# EDGAR Filing Document

**Accession Number:** 0000005007
**File Stem:** 0001193125-26-190146
**Filing Date:** 2026-4
**Character Count:** 515665
**Document Hash:** a3675783fdb2246c678db4079e83495e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-190146.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-190146

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FIDELITY SEPARATE ACCOUNT A
- **CENTRAL INDEX KEY:** 0000005007

**ORGANIZATION NAME:**
- **EIN:** 736128720
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01764
- **FILM NUMBER:** 26912312

**BUSINESS ADDRESS:**
- **STREET 1:** 9000 CAMERON PARKWAY
- **STREET 2:** P.O. BOX 25523
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73125
- **BUSINESS PHONE:** 405-523-2000

**MAIL ADDRESS:**
- **STREET 1:** 9000 CAMERON PARKWAY
- **STREET 2:** P.O. BOX 25523
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FIDELITY VARIABLE ANNUITY FUND A
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FIDELITY SEPARATE ACCOUNT A
- **CENTRAL INDEX KEY:** 0000005007

**ORGANIZATION NAME:**
- **EIN:** 736128720
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-30771
- **FILM NUMBER:** 26912311

**BUSINESS ADDRESS:**
- **STREET 1:** 9000 CAMERON PARKWAY
- **STREET 2:** P.O. BOX 25523
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73125
- **BUSINESS PHONE:** 405-523-2000

**MAIL ADDRESS:**
- **STREET 1:** 9000 CAMERON PARKWAY
- **STREET 2:** P.O. BOX 25523
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FIDELITY VARIABLE ANNUITY FUND A
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AMERICAN FIDELITY SEPARATE ACCOUNT A (Series ID: S000009836)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000027244 | AFPr1me Growth(R) Variable Annuity |  |

?xml version='1.0' encoding='ASCII'? AMERICAN FIDELITY SEPARATE ACCOUNT A

#### Registration Nos. 2 - 30771

#### 811 - 01764

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-4

### REGISTRATION STATEMENT

#### UNDER

#### THE SECURITIES ACT OF 1933

---

| | |
|:---|:---|
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 75** | ☒ |

---

### REGISTRATION STATEMENT

#### UNDER

#### THE INVESTMENT COMPANY ACT OF 1940

---

| | |
|:---|:---|
| **Amendment No. 76** | ☒ |

---

## AMERICAN FIDELITY SEPARATE ACCOUNT A

#### (FORMERLY AMERICAN FIDELITY VARIABLE ANNUITY FUND A)

#### (Exact Name of Registered Separate Account)

## AMERICAN FIDELITY ASSURANCE COMPANY

#### (Name of Insurance Company)

---

| | |
|:---|:---|
| **9000 CAMERON PARKWAY, OKLAHOMA CITY, OKLAHOMA** | **73114** |
| **(Address of Insurance Company's Principal Executive Offices)** | **(Zip Code)** |
| **Insurance Company's Telephone Number, Including Area Code** | **405.523.2000** |

---

---

| | |
|:---|:---|
| **Christopher T. Kenney** | **Courtney Keeling** |
| **Senior Vice President and General Counsel** | **Assistant Vice President and Counsel** |
| **American Fidelity Assurance Company** | **American Fidelity Assurance Company** |
| **9000 Cameron Parkway** | **9000 Cameron Parkway** |
| **Oklahoma City, Oklahoma 73114** | **Oklahoma City, Oklahoma 73114** |
| (Name and Address of Agent for Service) |  |
| **Approximate Date of Proposed Public Offering:** | **As soon as practicable after effectiveness of the Registration Statement** |

---

It is proposed that this filing will become effective (check appropriate box)

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a) (1)

☐ on May 1, 2026 pursuant to paragraph (a) (1) of Rule 485 under the Securities Act of 1933 (the "Securities Act")

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Check each box that appropriately characterizes the Registrant:

☐ New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (the "Exchange Act")

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 7(a)(2)(b) of the Securities Act

☒ Insurance Company relying on Rule 12h-7 under the Exchange Act

☐ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act

Title of Securities Being Registered: Group variable annuity contracts

------

**AFPR1ME** 

**GROWTH<sup>®</sup>** 

*Variable Annuity* 

*from*![LOGO](g113751g0416231821281.jpg)

May 1, 2026

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**AFPR1ME GROWTH<sup>®</sup> Variable Annuity** 

#### issued by

#### American Fidelity Separate Account A

#### and

#### American Fidelity Assurance Company

#### PROSPECTUS

#### May 1, 2026
American Fidelity Separate Account A ("Separate Account A" or the "Registrant") is offering the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity. The **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity is issued by American Fidelity Assurance Company in the form of group contracts between American Fidelity Assurance Company and the employer for use in qualified retirement plans or an individual using the contract to fund an Individual Retirement Annuity.

The assets of Separate Account A will be invested solely in Vanguard<sup>®</sup> Variable Insurance Fund Total Stock Market Index Portfolio\* ("Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio"), which seeks to track the performance of a benchmark index that measures the investment return of the overall U.S. stock market.

This prospectus contains important information about the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity and Separate Account A that a prospective investor should know before investing. Please keep this prospectus for future reference.

An investment in the policy is a complex investment and involves risks, including potential loss of principal. The policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. It is designed for individuals seeking long-term investments, generally for retirement or other long-term purposes. An investment in the policy is subject to the risks related to American Fidelity Assurance Company, including that any obligations (including under the fixed account investment option), guarantees, or benefits are subject to the financial strength and claims-paying ability of American Fidelity Assurance Company.

**If you are a new investor in the policy, you may cancel your AFPR1ME GROWTH<sup>®</sup> Variable Annuity within 30 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total policy value, whichever is greater. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.** 

**The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. This prospectus may only be used to offer the contract where the contract may be lawfully sold. The contract and certain features described in the contract may only be available in certain states. 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.** 

\* Vanguard is a trademark of The Vanguard Group, Inc.

iii

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#### GLOSSARY OF TERMS

#### Some of the terms used in this prospectus are technical. To help you understand these terms, we have defined them below.
*Account value*: The value of a participant's account during the accumulation phase.

*Accumulation phase*: The period of time between when a participant elects to participate in the plan and ending when a participant begins receiving annuity payments. Until a participant begins receiving annuity payments, the participant's annuity is in the accumulation phase.

*Accumulation unit*: The unit of measurement used to keep track of the value of a participant's interest in a sub-account during the accumulation phase or period.

*Annuitant*: The person on whose life annuity payments are based.

*Annuity*: A series of installment payments either for a fixed period or for the life of the annuitant, or for the joint lifetime of the annuitant and another person.

*Annuity date*: The date annuity payments begin.

*Annuity options*: The payout methods available during the annuity phase.

*Annuity payments*: Regular income payments received from the policy during the annuity phase.

*Annuity phase*: The period during which we make annuity payments.

*Annuity unit*: The unit of measure we use to calculate annuity payments during the annuity phase.

*Contract*: The master group contract between American Fidelity Assurance Company and a contract owner.

*Contract owner*: The entity to which a contract is issued, which is normally the employer of participants or an organization representing an employer.

*Participant*: A person for whom an interest is maintained under a group variable annuity policy, generally an employee.

*Participant account*: The account maintained for each participant reflecting the accumulation units credited.

*Policy:* The **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity.

*Portfolio Company:* The Vanguard<sup>®</sup> Variable Insurance Fund ("VIF") Total Stock Market Index Portfolio.

*Purchase payment*: Money invested in the contract by or on behalf of a participant and allocated to a participant's account.

*Separate Account*: The separate account is called American Fidelity Separate Account A, which is a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940.

*We, Us, Our*: American Fidelity Assurance Company, the insurance company offering the contract or policy.

*You, Your*: A participant in the contract, generally an employee.

iv

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [OVERVIEW OF THE POLICY](#rom113751_1) | 1 |
|  [IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY](#rom113751_2) | 1 |
|  [FEE TABLE](#rom113751_3) | 4 |
|  [PRINCIPAL RISKS OF INVESTING IN THE POLICY](#rom113751_4) | 5 |
|  [NON-PRINCIPAL RISKS OF INVESTING IN THE POLICY](#rom113751_5) | 5 |
|  [GENERAL DESCRIPTION OF THE REGISTRANT, INSURANCE COMPANY AND PORTFOLIO COMPANY](#rom113751_6) | 6 |
|  [CHARGES](#rom113751_7) | 7 |
|  [THE AF*PR1ME GROWTH*<sup>®</sup> VARIABLE ANNUITY](#rom113751_8) | 8 |
|  [PURCHASING ACCUMULATION UNITS](#rom113751_9) | 9 |
|  [RECEIVING PAYMENTS FROM THE ANNUITY](#rom113751_10) | 10 |
|  [BENEFITS AVAILABLE UNDER THE POLICY](#rom113751_11) | 11 |
|  [SURRENDERS AND WITHDRAWALS](#rom113751_12) | 12 |
|  [LOANS](#rom113751_13) | 13 |
|  [TAXES](#rom113751_14) | 13 |
|  [LEGAL PROCEEDINGS](#rom113751_15) | 15 |
|  [FINANCIAL STATEMENTS](#rom113751_16) | 15 |
|  [APPENDIX: INVESTMENT OPTION AVAILABLE UNDER THE CONTRACT](#rom113751_17) | 16 |

---

v

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#### OVERVIEW OF THE POLICY
***In this summary, we discuss some of the important features of the group variable annuity contract. You should read the entire prospectus for more detailed information about your account and Separate Account A.***

The **AF***PR1ME GROWTH*<sup>®</sup> Variable Annuity is a contract between (1) an employer, who is the contract owner on behalf of its participants, or an individual using the contract to fund an Individual Retirement Annuity, and (2) American Fidelity Assurance Company, which is the insurance company. Money invested in the **AF***PR1ME GROWTH<sup>®</sup>* Variable Annuity is invested in the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. The **AF***PR1ME GROWTH*<sup>®</sup> Variable Annuity is designed for individuals seeking long-term investments, generally for retirement or other long-term purposes. You should not become a participant in the **AF***PR1ME GROWTH*<sup>®</sup> Variable Annuity if you are looking for a short-term investment or if you cannot afford to lose some or all of your investment. Your policy includes a basic death benefit that will pay your designated beneficiaries the contract value at the time of your death.

Like all deferred annuities, the annuity contract has two phases: the accumulation phase and the annuity phase. During the accumulation phase, you invest money in your annuity, and your earnings accumulate on a tax-deferred basis. You can withdraw money from your participant account during the accumulation phase, but federal income tax and penalties may apply. A qualified plan already provides tax-deferral; therefore, there should be other reasons for purchasing the policy pursuant to a qualified plan aside from the tax-deferral feature.

The annuity phase begins when you start receiving regular payments under the annuity income options from your participant account. If you annuitize, you will receive a stream of income payments, however, you will be unable to make withdrawals and death benefits will terminate. Among other factors, the amount of the payments you may receive during the annuity phase will depend on the amount of money you invest in your participant account during the accumulation phase and on the investment performance of the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio.

The money you invest in your **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity is used to purchase, at net asset value, shares of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. **Additional information about the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio is available in the Appendix** (see "Appendix: Investment Option Available Under the Contract"). Generally, the premium deposits you make are excludable from your gross income, and earnings are not taxed until you make a withdrawal. If you withdraw any money before you are 59<sup>1</sup>⁄<sub>2</sub>, you may be charged a federal tax penalty on the taxable amounts withdrawn. In most cases, the penalty is 10% on the taxable amounts. All payments during the annuity period are taxable.

#### IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY

---

| | | |
|:---|:---|:---|
| **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | **CROSS-REFERENCE(S)** |
| Are There Charges or Adjustments for Early Withdrawal? | **No.** You may withdraw money at any time during the accumulation phase. No fees are charged for withdrawals. | *Surrenders and Withdrawals* |
| Are There Transaction Charges? | **Yes.** You may be charged a fee for other transactions such as purchase payments. There is a one-time Certificate Fee of $15.00 that will be deducted from your first purchase payment. There is a per payment administrative charge of $0.50. The following describes the Participant Transaction Expenses (as a percentage of purchase payments):<br>• Sales Charge – 3.00%\*<br>• Administrative Expense – 0.25%<br>• Minimum Death Benefit Expense – 0.75%\*\*<br>• Deferred Sales Load – None<br>• Surrender Fees – None<br>\* Waived for purchase payments of $2,000 or more.<br>\*\* Not applicable after age 65. | *Fee Table; Charges* |
| Are There Ongoing Fees and Expenses? | **Yes.** The table below describes the fees and expenses that you may pay *each year*. Please refer to your policy schedule for information about the specific fees you will pay. | *Fee Table; Charges* |

---

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| | | |
|:---|:---|:---|
| **Annual Fee** | **Minimum** | **Maximum** |
| Base Contract<br> (as a percentage of account value - only one contract class available) | 0.96025% | 0.96025% |
| Portfolio Company fees and expenses as a percentage of net asset value-only one investment option available | 0.13% | 0.13% |
| To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. The estimate assumes that you do not take withdrawals from the policy**.** | To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. The estimate assumes that you do not take withdrawals from the policy**.** | To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. The estimate assumes that you do not take withdrawals from the policy**.** |

---

---

| | |
|:---|:---|
| **Lowest Annual Cost:**<br> **$1,350** | **Highest Annual Cost:**<br> **$1,350** |

---

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| | |
|:---|:---|
| Assumes:<br>• Investment of $100,000<br>• 5% annual appreciation<br>• Minimum Portfolio Company fees and expenses<br>• No sales charges<br>• No additional purchase payments, transfers or withdrawals<br>| Assumes:<br>• Investment of $100,000<br>• 5% annual appreciation<br>• Maximum Portfolio Company fees and expenses<br>• No sales charges<br>• No additional purchase payments, transfers or withdrawals<br>|

---

---

| | |
|:---|:---|
| **RISKS** | **CROSS-REFERENCE(S)** |

---

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| | | |
|:---|:---|:---|
| Is There a Risk of Loss from Poor Performance? | **Yes.** You can lose money by investing in the policy. | *Principal Risks of Investing in the Policy* |

---

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| | | |
|:---|:---|:---|
| Is this a Short-Term Investment? | **No.** A policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. It is designed for individuals seeking long-term investments, generally for retirement or other long-term purposes. Amounts withdrawn from the policy may result in surrender charges, taxes, and tax penalties. | *Principal Risks of Investing in the Policy* |

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| | | |
|:---|:---|:---|
| What Are the Risks Associated with the Investment Options? | An investment in the policy is subject to the risk of poor investment performance and can vary depending on the performance of the investment option(s) available under the policy (e.g., Portfolio Companies), if more than one investment option is made available in the future. Each investment option(s) (including any fixed account investment option) will have its own unique risks, and you should review the investment option(s) before making an investment decision. | *Principal Risks of Investing in the Policy* |

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| | | |
|:---|:---|:---|
| What Are the Risks Related to the Insurance Company? | An investment in the policy is subject to the risks related to American Fidelity Assurance Company, including that any obligations (including under any fixed account investment options), guarantees, or benefits are subject to the claims-paying ability of American Fidelity Assurance Company. More information about American Fidelity Assurance Company, including financial strength ratings, is available by sending an email request to <u>va.help@americanfidelity.com</u>. | *Principal Risks of Investing in the Policy* |

---

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| | | |
|:---|:---|:---|
| **RESTRICTIONS** | **RESTRICTIONS** | **CROSS-REFERENCE(S)** |
| Are There Restrictions on Investment Options? | **Yes.** Money invested in the policy is invested exclusively in the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio, which is currently the only investment option. We cannot guarantee that Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio will always be available for our variable annuity products. If it should not be available, we will try to replace it with a comparable fund. We reserve the right to substitute Portfolio Companies as investment options. | *General Description of the Registrant, Insurance Company and Portfolio Company;*<br> *—Substitution* |
| Are There any Restrictions on Contract Benefits? | **Yes.** We reserve the right to modify, limit, or terminate certain benefits available under the policy. | *Benefits Available Under the Policy* |
| **TAXES** | **TAXES** | **CROSS-REFERENCE(S)** |
| What Are the Contract's Tax Implications? | You should consult with a tax professional to determine the tax implications of an investment in and purchase payments received under the policy. There is no additional tax benefit to you if the policy is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. | *Taxes* |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** | **CROSS-REFERENCE(S)** |
| How Are Investment Professionals Compensated? | The policy is sold exclusively through investment professionals who are representatives of American Fidelity Assurance Company's affiliated broker dealer and who are compensated for selling the policy to investors with a base salary and a commission. These investment professionals may have a financial incentive to offer the policy over another investment. | -*Underwriter* |
| Should I Exchange My Contract? | Some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your policy if you determine, after comparing other features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing policy. | -*Underwriter* |

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#### FEE TABLE
**The following tables describe the fees and expenses that you will pay when buying, owning and surrendering your policy or making withdrawals from your policy. Please refer to your policy 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 you buy your policy or make a purchase payment, or surrender or make withdrawals from your policy. State premium taxes may also be deducted.** 

**Transaction Expenses** (as a percentage of purchase payments unless otherwise noted)

---

| | | |
|:---|:---|:---|
|  Sales Charge | 3.0 | %\* |
|  Administrative Expense | 0.25 | % |
|  Minimum Death Benefit Expense | 0.75 | %\*\* |
|  Per Payment Administrative Charge | $0.5 |  |
|  One-time Contract Certificate Fee | $15.0 |  |

---

\* Waived for purchase payments of $2,000 or more. 

\*\* Not applicable after age 65.

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

#### Annual Contract Expenses

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| | | |
|:---|:---|:---|
|  | **Current Fee** | **Maximum Fee** |
|  Base Contract Expenses (as a percentage of average account value) | 0.96025% | 0.96025% |

---

**The next item shows the minimum and maximum total operating expenses charged by Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio that you pay periodically during the time that you own the policy. Expenses shown may change over time and may be higher or lower in the future. Additional information about the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio's annual expenses may be found at the back of this document** (see Appendix: Investment Option Available Under the Contract).

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| | | |
|:---|:---|:---|
| **Annual Portfolio Company Expenses** | **MINIMUM** | **MAXIMUM** |
|  (expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.13% | 0.13% |

---

#### Example
**This example is intended to help you compare the cost of investing in the policy 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 also assumes that (i) you invest $100,000 in the policy for the time periods indicated, (ii) your investment has a 5% return each year, and (iii) the maximum fees and expenses of the Portfolio Company apply. Although your actual costs may be higher or lower, based on these assumptions, the example shows the costs you would pay. Because no surrender fees or deferred sales load charges apply, the expenses below show the amount you would pay regardless of whether you surrender your policy at the end of each time period or do not surrender your policy or if you annuitize.** 

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $5082 | $7340 | $9776 | $16738 |

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#### PRINCIPAL RISKS OF INVESTING IN THE POLICY
*Market Risk*. Investment in the policy is subject to the risk of poor investment performance and can vary depending on the performance of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. You should review the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio before making an investment decision.

*Early Withdrawal Risk*. The policy is not a short-term investment and is not appropriate for you if you need ready access to cash. It is intended for retirement and long-term savings. Withdrawals may be subject to tax penalties or other unfavorable treatment (see "Taxes" below).

*Insurance Company Risk*. Investment in the policy is subject to the risks related to the Insurance Company, American Fidelity Assurance Company, including that any obligations (including under any fixed account investment options), guarantees, or benefits are subject to the claims-paying ability of American Fidelity Assurance Company.

*Contract Changes Risk*. There is the risk that in the future we will exercise our right to change certain fees or features of the policy, including the following:

• We reserve the right to add or remove sub-accounts as investment options;

• At our discretion, we may substitute any of the portfolios available under the policy with another investment option;

• We reserve the right to limit transfers; and

• We may modify or limit certain policy features.

*Risk of Loss*. You can lose money by investing in the policy.

#### NON-PRINCIPAL RISKS OF INVESTING IN THE POLICY

#### Considerations Regarding Cybersecurity
With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting American Fidelity Assurance Company, Separate Account A, the Portfolio Companies, and any affiliated or unaffiliated vendors or services providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate the value of accumulation units, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While we have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, we cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its owners, annuitants, insureds, and beneficiaries could be negatively impacted as a result of the foregoing.

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#### GENERAL DESCRIPTION OF THE REGISTRANT, INSURANCE COMPANY AND PORTFOLIO COMPANY

#### American Fidelity Assurance Company
American Fidelity Assurance Company is an Oklahoma stock life insurance company incorporated under the laws of the State of Oklahoma in 1960. Its principal executive offices are located at 9000 Cameron Parkway, Oklahoma City, Oklahoma 73114. American Fidelity Assurance Company is licensed to conduct life, annuity and accident and health insurance business in 49 states, the District of Columbia, Guam American Samoa, and Puerto Rico. American Fidelity Assurance Company relies on the exemption provided by rule 12h-7 under the Exchange Act.

American Fidelity Assurance Company has been a wholly owned subsidiary of American Fidelity Corporation since 1974. The stock of American Fidelity Corporation is controlled by a family investment partnership, Cameron Enterprises A Limited Partnership. William M. Cameron and Lynda L. Cameron each own 50% of the common stock of Cameron Associates, Inc., the sole general partner of Cameron Enterprises A Limited Partnership, through their respective trusts. The address of both American Fidelity Corporation and Cameron Enterprises A Limited Partnership, is 9000 Cameron Parkway, Oklahoma City, Oklahoma 73114.

American Fidelity Assurance Company is obligated to pay all benefits and make all payments under the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity, subject to its financial strength and claims-paying ability.

#### Separate Account A
American Fidelity Assurance Company's board of directors adopted a resolution on May 7, 1968 to establish Separate Account A as a separate account under Oklahoma insurance law. The inception date of Separate Account A was January 1, 1970 under the name American Fidelity Variable Annuity Fund A. It was organized as an open-end diversified management investment company with its own portfolio of securities. On January 1, 1999, Separate Account A became a unit investment trust. Separate Account A is registered with the SEC as a unit investment trust under the Investment Company Act of 1940.

The assets of Separate Account A are held in American Fidelity Assurance Company's name on behalf of Separate Account A and legally belong to American Fidelity Assurance Company. Under Oklahoma law, however, the assets of Separate Account A may not be charged with liabilities arising out of any other business activities of American Fidelity Assurance Company. All income, gains and losses, realized or unrealized, are credited to or charged against Separate Account A contracts without regard to other income, gains and losses of American Fidelity Assurance Company. All income, gains, and losses credited to, or charged against, Separate Account A reflect Separate Account A's own investment experience and not the investment experience of American Fidelity Assurance Company's other assets.

#### The Variable Option
Separate Account A invests exclusively in the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. Information about the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio, including its type of fund, investment adviser and any sub-adviser, current expenses and performance, is available in the Appendix (see " Appendix: Investment Option Available Under the Contract").

More detailed information about the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio can be found in the Vanguard Summary Prospectus. which may be amended from time to time and can be found online at <u>https://americanfidelity.com/support/annuities/p-3</u>. You may obtain a full prospectus, statement of additional information and other information about the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio free of charge by contacting our Annuity Services Department. Call us at 1.800.662.1113 x8840 or e-mail us at va.help@americanfidelity.com. **You should read the Vanguard Summary Prospectus carefully before investing.**

American Fidelity Assurance Company is the legal owner of the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio shares allocated to Separate Account A. However, we believe that when Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio solicits proxies in conjunction with a shareholder vote, we are required to obtain instructions from participants as to how to vote those shares. When we receive these instructions, we will vote all of the shares we own for the benefit of Separate Account A in proportion to those instructions. This type of voting may allow a small number of participants to control the outcome of the vote. Should we determine that we are no longer required to comply with the above, we will vote the shares in our own right.

