# EDGAR Filing Document

**Accession Number:** 0000702712
**File Stem:** 0001140361-26-009179
**Filing Date:** 2026-3
**Character Count:** 38908
**Document Hash:** c5d734604acd9ae99e1665b8afcd61f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-009179.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001140361-26-009179

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**EFFECTIVENESS DATE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESTORS LIFE INSURANCE CO OF NORTH AMERICA SEPARATE ACC I
- **CENTRAL INDEX KEY:** 0000702712

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03470
- **FILM NUMBER:** 26746256

**BUSINESS ADDRESS:**
- **STREET 1:** 6500 RIVER PLACE BLVD., BUILDING ONE
- **STREET 2:** LEGAL DEPARTMENT
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730
- **BUSINESS PHONE:** 512 404-5000

**MAIL ADDRESS:**
- **STREET 1:** 6500 RIVER PLACE BLVD., BUILDING ONE
- **STREET 2:** LEGAL DEPARTMENT
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CIGNA SEPARATE ACCOUNT I
- **DATE OF NAME CHANGE:** 19950217

## Series and Classes Contracts Data

### INVESTORS LIFE INSURANCE CO OF NORTH AMERICA SEPARATE ACC I (Series ID: S000009774)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000026855 | Single Payment Individual Variable Annuity Contracts   |  |
| C000026856 | Individual Flexible Payment Variable Annuity Contracts |  |

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#### INVESTORS LIFE INSURANCE COMPANY OF

#### NORTH AMERICA
(Herein called Investors Life)

#### SEPARATE ACCOUNT I

#### FINANCIAL STATEMENTS

#### December 31, 2025

This report is submitted for the general information of owners of Life Insurance Company of North America Separate Account I variable annuity contracts. The Separate Account does not issue new contracts; accordingly, this report is not authorized for distribution to prospective purchasers of such variable annuity contracts.

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#### Investors Life Insurance Company of North America
Administrative Offices: Austin, Texas

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of

Investors Life Insurance Company of North America and

Policyholders of Investors Life Insurance Company of North America Separate Account I

#### Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities for each of the divisions of Investors Life Insurance Company of North America Separate Account I (the "Separate Account") listed in Appendix A, as of December 31, 2025 and 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods presented in Appendix A and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the divisions of the Separate Account as of December 31, 2025 and 2024, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the years ended December 31, 2023, 2022, and 2021 were audited by predecessor auditors whose report, dated February 16, 2024, expressed an unqualified opinion on such information.

#### 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 the Separate Account's 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. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting.

Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Chicago, Illinois

February 16, 2026

We have served as the auditor of Investors Life Insurance Company of North America Separate Account I since 2024.

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---

| | |
|:---|:---|
| **Investors Life Insurance Company of North America Separate Account I** | **APPENDIX A** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Division** | **Statement of Net** <br> **Assets**<br> **as of** | **Statement of** <br> **Operations for the**<br> **Year ended** | **Statement Of** <br> **Changes in Net Assets**<br> **for the Two Years**<br> **ended** | **Financial Highlights**<br> **for the Two Years**<br> **Ended** |
| Putnam Variable Trust Money<br> Market Fund Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Money<br> Market Fund Non-Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Income Fund<br> Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Income Fund<br> Non-Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Large Cap<br> Value Fund Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Large Cap<br> Value Fund Non-Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Growth<br> Opportunities Fund Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| Putnam Variable Trust Growth<br> Opportunities Fund Non-Qualified | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |

