbsp;&nbsp;&nbsp;&nbsp; 221925 | &nbsp;&nbsp;&nbsp; 3623639 | &nbsp;&nbsp; (149685) | &nbsp;&nbsp;&nbsp; 21320 | &nbsp;&nbsp;&nbsp;&nbsp; 160119 | &nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp; 445543 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $497092 | $908853 | $23159332 | $430334 | $136349 | $852942 | $9383 | $100258 |
| **End of year** | $699264 | $1130778 | $26782971 | $280649 | $157669 | $1013061 | $11687 | $545801 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $59551 | $136992 | $265707 | $924397 | $721508 | $380300 | $7482150 | $140340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (118244) | &nbsp;&nbsp;&nbsp;&nbsp; (25956) | &nbsp;&nbsp;&nbsp;&nbsp; (138232) | &nbsp;&nbsp;&nbsp;&nbsp; (180894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239291 | &nbsp;&nbsp;&nbsp; 43858375 | &nbsp;&nbsp;&nbsp;&nbsp; (22332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 137306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855294 | &nbsp;&nbsp;&nbsp; 3628943 | &nbsp;&nbsp;&nbsp; 3400437 | &nbsp;&nbsp;&nbsp; 3002063 | &nbsp;&nbsp; 103327198 | &nbsp;&nbsp;&nbsp;&nbsp; (73313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22455) | &nbsp;&nbsp;&nbsp;&nbsp; (44755) | &nbsp;&nbsp;&nbsp;&nbsp; (149110) | &nbsp;&nbsp;&nbsp;&nbsp; (600145) | &nbsp;&nbsp;&nbsp;&nbsp; (567659) | &nbsp;&nbsp;&nbsp;&nbsp; (391096) | &nbsp;&nbsp;&nbsp;&nbsp; (8881910) | &nbsp;&nbsp;&nbsp;&nbsp; (42270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57088 | &nbsp;&nbsp;&nbsp;&nbsp; 156748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833659 | &nbsp;&nbsp;&nbsp; 3772301 | &nbsp;&nbsp;&nbsp; 4133314 | &nbsp;&nbsp;&nbsp; 3230558 | &nbsp;&nbsp; 146220539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42799 | &nbsp;&nbsp;&nbsp;&nbsp; 158718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465606 | &nbsp;&nbsp;&nbsp; 2523389 | &nbsp;&nbsp;&nbsp; 2286105 | &nbsp;&nbsp;&nbsp; 1707455 | &nbsp;&nbsp;&nbsp; 15224575 | &nbsp;&nbsp; 1215320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18876 | &nbsp;&nbsp;&nbsp;&nbsp; (101722) | &nbsp;&nbsp;&nbsp;&nbsp; (779099) | &nbsp;&nbsp; (1334752) | &nbsp;&nbsp;&nbsp;&nbsp; (876177) | &nbsp;&nbsp; (15647956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; (195671) | &nbsp;&nbsp;&nbsp;&nbsp; 109669 | &nbsp;&nbsp;&nbsp;&nbsp; (245274) | &nbsp;&nbsp;&nbsp;&nbsp; (816997) | &nbsp;&nbsp; (1324846) | &nbsp;&nbsp;&nbsp;&nbsp; (524505) | &nbsp;&nbsp;&nbsp;&nbsp; (5242281) | &nbsp;&nbsp;&nbsp;&nbsp; 528635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (463056) | &nbsp;&nbsp;&nbsp; (423439) | &nbsp;&nbsp; (1237299) | &nbsp;&nbsp; (3852690) | &nbsp;&nbsp; (4306598) | &nbsp;&nbsp; (1995531) | &nbsp;&nbsp; (58253519) | &nbsp;&nbsp;&nbsp; (243982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp; (669540) | &nbsp;&nbsp;&nbsp; (138235) | &nbsp;&nbsp; (1127830) | &nbsp;&nbsp; (2954072) | &nbsp;&nbsp; (4706193) | &nbsp;&nbsp; (1707746) | &nbsp;&nbsp; (64102655) | &nbsp;&nbsp; 1588392 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; (612452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18513 | &nbsp;&nbsp;&nbsp;&nbsp; (294171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818229 | &nbsp;&nbsp;&nbsp;&nbsp; (572879) | &nbsp;&nbsp;&nbsp; 1522812 | &nbsp;&nbsp;&nbsp; 82117884 | &nbsp;&nbsp; 1590817 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $2129528 | $3912260 | $11962086 | $47182897 | $45523414 | $30174231 | $655077432 | $2799681 |
| **End of year** | $1517076 | $3930773 | $11667915 | $48001126 | $44950535 | $31697043 | $737195316 | $4390498 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>| **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1174219 | $987719 | $771736 | $1393556 | $3832 | $33495 | $11725 | $295715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3221898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 19761 | &nbsp;&nbsp;&nbsp;&nbsp; 255984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2504912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (471408) | &nbsp;&nbsp;&nbsp; 3092318 | &nbsp;&nbsp;&nbsp;&nbsp; (450020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; (16940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29383 | &nbsp;&nbsp;&nbsp; (139401) | &nbsp;&nbsp;&nbsp; 3538926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (181666) | &nbsp;&nbsp; (3771434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 68604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24301 | &nbsp;&nbsp; 1670693 | &nbsp;&nbsp;&nbsp; 5888214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (429150) | &nbsp;&nbsp;&nbsp;&nbsp; (890927) | &nbsp;&nbsp;&nbsp;&nbsp; (245836) | &nbsp;&nbsp;&nbsp;&nbsp; (338752) | &nbsp;&nbsp;&nbsp;&nbsp; (6475) | &nbsp;&nbsp;&nbsp;&nbsp; (50896) | &nbsp;&nbsp;&nbsp;&nbsp; (95688) | &nbsp;&nbsp;&nbsp;&nbsp; (719966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91995 | &nbsp;&nbsp;&nbsp; 2639573 | &nbsp;&nbsp;&nbsp; 1004765 | &nbsp;&nbsp;&nbsp; 1054804 | &nbsp;&nbsp;&nbsp; 68783 | &nbsp;&nbsp;&nbsp;&nbsp; 292267 | &nbsp;&nbsp; 1447329 | &nbsp;&nbsp; 11507801 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp; 1559426 | &nbsp;&nbsp;&nbsp; 2227025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923428 | &nbsp;&nbsp;&nbsp; 4812803 | &nbsp;&nbsp; 187695 | &nbsp;&nbsp;&nbsp;&nbsp; 210741 | &nbsp;&nbsp;&nbsp;&nbsp; 342789 | &nbsp;&nbsp;&nbsp; 1017003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (665740) | &nbsp;&nbsp; (1616757) | &nbsp;&nbsp;&nbsp;&nbsp; (548812) | &nbsp;&nbsp;&nbsp; 3871288 | &nbsp;&nbsp;&nbsp; 69740 | &nbsp;&nbsp;&nbsp;&nbsp; (26057) | &nbsp;&nbsp;&nbsp;&nbsp; (61149) | &nbsp;&nbsp; (1426065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1484426 | &nbsp;&nbsp;&nbsp;&nbsp; (611823) | &nbsp;&nbsp;&nbsp;&nbsp; (311540) | &nbsp;&nbsp;&nbsp; 3212006 | &nbsp;&nbsp; (93256) | &nbsp;&nbsp;&nbsp;&nbsp; (29546) | &nbsp;&nbsp;&nbsp; (455223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (2897867) | &nbsp;&nbsp; (5467916) | &nbsp;&nbsp; (1879672) | &nbsp;&nbsp; (3081064) | &nbsp;&nbsp; (12792) | &nbsp;&nbsp;&nbsp; (544530) | &nbsp;&nbsp;&nbsp; (713982) | &nbsp;&nbsp; (4512107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (526964) | &nbsp;&nbsp; (5474960) | &nbsp;&nbsp; (1820163) | &nbsp;&nbsp;&nbsp; 8810866 | &nbsp;&nbsp; 151151 | &nbsp;&nbsp;&nbsp; (390862) | &nbsp;&nbsp;&nbsp; (889608) | &nbsp;&nbsp; (4807482) |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434969) | &nbsp;&nbsp; (2835387) | &nbsp;&nbsp;&nbsp;&nbsp; (815398) | &nbsp;&nbsp;&nbsp; 9865670 | &nbsp;&nbsp; 219934 | &nbsp;&nbsp;&nbsp;&nbsp; (98596) | &nbsp;&nbsp;&nbsp;&nbsp; 557721 | &nbsp;&nbsp;&nbsp; 6700319 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $35219299 | $69906930 | $20477518 | $22338299 | $399518 | $4221482 | $7192097 | $52759975 |
| **End of year** | $34784330 | $67071543 | $19662120 | $32203969 | $619452 | $4122886 | $7749818 | $59460294 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $10115 | $26352 | $7474 | $66789 | $– | $29005 | $– | $13203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10349 | &nbsp;&nbsp;&nbsp; 25204 | &nbsp;&nbsp;&nbsp;&nbsp; 270361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47802 | &nbsp;&nbsp;&nbsp;&nbsp; 187655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (10016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8922 | &nbsp;&nbsp;&nbsp;&nbsp; 9126 | &nbsp;&nbsp;&nbsp;&nbsp; 213768 | &nbsp;&nbsp;&nbsp; (302097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39487 | &nbsp;&nbsp;&nbsp;&nbsp; (40967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44342 | &nbsp;&nbsp;&nbsp;&nbsp; 231565 | &nbsp;&nbsp;&nbsp; 35536 | &nbsp;&nbsp;&nbsp;&nbsp; 270931 | &nbsp;&nbsp;&nbsp;&nbsp; 484437 | &nbsp;&nbsp;&nbsp; 1482698 | &nbsp;&nbsp; 1034621 | &nbsp;&nbsp;&nbsp;&nbsp; (36320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (12552) | &nbsp;&nbsp;&nbsp;&nbsp; (40193) | &nbsp;&nbsp;&nbsp;&nbsp; (7535) | &nbsp;&nbsp;&nbsp;&nbsp; (79888) | &nbsp;&nbsp;&nbsp;&nbsp; (38540) | &nbsp;&nbsp;&nbsp;&nbsp; (107187) | &nbsp;&nbsp;&nbsp;&nbsp; (53164) | &nbsp;&nbsp;&nbsp;&nbsp; (47464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40309 | &nbsp;&nbsp;&nbsp;&nbsp; 236994 | &nbsp;&nbsp;&nbsp; 69805 | &nbsp;&nbsp;&nbsp;&nbsp; 741960 | &nbsp;&nbsp;&nbsp;&nbsp; 143800 | &nbsp;&nbsp;&nbsp; 1485674 | &nbsp;&nbsp; 1208600 | &nbsp;&nbsp;&nbsp; (111549) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91837 | &nbsp;&nbsp;&nbsp;&nbsp; 144972 | &nbsp;&nbsp;&nbsp; 28987 | &nbsp;&nbsp;&nbsp;&nbsp; 298395 | &nbsp;&nbsp;&nbsp;&nbsp; 743703 | &nbsp;&nbsp;&nbsp; 2162239 | &nbsp;&nbsp;&nbsp;&nbsp; 347934 | &nbsp;&nbsp;&nbsp;&nbsp; 404508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52798 | &nbsp;&nbsp;&nbsp;&nbsp; (68780) | &nbsp;&nbsp; (48067) | &nbsp;&nbsp;&nbsp; (104961) | &nbsp;&nbsp;&nbsp;&nbsp; 198108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368928 | &nbsp;&nbsp;&nbsp;&nbsp; (63053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41819 | &nbsp;&nbsp;&nbsp;&nbsp; (24521) | &nbsp;&nbsp;&nbsp;&nbsp; (3292) | &nbsp;&nbsp;&nbsp; (304491) | &nbsp;&nbsp;&nbsp;&nbsp; 286346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722769 | &nbsp;&nbsp;&nbsp;&nbsp; (71078) | &nbsp;&nbsp;&nbsp;&nbsp; 113792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (128550) | &nbsp;&nbsp;&nbsp; (274993) | &nbsp;&nbsp; (28200) | &nbsp;&nbsp;&nbsp; (524386) | &nbsp;&nbsp;&nbsp; (333399) | &nbsp;&nbsp;&nbsp;&nbsp; (654110) | &nbsp;&nbsp;&nbsp; (386215) | &nbsp;&nbsp;&nbsp; (264345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57598 | &nbsp;&nbsp;&nbsp; (223719) | &nbsp;&nbsp; (50807) | &nbsp;&nbsp;&nbsp; (636959) | &nbsp;&nbsp;&nbsp;&nbsp; 890364 | &nbsp;&nbsp;&nbsp; 2590239 | &nbsp;&nbsp;&nbsp; (174236) | &nbsp;&nbsp;&nbsp;&nbsp; 257261 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13276 | &nbsp;&nbsp;&nbsp; 18999 | &nbsp;&nbsp;&nbsp;&nbsp; 105002 | &nbsp;&nbsp; 1034164 | &nbsp;&nbsp;&nbsp; 4075913 | &nbsp;&nbsp; 1034364 | &nbsp;&nbsp;&nbsp;&nbsp; 145712 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $966622 | $3181223 | $574851 | $6324039 | $2594578 | $6489094 | $3615193 | $3656558 |
| **End of year** | $1064529 | $3194499 | $593850 | $6429041 | $3628742 | $10565007 | $4649557 | $3802270 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $562642 | $44044 | $– | $37443 | $– | $166127 | $99366 | $45856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 1914999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3342532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 447697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216578 | &nbsp;&nbsp;&nbsp;&nbsp; (31531) | &nbsp;&nbsp;&nbsp; 1132793 | &nbsp;&nbsp;&nbsp;&nbsp; (30329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77887) | &nbsp;&nbsp;&nbsp;&nbsp; (80575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13806 | &nbsp;&nbsp;&nbsp; 7300616 | &nbsp;&nbsp;&nbsp;&nbsp; (73074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89842) | &nbsp;&nbsp;&nbsp;&nbsp; (34384) | &nbsp;&nbsp;&nbsp;&nbsp; (74905) | &nbsp;&nbsp;&nbsp;&nbsp; (54612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (344984) | &nbsp;&nbsp;&nbsp;&nbsp; (23593) | &nbsp;&nbsp;&nbsp;&nbsp; (586523) | &nbsp;&nbsp;&nbsp;&nbsp; (15350) | &nbsp;&nbsp;&nbsp;&nbsp; (178271) | &nbsp;&nbsp;&nbsp;&nbsp; (47289) | &nbsp;&nbsp;&nbsp;&nbsp; (51457) | &nbsp;&nbsp;&nbsp;&nbsp; (61235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 2487011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2727 | &nbsp;&nbsp; 11189418 | &nbsp;&nbsp;&nbsp;&nbsp; (81311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50968 | &nbsp;&nbsp;&nbsp;&nbsp; 441463 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 5707198 | &nbsp;&nbsp;&nbsp;&nbsp; 345858 | &nbsp;&nbsp;&nbsp; 8060220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56748 | &nbsp;&nbsp;&nbsp; 2440049 | &nbsp;&nbsp;&nbsp;&nbsp; 203634 | &nbsp;&nbsp;&nbsp;&nbsp; 603747 | &nbsp;&nbsp;&nbsp;&nbsp; 697379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911425 | &nbsp;&nbsp;&nbsp;&nbsp; 105785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134653 | &nbsp;&nbsp;&nbsp;&nbsp; (26408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1417406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39859 | &nbsp;&nbsp;&nbsp;&nbsp; (704136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286278 | &nbsp;&nbsp;&nbsp;&nbsp; 160263 | &nbsp;&nbsp;&nbsp;&nbsp; 248968 | &nbsp;&nbsp;&nbsp;&nbsp; 376648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3034436) | &nbsp;&nbsp;&nbsp; (191080) | &nbsp;&nbsp; (4053267) | &nbsp;&nbsp;&nbsp;&nbsp; (85173) | &nbsp;&nbsp; (1104278) | &nbsp;&nbsp;&nbsp; (375556) | &nbsp;&nbsp;&nbsp; (383520) | &nbsp;&nbsp;&nbsp; (372317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4979376 | &nbsp;&nbsp;&nbsp;&nbsp; 298580 | &nbsp;&nbsp;&nbsp; 3601055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18373 | &nbsp;&nbsp;&nbsp; 1742010 | &nbsp;&nbsp;&nbsp;&nbsp; (40336) | &nbsp;&nbsp;&nbsp;&nbsp; 544959 | &nbsp;&nbsp;&nbsp;&nbsp; 757023 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 7466387 | &nbsp;&nbsp;&nbsp;&nbsp; 301307 | &nbsp;&nbsp; 14790473 | &nbsp;&nbsp;&nbsp;&nbsp; (62937) | &nbsp;&nbsp;&nbsp; 2103069 | &nbsp;&nbsp;&nbsp;&nbsp; (36457) | &nbsp;&nbsp;&nbsp;&nbsp; 595928 | &nbsp;&nbsp; 1198486 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $23388430 | $1697729 | $39167909 | $1272720 | $13140957 | $3793375 | $3697228 | $4344664 |
| **End of year** | $30854817 | $1999036 | $53958382 | $1209783 | $15244026 | $3756918 | $4293156 | $5543150 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $182384 | $– | $– | $2697186 | $745997 | $253623 | $412211 | $656860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (52256) | &nbsp;&nbsp; (22131) | &nbsp;&nbsp;&nbsp; (249189) | &nbsp;&nbsp;&nbsp;&nbsp; 3886484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (162360) | &nbsp;&nbsp;&nbsp; 36304408 | &nbsp;&nbsp;&nbsp;&nbsp; (324664) | &nbsp;&nbsp;&nbsp;&nbsp; 472308 | &nbsp;&nbsp;&nbsp; 4603653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (47406) | &nbsp;&nbsp;&nbsp;&nbsp; (2465) | &nbsp;&nbsp;&nbsp;&nbsp; (41806) | &nbsp;&nbsp;&nbsp;&nbsp; (2498603) | &nbsp;&nbsp;&nbsp;&nbsp; (285792) | &nbsp;&nbsp;&nbsp;&nbsp; (96143) | &nbsp;&nbsp;&nbsp;&nbsp; (432441) | &nbsp;&nbsp;&nbsp;&nbsp; (163109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102684 | &nbsp;&nbsp; (24586) | &nbsp;&nbsp;&nbsp; (453355) | &nbsp;&nbsp;&nbsp; 40389475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303917 | &nbsp;&nbsp;&nbsp;&nbsp; 682154 | &nbsp;&nbsp;&nbsp; 5053638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493751 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 612448 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp;&nbsp;&nbsp; 188926 | &nbsp;&nbsp;&nbsp; 34487409 | &nbsp;&nbsp;&nbsp; 3200246 | &nbsp;&nbsp; 1268735 | &nbsp;&nbsp;&nbsp; 5421666 | &nbsp;&nbsp;&nbsp; 9246395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2909 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 | &nbsp;&nbsp;&nbsp; (234053) | &nbsp;&nbsp;&nbsp;&nbsp; 5474686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921222 | &nbsp;&nbsp;&nbsp;&nbsp; 457528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607097 | &nbsp;&nbsp;&nbsp; 1692315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 248891 | &nbsp;&nbsp;&nbsp; 34264 | &nbsp;&nbsp;&nbsp;&nbsp; 112301 | &nbsp;&nbsp;&nbsp;&nbsp; 4811955 | &nbsp;&nbsp;&nbsp; 1189979 | &nbsp;&nbsp;&nbsp;&nbsp; 291017 | &nbsp;&nbsp;&nbsp; 1017215 | &nbsp;&nbsp;&nbsp; 1251741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (442694) | &nbsp;&nbsp; (63311) | &nbsp;&nbsp;&nbsp; (362434) | &nbsp;&nbsp; (16540502) | &nbsp;&nbsp; (2147173) | &nbsp;&nbsp;&nbsp; (679137) | &nbsp;&nbsp; (2631120) | &nbsp;&nbsp; (2856768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 419212 | &nbsp;&nbsp; (23335) | &nbsp;&nbsp;&nbsp; (295958) | &nbsp;&nbsp;&nbsp; 28046374 | &nbsp;&nbsp;&nbsp; 3148746 | &nbsp;&nbsp; 1331429 | &nbsp;&nbsp;&nbsp; 4389308 | &nbsp;&nbsp;&nbsp; 9329171 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 521895 | &nbsp;&nbsp; (47920) | &nbsp;&nbsp;&nbsp; (749313) | &nbsp;&nbsp;&nbsp; 68435849 | &nbsp;&nbsp;&nbsp; 3452663 | &nbsp;&nbsp; 2013583 | &nbsp;&nbsp;&nbsp; 9442947 | &nbsp;&nbsp;&nbsp; 9822922 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3534489 | $200786 | $3806441 | $162200658 | $20354461 | $6423691 | $30065316 | $7327813 |
| **End of year** | $4056384 | $152866 | $3057128 | $230636507 | $23807124 | $8437274 | $39508263 | $17150735 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1013993 | $277322 | $415117 | $251092 | $478067 | $252830 | $789746 | $1404112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1571999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 488829 | &nbsp;&nbsp;&nbsp; 1247308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (116536) | &nbsp;&nbsp;&nbsp;&nbsp; (173663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373489 | &nbsp;&nbsp;&nbsp;&nbsp; (297925) | &nbsp;&nbsp;&nbsp;&nbsp; (127305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120130 | &nbsp;&nbsp;&nbsp; 2375587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6558 | &nbsp;&nbsp; (1266515) | &nbsp;&nbsp;&nbsp; 3670408 | &nbsp;&nbsp;&nbsp;&nbsp; 197648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686219 | &nbsp;&nbsp;&nbsp; 2753039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (205638) | &nbsp;&nbsp;&nbsp;&nbsp; (189130) | &nbsp;&nbsp;&nbsp;&nbsp; (134258) | &nbsp;&nbsp;&nbsp;&nbsp; (166828) | &nbsp;&nbsp;&nbsp;&nbsp; (425027) | &nbsp;&nbsp;&nbsp;&nbsp; (108044) | &nbsp;&nbsp;&nbsp;&nbsp; (363067) | &nbsp;&nbsp;&nbsp;&nbsp; (619464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811950 | &nbsp;&nbsp;&nbsp; 2290116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698056 | &nbsp;&nbsp;&nbsp; 4096936 | &nbsp;&nbsp;&nbsp;&nbsp; 533338 | &nbsp;&nbsp;&nbsp; 2232901 | &nbsp;&nbsp;&nbsp; 4266921 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 2666019 | &nbsp;&nbsp;&nbsp; 1247796 | &nbsp;&nbsp;&nbsp; 1077781 | &nbsp;&nbsp;&nbsp; 2369918 | &nbsp;&nbsp;&nbsp; 5757979 | &nbsp;&nbsp;&nbsp;&nbsp; 796421 | &nbsp;&nbsp;&nbsp; 3455678 | &nbsp;&nbsp; 10150892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81353 | &nbsp;&nbsp;&nbsp;&nbsp; (125733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670692 | &nbsp;&nbsp;&nbsp; 1879145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9820) | &nbsp;&nbsp;&nbsp;&nbsp; (464597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1812941 | &nbsp;&nbsp;&nbsp;&nbsp; (680982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464628 | &nbsp;&nbsp;&nbsp; 1886554 | &nbsp;&nbsp;&nbsp;&nbsp; (234317) | &nbsp;&nbsp; (2185989) | &nbsp;&nbsp;&nbsp;&nbsp; (632363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1578004) | &nbsp;&nbsp; (1369459) | &nbsp;&nbsp; (1237513) | &nbsp;&nbsp; (1456269) | &nbsp;&nbsp; (2380528) | &nbsp;&nbsp; (1048146) | &nbsp;&nbsp; (3237495) | &nbsp;&nbsp; (4327808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 2970282 | &nbsp;&nbsp;&nbsp;&nbsp; (942963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304498 | &nbsp;&nbsp;&nbsp; 2038151 | &nbsp;&nbsp;&nbsp; 7115211 | &nbsp;&nbsp;&nbsp;&nbsp; (500765) | &nbsp;&nbsp; (2453348) | &nbsp;&nbsp;&nbsp; 5105858 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 3782232 | &nbsp;&nbsp;&nbsp; 1347153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720267 | &nbsp;&nbsp;&nbsp; 2736207 | &nbsp;&nbsp; 11212147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32573 | &nbsp;&nbsp;&nbsp;&nbsp; (220447) | &nbsp;&nbsp;&nbsp; 9372779 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $14609892 | $14295810 | $10275310 | $11919862 | $28303935 | $8628056 | $28938786 | $43746017 |
| **End of year** | $18392124 | $15642963 | $10995577 | $14656069 | $39516082 | $8660629 | $28718339 | $53118796 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1384890 | $1305584 | $960214 | $1006780 | $186272 | $208956 | $438264 | $894752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42717 | &nbsp;&nbsp;&nbsp;&nbsp; (327407) | &nbsp;&nbsp;&nbsp;&nbsp; (424757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 3393380 | &nbsp;&nbsp;&nbsp; 3911404 | &nbsp;&nbsp;&nbsp; 3577611 | &nbsp;&nbsp;&nbsp; 4140033 | &nbsp;&nbsp;&nbsp;&nbsp; 711792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440759 | &nbsp;&nbsp;&nbsp;&nbsp; (149536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (638625) | &nbsp;&nbsp;&nbsp;&nbsp; (601763) | &nbsp;&nbsp;&nbsp;&nbsp; (485559) | &nbsp;&nbsp;&nbsp;&nbsp; (529313) | &nbsp;&nbsp;&nbsp;&nbsp; (89174) | &nbsp;&nbsp;&nbsp;&nbsp; (103075) | &nbsp;&nbsp;&nbsp;&nbsp; (174548) | &nbsp;&nbsp;&nbsp;&nbsp; (309875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 4872288 | &nbsp;&nbsp;&nbsp; 4957392 | &nbsp;&nbsp;&nbsp; 4409507 | &nbsp;&nbsp;&nbsp; 5009349 | &nbsp;&nbsp;&nbsp;&nbsp; 813978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10584 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 8755921 | &nbsp;&nbsp; 10716610 | &nbsp;&nbsp;&nbsp; 6824612 | &nbsp;&nbsp;&nbsp; 8099635 | &nbsp;&nbsp; 2699363 | &nbsp;&nbsp;&nbsp; 3137286 | &nbsp;&nbsp;&nbsp; 1493349 | &nbsp;&nbsp;&nbsp; 3492743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (516468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; (424000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152278 | &nbsp;&nbsp;&nbsp;&nbsp; (418788) | &nbsp;&nbsp;&nbsp; 1925216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3219373) | &nbsp;&nbsp; (2406042) | &nbsp;&nbsp; (1270268) | &nbsp;&nbsp; (1919995) | &nbsp;&nbsp;&nbsp; (220455) | &nbsp;&nbsp;&nbsp;&nbsp; (557708) | &nbsp;&nbsp; (1584250) | &nbsp;&nbsp; (3120912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76645) | &nbsp;&nbsp;&nbsp;&nbsp; (103967) | &nbsp;&nbsp;&nbsp;&nbsp; (32295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 5627531 | &nbsp;&nbsp;&nbsp; 9023262 | &nbsp;&nbsp;&nbsp; 4964809 | &nbsp;&nbsp;&nbsp; 6148001 | &nbsp;&nbsp; 2566256 | &nbsp;&nbsp;&nbsp; 2714986 | &nbsp;&nbsp;&nbsp;&nbsp; (534925) | &nbsp;&nbsp;&nbsp; 2339232 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 10499820 | &nbsp;&nbsp; 13980653 | &nbsp;&nbsp;&nbsp; 9374316 | &nbsp;&nbsp; 11157351 | &nbsp;&nbsp; 3380233 | &nbsp;&nbsp;&nbsp; 3655948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194037 | &nbsp;&nbsp;&nbsp; 2349815 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $44743271 | $41018018 | $33229164 | $35803692 | $5420238 | $6346982 | $13614360 | $23325009 |
| **End of year** | $55243091 | $54998671 | $42603480 | $46961043 | $8800471 | $10002930 | $13808397 | $25674824 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $173276 | $129237 | $20584 | $58720 | $39312 | $77248 | $5189 | $90320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790058 | &nbsp;&nbsp;&nbsp; (148365) | &nbsp;&nbsp;&nbsp;&nbsp; (35254) | &nbsp;&nbsp;&nbsp;&nbsp; 153013 | &nbsp;&nbsp;&nbsp;&nbsp; (32293) | &nbsp;&nbsp;&nbsp;&nbsp; (17595) | &nbsp;&nbsp;&nbsp; (22584) | &nbsp;&nbsp;&nbsp;&nbsp; (88353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 1542806 | &nbsp;&nbsp;&nbsp;&nbsp; 111658 | &nbsp;&nbsp;&nbsp;&nbsp; 105749 | &nbsp;&nbsp;&nbsp;&nbsp; 352990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49067 | &nbsp;&nbsp;&nbsp; 124079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (172360) | &nbsp;&nbsp;&nbsp;&nbsp; (57279) | &nbsp;&nbsp;&nbsp;&nbsp; (21422) | &nbsp;&nbsp;&nbsp;&nbsp; (55024) | &nbsp;&nbsp;&nbsp;&nbsp; (15802) | &nbsp;&nbsp;&nbsp;&nbsp; (28667) | &nbsp;&nbsp;&nbsp; (12150) | &nbsp;&nbsp;&nbsp;&nbsp; (41617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2829164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40061 | &nbsp;&nbsp;&nbsp;&nbsp; 124144 | &nbsp;&nbsp;&nbsp;&nbsp; 558637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80053 | &nbsp;&nbsp;&nbsp;&nbsp; 94535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1865) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1233893 | &nbsp;&nbsp;&nbsp;&nbsp; 443911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85304 | &nbsp;&nbsp;&nbsp;&nbsp; 400562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34393 | &nbsp;&nbsp;&nbsp;&nbsp; 561192 | &nbsp;&nbsp;&nbsp;&nbsp; 56175 | &nbsp;&nbsp;&nbsp;&nbsp; 327830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (593745) | &nbsp;&nbsp;&nbsp;&nbsp; 209144 | &nbsp;&nbsp;&nbsp;&nbsp; (94423) | &nbsp;&nbsp;&nbsp; (160435) | &nbsp;&nbsp;&nbsp;&nbsp; (78331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3534 | &nbsp;&nbsp; (104864) | &nbsp;&nbsp;&nbsp; (174196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (172130) | &nbsp;&nbsp;&nbsp;&nbsp; 436049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 274726 | &nbsp;&nbsp;&nbsp;&nbsp; (4298) | &nbsp;&nbsp;&nbsp;&nbsp; 236848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1074771) | &nbsp;&nbsp;&nbsp; (481965) | &nbsp;&nbsp;&nbsp; (143049) | &nbsp;&nbsp;&nbsp; (274413) | &nbsp;&nbsp;&nbsp;&nbsp; (97525) | &nbsp;&nbsp;&nbsp; (237213) | &nbsp;&nbsp;&nbsp; (45834) | &nbsp;&nbsp;&nbsp; (289226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (611313) | &nbsp;&nbsp;&nbsp;&nbsp; 605031 | &nbsp;&nbsp;&nbsp; (131538) | &nbsp;&nbsp;&nbsp;&nbsp; (33206) | &nbsp;&nbsp;&nbsp; (140863) | &nbsp;&nbsp;&nbsp;&nbsp; 600952 | &nbsp;&nbsp;&nbsp; (99096) | &nbsp;&nbsp;&nbsp;&nbsp; 100359 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp; 2217851 | &nbsp;&nbsp;&nbsp;&nbsp; 645092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7394) | &nbsp;&nbsp;&nbsp;&nbsp; 525431 | &nbsp;&nbsp;&nbsp;&nbsp; (95044) | &nbsp;&nbsp;&nbsp;&nbsp; 681005 | &nbsp;&nbsp;&nbsp;&nbsp; (4562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98494 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $12675114 | $4218955 | $1690282 | $4135093 | $1327636 | $1994846 | $994022 | $3276317 |
| **End of year** | $14892965 | $4864047 | $1682888 | $4660524 | $1232592 | $2675851 | $989460 | $3374811 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

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

---

| | |
|:---|:---|
|  | **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $8385623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3955661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 43408492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (5726333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 42112121 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 11198153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (5434910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (6081490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (36256375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contract owners; transactions | &nbsp;&nbsp; (36690100) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 5422021 |
| **Net Assets:** |  |
| **Beginning of year**  | $448957246 |
| **End of year** | $454379267 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements

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

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

**1. NATURE OF SEPARATE ACCOUNT**

Horace Mann Life Insurance Company - Separate Account (the Separate Account), a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, was established by Horace Mann Life Insurance Company (HMLIC) to fund variable annuity contracts.

---

| |
|:---|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 |
| ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND |
| AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 |
| AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 |
| AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III |
| BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES |
| CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I |
| CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I |
| DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| |
|:---|
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 |
| GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S |
| JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES |
| JPMORGAN SMALL CAP VALUE FUND CLASS A |
| LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES |
| LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 |
| MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS |
| MFS VIT II INTERNATIONAL GROWTH SC |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS |
| MFS VIT MID CAP VALUE PORTFOLIO SC |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS |
| NEUBERGER GENESIS FUND ADVISOR CLASS |
| PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS |
| T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS |
| T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS |
| T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS |
| T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS |
| T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS |
| T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS |
| T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES |
| VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES |
| VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES |
| VANGUARD FEDERAL MONEY MARKET FUND |
| VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| |
|:---|
| VANGUARD MID-CAP GROWTH INDEX FUND |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES |
| VANGUARD SELECTED VALUE FUND INVESTOR SHARES |
| VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES |
| VANGUARD TARGET RETIREMENT 2020 FUND |
| VANGUARD TARGET RETIREMENT 2025 FUND |
| VANGUARD TARGET RETIREMENT 2030 FUND |
| VANGUARD TARGET RETIREMENT 2035 FUND |
| VANGUARD TARGET RETIREMENT 2040 FUND |
| VANGUARD TARGET RETIREMENT 2045 FUND |
| VANGUARD TARGET RETIREMENT 2050 FUND |
| VANGUARD TARGET RETIREMENT 2055 FUND |
| VANGUARD TARGET RETIREMENT 2060 FUND |
| VANGUARD TARGET RETIREMENT INCOME FUND |
| VANGUARD TOTAL BOND MARKET INDEX FUND |
| VANGUARD VIF EQUITY INDEX PORTFOLIO |
| VANGUARD VIF GLOBAL BOND INDEX |
| VANGUARD VIF INTERNATIONAL PORTFOLIO |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO |
| VANGUARD VIF REIT INDEX PORTFOLIO |
| VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND |
| VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO |
| VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO |
| WILSHIRE VIT GLOBAL ALLOCATION FUND |

---

The funds listed above are collectively referred to as the "Funds".

Effective May 1, 2025, three funds were added to the Separate Account: Janus Henderson Global Technology and Innovation Class 1, Janus Henderson Global Technology and Innovation Class S, and Neuberger Genesis Fund Advisor Class. Davis Value Portfolio was renamed to Davis Equity Portfolio. DFA VA U.S. Targeted Value Portfolio was renamed to Dimensional VA U.S. Targeted Value Portfolio. Neuberger Berman Genesis Fund Advisor Class was renamed to Neuberger Genesis Fund Advisor Class.

During 2024 no new funds were added to the separate account. In 2024, Calvert VP S&P Mid-Cap 400 Index Portfolio was renamed to Calvert S&P Mid-Cap 400 Index Portfolio.

The contract owners' equity is affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses (see note 3). The accompanying financial statements include only contract owners' purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of HMLIC.

A purchase payment could be presented as a negative equity transaction in the Statement of Changes in Net Assets if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.