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#### CHARGES
Charges and other expenses associated with the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity will reduce your investment return. These charges and expenses are explained below.

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| | |
|:---|:---|
| **Sales Charge** | We deduct a 3% sales charge from each purchase payment to recover our distribution expenses. The sales charge will be waived for lump sum or purchase payments of $2,000 or more. |
| **Insurance Charges** <br>*Administrative Expenses* | We deduct 0.25% of each purchase payment we receive to recover administrative expenses, including, but not limited to, salaries, printing, legal, actuarial and accounting fees.<br>We also charge an additional $0.50 administrative charge against each purchase payment (for the processing of each purchase payment received for each plan participant) and a one-time certificate issuance fee of $15 (which is applied toward the expense of setting up each new administrative record). |
| *Minimum Death Benefit* | A deduction of 0.75% of each purchase payment is made to cover our costs associated with the minimum death payment. This deduction is not applicable after you reach age 65. |
| *Mortality and Expense Risk* | We assume the risk that participants will live longer than we expect and that we will not have enough money to pay all of the annuity payments we are obligated to pay. We receive 0.96025% on an annual basis (0.0026308% for each one-day valuation period) of average account value for mortality and expense risks assumed. Of this amount, 0.85% is for mortality risks and 0.11025% is for expense risks. |
| **Taxes** <br>*Premium Taxes* | Some states and other governmental entities, such as municipalities, charge premium or similar taxes. We are responsible for paying these taxes and will deduct the amount of taxes paid on your behalf from the value of your participant account. Some taxes are due when premium deposits are made; others are due when annuity payments begin. Currently, we pay any premium taxes when they become payable to the states. Premium taxes generally range from 0% to 3.5%, depending on the state. |
| *Income Taxes* | We may deduct from each contract any income taxes which the separate account may incur. |
| **Portfolio Expenses** | Deductions are taken from, and expenses paid out of, the assets of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. Because Separate Account A purchases shares of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio, the net assets of Separate Account A will reflect the total annual Portfolio Company operating expenses deducted from Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio assets. You should read the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio Summary Prospectus for information about such deductions. |

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**THE AFPR1ME GROWTH<sup>®</sup> VARIABLE ANNUITY** 

#### About the Contract
The **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity is a group annuity. A group annuity is a contract between (1) an employer, who is the contract owner on behalf of its participants, or an individual using the contract to fund an Individual Retirement Annuity, and (2) an insurance company (in this case, American Fidelity Assurance Company), where the insurance company promises to pay the participant or someone else you choose an income in the form of annuity payments beginning on a date chosen. The person upon whose life the policy is based is called the annuitant, even if that person is you. If the annuitant dies during the accumulation phase, American Fidelity Assurance Company will pay a death benefit to your beneficiary.

We may change the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity at any time if required by state or federal laws. After a contract has been in force for three years, we may change any term of the contract except that benefits already earned by participants cannot be decreased and guaranteed monthly life incomes cannot be decreased. We will notify contract owners of any change at least 90 calendar days before a change will take effect.

#### Substitution
We cannot guarantee that Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio will always be available for our variable annuity products. If it should not be available, we will try to replace it with a comparable fund. We reserve the right to substitute Portfolio Companies. A substitution of shares attributable to the contracts will not be made without prior notice to contract owners and participants and the prior approval of the SEC in conformity with the Investment Company Act of 1940.

#### Naming a Beneficiary
A beneficiary is the person or entity that you name to receive the benefit of your policy upon the death of the annuitant. You name the beneficiary or beneficiaries at the time you become a participant in the contract, but you may change beneficiaries at a later date. If the beneficiary and the annuitant die at the same time, we will assume that the beneficiary died first for purposes of paying any death benefits.

You can change the beneficiary of your policy at any time during the annuitant's life, unless you name the person as an irrevocable beneficiary. The interest of an irrevocable beneficiary cannot be changed without his or her written consent.

To change your beneficiary, you need to send a request on a form we accept to our home office. The change will go into effect when signed, subject to any payments we make or actions we take before we record the change. A change cancels all prior beneficiaries, except any irrevocable beneficiaries. The interest of the beneficiary will be subject to any annuity option in effect at the time of the annuitant's death.

#### Frequent Purchases and Withdrawals
Market timing policies are designed to address the excessive short-term trading of investment company shares by a policy owner or policy owners that may be harmful to the remaining policy owners. Although market timing is generally not illegal, we are aware that successful market timers may, in some circumstances, make profits at the expense of passive participants who engage in various long-term or passive investment strategies. At this time, Separate Account A offers a single investment option, so it does not create the same opportunities for market timing that separate accounts offering multiple investment options create. However, in order to minimize any opportunity for market timing activities which may be achieved by withdrawing funds and reinvesting in Separate Account A, we have adopted the following specific policies:

• We deduct a sales charge, an administrative charge and a minimum death benefit charge from each purchase payment we receive. While not designed specifically to discourage market timing activities these expenses have a tendency to discourage them.

• After full redemption and cancellation of a participant's account, no further purchase payments may be made on behalf of the participant. In addition, if the value of any participant account falls below $1,000 as the immediate result of a withdrawal, that participant's account may be terminated at our option.

• We do not accept telephone transactions.

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• We have adopted a policy requiring our personnel to maintain a record of all orders received between 2:45 p.m. and 3:00 p.m. Central Time. This record is reviewed monthly and any suspicious patterns are reported and subjected to additional review.

If Separate Account A offers more than one investment option in the future, we may adopt additional policies to limit the possibility of market timing that might be accomplished by switching back and forth between investment options.

#### PURCHASING ACCUMULATION UNITS

#### Purchase Payments
In order to keep track of the value of your account during the accumulation phase, we use a measurement called an accumulation unit. Each time you invest money with us, you are making a purchase payment. Every purchase payment you make increases the number of accumulation units in your participant account. You may make purchase payments at any time during the accumulation phase. Your first purchase payment must be at least $20, and after that, each purchase payment must be at least $10. You may increase, decrease or change the frequency of your purchase payments at any time. We reserve the right to reject any application or purchase payment.

Once we receive your initial purchase payment and application, we will issue you a certificate evidencing your participation in the annuity contract. A one-time $15 certificate fee will be deducted from your first purchase payment. We will invest your net first purchase payment (after deducting Participant Transaction Expenses of 4% (or 1% if purchase payment is $2,000 or more) to cover sales, administrative and minimum death benefit charges, and $0.50 per purchase payment, plus, with respect to the first purchase payment, a one-time $15 certificate fee) within two business days of receiving it. If you do not give us all of the information we need, we will contact you to get it. If for some reason we are unable to complete the initial application process within five business days, we will either send your money back to you or get your permission to keep it until we get all of the necessary information. After your initial purchase payment, we will credit all subsequent net purchase payments (after deducting the applicable Participant Transaction Expenses described above) to your participant account using the accumulation unit value next determined after receipt. If we receive a purchase payment by 3:00 p.m., Central Time, we will apply same-day pricing to determine the number of accumulation units to credit to your account.

#### Accumulation Units
The value of your participant account will go up or down depending upon the investment performance of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio and the expenses of, and deductions charged by, Separate Account A. The value of your participant account is based on the number of accumulation units in your account and the value of the accumulation units.

We calculate the value of an accumulation unit after the New York Stock Exchange closes on each day that both the New York Stock Exchange and American Fidelity Assurance Company are open, and then credit your participant account accordingly. We determine the value of an accumulation unit by dividing the total value of net assets by the number of the outstanding accumulation units. The value of an accumulation unit may go up or down from day to day.

The value of your account at any time before you begin receiving annuity payments is determined by multiplying the total number of accumulation units credited to your account by the current accumulation unit value. When you make a purchase payment, we credit your participant account with accumulation units. The number of accumulation units credited is determined by dividing the amount of the net purchase payment (after deducting the Participant Transaction Expenses described above and, with respect to the first purchase payment, a one-time $15 certificate fee) by the value of the accumulation unit.

#### Example
The following example illustrates how we calculate the number of accumulation units that should be credited to a participant account when purchase payments are made after the participant's initial purchase payment.\* On Thursday, we receive an additional purchase payment of $100 from you. At 3:00 p.m., Central Time, on that Thursday, we determine that the value of an accumulation unit is $44.19. We deduct the applicable Participant Transaction Expenses (described above) and then divide $95.50 by $44.19 and credit your participant account on Thursday night with 2.16 accumulation units.

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Each participant is advised semi-annually of the number of accumulation units credited to his or her account, the current accumulation unit value, and the total value of the account.

\* A $15 certificate fee also will be deducted from the first purchase payment. 

#### Underwriter
American Fidelity Securities, Inc., a wholly owned subsidiary of American Fidelity Assurance Company, is the principal underwriter for the annuity policies and acts as the distributor of the policies. The principal business address of American Fidelity Securities, Inc. is 9000 Cameron Parkway, Oklahoma City, Oklahoma 73114.

The policies are sold exclusively through financial professionals who are registered representatives of the underwriter. American Fidelity Securities, Inc.'s registered representatives are paid a base salary to serve American Fidelity Assurance Company's existing customers and solicit new customers. They also receive a commission based on American Fidelity Assurance Company annuity policies that they sell and premium increases. This creates the conflict in that if they do not sell new policies or obtain premium increases, they do not get paid a commission.

#### RECEIVING PAYMENTS FROM THE ANNUITY

#### Annuity Date
Upon investing in the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity, you may select an annuity date, which is the month and year that you will begin receiving regular monthly income payments from the annuity. You may select your desired annuity date at any time after your initial investment and you may change the annuity date; however, you must notify us of your desired annuity date at least 30 calendar days before you want to begin receiving annuity payments. The annuity date may not be later than the earliest to occur of the distribution date required by federal law, the contract owner's tax qualified plan or, if applicable, state law.

#### Selecting an Annuity Option
On your annuity date, we will begin making annuity payments in accordance with one of our annuity options. If the value of your participant account is at least $5,000, you may choose from our various annuity options. You must designate the annuity option you prefer at least 30 calendar days before your annuity date. If you do not choose an annuity option, we will make annuity payments to you in accordance with Option 2 below. If the value of your account is less than $1,000, we reserve the right to pay you the entire amount of your participant account in one lump sum on your annuity date.

#### Annuity Payments
Although we reserve the right to change the frequency of the payments, annuity payments are paid in monthly installments unless you elect to receive them quarterly, semi-annually or annually. Electing to receive payments less frequently will increase the individual payment amount. However, the amount of the quarterly, semi-annual or annual installments will be actuarially equivalent (mathematically equivalent) to the monthly installment.

Annuity payments may be made on a variable basis or on a fixed basis. Payments made on a variable basis are based on the actual investment performance of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio. Payments made on a fixed basis are based on a dollar amount that is fixed as of the annuity date and an annual rate of interest of 4%. If you choose a fixed annuity, your annuity payments will be based on an annual interest rate of 4% regardless of the actual performance of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio.

If you choose to have any portion of your annuity payments based on a variable annuity option, the amount of your first annuity payment will be based on an assumed net annual investment return rate of 4.5%. The amount of subsequent annuity payments you receive may be more or less than your initial annuity payment depending on three things:

• the value of your participant account on the annuity date,

• the assumed net annual investment return rate of 4.5%, and

• the performance of Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio.

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After you receive your first annuity payment, if Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio's actual net annual investment return rate exceeds the 4.5% assumed rate, your monthly annuity payments will increase. Similarly, if the actual net annual rate of return of the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio investment is less than 4.5%, your annuity payments will decrease relative to the first payment you received. The amount of the first annuity payment will depend on the annuity option selected and the age of the annuitant at the time the first payment is due.

You may choose one of the following annuity options at any time during the accumulation period. After your annuity payments begin, you cannot change your annuity option.