---

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Statement of Net Assets

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam<br> Variable Trust<br> Money Market<br> Fund<br>Qualified | Putnam <br> Variable Trust<br> Money Market<br> Fund<br>Non-Qualified | <br>Putnam<br> Variable Trust <br> Income Fund<br>Qualified | <br>Putnam <br> Variable Trust<br> Income Fund<br>Non-Qualified |
| **ASSETS:** |  |  |  |  |
|  Investments, at fair value | $87896 | 1257 | 46419 | 75544 |
|  Total assets | $87896 | 1257 | 46419 | 75544 |
|  **NET ASSETS:** |  |  |  |  |
|  Accumulation units | $87896 | 1257 | 46419 | 75544 |
|  Total net assets | $87896 | 1257 | 46419 | 75544 |
|  **FUND SHARE INFORMATION** |  |  |  |  |
|  Number of shares | 87896 | 1257 | 5592 | 9101 |
|  Cost of investments | $87896 | 1257 | 282385 | 535774 |
|  **UNITS OUTSTANDING** | <br> 32379 | <br> 467 | <br> 5943 | <br> 9826 |
|  **ACCUMULATION UNIT VALUE** | $2.71 | 2.69 | 7.81 | 7.69 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Putnam <br> Variable Trust<br> Large Cap Value<br> Fund<br>Qualified | <br>Putnam <br> Variable Trust <br> Large Cap Value<br> Fund<br>Non-Qualified | Putnam<br> Variable Trust <br> Growth<br> Opportunities<br> Fund<br>Qualified | Putnam <br> Variable Trust<br> Growth<br> Opportunities <br> Fund<br>Non-Qualified |
| **ASSETS:** |  |  |  |  |
|  Investments, at fair value | $3510504 | 276905 | 529980 | 473866 |
|  Total assets | $3510504 | 276905 | 529980 | 473866 |
|  **NET ASSETS:** |  |  |  |  |
|  Accumulation units | $3510504 | 276905 | 529980 | 473866 |
|  Total net assets | $3510504 | 276905 | 529980 | 473866 |
|  **FUND SHARE INFORMATION** |  |  |  |  |
|  Number of shares | 96628 | 7622 | 28648 | 25615 |
|  Cost of investments | $2422255 | 184357 | 326658 | 286777 |
|  **UNITS OUTSTANDING** | $130776 | <br> 10284 | <br> 12011 | <br> 10696 |
|  **ACCUMULATION UNIT VALUE** | $26.84 | 26.93 | 44.12 | 44.30 |

---

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

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#### Investors Life Insurance Company of North America Separate Account I Statement of Operations <br>

#### Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Putnam Variable <br> Trust Money<br> Market Fund | Putnam <br> Variable Trust <br> Money Market<br> Fund | <br>Putnam Variable <br> Trust Income<br> Fund | <br>Putnam Variable <br> Trust Income<br> Fund |
|  | Qualified  | Non-Qualified | Qualified  | Non-Qualified |
|  **Net Investment Income (Loss)** |  |  |  |  |
|  Investment Income: |  |  |  |  |
|  Dividends | $3544 | 64 | 2327 | 3638 |
|  Expenses: |  |  |  |  |
|  Mortality risk and expense fees guarantees (Notes 1 and 3) | 1098 | 15 | 558 | 879 |
|  Net investment income (loss) | 2446 | 49 | 1769 | 2759 |
|  **Net Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
|  Realized gain distributions | - | - | - | - |
|  Realized gains (losses) on fund shares | - | - | (1869) | (336) |
|  Net realized gains (losses) | - | - | (1869) | (336) |
|  Change in unrealized gains and (losses) | - | - | 2908 | 1978 |
|  Net realized and change in unrealized gains (losses) on investments | - | - | 1039 | 1642 |
|  **Increase (Decrease) in Net Assets from Operations** | $2446 | 49 | 2808 | 4401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam <br> Variable Trust<br> Large Cap <br> Value Fund<br>Qualified | Putnam <br> Variable Trust<br> Large Cap <br> Value Fund<br>Non-Qualified | Putnam Variable <br> Trust Growth<br> Opportunities <br> Fund<br>Qualified | Putnam Variable <br> Trust Growth<br> Opportunities <br> Fund<br>Non-Qualified |
|  **Net Investment Income (Loss)** |  |  |  |  |
|  Investment Income: |  |  |  |  |
|  Dividends | $58035 | 4163 | 4661 | 3928 |
|  Expenses: |  |  |  |  |
|  Mortality risk and expense fees guarantees (Notes 1 and 3) | 41461 | 3086 | 6034 | 5175 |
|  Net investment income (loss) | 16574 | 1077 | (1373) | (1247) |
|  **Net Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
|  Realized gain distributions | 239383 | 17170 | 40240 | 33912 |
|  Realized gains (losses) on fund shares | 151507 | 5725 | 17150 | 2254 |
|  Net realized gains (losses) | 390890 | 22895 | 57390 | 36166 |
|  Change in unrealized gains and (losses) | 204515 | 22140 | 7974 | 20442 |
|  Net realized and change in unrealized gains (losses) on investments | 595405 | 45035 | 65364 | 56608 |
|  **Increase (Decrease) in Net Assets from Operations** | $611979 | 46112 | 63991 | 55361 |