A contract owner may choose from among a number of different underlying mutual fund options. HMLIC allocates purchase payments to sub-accounts and/or the fixed account as instructed by the contract owner. Shares of the sub-accounts are purchased at Net Asset Value (NAV), then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**Segment Reporting**

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Executive Vice President of Life and Retirement is the Account's CODM and has determined that each subaccount has operated as a single segment since inception. The CODM monitors the operating results of each subaccount and each subaccount's long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by each subaccount's portfolio management team. The financial information, in the form of the subaccounts' holdings, total returns, expense ratios, and changes in contract owners' equity (i.e., changes in contract owners' equity resulting from operations, contract purchase payments, withdrawals, surrenders, and transfers) are used by the CODM to assess each subaccount's performance by comparing the underlying mutual funds' performance to their respective benchmark and to make resource allocation decisions for each subaccount's single segment, which is consistent with that presented within the subaccounts' financial statements. Segment assets are reflected on the subaccounts' Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statements of Operations."

**2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

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

**Investments**

Security transactions are recorded on a trade date basis. The carrying amounts of the assets approximate fair value and were measured based on the reported net asset values of the Funds, which in turn value their investment securities at fair value. Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains (losses) from security transactions are determined for financial reporting purposes on the first-in-first-out basis.

The Separate Account measures the fair value of its investments on a recurring basis. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement guidance establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities including valuations for securities listed on a national or foreign exchange or investments in mutual funds and securities lending collateral, which is valued as a practical expedient at its daily reported NAV.

Level 2 Unadjusted observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

At the end of each reporting period, an evaluation is made regarding whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred between levels.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

The Separate Account measures the fair value of all its investments using level 1 inputs. For the year ended December 31, 2025, there were no transfers out of Level 1 securities.

**Income Taxes**

The operations of the Separate Account are taxed as part of the operations of HMLIC, which is taxed as a "life insurance company" under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required.

**Calculation of Annuity Reserves.**

At each financial reporting date, the separate account financial statement includes an aggregate amount of net assets allocated to future contract benefits for the contracts in the payout (annuitization) period. The payout (annuitization) period begins when amounts accumulated under the contract (the contract value) are applied according to payment method selected by the contract owner.

Annuity reserves are computed for contracts in the variable payout stage according to industry standard mortality tables. The assumed investment return varies from 2% to 4% depending on the original contract. The mortality risk is fully borne by HMLIC and may result in additional amounts being transferred into the Separate Account by HMLIC to cover greater longevity of annuitants than expected. Conversely, if reserves exceed amounts required, transfers may be made to HMLIC.

**Subsequent Events**

Management evaluated subsequent events for the Separate Account through the date the financial statements were issued, and has concluded that there are no events that require financial statement disclosure or adjustments to the financial statements.

**3. EXPENSES AND RELATED PARTY TRANSACTIONS**

Certain specified amounts, as described in the annuity contracts, are paid to HMLIC to cover death benefits, surrender charges, and maintenance charges.

For assuming mortality and expense risk, HMLIC applies an asset charge to the Separate Accounts as a direct reduction to unit value ranging from 0% to 1.25% of the daily net assets of the Separate Account depending on the product and options selected. The fee for mortality and expense risk may not exceed the annual rate of 1.25% of the net assets (0.45% for mortality risk, and 0.80% expense risk; these may vary from time to time). However, HMLIC reserves the right to change the fee (subject to the 1.25% ceiling) in the future. Optional guaranteed minimum death benefit riders can be elected at time of issue at an additional annual charge not to exceed .40% of net assets. The fees are computed on a daily basis.

An annual contract maintenance charge of $25 is deducted from each contract unless the contract value equals or exceeds $10,000 to reimburse HMLIC for expenses incurred in administering the contract. When taken, the contract maintenance charge is assessed on the contract anniversary date through a reduction of units. This charge may be reduced or eliminated on certain individual contracts and on some group plans. The annual maintenance charge is paid through a redemption of units and is deducted from the sub-account(s) containing the greatest dollar amount or from the fixed portion of the contract when none of the variable subsaccounts have any value. Charges for the annual maintenance charge cease on the maturity date. No annual maintenance charge is taken, in whole or in part, in the event of a complete surrender unless the surrender occurs on the contract anniversary date. If multiple deferred annuity contracts or certificates are held, the values of all such contracts/certificates will be combined to determine whether the $10,000 value has been met. If multiple contracts are issued to accommodate multiple sources of funds, only one maintenance charge will be deducted.

In the event of a contract being surrendered or withdrawn from the sub-account, surrender charges are assessed by HMLIC and withheld from the proceeds of the withdrawals on the basis of the amount surrendered or withdrawn from the sub-account(s).

HMLIC contributed $12 in the form of bonus credits to the contract owner accounts for the year ended December 31, 2025. HMLIC did not contribute any bonus credits in 2024. These amounts are included in gross stipulated payments received on annuity contracts and are credited at the time the related purchase payment from the contract owner is received.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**4. PURCHASE AND SALES OF SEPARATE ACCOUNT FUND SHARES**

During the year ended December 31, 2025 purchases and proceeds from sales of fund shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | &nbsp;&nbsp; $912 | &nbsp;&nbsp; $14993 |
| ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND | &nbsp;&nbsp; 1215871 | &nbsp;&nbsp; 5757358 |
| AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 | &nbsp;&nbsp; 1945526 | &nbsp;&nbsp; 887913 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | &nbsp;&nbsp; 9583512 | &nbsp;&nbsp; 7507788 |
| AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 | &nbsp;&nbsp; 4026163 | &nbsp;&nbsp; 1089522 |
| AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 | &nbsp;&nbsp; 1865359 | &nbsp;&nbsp; 1490669 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | &nbsp;&nbsp; 184113 | &nbsp;&nbsp; 160484 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | &nbsp;&nbsp; 1960183 | &nbsp;&nbsp; 1879775 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 | &nbsp;&nbsp; 1442460 | &nbsp;&nbsp; 805184 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 | &nbsp;&nbsp; 5650722 | &nbsp;&nbsp; 4922150 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | &nbsp;&nbsp; 897979 | &nbsp;&nbsp; 446594 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | &nbsp;&nbsp; 550743 | &nbsp;&nbsp; 417510 |
| BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES | &nbsp;&nbsp; 21767438 | &nbsp;&nbsp; 17714438 |
| CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F | &nbsp;&nbsp; 31147349 | &nbsp;&nbsp; 28315520 |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | &nbsp;&nbsp; 5473407 | &nbsp;&nbsp; 2223831 |
| CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I | &nbsp;&nbsp; 288862 | &nbsp;&nbsp; 548076 |
| DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO | &nbsp;&nbsp; 353405 | &nbsp;&nbsp; 118569 |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | &nbsp;&nbsp; 317712 | &nbsp;&nbsp; 264136 |
| FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 92933 | &nbsp;&nbsp; 279722 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 143857 | &nbsp;&nbsp; 200718 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | &nbsp;&nbsp; 1871099 | &nbsp;&nbsp; 2313968 |
| FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 1019957 | &nbsp;&nbsp; 855100 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 143952 | &nbsp;&nbsp; 337012 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | &nbsp;&nbsp; 5871324 | &nbsp;&nbsp; 3524651 |
| FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 94060 | &nbsp;&nbsp; 41584 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 211224 | &nbsp;&nbsp; 37841 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | &nbsp;&nbsp; 4641627 | &nbsp;&nbsp; 1959617 |
| FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 23018 | &nbsp;&nbsp; 46452 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 16776 | &nbsp;&nbsp; 2771 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | &nbsp;&nbsp; 337021 | &nbsp;&nbsp; 42721 |
| FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; 340 |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | &nbsp;&nbsp; 139836 | &nbsp;&nbsp; 27663 |
| FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 88873 | &nbsp;&nbsp; 572725 |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | &nbsp;&nbsp; 298574 | &nbsp;&nbsp; 673108 |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | &nbsp;&nbsp; 776223 | &nbsp;&nbsp; 1667650 |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | &nbsp;&nbsp; 3377325 | &nbsp;&nbsp; 7132733 |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | &nbsp;&nbsp; 3229651 | &nbsp;&nbsp; 6330402 |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | &nbsp;&nbsp; 2561992 | &nbsp;&nbsp; 5597899 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | &nbsp;&nbsp; 25752268 | &nbsp;&nbsp; 43683229 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 2400127 | &nbsp;&nbsp; 441915 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 | &nbsp;&nbsp; 5075747 | &nbsp;&nbsp; 5842586 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | &nbsp;&nbsp; 9679339 | &nbsp;&nbsp; 6148883 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | &nbsp;&nbsp; 1448400 | &nbsp;&nbsp; 2761175 |
| GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES | &nbsp;&nbsp; 7588114 | &nbsp;&nbsp; 6490122 |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I\* | &nbsp;&nbsp; 2538066 | &nbsp;&nbsp; 40581 |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S\* | &nbsp;&nbsp; 1549118 | &nbsp;&nbsp; 41915 |
| JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES | &nbsp;&nbsp; 1549900 | &nbsp;&nbsp; 181874 |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | &nbsp;&nbsp; 912918 | &nbsp;&nbsp; 730837 |
| LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES | &nbsp;&nbsp; 310151 | &nbsp;&nbsp; 1423572 |
| LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 | &nbsp;&nbsp; 3273305 | &nbsp;&nbsp; 4688145 |
| MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 244265 | &nbsp;&nbsp; 182274 |
| MFS VIT II INTERNATIONAL GROWTH SC | &nbsp;&nbsp; 626028 | &nbsp;&nbsp; 478809 |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 130386 | &nbsp;&nbsp; 85036 |
| MFS VIT MID CAP VALUE PORTFOLIO SC | &nbsp;&nbsp; 906558 | &nbsp;&nbsp; 802864 |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | &nbsp;&nbsp; 1120826 | &nbsp;&nbsp; 605909 |
| NEUBERGER GENESIS FUND ADVISOR CLASS\* | &nbsp;&nbsp; 580415 | &nbsp;&nbsp; 65986 |
| PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES | &nbsp;&nbsp; 4925535 | &nbsp;&nbsp; 1196722 |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS | &nbsp;&nbsp; 1718737 | &nbsp;&nbsp; 518620 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 447330 | &nbsp;&nbsp; 598187 |
| T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 11413045 | &nbsp;&nbsp; 3784738 |
| T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS | &nbsp;&nbsp; 413116 | &nbsp;&nbsp; 321871 |
| T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 21294785 | &nbsp;&nbsp; 5531467 |
| T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS | &nbsp;&nbsp; 156913 | &nbsp;&nbsp; 245038 |
| T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS | &nbsp;&nbsp; 3656012 | &nbsp;&nbsp; 2024157 |
| T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 515882 | &nbsp;&nbsp; 921429 |
| T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 746163 | &nbsp;&nbsp; 653160 |
| T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS | &nbsp;&nbsp; 2053977 | &nbsp;&nbsp; 526142 |
| T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 952789 | &nbsp;&nbsp; 661210 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | &nbsp;&nbsp; 12569 | &nbsp;&nbsp; 23771 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | &nbsp;&nbsp; 246490 | &nbsp;&nbsp; 694462 |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 70419316 | &nbsp;&nbsp; 26314066 |
| VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 5746373 | &nbsp;&nbsp; 3498663 |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 2246580 | &nbsp;&nbsp; 1046179 |
| VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 10963078 | &nbsp;&nbsp; 3670968 |
| VANGUARD FEDERAL MONEY MARKET FUND | &nbsp;&nbsp; 10722114 | &nbsp;&nbsp; 6728298 |
| VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES | &nbsp;&nbsp; 6860401 | &nbsp;&nbsp; 1977650 |
| VANGUARD MID-CAP GROWTH INDEX FUND | &nbsp;&nbsp; 3437194 | &nbsp;&nbsp; 1935787 |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 2212375 | &nbsp;&nbsp; 1282637 |
| VANGUARD SELECTED VALUE FUND INVESTOR SHARES | &nbsp;&nbsp; 5760438 | &nbsp;&nbsp; 1735945 |
| VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 12371165 | &nbsp;&nbsp; 3642418 |
| VANGUARD TARGET RETIREMENT 2020 FUND | &nbsp;&nbsp; 1575073 | &nbsp;&nbsp; 2157545 |
| VANGUARD TARGET RETIREMENT 2025 FUND | &nbsp;&nbsp; 5701029 | &nbsp;&nbsp; 5090414 |
| VANGUARD TARGET RETIREMENT 2030 FUND | &nbsp;&nbsp; 17246640 | &nbsp;&nbsp; 7927320 |
| VANGUARD TARGET RETIREMENT 2035 FUND | &nbsp;&nbsp; 14818900 | &nbsp;&nbsp; 5039525 |
| VANGUARD TARGET RETIREMENT 2040 FUND | &nbsp;&nbsp; 11889143 | &nbsp;&nbsp; 4081933 |
| VANGUARD TARGET RETIREMENT 2045 FUND | &nbsp;&nbsp; 9033398 | &nbsp;&nbsp; 3633239 |
| VANGUARD TARGET RETIREMENT 2050 FUND | &nbsp;&nbsp; 9277230 | &nbsp;&nbsp; 3331668 |
| VANGUARD TARGET RETIREMENT 2055 FUND | &nbsp;&nbsp; 3824815 | &nbsp;&nbsp; 804357 |
| VANGUARD TARGET RETIREMENT 2060 FUND | &nbsp;&nbsp; 4479091 | &nbsp;&nbsp; 824206 |
| VANGUARD TARGET RETIREMENT INCOME FUND | &nbsp;&nbsp; 2162392 | &nbsp;&nbsp; 2526823 |
| VANGUARD TOTAL BOND MARKET INDEX FUND | &nbsp;&nbsp; 6586465 | &nbsp;&nbsp; 3944287 |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | &nbsp;&nbsp; 4602852 | &nbsp;&nbsp; 1986752 |
| VANGUARD VIF GLOBAL BOND INDEX | &nbsp;&nbsp; 1351782 | &nbsp;&nbsp; 743931 |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | &nbsp;&nbsp; 318001 | &nbsp;&nbsp; 388372 |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | &nbsp;&nbsp; 1031672 | &nbsp;&nbsp; 706289 |
| VANGUARD VIF REIT INDEX PORTFOLIO | &nbsp;&nbsp; 436720 | &nbsp;&nbsp; 82663 |
| VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND | &nbsp;&nbsp; 878182 | &nbsp;&nbsp; 509928 |
| VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | &nbsp;&nbsp; 263280 | &nbsp;&nbsp; 44201 |
| VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO | &nbsp;&nbsp; 517423 | &nbsp;&nbsp; 725380 |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | &nbsp;&nbsp; 40987041 | &nbsp;&nbsp; 57502972 |

---

\*

Purchase and sales activity for these funds were for the period from May 1, 2025 (inception) through December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

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

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

**5. CHANGE IN CONTRACT OWNERS' ACCOUNT UNITS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; ALGER MID CAP GROWTH PORTFOLIO CLASS <br> I-2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5019 |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP <br> GROWTH FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 618759 | &nbsp;&nbsp;&nbsp;&nbsp; 15530 | &nbsp;&nbsp;&nbsp; (39217) | &nbsp;&nbsp;&nbsp;&nbsp; (54024) | &nbsp;&nbsp;&nbsp;&nbsp; 541048 | &nbsp;&nbsp;&nbsp;&nbsp; 13818 | &nbsp;&nbsp;&nbsp;&nbsp; (19578) | &nbsp;&nbsp;&nbsp;&nbsp; (38645) | &nbsp;&nbsp;&nbsp;&nbsp; 496643 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT <br> SECURITIES CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315006 | &nbsp;&nbsp;&nbsp;&nbsp; 86474 | &nbsp;&nbsp;&nbsp;&nbsp; 42988 | &nbsp;&nbsp;&nbsp;&nbsp; (45653) | &nbsp;&nbsp;&nbsp;&nbsp; 398815 | &nbsp;&nbsp;&nbsp;&nbsp; 93798 | &nbsp;&nbsp;&nbsp;&nbsp; 40118 | &nbsp;&nbsp;&nbsp;&nbsp; (55461) | &nbsp;&nbsp;&nbsp;&nbsp; 477269 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | &nbsp;&nbsp;&nbsp;&nbsp; 211566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; (22775) | &nbsp;&nbsp;&nbsp;&nbsp; 196545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5569) | &nbsp;&nbsp;&nbsp;&nbsp; (18438) | &nbsp;&nbsp;&nbsp;&nbsp; 178565 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL <br> GROWTH & INCOME FUND CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 168228 | &nbsp;&nbsp;&nbsp;&nbsp; 62009 | &nbsp;&nbsp;&nbsp;&nbsp; 29585 | &nbsp;&nbsp;&nbsp;&nbsp; (12646) | &nbsp;&nbsp;&nbsp;&nbsp; 247177 | &nbsp;&nbsp;&nbsp;&nbsp; 92386 | &nbsp;&nbsp;&nbsp;&nbsp; 61189 | &nbsp;&nbsp;&nbsp;&nbsp; (23634) | &nbsp;&nbsp;&nbsp;&nbsp; 377118 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 589011 | &nbsp;&nbsp;&nbsp;&nbsp; 24321 | &nbsp;&nbsp;&nbsp;&nbsp; 15798 | &nbsp;&nbsp;&nbsp;&nbsp; (58251) | &nbsp;&nbsp;&nbsp;&nbsp; 570879 | &nbsp;&nbsp;&nbsp;&nbsp; 27196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6064 | &nbsp;&nbsp;&nbsp;&nbsp; (55426) | &nbsp;&nbsp;&nbsp;&nbsp; 548712 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS NEW WORLD FUND <br> CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS NEW WORLD FUND <br> CLASS 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 494739 | &nbsp;&nbsp;&nbsp;&nbsp; 23981 | &nbsp;&nbsp;&nbsp; (22803) | &nbsp;&nbsp;&nbsp;&nbsp; (44844) | &nbsp;&nbsp;&nbsp;&nbsp; 451073 | &nbsp;&nbsp;&nbsp;&nbsp; 21472 | &nbsp;&nbsp;&nbsp;&nbsp; (21786) | &nbsp;&nbsp;&nbsp;&nbsp; (30836) | &nbsp;&nbsp;&nbsp;&nbsp; 419923 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150671 | &nbsp;&nbsp;&nbsp;&nbsp; 23334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7456 | &nbsp;&nbsp;&nbsp;&nbsp; (13000) | &nbsp;&nbsp;&nbsp;&nbsp; 168460 | &nbsp;&nbsp;&nbsp;&nbsp; 26992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2408 | &nbsp;&nbsp;&nbsp;&nbsp; (21308) | &nbsp;&nbsp;&nbsp;&nbsp; 176553 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| &nbsp;&nbsp; 1081435 | &nbsp;&nbsp;&nbsp;&nbsp; 41859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (841) | &nbsp;&nbsp; (119923) | &nbsp;&nbsp; 1002530 | &nbsp;&nbsp;&nbsp;&nbsp; 38813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3855) | &nbsp;&nbsp; (111546) | &nbsp;&nbsp;&nbsp;&nbsp; 925941 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | &nbsp;&nbsp;&nbsp;&nbsp; 201775 | &nbsp;&nbsp;&nbsp;&nbsp; 11240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; (21493) | &nbsp;&nbsp;&nbsp;&nbsp; 193077 | &nbsp;&nbsp;&nbsp;&nbsp; 38076 | &nbsp;&nbsp;&nbsp;&nbsp; 32057 | &nbsp;&nbsp;&nbsp;&nbsp; (34306) | &nbsp;&nbsp;&nbsp;&nbsp; 228903 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | &nbsp;&nbsp;&nbsp;&nbsp; 203709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9444 | &nbsp;&nbsp;&nbsp;&nbsp; 24778 | &nbsp;&nbsp;&nbsp;&nbsp; (29874) | &nbsp;&nbsp;&nbsp;&nbsp; 208057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7579 | &nbsp;&nbsp;&nbsp;&nbsp; 27360 | &nbsp;&nbsp;&nbsp;&nbsp; (28734) | &nbsp;&nbsp;&nbsp;&nbsp; 214262 |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| &nbsp;&nbsp; 3242748 | &nbsp;&nbsp;&nbsp;&nbsp; 76644 | &nbsp;&nbsp;&nbsp; (79849) | &nbsp;&nbsp; (229425) | &nbsp;&nbsp; 3010117 | &nbsp;&nbsp;&nbsp;&nbsp; 71482 | &nbsp;&nbsp;&nbsp;&nbsp; (45711) | &nbsp;&nbsp; (235572) | &nbsp;&nbsp; 2800317 |
| &nbsp;&nbsp;&nbsp; CALVERT S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| &nbsp;&nbsp; 1383988 | &nbsp;&nbsp;&nbsp;&nbsp; 31245 | &nbsp;&nbsp;&nbsp; (42070) | &nbsp;&nbsp;&nbsp;&nbsp; (95300) | &nbsp;&nbsp; 1277863 | &nbsp;&nbsp;&nbsp;&nbsp; 29134 | &nbsp;&nbsp;&nbsp;&nbsp; (19987) | &nbsp;&nbsp;&nbsp;&nbsp; (94659) | &nbsp;&nbsp; 1192351 |
| &nbsp;&nbsp;&nbsp; CALVERT VP SRI BALANCED PORTFOLIO <br> CLASS I<br>| &nbsp;&nbsp; 3593579 | &nbsp;&nbsp; 761846 | &nbsp;&nbsp; 309989 | &nbsp;&nbsp; (332809) | &nbsp;&nbsp; 4332605 | &nbsp;&nbsp; 927979 | &nbsp;&nbsp;&nbsp;&nbsp; 103068 | &nbsp;&nbsp; (444576) | &nbsp;&nbsp; 4919076 |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP <br> GROWTH PORTFOLIO CLASS I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3207 | &nbsp;&nbsp;&nbsp;&nbsp; (7670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| &nbsp;&nbsp;&nbsp; DIMENSIONAL VA U.S. TARGETED VALUE <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 119487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; (23663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91136 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40451 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7971 | &nbsp;&nbsp;&nbsp; (17293) | &nbsp;&nbsp;&nbsp;&nbsp; (22687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 726789 | &nbsp;&nbsp;&nbsp;&nbsp; 41432 | &nbsp;&nbsp;&nbsp; (14109) | &nbsp;&nbsp;&nbsp;&nbsp; (81297) | &nbsp;&nbsp;&nbsp;&nbsp; 672815 | &nbsp;&nbsp;&nbsp;&nbsp; 31682 | &nbsp;&nbsp;&nbsp;&nbsp; (25707) | &nbsp;&nbsp;&nbsp;&nbsp; (68468) | &nbsp;&nbsp;&nbsp;&nbsp; 610321 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89057 | &nbsp;&nbsp;&nbsp;&nbsp; 16519 | &nbsp;&nbsp;&nbsp;&nbsp; (4943) | &nbsp;&nbsp;&nbsp;&nbsp; (10077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90555 | &nbsp;&nbsp;&nbsp;&nbsp; 38158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5503) | &nbsp;&nbsp;&nbsp;&nbsp; (31076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 909143 | &nbsp;&nbsp;&nbsp;&nbsp; 53817 | &nbsp;&nbsp;&nbsp; (12562) | &nbsp;&nbsp;&nbsp;&nbsp; (45737) | &nbsp;&nbsp;&nbsp;&nbsp; 904662 | &nbsp;&nbsp;&nbsp;&nbsp; 50955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6506 | &nbsp;&nbsp;&nbsp;&nbsp; (73671) | &nbsp;&nbsp;&nbsp;&nbsp; 888452 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19112 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 683071 | &nbsp;&nbsp;&nbsp;&nbsp; 45706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4652 | &nbsp;&nbsp;&nbsp;&nbsp; (28945) | &nbsp;&nbsp;&nbsp;&nbsp; 704484 | &nbsp;&nbsp;&nbsp;&nbsp; 41197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp; (48668) | &nbsp;&nbsp;&nbsp;&nbsp; 701729 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6919 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9924 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3293 | &nbsp;&nbsp;&nbsp;&nbsp; 10989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75230 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 27308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38223 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3211 | &nbsp;&nbsp;&nbsp; (18561) | &nbsp;&nbsp;&nbsp;&nbsp; (35476) | &nbsp;&nbsp;&nbsp;&nbsp; 113480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; (36397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 298750 | &nbsp;&nbsp;&nbsp;&nbsp; 12013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9258 | &nbsp;&nbsp;&nbsp;&nbsp; (31859) | &nbsp;&nbsp;&nbsp;&nbsp; 288162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6558 | &nbsp;&nbsp;&nbsp;&nbsp; (16089) | &nbsp;&nbsp;&nbsp;&nbsp; (20867) | &nbsp;&nbsp;&nbsp;&nbsp; 257765 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 691177 | &nbsp;&nbsp;&nbsp;&nbsp; 25848 | &nbsp;&nbsp;&nbsp; (19036) | &nbsp;&nbsp;&nbsp;&nbsp; (68350) | &nbsp;&nbsp;&nbsp;&nbsp; 629638 | &nbsp;&nbsp;&nbsp;&nbsp; 18511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9711) | &nbsp;&nbsp;&nbsp;&nbsp; (65201) | &nbsp;&nbsp;&nbsp;&nbsp; 573237 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 2736436 | &nbsp;&nbsp; 139148 | &nbsp;&nbsp;&nbsp; (86482) | &nbsp;&nbsp; (213414) | &nbsp;&nbsp; 2575689 | &nbsp;&nbsp; 110296 | &nbsp;&nbsp; (120305) | &nbsp;&nbsp; (192736) | &nbsp;&nbsp; 2372944 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 2281007 | &nbsp;&nbsp; 108283 | &nbsp;&nbsp; (125157) | &nbsp;&nbsp; (203440) | &nbsp;&nbsp; 2060693 | &nbsp;&nbsp;&nbsp;&nbsp; 85170 | &nbsp;&nbsp; (148303) | &nbsp;&nbsp; (125289) | &nbsp;&nbsp; 1872271 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 1402041 | &nbsp;&nbsp;&nbsp;&nbsp; 74149 | &nbsp;&nbsp;&nbsp; (58061) | &nbsp;&nbsp;&nbsp;&nbsp; (90943) | &nbsp;&nbsp; 1327187 | &nbsp;&nbsp;&nbsp;&nbsp; 63200 | &nbsp;&nbsp; (137450) | &nbsp;&nbsp;&nbsp;&nbsp; (83585) | &nbsp;&nbsp; 1169352 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | &nbsp;&nbsp; 1124003 | &nbsp;&nbsp;&nbsp;&nbsp; 23124 | &nbsp;&nbsp;&nbsp; (30397) | &nbsp;&nbsp;&nbsp;&nbsp; (88606) | &nbsp;&nbsp; 1028123 | &nbsp;&nbsp;&nbsp;&nbsp; 19346 | &nbsp;&nbsp;&nbsp;&nbsp; (33741) | &nbsp;&nbsp;&nbsp;&nbsp; (79204) | &nbsp;&nbsp;&nbsp;&nbsp; 934524 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226845 | &nbsp;&nbsp;&nbsp;&nbsp; 97330 | &nbsp;&nbsp;&nbsp;&nbsp; 49615 | &nbsp;&nbsp;&nbsp;&nbsp; (19878) | &nbsp;&nbsp;&nbsp;&nbsp; 353911 | &nbsp;&nbsp;&nbsp;&nbsp; 89543 | &nbsp;&nbsp;&nbsp;&nbsp; 77502 | &nbsp;&nbsp;&nbsp;&nbsp; (27160) | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 1588258 | &nbsp;&nbsp;&nbsp;&nbsp; 70160 | &nbsp;&nbsp;&nbsp;&nbsp; 37498 | &nbsp;&nbsp; (131591) | &nbsp;&nbsp; 1564325 | &nbsp;&nbsp;&nbsp;&nbsp; 56196 | &nbsp;&nbsp;&nbsp;&nbsp; 75192 | &nbsp;&nbsp; (171366) | &nbsp;&nbsp; 1524347 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | &nbsp;&nbsp; 1718706 | &nbsp;&nbsp;&nbsp;&nbsp; 51844 | &nbsp;&nbsp;&nbsp; (49918) | &nbsp;&nbsp; (126183) | &nbsp;&nbsp; 1594449 | &nbsp;&nbsp;&nbsp;&nbsp; 45058 | &nbsp;&nbsp;&nbsp;&nbsp; (62934) | &nbsp;&nbsp; (116608) | &nbsp;&nbsp; 1459965 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | &nbsp;&nbsp;&nbsp;&nbsp; 870463 | &nbsp;&nbsp;&nbsp;&nbsp; 38968 | &nbsp;&nbsp;&nbsp; (34159) | &nbsp;&nbsp;&nbsp;&nbsp; (78597) | &nbsp;&nbsp;&nbsp;&nbsp; 796675 | &nbsp;&nbsp;&nbsp;&nbsp; 32787 | &nbsp;&nbsp;&nbsp;&nbsp; (11955) | &nbsp;&nbsp;&nbsp;&nbsp; (64450) | &nbsp;&nbsp;&nbsp;&nbsp; 753058 |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 21814436 | &nbsp;&nbsp; 4614485 | &nbsp;&nbsp; 6794919 | &nbsp;&nbsp; (2965894) | &nbsp;&nbsp; 30257946 | &nbsp;&nbsp; 2328398 | &nbsp;&nbsp; 1993975 | &nbsp;&nbsp; (4174065) | &nbsp;&nbsp; 30406254 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY <br> AND INNOVATION FUND CL I\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 48854 | &nbsp;&nbsp;&nbsp;&nbsp; 50390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY <br> AND INNOVATION FUND CL S\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp; 59881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59288 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE <br> PORTFOLIO INSTIUTIONAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | &nbsp;&nbsp;&nbsp;&nbsp; 103328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4968 | &nbsp;&nbsp;&nbsp;&nbsp; (1595) | &nbsp;&nbsp;&nbsp;&nbsp; (12749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92774 |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6904 | &nbsp;&nbsp;&nbsp;&nbsp; (9978) | &nbsp;&nbsp;&nbsp;&nbsp; (14499) | &nbsp;&nbsp;&nbsp;&nbsp; 146857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9679) | &nbsp;&nbsp;&nbsp;&nbsp; (15191) | &nbsp;&nbsp;&nbsp;&nbsp; 127618 |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND <br> STANDARD CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 785551 | &nbsp;&nbsp;&nbsp;&nbsp; 13316 | &nbsp;&nbsp;&nbsp; (16949) | &nbsp;&nbsp;&nbsp;&nbsp; (58631) | &nbsp;&nbsp;&nbsp;&nbsp; 723287 | &nbsp;&nbsp;&nbsp;&nbsp; 13974 | &nbsp;&nbsp;&nbsp;&nbsp; (30228) | &nbsp;&nbsp;&nbsp;&nbsp; (56268) | &nbsp;&nbsp;&nbsp;&nbsp; 650765 |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP <br> EQUITY PORTFOLIO INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 |
| MFS VIT II INTERNATIONAL GROWTH SC | &nbsp;&nbsp;&nbsp;&nbsp; 171396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7379 | &nbsp;&nbsp;&nbsp;&nbsp; (4468) | &nbsp;&nbsp;&nbsp;&nbsp; (14149) | &nbsp;&nbsp;&nbsp;&nbsp; 160158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4529 | &nbsp;&nbsp;&nbsp;&nbsp; (13411) | &nbsp;&nbsp;&nbsp;&nbsp; 157526 |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp;&nbsp; (3413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37062 |
| MFS VIT MID CAP VALUE PORTFOLIO SC | &nbsp;&nbsp;&nbsp;&nbsp; 352360 | &nbsp;&nbsp;&nbsp;&nbsp; 15431 | &nbsp;&nbsp;&nbsp; (20853) | &nbsp;&nbsp;&nbsp;&nbsp; (27278) | &nbsp;&nbsp;&nbsp;&nbsp; 319660 | &nbsp;&nbsp;&nbsp;&nbsp; 14960 | &nbsp;&nbsp;&nbsp;&nbsp; (24860) | &nbsp;&nbsp;&nbsp;&nbsp; (22715) | &nbsp;&nbsp;&nbsp;&nbsp; 287046 |
| &nbsp;&nbsp;&nbsp; MFS VIT NEW DISCOVERY SERIES INITIAL <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112116 | &nbsp;&nbsp;&nbsp;&nbsp; 30847 | &nbsp;&nbsp;&nbsp;&nbsp; 19860 | &nbsp;&nbsp;&nbsp;&nbsp; (14056) | &nbsp;&nbsp;&nbsp;&nbsp; 148767 | &nbsp;&nbsp;&nbsp;&nbsp; 29367 | &nbsp;&nbsp;&nbsp;&nbsp; 13563 | &nbsp;&nbsp;&nbsp;&nbsp; (13110) | &nbsp;&nbsp;&nbsp;&nbsp; 178586 |
| NEUBERGER GENESIS FUND ADVISOR CLASS\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110284 | &nbsp;&nbsp;&nbsp;&nbsp; 31344 | &nbsp;&nbsp;&nbsp;&nbsp; 15605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9825) | &nbsp;&nbsp;&nbsp;&nbsp; 147408 | &nbsp;&nbsp;&nbsp;&nbsp; 36448 | &nbsp;&nbsp;&nbsp;&nbsp; 11193 | &nbsp;&nbsp;&nbsp;&nbsp; (12401) | &nbsp;&nbsp;&nbsp;&nbsp; 182648 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH <br> PORTFOLIO INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5318 | &nbsp;&nbsp;&nbsp;&nbsp; (2005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62308 | &nbsp;&nbsp;&nbsp;&nbsp; 12277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100579 | &nbsp;&nbsp;&nbsp;&nbsp; 11199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7419) | &nbsp;&nbsp;&nbsp;&nbsp; 107769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9513) | &nbsp;&nbsp;&nbsp;&nbsp; 106177 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 449714 | &nbsp;&nbsp; 101056 | &nbsp;&nbsp;&nbsp;&nbsp; 41045 | &nbsp;&nbsp;&nbsp;&nbsp; (54921) | &nbsp;&nbsp;&nbsp;&nbsp; 536893 | &nbsp;&nbsp; 113690 | &nbsp;&nbsp;&nbsp;&nbsp; 43629 | &nbsp;&nbsp;&nbsp;&nbsp; (49077) | &nbsp;&nbsp;&nbsp;&nbsp; 645135 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75381 | &nbsp;&nbsp;&nbsp;&nbsp; 15221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5882 | &nbsp;&nbsp;&nbsp;&nbsp; (10138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 323086 | &nbsp;&nbsp;&nbsp;&nbsp; 57284 | &nbsp;&nbsp;&nbsp;&nbsp; (2914) | &nbsp;&nbsp;&nbsp;&nbsp; (29700) | &nbsp;&nbsp;&nbsp;&nbsp; 347756 | &nbsp;&nbsp;&nbsp;&nbsp; 63214 | &nbsp;&nbsp;&nbsp;&nbsp; 10569 | &nbsp;&nbsp;&nbsp;&nbsp; (28887) | &nbsp;&nbsp;&nbsp;&nbsp; 392652 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6340 | &nbsp;&nbsp;&nbsp;&nbsp; (11556) | &nbsp;&nbsp;&nbsp;&nbsp; 167018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4344 | &nbsp;&nbsp;&nbsp;&nbsp; (20583) | &nbsp;&nbsp;&nbsp;&nbsp; 158491 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 132282 | &nbsp;&nbsp;&nbsp;&nbsp; 24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp;&nbsp; (11253) | &nbsp;&nbsp;&nbsp;&nbsp; 149616 | &nbsp;&nbsp;&nbsp;&nbsp; 18207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1527) | &nbsp;&nbsp;&nbsp;&nbsp; (13227) | &nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 416949 | &nbsp;&nbsp;&nbsp;&nbsp; 22439 | &nbsp;&nbsp;&nbsp;&nbsp; 14760 | &nbsp;&nbsp;&nbsp;&nbsp; (41346) | &nbsp;&nbsp;&nbsp;&nbsp; 412803 | &nbsp;&nbsp;&nbsp;&nbsp; 20728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119 | &nbsp;&nbsp;&nbsp;&nbsp; (62708) | &nbsp;&nbsp;&nbsp;&nbsp; 373941 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276952 | &nbsp;&nbsp;&nbsp;&nbsp; 43489 | &nbsp;&nbsp;&nbsp;&nbsp; 23996 | &nbsp;&nbsp;&nbsp;&nbsp; (27970) | &nbsp;&nbsp;&nbsp;&nbsp; 316467 | &nbsp;&nbsp;&nbsp;&nbsp; 30258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4035) | &nbsp;&nbsp;&nbsp;&nbsp; (35889) | &nbsp;&nbsp;&nbsp;&nbsp; 306801 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74737 | &nbsp;&nbsp;&nbsp;&nbsp; 12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 257125 | &nbsp;&nbsp;&nbsp;&nbsp; 43998 | &nbsp;&nbsp;&nbsp;&nbsp; 18004 | &nbsp;&nbsp;&nbsp;&nbsp; (31844) | &nbsp;&nbsp;&nbsp;&nbsp; 287283 | &nbsp;&nbsp;&nbsp;&nbsp; 33399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 | &nbsp;&nbsp;&nbsp;&nbsp; (28871) | &nbsp;&nbsp;&nbsp;&nbsp; 298419 |
| &nbsp;&nbsp;&nbsp; TEMPLETON GLOBAL BOND VIP FUND CLASS <br> 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11527 |
| &nbsp;&nbsp;&nbsp; TEMPLETON GLOBAL BOND VIP FUND CLASS <br> 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207852 | &nbsp;&nbsp;&nbsp;&nbsp; 10988 | &nbsp;&nbsp;&nbsp;&nbsp; (6577) | &nbsp;&nbsp;&nbsp;&nbsp; (20973) | &nbsp;&nbsp;&nbsp;&nbsp; 191290 | &nbsp;&nbsp;&nbsp;&nbsp; 10827 | &nbsp;&nbsp;&nbsp;&nbsp; (10993) | &nbsp;&nbsp;&nbsp;&nbsp; (14804) | &nbsp;&nbsp;&nbsp;&nbsp; 176320 |
| &nbsp;&nbsp;&nbsp; VANGUARD 500 INDEX FUND ADMIRAL <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356263 | &nbsp;&nbsp;&nbsp;&nbsp; 66458 | &nbsp;&nbsp;&nbsp;&nbsp; 20141 | &nbsp;&nbsp;&nbsp;&nbsp; (32423) | &nbsp;&nbsp;&nbsp;&nbsp; 410440 | &nbsp;&nbsp;&nbsp;&nbsp; 80378 | &nbsp;&nbsp;&nbsp;&nbsp; 23915 | &nbsp;&nbsp;&nbsp;&nbsp; (34004) | &nbsp;&nbsp;&nbsp;&nbsp; 480729 |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX <br> FUND ADMIRAL SHARES<br>| &nbsp;&nbsp; 1170012 | &nbsp;&nbsp; 176699 | &nbsp;&nbsp; 116633 | &nbsp;&nbsp; (118581) | &nbsp;&nbsp; 1344763 | &nbsp;&nbsp; 159725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3108) | &nbsp;&nbsp; (106778) | &nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK <br> INDEX FUND ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166671 | &nbsp;&nbsp;&nbsp;&nbsp; 30975 | &nbsp;&nbsp;&nbsp;&nbsp; 18826 | &nbsp;&nbsp;&nbsp;&nbsp; (16735) | &nbsp;&nbsp;&nbsp;&nbsp; 199737 | &nbsp;&nbsp;&nbsp;&nbsp; 29623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp; (14847) | &nbsp;&nbsp;&nbsp;&nbsp; 219714 |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 239798 | &nbsp;&nbsp;&nbsp;&nbsp; 40414 | &nbsp;&nbsp;&nbsp;&nbsp; 12706 | &nbsp;&nbsp;&nbsp;&nbsp; (20013) | &nbsp;&nbsp;&nbsp;&nbsp; 272905 | &nbsp;&nbsp;&nbsp;&nbsp; 44819 | &nbsp;&nbsp;&nbsp;&nbsp; 20107 | &nbsp;&nbsp;&nbsp;&nbsp; (20154) | &nbsp;&nbsp;&nbsp;&nbsp; 317677 |
| VANGUARD FEDERAL MONEY MARKET FUND | &nbsp;&nbsp; 7102974 | &nbsp;&nbsp; 8759003 | &nbsp;&nbsp; 2837386 | &nbsp;&nbsp; (2701718) | &nbsp;&nbsp; 15997646 | &nbsp;&nbsp; 7919559 | &nbsp;&nbsp; (1271159) | &nbsp;&nbsp; (3483983) | &nbsp;&nbsp; 19162064 |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp; 2070607 | &nbsp;&nbsp; 369326 | &nbsp;&nbsp; 261961 | &nbsp;&nbsp; (220790) | &nbsp;&nbsp; 2481104 | &nbsp;&nbsp; 420653 | &nbsp;&nbsp;&nbsp;&nbsp; 263855 | &nbsp;&nbsp; (183220) | &nbsp;&nbsp; 2982393 |
| VANGUARD MID-CAP GROWTH INDEX FUND | &nbsp;&nbsp;&nbsp;&nbsp; 350097 | &nbsp;&nbsp;&nbsp;&nbsp; 28455 | &nbsp;&nbsp;&nbsp; (17434) | &nbsp;&nbsp;&nbsp;&nbsp; (31875) | &nbsp;&nbsp;&nbsp;&nbsp; 329243 | &nbsp;&nbsp;&nbsp;&nbsp; 21126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8258) | &nbsp;&nbsp;&nbsp;&nbsp; (29757) | &nbsp;&nbsp;&nbsp;&nbsp; 312354 |
| &nbsp;&nbsp;&nbsp; VANGUARD REIT INDEX FUND ADMIRAL <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND <br> INVESTOR SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230813 | &nbsp;&nbsp;&nbsp;&nbsp; 44058 | &nbsp;&nbsp;&nbsp;&nbsp; 20618 | &nbsp;&nbsp;&nbsp;&nbsp; (27399) | &nbsp;&nbsp;&nbsp;&nbsp; 268090 | &nbsp;&nbsp;&nbsp;&nbsp; 41888 | &nbsp;&nbsp;&nbsp;&nbsp; 16812 | &nbsp;&nbsp;&nbsp;&nbsp; (26430) | &nbsp;&nbsp;&nbsp;&nbsp; 300359 |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 272388 | &nbsp;&nbsp;&nbsp;&nbsp; 51941 | &nbsp;&nbsp;&nbsp;&nbsp; 34625 | &nbsp;&nbsp;&nbsp;&nbsp; (21887) | &nbsp;&nbsp;&nbsp;&nbsp; 337067 | &nbsp;&nbsp;&nbsp;&nbsp; 60154 | &nbsp;&nbsp;&nbsp;&nbsp; 34811 | &nbsp;&nbsp;&nbsp;&nbsp; (23768) | &nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| VANGUARD TARGET RETIREMENT 2020 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 220485 | &nbsp;&nbsp;&nbsp;&nbsp; 19258 | &nbsp;&nbsp;&nbsp;&nbsp; (5906) | &nbsp;&nbsp;&nbsp;&nbsp; (25840) | &nbsp;&nbsp;&nbsp;&nbsp; 207997 | &nbsp;&nbsp;&nbsp;&nbsp; 17106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1777) | &nbsp;&nbsp;&nbsp;&nbsp; (29617) | &nbsp;&nbsp;&nbsp;&nbsp; 193710 |
| VANGUARD TARGET RETIREMENT 2025 FUND | &nbsp;&nbsp; 1214542 | &nbsp;&nbsp; 137240 | &nbsp;&nbsp; (105803) | &nbsp;&nbsp; (130764) | &nbsp;&nbsp; 1115215 | &nbsp;&nbsp;&nbsp;&nbsp; 96518 | &nbsp;&nbsp;&nbsp;&nbsp; (17908) | &nbsp;&nbsp; (104623) | &nbsp;&nbsp; 1089202 |
| VANGUARD TARGET RETIREMENT 2030 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 984500 | &nbsp;&nbsp; 215915 | &nbsp;&nbsp;&nbsp; (14230) | &nbsp;&nbsp;&nbsp;&nbsp; (92383) | &nbsp;&nbsp; 1093802 | &nbsp;&nbsp; 259497 | &nbsp;&nbsp;&nbsp;&nbsp; (30508) | &nbsp;&nbsp; (100143) | &nbsp;&nbsp; 1222647 |
| VANGUARD TARGET RETIREMENT 2035 FUND | &nbsp;&nbsp; 1587480 | &nbsp;&nbsp; 291721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5560 | &nbsp;&nbsp; (109321) | &nbsp;&nbsp; 1775440 | &nbsp;&nbsp; 335084 | &nbsp;&nbsp;&nbsp;&nbsp; 12540 | &nbsp;&nbsp; (109510) | &nbsp;&nbsp; 2013553 |
| VANGUARD TARGET RETIREMENT 2040 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 818934 | &nbsp;&nbsp; 197684 | &nbsp;&nbsp;&nbsp;&nbsp; 14381 | &nbsp;&nbsp;&nbsp;&nbsp; (46035) | &nbsp;&nbsp;&nbsp;&nbsp; 984964 | &nbsp;&nbsp; 157641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6063) | &nbsp;&nbsp;&nbsp;&nbsp; (47820) | &nbsp;&nbsp; 1088722 |
| VANGUARD TARGET RETIREMENT 2045 FUND | &nbsp;&nbsp; 1025074 | &nbsp;&nbsp; 196547 | &nbsp;&nbsp;&nbsp; (14727) | &nbsp;&nbsp;&nbsp;&nbsp; (38652) | &nbsp;&nbsp; 1168242 | &nbsp;&nbsp; 184418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; (87819) | &nbsp;&nbsp; 1268504 |
| VANGUARD TARGET RETIREMENT 2050 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 681352 | &nbsp;&nbsp; 142643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 | &nbsp;&nbsp;&nbsp;&nbsp; (35617) | &nbsp;&nbsp;&nbsp;&nbsp; 789345 | &nbsp;&nbsp; 119528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4446) | &nbsp;&nbsp;&nbsp;&nbsp; (41059) | &nbsp;&nbsp;&nbsp;&nbsp; 863368 |
| VANGUARD TARGET RETIREMENT 2055 FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97700 | &nbsp;&nbsp;&nbsp;&nbsp; 44660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4168) | &nbsp;&nbsp;&nbsp;&nbsp; 140103 | &nbsp;&nbsp;&nbsp;&nbsp; 50663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9949) | &nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| VANGUARD TARGET RETIREMENT 2060 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 129506 | &nbsp;&nbsp;&nbsp;&nbsp; 59078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254 | &nbsp;&nbsp;&nbsp;&nbsp; (11550) | &nbsp;&nbsp;&nbsp;&nbsp; 180288 | &nbsp;&nbsp;&nbsp;&nbsp; 65537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp;&nbsp; (10080) | &nbsp;&nbsp;&nbsp;&nbsp; 237639 |
| &nbsp;&nbsp;&nbsp; VANGUARD TARGET RETIREMENT INCOME <br> FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 861413 | &nbsp;&nbsp;&nbsp;&nbsp; 91072 | &nbsp;&nbsp;&nbsp; (25196) | &nbsp;&nbsp;&nbsp;&nbsp; (97800) | &nbsp;&nbsp;&nbsp;&nbsp; 829489 | &nbsp;&nbsp;&nbsp;&nbsp; 61822 | &nbsp;&nbsp;&nbsp;&nbsp; (10202) | &nbsp;&nbsp;&nbsp;&nbsp; (91446) | &nbsp;&nbsp;&nbsp;&nbsp; 789663 |
| &nbsp;&nbsp;&nbsp; VANGUARD TOTAL BOND MARKET INDEX <br> FUND<br>| &nbsp;&nbsp; 2194425 | &nbsp;&nbsp; 328755 | &nbsp;&nbsp; 187257 | &nbsp;&nbsp; (294267) | &nbsp;&nbsp; 2416170 | &nbsp;&nbsp; 312819 | &nbsp;&nbsp;&nbsp;&nbsp; 138305 | &nbsp;&nbsp; (239871) | &nbsp;&nbsp; 2627423 |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp; 170160 | &nbsp;&nbsp;&nbsp;&nbsp; 14594 | &nbsp;&nbsp;&nbsp;&nbsp; (9583) | &nbsp;&nbsp;&nbsp;&nbsp; (13016) | &nbsp;&nbsp;&nbsp;&nbsp; 162155 | &nbsp;&nbsp;&nbsp;&nbsp; 38029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp;&nbsp; (24090) | &nbsp;&nbsp;&nbsp;&nbsp; 178050 |
| VANGUARD VIF GLOBAL BOND INDEX | &nbsp;&nbsp;&nbsp;&nbsp; 215507 | &nbsp;&nbsp;&nbsp;&nbsp; 22599 | &nbsp;&nbsp;&nbsp;&nbsp; 32854 | &nbsp;&nbsp;&nbsp;&nbsp; (24379) | &nbsp;&nbsp;&nbsp;&nbsp; 246581 | &nbsp;&nbsp;&nbsp;&nbsp; 23228 | &nbsp;&nbsp;&nbsp;&nbsp; 30236 | &nbsp;&nbsp;&nbsp;&nbsp; (22983) | &nbsp;&nbsp;&nbsp;&nbsp; 277061 |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2254 | &nbsp;&nbsp;&nbsp;&nbsp; (1956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp; 115537 | &nbsp;&nbsp;&nbsp;&nbsp; 10560 | &nbsp;&nbsp;&nbsp;&nbsp; (4238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7283) | &nbsp;&nbsp;&nbsp;&nbsp; 114575 | &nbsp;&nbsp;&nbsp;&nbsp; 16690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2714) | &nbsp;&nbsp;&nbsp;&nbsp; (13488) | &nbsp;&nbsp;&nbsp;&nbsp; 115063 |
| VANGUARD VIF REIT INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp;&nbsp; (4659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73576 | &nbsp;&nbsp;&nbsp;&nbsp; 22336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188377 | &nbsp;&nbsp;&nbsp;&nbsp; 51864 | &nbsp;&nbsp;&nbsp;&nbsp; 25805 | &nbsp;&nbsp;&nbsp;&nbsp; (22106) | &nbsp;&nbsp;&nbsp;&nbsp; 243939 | &nbsp;&nbsp;&nbsp;&nbsp; 50764 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; (38122) | &nbsp;&nbsp;&nbsp;&nbsp; 268709 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636 | &nbsp;&nbsp;&nbsp;&nbsp; (3089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp; 285389 | &nbsp;&nbsp;&nbsp;&nbsp; 28655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5344 | &nbsp;&nbsp;&nbsp;&nbsp; (25354) | &nbsp;&nbsp;&nbsp;&nbsp; 294034 | &nbsp;&nbsp;&nbsp;&nbsp; 23584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4837 | &nbsp;&nbsp;&nbsp;&nbsp; (42971) | &nbsp;&nbsp;&nbsp;&nbsp; 279484 |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 11577132 | &nbsp;&nbsp; 275690 | &nbsp;&nbsp; (275889) | &nbsp;&nbsp; (890792) | &nbsp;&nbsp; 10686140 | &nbsp;&nbsp; 254844 | &nbsp;&nbsp; (261285) | &nbsp;&nbsp; (864014) | &nbsp;&nbsp; 9815685 |