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| | |
|:---|:---|
| **Option 1<br>Life Variable Annuity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We will make monthly payments during the life of the annuitant. If this option is elected, payments will stop when the annuitant dies. |
| **Option 2<br>Life Variable Annuity with**<br> **Payments Certain** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We will make monthly payments for the guaranteed period selected and thereafter during the life of the annuitant. When the annuitant dies, any amounts remaining under the guaranteed period selected will be distributed to the beneficiary at least as rapidly as they were being paid as of the date of the annuitant's death. If the beneficiary dies before the end of the guaranteed period, the present value of the remaining payments will be paid to the estate of the beneficiary based on an annual compound interest rate of 3.5%. The guaranteed period may be 10 years, 15 years or 20 years. |
| **Option 3<br>Unit Refund Life Variable**<br> **Annuity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We will make monthly payments during the lifetime of the annuitant. Upon the annuitant's death, we will make an additional payment equal to the value at the date of death of the number of variable annuity units equal to the excess, if any, of (a) the total amount applied under this option divided by the variable annuity unit value on the annuity date over (b) the variable annuity units represented by each annuity payment multiplied by the number of annuity payments paid prior to death. |
| **Option 4<br>Joint and Survivor Annuity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We will make monthly payments during the joint lifetime of the annuitant and a joint annuitant. Payments will continue during the lifetime of the surviving annuitant based on 66 2/3% of the annuity payment in effect during the joint lifetime. If the joint annuitant is not the annuitant's spouse, this annuity option may not be selected if, as of the annuity date, the present value of the annuity payments which would be payable to the joint annuitant exceeds 49% of the present value of all payments payable to the annuitant and the joint annuitant. |
| **Option 5<br>Fixed Annuity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You may elect forms of fixed annuities that have essentially the same characteristics as Annuity Options 1 through 4 above. |

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You may change your annuity option by written request at any time before you begin receiving annuity payments. Any change must be requested at least 30 calendar days before the annuity date. If an option is based on life expectancy, we may require proof of the payee's date of birth.

After your annuity payments begin, you may not make withdrawals any of account value amounts.

#### BENEFITS AVAILABLE UNDER THE POLICY
The following table summarizes information about the benefits available under the contract.

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|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit**<br> **Standard or**<br> **Optional** | **Maximum Fee** | **Brief Description of**<br> **Restrictions/Limitations** |
| Death Benefit | Pays beneficiary in the event of participant's death before receipt of annuity payments. | Standard | 0.75%\* (of each purchase payment). | Withdrawals may significantly reduce the benefit. |

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\* Not applicable after age 65.

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#### Death Benefit
In the event of a participant's death before receipt of annuity payments, death proceeds are payable to the person's named beneficiary in an amount equal to:

• the value of the participant's account as of the valuation date (the date on which we have received both written notice of death and the beneficiary's written instructions), or

• if greater, and if the participant's death occurs before age 65, 100% of the total purchase payments made by the participant, less any redemptions.

Payments normally are made within seven calendar days of receipt of notice.

If a participant dies during the annuity period, we will pay any remaining guaranteed payments to:

• the participant's beneficiary, or

• the participant's estate, if no beneficiary survives.

Any payments made to a beneficiary must be made on a payment schedule at least as rapid as that made to the participant.

A beneficiary who is the spouse of a deceased participant may choose to receive the death benefit in any form that the participant could have chosen to receive annuity payments. Federal tax law requires that annuity contracts issued after January 18, 1985 restrict the length of time over which non-spouse beneficiaries may elect to receive death benefit proceeds. Contracts issued after January 18, 1985 provide that non-spouse beneficiaries must either:

• take a total distribution within five years of the death of the participant, or

• by the end of the year following the participant's death, begin receiving payments for a period not to exceed the expected lifetime of the beneficiary.

#### SURRENDERS AND WITHDRAWALS
You may redeem all or part of the accumulation units in your participant account at any time before we begin making annuity payments to you. The redemption value of your account is equal to the value of the accumulation units in your account next computed after we receive the request for redemption. There is no assurance that the redemption value of your participant account will equal or exceed the aggregate amount of purchase payments. We do not charge any administrative fees for withdrawals.

If you redeem part of the accumulation units in your account, the number of accumulation units in your participant account will decrease. The reduction in the number of accumulation units will equal the amount withdrawn divided by the applicable accumulation unit value next computed after we receive the redemption request. If a partial redemption reduces the value of your participant account to less than $1,000, we reserve the right to pay you the cash value of all of the accumulation units in your account and cancel your account, if permissible under the Internal Revenue Code of 1986, as amended.

A participant's request for redemption should be submitted to us in writing on a form we accept, with the signature of the person in whose name the participant account is registered. In certain instances, we may require additional documents, such as trust instruments, death certificates, appointments as executor or administrator, or certificates of corporate authority. All proper redemption requests received before 3:00 p.m., Central Time, will receive same-day pricing.

Payments for units redeemed will be mailed or delivered by ACH direct deposit within three to five business days after we receive a request that is in good order. However, we may delay the mailing of a redemption check for recently purchased accumulation units until such time as the payment check has cleared. Redemption rights may be suspended or payment postponed at times when:

• the New York Stock Exchange is closed (other than customary weekend and holiday closings) or trading on the New York Stock Exchange is restricted;

• an emergency exists as a result of which disposal by Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio of securities owned by it is not reasonably practicable or it is not reasonably practicable for Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio to determine the value of its net assets; or

• for such other periods as the SEC may by order permit for the protection of participants.

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Although the contract does not have a "free-look" provision, you may withdraw money at any time during the accumulation phase. No fees are charged for withdrawals. If the contract is returned to us or our representative within 30 calendar days after it is delivered, we will refund the greater of the purchase payments paid or the account value. Restrictions exist under federal income tax law concerning when you can make withdrawals from a qualified plan. In addition, certain adverse tax consequences may result from withdrawals, as explained below under "Taxes" and in the related discussion of our Statement of Additional Information.

#### LOANS
Loans are not allowed under the policy.

#### TAXES
NOTE: The following is a description of federal income tax law applicable to tax-qualified annuities that are used in connection with Qualified Retirement Plans in general and is not intended as tax advice. American Fidelity Assurance Company does not guarantee the tax status of the policies. Purchasers bear the complete risk that the policies may not be treated as "Annuity Contracts" under federal income tax laws. It should be further understood that the following discussion is not exhaustive and that special rules not described herein may be applicable in certain situations. Moreover, no attempt has been made to consider any applicable state or other tax laws. You should seek competent tax advice regarding the matters discussed in this Prospectus and the Statement of Additional Information.

#### General
Section 72 of the Internal Revenue Code of 1986, as amended (the "Code"), governs taxation of annuities in general. A participant is not taxed on increases in the value of his or her participant account until distribution occurs, either in the form of a lump sum payment or as annuity payments under the annuity option elected. For a lump sum payment received as a total surrender (total redemption) or death benefit, the recipient is taxed on the portion of the payment that exceeds the participant's cost basis, which may be zero. The taxable portion of a lump sum payment is taxed at ordinary income tax rates.

For annuity payments, a portion of each payment in excess of an exclusion amount is includible in taxable income. For traditional IRAs, SEPs and salary reduction SEPs, the exclusion amount for payments based on a fixed annuity option is determined by multiplying the payment by the ratio that the participant's cost basis (adjusted for any period certain or refund feature) bears to the expected return under the contract. For traditional IRAs, SEPs and salary reduction SEPs, the exclusion amount for payments based on a variable annuity option is determined by dividing the participant's cost basis (adjusted for any period certain or refund feature) by the number of years over which the annuity is expected to be paid. Payments received after the participant's investment has been recovered (i.e., when the total of the excludable amounts equal the participant's investment) are fully taxable. The taxable portion is taxed at ordinary income rates. For Section 401(a), 401(k), and 403(a) qualified pension, profit-sharing or annuity plans and 403(b) tax-deferred annuities, the exclusion amount is generally determined by dividing the cost-basis of the contract by the anticipated number of payments to be made under the contract. Participants, annuitants and beneficiaries under the contracts should seek competent financial advice about the tax consequences of any distributions.

#### Qualified Plans
The contracts offered by the Prospectus are designed to be suitable for use under various types of retirement plans ("Qualified Plans") that receive favorable tax treatment under the Code. Qualified Plans include 401(a), 401(k) and 403(a) qualified pension, profit sharing or annuity plans and 403(b) tax deferred annuities and IRAs. These Qualified Plans may be used by corporations, partnerships and self-employed individuals.

Taxation of participants in each Qualified Plan varies with the type of plan and terms and conditions of each specific plan. Benefits under a Qualified Plan may be subject to the terms and conditions of the Qualified Plan regardless of the terms and conditions of the contracts issued pursuant to the plan. Participants, annuitants and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the contracts comply with applicable law and the terms of the Qualified Plan. Each purchaser should obtain competent tax advice prior to participating in a contract issued under a qualified plan.

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#### Multiple IRA Contracts
For purposes of determining the tax consequences of any distributions made pursuant to IRAs, SEPs and salary reduction SEPs ("IRA Contracts"), all IRA Contracts are treated as one contract and all distributions during a taxable year are treated as one distribution.

#### Tax Treatment of Distributions
*Special Tax Treatment for Lump Sum Distributions from Qualified Plans.* If the taxpayer receives an amount from a contract issued pursuant to a Qualified Plan and the distribution qualifies as a lump sum distribution under the Code, the portion of the distribution that is included in income may be eligible for special tax treatment. The plan administrator should provide the taxpayer with information about the tax treatment of a lump sum distribution at the time the distribution is made.

*Special Rules for Distributions that are Rolled Over.* Special rules apply to a distribution from a contract that relates to a Qualified Plan Contract or a rollover IRA Contract if the distribution is properly rolled over to another Qualified Plan or a traditional IRA within 60 days of receipt in accordance with the provisions of the Code. These special rules allow for the rollover to occur without taxation but only apply to distributions that qualify as "eligible rollover distributions" under the Code.

*Distributions in the Form of Annuity Payments.* If any distribution from a Qualified Plan Contract is made in the form of annuity payments (and is not eligible for rollover or is not in any event rolled over), a fixed portion of each payment is generally excludable from income for federal income tax purposes to the extent it is treated as allocable to the taxpayer's "after-tax" contributions to the contract (and any other cost basis in the contract). To the extent the annuity payment exceeds such portion, it is includable in income. The portion of the annuity payment that is excludable from income is determined under detailed rules provided in the Code. If the annuity payments continue after all excludable amounts have been paid, such additional payments will generally be fully included in income.

*Penalty Tax on Withdrawals prior to age 59<sup>1</sup>⁄<sub>2</sub>.* Generally, there is a penalty tax equal to 10% of the portion of any payment prior to age 59<sup>1</sup>⁄<sub>2</sub> from a Qualified Plan Contract that is included in income unless the withdrawal is by reason of death, disability, or as part of a series of payments for life or life expectancy following a separation from service or other exceptions which may apply.

*Required Distributions.* A Qualified Plan or IRA Contract (other than a Roth IRA) must meet certain rules concerning required distributions that are set forth in the Code, including:

• For Qualified Plans, required distributions generally must start by April 1 of the calendar year following the later of the calendar year in which the taxpayer reaches age 72 (73 for individuals who turn 72 after December 31, 2022 and age 73 before January 1, 2033; 75 for individuals who turn 74 after December 31, 2032) or the calendar year in which the taxpayer retires; 

• For IRA Contracts (other than a Roth IRA), required distributions generally must start by April 1 of the calendar year following the calendar year in which the taxpayer reaches age 72 (73 for individuals who turn 72 after December 31, 2022 and age 73 before January 1, 2033; 75 for individuals who turn 74 after December 31, 2032); and 

• When distributions are required under the Code, a certain minimum amount, determined under the Code, must be distributed each year. 

In addition, other rules apply under the Code to determine when and how required minimum distributions must be made in the event of the taxpayer's death. The applicable plan documents will contain such rules.

#### Income Tax Withholding
All distributions or the portion thereof which is includible in the gross income of the participant are subject to federal income tax. Generally, amounts are withheld from periodic payments at the rate of 10% from non-periodic payments. However, the participant, in most cases, may elect not to have taxes withheld or to have withholding done at a different rate.