---

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

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#### Investors Life Insurance Company of North America Separate Account I Statement of Changes in Net Assets <br>

#### Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam <br> Variable Trust <br> Money Market<br> Fund<br>Qualified | Putnam <br> Variable Trust <br> Money Market<br> Fund<br>Non-Qualified | <br>Putnam <br> Variable Trust<br> Income Fund<br>Qualified | <br>Putnam Variable <br> Trust Income<br> Fund<br>Non-Qualified |
| **Increase (Decrease) in Net Assets From Operations:** |  |  |  |  |
| Net investment income (loss) | $2446 | 49 | 1769 | 2759 |
| Net realized gains (losses) | - | - | (1869) | (336) |
| Change in unrealized gains (losses) | - | - | 2908 | 1978 |
| Net increase (decrease) in net assets from operations | 2446 | 49 | 2808 | 4401 |
| **Increase (Decrease) in Net Assets From Policy Transactions:** |  |  |  |  |
| Net contract transfers in and transfers out (Note 3) | - | 10 | - | 10 |
| Contract surrenders | (7347) | (52) | (1451) | (63) |
| Benefit payment to annuitants | (979) | (78) | (2172) | (114) |
| Net increase (decrease) from policy transactions | (8326) | (120) | (3623) | (167) |
| Net increase (decrease) in net assets | (5880) | (71) | (815) | 4234 |
| **Net Assets:** |  |  |  |  |
| Net assets at December 31, 2024 | 93776 | 1328 | 47234 | 71310 |
| Net assets at December 31, 2025 | $87896 | 1257 | 46419 | 75544 |

---

#### Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam <br> Variable Trust<br> Money Market<br> Fund<br>Qualified | Putnam <br> Variable Trust<br> Money Market<br> Fund<br>Non-Qualified | <br>Putnam Variable <br> Trust Income<br> Fund<br>Qualified | <br>Putnam Variable<br> Trust Income <br> Fund<br>Non-Qualified |
| **Increase (Decrease) in Net Assets From Operations:** |  |  |  |  |
| Net investment income (loss) | $3348 | 50 | 3653 | $3105 |
| Net realized gains (losses) | - | - | (17691) | (329) |
| Change in unrealized gains (losses) | - | - | 14565 | (1835) |
| Net increase (decrease) in net assets from operations | 3348 | 50 | 527 | 941 |
| **Increase (Decrease) in Net Assets From Policy Transactions:** |  |  |  |  |
| Net contract transfers in and transfers out (Note 3) | - | - | - | - |
| Contract surrenders | (911) | (39) | (32793) | (63) |
| Benefit payment to annuitants | (1038) | (82) | (2302) | (120) |
| Net increase (decrease) from policy transactions | (1949) | (121) | (35095) | (183) |
| Net increase (decrease) in net assets | 1399 | (71) | (34568) | 758 |
| **Net Assets:** |  |  |  |  |
| Net assets at December 31, 2023 | 92377 | 1399 | 81802 | 70552 |
| Net assets at December 31, 2024 | $93776 | 1328 | 47234 | 71310 |

---

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

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Statement of Changes in Net Assets

#### Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Putnam <br> Variable Trust <br> Large Cap<br> Value Fund<br>Qualified  | <br>Putnam <br> Variable Trust <br> Large Cap<br> Value Fund<br>Non-Qualified | Putnam <br> Variable Trust <br> Growth<br> Opportunities<br> Fund<br>Qualified  | Putnam <br> Variable Trust<br> Growth <br> Opportunities<br> Fund<br>Non-Qualified |
| **Increase (Decrease) in Net Assets From Operations:** |  |  |  |  |
| Net investment income (loss) | $16574 | 1077 | (1373) | (1247) |
| Net realized gains (losses) | 390890 | 22895 | 57390 | 36166 |
| Change in unrealized gains (losses) | 204515 | 22140 | 7974 | 20442 |
| Net increase (decrease) in net assets from operations | 611979 | 46112 | 63991 | 55361 |
|  **Increase (Decrease) in Net Assets From Policy Transactions:** |  |  |  |  |
| Net contract transfers in and transfers out (Note 3) | - | 10 | - | 10 |
| Contract surrenders | (538059) | (71) | (24499) | (32) |
| Benefit payment to annuitants | (28868) | (15264) | (8468) | - |
| Net increase (decrease) from policy transactions | (566927) | (15325) | (32967) | (22) |
| Net increase (decrease) in net assets | 45052 | 30787 | 31024 | 55339 |
| **Net Assets:** |  |  |  |  |
| Net assets at December 31, 2024 | 3465452 | 246118 | 498956 | 418527 |
| Net assets at December 31, 2025 | $3510504 | 276905 | 529980 | 473866 |

---

#### Year Ended December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Putnam <br> Variable Trust <br> Large Cap <br> Value Fund<br>Qualified | <br>Putnam <br> Variable Trust <br> Large Cap <br> Value Fund<br>Non-Qualified | Putnam <br> Variable Trust<br> Growth<br> Opportunities <br> Fund<br>Qualified | Putnam <br> Variable Trust <br> Growth<br> Opportunities <br> Fund<br>Non-Qualified |
|  **Increase (Decrease) in Net Assets From Operations:** |  |  |  |  |
|  Net investment income (loss) | $30451 | 1987 | (844) | (717) |
|  Net realized gains (losses) | 225376 | 10672 | 19090 | 13221 |
|  Change in unrealized gains (losses) | 320507 | 25504 | 104274 | 89227 |
|  Net increase (decrease) in net assets from operations | 576334 | 38163 | 122520 | 101731 |
|  **Increase (Decrease) in Net Assets From Policy Transactions:** |  |  |  |  |
|  Net contract transfers in and transfers out (Note 3) | - | - | - | - |
|  Contract surrenders | (290284) | (71) | (17) | (33) |
|  Benefit payment to annuitants | (28614) | (4454) | (7921) | - |
|  Net increase (decrease) from policy transactions | (318898) | (4525) | (7938) | (33) |
|  Net increase (decrease) in net assets | 257436 | 33638 | 114582 | 101698 |
|  **Net Assets:** |  |  |  |  |
|  Net assets at December 31, 2023 | 3208016 | 212480 | 384374 | 316829 |
|  Net assets at December 31, 2024 | $3465452 | 246118 | 498956 | 418527 |

---

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

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#### Investors Life Insurance Company of North America Separate Account I Notes to Financial Statements <br> Year Ended December 31, 2025 <br>

#### Note 1. Organization
Investors Life Insurance Company of North America ("Investors Life"), a wholly owned subsidiary of Arcus Holdings, Inc., established Investors Life Insurance Company of North America – Separate Account I (the "Separate Account") as a unit investment trust registered under the Investment Company Act of 1940, as amended. Operations of the Separate Account commenced on September 15, 1982. The Separate Account currently has four divisions, each corresponding to a portfolio of Putnam Variable Trust. Each division contains two subdivisions, one for the allocation of tax- qualified and one for the allocation of non-tax qualified net payments made under variable annuity contracts.