---

\*

The units issued and units redeemed activity for these funds were for the period from May 1, 2025 (inception) through December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**6. FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5019 | 52.85 | 265244 | 1.25% | -% | 15.34% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 496643 | 25.29 to 76.04 | 35318902 | 0.95% to 1.65% | -% | 3.67% to 4.39% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 477269 | 12.67 | 6046234 | 1.25% | 4.85% | 6.64% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 178565 | 379.10 to 412.20 | 71256270 | 0.95% to 1.65% | 0.13% | 17.98% to 18.81% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 377118 | 26.42 | 9963029 | 1.25% | 3.13% | 34.17% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ALLOCATION <br> FUND CLASS P2<br>| 548712 | 19.85 to 21.74 | 11573052 | 0.95% to 1.65% | 2.52% | 9.84% to 10.63% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28650 | 41.71 | 1194934 | 1.25% | 1.39% | 27.01% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 419923 | 43.17 to 46.96 | 19089085 | 0.95% to 1.65% | 0.92% | 25.87% to 26.73% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 176553 | 33.58 | 5929441 | 1.25% | 1.68% | 16.05% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 925941 | 37.72 to 41.00 | 36807237 | 0.95% to 1.65% | 1.25% | 15.01% to 15.81% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 228903 | 10.41 | 2369728 | 1.25% | 6.44% | 7.88% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 214262 | 09.64 to 10.48 | 2184772 | 0.95% to 1.65% | 6.44% | 7.20% to 8.04% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 2800317 | 18.01 to 55.68 | 148384104 | 0.95% to 1.65% | 1.24% | 3.64% to 4.37% |
| &nbsp;&nbsp;&nbsp; CALVERT S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1192351 | 224.81 to 251.80 | 286082087 | 0.95% to 1.65% | 1.07% | 5.18% to 5.92% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 4919076 | 3.89 | 19118516 | 1.25% | 1.65% | 10.10% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 54393 | 38.84 to 40.46 | 2156011 | 0.95% to 1.65% | -% | 7.31% to 8.20% |
| &nbsp;&nbsp;&nbsp; DIMENSIONAL VA U.S. TARGETED VALUE <br> PORTFOLIO<br>| 28709 | 38.69 | 1110644 | 1.25% | 1.81% | 7.61% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 91136 | 18.98 to 20.80 | 1844537 | 0.95% to 1.65% | 2.77% | 9.26% to 10.61% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 40451 | 21.22 | 858563 | 1.25% | 2.57% | 11.95% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 51322 | 23.21 | 1191273 | 1.25% | 2.55% | 13.17% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 610321 | 23.01 to 24.82 | 14701602 | 0.95% to 1.65% | 2.30% | 12.25% to 13.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 92134 | 24.44 | 2251607 | 1.25% | 2.53% | 14.09% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 39500 | 41.27 | 1630189 | 1.25% | 2.03% | 15.25% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 888452 | 41.07 to 44.16 | 38068786 | 0.95% to 1.65% | 1.95% | 14.52% to 15.33% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 19112 | 42.47 | 811712 | 1.25% | 1.76% | 17.32% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 32958 | 42.91 | 1414122 | 1.25% | 1.51% | 18.36% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 701729 | 43.00 to 46.31 | 31497457 | 0.95% to 1.65% | 1.24% | 17.54% to 18.41% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 6919 | 38.84 | 268733 | 1.25% | 1.33% | 18.31% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9924 | 18.45 to 19.71 | 189255 | 0.95% to 1.65% | 1.38% | 17.88% to 18.38% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 75230 | 18.17 to 19.32 | 1417264 | 0.95% to 1.65% | 1.24% | 17.50% to 18.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 814 | 19.18 | 15625 | 1.25% | 1.55% | 18.34% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 38223 | 18.11 to 19.36 | 718447 | 0.95% to 1.65% | 1.25% | 17.50% to 18.39% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 80664 | 14.48 | 1167608 | 1.25% | 2.97% | 8.26% |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | 257765 | 14.31 to 15.01 | 3791686 | 0.95% to 1.65% | 3.40% | 7.51% to 7.98% |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | 573237 | 20.13 to 21.51 | 11969525 | 0.95% to 1.65% | 2.47% | 12.20% to 12.96% |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | 2372944 | 20.43 to 21.92 | 50460116 | 0.95% to 1.65% | 2.05% | 13.62% to 14.41% |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | 1872271 | 24.18 to 25.95 | 47165617 | 0.95% to 1.65% | 1.69% | 15.01% to 15.82% |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | 1169352 | 27.20 to 29.02 | 32900685 | 0.95% to 1.65% | 1.23% | 17.31% to 18.14% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 934524 | 650.21 to 868.15 | 777554711 | 0.95% to 1.65% | 0.90% | 15.58% to 16.38% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 493796 | 13.14 | 6487123 | 1.25% | 3.92% | 5.86% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1524347 | 10.97 to 25.17 | 35779546 | 0.95% to 1.65% | 3.45% | 5.21% to 5.92% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1459965 | 27.12 to 53.76 | 72808771 | 0.95% to 1.65% | 1.42% | 18.12% to 18.94% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 753058 | 24.05 to 25.84 | 18893998 | 0.95% to 1.65% | 1.89% | 1.21% to 1.92% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 30406254 | 01.09 to 01.13 | 33301961 | 0.95% to 1.65% | 4.27% | 2.39% to 3.53% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY AND <br> INNOVATION FUND CL I<br>| 98358 | 26.21 | 2577836 | 1.25% | -% | 30.52%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY AND <br> INNOVATION FUND CL S<br>| 59288 | 26.07 to 26.28 | 1555048 | 0.95% to 1.65% | -% | 29.63% to 30.67%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 14004 | 143.94 | 2015732 | 1.25% | 0.18% | 6.34% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 92774 | 46.40 to 49.93 | 4500918 | 0.95% to 1.65% | 0.82% | 10.11% to 10.89% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING GROWTH <br> PORTFOLIO VC SHARES<br>| 127618 | 56.67 to 61.94 | 7622521 | 0.95% to 1.65% | 0.18% | 12.72% to 13.52% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 650765 | 89.24 to 97.55 | 60530037 | 0.95% to 1.65% | 0.44% | 12.69% to 13.47% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 48639 | 23.48 | 1142102 | 1.25% | 0.95% | 4.45% |
| MFS VIT II INTERNATIONAL GROWTH SC | 157526 | 23.17 to 24.26 | 3748859 | 0.95% to 1.65% | 0.78% | 18.84% to 19.69% |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | 37062 | 16.58 | 614419 | 1.25% | 0.99% | 4.66% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 287046 | 20.00 to 21.62 | 6025035 | 0.95% to 1.65% | 0.82% | 4.01% to 4.76% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 178586 | 27.21 | 4860041 | 1.25% | -% | 11.58% |
| NEUBERGER GENESIS FUND ADVISOR CLASS | 7527 | 59.82 | 450224 | 1.25% | -% | 4.99%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 182648 | 78.57 | 14350494 | 1.25% | 0.77% | 9.63% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 71239 | 87.52 | 6234568 | 1.25% | -% | 17.28% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 106177 | 46.16 | 4901215 | 1.25% | 0.64% | 30.84% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 645135 | 65.04 | 41957922 | 1.25% | 1.76% | 13.17% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 92936 | 23.47 | 2181078 | 1.25% | 2.45% | 4.31% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 392652 | 177.24 | 69593580 | 1.25% | -% | 14.23% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 158491 | 7.88 | 1248510 | 1.25% | 3.50% | 8.81% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 153069 | 103.80 | 15888651 | 1.25% | -% | 1.88% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 373941 | 9.62 | 3599130 | 1.25% | 4.43% | 5.77% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 306801 | 17.66 | 5418175 | 1.25% | 2.24% | 30.14% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 84878 | 79.27 | 6728677 | 1.25% | 0.86% | 6.88% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 298419 | 15.04 | 4487357 | 1.25% | 5.60% | 6.50% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 11527 | 14.84 | 171033 | 1.25% | -% | 14.66% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 176320 | 17.04 to 19.06 | 3219994 | 0.95% to 1.65% | -% | 13.66% to 14.45% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 480729 | 653.98 | 314385750 | 1.25% | 1.22% | 16.38% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1394602 | 23.64 | 32965521 | 1.25% | 3.64% | 33.55% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 219714 | 52.05 | 11435499 | 1.25% | 3.07% | 23.22% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 317677 | 159.31 | 50609233 | 1.25% | 1.21% | 10.04% |
| VANGUARD FEDERAL MONEY MARKET FUND | 19162064 | 1.10 | 21144552 | 1.25% | 4.24% | 3.14% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2982393 | 8.01 | 23899502 | 1.25% | 6.15% | 8.16% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 312354 | 51.14 | 15973659 | 1.25% | 0.20% | 7.64% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 74410 | 158.48 | 11792432 | 1.25% | 3.89% | 1.92% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 300359 | 59.93 | 17999199 | 1.25% | 2.10% | 9.61% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 408264 | 126.01 | 51446020 | 1.25% | 1.41% | 7.48% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2020 FUND | 193710 | 46.12 | 8934116 | 1.25% | 3.13% | 10.76% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1089202 | 29.15 | 31748588 | 1.25% | 2.92% | 13.20% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 1222647 | 55.75 | 68167203 | 1.25% | 2.88% | 14.81% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 2013553 | 36.12 | 72734351 | 1.25% | 2.72% | 16.07% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 1088722 | 65.50 | 71306191 | 1.25% | 2.54% | 17.29% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1268504 | 43.22 | 54827188 | 1.25% | 2.38% | 18.51% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 863368 | 71.35 | 61597016 | 1.25% | 2.32% | 19.93% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 181732 | 75.34 | 13691468 | 1.25% | 2.47% | 19.95% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 237639 | 66.54 | 15812077 | 1.25% | 2.46% | 19.93% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 789663 | 18.30 | 14450987 | 1.25% | 3.40% | 9.91% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2627423 | 11.25 | 29546137 | 1.25% | 3.89% | 5.80% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 178050 | 106.77 | 19011085 | 1.25% | 1.05% | 16.26% |
| VANGUARD VIF GLOBAL BOND INDEX | 277061 | 18.94 to 21.02 | 5704774 | 0.95% to 1.65% | 3.01% | 3.96% to 4.71% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 42871 | 45.77 | 1962323 | 1.25% | 0.84% | 18.49% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 115063 | 44.81 | 5156169 | 1.25% | 1.24% | 10.16% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 92143 | 17.06 | 1571988 | 1.25% | 2.45% | 1.85% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> BOND<br>| 268709 | 11.58 | 3110565 | 1.25% | 3.97% | 5.52% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 30613 | 39.03 | 1194761 | 1.25% | 0.43% | 4.80% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 279484 | 12.12 | 3387892 | 1.25% | 3.63% | 5.59% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 9815685 | 20.61 to 67.80 | 484327638 | 0.95% to 1.65% | 3.16% | 15.56% to 16.37% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