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Certain distributions from Qualified Plans which are not directly rolled over to another eligible retirement plan or individual retirement account or individual retirement annuity are subject to a mandatory 20% withholding for federal income tax. The 20% withholding requirement generally does not apply to: (a) a series of substantially equal payments made at least annually for the life or life expectancy of the participant or joint and last survivor expectancy of the participant and a designated beneficiary, or for a specified period of 10 years or more; (b) distributions which are required minimum distributions; (c) distributions made upon hardship of the employee; or (d) the portion of the distributions not includible in gross income (i.e., returns of after-tax contributions). Participants should consult their own tax counsel or other tax adviser regarding withholding requirements.

#### Withdrawal Limitations
The Code limits the withdrawal of purchase payments made by owners from certain tax-deferred annuities and 401(k) Plans. Withdrawals from these types of plans can only be made when an owner:

• reaches age 59<sup>1</sup>⁄<sub>2</sub>; 

• leaves his/her job; 

• dies; or 

• becomes disabled (as that term is defined in the Code). 

A withdrawal may also be made in the case of hardship, and in the case of employees affected by certain federally declared disasters, if allowed by the plan; however, the owner can only withdraw purchase payments and not any earnings. A hardship distribution can be made from employer contributions as well as earnings on contributions. Additionally, a withdrawal may be made in situations to which Section 72(t)(2)(G) of the Code applies (regarding individuals called to active military duty).

#### LEGAL PROCEEDINGS
There are no material pending legal proceedings affecting Separate Account A, American Fidelity Assurance Company or American Fidelity Securities, Inc.

#### FINANCIAL STATEMENTS
The financial statements of American Fidelity Separate Account A and of American Fidelity Assurance Company are included in the Statement of Additional Information.

------

#### APPENDIX: INVESTMENT OPTION AVAILABLE UNDER THE CONTRACT

#### Variable Option
The following Portfolio Company is available under the contract. More information about the Portfolio Company is available in the prospectus for the Portfolio Company, which may be amended from time to time and can be found online at <u>https://americanfidelity.com/support/annuities/p-3</u>. You can also request this information at no cost by calling 1.800.662.1113 x8840 or by sending an email request to <u>va.help@americanfidelity.com</u>.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment**<br> **Objective** | **Portfolio Company and**<br> **Adviser/Sub adviser** | **Current**<br>**Expenses** | **Average Annual Total Returns**<br>(as of 12/31/2025) | **Average Annual Total Returns**<br>(as of 12/31/2025) | **Average Annual Total Returns**<br>(as of 12/31/2025) |
| **Type/Investment**<br> **Objective** | **Portfolio Company and**<br> **Adviser/Sub adviser** | **Current**<br>**Expenses** | **1 year** | **5 year** | **10 year** |
|  Stock/Index Fund. | Vanguard<sup>®</sup> Variable Insurance Fund Total Stock Market Index Portfolio<br>Adviser: The Vanguard Group, Inc.<br>Sub adviser: None | 0.13% | 16.93% | 12.98% | 14.10% |

---

To learn more about the variable annuity and Separate Account A, you should read our Statement of Additional Information dated May 1, 2026, as amended or supplemented, which is incorporated by reference into this Prospectus. The Statement of Additional Information is available, without charge, upon request. You can view a copy of the Statement of Additional Information online at <u>https://americanfidelity.com/support/annuities/p-3</u> or you can request a copy by calling 1.800.662.1113 x8840 or by sending an email request to va.help@americanfidelity.com.

Reports and other information about the Registrant are available on the Securities Exchange Commission website at <u>http://www.sec.gov</u>. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

---

| | |
|:---|:---|
| ANN-158 | **EDGAR Contract No.:** C000027244 |

---

------

## AF PR1ME GROWTH <sup>®</sup><sup></sup>Variable Annuity

#### issued by

## American Fidelity Separate Account A

#### and

## American Fidelity Assurance Company

#### STATEMENT OF ADDITIONAL INFORMATION

#### May 1, 2026
This Statement of Additional Information ("SAI") is not a Prospectus. This SAI relates to the Prospectus for the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity dated the same date as the SAI. The Prospectus sets forth information that a prospective investor should know before investing. For a copy of the Prospectus,

*call us at:* *e-mail us at:* <br> 1.800.662.1113 x8840 va.help@americanfidelity.com

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [General Information and History](#saicov113751_1) | C-1 |
|  [Non-Principal Risks of Investing in the **AF***PRIME GROWTH*<sup>®</sup> Variable Annuity](#saicov113751_2) | C-1 |
|  [Annuity Payments](#saicov113751_3) | C-1 |
|  [Offering of the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity](#saicov113751_4) | C-2 |
|  [Underwriter](#saicov113751_5) | C-2 |
|  [Custodian, Independent Auditor and Independent Registered Public Accounting Firm](#saicov113751_6) | C-2 |
|  [Investment Consultant](#saicov113751_7) | C-3 |
|  [Legal Opinion](#saicov113751_8) | C-3 |
|  [Financial Statements](#saicov113751_9) | C-3 |

---

------

#### GENERAL INFORMATION AND HISTORY
American Fidelity Separate Account A is offering the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity to (1) employers for use in qualified retirement plans and (2) individuals using the contract to fund an Individual Retirement Annuity.

The depositor, American Fidelity Assurance Company, was organized in Oklahoma in 1960 and is a wholly owned subsidiary of American Fidelity Corporation, a Nevada insurance holding company. American Fidelity Assurance Company is licensed to conduct life, annuity and accident and health insurance business in 49 states, the District of Columbia, Guam, American Samoa, and Puerto Rico.

American Fidelity Assurance Company's board of directors adopted a resolution on May 7, 1968 to establish Separate Account A as a separate account under Oklahoma insurance law. The inception date of Separate Account A was January 1, 1970 under the name American Fidelity Variable Annuity Fund A. It was organized as an open-end diversified management investment company with its own portfolio of securities. On January 1, 1999, Separate Account A became a unit investment trust. Separate Account A is registered with the SEC as a unit investment trust under the Investment Company Act of 1940

The stock of American Fidelity Corporation is controlled by a family investment partnership, Cameron Enterprises A Limited Partnership, an Oklahoma limited partnership. William M. Cameron and Lynda L. Cameron, each own 50% of the common stock of Cameron Associates, Inc., the sole general partner of Cameron Enterprises A Limited Partnership, through their respective trusts.

**NON-PRINCIPAL RISKS OF INVESTING IN THE AFPR1ME GROWTH<sup>®</sup> VARIABLE ANNUITY** 

The non-principal risks of investing in the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity are described in the prospectus.

#### ANNUITY PAYMENTS
Upon investing in the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity*,* you will select an annuity date, which is the month and year that you will begin receiving regular monthly income payments from the annuity. Annuity payments may be made on a variable basis and/or a fixed basis.

#### Fixed Annuity Payments
The dollar amount of each fixed annuity payment will be at least as great as that determined in accordance with the 4% annuity table in the contract. The fixed annuity provides a 4% annual guaranteed interest rate on all annuity options. American Fidelity Assurance Company may pay or credit excess interest on a fixed annuity at its discretion.

#### Variable Annuity Payments
A participant may elect a variable annuity payout. Variable annuity payments reflect the investment performance of the Vanguard<sup>®</sup> VIF Total Stock Market Index Portfolio during the annuity period. Variable annuity payments are not guaranteed as to dollar amounts.

American Fidelity Assurance Company will determine the first annuity payment by using the 4.5% annuity table in the contract. It shows the dollar amount of the first monthly payment which can be purchased with each $1,000 of value in a participant account after deducting any applicable premium taxes.

The value of a participant account is determined by multiplying the participant's accumulation units by the accumulation unit value on the fourteenth calendar day before the first annuity payment. The first annuity payment varies according to the annuity option selected and the participant's age.

------

American Fidelity Assurance Company will determine the number of annuity units payable for each payment by dividing the dollar amount of the first annuity payment by the annuity unit value on the annuity date. This sets the number of annuity units. The number of annuity units payable remains the same unless a participant transfers a portion of the annuity benefit to a fixed annuity. The dollar amount is not fixed and will change from month to month.

The dollar amount of annuity payments after the first payment is determined by multiplying the fixed number of annuity units per payment by the annuity unit value on the fourteenth calendar day preceding the payment date. The result is the dollar amount of the payment.

#### Annuity Unit
The value of an annuity unit is determined by multiplying the value of an annuity unit for the immediately preceding period by the product of (1) the net investment factor for the fourteenth calendar day prior to the valuation date for which the value is being determined, and (2) 0.9998794.

#### Variable Annuity Formulas
The following formulas summarize the annuity payment calculations described above:

---

| | | |
|:---|:---|:---|
| Number of Variable Annuity Units | = | <u>Dollar Amount of First Monthly Payment</u> |
|  |  | Variable Annuity Unit Value on Date of First Payment |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Value of Annuity Unit on Preceding Valuation Date |  |  |  | Net Investment Factor<br> for 14th Day Preceding<br> Current Valuation Date |
| Annuity Unit Value | = | Value of Annuity Unit on Preceding Valuation Date | X | 0.9998794 | X | Net Investment Factor<br> for 14th Day Preceding<br> Current Valuation Date |
|  |  | Value of Annuity Unit on Preceding Valuation Date |  |  |  | Net Investment Factor<br> for 14th Day Preceding<br> Current Valuation Date |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dollar Amount<br> of Second and<br> Subsequent Annuity<br> Payments | = | Number of Annuity Units<br> Per Payment | X | Annuity Unit Value<br> for Period in Which Payment is Due |

---

**OFFERING OF THE AFPR1ME GROWTH<sup>®</sup> VARIABLE ANNUITY** 

American Fidelity Separate Account A offers the **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity to (1) employers for use in qualified retirement plans and (2) individuals using the contract to fund an Individual Retirement Account. The **AF***PR1ME GROWTH***<sup>®</sup>** Variable Annuity is issued by American Fidelity Assurance Company in the form of group contracts between American Fidelity Assurance Company and the employer or an individual using the contract to fund an Individual Retirement Annuity.

#### UNDERWRITER
American Fidelity Securities, Inc., a wholly owned subsidiary of American Fidelity Assurance Company, is the principal underwriter for the annuity policies and acts as the distributor of the policies. The policies are offered on a continuous basis. The aggregate underwriting commissions paid to and retained by American Fidelity Securities in connection with Separate Account A for 2025, 2024, and 2023 were $30,207, $33,879, and $36,311, respectively.

#### CUSTODIAN, INDEPENDENT AUDITOR AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The name and address of the person who maintains physical possession of the accounts, books and other documents of American Fidelity Separate Account A required by Section 31(a) of the Investment Company Act of 1940 is set forth in Separate Account A's most recent report on Form N-CEN.

The financial statements of American Fidelity Separate Account A, included in this Statement of Additional Information have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report and the statutory-basis financial statements of American Fidelity Assurance Company included in this Statement of Additional Information have been audited by Deloitte & Touche LLP, an independent auditor, as stated in their report. The address of Deloitte & Touche LLP is 100 N. Broadway Avenue, Suite 2340, Oklahoma City, Oklahoma 73102.

------

#### INVESTMENT CONSULTANT
InvesTrust Consulting, LLC, 5100 N. Classen Blvd., Suite 600, Oklahoma City, Oklahoma 73118, acts as an investment consultant for the registrant and American Fidelity Assurance Company. Under the investment consultant agreement, from time to time, InvesTrust Consulting, LLC provides certain reports and information to Separate Account A and American Fidelity Assurance Company. InvesTrust Consulting, LLC is an indirect subsidiary of American Fidelity Corporation, which owns 100% of American Fidelity Assurance Company.

American Fidelity Assurance Company, the separate account's depositor, pays any compensation payable to InvesTrust Consulting, LLC for services provided to Separate Account A. InvesTrust Consulting received $78,639, $75,065, and $63,711 for services provided to Separate Account A in 2025, 2024, and 2023, respectively.