Net purchase payments to the Separate Account may be allocated to one or more of the following classes of shares of the Putnam Variable Trust: Putnam Variable Trust Money Market Fund, Putnam Variable Trust Income Fund, Putnam Variable Trust Large Cap Value Fund or Putnam Variable Trust Growth Opportunities Fund. The contract owners' equity of each subdivision of the Separate Account is affected by the investment results of the appropriate portfolio(s) of shares of Putnam Variable Trust designated for the subdivision, the mortality risk and expense fees guarantees assessed on the Separate Account assets (See Note 3) and the administrative charge deductions.

Under the current provisions of the Internal Revenue Code (the "Code"), transfers of contract values from one division of the Separate Account to another division are not subject to current taxation. There can be no assurance that future changes in the Code will not subject such transfers to current taxation.

#### Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies of the Separate Account: (a) investments are carried at fair value as discussed in Note 8; (b) investment transactions are accounted for on the trade date and dividend income is recorded on the ex-dividend date; and (c) the cost of investments sold is determined on the first-in, first-out method. Investment valuations are subject to change based on underlying market conditions. See Notes 4 and 5 with respect to income taxes. The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect amounts reported therein. Actual results could differ from these amounts.

The Separate Account is engaged in a single line of business as a registered unit investment trust and is divided into various subaccounts for variable annuity contracts with the assets owned by the contract owners. Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker ("CODM") manages the activities of the Separate Account using information of each subaccount. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The subaccounts have identified the Chief Financial Officer as the CODM as the Separate Account does not have employees and is not a separate legal entity. The CODM uses increase (decrease) in net assets resulting from operations to monitor the performance of each of the subaccounts within the Separate Account. The measure of segment assets is reported on the Statement of Net Assets as Total Net Assets. Refer to the Statements of Operations and Changes in Net Assets for each subaccount's operating segment results and related footnotes. All revenue is generated in the United States and there is no customer greater than 10% of the results for all periods presented.

The Separate Account qualifies as an investment company as defined by the Financial Accounting Standards Board's Accounting Standards Codification Topic 946 and, accordingly, the Separate Account follows the accounting and reporting guidance contained therein. The Separate Account's status as an investment company has not changed during the year ended December 31, 2025. The Separate Account has not provided financial support to any investee during the year ended December 31, 2025, and the Separate Account has no contractual obligations to provide financial support to any investee. <br>

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Notes to Financial Statements

#### <br>

#### Year Ended December 31, 2025

#### Note 3. Contract Owner Transactions
Net contract considerations represent gross contributions under variable annuity contracts less deductions by Investors Life for any applicable premium taxes. Net contract considerations for the year ended December 31, 2025 were $0 after deductions for premium taxes. Investors Life charges a fee to each Separate Account subdivision for assuming the mortality risk and expense fees guarantees. The daily equivalent of the annual charge of 1.2% is made against the average net value of the Separate Account. Contract owners have limited rights to transfer their contract values between Separate Account divisions. There were transfers for the year ended December 31, 2025, amounting to $40 between Separate Account subdivisions. There were no transfers for the year ended December 31, 2024.

#### Note 4. Income Taxes
Investors Life is taxed as a life insurance company under the Code. The Separate Account is taxed as a part of Investors Life. Under the current provisions of the Code, no federal income taxes are payable by Investors Life with respect to the operations of the Separate Account when such operations are used to determine the contract values of the Separate Account. Investors Life retains the right to make adjustments for taxes to Separate Account assets should future changes in the Code so warrant.

#### Note 5. Diversification Requirements
Under the provisions of Section 817(h) of the Code, a variable annuity contract, other than a contract issued in connection with certain types of employee benefit plans, will not be treated as an annuity contract for federal tax purposes for any year for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury.

The IRS has issued regulations under Section 817(h) of the Code. Investors Life believes that the Separate Account satisfies the current requirements of the regulations.