This fund became available for investment by contract owners of the sub-accounts on May 1, 2025 and the return is for the period May 1, 2025 to December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5117 | 45.82 | 234477 | 1.25% | -% | 19.57% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 541048 | 24.17 to 72.84 | 36958287 | 0.95% to 1.65% | -% | 16.22% to 17.03% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 398815 | 11.88 | 4736245 | 1.25% | 4.47% | (0.25)% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 196545 | 321.31 to 346.95 | 66213915 | 0.95% to 1.65% | 0.17% | 29.16% to 30.06% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH <br> & INCOME FUND CLASS 1<br>| 247177 | 19.69 | 4867291 | 1.25% | 3.11% | 2.34% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| 570879 | 18.05 to 19.65 | 10921603 | 0.95% to 1.65% | 1.96% | 12.77% to 13.52% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28557 | 32.84 | 937688 | 1.25% | 1.71% | 5.53% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 451073 | 34.30 to 37.06 | 16224926 | 0.95% to 1.65% | 1.18% | 4.57% to 5.31% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 168460 | 28.94 | 4874954 | 1.25% | 1.92% | 17.93% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1002530 | 32.80 to 35.40 | 34511565 | 0.95% to 1.65% | 1.45% | 16.89% to 17.73% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 193077 | 9.65 | 1853437 | 1.25% | 6.98% | 6.87% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 208057 | 08.98 to 09.70 | 1968744 | 0.95% to 1.65% | 6.73% | 6.11% to 6.83% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3010117 | 19.39 to 53.35 | 153288008 | 0.95% to 1.65% | 1.13% | 6.20% to 6.94% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1277863 | 213.74 to 237.74 | 290314394 | 0.95% to 1.65% | 1.22% | 11.45% to 12.23% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 4332605 | 3.53 | 15294022 | 1.25% | 1.83% | 18.06% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 58875 | 36.11 to 37.39 | 2164370 | 0.95% to 1.65% | -% | 2.78% to 3.52% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 25966 | 35.95 | 933565 | 1.25% | 1.47% | 6.80% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 90337 | 17.36 to 18.80 | 1656211 | 0.95% to 1.65% | 2.78% | 3.83% to 5.20% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 50856 | 18.96 | 964369 | 1.25% | 2.92% | 6.34% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 56335 | 20.51 | 1155396 | 1.25% | 2.25% | 7.10% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 672815 | 20.47 to 21.93 | 14364087 | 0.95% to 1.65% | 2.30% | 6.50% to 7.24% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 90555 | 21.42 | 1939609 | 1.25% | 2.34% | 8.07% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 47063 | 35.81 | 1685207 | 1.25% | 1.94% | 9.64% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 904662 | 35.86 to 38.29 | 33733851 | 0.95% to 1.65% | 1.71% | 8.96% to 9.71% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 19317 | 36.20 | 699264 | 1.25% | 1.65% | 11.69% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 31192 | 36.25 | 1130779 | 1.25% | 1.42% | 12.44% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 704484 | 36.58 to 39.11 | 26782971 | 0.95% to 1.65% | 1.14% | 11.59% to 12.48% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 8549 | 32.83 | 280649 | 1.25% | 1.07% | 12.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9789 | 15.65 to 16.66 | 157670 | 0.95% to 1.65% | 1.33% | 11.71% to 12.42% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 63499 | 15.46 to 16.31 | 1013060 | 0.95% to 1.65% | 1.12% | 11.54% to 12.48% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 721 | 16.21 | 11687 | 1.25% | 1.34% | 12.49% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 34280 | 15.41 to 16.35 | 545800 | 0.95% to 1.65% | 1.64% | 11.59% to 12.53% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 113480 | 13.37 | 1517076 | 1.25% | 3.27% | 3.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 288162 | 13.30 to 13.90 | 3930773 | 0.95% to 1.65% | 3.49% | 3.91% to 4.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 629638 | 17.94 to 19.04 | 11667915 | 0.95% to 1.65% | 2.25% | 6.60% to 7.33% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2575689 | 17.98 to 19.16 | 48001126 | 0.95% to 1.65% | 1.94% | 7.66% to 8.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2060693 | 21.02 to 22.41 | 44950535 | 0.95% to 1.65% | 1.59% | 8.86% to 9.64% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1327188 | 23.19 to 24.56 | 31697043 | 0.95% to 1.65% | 1.23% | 10.59% to 11.33% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1028123 | 561.23 to 745.94 | 737195315 | 0.95% to 1.65% | 1.07% | 22.56% to 23.42% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 353911 | 12.41 | 4390498 | 1.25% | 3.90% | 0.57% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1564325 | 10.62 to 23.76 | 34784331 | 0.95% to 1.65% | 3.35% | (0.19)% to 0.55% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1594449 | 25.15 to 45.20 | 67071543 | 0.95% to 1.65% | 1.44% | 3.07% to 3.81% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 796675 | 23.76 to 25.35 | 19662120 | 0.95% to 1.65% | 3.85% | 4.53% to 5.27% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 30257946 | 01.06 to 01.09 | 32203969 | 0.95% to 1.65% | 5.11% | 2.88% to 3.92% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 4576 | 135.36 | 619452 | 1.25% | 0.75% | 14.18% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 93952 | 42.14 to 45.03 | 4122886 | 0.95% to 1.65% | 0.80% | 6.95% to 7.70% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| 146856 | 50.27 to 54.56 | 7749817 | 0.95% to 1.65% | 0.16% | 20.21% to 21.03% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 723287 | 79.19 to 85.97 | 59460295 | 0.95% to 1.65% | 0.53% | 21.96% to 22.81% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 47353 | 22.48 | 1064528 | 1.25% | 1.00% | 3.64% |
| &nbsp;&nbsp;&nbsp; MFS VIT INTERNATIONAL GROWTH PORTFOLIO <br> SC<br>| 160158 | 19.50 to 20.27 | 3194499 | 0.95% to 1.65% | 0.83% | 6.97% to 7.70% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 37494 | 15.84 | 593850 | 1.25% | 1.28% | 12.34% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 319660 | 19.18 to 20.64 | 6429041 | 0.95% to 1.65% | 1.05% | 11.71% to 12.42% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 148767 | 24.39 | 3628741 | 1.25% | -% | 5.40% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 147408 | 71.67 | 10565007 | 1.25% | 0.34% | 21.80% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 62307 | 74.62 | 4649557 | 1.25% | -% | 33.82% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| 107769 | 35.28 | 3802269 | 1.25% | 0.35% | (2.94)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 536893 | 57.47 | 30854817 | 1.25% | 2.07% | 10.50% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 88859 | 22.50 | 1999036 | 1.25% | 2.38% | (0.09)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 347756 | 155.16 | 53958382 | 1.25% | -% | 27.99% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 167017 | 7.24 | 1209782 | 1.25% | 3.02% | (6.34)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 149616 | 101.89 | 15244026 | 1.25% | -% | 2.57% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 412802 | 9.10 | 3756918 | 1.25% | 4.40% | 0.00% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| 316467 | 13.57 | 4293155 | 1.25% | 2.49% | 1.65% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| 74736 | 74.17 | 5543150 | 1.25% | 0.93% | 9.57% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 287283 | 14.12 | 4056384 | 1.25% | 4.81% | 2.69% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 11812 | 12.94 | 152865 | 1.25% | -% | (12.27)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 191290 | 14.99 to 16.65 | 3057128 | 0.95% to 1.65% | -% | (12.90)% to (12.23)% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 410441 | 561.92 | 230636507 | 1.25% | 1.37% | 23.42% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1344763 | 17.70 | 23807123 | 1.25% | 3.38% | 1.72% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 199737 | 42.24 | 8437275 | 1.25% | 3.41% | 9.60% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 272905 | 144.77 | 39508262 | 1.25% | 1.18% | 15.46% |
| VANGUARD FEDERAL MONEY MARKET FUND | 15997646 | 1.07 | 17150736 | 1.25% | 5.37% | 3.88% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2481104 | 7.41 | 18392125 | 1.25% | 6.15% | 4.96% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 329243 | 47.51 | 15642964 | 1.25% | 1.85% | 16.36% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 70713 | 155.50 | 10995578 | 1.25% | 3.90% | 3.62% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 268090 | 54.67 | 14656070 | 1.25% | 1.89% | 5.87% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 337067 | 117.24 | 39516082 | 1.25% | 1.41% | 12.83% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2020 FUND | 207996 | 41.64 | 8660630 | 1.25% | 2.92% | 6.41% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1115215 | 25.75 | 28718340 | 1.25% | 2.74% | 8.06% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 1093801 | 48.56 | 53118797 | 1.25% | 2.90% | 9.30% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1775440 | 31.12 | 55243091 | 1.25% | 2.77% | 10.39% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 984964 | 55.84 | 54998671 | 1.25% | 2.72% | 11.48% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1168242 | 36.47 | 42603480 | 1.25% | 2.53% | 12.49% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 789345 | 59.49 | 46961042 | 1.25% | 2.43% | 13.21% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 140103 | 62.81 | 8800472 | 1.25% | 2.62% | 13.21% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 180289 | 55.48 | 10002930 | 1.25% | 2.56% | 13.20% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 829489 | 16.65 | 13808398 | 1.25% | 3.20% | 5.38% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2416169 | 10.63 | 25674824 | 1.25% | 3.65% | -% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 162154 | 91.84 | 14892965 | 1.25% | 1.26% | 23.29% |
| VANGUARD VIF GLOBAL BOND INDEX | 246581 | 18.20 to 20.09 | 4864047 | 0.95% to 1.65% | 2.85% | 0.35% to 1.06% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 43566 | 38.63 | 1682889 | 1.25% | 1.22% | 7.66% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 114575 | 40.68 | 4660524 | 1.25% | 1.34% | 13.66% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 73575 | 16.75 | 1232592 | 1.25% | 3.07% | 3.40% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| 243939 | 10.97 | 2675851 | 1.25% | 3.31% | 3.59% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 26569 | 37.24 | 989460 | 1.25% | 0.52% | 10.01% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 294034 | 11.48 | 3374811 | 1.25% | 2.72% | -% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 10686140 | 18.68 to 57.72 | 454379267 | 0.95% to 1.65% | 1.86% | 9.18% to 9.93% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2023** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5916 | 38.32 | 226737 | 1.25% | -% | 21.65% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 618759 | 20.46 to 62.24 | 36267878 | 0.95%to1.65% | -% | 18.19% to 19.01% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 315006 | 11.91 | 3751340 | 1.25% | 4.43% | 1.97% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 211566 | 248.77 to 266.76 | 54983074 | 0.95% to 1.65% | 0.18% | 35.91% to 36.85% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 168228 | 19.24 | 3236457 | 1.25% | 2.99% | 14.66% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ALLOCATION <br> FUND CLASS P2<br>| 589011 | 15.99 to 17.31 | 9951222 | 0.95% to 1.65% | 1.79% | 8.40% to 9.21% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28011 | 31.12 | 871600 | 1.25% | 1.65% | 14.79% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 494739 | 32.80 to 35.19 | 16954630 | 0.95% to 1.65% | 1.22% | 13.81% to 14.59% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 150671 | 24.54 | 3697371 | 1.25% | 2.13% | 16.19% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1081435 | 28.06 to 30.07 | 31738833 | 0.95% to 1.65% | 1.66% | 15.09% to 15.88% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 201775 | 9.03 | 1812081 | 1.25% | 6.47% | 11.76% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 203709 | 08.46 to 09.08 | 1809527 | 0.95% to 1.65% | 6.27% | 10.95% to 11.82% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO <br> SERVICE SHARES<br>| 3242748 | 18.58 to 49.89 | 154881096 | 0.95% to 1.65% | 1.02% | 13.51% to 14.32% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1383988 | 191.78 to 211.83 | 281003501 | 0.95% to 1.65% | 1.21% | 14.01% to 14.80% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 3593579 | 2.99 | 10738356 | 1.25% | 1.70% | 15.44% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 72981 | 35.09 to 36.12 | 2598952 | 0.95% to 1.65% | -% | 6.63% to 7.40% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 23686 | 33.66 | 797314 | 1.25% | 1.53% | 18.56% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 119487 | 16.72 to 17.87 | 2092113 | 0.95% to 1.65% | 3.16% | 7.94% to 9.56% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 52254 | 17.83 | 931522 | 1.25% | 3.24% | 11.02% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 88344 | 19.15 | 1691496 | 1.25% | 2.91% | 12.25% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 726789 | 19.22 to 20.45 | 14514341 | 0.95% to 1.65% | 2.61% | 11.48% to 12.30% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 89057 | 19.82 | 1765433 | 1.25% | 2.62% | 13.26% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 48097 | 32.66 | 1570624 | 1.25% | 1.80% | 15.41% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 909143 | 32.91 to 34.90 | 30983733 | 0.95% to 1.65% | 1.76% | 14.63% to 15.45% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 15338 | 32.41 | 497092 | 1.25% | 1.62% | 17.47% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 28186 | 32.24 | 908853 | 1.25% | 1.62% | 17.97% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 683071 | 32.76 to 34.77 | 23159332 | 0.95% to 1.65% | 1.29% | 16.86% to 18.06% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 14737 | 29.20 | 430334 | 1.25% | 1.52% | 17.98% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9514 | 14.01 to 14.84 | 136349 | 0.95% to 1.65% | 1.51% | 17.20% to 19.10% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 59978 | 13.86 to 14.50 | 852942 | 0.95% to 1.65% | 1.47% | 16.86% to 18.08% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 651 | 14.41 | 9383 | 1.25% | 1.50% | 17.92% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 7065 | 13.81 to 14.53 | 100258 | 0.95% to 1.65% | 1.20% | 16.82% to 18.03% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 164306 | 12.96 | 2129528 | 1.25% | 4.13% | 6.58% |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | 298750 | 12.80 to 13.31 | 3912260 | 0.95% to 1.65% | 3.49% | 6.40% to 6.99% |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | 691177 | 16.83 to 17.74 | 11962086 | 0.95% to 1.65% | 2.43% | 10.80% to 11.64% |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | 2736436 | 16.70 to 17.67 | 47182897 | 0.95% to 1.65% | 2.20% | 12.23% to 12.98% |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | 2281007 | 19.31 to 20.44 | 45523414 | 0.95% to 1.65% | 1.87% | 13.72% to 14.45% |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | 1402041 | 20.97 to 22.06 | 30174231 | 0.95% to 1.65% | 1.46% | 15.54% to 16.35% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1124003 | 455.28 to 604.41 | 655077432 | 0.95% to 1.65% | 1.25% | 23.84% to 24.70% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 226845 | 12.34 | 2799681 | 1.25% | 3.56% | 4.84% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1588258 | 10.82 to 23.63 | 35219299 | 0.95% to 1.65% | 2.46% | 4.24% to 4.98% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1718706 | 25.51 to 43.54 | 69906930 | 0.95% to 1.65% | 0.79% | 18.28% to 19.09% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 870463 | 22.73 to 24.08 | 20477518 | 0.95% to 1.65% | 2.25% | 9.07% to 9.80% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 21814436 | 01.02 to 01.05 | 22338299 | 0.95% to 1.65% | 4.52% | 3.00% to 4.08% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3370 | 118.55 | 399518 | 1.25% | 0.18% | 16.61% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 103328 | 39.40 to 41.81 | 4221482 | 0.95% to 1.65% | 1.48% | 10.95% to 11.70% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING GROWTH <br> PORTFOLIO VC SHARES<br>| 164429 | 41.82 to 45.08 | 7192097 | 0.95% to 1.65% | -% | 6.41% to 7.15% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 785551 | 64.93 to 70.00 | 52759975 | 0.95% to 1.65% | 1.57% | 25.11% to 25.97% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 44568 | 21.69 | 966622 | 1.25% | 0.76% | 17.50% |
| MFS VIT INTERNATIONAL GROWTH PORTFOLIO SC | 171396 | 18.23 to 18.82 | 3181223 | 0.95% to 1.65% | 0.94% | 12.53% to 13.31% |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | 40774 | 14.10 | 574851 | 1.25% | 1.76% | 11.37% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 352360 | 17.17 to 18.36 | 6324039 | 0.95% to 1.65% | 1.50% | 10.21% to 11.34% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 112116 | 23.14 | 2594578 | 1.25% | -% | 12.99% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 110284 | 58.84 | 6489094 | 1.25% | 0.63% | 24.87% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 64839 | 55.76 | 3615193 | 1.25% | -% | 47.47% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 100579 | 36.35 | 3656558 | 1.25% | 1.10% | 0.78% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 449714 | 52.01 | 23388430 | 1.25% | 2.08% | 8.31% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 75381 | 22.52 | 1697729 | 1.25% | 2.54% | 10.18% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 323086 | 121.23 | 39167909 | 1.25% | -% | 43.50% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 164625 | 7.73 | 1272720 | 1.25% | -% | 5.75% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 132282 | 99.34 | 13140957 | 1.25% | 2.49% | 19.86% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 416949 | 9.10 | 3793375 | 1.25% | -% | 3.41% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 276952 | 13.35 | 3697228 | 1.25% | 3.88% | 14.89% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 64181 | 67.69 | 4344664 | 1.25% | 2.42% | 10.82% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 257125 | 13.75 | 3534489 | 1.25% | 0.66% | 6.59% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 13615 | 14.75 | 200786 | 1.25% | 4.27% | 1.94% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 207852 | 17.21 to 18.97 | 3806441 | 0.95% to 1.65% | -% | 1.18% to 1.83% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 356263 | 455.28 | 162200658 | 1.25% | -% | 24.69% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1170012 | 17.40 | 20354461 | 1.25% | 1.60% | 16.23% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 166671 | 38.54 | 6423691 | 1.25% | 3.32% | 7.83% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 239798 | 125.38 | 30065316 | 1.25% | 3.63% | 23.84% |
| VANGUARD FEDERAL MONEY MARKET FUND | 7102974 | 1.03 | 7327813 | 1.25% | 1.42% | 4.04% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2070607 | 7.06 | 14609892 | 1.25% | 3.77% | 10.31% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 350097 | 40.83 | 14295810 | 1.25% | 5.73% | 22.61% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 68472 | 150.07 | 10275310 | 1.25% | 0.43% | 10.43% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 230813 | 51.64 | 11919862 | 1.25% | 4.13% | 23.78% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 272388 | 103.91 | 28303935 | 1.25% | 1.90% | 16.74% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 220485 | 39.13 | 8628056 | 1.25% | 1.69% | 11.10% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1214542 | 23.83 | 28938786 | 1.25% | 2.52% | 13.15% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 984500 | 44.43 | 43746017 | 1.25% | 2.83% | 14.54% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1587480 | 28.19 | 44743271 | 1.25% | 2.82% | 15.72% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 818934 | 50.09 | 41018018 | 1.25% | 2.78% | 16.90% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1025074 | 32.42 | 33229164 | 1.25% | 2.70% | 18.02% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 681352 | 52.55 | 35803692 | 1.25% | 2.57% | 18.70% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2055 FUND | 97700 | 55.48 | 5420238 | 1.25% | 2.54% | 18.67% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 129506 | 49.01 | 6346982 | 1.25% | 2.76% | 18.70% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 861413 | 15.80 | 13614360 | 1.25% | 2.78% | 9.27% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2194425 | 10.63 | 23325009 | 1.25% | 3.03% | 4.42% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 170160 | 74.49 | 12675114 | 1.25% | 3.06% | 24.57% |
| VANGUARD VIF GLOBAL BOND INDEX | 215507 | 18.11 to 19.98 | 4218955 | 0.95% to 1.55% | 1.43% | 4.79% to 5.72% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 47108 | 35.88 | 1690282 | 1.25% | 1.88% | 13.22% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 115537 | 35.79 | 4135093 | 1.25% | 1.57% | 14.42% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 81977 | 16.20 | 1327636 | 1.25% | 1.45% | 10.35% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> BOND<br>| 188377 | 10.59 | 1994846 | 1.25% | 2.37% | 4.85% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 29362 | 33.85 | 994022 | 1.25% | 1.75% | 18.15% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 285389 | 11.48 | 3276317 | 1.25% | 0.40% | 4.27% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 11577132 | 17.14 to 41.80 | 448957246 | 0.29% to 1.65% | 2.79% | 14.53% to 15.34% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 6823 | 31.50 | 214935 | 1.25% | -% | (36.87)% |
| ALLSPRING VT DISCOVERY FUND | 667897 | 17.03 to 52.30 | 32983458 | 0.95% to1.65% | -% | (38.88)% to (38.44)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 203671 | 11.68 | 2379610 | 1.25% | 4.23% | (11.92)% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 221246 | 183.04 to 194.93 | 42145738 | 0.95% to 1.65% | 0.10% | (31.27)% to (30.79)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH <br> & INCOME FUND CLASS 1<br>| 121640 | 16.78 | 2041159 | 1.25% | 3.15% | (16.06)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| 597410 | 14.73 to 15.85 | 9268676 | 0.95% to 1.65% | 2.13% | (15.36)% to (14.78)% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 30459 | 27.11 | 825658 | 1.25% | 1.52% | (22.83)% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 528352 | 28.82 to 30.71 | 15843827 | 0.95% to 1.65% | 1.03% | (23.55)% to (22.99)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 150379 | 21.12 | 3175568 | 1.25% | 2.14% | (9.40)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1131919 | 24.38 to 25.95 | 28750070 | 0.95% to 1.65% | 1.65% | (10.17)% to (9.55)% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 196076 | 8.08 | 1575103 | 1.25% | 5.23% | (11.40)% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 209383 | 7.62 to 8.12 | 1666833 | 0.95% to 1.65% | 5.19% | (12.21)% to (11.35)% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3401765 | 17.26 to 43.64 | 142582580 | 0.95% to 1.65% | 0.88% | (18.01)% to (17.44)% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1452711 | 168.22 to 184.52 | 257679527 | 0.95% to 1.65% | 0.88% | (14.92)% to (14.33)% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 2846090 | 2.59 | 7371171 | 1.25% | 1.24% | (16.45)% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 77347 | 32.88 to 33.63 | 2571460 | 0.95% to 1.65% | -% | (30.02)% to (29.53)% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 24064 | 28.39 | 683247 | 1.25% | 1.39% | (5.40)% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 154827 | 15.49 to 16.31 | 2480488 | 0.95% to 1.65% | 1.85% | (16.69)% to (15.58)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 49384 | 16.06 | 793040 | 1.25% | 2.05% | (16.74)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 108795 | 17.06 | 1856316 | 1.25% | 1.94% | (17.46)% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 717203 | 17.24 to 18.21 | 12791540 | 0.95% to 1.65% | 1.73% | (18.02)% to (17.45)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 80929 | 17.5 | 1416180 | 1.25% | 2.03% | (17.92)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 60862 | 28.3 | 1722119 | 1.25% | 1.76% | (18.70)% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 878642 | 28.71 to 30.23 | 26018920 | 0.95% to 1.65% | 1.42% | (19.24)% to (18.67)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 14679 | 27.59 | 405004 | 1.25% | 1.54% | (19.28)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 31652 | 27.33 | 864970 | 1.25% | 1.85% | (19.26)% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 658034 | 27.94 to 29.45 | 18956773 | 0.95% to 1.65% | 1.34% | (20.09)% to (19.25)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 14490 | 24.75 | 358657 | 1.25% | 1.62% | (19.25)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 7701 | 11.95 to 12.46 | 93526 | 0.95% to 1.65% | 2.78% | (19.85)% to (18.56)% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 34563 | 11.86 to 12.28 | 417177 | 0.95% to 1.65% | 1.28% | (20.08)% to (19.21)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 568 | 12.22 | 6938 | 1.25% | 0.57% | (19.23)% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 7340 | 11.82 to 12.31 | 88508 | 0.95% to 1.65% | 1.53% | (20.08)% to (18.85)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 228449 | 12.16 | 2778132 | 1.25% | 2.26% | (13.14)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 334852 | 12.02 to 12.44 | 4109521 | 0.95% to 1.65% | 2.07% | (11.03)% to (10.63)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 713843 | 15.17 to 15.89 | 11102199 | 0.95% to 1.65% | 1.79% | (15.42)% to (14.89)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2809378 | 14.88 to 15.64 | 42990779 | 0.95% to 1.65% | 1.58% | (16.64)% to (16.05)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2373821 | 16.98 to 17.86 | 41505152 | 0.95% to 1.65% | 1.40% | (17.17)% to (16.58)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1430351 | 18.15 to 18.96 | 26540530 | 0.95% to 1.65% | 0.91% | (18.54)% to (17.96)% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1207284 | 369.70 to 484.69 | 565953341 | 0.95% to 1.65% | 1.14% | (19.76)% to (19.19)% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 83667 | 11.77 | 984489 | 1.25% | 3.13% | (14.02)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1601980 | 10.47 to 22.51 | 33894200 | 0.95% to 1.65% | 2.02% | (14.60)% to (14.02)% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1851156 | 21.44 to 36.56 | 63431859 | 0.95% to 1.65% | 0.77% | (25.92)% to (25.40)% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 890319 | 20.84 to 21.93 | 19123052 | 0.95% to 1.65% | 1.06% | (28.87)% to (28.36)% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 14690203 | 0.98 to 01.01 | 14484626 | 0.95% to 1.65% | 3.18% | 0.00% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3526 | 101.66 | 358453 | 1.25% | 0.19% | (16.99)% |
| &nbsp;&nbsp;&nbsp; JPMORGAN INSURANCE TRUST U.S. EQUITY <br> PORTFOLIO CLASS 1<br>| 830098 | 51.90 to 55.57 | 44401509 | 0.95% to 1.65% | 0.49% | (20.03)% to (19.46)% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 101675 | 35.51 to 37.43 | 3727894 | 0.95% to 1.65% | 0.88% | (15.09)% to (14.47)% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| 184722 | 39.30 to 42.07 | 7571009 | 0.95% to 1.65% | -% | (37.05)% to (36.59)% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 43494 | 18.46 | 802894 | 1.25% | 0.77% | (19.39)% |
| &nbsp;&nbsp;&nbsp; MFS VIT INTERNATIONAL GROWTH PORTFOLIO <br> SC<br>| 155832 | 16.20 to 16.61 | 2558606 | 0.95% to 1.65% | 0.38% | (16.58)% to (15.98)% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 40645 | 12.66 | 514695 | 1.25% | 0.98% | (9.96)% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 353832 | 15.58 to 16.49 | 5720351 | 0.95% to 1.65% | 0.78% | (10.77)% to (9.84)% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 78855 | 20.48 | 1614889 | 1.25% | -% | (30.62)% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 77594 | 47.12 | 3656509 | 1.25% | 0.68% | (23.69)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 68959 | 37.81 | 2607296 | 1.25% | -% | (39.27)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| 95405 | 36.07 | 3441008 | 1.25% | 0.44% | (24.32)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 357442 | 48.02 | 17165975 | 1.25% | 2.01% | (4.49)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 71694 | 20.44 | 1465446 | 1.25% | 1.63% | (27.21)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GOVERNMENT MONEY <br> PORTFOLIO<br>| – | – | – | – | – | –<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 287784 | 84.48 | 24312344 | 1.25% | -% | (40.90)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 173230 | 7.31 | 1266222 | 1.25% | 1.68% | (21.31)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 114620 | 82.88 | 9500117 | 1.25% | -% | (37.80)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 419684 | 8.80 | 3691982 | 1.25% | 2.22% | (15.38)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| 256172 | 11.62 | 2976974 | 1.25% | 2.12% | (16.46)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| 59204 | 61.08 | 3616118 | 1.25% | 0.35% | (19.56)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 225941 | 12.90 | 2914630 | 1.25% | 3.29% | (11.70)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 15179 | 14.47 | 219645 | 1.25% | -% | (6.04)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 217805 | 17.01 to 18.63 | 3925091 | 0.95% to 1.65% | -% | (6.69)% to (6.00)% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 306365 | 365.14 | 111865639 | 1.25% | 1.53% | (19.17)% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1072292 | 14.97 | 16050528 | 1.25% | 2.68% | (16.37)% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 143520 | 35.74 | 5129885 | 1.25% | 3.71% | (18.83)% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 192195 | 101.24 | 19458301 | 1.25% | 1.03% | (27.39)% |
| VANGUARD FEDERAL MONEY MARKET FUND | 2343743 | 0.99 | 2329626 | 1.25% | 1.51% | 0.00% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 1841581 | 6.40 | 11774494 | 1.25% | 4.96% | (9.99)% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 349061 | 33.30 | 11624461 | 1.25% | 0.23% | (31.00)% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 59346 | 135.90 | 8065233 | 1.25% | 3.25% | (27.12)% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 188440 | 41.72 | 7861163 | 1.25% | 1.53% | (8.59)% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 215427 | 89.01 | 19175270 | 1.25% | 1.42% | (18.64)% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 293732 | 35.22 | 10343960 | 1.25% | 2.31% | (15.21)% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1193023 | 21.06 | 25126088 | 1.25% | 2.24% | (16.59)% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 894698 | 38.79 | 34701921 | 1.25% | 2.03% | (17.31)% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1360674 | 24.36 | 33147851 | 1.25% | 2.06% | (17.67)% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 690015 | 42.85 | 29570156 | 1.25% | 2.07% | (18.02)% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 885181 | 27.47 | 24314596 | 1.25% | 2.13% | (18.39)% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 568886 | 44.27 | 25187358 | 1.25% | 2.14% | (18.50)% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 64584 | 46.75 | 3019043 | 1.25% | 2.73% | (18.48)% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 77458 | 41.29 | 3198082 | 1.25% | 2.67% | (18.48)% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 943804 | 14.46 | 13649066 | 1.25% | 2.76% | (13.83)% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 1912180 | 10.18 | 19469654 | 1.25% | 2.37% | (14.24)% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 167137 | 59.80 | 9994755 | 1.25% | 1.29% | (19.24)% |
| VANGUARD VIF GLOBAL BOND INDEX | 196120 | 17.13 to 19.03 | 3650804 | 0.95% to 1.65% | 2.65% | (14.20)% to (13.57)% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 50637 | 31.69 | 1604529 | 1.25% | 1.19% | (30.99)% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 121633 | 31.28 | 3805258 | 1.25% | 1.09% | (19.84)% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 78792 | 14.68 | 1156764 | 1.25% | 1.90% | (27.22)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| 153731 | 10.10 | 1552735 | 1.25% | 1.52% | (6.91)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 30102 | 28.65 | 862362 | 1.25% | 0.25% | (26.27)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 318779 | 11.01 | 3509796 | 1.25% | 2.11% | (14.32)% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 12253216 | 15.49 to 44.67 | 413210447 | 0.00% to 1.65% | 3.31% | (19.18)% to (17.83)% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Government Money's shares were terminated on April 30, 2022.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO I-2 | 6675 | 49.90 | 333112 | 1.25% | -% | 2.91% |
| ALLSPRING VT DISCOVERY FUND | 665646 | 42.74 to 84.96 | 53803307 | 0.95% to 1.65% | -% | (6.60%) to (5.94%) |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 161498 | 13.26 | 2140663 | 1.25% | 2.09% | (1.63%) |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 228205 | 266.33 to 281.63 | 62980824 | 0.95% to 1.65% | 0.06% | 19.71% to 20.55% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 87356 | 19.99 | 1746404 | 1.25% | 3.31% | 4.33% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ASSET <br> ALLOCATION FUND CLASS P2<br>| 598551 | 17.40 to 18.60 | 10929748 | 0.95% to 1.65% | 1.38% | 10.64% to 11.44% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 26686 | 35.13 | 937493 | 1.25% | 1.39% | 3.84% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 506750 | 37.70 to 39.88 | 19792246 | 0.95% to 1.65% | 0.67% | 2.92% to 3.64% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1S<br>| 136421 | 23.31 | 3180345 | 1.25% | 1.92% | 50.39% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1172195 | 27.14 to 28.69 | 33011830 | 0.95% to 1.65% | 1.31% | 25.42% to 26.33% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 191616 | 9.12 | 1740876 | 1.25% | 4.52% | 3.99% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 191128 | 8.68 to 9.16 | 1724015 | 0.95% to 1.65% | 4.41% | 3.31% to 4.21% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3559383 | 23.55 to 52.86 | 181277963 | 0.95% to 1.65% | 0.71% | 24.08% to 24.94% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1529516 | 197.73 to 215.38 | 317620603 | 0.95% to 1.65% | 0.86% | 22.15% to 23.01% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 2211249 | 3.10 | 6855899 | 1.25% | 1.48% | 13.55% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 76336 | 46.94 to 47.72 | 3611610 | 0.95% to 1.65% | -% | 10.78% to 11.55% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 18599 | 30.01 | 558232 | 1.25% | 1.60% | 37.91% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 155991 | 18.57 to 19.35 | 2965435 | 0.95% to 1.65% | 1.01% | 5.09% to 6.39% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 45328 | 19.29 | 874230 | 1.25% | 1.69% | 8.13% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 115454 | 20.67 | 2386926 | 1.25% | 1.18% | 9.42% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 723106 | 21.03 to 22.06 | 15655912 | 0.95% to 1.65% | 0.89% | 8.74% to 9.53% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 68208 | 21.32 | 1453941 | 1.25% | 1.46% | 10.98% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 52360 | 34.81 | 1822776 | 1.25% | 1.07% | 14.02% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 851507 | 35.55 to 37.17 | 31102883 | 0.95% to 1.65% | 0.85% | 13.29% to 14.09% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 14378 | 34.18 | 491414 | 1.25% | 1.06% | 16.38% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 18475 | 33.85 | 625409 | 1.25% | 1.00% | 16.36% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 618733 | 34.83 to 36.47 | 22131065 | 0.95% to 1.65% | 0.73% | 15.38% to 16.44% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 11903 | 30.65 | 364800 | 1.25% | 1.20% | 16.36% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 63 | 14.91 to 15.30 | 945 | 0.95% to 1.65% | 1.25% | 15.67% to 17.24% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 24993 | 14.83 to 15.20 | 374252 | 0.95% to 1.65% | 1.86% | 15.41% to 16.92% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 1853 | 15.13 | 28045 | 1.25% | 2.46% | 16.21% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 3288 | 14.79 to 15.17 | 49205 | 0.95% to 1.65% | 1.16% | 14.19% to 18.24% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 224354 | 14.00 | 3141121 | 1.25% | 1.70% | 2.04% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 358877 | 13.51 to 13.92 | 4931090 | 0.95% to 1.65% | 0.89% | 1.73% to 2.58% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 733642 | 17.91 to 18.67 | 13436247 | 0.95% to 1.65% | 0.97% | 8.06% to 8.86% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2937919 | 17.85 to 18.63 | 53729221 | 0.95% to 1.65% | 0.96% | 10.39% to 11.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2390164 | 20.50 to 21.41 | 50255974 | 0.95% to 1.65% | 0.91% | 12.58% to 13.40% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1462255 | 22.28 to 23.11 | 33182860 | 0.95% to 1.65% | 0.85% | 15.74% to 16.54% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1266069 | 461.95 to 599.81 | 736651977 | 0.95% to 1.65% | 1.04% | 26.18% to 27.05% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 35291 | 13.69 | 483086 | 1.25% | 2.85% | 0.51% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1688491 | 12.98 to 26.18 | 41684806 | 0.95% to 1.65% | 1.83% | (2.55%) to (1.84%)<sup>1</sup> <br>|
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1820259 | 28.94 to 49.01 | 83849783 | 0.95% to 1.65% | 0.33% | 17.46% to 18.27% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 905940 | 29.30 to 30.61 | 27247492 | 0.95% to 1.65% | 0.96% | 36.41% to 37.33% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 209086 | 0.98 | 204984 | 1.25% | 0.01% | (1.01%) |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3863 | 122.46 | 473051 | 1.25% | 0.29% | 15.39% |
| &nbsp;&nbsp;&nbsp; JPMORGAN INSURANCE TRUST U.S. EQUITY <br> PORTFOLIO CLASS 1<br>| 886508 | 64.90 to 69.00 | 59057447 | 0.95% to 1.65% | 0.73% | 27.23% to 28.13% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 98042 | 41.82 to 43.76 | 4214834 | 0.95% to 1.65% | 0.34% | 30.16% to 31.06% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO<br>| 183166 | 62.43 to 66.35 | 11873728 | 0.95% to 1.65% | -% | (4.34%) to (3.67%) |
| &nbsp;&nbsp;&nbsp; MFS VIT BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 34957 | 22.90 | 800536 | 1.25% | 1.10% | 28.00% |
| MFS VIT INTERNATIONAL GROWTH PORTFOLIO SC | 123385 | 19.42 to 19.77 | 2417037 | 0.95% to 1.65% | 0.45% | 6.47% to 7.97% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 37536 | 14.06 | 527659 | 1.25% | 1.03% | 29.35% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 337659 | 17.46 to 18.29 | 6074175 | 0.95% to 1.65% | 0.73% | 28.10% to 29.35% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 42618 | 29.52 | 1258265 | 1.25% | -% | 0.51% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 53144 | 61.75 | 3281428 | 1.25% | 0.29% | 22.33% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 58663 | 62.26 | 3652646 | 1.25% | -% | 16.16% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 81959 | 47.66 | 3906173 | 1.25% | 0.70% | (11.59%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 316856 | 50.28 | 15930481 | 1.25% | 1.80% | 24.12% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 65020 | 28.08 | 1825937 | 1.25% | 1.82% | 27.23% |
| T. ROWE PRICE GOVERNMENT MONEY PORTFOLIO | 18796757 | 0.90 to 1.00 | 18042200 | 0.95% to 1.65% | 0.01% | (2.15%) to (0.99%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 230692 | 142.94 | 32975937 | 1.25% | -% | 18.54% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 163868 | 9.29 | 1521916 | 1.25% | 1.28% | (8.29%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 97293 | 133.25 | 12963991 | 1.25% | -% | 8.36% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 437688 | 10.40 | 4551633 | 1.25% | 1.59% | (1.79%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 241390 | 13.91 | 3358635 | 1.25% | 2.03% | 10.84% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 51280 | 75.93 | 3893970 | 1.25% | 0.39% | 23.99% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 224913 | 14.61 | 3285961 | 1.25% | 2.57% | 1.32% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 15327 | 15.40 | 236018 | 1.25% | -% | (5.81%) |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 251037 | 18.23 to 19.82 | 4828536 | 0.95% to 1.65% | -% | (6.56%) to (5.93%) |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 264660 | 451.73 | 119555945 | 1.25% | 1.40% | 27.08% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 913110 | 17.90 | 16344101 | 1.25% | 3.27% | 10.02% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 122132 | 44.03 | 5376960 | 1.25% | 2.64% | (0.38%) |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 156781 | 139.43 | 21859121 | 1.25% | 1.19% | 11.06% |
| VANGUARD FEDERAL MONEY MARKET FUND | 2122978 | 0.99 | 2103919 | 1.25% | 0.01% | (1.00%) |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 1838352 | 7.11 | 13074771 | 1.25% | 4.25% | 2.45% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 309052 | 48.26 | 14915978 | 1.25% | 0.01% | 8.40% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 55064 | 186.48 | 10268503 | 1.25% | 2.99% | 38.68% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 176997 | 45.64 | 8078017 | 1.25% | 1.37% | 26.18% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 182116 | 109.4 | 19923736 | 1.25% | 1.34% | 16.27% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 281847 | 41.54 | 11707330 | 1.25% | 2.43% | 6.84% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2025 FUND | 910577 | 25.25 | 22995121 | 1.25% | 2.19% | 8.42% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 719138 | 46.91 | 33731642 | 1.25% | 2.24% | 10.01% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1076013 | 29.59 | 31834821 | 1.25% | 2.32% | 11.58% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 552700 | 52.27 | 28889485 | 1.25% | 2.50% | 13.14% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 682817 | 33.66 | 22981145 | 1.25% | 2.32% | 14.72% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 434793 | 54.32 | 23616909 | 1.25% | 2.38% | 14.99% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 26422 | 57.35 | 1515223 | 1.25% | 3.26% | 15.02% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 33215 | 50.65 | 1682396 | 1.25% | 3.02% | 15.01% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 732980 | 16.78 | 12301279 | 1.25% | 2.72% | 3.90% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 1747196 | 11.87 | 20744560 | 1.25% | 1.88% | (2.94%) |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 145648 | 74.05 | 10785809 | 1.25% | 1.10% | 26.95% |
| VANGUARD VIF GLOBAL BOND INDEX | 184020 | 19.82 to 22.09 | 3993929 | 0.95% to 1.65% | 1.65% | (3.08%) to (2.34%) |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 42317 | 45.92 | 1943342 | 1.25% | 0.26% | (2.77%) |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 105356 | 39.02 | 4111431 | 1.25% | 1.00% | 22.82% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 72205 | 20.17 | 1456453 | 1.25% | 2.00% | 38.53% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> PORTFOLIO<br>| 105223 | 10.85 | 1141459 | 1.25% | 1.26% | (1.63%) |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 31343 | 38.86 | 1218123 | 1.25% | 0.38% | 12.80% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 272235 | 12.85 | 3497244 | 1.25% | 1.87% | (2.95%) |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 12948115 | 23.04 to 44.52 | 538477637 | 0.29% to 1.65% | 1.16% | 10.02% to 10.77% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

This fund became available for investment by contract owners of the sub-accounts on May 1, 2021 and the return is for the period May 1, 2021 to December 31, 2021.

------

![](g378337kpmglogo.jpg)

KPMG LLP <br>Suite 500 <br> 191 West Nationwide Blvd. <br>Columbus, OH 43215-2568

**Independent Auditors' Report**

Audit Committee of the Board of Directors <br> Horace Mann Life Insurance Company:

*Opinions* 

We have audited the financial statements of Horace Mann Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements (collectively, financial statements).

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025, in accordance with statutory accounting practices prescribed or permitted by the Illinois Department of Insurance described in Note 1.

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

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

*Basis for Opinions*

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

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

As described in Note 1 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Illinois Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices and U.S. generally accepted accounting principles are also described in Note 1. <br>

KPMG LLP, a Delaware limited liability partnership , and its subsidiaries are part of <br>the KPMG global organization of independent member firms affiliated with KPMG <br>International Limited, a private English company limited by guarantee.