#### LEGAL OPINION
McAfee & Taft A Professional Corporation has provided advice on certain matters relating to the federal securities and income tax laws applicable to the contracts.

#### FINANCIAL STATEMENTS
The following are the financial statements of American Fidelity Separate Account A and the financial statements and schedules of American Fidelity Assurance Company. The financial statements of American Fidelity Assurance Company should be considered only as bearing on the ability of American Fidelity Assurance Company to meet its obligations under the contracts; they should not be considered as bearing on the investment performance of the assets held in Separate Account A.

------

#### AMERICAN FIDELITY SEPARATE ACCOUNT A
Financial Statements

December 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of American Fidelity Assurance Company and Contract Owners of American Fidelity Separate Account A:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of American Fidelity Separate Account A (the "Separate Account"), of American Fidelity Assurance Company (the "Company"), as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, 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 the Separate Account as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### 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 investments owned as of December 31, 2025, by correspondence with the underlying fund manager. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Oklahoma City, Oklahoma

February 27, 2026

We have served as the Company's auditor since 2020.

------

#### AMERICAN FIDELITY SEPARATE ACCOUNT A
Statement of Assets and Liabilities

December 31, 2025

---

| | |
|:---|:---|
|  Investments at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Stock Market Index (4,562,345 shares at net asset value of $60.93 per share) (cost $179,380,207) | $277983699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 277983699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable due to related party |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $277983699 |
|  Accumulation units outstanding | 1879959 |
|  Accumulation unit value | $147.867 |

---

See accompanying notes to financial statements.

------

Statement of Operations

Year ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income distributions from underlying mutual fund | $3083139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense fees | (2532344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 550795 |
|  Realized gains on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains distributions from underlying mutual fund | 14392819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales | 25815157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments sold | 18005808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments sold | 7809349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | 22202168 |
|  Unrealized appreciation on investments, end of year | 98603492 |
|  Unrealized appreciation on investments, beginning of year | 82265357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation | 16338135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $39091098 |

---

See accompanying notes to financial statements.

------

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Increase in net assets from operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $550795 | 752363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | 22202168 | 30631941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation during the year | 16338135 | 19414485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 39091098 | 50798789 |
|  Changes from contract transactions | (22904856) | (22543446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net assets | 16186242 | 28255343 |
|  Net assets, beginning of year | 261797457 | 233542114 |
|  Net assets, end of year | $277983699 | 261797457 |

---

See accompanying notes to financial statements.

------

Financial Highlights

Five year period ended December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net assets | $277983699 | 261797457 | 233542114 | 201558536 | 274267736 |
|  Accumulation unit value | $147.867 | 127.673 | 104.201 | 83.529 | 104.882 |
|  Number of accumulation units outstanding | 1879959 | 2050533 | 2241269 | 2413045 | 2615015 |
|  Investment income as a percent of average net assets <sup>(1)</sup> | 1.16% | 1.26% | 1.16% | 1.35% | 1.22% |
|  Expenses as a percent of average net assets <sup>(2)</sup> | 0.96 | 0.96 | 0.96 | 0.96 | 0.96 |
|  Total return <sup>(3)</sup> | 15.82% | 22.53 | 24.75 | (20.36) | 24.44 |

---

<sup>(1)</sup> This ratio represents the dividend, excluding distributions of capital gains, received by the underlying mutual fund divided by the average net assets.

<sup>(2)</sup> This ratio represents the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges and administrative charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. 

<sup>(3)</sup> The total return for the period indicated, including changes in the value of the underlying fund, reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption for units. Inclusion of these expenses in the calculation would result in a reduction in the total return presented. 

See accompanying notes to financial statements.

------

Notes to Financial Statements

December 31, 2025

**(1)** **Summary of Significant Accounting Policies** 

**(a)**  ***Organization*** 

American Fidelity Separate Account A (Account A) is a separate account of American Fidelity Assurance Company (AFA) and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. Account A is an investment company and applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (FASB) ASC Topic 946 *Financial Services – Investment Companies*.

The assets of Account A are held for the exclusive benefit of the variable annuity contract owners and are not chargeable with liabilities arising out of the business conducted by AFA.

**(b)**  ***Investments*** 

Account A's investment objectives are primarily long-term growth of capital and secondarily the production of income. Investments in shares of the mutual fund (the Fund) are stated at fair value, which is the net asset value per share as determined daily by the Fund. Transactions are recorded on a trade-date basis by the Fund. Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date.

Realized gains and losses from investment transactions and unrealized appreciation or depreciation of investments are determined on the average cost basis.

Account A groups its financial assets measured at fair value in three levels, based on inputs and assumptions used to determine the fair value. These levels are as follows:

• Level 1 – quoted prices in active markets for identical securities.

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – significant unobservable inputs (including Account A's own assumptions used to determine the fair value of investments).

There were no transfers of securities from Level 1 to Level 2 or vice versa throughout the year.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used to value Account A's investments as of December 31, 2025:

---

| | |
|:---|:---|
|  Level 1 | $277983699 |
|  Level 2 |  |
|  Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $277983699 |

---

The costs of purchases of investments for the year ended December 31, 2025 were $17,853,915.

------

Notes to Financial Statements

December 31, 2025

**(c)**  ***Federal Income Taxes*** 

Account A is not taxed separately because the operations of Account A are part of the total operations of AFA. AFA files its federal income tax returns, under sections of the Internal Revenue Code (the Code) applicable to life insurance companies, as part of the American Fidelity Corporation and Subsidiaries consolidated federal income tax returns. Account A is not taxed as a "regulated investment company" under subchapter M of the Code. Based on this, no charge is being made currently to Account A for federal income taxes. AFA will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Account A recognizes and measures unrecognized tax positions in accordance with FASB ASC 740. Account A has no unrecognized tax positions as of December 31, 2025.

As of December 31, 2025, Account A has no accrued interest and penalties related to unrecognized tax positions. Account A would recognize interest accrued related to unrecognized tax positions in interest expense and penalties accrued in operating expense, should they occur.

The tax years 2020 through 2025 remain open to examination by the major taxing jurisdictions to which Account A is subject to tax. Account A, as part of AFA, is not currently under examination by any taxing authority and does not expect any material changes to its unrecognized tax positions within the next twelve months.

**(d)**  ***Annuity Reserves*** 

Annuity reserves are computed for current payable contracts according to the Progressive Annuity Mortality Table. The assumed interest rate is 3.5% unless the annuitant elects otherwise, in which case the rate may vary from 0% to 5.0% as regulated by the laws of the respective states. Charges to annuity reserves for mortality and expense risks experience are reimbursed to AFA if the reserves required are less than originally estimated.

If additional reserves are required, AFA reimburses Account A. As of December 31, 2025, there were no contract owners who had elected the variable annuity method of payout. Accordingly, Account A held no annuity reserves as of December 31, 2025.

**(e)**  ***Use of Estimates*** 

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 increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

------

Notes to Financial Statements

December 31, 2025

**(2)** **Expenses and Related-Party Transactions** 

AFA manages the operations of Account A and assumes certain mortality and expense risks under the variable annuity contracts. Mortality and expense fees are equal to 0.002631% of Account A's daily net assets (0.96025% per annum). All such fees were paid to AFA.

Net purchase payments received represent gross payments less deductions of $44,037 and $49,672 for the years ended December 31, 2025 and 2024, respectively. The deductions comprise administrative fees (0.25% of purchase payments), minimum death benefits (0.75% of purchase payments), per payment charges ($0.50 per payment), and certificate issuance fees ($15.00 per certificate). These deductions were paid to AFA. The deductions for sales charges (3% of purchase payments) were paid to American Fidelity Securities, Inc., an affiliated broker dealer company.

During the accumulation period, contract owners may partially or totally withdraw from Account A by surrendering a portion or all of their accumulation units. The Code may limit certain withdrawals based upon age, disability, and other factors. When contract owners withdraw, they receive the current value of their accumulation units. There are no fees assessed through the redemption of units.

**(3)** **Unit Activity from Contract Transactions** 

Contract transactions for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Units** | **Units** | **Amount** | **Amount** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Payments received | 11503 | 12084 | $1284641 | $1339651 |
|  Withdrawal of funds | (182077) | (202820) | (24189497) | (23883097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change from contract transactions | (170574) | (190736) | $(22904856) | $(22543446) |

---

**(4)** **Segment Disclosures** 

The AFA Variable Products Investment Review Committee acts as Account A's chief operating decision maker (CODM) and is responsible for assessing performance and allocating resources. The CODM has concluded that Account A operates as a single operating segment based on the fact that it has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within Account A's financial statements.

**(5)** **Subsequent Events** 

There were no material events that occurred subsequent to December 31, 2025. Subsequent events have been considered through February 27, 2026, the date the financial statements were issued.

------

#### AMERICAN FIDELITY ASSURANCE COMPANY
Statutory Financial Statements and Supplemental Schedules

December 31, 2025 and 2024

(With Independent Auditor's Report Thereon)

------

Index to Statutory Financial Statements

---

| | |
|:---|:---|
|  | Page |
|  [Independent Auditor's Report](#comp113751_1) | 1 |
|  [Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus](#comp113751_2) | 4 |
|  [Statutory Statements of Operations](#comp113751_3) | 6 |
|  [Statutory Statements of Changes in Capital and Surplus](#comp113751_4) | 7 |
|  [Statutory Statements of Cash Flow](#comp113751_5) | 8 |
|  [Notes to Statutory Financial Statements](#comp113751_6) | 9 |
|  Supplemental Schedules |  |
|  [Schedule I – Summary of Investments - Other than Investments in Related Parties](#comp113751_8) | 49 |
|  [Schedule III – Supplementary Insurance Information](#comp113751_9) | 50 |
|  [Schedule IV –Reinsurance](#comp113751_10) | 51 |

---

------

#### INDEPENDENT AUDITOR'S REPORT
The Board of Directors and Management of American Fidelity Assurance Company

#### Opinions
We have audited the statutory-basis financial statements of American Fidelity Assurance Company (the "Company"), which comprise the statutory-basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory-basis statements of operations, changes in capital and surplus, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the statutory-basis financial statements (collectively referred to as the "statutory-basis financial statements").

#### Unmodified Opinion on Statutory-Basis of Accounting
In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Oklahoma Insurance Department described in Note 1 to the statutory-basis financial statements.

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

#### Basis for Opinions
We conducted our 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 Auditor's Responsibilities for the Audit of the Statutory-Basis 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.

#### Emphasis of Matter
As discussed in Note 14, the Company's statutory-basis financial statements may not be indicative of the financial position, results of operations and cash flows that may have resulted had the Company functioned as a stand-alone operation independent of its parent and affiliates. Our opinion is not modified with respect to this matter.

#### Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Oklahoma Insurance Department, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Oklahoma Insurance Department.

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The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

#### Responsibilities of Management for the Statutory-Basis Financial Statements
Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Oklahoma Insurance Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis 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 statutory-basis financial statements are issued.

#### Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements
Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the statutory-basis 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 statutory-basis financial statements.

• 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.

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• 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 statutory-basis financial statements.

• 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.

#### Report on Supplemental Schedules
Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory-basis financial statements as a whole. The supplemental information included in Schedule I – Summary of Investments—Other than Investments in Related Parties, Schedule III – Supplementary Insurance Information, and Schedule IV – Reinsurance as of and for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory-basis financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory-basis financial statements as a whole.