#### Note 6. Accumulation Unit Transactions
The changes in the number of accumulation units (the measure of ownership in the Separate Account) during the year ended December 31, 2025 and units outstanding at December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam <br> Variable Trust<br> Money Market<br> Fund | Putnam <br> Variable Trust<br> Money Market<br> Fund | <br>Putnam<br> Variable Trust <br> Income Fund | <br>Putnam <br> Variable Trust<br> Income Fund |
|  | Qualified  | Non-Qualified | Qualified  | Non-Qualified |
| Units outstanding at December 31, 2024 | 35482 | 507 | 6421 | 9848 |
| Units purchased and transfers in | - | 4 | - | - |
| Units sold and transfers out | (3103) | (44) | (478) | (22) |
| Units outstanding at December 31, 2025 | 32379 | 467 | 5943 | 9826 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam <br> Variable Trust<br> Large Cap<br> Value Income<br> Fund | Putnam <br> Variable Trust <br> Large Cap<br> Value Income <br> Fund | Putnam <br> Variable Trust <br> Growth<br> Opportunities <br> Fund | Putnam <br> Variable Trust<br> Growth<br> Opportunities <br> Fund |
|  | Qualified  | Non-Qualified | Qualified  | Non-Qualified |
| Units outstanding at December 31, 2024 | 153931 | 10901 | 12803 | 10697 |
| Units purchased and transfers in | - | - | - | - |
| Units sold and transfers out | (23155) | (617) | (792) | (1) |
| Units outstanding at December 31, 2025 | 130776 | 10284 | 12011 | 10696 |

---

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Notes to Financial Statements

#### <br>

#### Year Ended December 31, 2025
The accumulation units for seven of the subdivisions include units applicable to contract owners who are "on benefit annuitants." At December 31, 2025, the number of accumulation units, the aggregate value of the subdivisions' equity and the number of monthly annuity units and value per unit of "on benefit annuitants" are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Accumulation<br> Units | Aggregate<br> Value | Monthly<br> Annuity Units | Annuity<br> Unit Value |
| Putnam Variable Trust Money Market Fund, Qualified | 2972 | $8066 | 454 | $0.21 |
| Putnam Variable Trust Money Market Fund, Non-Qualified | 245 | $659 | 55 | $0.21 |
| Putnam Variable Trust Income Fund, Qualified | 2500 | $19524 | 367 | $0.63 |
| Putnam Variable Trust Income Fund, Non-Qualified | 128 | $985 | 27 | $0.63 |
| Putnam Variable Trust Large Cap Value Fund, Qualified | 9454 | $253767 | 2347 | $1.62 |
| Putnam Variable Trust Large Cap Value Fund, Non-Qualified | 855 | $23012 | 342 | $1.63 |
| Putnam Variable Trust Growth Opportunities Fund, Qualified | 1778 | $78471 | 463 | $1.72 |

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The number of monthly annuity units and related annuity unit value is calculated based upon the expected payout period as computed according to the 1971 Individual Mortality Table with interest at the rate of 6% per annum. The mortality risk is fully borne by Investors Life and may result in additional amounts being transferred into the Separate Account by Investors Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to Investors Life.

#### Note 7. Financial Highlights – Expense Ratios and Investment Income Ratios
A summary of unit values and units outstanding for variable annuity contracts, net assets, expense ratios, investment income ratios, and total return ratios, excluding expenses of the underlying funds and expenses charged through redemption of units, for each of the periods ended below were as follows:

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Putnam Variable Trust Money Market Fund Qualified** | **Putnam Variable Trust Money Market Fund Qualified** | **Putnam Variable Trust Money Market Fund Qualified** | **Putnam Variable Trust Money Market Fund Qualified** | **Putnam Variable Trust Money Market Fund Qualified** | **Putnam Variable Trust Money Market Fund Qualified** | | **Putnam Variable Trust Money Market Fund Non-Qualified** | **Putnam Variable Trust Money Market Fund Non-Qualified** | **Putnam Variable Trust Money Market Fund Non-Qualified** | **Putnam Variable Trust Money Market Fund Non-Qualified** | **Putnam Variable Trust Money Market Fund Non-Qualified** | **Putnam Variable Trust Money Market Fund Non-Qualified** | |
|  |  |  | Net Assets |  |  |  |  |  |  | Net Assets |  |  |  |
|  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense <br> Ratio | Investment<br> Income <br> Ratio | <br>Total<br> Return |  | <br>Units | <br>Unit<br> Value | (000s) | <br>Expense <br> Ratio | Investment<br> Income<br> Ratio | <br>Total<br> Return |
| 12/31/25 | 32379 | $2.71 | $88 | 1.20% | 3.87% | 2.67% | 12/31/25 | 467 | $2.69 | $1 | 1.20% | 5.12% | 3.92% |
| 12/31/24 | 35482 | $2.64 | $94 | 1.20% | 4.79% | 3.59% | 12/31/24 | 507 | $2.62 | $1 | 1.20% | 4.95% | 3.75% |
| 12/31/23 | 36237 | $2.55 | $92 | 1.20% | 4.61% | 3.41% | 12/31/23 | 554 | $2.53 | $1 | 1.20% | 4.40% | 3.20% |
| 12/31/22 | 41697 | $2.46 | $103 | 1.20% | 1.30% | 0.10% | 12/31/22 | 604 | $2.44 | $1 | 1.20% | 1.27% | 0.07% |
| 12/31/21 | 42126 | $2.46 | $104 | 1.20% | 0.01% | -1.19% | 12/31/21 | 658 | $2.44 | $2 | 1.20% | 0.00% | -1.20% |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Putnam Variable Trust Income Fund Qualified** | **Putnam Variable Trust Income Fund Qualified** | **Putnam Variable Trust Income Fund Qualified** | **Putnam Variable Trust Income Fund Qualified** | **Putnam Variable Trust Income Fund Qualified** | **Putnam Variable Trust Income Fund Qualified** | |  | **Putnam Variable Trust Income Fund Non-Qualified** | **Putnam Variable Trust Income Fund Non-Qualified** | **Putnam Variable Trust Income Fund Non-Qualified** | **Putnam Variable Trust Income Fund Non-Qualified** | **Putnam Variable Trust Income Fund Non-Qualified** | |
|  |  |  | Net Assets  |  |  |  |  |  |  | Net Assets |  |  |  |
|  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense <br> Ratio | Investment<br> Income <br> Ratio | <br>Total <br> Return |  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense<br> Ratio | Investment <br> Income <br> Ratio | <br>Total <br> Return |
| 12/31/25 | 5943 | $7.81 | $46 | 1.20% | 5.00% | 6.04% | 12/31/25 | 9826 | $7.69 | $76 | 1.20% | 4.97% | 6.01% |
| 12/31/24 | 6421 | $7.36 | $47 | 1.20% | 7.11% | 0.85% | 12/31/24 | 9848 | $7.24 | $71 | 1.20% | 5.55% | 1.32% |
| 12/31/23 | 11268 | $7.26 | $82 | 1.20% | 6.38% | 3.71% | 12/31/23 | 9873 | $7.15 | $71 | 1.20% | 5.96% | 3.74% |
| 12/31/22 | 13416 | $7.00 | $94 | 1.20% | 5.90% | -16.25% | 12/31/22 | 9901 | $6.89 | $68 | 1.20% | 6.14% | -16.52% |
| 12/31/21 | 14195 | $8.19 | $116 | 1.20% | 6.13% | -5.80% | 12/31/21 | 11301 | $8.06 | $91 | 1.20% | 6.17% | -6.20% |

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Notes to Financial Statements