------

*Responsibilities of Management for the Financial Statements*

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

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

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

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

In performing an audit in accordance with GAAS, we:

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

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

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

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

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

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

*Supplementary Information*

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the Summary of Investments - Other than Investments in Related Parties - Schedule I, Supplementary Insurance Information - Schedule III, and Reinsurance - Schedule IV is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by Regulation S-X Rule 7.05 of the Securities and Exchange Commission. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Columbus, Ohio <br> April 9, 2026

------

**HORACE MANN LIFE INSURANCE COMPANY**

Statutory Statements of Admitted Assets, <br> Liabilities and Capital and Surplus

December 31, 2025 and 2024

(In thousands)

------

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
| **Admitted Assets** |  |  |
| Cash and investments: |  |  |
| &nbsp;&nbsp; Bonds | $4322109 | $4251269 |
| &nbsp;&nbsp; Preferred stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83351 |
| &nbsp;&nbsp; Common stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33564 |
| &nbsp;&nbsp; Mortgage loans on real estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67950 |
| &nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11128 |
| &nbsp;&nbsp; Cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16586 |
| &nbsp;&nbsp; Contract loans | &nbsp;&nbsp;&nbsp;&nbsp; 127773 | &nbsp;&nbsp;&nbsp;&nbsp; 130164 |
| &nbsp;&nbsp; Derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18527 |
| &nbsp;&nbsp; Receivable for securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15091 |
| &nbsp;&nbsp; Other invested assets | &nbsp;&nbsp;&nbsp;&nbsp; 858184 | &nbsp;&nbsp;&nbsp;&nbsp; 872373 |
| Total cash and investments | &nbsp;&nbsp; 5566678 | &nbsp;&nbsp; 5500003 |
| Investment income due and accrued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47187 |
| Uncollected premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |
| Deferred premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49246 |
| Amounts recoverable from reinsurers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34746 |
| Funds held by or deposited with reinsured companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35730 |
| Current federal income tax recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16705 |
| Net deferred tax assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12371 |
| Receivable from parent and affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| Admitted disallowed IMR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9102 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6186 |
| Variable annuity assets held in separate accounts | &nbsp;&nbsp; 4157405 | &nbsp;&nbsp; 3708846 |
| Total admitted assets | $9927342 | $9422007 |

---

(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Statutory Statements of Admitted Assets, <br> Liabilities and Capital and Surplus

December 31, 2025 and 2024

(In thousands, except share data)

------

---

| | | |
|:---|:---|:---|
| **** | **December 31** | **December 31** |
| **** | **2025** | **2024** |
| **Liabilities and Capital and Surplus** |  |  |
| Policy liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life and annuity | $4220782 | $4174471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unpaid benefits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder funds on deposit | &nbsp;&nbsp;&nbsp;&nbsp; 942967 | &nbsp;&nbsp;&nbsp;&nbsp; 915312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remittances not allocated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable on reinsurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5640 |
| Total policy liabilities | &nbsp;&nbsp; 5244411 | &nbsp;&nbsp; 5162592 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9572 |
| Commissions and expense allowances payable on reinsurance assumed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257 |
| &nbsp;&nbsp;&nbsp; Transfer from separate accounts accrued for expense<br> allowances recognized in reserves <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7237 |
| Borrowed money and interest thereon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12031 |
| Asset valuation reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86753 |
| Payable to parent and affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4257 |
| Payable for securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9715 |
| Variable annuity liabilities held in separate accounts | &nbsp;&nbsp; 4157405 | &nbsp;&nbsp; 3294083 |
| Total liabilities | &nbsp;&nbsp; 9540038 | &nbsp;&nbsp; 8511091 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, $1 par value. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized 5,000,000 shares, 2,500,000 shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| Additional paid-in capital and contributed surplus | &nbsp;&nbsp;&nbsp;&nbsp; 143704 | &nbsp;&nbsp;&nbsp;&nbsp; 143704 |
| Special surplus – admitted disallowed IMR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9102 |
| Unassigned surplus | &nbsp;&nbsp;&nbsp;&nbsp; 230265 | &nbsp;&nbsp;&nbsp;&nbsp; 262801 |
| Total capital and surplus | &nbsp;&nbsp;&nbsp;&nbsp; 387304 | &nbsp;&nbsp;&nbsp;&nbsp; 418107 |
| Total liabilities and capital and surplus | $9927342 | $9422007 |

---

See accompanying notes to statutory financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

Statutory Statements of Operations

Years ended December 31, 2025, 2024 and 2023

(In thousands)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Revenue: |  |  |  |
| Premiums, annuity and supplementary contract considerations: |  |  |  |
| &nbsp;&nbsp; Annuity | $466767 | $438746 | $440931 |
| &nbsp;&nbsp; Life | &nbsp;&nbsp; 129167 | &nbsp;&nbsp; 121905 | &nbsp;&nbsp; 134235 |
| &nbsp;&nbsp; Supplementary contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp;&nbsp; 2046 | &nbsp;&nbsp;&nbsp;&nbsp; 4798 |
| &nbsp;&nbsp; Accident and health | &nbsp;&nbsp;&nbsp; 29295 | &nbsp;&nbsp;&nbsp; 29683 | &nbsp;&nbsp;&nbsp; 29221 |
| Total premiums, annuity and supplementary contract considerations | &nbsp;&nbsp; 627373 | &nbsp;&nbsp; 592380 | &nbsp;&nbsp; 609185 |
| Net investment income | &nbsp;&nbsp; 270791 | &nbsp;&nbsp; 277028 | &nbsp;&nbsp; 255304 |
| Amortization of interest maintenance reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (778) | &nbsp;&nbsp;&nbsp;&nbsp; (1067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (390) |
| Commissions and expense allowances on reinsurance ceded | &nbsp;&nbsp;&nbsp;&nbsp; 5252 | &nbsp;&nbsp;&nbsp;&nbsp; 5542 | &nbsp;&nbsp;&nbsp;&nbsp; 5493 |
| Management fee income from separate accounts | &nbsp;&nbsp;&nbsp; 48038 | &nbsp;&nbsp;&nbsp; 44517 | &nbsp;&nbsp;&nbsp; 37574 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 9303 | &nbsp;&nbsp;&nbsp;&nbsp; 9241 | &nbsp;&nbsp;&nbsp;&nbsp; 8196 |
| Total revenue | &nbsp;&nbsp; 959979 | &nbsp;&nbsp; 927641 | &nbsp;&nbsp; 915362 |
| Benefits and expenses: |  |  |  |
| &nbsp;&nbsp; Provisions for claims and benefits: |  |  |  |
| &nbsp;&nbsp; Annuity | &nbsp;&nbsp; 589643 | &nbsp;&nbsp; 551468 | &nbsp;&nbsp; 544117 |
| &nbsp;&nbsp; Life | &nbsp;&nbsp; 136623 | &nbsp;&nbsp; 134656 | &nbsp;&nbsp; 149935 |
| &nbsp;&nbsp; Supplementary contracts | &nbsp;&nbsp;&nbsp; 10643 | &nbsp;&nbsp;&nbsp; 11067 | &nbsp;&nbsp;&nbsp; 11420 |
| &nbsp;&nbsp; Accident and health | &nbsp;&nbsp;&nbsp; 12138 | &nbsp;&nbsp;&nbsp; 12355 | &nbsp;&nbsp;&nbsp; 13065 |
| Total claims and benefits | &nbsp;&nbsp; 749047 | &nbsp;&nbsp; 709546 | &nbsp;&nbsp; 718537 |
| Commissions | &nbsp;&nbsp;&nbsp; 36263 | &nbsp;&nbsp;&nbsp; 35791 | &nbsp;&nbsp;&nbsp; 32673 |
| Commissions and expense allowances on reinsurance assumed | &nbsp;&nbsp;&nbsp; 13011 | &nbsp;&nbsp;&nbsp; 12751 | &nbsp;&nbsp;&nbsp; 12189 |
| General and other expenses | &nbsp;&nbsp; 103964 | &nbsp;&nbsp;&nbsp; 97947 | &nbsp;&nbsp;&nbsp; 86208 |
| Total benefits and expenses | &nbsp;&nbsp; 902285 | &nbsp;&nbsp; 856035 | &nbsp;&nbsp; 849607 |
| Net gain before federal income tax expense | &nbsp;&nbsp;&nbsp; 57693 | &nbsp;&nbsp;&nbsp; 71605 | &nbsp;&nbsp;&nbsp; 65756 |
| Federal income tax expense (benefit) | &nbsp;&nbsp;&nbsp; 22781 | &nbsp;&nbsp;&nbsp; 13512 | &nbsp;&nbsp;&nbsp; 17772 |
| Net gain from operations | &nbsp;&nbsp;&nbsp; 34912 | &nbsp;&nbsp;&nbsp; 58093 | &nbsp;&nbsp;&nbsp; 47984 |
| Realized investment gains (losses) net of tax and transfers to interest maintenance reserve | &nbsp;&nbsp;&nbsp;&nbsp; 4519 | &nbsp;&nbsp;&nbsp;&nbsp; 8681 | &nbsp;&nbsp; (10146) |
| Net income | $39431 | $66774 | $37838 |

---

See accompanying notes to statutory financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

Statutory Statements of Capital and Surplus

Years ended December 31, 2025, 2024 and 2023

(In thousands)

------

---

| | | | |
|:---|:---|:---|:---|
| **** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **** | **2025** | **2024** | **2023** |
| Capital stock | <u>$</u><u>2500</u> | <u>$</u><u>2500</u> | <u>$</u><u>2500</u> |
| Additional paid-in capital and contributed surplus | <u>143704</u> | <u>143704</u> | <u>143704</u> |
| Unassigned and special surplus: |  |  |  |
| &nbsp;&nbsp; Balance at beginning of year | &nbsp;&nbsp; 271903 | &nbsp;&nbsp; 312567 | &nbsp;&nbsp; 336763 |
| &nbsp;&nbsp; Net income | &nbsp;&nbsp;&nbsp; 39431 | &nbsp;&nbsp;&nbsp; 66774 | &nbsp;&nbsp;&nbsp; 37838 |
| &nbsp;&nbsp; Change in net deferred income tax | &nbsp;&nbsp;&nbsp; 10732 | &nbsp;&nbsp;&nbsp;&nbsp; 2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp; Change in non-admitted assets | &nbsp;&nbsp; (12550) | &nbsp;&nbsp;&nbsp;&nbsp; (4316) | &nbsp;&nbsp;&nbsp;&nbsp; 2316 |
| &nbsp;&nbsp; Change in net unrealized capital gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (9122) | &nbsp;&nbsp; (13326) | &nbsp;&nbsp;&nbsp; 23925 |
| &nbsp;&nbsp; Change in reserve valuation basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| &nbsp;&nbsp; Change in asset valuation reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp; (23769) | &nbsp;&nbsp; (22408) |
| &nbsp;&nbsp; Dividends to stockholder | &nbsp;&nbsp; (46000) | &nbsp;&nbsp; (63600) | &nbsp;&nbsp; (71500) |
| &nbsp;&nbsp; Change in deferred gain on reinsurance | &nbsp;&nbsp;&nbsp;&nbsp; (2410) | &nbsp;&nbsp;&nbsp;&nbsp; (2566) | &nbsp;&nbsp;&nbsp;&nbsp; (2342) |
| &nbsp;&nbsp; Prior period investment error correction | &nbsp;&nbsp;&nbsp;&nbsp; (6341) | &nbsp;&nbsp;&nbsp;&nbsp; (2497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Prior period annuity reserve error correction | &nbsp;&nbsp;&nbsp;&nbsp; (6499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Balance at end of year | &nbsp;&nbsp; 241100 | &nbsp;&nbsp; 271903 | &nbsp;&nbsp; 312567 |
| Total capital and surplus | $387304 | $418107 | $458771 |

---

See accompanying notes to statutory financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

Statutory Statements of Cash Flow

Years ended December 31, 2025, 2024 and 2023

(In thousands)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** |
| Cash from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue received: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums considerations and deposits | &nbsp;&nbsp;&nbsp;&nbsp; 627348 | &nbsp;&nbsp; 591147 | &nbsp;&nbsp; 590974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income | &nbsp;&nbsp;&nbsp;&nbsp; 268479 | &nbsp;&nbsp; 272877 | &nbsp;&nbsp; 250801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions and expense allowances on reinsurance ceded | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee income from Separate Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48038 | &nbsp;&nbsp;&nbsp; 44517 | &nbsp;&nbsp;&nbsp; 37574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9303 | &nbsp;&nbsp;&nbsp;&nbsp; 9241 | &nbsp;&nbsp;&nbsp;&nbsp; 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue received | &nbsp;&nbsp;&nbsp;&nbsp; 954230 | &nbsp;&nbsp; 919162 | &nbsp;&nbsp; 890695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and expenses paid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims, benefits and net transfers | &nbsp;&nbsp;&nbsp;&nbsp; 706100 | &nbsp;&nbsp; 694739 | &nbsp;&nbsp; 742695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 152848 | &nbsp;&nbsp; 141830 | &nbsp;&nbsp; 131487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14349 | &nbsp;&nbsp;&nbsp; 28619 | &nbsp;&nbsp;&nbsp; 15504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses paid | &nbsp;&nbsp;&nbsp;&nbsp; 873297 | &nbsp;&nbsp; 865188 | &nbsp;&nbsp; 889686 |
| Net cash from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80933 | &nbsp;&nbsp;&nbsp; 53974 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| Cash from investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From investments sold or matured: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 926286 | &nbsp;&nbsp; 631652 | &nbsp;&nbsp; 519960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26840 | &nbsp;&nbsp;&nbsp;&nbsp; 8726 | &nbsp;&nbsp;&nbsp; 25576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73762 | &nbsp;&nbsp; 108176 | &nbsp;&nbsp;&nbsp; 54471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27787 | &nbsp;&nbsp;&nbsp; 14096 | &nbsp;&nbsp;&nbsp; 21224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment proceeds | &nbsp;&nbsp; 1060095 | &nbsp;&nbsp; 763044 | &nbsp;&nbsp; 621602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp; 1005461 | &nbsp;&nbsp; 695594 | &nbsp;&nbsp; 426350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp;&nbsp; 7987 | &nbsp;&nbsp;&nbsp;&nbsp; 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63267 | &nbsp;&nbsp; 103055 | &nbsp;&nbsp; 172770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous applications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31224 | &nbsp;&nbsp;&nbsp;&nbsp; 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments acquired | &nbsp;&nbsp; 1070859 | &nbsp;&nbsp; 837860 | &nbsp;&nbsp; 619905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in contract loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (966) | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total for investments acquired | &nbsp;&nbsp; 1068468 | &nbsp;&nbsp; 836894 | &nbsp;&nbsp; 621222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash from (used in) investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8373) | &nbsp;&nbsp; (73850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| Cash from financing and miscellaneous: |  |  |  |
| Cash provided (applied): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed funds | &nbsp;&nbsp;&nbsp;&nbsp; (12031) | &nbsp;&nbsp;&nbsp; 12031 | &nbsp;&nbsp; (55507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deposits on deposit-type contract funds and other liabilities without life or <br> disability contingencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27671 | &nbsp;&nbsp;&nbsp; 57658 | &nbsp;&nbsp;&nbsp; 90169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to stockholders | &nbsp;&nbsp;&nbsp;&nbsp; (46000) | &nbsp;&nbsp; (63600) | &nbsp;&nbsp; (71500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other cash provided (applied) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10464 | &nbsp;&nbsp;&nbsp;&nbsp; (1713) | &nbsp;&nbsp;&nbsp;&nbsp; 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from (to) financing and miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; (19896) | &nbsp;&nbsp;&nbsp;&nbsp; 4376 | &nbsp;&nbsp; (30616) |
| Net change in cash and short term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52663 | &nbsp;&nbsp; (15501) | &nbsp;&nbsp; (29228) |
| Cash and short-term investments at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27714 | &nbsp;&nbsp;&nbsp; 43214 | &nbsp;&nbsp;&nbsp; 72442 |
| Cash, cash equivalents and short-term investments at end of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80377 | &nbsp;&nbsp;&nbsp; 27714 | &nbsp;&nbsp;&nbsp; 43214 |
| Cash flow information for non-cash transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash exchange in Other Invested Assets | $— | $34320 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets transferred on reinsurance transaction | $— | $— | $(16003) |

---

See accompanying notes to statutory financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

**(1) Background and Significant Accounting Policies**

**Organization**

Horace Mann Life Insurance Company (the Company), an Illinois domiciled company, markets and underwrites tax-qualified retirement annuities, individual life, group disability income, and group life insurance products primarily to K-12 teachers, administrators and other employees of public schools and their families. The top ten states where the Company writes business account for 52.46% of total direct premium.

The Company is a subsidiary of Horace Mann Educators Corporation (HMEC), which indirectly owns 100% of the outstanding shares. The Company is a wholly owned subsidiary of Educators Life Insurance Company of America (ELICA). Other affiliated companies include Horace Mann Investors, Inc., Horace Mann Insurance Company, Teachers Insurance Company, Horace Mann Property & Casualty Insurance Company, National Teachers Associates Life Insurance Company, NTA Life Insurance Company of New York, Madison National Life Insurance Company, and Horace Mann Service Corporation (HMSC). HMSC performs certain fiscal and administrative services for all the affiliated companies in the group.

**Basis of Presentation**

The accompanying statutory financial statements have been prepared in conformity with the accounting practices prescribed or permitted by the Illinois Department of Insurance and the National Association of Insurance Commissioners (NAIC), which differ materially in some respects from United States (U.S.) generally accepted accounting principles (GAAP) as more fully discussed in below. The state of Illinois has adopted the prescribed accounting practices as stated in NAIC Statements of Statutory Accounting Principles (SAP) without modification. At December 31, 2025 and 2024 the Company has no material statutory accounting practices and has no permitted accounting practices that differ from those of the state of Illinois or the NAIC accounting practices. The significant statutory accounting practices and the Company's related accounting policies follow.

The most significant differences between statutory accounting practices and GAAP are highlighted by the following descriptions of the GAAP treatment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For traditional life products, aggregate reserves for future life benefits represent the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, accrued as premium revenue is recognized. The liability is estimated using current assumptions that include discount rate, mortality, lapses, and expenses. These current assumptions are based on judgments that consider the Company's historical experience, industry data, and other factors.

(b)Aggregate reserves for annuity contracts are carried at accumulated policyholder values without reduction for potential surrender or withdrawal charges. For FIA products, the aggregate reserve is the host contract plus the embedded derivative, which is bifurcated from the underlying host contract and reported separately.

(c)Annuity considerations and other fund deposits are reflected as deposits rather than revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acquisition costs are deferred and amortized on a constant level basis over the expected term of the related contracts.

(e)Non-admitted assets are restored to the balance sheet less applicable allowance accounts.

(f)Asset valuation and interest maintenance reserves are not provided.

(g)The assets and liabilities are revalued as of the date of acquisition of HMEC and its subsidiaries in August, 1989.

(h)Realized investment gains (losses) resulting from changes in interest rates are recognized in operations when the related security is sold.

(i)Reserves and related reinsurance is presented gross.

(j)Fixed maturity investments (bonds) are categorized as available for sale. Such investments are carried at fair value with changes in fair value charged or credited to shareholder's equity and net of deferred income taxes.

(k)The statement of cash flows is presented in a format as prescribed by ASC 230.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

(l)A statement of comprehensive income (loss) is required.

(m)Changes in the balances of DTAs and DTLs result in increases or decreases of operations under GAAP.

(n)Deferred premium assets are not provided.

(o)DTAs are not subject to admissibility limitations under GAAP.

(p)Policy and contract fees are reported as unearned revenue and are recognized in income over the period in which the services are provided.

(q)The annuity reinsurance transaction uses the deposit accounting method for GAAP.

(r)Credit losses are recognized on an incurred basis for statutory reporting, but evaluated using expected credit losses, with an associated allowance, for GAAP.

A reconciliation of the Company's statutory to GAAP net income and statutory capital and surplus to stockholder's equity is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Statutory Net Income | &nbsp;&nbsp; $39431 | &nbsp;&nbsp; $66774 | &nbsp;&nbsp; $37838 |
| Increase (decrease) due to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs | &nbsp;&nbsp;&nbsp;&nbsp; 2258 | &nbsp;&nbsp;&nbsp;&nbsp; 3735 | &nbsp;&nbsp;&nbsp;&nbsp; (1819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder benefits | &nbsp;&nbsp; (79776) | &nbsp;&nbsp; (86739) | &nbsp;&nbsp; (80869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal income tax expense (benefit) | &nbsp;&nbsp;&nbsp; 17610 | &nbsp;&nbsp;&nbsp;&nbsp; 4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment reserves | &nbsp;&nbsp;&nbsp; 72965 | &nbsp;&nbsp;&nbsp; 70106 | &nbsp;&nbsp; 112216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded commission expense | &nbsp;&nbsp;&nbsp; (2410) | &nbsp;&nbsp;&nbsp; (2566) | &nbsp;&nbsp;&nbsp;&nbsp; (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| GAAP Net Income | &nbsp;&nbsp; $50344 | &nbsp;&nbsp; $56874 | &nbsp;&nbsp; $65577 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Capital and Surplus | &nbsp;&nbsp; $387304 | &nbsp;&nbsp; $418107 | &nbsp;&nbsp; $458771 |
| Increase (decrease) due to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs | &nbsp;&nbsp;&nbsp;&nbsp; 303656 | &nbsp;&nbsp;&nbsp;&nbsp; 301403 | &nbsp;&nbsp;&nbsp;&nbsp; 297678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit asset on reinsurance | &nbsp;&nbsp;&nbsp; 2369551 | &nbsp;&nbsp;&nbsp; 2434319 | &nbsp;&nbsp;&nbsp; 2496574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity reserves ceded | &nbsp;&nbsp; (2290067) | &nbsp;&nbsp; (2347512) | &nbsp;&nbsp; (2404125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference in policyholder reserves | &nbsp;&nbsp;&nbsp;&nbsp; 353090 | &nbsp;&nbsp;&nbsp;&nbsp; 347423 | &nbsp;&nbsp;&nbsp;&nbsp; 230097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment fair value adjustments on fixed maturity <br> securities<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251386) | &nbsp;&nbsp;&nbsp;&nbsp; (363789) | &nbsp;&nbsp;&nbsp;&nbsp; (333269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Maintenance Reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Valuation Reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract loans ceded | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal income tax liability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded commission liability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-admitted assets and other, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10887) |
| GAAP Shareholder's Equity | &nbsp;&nbsp; $870591 | &nbsp;&nbsp; $797365 | &nbsp;&nbsp; $743031 |

---

**Risk-Based Capital**

The insurance departments of various states, including the Company's domiciliary state of Illinois impose risk-based capital (RBC) requirements on insurance enterprises. The RBC calculation serves as a benchmark for the regulation of insurance companies by state insurance regulators. The requirements apply various weighted factors to financial balances or activity levels based on their perceived degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

RBC guidelines define specific capital levels where regulatory intervention is required based on the ratio of a company's actual total adjusted capital (sum of capital and surplus and AVR) to control levels determined by the RBC formula. At December 31, 2025 and 2024, the Company's statutory capital and surplus exceeded required levels.

**Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Investments**

Investments are valued in accordance with the requirements of the NAIC. Change in unrealized gains and losses on securities carried at fair value are recognized in the change in net unrealized capital gain (losses) line in the Statutory Statement of Capital and Surplus, net of taxes.

Bonds, other than NAIC class 6, not backed by other loans are carried at amortized cost, adjusted for the amortization of premiums, accretion of discounts and any impairment. Premiums and discounts are amortized and accreted over the estimated lives of the related bonds based on the interest yield method. NAIC class 6 bonds are carried at lower of cost or fair value. Fair value is derived using third party pricing services and consideration of factors including quality of issuer, interest rates and maturity dates.

Loan-backed securities are stated at either amortized cost or the lower of amortized cost or fair value. Loan-backed securities that have been assigned the NAIC category 6 designation are carried at lower of cost or fair value. The Company uses a pricing service in determining the fair value of its loan-backed securities. Prepayment assumptions were obtained from broker dealer survey values and are consistent with the current interest rate and economic environment. Significant changes in estimated cash flows from the original purchase assumptions for loan-backed and structured securities are accounted for using the retrospective method. The Company had no negative yield situations requiring a change from the retrospective to prospective method.

Common stocks are carried at fair value. Fair value is derived using third party pricing services and, when not available, common stocks are valued using non-binding broker quotes.

Redeemable preferred stocks are carried at cost, less any impairment adjustments or at the lower of cost or fair value, depending on the NAIC designation of the security. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call price. Fair value is derived using third party pricing services and, when not available, preferred stocks are valued using non-binding broker quotes.

Mortgage loans, including a loan with an affiliate for the home office property, are carried at the unpaid principal balance less unamortized discount and were issued at a value of no more than 75% of the appraised value of the mortgaged property. The related party loan has an 7.5% coupon rate and will be paid in full on June 28, 2049. The Company purchased no commercial loans in 2025. The Company did not reduce interest rates of any outstanding mortgage loans during 2025, 2024 and 2023. During 2025, 2024 and 2023, the Company had no non-performing mortgage loans or loans with past due interest or principal payments.

Contract loans are carried at the unpaid principal balance.

Collateral loans are carried at amortized cost plus accrued interest.

Derivatives, representing one year call options, are carried at fair value.

The Company accounts for repurchase agreements as secured borrowings.

Within "Other invested assets", the Company accounts for limited liability companies, on a quarter lag, based on the underlying audited U.S. GAAP equity of the Company's proportionate interest in the partnership and the change is recognized in changes in net unrealized capital (losses) gains in the statutory statement of capital and surplus.

At December 31, 2025 and 2024, the Company had no investments in derivative financial instruments, joint ventures, partnerships, or limited liability companies that exceed 10% of its admitted assets, no reverse mortgages and holds no loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

Short-term securities have a maturity of one year or less at the time of acquisition. Cash equivalents and short-term investments are carried at amortized cost which approximates fair value.

Interest income is recognized as earned. Investment income reflects amortization of premiums and accretion of discounts on an effective-yield basis.

Net realized investment gains and losses are determined on the basis of specific identification on the trade date.

Investments in limited partnership interests (LP interests) and limited liability companies (LLC interests) are predominately accounted for using the equity method of accounting (EMA) and classified as other long-term invested assets. However, where the Company also holds a debt interest in the same structure and the requirements of SSAP 21 are met, the Company accounts for the LP interest or LLC interest as a residual interest. Under the practical expediency approach of SSAP 21, the accounting for the residual interests follows a cost recovery approach where income is only recognized when the Company has recovered its cost basis.

The Company's methodology of assessing other-than-temporary impairments (OTTI) is based on security-specific facts and circumstances as of the date of the reporting period. Based on these facts, if (1) the Company has the intent to sell the debt security, (2) it is more likely than not the Company will be required to sell the debt security before the anticipated recovery of the amortized cost basis, or (3) management does not expect to collect all amounts due according to the contractual terms of a debt security in effect at the date of acquisition, an other-than-temporary impairment is considered to have occurred. For equity securities, if (1) the Company does not have the ability and intent to hold the security for the recovery of cost or (2) recovery of cost is not expected within a reasonable period of time, an other-than-temporary impairment is considered to have occurred.

For structured securities, if the present value of the cash-flows expected to be collected is less than the amortized cost basis, an other-than-temporary impairment shall be considered to have occurred for the difference due to a non-interest related decline. For structured securities, the Company analyzes discounted cash flows on a quarterly basis to determine if additional other-than-temporary impairment write-downs are necessary. A write-down of an investment is recorded when a decline in the fair value of that investment is deemed to be other-than-temporary, with a realized investment loss charged to operations for the period.

For equity method investments, the Company recognizes a loss in value when evidence demonstrates that it is other-than-temporarily impaired. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain an earnings potential that would justify the carrying amount of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Asset Valuation Reserve**

The Asset Valuation Reserve (AVR) was calculated as prescribed and required by the NAIC. This reserve is maintained for the purpose of stabilizing surplus against the effects of fluctuations in the value of certain bond, stock, mortgage loan and real estate investments. Changes in the AVR reserve are charged or credited to surplus.

The balance of the AVR by component at December 31, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Bonds, preferred stocks and short-term investments | $32335 | $33814 |
| Mortgage loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| Real estate and other invested assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51500 |
| Common stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total AVR | $84798 | $86753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Interest Maintenance Reserve**

The Interest Maintenance Reserve (IMR) was calculated as prescribed by the NAIC. This reserve is designed to capture the realized capital gains and losses which result from changes in the overall level of interest rates and amortize them into operations over the approximate remaining life of the investment sold.

In accordance with INT 23-01: Net Negative (Disallowed) Interest Maintenance Reserve, which provides a limited-time exception to the guidance in SSAP No.7, the Company has elected to admit net negative IMR up to 10% of adjusted capital and surplus. As of December 31, 2025 the Company had net negative IMR of $10,835 which was held in the general account only and did not include any IMR for derivatives. IMR losses resulted from the sale of fixed income investments. Adjusted capital and surplus used in the admission test is:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Capital and Surplus | $418107 | $458771 |
| Less: Negative IMR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9102 |
| Less: Net Admitted Deferred Tax Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12371 |
| Adjusted Capital & Surplus | $394019 | $437298 |
| 10% Allowable Admitted Negative IMR | $39402 | $43730 |
| Negative IMR as Percent of Adjusted Capital & Surplus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2% |

---

Fixed income investment generating IMR losses comply with Company investment management policies. Any deviation to this was either because of a temporary and transitory timing issue or related to a specific event, such as a reinsurance transaction, that mechanically made the cause of IMR losses not reflective of reinvestment activities. The Company did not have any IMR losses for fixed income related derivatives. Sales resulting in losses, and resulting negative IMR, were not compelled by liquidity pressures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Subprime Mortgage Related Risk Exposure**

The Company has no securities with direct sub-prime exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Investments in Entities Exceeding 10% of Capital and Surplus**

At December 31, 2025 there were no investments in entities other than obligations of the U.S. Government and federally sponsored government agencies and authorities which exceeded 10% of total capital and surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Aggregate Reserves**

Applicable state insurance laws require that the Company set up reserves in accordance with statutory regulations, carried as liabilities to meet future obligations under outstanding policies. These reserves are the amount that, with the additional premiums to be received and interest thereon compounded annually at certain rates, is calculated to be sufficient to meet the various policy and contract obligations as they occur.

Premium deficiency reserves at December 31, 2025 and 2024 were $40,507 and $38,485, respectively. The Company does not anticipate investment income as a factor in determining if a premium deficiency relating to short-duration contracts exists.

The Company waives deduction of deferred fractional premiums upon death of insured and returns any portion of the final premiums beyond the date of death. Surrender values are not promised in excess of the legally computed reserves.

The tabular interest, tabular less actual reserve released and tabular cost have been determined by formula as prescribed in the annual statement instructions. Tabular interest on funds not involving life contingencies is determined as the sum of the products of each valuation rate of interest and the mean of the funds subject to such rate held at the beginning and end of the valuation year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

Aggregate reserves for life policies, annuity contracts, and supplementary contracts with life contingencies are based on statutory mortality tables and interest assumptions using either the net level, or commissioners' reserve valuation method or commissioners' annuity reserve valuation method. The annuity reserves include the current declared interest rates through the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Policyholder Funds on Deposit**

Policyholder funds on deposit primarily include funding agreements with the Federal Home Loan Bank of Chicago of $908,234 and $877,985 as of December 31, 2025 and 2024, respectively, and supplementary contracts without life contingencies which represent the present value of future payments discounted with interest only and personal promise liabilities (discussed in further detail in Note 12). At December 31, 2025 and 2024, the supplemental contract liability was $31,191 and $33,817, respectively, including retained asset accounts of $7,318 and $7,312 respectively. The supplemental contract liability including the retained assets is based on average credited interest rates of 2.84% and 2.71% in 2025 and 2024, respectively. Premiums and annuity considerations for life and accident and health contracts received in advance were $489 and $506 at December 31, 2025 and 2024, respectively. Premiums on deposit and dividend accumulations of $924 and $1,012 were reported at December 31, 2025 and 2024, respectively. Annuities certain of $2,128 and $1,993 were reported at December 31, 2025 and 2024 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h) Life Premiums**

Life premiums are reflected as earned on the coverage anniversary date. Annuity and supplementary contracts with life contingent premiums are reflected as earned when collected. Accident and health premiums are reported as revenue when due and earned on a pro rata basis over the period covered by the policy.

Deferred life premiums represent modal premiums (other than annual) to be billed in the year subsequent to the commencement of the policy year.

Deferred and uncollected life insurance premiums as of December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross** | **Net of Loading** |
| Ordinary new business | $2841 | $1044 |
| Ordinary renewal | 45888 | 48937 |
| Group Life | (12) | (12) |
| Total | $48717 | $49969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i) Mutual Fund Service Fee Income**

The Company has a service agreement where the Company provides certain services to the Wilshire VIT Fund (Fund) necessary to coordinate the Fund activities with those of the Separate Account of the Company. For these services the Company receives a mutual fund service fee, accrued daily and paid to the Company monthly, based upon the combined assets of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j) Income Taxes**

The Company is included in the consolidated federal income tax return of its parent, ELICA, and its ultimate parent, HMEC and its affiliates. The tax sharing agreement between the Company and HMEC, as approved by the Board of Directors of the Company, provides that tax on income is charged to the Company as if it were filing a separate federal income tax return. The Company is reimbursed for any losses or tax credits to the extent utilized in the consolidated return. Intercompany tax balances are settled quarterly with a subsequent final annual settlement upon filing the consolidated federal income tax return.

Federal income taxes are charged to operations based on current taxable income. Current year federal income tax expense or benefit is based on financial reporting income or loss adjusted for certain temporary differences, which are the result of dissimilar financial reporting and tax basis accounting methods. A deferred tax asset (DTA), for the tax effect of temporary differences between financial reporting and the tax basis of assets, is reported as an admitted asset for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

temporary differences that reverse in three years, but only to the extent they do not exceed the lesser of federal income taxes paid in prior years that can be recovered through loss carrybacks from temporary differences or 15% of adjusted surplus plus gross deferred tax liabilities (DTL). Gross DTAs are reduced by a statutory valuation allowance if it is more-likely-than-not that some portion or all of the gross DTAs will not be realized. Admissibility is based upon the Company's risk-based capital level.

The Company records liabilities for potential tax contingencies where it is more-likely-than-not that the position will not be sustainable upon audit by taxing authorities. Potential tax contingencies are reevaluated routinely and, if applicable, are adjusted appropriately based upon changes in facts or law. The Company has no unrecorded tax contingencies.

The Company classifies all tax-related interest and penalties as income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act was enacted into U.S. law, introducing various business tax reforms. We do not expect this legislation to have a material impact on our effective tax rate, financial condition, or result of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k) Acquisition Expenses**

The cost of acquiring new business, principally commissions, underwriting salaries, and related expenses, is charged to expense as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l) Non-admitted Assets**

Assets prescribed by the Illinois Insurance Code and the NAIC as "non-admitted" (principally non-admitted deferred tax assets) are charged to unassigned surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m) Use of Estimates**

The preparation of statutory financial statements requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the statutory financial statements and (2) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n) Accounting Changes and Correction of Errors**

In the year ended December 31, 2025, the Company identified an error related to how the Company records private debt securities activity associated with the Company's limited partnership investments. The error resulted in an overstatement of Bonds of $4,716, an understatement of Preferred stocks of $383, and overstatement of Investment income due and accrued of $2,380, an understatement of Current federal tax recoverable of $372 and an overstatement of Unassigned funds of $6,341. The correction was recognized by adjusting the value of the assets, reducing unassigned surplus and in the change in capital and surplus.

Additionally in 2025, the Company identified an error related to the statutory reserve accumulation methodology applied to a subset of multi-year guaranteed annuity ("MYGA") policies. Specifically, for certain MYGA policies with multi-year guaranteed crediting periods, the valuation system applied the minimum guaranteed interest rate for all projection years instead of the contractually guaranteed crediting rate during the initial guarantee period, as required under CARVM, resulting in an understatement of statutory reserves. The error resulted in an understatement of Aggregate reserves for life contracts of $8,227, an understatement of Current federal tax recoverable of $1,728, and an overstatement of Unassigned funds of $6,499. The correction was recognized by adjusting the value of the assets and the liabilities, reducing unassigned surplus and in the change in capital and surplus . The Company has reviewed its accounting process and implemented additional internal controls to prevent similar misstatement in the future.

During the quarter ended December 31, 2024, the Company identified an error related to the overstatement of an asset in the Other Invested Assets and Unassigned Funds. The overstatement was due to an incorrect valuation for the assets. This error resulted in an overstatement for 2023 Other Invested Assets and Unassigned Funds of $2,497. The correction was

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

recognized in 2024 by reducing the value of the asset, reducing unassigned surplus and in the change in capital and surplus. The Company has reviewed its accounting processes and implemented additional internal controls to prevent similar misstatements in the future.

Effective January 1, 2025, the Company adopted revisions to SSAP No. 26 – Bonds, SSAP No. 43 – Loan-Backed and Structured Securities, and SSAP No. 21 – Other Admitted Assets, which incorporate the NAIC's principles-based bond definition (PBBD). Under the revised guidance, the Company evaluated its investment portfolio to determine whether instruments qualify as: (i) Issuer Credit Obligations (ICOs) under SSAP No. 26, (ii) Asset-Backed Securities (ABS) under SSAP No. 43, and (iii) Other invested assets under SSAP No. 21 (Schedule BA). Securities supported primarily by the general credit of the issuer are classified as ICOs, while securities whose repayment is primarily supported by cash flows from a discrete pool of financial or non-financial assets are classified as ABS. As part of this evaluation, the Company identified certain residual interests associated with limited partnerships and limited liability companies that were previously accounted for under the equity method. The Company elected the practical expedient approach in lieu of the allowable earned yield method. The adoption did not have a material impact on total admitted assets or statutory surplus. However, the reclassification resulted in changes in presentation within invested assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o) Subsequent Events**

The Company had no Type I or Type II events subsequent to December 31, 2025 that merited recognition or disclosure in these statements. Subsequent events were evaluated through April 9, 2026, the date which these statements were available for issuance.

**(2) Investments**

**Net Investment Income**

The components of net investment income were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Interest on bonds | &nbsp;&nbsp; 206012 | &nbsp;&nbsp; 216687 | &nbsp;&nbsp; 202957 |
| Preferred stock income | &nbsp;&nbsp;&nbsp; 4496 | &nbsp;&nbsp;&nbsp; 4892 | &nbsp;&nbsp;&nbsp; 5698 |
| Common stock income | &nbsp;&nbsp;&nbsp; 2951 | &nbsp;&nbsp;&nbsp; 3796 | &nbsp;&nbsp;&nbsp; 4058 |
| Interest on mortgage loans | &nbsp;&nbsp;&nbsp; 4771 | &nbsp;&nbsp;&nbsp; 5013 | &nbsp;&nbsp;&nbsp; 4387 |
| Interest on short-term investments | &nbsp;&nbsp;&nbsp; 3094 | &nbsp;&nbsp;&nbsp; 1908 | &nbsp;&nbsp;&nbsp; 2216 |
| Interest on contract loans | &nbsp;&nbsp;&nbsp; 7785 | &nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp; 8064 |
| Limited liability companies income | &nbsp;&nbsp; 51595 | &nbsp;&nbsp; 48008 | &nbsp;&nbsp; 39202 |
| Other investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (346) | &nbsp;&nbsp;&nbsp;&nbsp; (124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) |
| Gross investment income | &nbsp;&nbsp; 280358 | &nbsp;&nbsp; 288108 | &nbsp;&nbsp; 266492 |
| Investment expenses | &nbsp;&nbsp;&nbsp; 9567 | &nbsp;&nbsp; 11080 | &nbsp;&nbsp; 11188 |
| Net investment income | &nbsp;&nbsp; 270791 | &nbsp;&nbsp; 277028 | &nbsp;&nbsp; 255304 |

---

The Company nonadmits investment income due and accrued if amounts are over 90 days past due. The Company nonadmitted $569 of investment income due and accrued related to four securities for 2025. In 2024, the Company nonadmitted $750 of investment income due and accrued related to nine securities.

The gross, nonadmitted and admitted amounts for interest income due and accrued.