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| |
|:---|
| /s/ Deloitte & Touche LLP |
| Oklahoma City, Oklahoma |
| April 14, 2026 |

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#### AMERICAN FIDELITY ASSURANCE COMPANY
Statutory Statements of Admitted Assets,

Liabilities, and Capital and Surplus

December 31, 2025 and 2024

(Dollar amounts in thousands)

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| | | |
|:---|:---|:---|
| **Admitted Assets** | **2025** | **2024** |
|  Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, at amortized cost | $4692557 | $4618750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 6102 | 5866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks, at fair value (cost: $240,231 and $224,961 at December 31, 2025 and 2024, respectively) | 226416 | 235611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, investment in affiliates at equity value (cost of $104 as of December 31, 2025 and 2024) | 1186 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans on real estate | 735371 | 764905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment real estate, at cost | 18390 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment real estate held for sale |  | 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 55595 | 54099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 345068 | 323680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 207088 | 185092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities | 1420 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and invested assets | 6289193 | 6213630 |
|  Life insurance premiums and annuity considerations deferred and uncollected | 58002 | 53363 |
|  Accident and health premiums due and uncollected | 49336 | 49960 |
|  Investment income due and accrued | 42943 | 41773 |
|  Amounts recoverable from reinsurers | 1353 | 1739 |
|  Other receivables under reinsurance contracts | 1675 | 4995 |
|  Net deferred tax asset | 47102 | 47716 |
|  Other assets | 143222 | 132920 |
|  Separate Account assets | 2018665 | 1735943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total admitted assets | $8651491 | $8282039 |

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Statutory Statements of Admitted Assets,

Liabilities, and Capital and Surplus

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | |
|:---|:---|:---|
| **Liabilities and Capital and Surplus** | **2025** | **2024** |
|  Aggregate reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life policies and contracts | $3177370 | $3068034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health policies | 961867 | 936152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total aggregate reserves | 4139237 | 4004186 |
|  Policy and contract claims reserves | 148359 | 138863 |
|  Liability for premiums and other deposit funds | 376368 | 381987 |
|  Remittances and items not allocated | 22089 | 19821 |
|  Accrued general insurance expenses, taxes, licenses, and fees | 185060 | 160527 |
|  Funds held under coinsurance | 471345 | 510172 |
|  Separate Account liabilities | 2018665 | 1735943 |
|  Borrowed money | 194999 | 224557 |
|  Other liabilities | 385944 | 397206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7942066 | 7573262 |
|  Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock (par value $10 per share, 250,000 shares authorized, issued, and outstanding) | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 5888 | 5888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unassigned surplus | 701037 | 700389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital and surplus | 709425 | 708777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and capital and surplus | $8651491 | $8282039 |

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See accompanying notes to statutory financial statements.

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Statutory Statements of Operations

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance premiums and annuity considerations | $525355 | $482882 | $445442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance premiums | 1108633 | 1050266 | 1044994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration for supplementary contracts with life contingencies | 611 | 1372 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 227199 | 213668 | 196246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions and expense allowances on reinsurance ceded | (23543) | (23993) | (14803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 55901 | 50780 | 46421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1894156 | 1774975 | 1718535 |
|  Benefits and other deductions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Death benefits and matured endowments | 58408 | 51147 | 48358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health and disability benefits | 483714 | 457185 | 480031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and adjustments on policy or deposit-type contract funds | 17469 | 15228 | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefits to policyholders and beneficiaries | 306140 | 290281 | 220514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in aggregate reserves for future policy benefits | 135051 | 118580 | 142968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, other operating, administrative, and general expenses | 614763 | 558294 | 578291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 1615545 | 1490715 | 1477402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before federal income taxes and net realized capital gains | 278611 | 284260 | 241133 |
|  Federal income taxes | 44836 | 55773 | 48110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before net realized capital gains | 233775 | 228487 | 193023 |
|  Net realized capital gains (losses), net of federal income tax expense (benefit) of $(967), $(6136), and $263, in 2025, 2024, and 2023, respectively (excluding gains (losses) of $(2947), $(25947), and $(4549) transferred to the interest maintenance reserve in 2025, 2024, and 2023 respectively) | (3195) | (7860) | (1731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $230580 | $220627 | $191292 |

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See accompanying notes to statutory financial statements.

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Statutory Statements of Changes in Capital and Surplus

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Capital and surplus, beginning of year | $708778 | $690295 | $628225 |
|  Net income | 230580 | 220627 | 191292 |
|  Change in net unrealized capital gains (losses), net of tax expense of ($973), $2,015 and ($7524) for 2025, 2024 and 2023, respectively | (21225) | (3634) | (15499) |
|  Change in net deferred tax assets | 1531 | 11299 | 9474 |
|  Change in nonadmitted assets | (25282) | (12152) | (12295) |
|  Change in asset valuation reserve | 5541 | (5332) | 9112 |
|  Dividends paid to stockholder | (190000) | (193000) | (120000) |
|  Change in liability for reinsurance in unauthorized companies | (498) | 453 | 668 |
|  Other changes |  | 222 | (682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in capital and surplus | 647 | 18483 | 62070 |
|  Capital and surplus, end of year | $709425 | $708778 | $690295 |

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See accompanying notes to statutory financial statements.

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Statutory Statements of Cash Flow

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Premiums and annuity considerations, net of reinsurance | $1623687 | $1540601 | $1497276 |
|  Investment income received | 221608 | 209554 | 192848 |
|  Allowances and reserve adjustments on reinsurance ceded | (23543) | (23993) | (14803) |
|  Other income | 50279 | 42907 | 34342 |
|  Benefit and loss related payments | (858179) | (836015) | (756317) |
|  Net transfers to Separate Accounts | (3275) | (10274) | (38136) |
|  Commissions and other expenses paid | (581831) | (552015) | (512804) |
|  Federal income taxes paid | (43006) | (67505) | (49437) |
|  Dividends paid to policyholders | (1678) | (1575) | (1502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from operations | 384062 | 301685 | 351467 |
|  Proceeds from investments sold, matured, or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 497680 | 667136 | 238344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks | 8408 | 2910 | 6658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 76714 | 63473 | 68544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Invested Assets | 13142 | 7537 | 59761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 723 | 26571 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment proceeds | 596667 | 767627 | 374520 |
|  Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | (570869) | (484456) | (376536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks | (22625) | (204100) | (3838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | (47180) | (62013) | (118088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Invested Assets | (37994) | (14801) | (15062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (8239) | (16559) | (4981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments acquired | (686907) | (781929) | (518505) |
|  Net change in policy loans and loans on fund deposits | (1496) | (3263) | (2869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from investing | (91736) | (17565) | (146854) |
|  Other cash provided | (35119) | 7433 | (10845) |
|  Dividends paid to stockholder | (190000) | (198000) | (121000) |
|  Other cash applied | (45819) | (47444) | (67906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing and miscellaneous sources | (270938) | (238011) | (199751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in cash and short-term investments | 21388 | 46109 | 4862 |
|  Cash and short-term investments, beginning of year | 323680 | 277571 | 272709 |
|  Cash and short-term investments, end of year | $345068 | $323680 | $277571 |
|  Note: Supplemental disclosures of cash flow information for non-cash transactions: |  |  |  |
|  Securities exchange—bond proceeds | $21531 | $42383 | $30107 |
|  Securities exchange—bond acquisitions | 21531 | 42383 | 30107 |
|  Borrowed money maturities rolled to FHLB deposit type contracts | 29500 | 62500 | 95000 |
|  Interest capitalization-Net investment income | 636 | 531 | 711 |
|  Interest capitalization-Cost of investments aquired, bonds | 636 | 531 | 711 |
|  Liquidation Receivable-Miscellaneous Income |  |  | 2000 |
|  Liquidation Receivable-Other Cash Applied |  |  | 2000 |

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See accompanying notes to statutory financial statements.

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Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(1)** **Significant Accounting Policies** 

**(a)**  ***Company Structure and Nature of Business*** 

American Fidelity Assurance Company (the Company) was licensed as a life insurer on November 30, 1960, and provides a variety of financial services. The Company is a wholly owned subsidiary of American Fidelity Corporation (AFC), a Nevada insurance holding company. The Company is domiciled in the state of Oklahoma. The Company is subject to state insurance regulations and periodic examinations by state insurance departments. The Company's ultimate parent, AFC, is 94% owned by Cameron Enterprises A Limited Partnership (CEALP) whose general partner is Cameron Associates, Inc. Cameron Associates, Inc. is owned by William M. Cameron – 50% and Lynda L. Cameron – 50%. AFC also wholly owns American Public Life Insurance Company (APL), an insurance company, also domiciled in Oklahoma. See Note 14 for listing of affiliates.

The Company is licensed to conduct business in 49 states, the District of Columbia, American Samoa, Guam, and Puerto Rico, with approximately 70% of direct premiums written in California, Oklahoma, Ohio, Oregon, Texas, Mississippi, Kentucky, Alabama, and Indiana. Activities of the Company are largely concentrated in the group disability income, group and individual annuity, supplemental health, and individual medical markets. In addition, individual and group life business is also conducted. The primary source of the Company's sales is worksite marketing of voluntary products through the use of payroll deduction. The Company sells these voluntary products through a salaried sales force that is broken down into two primary divisions: Association Worksite Division (AWD) and American Fidelity Educational Services (AFES). AWD specializes in voluntary disability income insurance programs aimed at selected groups and associations whose premiums are funded by employees through payroll deductions. AFES focuses on marketing to public school employees with voluntary insurance products such as disability income, tax sheltered annuities, life insurance, dread disease, and accident only. These premiums are also funded by employees through payroll deductions. The expertise gained by the Company in worksite marketing of voluntary products is used by the Strategic Alliances Division in developing products to meet special situations. The Life Division was formed upon the acquisition of a block of life business in 2000. The Life Division administers closed blocks of individual life products that were marketed through independent brokers in the United States of America and Latin America.

**(b)**  ***Basis of Presentation*** 

The accompanying statutory financial statements of the Company are prepared in conformity with accounting practices prescribed or permitted by the Oklahoma Insurance Department, which is a comprehensive basis of accounting other than US (United States) generally accepted accounting principles (GAAP). These prescribed Statutory Accounting Practices (SAP) include a variety of publications of the National Association of Insurance Commissioners (NAIC) including statements of SAP as well as state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. There are no differences between the accounting practices prescribed or permitted by the Oklahoma Insurance Department and the accounting practices prescribed and permitted by the NAIC. There are no permitted practices granted to the Company for 2025, 2024, and 2023 by the Oklahoma Insurance Department.

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**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(c)**  ***Differences between SAP and GAAP*** 

SAP differs from GAAP in several respects, which causes differences in reported assets, liabilities, stockholder's equity (statutory capital and surplus), net income, and cash flows. The differences between SAP and GAAP include:

• Investments in bonds are generally carried at amortized cost, except those with an NAIC designation of "6", which are stated at the lower of amortized cost or fair value. Investments in preferred stocks are generally carried at amortized cost, except those with an NAIC designation of "4" through "6", which are stated at the lower of amortized cost or fair value. Under GAAP, investments in bonds and preferred stocks, other than those classified as held to maturity, are carried at fair value.

• The change in unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss).

• Realized capital gains and losses are determined based upon specific identification of the investments sold. Changes in admitted asset carrying amounts of investments that are carried at fair value are recorded directly in unassigned surplus as a change in net unrealized capital gains and losses. Under GAAP, realized capital gains and losses are recorded as a component of earnings.

• Interest maintenance reserve (IMR) represents the deferral of interest-related realized gains and losses, net of tax, on primarily fixed maturity investments, which are amortized into income over the remaining life of the investment sold under SAP. No such reserve is required under GAAP.

• Investments in subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus. Under GAAP, controlled subsidiaries are consolidated, and results of operations are included in net income.

• Asset valuation reserve (AVR) represents a contingency reserve for credit-related risk on most invested assets of the Company and is charged to statutory surplus under SAP. No such reserve is required under GAAP.

• GAAP requires an allowance for expected credit losses for certain financial assets. SAP requires an incurred loss model for these financial assets, with incurred losses recorded as a direct write down to the asset.

• Certain assets, principally certain deferred taxes, furniture, equipment, prepaid expenses, and premiums due from policyholders, agents' balances, and amounts recoverable from reinsurers over 90 days are designated as nonadmitted assets and excluded from assets by a charge to statutory surplus under SAP. Under GAAP, such amounts are carried with an appropriate valuation allowance when necessary.