#### <br>

#### Year Ended December 31, 2025

#### Note 7. Financial Highlights – Expense Ratios and Net Investment Income Ratios (continued)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** | **Putnam Variable Trust Large Cap Value Fund Non-Qualified** |
|  |  |  | Net Assets |  |  |  |  |  |  | Net Assets | Net Assets |  |  |
|  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense<br> Ratio | Investment<br> Income <br> Ratio | <br>Total <br> Return |  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense <br> Ratio | Investment<br> Income <br> Ratio | <br>Total<br> Return |
| 12/31/25 | 130776 | $26.84 | $3511 | 1.20% | 1.68% | 17.71% | &nbsp;&nbsp;&nbsp; 12/31/25 | 10284 | $26.93 | $277 | 1.20% | 1.62% | 17.93% |
| 12/31/24 | 153931 | $22.51 | $3465 | 1.20% | 2.06% | 16.29% | &nbsp;&nbsp;&nbsp; 12/31/24 | 10901 | $22.58 | $246 | 1.20% | 2.03% | 15.90% |
| 12/31/23 | 168198 | $19.07 | $3208 | 1.20% | 2.61% | 13.84% | &nbsp;&nbsp;&nbsp; 12/31/23 | 11109 | $19.13 | $212 | 1.20% | 2.67% | 13.52% |
| 12/31/22 | 179774 | $16.65 | $2993 | 1.20% | 2.16% | -4.39% | &nbsp;&nbsp;&nbsp; 12/31/22 | 13456 | $16.69 | $225 | 1.20% | 3.02% | -4.52% |
| 12/31/21 | 202039 | $17.36 | $3507 | 1.20% | 1.68% | 22.62% | &nbsp;&nbsp;&nbsp; 12/31/21 | 33648 | $17.40 | $586 | 1.20% | 1.75% | 23.07% |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** | **Putnam Variable Trust Growth Opportunities Fund Non-Qualified** |
|  |  |  | Net Assets |  |  |  |  |  |  | Net Assets | Net Assets |  |  |
|  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense<br> Ratio | Investment <br> Income<br> Ratio | <br>Total <br> Return |  | <br>Units | <br>Unit <br> Value | (000s) | <br>Expense<br> Ratio | Investment <br> Income<br> Ratio | <br>Total <br> Return |
| 12/31/25 | 12011 | $44.12 | $530 | 1.20% | 0.93% | 12.73% | 12/31/25 | 10696 | $44.30 | $474 | 1.20% | 0.91% | 12.84% |
| 12/31/24 | 12803 | $38.97 | $499 | 1.20% | 1.01% | 27.31% | 12/31/24 | 10697 | $39.13 | $419 | 1.20% | 1.01% | 27.26% |
| 12/31/23 | 13031 | $29.50 | $384 | 1.20% | 0.00% | 35.58% | 12/31/23 | 10698 | $29.62 | $317 | 1.20% | 0.00% | 35.54% |
| 12/31/22 | 13281 | $20.60 | $274 | 1.20% | 0.94% | -40.40% | 12/31/22 | 10699 | $20.68 | $221 | 1.20% | 0.91% | -41.65% |
| 12/31/21 | 13553 | $29.94 | $406 | 1.20% | 0.82% | 19.64% | 12/31/21 | 12635 | $29.95 | $378 | 1.20% | 0.82% | 19.62% |

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#### Note 8. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is exchanged in an orderly transaction; it is not a forced liquidation or distressed sale. Fair value measurements are categorized into a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy are described below:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. There were no transfers between hierarchy levels during the year ended December 31, 2025.

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#### Investors Life Insurance Company of North America

#### Separate Account I

#### Notes to Financial Statements

#### <br>

#### Year Ended December 31, 2025
Shares of open-ended publicly-traded mutual funds are valued at their closing bid prices each business day. Shares of Putnam Variable Trust Divisions are not publicly-traded and are valued at their net asset value ("NAV") each business day based upon the number of shares outstanding. The NAV represents the price at which Putnam Variable Trust Divisions shares are issued and redeemed by the Putnam Variable Trust Divisions. Management has reviewed the volume of transactions within the Putnam Variable Trust Divisions and has concluded that such volumes qualify as an active market. The Separate Account considers all investments in mutual funds and Putnam Variable Trust Divisions to be Level 1 investments.

#### Note 9. Subsequent Events
For purposes of preparing the accompanying financial statements and the related notes, there have been no events occurring subsequent to December 31, 2025 and through the date the financial statements were issued on February 16<sup>th</sup>, 2026 that would have a material effect on the financial condition of the Separate Account.

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