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

---

| | | |
|:---|:---|:---|
| **Interest Income Due and Accrued** | **2025** | **2024** |
| 1. Gross | &nbsp;&nbsp; $44671 | &nbsp;&nbsp; $47937 |
| 2. Nonadmitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 |
| 3. Admitted | &nbsp;&nbsp; $44102 | &nbsp;&nbsp; $47187 |

---

There is no aggregated deferred interest. The amount of paid-in-kind interest included in the current balance is $14,703.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**Prepayment Penalty and Acceleration Fees**

The following table discloses prepayment penalties and acceleration fees recorded for securities sold, redeemed or otherwise disposed as a result of a callable feature (including make whole call provisions):

---

| | | |
|:---|:---|:---|
|  | **General Account** | **Separate Account** |
| (1) Number of CUSIPs | 27 | &nbsp;&nbsp; — |
| (2) Aggregate Amount of Investment Income | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $— |

---

**Net Realized Investment Gains (Losses) Net of Tax and Transfers to IMR**

Realized investment gains (losses) which result from changes in the overall level of interest rates, excluding securities whose NAIC rating classification at the end of the holding period is different from its NAIC rating classification at the beginning of the holding period by more than one NAIC rating classification, are transferred to IMR. Realized investment gains (losses) on most fixed income securities are transferred on an after tax basis to the IMR and amortized into operations over the average remaining lives of the assets sold.

The IMR at December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Reserve balance, beginning of year | &nbsp;&nbsp; $(9102) | &nbsp;&nbsp; $(4954) | &nbsp;&nbsp; $6711 |
| Current year capital gains (losses), net of tax | &nbsp;&nbsp;&nbsp; (2511) | &nbsp;&nbsp; (5215) | &nbsp;&nbsp; (10980) |
| Adjustment for liability gains (losses) released from reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1075) |
| Amortization of IMR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| Reserve balance, end of year | &nbsp;&nbsp; $(10835) | &nbsp;&nbsp; $(9102) | &nbsp;&nbsp; $4954 |

---

Net realized investment gains (losses) reported in the statutory statements of operations net of tax and transfers to IMR were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Bonds | &nbsp;&nbsp; $(5693) | &nbsp;&nbsp; $(1524) | &nbsp;&nbsp; $12537 |
| Common stocks | &nbsp;&nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58) |
| Preferred stocks | &nbsp;&nbsp; (3011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; (10656) |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) |
| Options | &nbsp;&nbsp;&nbsp; 6522 | &nbsp;&nbsp; 11289 | &nbsp;&nbsp;&nbsp; (2298) |
| Other Invested Assets | &nbsp;&nbsp;&nbsp; 7143 | &nbsp;&nbsp; (3960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized investment gains (losses) | &nbsp;&nbsp;&nbsp; 6322 | &nbsp;&nbsp;&nbsp; 5832 | &nbsp;&nbsp; (25652) |
| Less federal income tax expense | &nbsp;&nbsp;&nbsp; 4315 | &nbsp;&nbsp;&nbsp; 2366 | &nbsp;&nbsp;&nbsp; (4526) |
| Transferred to IMR | &nbsp;&nbsp;&nbsp; 2511 | &nbsp;&nbsp;&nbsp; 5216 | &nbsp;&nbsp;&nbsp; 10980 |
| Net realized investment gains (losses) net of tax and transfers to IMR | &nbsp;&nbsp;&nbsp; 4519 | &nbsp;&nbsp;&nbsp; 8682 | &nbsp;&nbsp; (10146) |

---

The net gains (losses) were realized from ongoing investment portfolio management activity and recording of impairment charges. The Company recorded impairment write-downs of $11,171, $1,551 and $5,840 in 2025, 2024 and 2023, respectively. The impairment losses in 2025 related to bonds and preferred stock. During 2024 and 2023 impairments were related to bonds. In each of the periods, the impaired securities were marked to fair value, and the write-downs were recorded as realized investment losses in the statutory statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**Change in Net Unrealized Capital Gains (Losses)**

Unrealized capital gains or losses are reflected as credits or charges directly to unassigned surplus. The unrealized capital gains (losses) also include the impact of deferred taxes. This amount was $446, $(2,392) and $(5,392) at December 31, 2025, 2024, and 2023, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Net unrealized capital gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning | &nbsp;&nbsp; $13466 | &nbsp;&nbsp; $26792 | &nbsp;&nbsp; $2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | &nbsp;&nbsp;&nbsp; 4344 | &nbsp;&nbsp;&nbsp; 13466 | &nbsp;&nbsp; 26792 |
| Change in net unrealized capital gains (losses) | &nbsp;&nbsp; $(9122) | &nbsp;&nbsp; $(13326) | &nbsp;&nbsp; $23925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**Bonds and Preferred Stocks**

The carrying value and statutory fair value of investments in bonds and preferred stocks are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Carrying**<br> **Value**<br>| **Gross**<br> **Unrealized** <br> **Gains**<br>| **Gross**<br> **Unrealized** <br> **Losses**<br>| **Fair**<br> **Value**<br>|
| Bonds |  |  |  |  |
| &nbsp;&nbsp; Issuer Credit Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; 17523 | &nbsp;&nbsp; 28 | (241) | &nbsp;&nbsp; 17310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. Governments Obligations | &nbsp;&nbsp; 305912 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; (50964) | &nbsp;&nbsp; 255140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Sovereign Jurisdiction Securities | &nbsp;&nbsp; 10855 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1042) | &nbsp;&nbsp; 9813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds – General Obligations | &nbsp;&nbsp; 183085 | &nbsp;&nbsp; 3261 | &nbsp;&nbsp; (11623) | &nbsp;&nbsp; 174723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds – Special Revenues | &nbsp;&nbsp; 365776 | &nbsp;&nbsp; 10621 | &nbsp;&nbsp; (29927) | &nbsp;&nbsp; 346470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Finance Bonds Issued by Operating Entities | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 1250927 | &nbsp;&nbsp; 12648 | &nbsp;&nbsp; (135129) | &nbsp;&nbsp; 1128446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single Entity Backed Obligations | &nbsp;&nbsp; 30444 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; (1289) | &nbsp;&nbsp; 29453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loans – Issued | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; — | (34) | &nbsp;&nbsp; 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loans - Acquired | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other issuer credit obligations | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp; Total Issuer Credit Obligations | &nbsp;&nbsp; $2168972 | &nbsp;&nbsp; $27087 | &nbsp;&nbsp; $(230249) | &nbsp;&nbsp; $1965810 |
| &nbsp;&nbsp; Asset-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Asset Backed – Self-liquidating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities - Guaranteed | &nbsp;&nbsp; $75500 | &nbsp;&nbsp; $364 | &nbsp;&nbsp; $(524) | &nbsp;&nbsp; $75340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities - <br> Guaranteed<br>| &nbsp;&nbsp; 39856 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; (2464) | &nbsp;&nbsp; 38080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities - Not/<br> Partially Guaranteed<br>| &nbsp;&nbsp; 541089 | &nbsp;&nbsp; 4311 | &nbsp;&nbsp; (39300) | &nbsp;&nbsp; 506100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities - Not/<br> Partially Guaranteed<br>| &nbsp;&nbsp; 30192 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; (4894) | &nbsp;&nbsp; 25369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities | &nbsp;&nbsp; 161552 | &nbsp;&nbsp; 5188 | &nbsp;&nbsp; (3527) | &nbsp;&nbsp; 163213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 76014 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; (4853) | &nbsp;&nbsp; 71336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency - CLOs/CBOs/CDOs | &nbsp;&nbsp; 620527 | &nbsp;&nbsp; 3331 | &nbsp;&nbsp; (1439) | &nbsp;&nbsp; 622419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financial Asset-Backed Securities | &nbsp;&nbsp; 483636 | &nbsp;&nbsp; 6719 | &nbsp;&nbsp; (15529) | &nbsp;&nbsp; 474825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial Asset Backed - Self-liquidating | &nbsp;&nbsp; $2028366 | &nbsp;&nbsp; $20847 | &nbsp;&nbsp; $(72530) | &nbsp;&nbsp; $1976682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Asset-Backed - Not Self-Liquidating - Other Financial <br> Asset-Back Securities<br>| &nbsp;&nbsp; 124771 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; (4377) | &nbsp;&nbsp; 120858 |
| &nbsp;&nbsp; Total Asset Backed Securities | &nbsp;&nbsp; $2153137 | &nbsp;&nbsp; $21311 | &nbsp;&nbsp; $(76907) | &nbsp;&nbsp; $2097540 |
| Total Bonds | &nbsp;&nbsp; 4322109 | &nbsp;&nbsp; 48398 | &nbsp;&nbsp; (307156) | &nbsp;&nbsp; 4063350 |
| Preferred Stocks | &nbsp;&nbsp; 56036 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; (1618) | &nbsp;&nbsp; 54833 |
| Total | &nbsp;&nbsp; $4378145 | &nbsp;&nbsp; $48813 | &nbsp;&nbsp; $(308774) | &nbsp;&nbsp; $4118183 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Carrying**<br> **Value**<br>| **Gross** <br> **Unrealized** <br> **Gains**<br>| **Gross** <br> **Unrealized**<br> **Losses**<br>| **Fair**<br> **Value**<br>|
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Governments | &nbsp;&nbsp; $57201 | &nbsp;&nbsp; $545 | &nbsp;&nbsp; $(4369) | &nbsp;&nbsp; $53377 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Governments | &nbsp;&nbsp; 16843 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1356) | &nbsp;&nbsp; 15490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States, Territories and Possessions |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Carrying**<br> **Value**<br>| **Gross** <br> **Unrealized** <br> **Gains**<br>| **Gross** <br> **Unrealized**<br> **Losses**<br>| **Fair**<br> **Value**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Direct and Guaranteed) | &nbsp;&nbsp; 197727 | &nbsp;&nbsp; 2847 | &nbsp;&nbsp; (15311) | &nbsp;&nbsp; 185262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Revenue & Special Assessment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations and all Non-Guaranteed Obligations of Agencies <br> and Authorities of Governments and Their Political <br> Subdivisions<br>| &nbsp;&nbsp; 1371041 | &nbsp;&nbsp; 10377 | &nbsp;&nbsp; (167191) | &nbsp;&nbsp; 1214227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Miscellaneous (Unaffiliated) | &nbsp;&nbsp; 2607386 | &nbsp;&nbsp; 20263 | &nbsp;&nbsp; (210766) | &nbsp;&nbsp; 2416883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid Securities | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1119 |
| Preferred Stocks | &nbsp;&nbsp; 83351 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; (1744) | &nbsp;&nbsp; 82876 |
| Total | &nbsp;&nbsp; $4334621 | &nbsp;&nbsp; $35352 | &nbsp;&nbsp; $(400737) | &nbsp;&nbsp; $3969234 |

---

U.S. government and agency obligations include securities issued by Federal National Mortgage Association of $199,042 and $330,617; Federal Home Loan Mortgage Association of $342,636 and $354,506; Government National Mortgage Association of $43,547 and $45,798; and Other Government of $231,700 and $218,603 as of December 31, 2025 and 2024, respectively.

At December 31, 2025 and 2024, the fair value and gross unrealized capital losses of investments in bonds and stock segregated between securities having an unrealized capital loss for less than 12 months and securities having an unrealized capital loss for 12 months or longer were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** |
| **December 31, 2025** | **Fair Value** | **Unrealized**<br> **Losses**<br>| **Fair Value** | **Unrealized**<br> **Losses**<br>|
| Bonds |  |  |  |  |
| &nbsp;&nbsp; Issuer Credit Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; $22089 | &nbsp;&nbsp; $(359) | &nbsp;&nbsp; $245870 | &nbsp;&nbsp; $(50846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9813 | &nbsp;&nbsp; (1042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds - General Obligations  | &nbsp;&nbsp; 6371 | (83) | &nbsp;&nbsp; 100486 | &nbsp;&nbsp; (11540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds - Special Revenues | &nbsp;&nbsp; 23678 | (941) | &nbsp;&nbsp; 199837 | &nbsp;&nbsp; (28986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other | &nbsp;&nbsp; 190001 | &nbsp;&nbsp; (6543) | &nbsp;&nbsp; 659834 | &nbsp;&nbsp; (129909) |
| &nbsp;&nbsp; Total Issuer Credit Obligations | &nbsp;&nbsp; $242139 | &nbsp;&nbsp; $(7926) | &nbsp;&nbsp; $1215840 | &nbsp;&nbsp; $(222323) |
| &nbsp;&nbsp; Asset-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities | &nbsp;&nbsp; $51271 | &nbsp;&nbsp; $(205) | &nbsp;&nbsp; $355743 | &nbsp;&nbsp; $(43146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 9752 | (23) | &nbsp;&nbsp; 77651 | &nbsp;&nbsp; (12188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asset-Backed Securities | &nbsp;&nbsp; 246934 | &nbsp;&nbsp; (1923) | &nbsp;&nbsp; 244686 | &nbsp;&nbsp; (19422) |
| &nbsp;&nbsp; Total Asset Backed Securities | &nbsp;&nbsp; $307957 | &nbsp;&nbsp; $(2151) | &nbsp;&nbsp; $678080 | &nbsp;&nbsp; $(74756) |
| Total Bonds | &nbsp;&nbsp; 550096 | &nbsp;&nbsp; (10077) | &nbsp;&nbsp; 1893920 | &nbsp;&nbsp; (297079) |
| Preferred Stock | &nbsp;&nbsp; 4907 | (36) | &nbsp;&nbsp; 3918 | &nbsp;&nbsp; (1582) |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $555003 | &nbsp;&nbsp; $(10113) | &nbsp;&nbsp; $1897838 | &nbsp;&nbsp; $(298661) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** |
| **December 31, 2024** | **Fair Value** | **Unrealized**<br> **Losses**<br>| **Fair Value** | **Unrealized**<br> **Losses**<br>|
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Governments | &nbsp;&nbsp; $11677 | &nbsp;&nbsp; $(297) | &nbsp;&nbsp; $31081 | &nbsp;&nbsp; $(4072) |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Governments | &nbsp;&nbsp; 488 | (11) | &nbsp;&nbsp; 12501 | &nbsp;&nbsp; (1345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States, Territories And Possessions |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** |
| **December 31, 2024** | **Fair Value** | **Unrealized**<br> **Losses**<br>| **Fair Value** | **Unrealized**<br> **Losses**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Direct and Guaranteed) | &nbsp;&nbsp; 28697 | (529) | &nbsp;&nbsp; 93407 | &nbsp;&nbsp; (14782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Revenue & Special Assessment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations and all Non-Guaranteed Obligations of Agencies <br> and Authorities of Governments and their Political <br> Subdivisions<br>| &nbsp;&nbsp; 225296 | &nbsp;&nbsp; (2900) | &nbsp;&nbsp; 822027 | &nbsp;&nbsp; (164291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Miscellaneous (Unaffiliated) | &nbsp;&nbsp; 207609 | &nbsp;&nbsp; (6293) | &nbsp;&nbsp; 1187532 | &nbsp;&nbsp; (204473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | &nbsp;&nbsp; 7706 | (128) | &nbsp;&nbsp; 3884 | &nbsp;&nbsp; (1616) |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $481473 | &nbsp;&nbsp; $(10158) | &nbsp;&nbsp; $2150432 | &nbsp;&nbsp; $(390579) |

---

At December 31, 2025, the Company held 1,437 positions where the carrying value exceeded the market value a total of $308,774. Securities with an investment grade rating represented 97% of the gross positions. The largest single position is a GSE RMBS bond where the carrying value exceeds market value by $5,640. The portfolio included 1,163 securities that have been in this position for 12 months or longer, totaling $298,660. The Company views the decrease in value of all of the securities at December 31, 2025 as temporary, expects recovery in market value, anticipates continued payments in accordance with the contractual terms of the securities, and does not intend to sell the investments before recovery of the cost of the investment. Therefore, no impairment of these securities was recorded at December 31, 2025.

The fair value of the Company's investment in collateralized mortgage obligations (CMOs), including mortgage obligations of the United States governmental agencies at December 31, 2025, was $245,182 compared to a $258,944 carrying value. The average credit quality rating of the Company's investment in CMOs was AA+ and NAIC 1. The average duration of the CMOs was 9.2 years. The Company's investment in CMOs, excluding mortgage obligations of the United States governmental agencies, represented 1.4% of the Company's bond portfolio at December 31, 2025.

The carrying value and statutory fair value of bonds by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Perpetual holdings are included in the due after twenty years classification.

---

| | | |
|:---|:---|:---|
| **December 31, 2025** | **Carrying Value** | **Fair Value** |
| Due in one year or less | &nbsp;&nbsp; $30908 | &nbsp;&nbsp; $31040 |
| Due after one year through five years | &nbsp;&nbsp;&nbsp;&nbsp; 354554 | &nbsp;&nbsp;&nbsp;&nbsp; 354800 |
| Due after five years through ten years | &nbsp;&nbsp;&nbsp;&nbsp; 827916 | &nbsp;&nbsp;&nbsp;&nbsp; 812148 |
| Due after ten years through twenty years | &nbsp;&nbsp; 1686032 | &nbsp;&nbsp; 1588280 |
| Due after twenty years | &nbsp;&nbsp; 1422698 | &nbsp;&nbsp; 1277081 |
| Total bonds | &nbsp;&nbsp; $4322109 | &nbsp;&nbsp; $4063350 |

---

Proceeds from the sale of investments in bonds and stocks during 2025, 2024 and 2023 were $374,387, $151,331 and $275,871, respectively. Gross gains of $4,779, $2,541 and $1,651 and gross losses of $2,423, $1,352 and $19,093 were realized on those sales for 2025, 2024 and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**Loan-backed and Structured Securities**

At December 31, 2025, the Company had loan-backed securities with a fair value of $1,672,138 and a carrying value of $1,710,252. Prepayment assumptions were obtained from broker dealer survey values. The Company had no negative yield situations requiring a change from the retrospective to prospective method. The Company had no concentration of credit risk requiring disclosure under Statement of Statutory Accounting Principle 27. The Company takes into consideration the cash flows of the loan-backed securities under various scenarios to determine if an impairment is other than temporary.

OTTI on loan-backed and structured securities recognized during the year ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized Cost**<br> **Basis Before OTTI**<br>| **Interest**<br> **OTTI**<br>| **Non Interest**<br> **OTTI**<br>| **Fair Value** |
| Year Ended December 31, 2025 |  |  |  |  |
| Intent to sell | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Year Ended December 31, 2024 |  |  |  |  |
| Intent to sell | &nbsp;&nbsp; $407 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $394 |
| Total | &nbsp;&nbsp; $407 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $394 |
| Year Ended December 31, 2023 |  |  |  |  |
| Intent to sell | &nbsp;&nbsp; $6977 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6554 |
| Total | &nbsp;&nbsp; $6977 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6554 |

---

As of December 31, 2025, the Company did not hold any securities for which OTTI was recognized during the current year.

At December 31, 2025, the Company had loan-backed and structured securities with an aggregate unrealized loss of $50,950. The fair value and gross unrealized losses segregated between securities having an unrealized loss for less than twelve months and securities having an unrealized loss for twelve months or longer were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** |
| **Fair Value** | **Gross Unrealized**<br> **Loss**<br>| **Fair Value** | **Gross Unrealized**<br> **Loss**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $208222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $484404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(50099) |

---

**Deposits**

The carrying value of securities included in bonds which are required by law to be on deposit with governmental authorities, at December 31 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Held for all policyholders | &nbsp;&nbsp; $1699 | &nbsp;&nbsp; $1703 |
| Held for policyholders in certain states | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1125 |
| Total deposits | &nbsp;&nbsp; $2824 | &nbsp;&nbsp; $2828 |

---

**Federal Home Loan Bank Arrangements**

The Company is a member of the Federal Home Loan Bank of Chicago (FHLB) primarily for the purpose of participating in its mortgage-collateralized loan advance program. Under the membership requirements, the Company purchased $32,225 of FHLB capital stock. In exchange, the Company had funding capacity available of $1,442,484 and $1,428,957 at December 31, 2025 and 2024, respectively. Any borrowing from the FHLB requires the purchase of FHLB activity-based common stock in an amount equal to 4.5% of the borrowing, or a lower percentage – such as 2.0% based on the Reduced Capitalization Advance Program. Advances are in the form of funding agreements issued to the FHLB and are therefore reported as deposit-type contracts included in "Policyholder funds on deposit" in the Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company had $908,234 and $877,985 in outstanding advances with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

$1,025,806 and $1,068,441 in assets pledged as collateral to FHLB at December 31, 2025 and 2024, respectively. The outstanding advances mature in January, February, May, August, September and December 2026, and January 2027. The weighted average interest rate was 4.13% as of December 31, 2025. Interest rates reset either monthly or quarterly.

**Restricted assets (including pledged) are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Gross Restricted | Gross Restricted | Gross Restricted | Gross Restricted | Gross Restricted |  |  | Percentage | Percentage |
|  | Current Year | Current Year | Current Year | Current Year | Current Year |  |  | Gross <br> (Admitted <br> and<br> Non-admitted) <br> Restricted<br> to Total <br> Assets | Admitted<br> Restricted<br> to<br> Total<br> Admitted<br> Assets |
|  | Total<br> General<br> Account<br> (G/A)<br>| Total<br> Separate<br> Account<br> (S/A)<br>| Total | Total<br> From<br> Prior<br> Year<br>| Increase/<br> (Decrease)<br>| Total<br> Current Year<br> Non-admitted<br> Restricted<br>| Total<br> Current Year<br> Admitted<br> Restricted<br>| Gross <br> (Admitted <br> and<br> Non-admitted) <br> Restricted<br> to Total <br> Assets | Admitted<br> Restricted<br> to<br> Total<br> Admitted<br> Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to repurchase <br> agreements<br>| $— | $— | $— | $13677 | $13677 | $— | $— | —<br> %<br>| —<br> %<br>|
| FHLB capital stock | 32225 |  | 32225 | 30875 | 1350 |  | 32225 | 0.32<br> %<br>| 0.32<br> %<br>|
| On deposit with states | 2824 |  | 2824 | 2828 | (4) |  | 2824 | 0.03<br> %<br>| 0.03<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledged as collateral <br> under FHLB <br> funding agreements<br>| 1025806 |  | 1025806 | 1068441 | (42635) |  | 1025806 | 10.31<br> %<br>| 10.33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral assets received and on <br> balance sheet<br>| 12400 |  | 12400 |  | 12400 |  | 12400 | 0.12<br> %<br>| 0.12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Restricted Assets | $1073255 | $— | $1073255 | $1115821 | $(42566) | $— | $1073255 | 10.78<br> %<br>| 10.80<br> %<br>|

---

**Mortgage Loans**

Aging analysis of mortgage loans aggregated by type is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential** | **Residential** | **Residential** | **Commercial** | **Commercial** |  |  |
|  | **Farm** | **Insured** | **All**<br> **Other**<br>| **Insured** | **All**<br> **Other**<br>| **Mezzanine** | **Total** |
| **December 31, 2025** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Investment (All) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62530 |
| **December 31, 2024** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Investment (All) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67950 |

---

**Derivatives**

The Company uses derivatives to hedge against market impacts on the interest credited related to fixed indexed annuity (FIA) and indexed universal life (IUL) products offered by the Company. The Company purchases one-year call options, which generally provide for the Company to be paid the one-year appreciation of various published indices, which are used to fund the annual index credits on the indexed products. The Company pays cash to the counterparty at an agreed upon price at the outset of the contract. The counterparty pays a single payment at each due date when applicable.

Call options purchased by the Company do not qualify for hedge accounting treatment. The notional amounts purchased are not an exact match with the index annuity account values, nor do they take into account withdrawals resulting in a hedge that is not "highly effective." Therefore, derivative instruments are carried at fair value, with changes in fair value recognized in "Change in unrealized capital gains (losses)." Pretax net unrealized gains on derivative assets were $6,018 and $4,192 at December 31, 2025 and 2024, respectively.

The Company utilizes multiple counterparties and evaluates the creditworthiness of the counterparty prior to the purchase of an option contract. Collateral support agreements with each counterparty provide that the Company will receive or pledge financial collateral in the event minimum thresholds have been reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**Collateral Received and Reflected as Assets Within the Financial Statements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book/Adjusted**<br> **Carrying**<br> **Value**<br> **(BACV)**<br>| **Fair**<br> **Value**<br>| **% of BACV to**<br> **Total Assets**<br> **(Admitted and**<br> **Nonadmitted)**<br>| **% of BACV to Total**<br> **Admitted**<br> **Assets**<br>|
| **December 31, 2025** |  |  |  |  |
| Cash | &nbsp;&nbsp; $12400 | &nbsp;&nbsp; $12400 | 0.12<br> %<br>| 0.12<br> %<br>|
| &nbsp;&nbsp; Total Collateral Assets | &nbsp;&nbsp; $12400 | &nbsp;&nbsp; $12400 | 0.12<br> %<br>| 0.12<br> %<br>|
| **December 31, 2024** |  |  |  |  |
| Cash | &nbsp;&nbsp; $6265 | &nbsp;&nbsp; $6265 | 0.07<br> %<br>| 0.07<br> %<br>|
| &nbsp;&nbsp; Total Collateral Assets | &nbsp;&nbsp; $6265 | &nbsp;&nbsp; $6265 | 0.07<br> %<br>| 0.07<br> %<br>|

---

**5GI Securities**

The Company had four 5GI securities at December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** |  |  |  |  |  |  |
|  | **Number of 5GI Securities** | **Number of 5GI Securities** | **Aggregate BACV** | **Aggregate BACV** | **Aggregate Fair Value** | **Aggregate Fair Value** |
| **Investment** | **Current Year** | **Prior Year** | **Current Year** | **Prior Year** | **Current Year** | **Prior Year** |
| (1) ICO - AC | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (2) ABS - AC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 4518 | &nbsp;&nbsp; 5579 |
| (3) Preferred Stock - AC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (4) Preferred Stock - FV | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (5) Total (1+2+3+4) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $4566 | &nbsp;&nbsp; $6500 | &nbsp;&nbsp; $4518 | &nbsp;&nbsp; $5579 |
|  | AC – Amortized Cost | AC – Amortized Cost | FV – Fair Value | FV – Fair Value |  |  |

---

**Repurchase Agreements**

The Company began utilizing repurchase agreements in 2022, whereby the Company agrees to sell and repurchase securities. These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the balance sheet. As of December 31, 2025, the Company has no repurchase agreements.

The maturity time for borrowings are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open - No Maturity | &nbsp;&nbsp; $7008 | &nbsp;&nbsp; $7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ˃ 1 Week to 1 Month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ˃ 1 Month to 3 Months | &nbsp;&nbsp; $5000 | &nbsp;&nbsp; $5000 |
| Ending Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open - No Maturity | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ˃ 1 Week to 1 Month | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ˃ 1 Month to 3 Months | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5000 |

---

Collateral received on secured borrowings are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp; $12008 | &nbsp;&nbsp; $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (FV) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Ending Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (FV) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

The liability to return collateral on secured borrowings are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (Collateral - All) | &nbsp;&nbsp; $12031 | &nbsp;&nbsp; $50045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Collateral (FV) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Ending Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (Collateral - All) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Collateral (FV) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Interest paid totaled $157 in 2025 and $1,721 in 2024.

**(3) Reserves**

The composition of aggregate reserves for life policies, annuity contracts, and supplementary contracts with life contingencies at December 31 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate reserves** | **Aggregate reserves** | **Mortality**<br> **table** | **Interest**<br> **rates** |
|  | **2025** | **2024** | **Mortality**<br> **table** | **Interest**<br> **rates** |
| Life | &nbsp;&nbsp; $886512 | &nbsp;&nbsp; $908967 | 1980 CSO/CET | 4.0%-6.0% |
|  | &nbsp;&nbsp; 411036 | &nbsp;&nbsp; 399130 | 2001 CSO | 3.5-4.0 |
|  | &nbsp;&nbsp; 83549 | &nbsp;&nbsp; 87936 | 1958 CSO/CET | 2.5-4.5 |
|  | &nbsp;&nbsp; 108114 | &nbsp;&nbsp; 105205 | Various | 2.5-5.5 |
|  | &nbsp;&nbsp; 138851 | &nbsp;&nbsp; 100379 | 2017 CSO | 0-3.5 |
|  | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1931 | 1941 CSO | 2.5-4.5 |
| Annuity | &nbsp;&nbsp; 173490 | &nbsp;&nbsp; 180514 | 1971 IAM | 3.0-5.5 |
|  | &nbsp;&nbsp; 44035 | &nbsp;&nbsp; 46571 | a-1949 | 3.0-5.5 |
|  | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 384 | 1937 SAT | 3.0 |
|  | &nbsp;&nbsp; 992897 | &nbsp;&nbsp; 1053941 | a-2000 | 1.0-5.0 |
|  | &nbsp;&nbsp; 102916 | &nbsp;&nbsp; 113716 | 1983a | 3.0-4.5 |
|  | &nbsp;&nbsp; 1185516 | &nbsp;&nbsp; 1079886 | 2012 IAR | 1.0-4.25 |
| Supplementary contracts with life contingencies | &nbsp;&nbsp; 3922 | &nbsp;&nbsp; 4704 | 1983a | 6.25-11.0 |
|  | &nbsp;&nbsp; 43010 | &nbsp;&nbsp; 46487 | a-2000 | 4.0-7.0 |
|  | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 30 | 1971 IAM | 4.5-11.25 |
|  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | 1937 SAT | 3.5 |
|  | &nbsp;&nbsp; 44851 | &nbsp;&nbsp; 44688 | 2012 IAR | 1.5-4.25 |
| Total | &nbsp;&nbsp; $4220782 | &nbsp;&nbsp; $4174471 |  |  |

---

At December 31, 2025 for approximately 45%, or $1.1 billion of the deferred annuity account values, the credited interest rate was equal to the minimum guaranteed rate.

Analysis of Annuity Reserves and Deposit Liabilities by Withdrawal Characteristics:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
| **December 31, 2025** | **General**<br> **Account**<br>| **Separate**<br> **Account with**<br> **Guarantees**<br>| **Separate**<br> **Account**<br> **Nonguaranteed**<br>| **Total** | **% of**<br> **Total**<br>|
| A. Individual Annuities: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $553577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $553577 | &nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; 395607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 395607 | &nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; 3647668 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 3648763 | &nbsp;&nbsp; 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
| **December 31, 2025** | **General**<br> **Account**<br>| **Separate**<br> **Account with**<br> **Guarantees**<br>| **Separate**<br> **Account**<br> **Nonguaranteed**<br>| **Total** | **% of**<br> **Total**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of a through c)<br>| &nbsp;&nbsp; 949184 | &nbsp;&nbsp; 3647668 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 4597947 | &nbsp;&nbsp; 55<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 3677862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3677862 | &nbsp;&nbsp; 44<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; 101404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101404 | &nbsp;&nbsp; 1<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 4728449 | &nbsp;&nbsp; 3647668 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 8377213 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded | &nbsp;&nbsp; 2290067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290067 |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $2438383 | &nbsp;&nbsp; $3647668 | &nbsp;&nbsp; $1095 | &nbsp;&nbsp; $6087146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in A(1)b above that will move to <br> A(1)e for the first time within the year after the <br> statement date: <br>| &nbsp;&nbsp; $54294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54294 |  |
| B. Group Annuities: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; 4831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4831 | &nbsp;&nbsp; 1<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; 510557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 510557 | &nbsp;&nbsp; 77<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of 1 through 3)<br>| &nbsp;&nbsp; 4831 | &nbsp;&nbsp; 510557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 515387 | &nbsp;&nbsp; 78<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 147784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147784 | &nbsp;&nbsp; 22<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 152615 | &nbsp;&nbsp; 510557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 663171 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $152615 | &nbsp;&nbsp; $510557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $663171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in B(1)b above that will move to <br> B(1)e for the first time within the year after the <br> statement date: <br>| &nbsp;&nbsp; $1222 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1222 |  |
| C. Deposit-Type Contracts: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of 1 through 3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 34243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34243 | &nbsp;&nbsp; 4<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; 908234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 908234 | &nbsp;&nbsp; 96<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 942477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 942477 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $942477 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $942477 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
| **December 31, 2025** | **General**<br> **Account**<br>| **Separate**<br> **Account with**<br> **Guarantees**<br>| **Separate**<br> **Account**<br> **Nonguaranteed**<br>| **Total** | **% of**<br> **Total**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in C(1)b above that will move to <br> C(1)e in the year after the statement date: <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
|  | **General**<br> **Account**<br>| **Separate**<br> **Account with**<br> **Guarantees**<br>| **Separate**<br> **Account**<br> **Nonguaranteed**<br>| **Total** | **% of**<br> **Total**<br>|
| A. Individual Annuities: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $438606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $438606 | &nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; 4572002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 457002 | &nbsp;&nbsp; 6<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; 3258914 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 3260056 | &nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of a through c)<br>| &nbsp;&nbsp; 895608 | &nbsp;&nbsp; 3258914 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 4155664 | &nbsp;&nbsp; XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 3760189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3760189 | &nbsp;&nbsp; 47<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; 105320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105320 | &nbsp;&nbsp; 1<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 4761118 | &nbsp;&nbsp; 3258914 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 821174 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded | &nbsp;&nbsp; 2347512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2347512 |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $2413606 | &nbsp;&nbsp; $3258914 | &nbsp;&nbsp; $1142 | &nbsp;&nbsp; $5673662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in A(1)b above that will move to <br> A(1)e in the year after the statement date: <br>| &nbsp;&nbsp; $76009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76009 |  |
| B. Group Annuities: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; 5438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5438 | &nbsp;&nbsp; 1<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; 449430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 449430 | &nbsp;&nbsp; 74<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of 1 through 3)<br>| &nbsp;&nbsp; 5438 | &nbsp;&nbsp; 449430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 454868 | &nbsp;&nbsp; XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 151880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151880 | &nbsp;&nbsp; 25<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 157318 | &nbsp;&nbsp; 449430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 606748 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $157318 | &nbsp;&nbsp; $449430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $606748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in B(1)b above that will move to <br> B(1)e in the year after the statement date: <br>| &nbsp;&nbsp; $1195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1195 |  |
| C. Deposit-Type Contracts: |  |  |  |  |  |
| (1) Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. With fair value adjustment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At book value less current surrender charge of <br> 5% or more<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
|  | **General**<br> **Account**<br>| **Separate**<br> **Account with**<br> **Guarantees**<br>| **Separate**<br> **Account**<br> **Nonguaranteed**<br>| **Total** | **% of**<br> **Total**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. At fair value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total with adjustment or at market value (Total <br> of 1 through 3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without adjustment (minimal or <br> no charge or adjustment)<br>| &nbsp;&nbsp; 36821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36821 | &nbsp;&nbsp; 4<br> %<br>|
| (2) Not subject to discretionary withdrawal | &nbsp;&nbsp; 878407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 878407 | &nbsp;&nbsp; 94<br> %<br>|
| (3) Total (gross) | &nbsp;&nbsp; 915228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 915228 | &nbsp;&nbsp; 100<br> %<br>|
| (4) Reinsurance ceded |  |  |  | &nbsp;&nbsp; — |  |
| (5) Total (net) (3) – (4) | &nbsp;&nbsp; $915228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $915228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount included in C(1)b above that will move to <br> C(1)e in the year after the statement date: <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |  |

---

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

---

| | | |
|:---|:---|:---|
| Reconciliation of total annuity actuarial reserves and deposit funds liabilities: | **2025** | **2024** |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, Annuities Section, Total (net) | &nbsp;&nbsp;&nbsp; $2499191 | &nbsp;&nbsp;&nbsp; $2475012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | &nbsp;&nbsp;&nbsp; 91806 | &nbsp;&nbsp;&nbsp; 95912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 7, Deposit-type Contracts, Line 14, Column 1 | &nbsp;&nbsp;&nbsp; 942477 | &nbsp;&nbsp;&nbsp; 915228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | &nbsp;&nbsp;&nbsp; 3533474 | &nbsp;&nbsp;&nbsp; 3486152 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 3, Line 0299999, Column 2 | &nbsp;&nbsp;&nbsp; 4157271 | &nbsp;&nbsp;&nbsp; 3707441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 3, Line 0399999, Column 2 | &nbsp;&nbsp;&nbsp; 2048 | &nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | &nbsp;&nbsp;&nbsp; 4159319 | &nbsp;&nbsp;&nbsp; 3709486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | &nbsp;&nbsp;&nbsp; $7692793 | &nbsp;&nbsp;&nbsp; $7195638 |

---

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

Analysis of Life Actuarial Reserves by Withdrawal Characteristics:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **Account Value** | **Cash Value** | **Reserve** |
| A. General Account: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to discretionary withdrawal, surrender values or policy <br> loans:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Term Policies with Cash Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19493 | &nbsp;&nbsp; $34694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Universal Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Universal life with Secondary Guarantees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Indexed Universal Life  | &nbsp;&nbsp; 95543 | &nbsp;&nbsp; 74104 | &nbsp;&nbsp; 73471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. Indexed Universal Life with Secondary Guarantees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. Indexed Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g. Other Permanent Cash Value Life Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015525 | &nbsp;&nbsp; 1174267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h. Variable Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. Variable Universal Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; j. Miscellaneous Reserves | &nbsp;&nbsp; — | &nbsp;&nbsp; 54828 | &nbsp;&nbsp; 54828 |
| (2) Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Term Policies with Cash Value | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 192126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Accidental Death Benefits | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **Account Value** | **Cash Value** | **Reserve** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Disability - Active Lives | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Disability - Disabled Lives | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 26615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. Miscellaneous Reserves | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 80907 |
| (3) Total (gross: direct + assumed) | &nbsp;&nbsp; 95543 | &nbsp;&nbsp; 1163950 | &nbsp;&nbsp; 1638585 |
| (4) Reinsurance Ceded | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8801 |
| (5) Total (net) (3) - (4) | &nbsp;&nbsp; $95543 | &nbsp;&nbsp; $1163950 | &nbsp;&nbsp; $1629785 |
| B. Life & Accident & Health Annual Statement: |  |  |  |
| (1) Exhibit 5, Life Insurance Section, Total (net) | &nbsp;&nbsp; $1521673 |  |  |
| (2) Exhibit 5, Accidental Death Benefits Section, Total (net) | &nbsp;&nbsp; 232 |  |  |
| (3) Exhibit 5, Disability - Active Lives Section, Total (net) | &nbsp;&nbsp; 1398 |  |  |
| (4) Exhibit 5, Disability - Disabled Lives Section, Total (net) | &nbsp;&nbsp; 26088 |  |  |
| (5) Exhibit 5, Miscellaneous Reserves Section, Total (net) | &nbsp;&nbsp; 80394 |  |  |
| (6) Subtotal (1+2+3+4+5) | &nbsp;&nbsp; 1629785 |  |  |
|  | &nbsp;&nbsp; Account Value | &nbsp;&nbsp; Cash Value | &nbsp;&nbsp; Reserve |
| Separate Accounts Annual Statement: |  |  |  |
| (7) Exhibit 3, Line 0199999, Column 2 | &nbsp;&nbsp; — |  |  |
| (8) Exhibit 3, Line 0499999, Column 2 | &nbsp;&nbsp; — |  |  |
| (9) Exhibit 3, Line 0599999, Column 2 | &nbsp;&nbsp; — |  |  |
| (10) Subtotal Lines (7+8+9) | &nbsp;&nbsp; — |  |  |
| (11) Combined Total (6 +10) | &nbsp;&nbsp; $1629785 |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Account Value** | **Cash Value** | **Reserve** |
| A. General Account: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to discretionary withdrawal, surrender values or policy <br> loans:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Term Policies with Cash Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22742 | &nbsp;&nbsp; $30296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Universal Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Universal life with Secondary Guarantees | &nbsp;&nbsp; 72937 | &nbsp;&nbsp; 54481 | &nbsp;&nbsp; 54821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Indexed Universal Life  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. Indexed Universal Life with Secondary Guarantees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. Indexed Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g. Other Permanent Cash Value Life Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 1009035 | &nbsp;&nbsp; 1176600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h. Variable Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. Variable Universal Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; j. Miscellaneous Reserves | &nbsp;&nbsp; — | &nbsp;&nbsp; 58028 | &nbsp;&nbsp; 58028 |
| (2) Not subject to discretionary withdrawal or no cash values |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Term Policies without Cash Value | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 186523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Accidental Death Benefits | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Disability - Active Lives | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Disability - Disabled Lives | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 27711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. Miscellaneous Reserves | &nbsp;&nbsp; XXX | &nbsp;&nbsp; XXX | &nbsp;&nbsp; 76887 |
| (3) Total (gross: direct + assumed) | &nbsp;&nbsp; 72937 | &nbsp;&nbsp; 1144286 | &nbsp;&nbsp; 1612698 |
| (4) Reinsurance Ceded | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Account Value** | **Cash Value** | **Reserve** |
| (5) Total (net) (3) - (4) | &nbsp;&nbsp; $72937 | &nbsp;&nbsp; $1144286 | &nbsp;&nbsp; $1603547 |
| B. Life & Accident & Health Annual Statement: |  |  |  |
| (1) Exhibit 5, Life Insurance Section, Total (net) | &nbsp;&nbsp; $1498343 |  |  |
| (2) Exhibit 5, Accidental Death Benefits Section, Total (net) | &nbsp;&nbsp; 253 |  |  |
| (3) Exhibit 5, Disability - Active Lives Section, Total (net) | &nbsp;&nbsp; 1527 |  |  |
| (4) Exhibit 5, Disability - Disabled Lives Section, Total (net) | &nbsp;&nbsp; 27077 |  |  |
| (5) Exhibit 5, Miscellaneous Reserves Section, Total (net) | &nbsp;&nbsp; 76348 |  |  |
| (6) Subtotal | &nbsp;&nbsp; 1603547 |  |  |
|  | &nbsp;&nbsp; Account Value | &nbsp;&nbsp; Cash Value | &nbsp;&nbsp; Reserve |
| Separate Accounts Annual Statement: |  |  |  |
| (7) Exhibit 3, Line 0199999, Column 2 | &nbsp;&nbsp; — |  |  |
| (8) Exhibit 3, Line 0499999, Column 2 | &nbsp;&nbsp; — |  |  |
| (9) Exhibit 3, Line 0599999, Column 2 | &nbsp;&nbsp; — |  |  |
| (10) Subtotal (Lines (7) through (9)) | &nbsp;&nbsp; — |  |  |
| (11) Combined Total ((6) and (10)) | &nbsp;&nbsp; $1603547 |  |  |

---

Policy reserves for losses for accident and health contracts are estimated by the Company's valuation actuary using statistical claim development models to develop best estimates of liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates specified by regulatory authorities for disability income business.

Aggregate reserves for accident and health policies include the present value of amounts not yet due on existing claims and unearned premiums at December 31 as follows:

---

| | | |
|:---|:---|:---|
|  | **Aggregate reserves** | **Aggregate reserves** |
|  | **2025** | **2024** |
| Present value of amounts not yet due on claims | &nbsp;&nbsp; $175 | &nbsp;&nbsp; $573 |
| Additional contract reserves | &nbsp;&nbsp; 30616 | &nbsp;&nbsp; 29395 |
| Unearned premiums and other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Aggregate accident and health reserves | &nbsp;&nbsp; $30791 | &nbsp;&nbsp; $29978 |

---

**Unpaid Benefits**

Unpaid benefits consist of case basis reserves and estimates of losses incurred but not reported. Estimates for losses incurred but not reported are based on prior experience modified for current trends.

Accident and health claim reserves and liabilities include the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Aggregate reserves for accident and health | &nbsp;&nbsp; $30791 | &nbsp;&nbsp; $29978 |
| Unpaid benefits for accident and health | &nbsp;&nbsp;&nbsp;&nbsp; 6980 | &nbsp;&nbsp;&nbsp;&nbsp; 6402 |
| Less: Additional contract reserves | &nbsp;&nbsp; (30616) | &nbsp;&nbsp; (29395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums and other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) |
| Accident and health claim reserves and liabilities | &nbsp;&nbsp; $7155 | &nbsp;&nbsp; $6976 |

---

The following table sets forth an analysis of accident and health claim reserves and liabilities and provides a reconciliation of beginning and ending reserves for the periods indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Net balance at January 1 | &nbsp;&nbsp; $6976 | &nbsp;&nbsp; $6947 | &nbsp;&nbsp; $6283 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | &nbsp;&nbsp; 13252 | &nbsp;&nbsp; 13452 | &nbsp;&nbsp; 12572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | &nbsp;&nbsp; (2326) | &nbsp;&nbsp; (2073) | &nbsp;&nbsp; (1230) |
| Total incurred | &nbsp;&nbsp; 10926 | &nbsp;&nbsp; 11379 | &nbsp;&nbsp; 11342 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | &nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp; 7353 | &nbsp;&nbsp;&nbsp; 6719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | &nbsp;&nbsp;&nbsp; 3748 | &nbsp;&nbsp;&nbsp; 3998 | &nbsp;&nbsp;&nbsp; 3959 |
| Total paid | &nbsp;&nbsp; 10746 | &nbsp;&nbsp; 11351 | &nbsp;&nbsp; 10678 |
| Net balance at December 31 | &nbsp;&nbsp; $7155 | &nbsp;&nbsp; $6976 | &nbsp;&nbsp; $6947 |

---

As a result of changes in estimates of claims incurred in prior years, the accident and health claims and claim adjustment expenses incurred decreased by $2,326 in 2025, decreased by $2,073 in 2024, and decreased by $1,230 in 2023. These changes in estimates are the result of normal reserve development inherent in the uncertainty of establishing the liability for unpaid accident and health claims and claim and loss adjustment expenses.

**(4) Related Party Transactions**

The Company has common management and shares office facilities with HMEC and other affiliates and is a party to several intercompany service agreements. Under these agreements, the Company paid $142,677, $152,534, and $131,774 for management, administrative, data processing, commissions and agency services, utilization of personnel, federal income taxes, and investment advisory services in 2025, 2024 and 2023, respectively.

The Company holds a mortgage loan on the home office property from HMSC in the amount of $28,178 and $28,598 as of December 31, 2025 and 2024, respectively.

The Company had a net balance payable from affiliates of $(3,622) at December 31, 2025 and a net balance receivable from affiliates of $2,947 at December 31, 2024, respectively.

The Company is included in the consolidated federal income tax return of its parent, ELICA, and its ultimate parent, HMEC and its affiliates (see note 5).

ELICA reinsures a small block of Florida whole life business from the Company (see note 8).

The Company has no common stock investments in any upstream companies or affiliates.

The Company assumed all the NTA disability insurance on a funds withheld basis (see note 8).

ELICA made no capital contributions to the Company during the current year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

**(5) Federal Income Taxes**

The net deferred tax asset (liability) at December 31 and the change from the prior year are comprised of the following components:

---

| | | | |
|:---|:---|:---|:---|
| **1. Components of Net Deferred Tax Asset/(Liability)** | **2025** | **2025** | **2025** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Total gross deferred tax assets | &nbsp;&nbsp;&nbsp; $62518 | &nbsp;&nbsp;&nbsp; $15632 | &nbsp;&nbsp;&nbsp; $78150 |
| (b) Statutory valuation allowance adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12472 | &nbsp;&nbsp;&nbsp; 12472 |
| (c) Adjusted gross deferred tax assets | &nbsp;&nbsp;&nbsp; 62518 | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 65678 |
| (d) Deferred tax assets nonadmitted | &nbsp;&nbsp;&nbsp; 20827 | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 23987 |
| (e) Net deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; 41691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41691 |
| (f) Total deferred tax liabilities | &nbsp;&nbsp;&nbsp; 28438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28438 |
| (g) Admitted deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; $13253 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13253 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Total gross deferred tax assets | &nbsp;&nbsp;&nbsp; $58423 | &nbsp;&nbsp;&nbsp; $6201 | &nbsp;&nbsp;&nbsp; $64624 |
| (b) Statutory valuation allowance adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6201 | &nbsp;&nbsp;&nbsp; 6201 |
| (c) Adjusted gross deferred tax assets | &nbsp;&nbsp;&nbsp; 58423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58423 |
| (d) Deferred tax assets nonadmitted | &nbsp;&nbsp;&nbsp; 11298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11298 |
| (e) Net deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; 47125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47125 |
| (f) Total deferred tax liabilities | &nbsp;&nbsp;&nbsp; 32362 | &nbsp;&nbsp;&nbsp; (2392) | &nbsp;&nbsp;&nbsp; 34754 |
| (g) Admitted deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; $14763 | &nbsp;&nbsp;&nbsp; $(2392) | &nbsp;&nbsp;&nbsp; $12371 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| (a) Total gross deferred tax assets | &nbsp;&nbsp;&nbsp; $4095 | &nbsp;&nbsp;&nbsp; $9431 | &nbsp;&nbsp;&nbsp; $13526 |
| (b) Statutory valuation allowance adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6271 | &nbsp;&nbsp;&nbsp; 6271 |
| (c) Adjusted gross deferred tax assets | &nbsp;&nbsp;&nbsp; 4095 | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 7255 |
| (d) Deferred tax assets nonadmitted | &nbsp;&nbsp;&nbsp; 9529 | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 12689 |
| (e) Net deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; (5434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5434) |
| (f) Total deferred tax liabilities | &nbsp;&nbsp;&nbsp; (3924) | &nbsp;&nbsp;&nbsp; (2392) | &nbsp;&nbsp;&nbsp; (6316) |
| (g) Admitted deferred tax asset (liability) | &nbsp;&nbsp;&nbsp; $(1510) | &nbsp;&nbsp;&nbsp; $2392 | &nbsp;&nbsp;&nbsp; $882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

The amount of adjusted gross deferred tax assets admitted under each component of SSAP 101 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2. Admission Calculation Components** | **2025** | **2025** | **2025** |
|  | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Federal income taxes paid in prior years <br> recoverable through loss carrybacks<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusted gross deferred tax assets expected to be <br> realized (Excluding the amount of deferred tax <br> assets from 2(a) above after application of the <br> threshold limit (the lesser of 2(b)1 and 2(b)2 <br> below)<br>| &nbsp;&nbsp;&nbsp; 13253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted gross deferred tax assets expected to <br> be realized following the balance sheet date<br>| &nbsp;&nbsp;&nbsp; 13253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Adjusted gross deferred tax assets allowed per <br> limitation threshold<br>| &nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; 68827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted gross deferred tax assets (excluding the <br> amount of deferred tax assets from 2(a) and 2(b) <br> above) offset by gross deferred tax liabilities<br>| &nbsp;&nbsp;&nbsp; 28438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deferred tax assets admitted as the result of <br> application of <br> SSAP 101 (Total 2(a) + 2(b) + 2(c))<br>| &nbsp;&nbsp;&nbsp; $41691 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41691 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Federal income taxes paid in prior years <br> recoverable through loss carrybacks<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusted gross deferred tax assets expected to be <br> realized (Excluding the amount of deferred tax <br> assets from 2(a) above after application of the <br> threshold limit (the lesser of 2(b) 1 and 2(b)2 <br> below)<br>| &nbsp;&nbsp;&nbsp; 12371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted gross deferred tax assets expected to <br> be realized following the balance sheet date<br>| &nbsp;&nbsp;&nbsp; 12371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Adjusted gross deferred tax assets allowed per <br> limitation threshold<br>| &nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; 73873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted gross deferred tax assets (excluding the <br> amount of deferred tax assets from 2(a) and 2(b) <br> above) offset by gross deferred tax liabilities<br>| &nbsp;&nbsp;&nbsp; 34754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deferred tax assets admitted as the result of <br> application of<br> SSAP 101(Total 2(a)+2(b)+2(c))<br>| &nbsp;&nbsp;&nbsp; $47125 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $47125 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Federal income tax paid in prior years <br> recoverable through loss carrybacks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusted gross deferred tax assets expected to be <br> realized (Excluding the amount of deferred tax <br> assets from 2(a) above after application of the <br> threshold limit (the lesser of 2(b) 1 and 2(b)2 <br> below)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted gross deferred tax assets expected <br> to be realized following the balance sheet date<br>| &nbsp;&nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Adjusted gross deferred tax assets allowed <br> per limitation threshold<br>| &nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp; (5046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted gross deferred tax assets (excluding the <br> amount of deferred tax assets from 2(a) and 2(b) <br> above) offset by gross deferred tax liabilities<br>| &nbsp;&nbsp;&nbsp; (6316) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deferred tax assets admitted as the result of <br> application of<br> SSAP 101(Total 2(a)+2(b)+2(c))<br>| &nbsp;&nbsp;&nbsp; $(5434) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(5434) |

---

Other admissibility criteria include:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Ratio percentage used to determine recovery period and threshold <br> limitation amount<br>| &nbsp;&nbsp; 767<br> %<br>| &nbsp;&nbsp; 803<br> %<br>|
| &nbsp;&nbsp;&nbsp; Amount of adjusted capital and surplus used to determine the recovery <br> period and threshold limitation above<br>| &nbsp;&nbsp; $458849 | &nbsp;&nbsp; $492490 |

---

The Company did not utilize tax planning strategies in determining the amount of adjusted gross and net admitted deferred tax assets. As of December 31, 2025, the Company had no temporary differences for which a deferred tax liability was not recognized.

Current income taxes incurred consists of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| Federal | &nbsp;&nbsp; $22781 | &nbsp;&nbsp; $13512 | &nbsp;&nbsp; $9269 |
| Foreign | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Subtotal | &nbsp;&nbsp; 22781 | &nbsp;&nbsp; 13512 | &nbsp;&nbsp;&nbsp; 9269 |
| Federal income tax on net capital gains | &nbsp;&nbsp;&nbsp; 4411 | &nbsp;&nbsp;&nbsp; 2366 | &nbsp;&nbsp;&nbsp; 2045 |
| Utilization of capital loss carry-forwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96) |
| Federal and Foreign income taxes incurred | &nbsp;&nbsp; $27096 | &nbsp;&nbsp; $15878 | &nbsp;&nbsp; $11218 |

---

Deferred income tax assets and liabilities consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| Deferred tax assets: |  |  |  |
| *Ordinary:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | &nbsp;&nbsp;&nbsp; $43934 | &nbsp;&nbsp;&nbsp; $42223 | &nbsp;&nbsp;&nbsp; $1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | &nbsp;&nbsp;&nbsp; 14105 | &nbsp;&nbsp;&nbsp; 12727 | &nbsp;&nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefit accrual | &nbsp;&nbsp;&nbsp; 3224 | &nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension accrual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables – nonadmitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(67) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | &nbsp;&nbsp;&nbsp; 62518 | &nbsp;&nbsp;&nbsp; 58423 | &nbsp;&nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted deferred tax assets | &nbsp;&nbsp;&nbsp; 20827 | &nbsp;&nbsp;&nbsp; 11298 | &nbsp;&nbsp;&nbsp; 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admitted ordinary deferred tax assets | &nbsp;&nbsp;&nbsp; $41691 | &nbsp;&nbsp;&nbsp; $47125 | &nbsp;&nbsp;&nbsp; $(5434) |
| *Capital:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; $15632 | &nbsp;&nbsp;&nbsp; $4916 | &nbsp;&nbsp;&nbsp; $10716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital loss carry-forward | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp; (1285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | &nbsp;&nbsp;&nbsp; 15632 | &nbsp;&nbsp;&nbsp; 6201 | &nbsp;&nbsp;&nbsp; 9431 |
| Statutory valuation allowance adjustment | &nbsp;&nbsp;&nbsp; 12472 | &nbsp;&nbsp;&nbsp; 6201 | &nbsp;&nbsp;&nbsp; 6271 |
| Nonadmitted deferred tax assets | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3160 |
| Admitted capital deferred tax assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total admitted deferred tax assets | &nbsp;&nbsp;&nbsp; $41691 | &nbsp;&nbsp;&nbsp; $47125 | &nbsp;&nbsp;&nbsp; $(5434) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| Deferred tax liabilities: |  |  |  |
| *Ordinary:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; $14309 | &nbsp;&nbsp;&nbsp; $17108 | &nbsp;&nbsp;&nbsp; $(2799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed assets | &nbsp;&nbsp;&nbsp; 1291 | &nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred and uncollected premium | &nbsp;&nbsp;&nbsp; 10493 | &nbsp;&nbsp;&nbsp; 10512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves (transition rule) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp; (3290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | &nbsp;&nbsp;&nbsp; 1737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total ordinary deferred tax liabilities | &nbsp;&nbsp;&nbsp; $28438 | &nbsp;&nbsp;&nbsp; $32362 | &nbsp;&nbsp;&nbsp; $(3924) |
| *Capital:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2392 | &nbsp;&nbsp;&nbsp; $(2392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total capital deferred tax liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2392 | &nbsp;&nbsp;&nbsp; (2392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | &nbsp;&nbsp;&nbsp; $28438 | &nbsp;&nbsp;&nbsp; $34754 | &nbsp;&nbsp;&nbsp; $(6316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax asset | &nbsp;&nbsp;&nbsp; $13253 | &nbsp;&nbsp;&nbsp; $12371 | &nbsp;&nbsp;&nbsp; $882 |

---

The Company's income tax incurred and change in deferred income tax differs from the amount obtained by applying the federal statutory rate of 21% to income before income taxes as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Income before taxes | &nbsp;&nbsp;&nbsp; $64017 | &nbsp;&nbsp;&nbsp; $77436 | &nbsp;&nbsp;&nbsp; $40103 |
| Expected income tax expense at 21% statutory rate | &nbsp;&nbsp;&nbsp; $13443 | &nbsp;&nbsp;&nbsp; $16262 | &nbsp;&nbsp;&nbsp; $8422 |
| Increase (decrease) in actual tax reported resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | &nbsp;&nbsp;&nbsp; $(2303) | &nbsp;&nbsp;&nbsp; $(1876) | &nbsp;&nbsp;&nbsp; $(1723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt interest | &nbsp;&nbsp;&nbsp; (1501) | &nbsp;&nbsp;&nbsp; (1548) | &nbsp;&nbsp;&nbsp; (1478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax adjustment for IMR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nondeductible compensation accruals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserves | &nbsp;&nbsp;&nbsp;&nbsp; 1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit on nonadmitted assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(147) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(199) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(485) | &nbsp;&nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return to provision | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior period investment error correction | &nbsp;&nbsp;&nbsp; (1410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on reinsurance ceded  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(506) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(539) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp; 6271 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(680) | &nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Total income tax expense reported | &nbsp;&nbsp;&nbsp; $16364 | &nbsp;&nbsp;&nbsp; $13240 | &nbsp;&nbsp;&nbsp; $12382 |
| Current income tax expense incurred | &nbsp;&nbsp;&nbsp; $27096 | &nbsp;&nbsp;&nbsp; $15878 | &nbsp;&nbsp;&nbsp; $13245 |
| Change in deferred income tax | &nbsp;&nbsp;&nbsp; (13571) | &nbsp;&nbsp;&nbsp; (5638) | &nbsp;&nbsp;&nbsp; 2922 |
| Change in deferred tax on unrealized gains and losses | &nbsp;&nbsp;&nbsp;&nbsp; 2839 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; (3785) |
| Total income tax expense reported | &nbsp;&nbsp;&nbsp; $16364 | &nbsp;&nbsp;&nbsp; $13240 | &nbsp;&nbsp;&nbsp; $12382 |

---

At December 31, 2025, the Company had no capital loss carryforward available to offset future taxable income.

At December 31, 2025, the Company had no deposits reported as admitted assets under Section 6603 of the Internal Revenue Code.

At December 31, 2025, the Company's federal income tax returns for years prior to 2022 are no longer subject to examination by the Internal Revenue Service (IRS).

The Company records liabilities for potential tax contingencies where it is more-likely-than-not that the position will not be sustained upon audit by taxing authorities. Potential tax contingencies are reevaluated routinely and, if applicable, are adjusted appropriately based upon changes in facts or law. The Company has no unrecorded tax contingencies.

A reconciliation of the beginning and ending amount of tax contingencies is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Balance as of beginning of the year | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increases related to prior year tax contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decreases related to prior year tax contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increases related to current year tax contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lapse of statute | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (29) |
| Balance as of the end of the year | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

The Company classifies all tax-related interest and penalties as income tax expense.

**(6) Restrictions of Surplus**

The amount of dividends which can be paid by Illinois insurance companies without prior approval of the State Insurance Commissioner is subject to restrictions relating to profitability and statutory surplus (greater of current year statutory net income or 10% of surplus). Dividends which may be paid to the Parent Company during 2026 without prior approval are approximately $39,400. Ordinary dividends of $37,000 and $15,500 were paid in 2025 and 2023, respectively. Extraordinary dividends of $9,000, $63,600, and $56,000 were paid in 2025, 2024, and 2023 respectively. The Company obtained approval from the Illinois Department of Insurance prior to paying the extraordinary dividends.

**(7) Fair Value of Financial Instruments**

The Company's financial assets and financial liabilities measured and reported at fair value have been classified, for disclosure purposes, in accordance with SSAP 100, *Fair Value Measurements*. SSAP 100 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

The Company has categorized its assets and liabilities that are measured and reported at fair value into a three-level fair value hierarchy as reflected in the table below. The three-level fair value hierarchy is based on the degree of subjectivity inherent in the valuation method for which fair value was determined. The three levels are defined as follows.

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities (both common stock and preferred stock) that are traded in an active exchange market as well as U.S. Treasury debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | |
|:---|:---|
| Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unadjusted observable inputs other than Level 1 prices such as quoted prices for similar assets or <br> liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be <br> corroborated by observable market data for the assets or liabilities. Level 2 assets and liabilities include <br> debt and equity securities with quoted prices that are traded less frequently than exchange-traded <br> instruments or values based on discounted cash flows with observable inputs. This category generally <br> includes certain U.S. Government and agency mortgage-backed debt, non-agency structured debt, <br> corporate fixed maturity debt, preferred stock and derivatives.<br>|
| Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unobservable inputs that are supported by little or no market activity and that are significant to the fair <br> value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is <br> determined using pricing models, certain discounted cash flow methodologies, or similar techniques, as <br> well as instruments for which the determination of fair value requires significant management judgment <br> or estimation and for which the significant inputs are unobservable. This category generally includes <br> certain private debt and equity securities.<br>|

---

Fair value for assets and liabilities measured and reported at fair value are as follows:

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets measured at fair value: |  |  |  |  |
| Perpetual Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and Misc. | &nbsp;&nbsp;&nbsp; $1325 | &nbsp;&nbsp;&nbsp; $32876 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $34201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | &nbsp;&nbsp;&nbsp; $1325 | &nbsp;&nbsp;&nbsp; $32876 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $34201 |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issue Credit Obligations | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1310 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1310 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1310 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and Misc. | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $32225 | &nbsp;&nbsp;&nbsp; $63 | &nbsp;&nbsp;&nbsp; $32293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $32225 | &nbsp;&nbsp;&nbsp; $63 | &nbsp;&nbsp;&nbsp; $32293 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21556 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Futures Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Forward Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Derivatives | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21556 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21556 |
| Separate Account Assets | &nbsp;&nbsp;&nbsp; $4157405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $4157405 |
| Total assets at fair value | &nbsp;&nbsp;&nbsp; $4158734 | &nbsp;&nbsp;&nbsp; $87967 | &nbsp;&nbsp;&nbsp; $63 | &nbsp;&nbsp;&nbsp; $4246765 |
| Liabilities at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Liabilities | &nbsp;&nbsp;&nbsp; $4157405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $4157405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities at fair value | &nbsp;&nbsp;&nbsp; $4157405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $4157405 |

---

**December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets measured at fair value: |  |  |  |  |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and Misc. | &nbsp;&nbsp;&nbsp; $1390 | &nbsp;&nbsp;&nbsp; $55218 | &nbsp;&nbsp;&nbsp; $1727 | &nbsp;&nbsp;&nbsp; $58335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | &nbsp;&nbsp;&nbsp; $1390 | &nbsp;&nbsp;&nbsp; $55218 | &nbsp;&nbsp;&nbsp; $1727 | &nbsp;&nbsp;&nbsp; $58335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and Misc. | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2615 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2615 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2615 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and Misc. | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $30875 | &nbsp;&nbsp;&nbsp; $2689 | &nbsp;&nbsp;&nbsp; $33564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $30875 | &nbsp;&nbsp;&nbsp; $2689 | &nbsp;&nbsp;&nbsp; $33564 |
| Derivatives | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18527 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18527 |
| Separate Account Assets | &nbsp;&nbsp;&nbsp; $3708846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $3708846 |
| Total assets at fair value | &nbsp;&nbsp;&nbsp; $3710236 | &nbsp;&nbsp;&nbsp; $107235 | &nbsp;&nbsp;&nbsp; $4416 | &nbsp;&nbsp;&nbsp; $3821887 |
| Liabilities at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Liabilities | &nbsp;&nbsp;&nbsp; $3708846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $3708846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities at fair value | &nbsp;&nbsp;&nbsp; $3708846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $3708846 |

---

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

At the end of each reporting period, the Company evaluates whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred into or out of Level 3. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial asset or financial liability, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial asset or financial liability. The disclosed fair values do not reflect any premium or discount that could result from offering for sale at one time an entire holding of a particular financial asset or financial liability. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3. Potential taxes and other expenses that would be incurred in an actual sale or settlement are not reflected in amounts disclosed.

Rollforward of Level 3 items are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Balance at**<br> **1/1/2025**<br>| **Transfers**<br> **into Level 3**<br>| **Transfers**<br> **out of**<br> **Level 3**<br>| **Total gains**<br> **and losses**<br> **included in**<br> **Net Income**<br>| **Total gains**<br> **and losses**<br> **included in**<br> **Surplus**<br>| **Purchases** | **Settlements/**<br> **Sales/**<br> **Distributions**<br>| **Balance at**<br> **12/31/2025**<br>|
| Financial Instruments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock Perpetual | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock Redeemable | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1727) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | &nbsp;&nbsp; 2689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2626) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| Total Assets | &nbsp;&nbsp; $4416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4353) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63 |

---

**Policy on Transfers Into and Out of Level 3**

At the end of each reporting period, the Company evaluates whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred into or out of Level 3. At December 31, 2025, the Company had no transfers into and out of Level 3.

The fair value for all financial instruments are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair**<br> **Value**<br>| **Admitted**<br> **Value**<br>| **Level 1** | **Level 2** | **Level 3** | **Net Asset**<br> **Value**<br> **(NAV)**<br>|
| Financial instruments – Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Obligations | &nbsp;&nbsp; $1965810 | &nbsp;&nbsp; $2168973 | &nbsp;&nbsp; $17310 | &nbsp;&nbsp; $1890922 | &nbsp;&nbsp; $57578 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 2097540 | &nbsp;&nbsp; 2153136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1813424 | &nbsp;&nbsp; 284115 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 54833 | &nbsp;&nbsp; 56036 | &nbsp;&nbsp; 6232 | &nbsp;&nbsp; 36794 | &nbsp;&nbsp; 11807 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 32293 | &nbsp;&nbsp; 32293 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 32225 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives | &nbsp;&nbsp; 21556 | &nbsp;&nbsp; 21556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Equivalents | &nbsp;&nbsp; 59821 | &nbsp;&nbsp; 59821 | &nbsp;&nbsp; 59821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Loans and Policy Loans | &nbsp;&nbsp; 196036 | &nbsp;&nbsp; 190303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 196036 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Invested Assets | &nbsp;&nbsp; 862258 | &nbsp;&nbsp; 858184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13338 | &nbsp;&nbsp; 27473 | &nbsp;&nbsp; 821446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Assets | &nbsp;&nbsp; 4157405 | &nbsp;&nbsp; 4157405 | &nbsp;&nbsp; 4157405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; $9447552 | &nbsp;&nbsp; $9697707 | &nbsp;&nbsp; $4240772 | &nbsp;&nbsp; $3808259 | &nbsp;&nbsp; $577072 | &nbsp;&nbsp; $821446 |
| Financial instruments – Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Accounts Liabilities | &nbsp;&nbsp; $4157405 | &nbsp;&nbsp; $4157405 | &nbsp;&nbsp; $4157405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy Reserve Fixed Annuity | &nbsp;&nbsp; 2343889 | &nbsp;&nbsp; 2490786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2343889 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience Life Policy Account | &nbsp;&nbsp; 52907 | &nbsp;&nbsp; 54828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52907 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policyholder Funds\* | &nbsp;&nbsp; 945496 | &nbsp;&nbsp; 945496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 908234 | &nbsp;&nbsp; 37262 | &nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp; $7499697 | &nbsp;&nbsp; $7648515 | &nbsp;&nbsp; $4157405 | &nbsp;&nbsp; $908234 | &nbsp;&nbsp; $2434058 | &nbsp;&nbsp; $— |

---

\*Other policyholder funds level 2 liabilities consist of Federal Home Loan Bank repayment obligations and associated interest. Level 3 liabilities relate to supplemental contracts, and other policy owner funds held.

**December 31, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair**<br> **Value**<br>| **Admitted**<br> **Value**<br>| **Level 1** | **Level 2** | **Level 3** | **Net Asset**<br> **Value**<br> **(NAV)**<br>|
| Financial instruments – Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp; $3886359 | &nbsp;&nbsp; $4251269 | &nbsp;&nbsp; $2704 | &nbsp;&nbsp; $3508786 | &nbsp;&nbsp; $374868 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 82876 | &nbsp;&nbsp; 83351 | &nbsp;&nbsp; 9095 | &nbsp;&nbsp; 59103 | &nbsp;&nbsp; 14679 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 33564 | &nbsp;&nbsp; 33564 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30875 | &nbsp;&nbsp; 2689 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives | &nbsp;&nbsp; 18527 | &nbsp;&nbsp; 18527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Equivalents | &nbsp;&nbsp; 16586 | &nbsp;&nbsp; 16586 | &nbsp;&nbsp; 16586 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Loans and Policy Loans | &nbsp;&nbsp; 204229 | &nbsp;&nbsp; 198114 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204229 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Invested Assets | &nbsp;&nbsp; 874011 | &nbsp;&nbsp; 872373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12371 | &nbsp;&nbsp; 30938 | &nbsp;&nbsp; 830702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Assets | &nbsp;&nbsp; 3708846 | &nbsp;&nbsp; 3708846 | &nbsp;&nbsp; 3708846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; $8824998 | &nbsp;&nbsp; $9182630 | &nbsp;&nbsp; $3737231 | &nbsp;&nbsp; $3629662 | &nbsp;&nbsp; $627403 | &nbsp;&nbsp; $830702 |
| Financial instruments – Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Accounts Liabilities | &nbsp;&nbsp; $3708846 | &nbsp;&nbsp; $3708846 | &nbsp;&nbsp; $3708846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy Reserve Fixed Annuity | &nbsp;&nbsp; 2293130 | &nbsp;&nbsp; 2466602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2293130 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience Life Policy Account | &nbsp;&nbsp; 56443 | &nbsp;&nbsp; 58028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56443 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policyholder Funds\* | &nbsp;&nbsp; $917630 | &nbsp;&nbsp; $917630 | &nbsp;&nbsp; — | &nbsp;&nbsp; $877985 | &nbsp;&nbsp; $39645 | &nbsp;&nbsp; $— |
| Total Liabilities | &nbsp;&nbsp; $6976049 | &nbsp;&nbsp; $7151106 | &nbsp;&nbsp; $3708846 | &nbsp;&nbsp; $877985 | &nbsp;&nbsp; $2389218 | &nbsp;&nbsp; $— |

---

The valuation of hard-to-value debt securities is more subjective because the markets are less liquid and there is a lack of observable market-based inputs. When the pricing sources cannot provide fair value determinations, the Company obtains non-binding price quotes from broker-dealers. For those securities where the investment manager cannot obtain broker-dealer quotes, they will model the security, generally using anticipated cash flows of the underlying collateral. The

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

selection of the market inputs and assumptions used to estimate the fair value of hard-to-value debt securities require judgment and include: benchmark yield, liquidity premium, estimated cash flows, prepayment and default speeds, spreads, weighted average life, and credit rating. The extent of the use of each market input depends on the market sector and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.

The Company analyzes price and market valuations received to verify reasonableness, to understand the key assumptions used and their sources, to conclude the prices obtained are appropriate, and to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on this evaluation and investment class analysis, each price is classified into Level 1, 2, or 3. The Company's debt securities portfolio is primarily publicly traded, which allows for a high percentage of the portfolio to be priced through pricing services. The remainder of the portfolio was priced by broker-dealers or pricing models. When non-binding broker-dealer quotes could be corroborated by comparison to other vendor quotes, pricing models or analysis, the securities were generally classified as Level 2, otherwise they were classified as Level 3. There were no significant changes to the valuation process during 2025.

Fair values of common stocks have been determined by the Company from quotations of the underlying securities. Securities where a public quotation is not available are valued by using non-binding broker quotes or through the use of pricing models or analysis that is based on market information regarding interest rates, credit spreads and liquidity. The fair value of the FHLB membership and activity stocks is based on redemption value which is equal to par value.

Fair values of redeemable preferred stocks are carried at cost, less any impairment adjustments or at the lower of cost or fair value, depending on the NAIC designation of the security. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call price. Fair value is derived using third party pricing services and, when not available, preferred stocks are valued using non-binding broker quotes.

The fair values of derivatives, all call options, are based on the amount of cash expected to be received to settle each derivative instrument on the reporting date. These amounts are obtained from each of the counterparties using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty including an assessment of any collateral held.

Fair values of the Separate Account assets are based on the calculated net asset value (NAV) of the underlying sub-accounts. Investment performance related to these assets is fully offset by corresponding amounts credited to contract holders with the liability reflected within Separate Account liabilities. Separate Account liabilities are equal to the estimated fair value of Separate Account assets.

For short-term fixed income securities, because of the nature of these assets, carrying amounts generally approximate fair values, which have been determined from public quotations, when available.

The fair value of policy loans is based on estimates using discounted cash flow analysis and current interest rates being offered for new loans.

Collateral loans are carried at amortized cost plus accrued interest. Income is accrued at the stated coupon and amortization/accretion if purchased at a premium/discount.

Within "Other invested assets", the fair value in limited liability companies is based on the underlying audited GAAP equity of the Company's proportionate interest in the partnership.

The fair value of mortgage loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities.

Policyholder funds on deposit include liabilities related to supplementary contracts without life contingencies and dividend accumulations, which represent deposits that do not have defined maturities and advances under FHLB funding agreements. Policy holder funds on deposit are carried at cost, which management believes is a reasonable estimate of fair value due to the relatively short duration of these deposits, based on the Company's past experience.

There were no significant changes to the valuation process during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

**(8) Reinsurance**

The Company cedes reinsurance primarily to limit losses from large exposures and to permit recovery of a portion of direct losses; however, such a transfer does not relieve the Company of its primary obligation to the policyholders. The Company regularly monitors the financial strength rating of its reinsurers.

Effective August 1, 2023, a reinsurance agreement with Horace Mann Life (HML) was terminated whereby Arizona policies are no longer assumed from HML. Under the commutation HML recaptured $17,701 in policy and claim reserves. No premium benefit to surplus was recognized under the transaction.

Effective October 1, 2020 the Company assumed from NTA 100% of the liabilities and obligations associated with the disability income insurance policies written and issued by NTA on or after January 1, 1996 on all policy forms, including the riders and endorsements thereto. The disability reserves assumed by the Company represent 99.8% of total NTA disability reserves, and as of December 31, 2025 were valued at $37,511. Reinsurance was structured as coinsurance with funds withheld. Under this structure policy issuance, collection of premium, administration, and adjudication of claims are handled by NTA. Assets supporting the policy block are held by NTA and carried as a liability on its balance sheet. The Company maintains a corresponding asset. Reserves, paid losses, and premiums are ceded from NTA to the Company without discount.

Effective April 1, 2019, the Company reinsured a $2,358,248 block of contract liabilities related to legacy individual annuities written in 2002 or earlier with a minimum guaranteed crediting rate of 4.5%. The initial reserve transfer resulted in a gain of $54,681 which was transferred to surplus and will be recognized as commissions and expense allowances on reinsurance ceded in the statement of operations as earnings emerge from the business reinsured. During 2025, $2,410 of the surplus benefit recognized in 2019 was amortized into income. Reserves for the ceded fixed annuity block were $2,290,067 and $2,347,512 for 2025 and 2024, respectively. Reinsurance is structured as a coinsurance agreement with A+ rated RGA Reinsurance Company. For years ended December 31, 2025 and 2024 the contract reinsured $786,876 and $756,130 of variable annuities under modified coinsurance.

The maximum amount of direct individual ordinary insurance retained on any standard life is $500. Amounts in excess of the retained portion are ceded on a yearly renewable term basis of reinsurance. The Company also maintains a life catastrophe reinsurance program. In 2024, the Company reinsured 100% of the catastrophe risk in excess of $1,000 up to $35,000 per occurrence, with one reinstatement. The Company's catastrophe risk reinsurance program covers acts of terrorism and includes nuclear, biological and chemical explosions but excludes other acts of war.

According to SSAP 61 Life, Deposit-Type and Accident and Health Reinsurance, paragraph 74.d., initial gains on reinsurance net of tax are recorded as a gain or loss in surplus. In subsequent years, the ceding entity recognizes income for the net-of-tax profits that emerged on the reinsured block of business with a corresponding decrease in the gain or loss in surplus. The Company reported amortization of $2,410 and $2,566 in 2025 and 2024, respectively, of the gains in surplus on such agreements. The balance of unamortized gains in surplus on these agreements is $38,675 and $41,085 on December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

Information with respect to reinsurance ceded and assumed by the Company is set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Direct life insurance premiums | &nbsp;&nbsp; $135990 | &nbsp;&nbsp; $129136 | &nbsp;&nbsp; $125577 |
| Life insurance premiums ceded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To ELICA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; (15724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7066 |
| Net life insurance premiums as reported | &nbsp;&nbsp;&nbsp;&nbsp; 129167 | &nbsp;&nbsp;&nbsp;&nbsp; 121905 | &nbsp;&nbsp;&nbsp;&nbsp; 134235 |
| Life insurance reserves ceded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To ELICA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6650 |
| Total life reserves ceded | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8658 |
| Direct accident and health premiums |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct accident and health premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed from NTA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded accident and health premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 |
| Net accident and health premium | &nbsp;&nbsp; $29295 | &nbsp;&nbsp; $29683 | &nbsp;&nbsp; $29221 |
| Accident and health reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed from NTA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded to other companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| Net accident and health reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29567 |
| Direct annuity premiums | &nbsp;&nbsp;&nbsp;&nbsp; 505722 | &nbsp;&nbsp;&nbsp;&nbsp; 481217 | &nbsp;&nbsp;&nbsp;&nbsp; 485699 |
| Annuity premiums ceded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44768 |
| Net annuity premiums as reported | &nbsp;&nbsp;&nbsp;&nbsp; 466767 | &nbsp;&nbsp;&nbsp;&nbsp; 438745 | &nbsp;&nbsp;&nbsp;&nbsp; 440931 |
| Annuity reserves ceded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other companies | &nbsp;&nbsp; $2290067 | &nbsp;&nbsp; $2347512 | &nbsp;&nbsp; $2404125 |

---

In 2025 the Company has taken $110 of reinsurance credits for reinsurance contracts that the reinsurer may unilaterally cancel. No aggregate reduction in surplus would be anticipated upon the cancellation of the contracts. The Company has no reinsurance agreements in effect such that the amount of losses paid through the statement date would result in a payment to the reinsurer that in the aggregate exceeds the total direct premium collected under the reinsured policies. No new reinsurance agreements have been executed or amended to include policies or contracts which were in-force or which had existing reserves established by the Company as of the effective date of the agreement. The Company has no uncollectible reinsurance and there were no commutations of ceded reinsurance during the year.

**(9) Pension Plans and Other Postretirement Benefits**

The Company is a member of the Horace Mann group of insurance companies. All the Company's personnel are employees of HMSC. Salaries, pension and related benefits are allocated to the Company for these services.

Employees participate, to the extent they meet the minimum eligibility requirements, in various benefit plans sponsored by HMSC. HMSC sponsors two qualified and three non-qualified retirement plans. Expense allocated to the Company in 2025, 2024 and 2023 for the qualified plans was $2,592, $2,659 and 2,494, respectively. Expense allocated to the Company in 2025, 2024 and 2023 for the non-qualified plans was $182, $180 and $211, respectively.

Substantially all employees participate in a 401(k) plan. HMEC matches each dollar of employee contributions in the 401(k) plan up to a 5% maximum which vests after 5 years of service – in addition to providing an automatic 3% "safe harbor" contribution which vests immediately. All assets for the plan are held in the plan trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

Employees, who were hired prior to 1998, have a vested accrued benefit in a frozen qualified defined benefit plan. Participants' ceased accruing benefits for earnings and years of service in the frozen qualified defined benefit plan in 2002. The Parent's policy for the frozen defined benefit plan is to contribute to the plan amounts which are actuarially determined to provide sufficient funding to meet future benefit payments as defined by federal laws and regulations. During September 2025, the Parent's Board of Directors approved a plan to effect the termination of the frozen qualified defined benefit plan. This termination became effective November 2025 and was completed in December 2025 with the liquidation of the plan's assets.

Certain employees participate in a non-qualified defined contribution plan while certain retirees are receiving benefits under two frozen non-qualified supplemental defined benefit plans. The non-qualified plans were established for specific employees whose otherwise eligible earnings exceeded the statutory limits under the qualified plans. Benefit accruals under the non-qualified defined benefit plans were frozen in 2002 and all participants are currently in payment status. Both the non-qualified frozen defined benefit plans and the non-qualified contribution plan are unfunded plans with contributions made at the time payments are made to participants.

The Company has no legal obligation for benefits under these plans.

**(10) Variable Annuities Assets and Liabilities Held in Separate Accounts**

The Company utilizes separate accounts to record and account for assets and liabilities related to variable annuities invested in various mutual funds. In accordance with the state of Illinois procedures, the variable annuities in the separate account are permitted by code section 215 ILCS 5/245.21. As of December 31, 2025 and 2024, all the separate account assets are legally insulated from the Company's general account claims.

The separate accounts held by the Company relate to individual and group variable annuities of a nonguaranteed return nature and no risk charges have been paid by the separate accounts for guarantees. The net investment experience of the separate accounts is credited directly to the policyholder and can be positive or negative. The assets and liabilities of the separate accounts are carried at fair value. Certain policies provide a guaranteed minimum death benefit, the reserve for which is held in the aggregate reserves of the Company's general account.

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Legally insulated assets by product: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual Annuity | &nbsp;&nbsp; $3643789 | &nbsp;&nbsp; $3256363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group Annuities | &nbsp;&nbsp;&nbsp;&nbsp; 511567 | &nbsp;&nbsp;&nbsp;&nbsp; 450437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $4157405 | &nbsp;&nbsp; $3708846 |

---

Reconciliation of transfers to (from) separate account is as follows:

Net transfers are included in provisions for claims and benefits in the statutory statement of operations.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Transfers to separate accounts | &nbsp;&nbsp; $293814 | &nbsp;&nbsp; $266175 |
| Transfers from separate accounts | &nbsp;&nbsp; (344560) | &nbsp;&nbsp; (310588) |
| Net transfers to separate accounts | &nbsp;&nbsp; $(50746) | &nbsp;&nbsp; $(44413) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

**(11) Retained Assets**

Retained Assets are structured as drafts and are included in "Policyholder funds on deposit" in the Statement of Admitted Assets, Liabilities and Capital and Surplus. Interest rates paid during 2024 varied from 1.0% to 4.0% per annum. Interest is credited monthly. Fees are not charged on retained asset accounts. The default for settling life claims is full cash settlement. Assets are retained only if the beneficiary selects that option.

Number and balance of retained asset accounts in force at December 31 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Number** | **Balance** | **Number** | **Balance** |
| Up to and including 12 months | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $1122 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $246 |
| 13 to 24 months | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 272 |
| 25 to 36 months | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 503 |
| 37 to 48 months | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 963 |
| 49 to 60 months | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 340 |
| Greater than 60 months | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 4808 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 186 | &nbsp;&nbsp; $7350 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; $7312 |

---

The following table provides a reconciliation of beginning and ending retained assets for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Individual**<br> **Number**<br>| **Individual**<br> **Balance/**<br> **Amount**<br>| **Group**<br> **Number**<br>| **Group**<br> **Balance/**<br> **Amount**<br>|
| Number/balance of retained assets at the beginning of the year | &nbsp;&nbsp; 215 | &nbsp;&nbsp; $7307 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $5 |
| Number/amount of retained assets account issued/added during the year | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment earnings credited to retained asset accounts during the year | &nbsp;&nbsp; — | &nbsp;&nbsp; 108 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fees and other charges assessed to retained asset accounts during the year | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number/amount of retained assets accounts transferred to state unclaimed <br> property fund during the year<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Number/amount of retained asset accounts closed/withdrawn during the year | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Number/balance of retained asset accounts at the end of the year | &nbsp;&nbsp; 182 | &nbsp;&nbsp; $7314 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In thousands)

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

**(12) Contingencies, Assessments and Legal Proceedings**

**Contingencies**

From time to time, the Company has outstanding commitments to purchase investments and/or commitments to lend funds under bridge loans. Unfunded commitments to purchase investments were $299,134 for the year ended December 31, 2025.

**Guarantee Assessments**

The Company may be subject to guaranty fund and other assessments by the states in which it writes business. The Company's policy is to accrue guaranty fund assessments when the entity for which the insolvency relates has met the applicable state of domicile's statutory definition of insolvent and the amount of loss is reasonably estimable. In most states the definition is met with a declaration of financial insolvency by a court of competent jurisdiction. In certain states there must also be a final order of liquidation.

As of December 31, 2025, the Company had not accrued for any assessments. Premium tax offsets related to guaranty fund assessments totaled $1,704 as of December 31, 2025 and $1,611 as of December 31, 2024. This amount is included in guaranty funds receivable and is expected to be realized over a period not more than 10 years following payment. The following table reflects the current year change in premium tax offsets benefit on a direct basis:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Assets recognized from paid and accrued premium tax offsets and <br> policy surcharges prior year-end<br>| &nbsp;&nbsp; $1611 | &nbsp;&nbsp; $202 |
| Decreases current year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium tax offsets | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts no longer available for offset | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Increases current year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium tax offsets paid and accrued | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other increases | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Assets recognized from paid and accrued premium tax offsets and <br> policy surcharges current year-end.<br>| &nbsp;&nbsp; $1704 | &nbsp;&nbsp; $1611 |

---

**Legal Proceedings**

There are various lawsuits and legal proceedings against the Company. Management and legal counsel are of the opinion that the ultimate disposition of such litigation will have no material adverse effect on the Company's financial position.

The Company paid claims-related extra contractual obligations and bad faith losses of $4, $9 and $10 during 2025, 2024 and 2023, respectively. The number of claims paid to settle claims-related extra contractual obligations or bad faith losses resulting from lawsuits was between 0-25 in 2025, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

**HORACE MANN LIFE INSURANCE COMPANY** <br>**SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES – SCHEDULE I** <br>**December 31, 2025** <br> **(In thousands)** 

---

| | | | |
|:---|:---|:---|:---|
| **Type of investments** | **Cost (1)** | **Statutory**<br> **Fair Value**<br>| **Amount shown in**<br> **Balance Sheet**<br>|
| Debt securities: |  |  |  |
| &nbsp;&nbsp; Issuer credit obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; US Government Obligations | $17523 | $17310 | $17523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other US Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 305912 | &nbsp;&nbsp;&nbsp;&nbsp; 255140 | &nbsp;&nbsp;&nbsp;&nbsp; 305912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Sovereign Jurisdiction Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds – General Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 183085 | &nbsp;&nbsp;&nbsp;&nbsp; 174723 | &nbsp;&nbsp;&nbsp;&nbsp; 183085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds - Special Revenues | &nbsp;&nbsp;&nbsp;&nbsp; 365776 | &nbsp;&nbsp;&nbsp;&nbsp; 346470 | &nbsp;&nbsp;&nbsp;&nbsp; 365776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Finance Bonds Issued by Operating Entities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 1250927 | &nbsp;&nbsp; 1128446 | &nbsp;&nbsp; 1250927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Entity Backed Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans - Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans - Acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other issuer credit obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp; Total Issuer Credit Obligations | $2168972 | $1965810 | $2168972 |
| Asset- backed securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Asset Backed - Self-liquidating | $2028366 | $1976681 | $2028366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Asset-Backed - Not Self-Liquidating - Other Financial Asset-Back <br> Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp; 124771 | &nbsp;&nbsp;&nbsp;&nbsp; 120858 | &nbsp;&nbsp;&nbsp;&nbsp; 124771 |
| &nbsp;&nbsp; Total Asset Backed Securities | &nbsp;&nbsp; 2153137 | &nbsp;&nbsp; 2097540 | &nbsp;&nbsp; 2153137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total debt securities | $4322109 | $4063350 | $4322109 |
| Equity securities: |  |  |  |
| &nbsp;&nbsp; Preferred stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | $68814 | $54833 | $56036 |
| &nbsp;&nbsp; Common stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | $101044 | $87126 | $88329 |
| Mortgage loans on real estate | $62530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | $62530 |
| Real estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Contract loans | &nbsp;&nbsp;&nbsp;&nbsp; 127773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp;&nbsp; 127773 |
| Cash, cash equivalents and short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80377 |
| Receivable for securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5820 |
| Derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21556 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21556 |
| Other investments | &nbsp;&nbsp;&nbsp;&nbsp; 858184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXX | &nbsp;&nbsp;&nbsp;&nbsp; 858184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | $5579393 |  | $5566678 |

---

(1) Securities are carried at cost or amortized cost

See accompanying independent auditors' report.

------

**HORACE MANN LIFE INSURANCE COMPANY** <br> **SUPPLEMENTARY INSURANCE INFORMATION – SCHEDULE III** <br> **For the years ended December 31, 2025, 2024 and 2023** <br>**(In thousands)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| **Segment** | **Deferred** <br> **policy** <br> **acquisition** <br> **cost (1)**<br>| **Future policy**<br> **benefits**<br> **losses, claims**<br> **and loss**<br> **expenses (3)**<br>| **Unearned**<br> **premiums (3)**<br>| **Other policy** <br> **claims and** <br> **benefits** <br> **Payable (3)**<br>| **Premium revenue**<br> **and annuity,**<br> **pension and**<br> **other contract**<br> **considerations**<br>| **Net**<br> **investment**<br> **income**<br>| **Benefits,** <br> **claims, losses** <br> **and settlement**<br> **expenses**<br>| **Amortization** <br> **of deferred** <br> **policy** <br> **acquisition** <br> **costs (1)**<br>| **Other** <br> **operating** <br> **expenses**<br>| **Premiums**<br> **written (2)**<br>|
| 2025: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $1644102 | $— | $1413 | $129167 | $86359 | $136623 | $— | $50329 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2514344 |  | 2128 | 466767 | 174946 | 589643 |  | 89355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary Contracts |  | 91806 |  | 939426 | 2144 | 9297 | 10643 |  | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and Health |  | 37772 | 3 |  | 29295 | 189 | 12138 |  | 13518 |  |
| Total | $— | $4288024 | $3 | $942967 | $627373 | $270791 | $749047 | $— | $153238 | $— |
| 2024: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $1629914 | $— | $1514 | $121905 | $87134 | $134656 | $— | $47645 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2475012 |  | 1993 | 438746 | 184570 | 551468 |  | 84770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary Contracts |  | 95912 |  | 911801 | 2046 | 5096 | 11067 |  | 502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and Health |  | 36380 | 25 | 4 | 29683 | 228 | 12355 |  | 13571 |  |
| Total | $— | $4237218 | $25 | $915312 | $592380 | $277028 | $709546 | $— | $146488 | $— |
| 2023: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $1585237 | $— | $1562 | $134235 | $80740 | $149935 | $— | $44611 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2509847 |  | 1997 | 440931 | 164761 | 546875 |  | 72501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary Contracts |  | 100719 |  | 854076 | 4798 | 9545 | 8663 |  | 786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and Health |  | 35390 | 31 | 24 | 29221 | 257 | 13065 |  | 13172 |  |
| Total | $— | $4231193 | $31 | $857659 | $609185 | $255303 | $718538 | $— | $131070 | $— |

---

(1) Does not apply to financial statements of life insurance companies which are prepared on a statutory basis.

(2) Does not apply to life insurance.

(3) Advance premiums and other deposit funds are included in other policy claims and benefits payable.

See accompanying independent auditors' report.

------

**HORACE MANN LIFE INSURANCE COMPANY** <br> **REINSURANCE – SCHEDULE IV** <br> **For the years ended December 31, 2025, 2024 and 2023** <br> **(In thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross** <br> **amount**<br>| **Ceded to**<br> **other**<br> **companies**<br>| **Assumed**<br> **from other**<br> **companies**<br>| **Net**<br> **amount**<br>| **Percentage** <br> **of amount** <br> **assumed** <br> **to net**<br>|
| 2025 Life insurance in force | &nbsp;&nbsp; $21517122 | &nbsp;&nbsp; $4129388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17387734 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and annuity, pension and other contract <br> considerations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | &nbsp;&nbsp; $135990 | &nbsp;&nbsp; $6823 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129167 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | &nbsp;&nbsp; 505722 | &nbsp;&nbsp; 38955 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 466767 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2144 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | &nbsp;&nbsp; 229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29066 | &nbsp;&nbsp; 29295 | 99.2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total premiums | &nbsp;&nbsp; $644085 | &nbsp;&nbsp; $45778 | &nbsp;&nbsp; $29066 | &nbsp;&nbsp; $627373 | 4.6<br> %<br>|
| 2024: Life insurance in force | &nbsp;&nbsp; $21264443 | &nbsp;&nbsp; $4211118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17053325 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and annuity, pension and other contract <br> considerations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | &nbsp;&nbsp; $129136 | &nbsp;&nbsp; $7231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121905 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | &nbsp;&nbsp; 481218 | &nbsp;&nbsp; 42472 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 438746 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts | &nbsp;&nbsp; 2046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2046 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 28778 | &nbsp;&nbsp; 29683 | 97.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total premiums | &nbsp;&nbsp; $613735 | &nbsp;&nbsp; $50133 | &nbsp;&nbsp; $28778 | &nbsp;&nbsp; $592380 | 4.9<br> %<br>|
| 2023: Life insurance in force | &nbsp;&nbsp; $21144580 | &nbsp;&nbsp; $4376330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16768250 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and annuity, pension and other contract <br> considerations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | &nbsp;&nbsp; $125577 | &nbsp;&nbsp; $(8658) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134235 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | &nbsp;&nbsp; 485699 | &nbsp;&nbsp; 44768 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 440931 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts | &nbsp;&nbsp; 4798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4798 | 0.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 28040 | &nbsp;&nbsp; 29221 | 96.0<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total premiums | &nbsp;&nbsp; $617824 | &nbsp;&nbsp; $36679 | &nbsp;&nbsp; $28040 | &nbsp;&nbsp; $609185 | 4.6<br> %<br>|

---

See accompanying independent auditors' report.

------

PART C

OTHER INFORMATION

HORACE MANN LIFE INSURANCE COMPANY SEPARATE ACCOUNT

---

| |
|:---|
| Item 27. Exhibits |
| (a) [<u>Board of Directors Resolution</u>](https://www.sec.gov/Archives/edgar/data/110698/0000950131-98-002885.txt)<sup>(1)</sup> <br>|
| (b) Not Applicable |
| (c) [<u>Underwriting Contracts</u>](https://www.sec.gov/Archives/edgar/data/110698/0000950131-98-002885.txt)<sup>(1)</sup> <br>|
| (d) [<u>Contracts</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312506016005/dex994.htm)<sup>(2)</sup>  |
| (e) [<u>Applications</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312506016005/dex995.htm)<sup>(2)</sup> <br>|
| (f) [<u>Depositor's Certificate of Incorporation and By-Laws</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312506016005/dex996.htm)<sup>(2)</sup> <br>|
| (g) Not Applicable |
| (h) Participation Agreements  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) [<u>American Funds</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h1.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) [<u>BlackRock Variable Series Funds</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h2.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) [<u>Calvert Variable Service, Inc and Calvert Variable Products, Inc.</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h3.htm) <sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) [<u>Dreyfus Investment Portfolios</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h4.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) [<u>Dreyfus Investment Portfolios Second Amendment</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h5.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) [<u>Fidelity Investments Institutional Operations and Fidelity Variable Insurance Products</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h6.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund, Variable Insurance Products Fund II and Variable Insurance Products Fund III</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h6.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) [<u>Franklin Templeton Variable Insurance Products Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h7.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) [<u>Goldman Sachs Variable Insurance Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h8.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) [<u>Janus Aspen Series Amendment</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312525106137/d861701dex99h9.htm)<sup>(6)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) [<u>JPMorgan Insurance Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h9.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) [<u>Legg Mason Partners Variable Equity Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h10.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) [<u>Lincoln Variable Insurance Products Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312524115599/d109700dex99h11.htm)<sup>(5)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) [<u>Lord Abbett Series Fund, Inc</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h11.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) [<u>MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Variable</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h12.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Insurance Trust III</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h12.htm) <sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) [<u>MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Variable</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h13.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Insurance Trust III Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h13.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) [<u>Vanguard Variable Insurance Fund</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h14.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) [<u>Wells Fargo Variable Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h15.htm)<sup>(4)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) [<u>Wilshire Variable Insurance Trust</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312523124489/d470902dex99h16.htm)<sup>(4)</sup> <br>|
| (i) [<u>Administrative Contracts</u>](https://www.sec.gov/Archives/edgar/data/110698/000119312514162967/d706056dex993a.htm)<sup>(3)</sup> <br>|
| (j) Not Applicable |
| (k) [<u>Legal Opinion</u>](d89897dex99k.htm)Filed Herewith |
| (l) Other Opinions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Consent of Independent Registered Public Accounting Firm</u>](d89897dex99l.htm)Filed Herewith |

---

------

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

---

| |
|:---|
| (m) Not Applicable |
| (n) Not Applicable |
| (o) Not Applicable |
| (p) Not Applicable |
| (q) Not Applicable |
| (r) Not Applicable |

---

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

(1) Incorporated by reference to Horace Mann Life Insurance Separate Account Post-Effective Amendment No. 63 to Form N-4 Registration Statement, dated April 30, 1998 (File No. 811-01343).

(2) Incorporated by reference to Horace Mann Life Insurance Separate Account Pre-Effective Amendment No. 1 to Form N-4 Registration Statement, dated January 31, 2006 (File No. 811-01343).

(3) Incorporated by reference to the Horace Mann Life Insurance Separate Account Post-Effective Amendment No. 95 to Form N-4 Registration Statement, dated April 28, 2014 (File No. 811-01343).

(4) Incorporated by reference to Horace Mann Life Insurance Company Separate Account Post-Effective Amendment No. 137 to form N-4 Registration Statement, dated April 28, 2023 (File No 811-01343).

(5) Incorporated by reference to Horace Mann Life Insurance Company Separate Account Post-Effective Amendment No. 140 to form N-4 Registration Statement, dated April 26, 2024 (File No 811-01343).

(6) Incorporated by reference to Horace Mann Life Insurance Company Separate Account Post-Effective Amendment No. 144 to form N-4 Registration Statement, dated April 25, 2025 (File No 811-01343).

Item 28. Directors and Officers of the Depositor

The directors and officers of Horace Mann Life Insurance Company, who are engaged directly or indirectly in activities relating to the Registrant or the variable annuity contracts offered by the Registrant, are listed below. Their principal business address is One Horace Mann Plaza, Springfield, Illinois 62715.

---

| | |
|:---|:---|
| **Name** | **Position and Office with Depositor** |
| Marita Zuraitis | Director, Chairman, President & Chief Executive Officer |
| Ryan E. Greenier | Director, Executive Vice President & Chief Financial Officer |
| Donald M. Carley | Director, Executive Vice President, General Counsel & Corporate Secretary  |
| Troy M. Gayle | Vice President, Chief Investment Officer & Treasurer |
| Jennifer L. McGinnis | Vice President |

---

------

Item 29. Persons Controlled by or Under Common Control with the Depositor or Registrant

------

![](g355972hm_flowchart.jpg)

Horace Mann Educators Corporation is a publicly held company.

------

The Registrant is a separate account of Horace Mann Life Insurance Company. Horace Mann Life Insurance Company (an Illinois Corporation) is a wholly owned subsidiary of Educators Life Insurance Company of America (an Illinois Corporation). Educators Life Insurance Company of America and Horace Mann Investors, Inc. (a Maryland Corporation), principal underwriter of the Registrant, are wholly-owned subsidiaries of Horace Mann Educators Corporation (a Delaware Corporation), a publicly held corporation.

Item 30. Indemnification

According to Section 21 of the Distribution Agreement, Horace Mann Life Insurance Company agrees to indemnify Horace Mann Investors, Inc. for any liability Horace Mann Investors, Inc. may incur to a Contract Owner or party-in-interest under a Contract (i) arising out of any act or omission in the course of, or in connection with, rendering services under this Agreement, or (ii) arising out of the purchase, retention or surrender of a Contract; provided however the Horace Mann Life Insurance Company will not indemnify Horace Mann Investors, Inc. for any such liability that results from the willful misfeasance, bad faith or gross negligence of Horace Mann Investors, Inc., or from the reckless disregard, by Horace Mann Investors, Inc., of its duties and obligations arising under the Distribution Agreement.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the Act, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Principal Underwriters

(a) Horace Mann Investors, Inc., the underwriter of Horace Mann Life Insurance Company Separate Account, acts as principal underwriter for Horace Mann Life Insurance Company Separate Account B , Horace Mann Life Insurance Company Allegiance Separate Account A, Horace Mann Life Insurance Company Qualified Group Annuity Separate Account and Horace Mann Life Insurance Group Annuity Separate Account.

------

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

(b) The following are the directors and officers of Horace Mann Investors, Inc. Their principal business address is One Horace Mann Plaza, Springfield, Illinois 62715.

---

| | |
|:---|:---|
| **Name** | **Position with Underwriter** |
| Holley Taylor | Director, President, Chief Executive Officer and Chief Compliance Officer |
| Donald M. Carley | Director and Chairman |
| Troy Gayle | Vice President and Treasurer |
| Linea Michael | Vice President and Secretary |
| Jeremy Stuenkel | Vice President and Tax Director |
| Jennifer McGinnis | Director and Vice President |
| Phyllis Tsai | Financial and Operations Principal |

---

(c) The following is a listing of the commissions and other compensation received by the principal underwriter from the Registrant, Horace Mann Life Insurance Company Separate Account B, Horace Mann Life Insurance Company Allegiance Separate Account A, Horace Mann Life Insurance Group Annuity Separate Account and the Horace Mann Life Insurance Company Qualified Group Annuity Separate Account during the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of**<br> **Principal**<br> **Underwriter**<br>| **Net Underwriting**<br> **Commissions/Discounts**<br>| **Compensation**<br> **on Redemptions**<br>| **Brokerage**<br> **Commission**<br>| **Compensation** |
| Horace Mann Investors, Inc. | $9860501 | N/A | N/A | N/A |

---

Item 32. Location of Accounts and Records

Omitted.

------

Item 33. Management Services

Not applicable.

Item 34. Fee Representation

Horace Mann Life Insurance Company represents that the fees and charges deducted under the variable annuity contracts described in the prospectus, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

------

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that this Amendment to the Registration Statement meets the requirements of Securities Act Rule 485(b) for effectiveness and has duly caused this Registration Statement to be signed on its behalf, in the City of Springfield, and State of Illinois, on this 27th day of April, 2026.

HORACE MANN LIFE INSURANCE COMPANY SEPARATE ACCOUNT <br> (Registrant)

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

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ DONALD M. CARLEY<br>|
|  | Donald M. Carley |
|  | Director, Executive Vice President, General Counsel & Corporate Secretary of Horace Mann Life Insurance Company |

---

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

Horace Mann Life Insurance Company <br>(Depositor)

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

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ MARITA ZURAITIS<br>|
|  | Marita Zuraitis, Director, Chairman, President &  |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE | TITLE | DATE |
| /s/ MARITA ZURAITIS<br>| Director, Chairman, President & Chief Executive Officer  | April 27, 2026 |
| Marita Zuraitis |  |  |
| /s/ RYAN E GREENIER<br>| &nbsp;&nbsp; Director, Executive Vice President & Chief Financial <br> Officer<br>| April 27, 2026 |
| Ryan E. Greenier |  |  |
| /s/ DONALD M. CARLEY<br>| &nbsp;&nbsp; Director, Executive Vice President, General Counsel & <br> Corporate Secretary<br>| April 27, 2026 |
| Donald M. Carley |  |  |
| /s/ JENNIFER L. MCGINNIS<br>| Vice President  | April 27, 2026 |
| Jennifer L. McGinnis |  |  |

---

------

Exhibit Index

---

| | |
|:---|:---|
| (k) | Legal Opinion |
| (l) | Other Opinions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of Independent Registered Public Accounting Firm |

---

------

## Ex-99.(K)

![](g355968horaceltrhd2.jpg)

April 27, 2026

Board of Directors <br>Horace Mann Life Insurance Company <br>1 Horace Mann Plaza <br>Springfield, IL 62715

Re:

Horace Mann Life Insurance Company Separate Account <br>Post-effective Amendment Number 28 Form N-4 <br>(File Nos. 333-129284 and 811-1343)

Directors:

In my capacity as counsel to Horace Mann Life Insurance Company (the "Company"), an Illinois insurance company, I have participated in the review of Post-effective Amendment Number 28 to the registration statement on Form N-4 (File No.333-129284) filed with the Securities and Exchange Commission under the Securities Act of 1933 for the registration of flexible premium variable annuity contracts (the "Contracts") to be issued with respect to Horace Mann Life Insurance Company Separate Account (the "Account"). On the basis of such review and my examination of such documents and such law as I considered necessary, it is my opinion that:

1. The Company is a corporation duly organized and validly existing as a stock life insurance company under the laws of the State of Illinois and is duly authorized by the Insurance Department of the State of Illinois to issue the Contracts.

2. The Account is a duly authorized and existing separate account established pursuant to the provisions of the Illinois Insurance Code.

3. To the extent so provided under the Contracts, that portion of the assets of the Account equal to the reserves and other Contract liabilities with respect to the Account will not be chargeable with liabilities arising out of any other business that the Company may conduct.

4. The Contracts, when issued as contemplated by the Form N-4 registration statement, will constitute legal, validly issued and binding obligations of the Company.

I hereby consent to the filing of this opinion as an exhibit to Post-effective Amendment No. 28 to the registration statement on Form N-4 for the Contracts and the Account.

Sincerely,

---

| |
|:---|
| /s/ Allen R. Reed<br>|
| Allen R. Reed<br> Assistant Vice President & Assistant General Counsel,<br> Horace Mann Life Insurance Company<br>|

---

The Horace Mann Companies 1 Horace Mann Plaza Springfield, Illinois 62715-0001 <br>217-789-2500 www.horacemann.com

------

## Ex-99.(L)

![](g335208kpmglogo.jpg)

KPMG LLP <br>Suite 500 <br>191 West Nationwide Blvd. <br>Columbus, OH 43215-2568

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated April 9, 2026, with respect to the statutory financial statements of Horace Mann Life Insurance Company, and the related notes (collectively, the financial statements), included herein, and to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information, which is part of the Registration Statement.

/s/ KPMG LLP

Columbus, Ohio <br>April 30, 2026 <br>

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br>the KPMG global organization of independent member firms affiliated with KPMG <br>International Limited, a private English company limited by guarantee. <br>

------

![](g335208kpmglogo.jpg)

KPMG LLP <br>Suite 500 <br>191 West Nationwide Blvd. <br>Columbus, OH 43215-2568

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated April 9, 2026, with respect to the financial statements of the sub-accounts that comprise the Horace Mann Life Insurance Company Separate Account, and the related notes (collectively, the financial statements), included herein, and to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information, which is part of the Registration Statement.

/s/ KPMG LLP

Columbus, Ohio <br>April 30, 2026 <br>

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br>the KPMG global organization of independent member firms affiliated with KPMG <br>International Limited, a private English company limited by guarantee

------