• A provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers. The change in this provision is credited or charged to unassigned statutory surplus. Under GAAP, a provision is established for expected uncollectible reinsurance balances with any changes to this provision reflected in earnings for the period.

• Reserves are reported net of ceded reinsurance under SAP. Under GAAP, reserves relating to business in which the ceding company is not legally relieved of its liability are reported gross with an offsetting reinsurance receivable.

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**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

• Aggregate reserves for life, annuities and accident and health are based on statutory mortality and interest requirements without consideration for anticipated withdrawals except where allowed. Morbidity assumptions are based on the statutory morbidity requirements or Company's experience where allowed. Under GAAP, the reserves are based on either (i) the present value of future benefits less the present value of future net premiums based on mortality, morbidity, and other assumptions that represent the Company's best-estimates as of the reporting date (in accordance with ASU 2018-12), or (ii) the account value for certain contracts without significant life contingencies.

• Policy acquisition costs are expensed as incurred under SAP, while under GAAP, successful acquisition costs are deferred and recognized over the estimated life of the cohort of contracts.

• Deferred income taxes are recognized for both SAP and GAAP; however, the amount permitted to be recognized is generally more restrictive under SAP and the change in deferred taxes is reported as a direct charge to surplus.

• Leases are accounted for as operating leases, and rental payments under these leases are charged to expense when incurred. Under GAAP, leases are generally recognized on the balance sheet as a lease liability with a corresponding right-of-use asset according to the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842, *Leases*.

• Premiums on annuity contracts are recognized when received. Under GAAP, premiums on annuity contracts are not recognized as revenue but as deposits.

• Premiums for universal life policies and investment products consist of the entire premium received, and benefits represent the death benefits paid and the change in policy reserves, unless the products do not incorporate mortality or morbidity risk. Under GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account values and interest credited to the account values.

• The Statutory Statements of Cash Flow differs in certain respects from the presentation required by GAAP, including the presentation of the changes in cash and short-term investments instead of cash and cash equivalents and restricted cash. Short-term investments include securities with maturities of one year or less at the time of acquisition. For statutory purposes, there is no reconciliation between net income and cash from operations.

• SAP does not require the presentation of a Statement of Comprehensive Income; however, GAAP does require a Statement of Comprehensive Income.

**(d)**  ***Use of Estimates*** 

The preparation of the financial statements in conformity with SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the statutory-basis financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimates susceptible to significant change are those used in determining the liability for aggregate reserves for future policy benefits, losses, and claims. Although some variability is inherent in these estimates, management believes the amounts provided are adequate.

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**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(e)**  ***Recognition of Revenue and Related Expenses*** 

Life premiums are recognized as income when due from policyholders under the terms of the insurance contract. For accident and health contracts, premiums are recognized as income when due from the policyholders, but no earlier than the effective date of coverage, under the terms of the contract. Both life and accident and health premiums are increased by reinsurance premiums assumed and reduced by reinsurance premiums ceded. Contracts issued that do not incorporate mortality or morbidity risk are not accounted for as insurance contracts. Amounts received as payments for such contracts are recorded as direct increases to the policy reserves.

The Company estimates accrued retrospective premium adjustments (premium rate stabilization) for certain contracts in its group health and group life business based on contractually determined formulas by group. The amount of net premiums written by the Company for the years ended December 31, 2025, 2024, and 2023 that were subject to retrospective rating features were approximately $165, $165, and $172, respectively, which represented approximately 0.02%, 0.03% and 0.03% of net premiums written for group health and group life products in 2025, 2024, and 2023, respectively. No other net premiums written by the Company were subject to retrospective rating features.

**(f)**  ***Equipment and Software*** 

Equipment and software are nonadmitted assets and stated at cost less accumulated depreciation. See Note 2 for nonadmitted assets disclosure. Equipment is depreciated on a straight-line basis using estimated lives of five to fifteen years. Additions, renewals, and betterments are capitalized. Expenditures for maintenance and repairs are expensed. Upon retirement or disposal of an asset, the asset and related accumulated depreciation are eliminated, and any related gain or loss is included in income. Capitalized internally developed software (IDS) costs are amortized on a straight-line basis with a useful life of three years from the date placed in service. Hosted arrangements of capitalized IDS are recorded as prepaid assets amortized over the contract period. Total depreciation and amortization expenses were $8,462, $6,884, and $7,078 for the years ended December 31, 2025, 2024, and 2023, respectively. IDS in the developmental stage is held in IDS work in process until software is placed in service.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Leasehold improvements | $35386 | $34028 |
|  Work in process | 15510 | 10156 |
|  Internally-developed software | 19901 | 7959 |
|  Accumulated depreciation & amortization | (40853) | (28837) |
|  Total | $29944 | $23306 |

---

**(g)**  ***Investments*** 

The investment portfolio includes bonds, preferred stocks, common stocks, mortgage loans, real estate, policy loans, other invested assets, and short-term investments.

Investments are carried in accordance with rules established by the NAIC. Bonds rated as NAIC 1—5 are carried at cost, adjusted where appropriate for accretion of premium or amortization of discount using the modified scientific interest method and taking into consideration stated interest and principal provisions. Additionally, bonds rated as NAIC 6 are carried at the lower of their amortized cost or fair value. Preferred stocks rated as NAIC 1—3 are carried at cost. Preferred stocks rated NAIC 4—6 are carried at the lower of cost or fair value. Perpetual preferred stocks are carried at fair value regardless of NAIC designation. Common stocks are carried at fair value.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Policy loans are stated at their aggregate unpaid principal balances.

Mortgage loans on real estate are stated at their aggregate unpaid principal balances.

Real estate held for investment is carried at cost less accumulated depreciation and encumbrances. Encumbrances as of December 31, 2025 and 2024 were $0 and $0, respectively. Real estate held for sale is carried at the lower of depreciated cost or fair value, less encumbrances and estimated costs to sell.

There were no non-admitted amounts related to bond holdings as of December 31, 2025 and 2024.

Realized investment gains or losses are determined on a specific identification basis and recorded on the trade date, are reduced by amounts transferred to IMR and are reflected as an element of net income, net of related tax. For bonds and preferred stocks carried at fair value, the difference between amortized cost and fair value is reflected as unrealized gains and losses on investments in unassigned surplus. Changes in the fair value of common stocks are reflected as unrealized gains and losses on investments in unassigned surplus.

The Company holds a significant amount of assets that it intends to match with its liabilities in relation to maturity and interest margin. To maximize earnings and minimize risk, the Company invests in a diverse portfolio of investments. The portfolio is diversified by geographic region, investment type, underlying collateral, maturity, and industry. Management does not believe that the Company has any significant concentration of credit risk in its investments.

The Company generally does not invest in any below-investment-grade high-yield investment bonds (junk bonds). Certain bonds are guaranteed by the U.S. government. The Company limits its risks by investing in bonds and stocks of rated companies, mortgage loans adequately collateralized by real estate, selective real estate supported by appraisals, and policy loans collateralized by policy cash values. In addition, the Company performs due diligence procedures before making mortgage loans. These procedures include evaluations of the creditworthiness of the borrowers and/or tenants and independent appraisals.

**(h)**  ***Fair Value Measurements*** 

The Company holds certain long-term bonds, preferred stocks, common stocks, and separate account assets which are carried at fair value. 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.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect a view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets carried or disclosed at fair value are classified and disclosed in one of the following three categories:

Level 1 – quoted prices in active markets for identical instruments.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 – instruments whose significant value drivers are unobservable.

**(i)**  ***Investment Income Due and Accrued*** 

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date. Due and accrued income is not recorded on: (a) bonds in default and (b) bonds delinquent more than 90 days or where collection of interest is improbable. As of December 31, 2025 and 2024, the Company's non-admitted investment income due and accrued was zero. The cumulative amount of paid-in-kind (PIK) interest included in current principal balances was approximately $2,665 and $2,030 on December 31, 2025 and 2024 respectively.

**(j)**  ***Non-admitted Assets*** 

Certain assets, principally certain deferred income tax assets, software, prepaid expenses, and leasehold improvements are designated as non-admitted assets and are excluded from assets by a charge to statutory surplus. Changes in these non-admitted assets are presented as changes in unassigned surplus.

**(k)**  ***Aggregate Reserves and Liability for Deposit-Type Contracts*** 

Aggregate reserves for life policies and contracts include reserve amounts principally for life insurance policies, deferred and payout annuity policies, and supplemental health insurance policies including cancer and disability insurance policies. The life insurance reserves are principally based on the 1941, 1958, 1980, 2001, and 2017 Commissioners Standard Ordinary (CSO) mortality tables and are established with interest rate assumptions ranging from 2.0% to 6.0%. Deferred and payout annuity insurance reserves are principally based on the 1983a, Annuity 2020, and 2012 Individual annuity reserve (IAR) mortality tables and are established with interest rate assumptions ranging from 1.7% to 8.8%. Cancer policy reserves are principally based on the 1985 and 2016 Cancer Claim Cost Tables and are established with interest rate assumptions ranging from 3.0% to 5.5%. Disability reserves are principally based on the 2012 Group Long Term Disability Table, with adjustments for actual Company experience. The tabular interest, tabular reserves less actual reserves released, and the tabular cost are determined by formula. Aggregate reserves for accident and health policies include the present value of amounts not yet due on claims, additional reserves, and unearned premiums.

Liability for premiums and other deposit funds include reserves for payout annuities without life contingencies and other accumulation policies that do not subject the Company to any risks from policyholder mortality and morbidity. Such reserves are established using guaranteed interest rates of 1.0% to 8.3%.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the month of death for policies developed and issued subsequent to December 1977.

Surrender values are not promised in excess of the legally computed reserves.

Extra premiums are charged for substandard lives in addition to the regular gross premium for the true age. Mean reserves are determined by computing the regular mean reserve for the plan at the true age and holding in addition one half of the extra premium charge for the year.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(l)**  ***Liability for Policy and Contract Claims*** 

Policy and contract claim reserves include a provision for reported claims and claims incurred but not reported. The provision for claims incurred but not reported is estimated based primarily on Company experience. Although these provisions are the Company's best estimate of the ultimate value, the actual results may vary from these values.

**(m)**  ***Interest Maintenance Reserve*** 

IMR represents the deferral of interest-related realized capital gains and losses, net of tax, on primarily fixed maturity investments. These gains and losses are amortized into loss on a level yield method, based on statutory factor tables over the estimated remaining life of the investment sold or called. The IMR balance is included in the other liabilities line in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

**(n)**  ***Asset Valuation Reserve*** 

AVR is a contingency reserve for credit-related losses on most investments and is recorded as a liability through a charge to statutory surplus. The reserve is calculated based on credit quality using factors provided by the NAIC. The AVR balance is included in the other liabilities line in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

**(o)**  ***Federal Income Taxes*** 

Current income taxes incurred includes current income taxes for the amount of federal income taxes paid or payable for the current year. These amounts are determined based on estimates of federal income taxes for the current year, including tax contingencies and benefits. The Company's current tax recoverable is reported as a component of other assets and its current tax payable is reported as a component of other liabilities. The changes in current taxes are reflected in the Statutory Statements of Operations.

Deferred income tax assets and liabilities are determined based on differences between statutory financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss, capital loss, and tax credit carryforwards. Temporary differences related to AVR and IMR are not included in the determination of gross deferred income taxes while temporary differences for unrealized gains/losses and nonadmitted assets are included. Gross deferred tax assets (DTA) are reduced by a valuation allowance if it is more likely than not (i.e. greater than 50% likelihood) that some portion or all of the gross deferred tax assets will not be realized. The deferred tax assets and liabilities are measured using federal enacted tax rates. Deferred income tax assets are limited as to their admissibility. The changes in net deferred tax assets and liabilities are reflected in surplus. The Company's net admitted deferred tax assets are reported as a component of other assets.

**(p)**  ***Reinsurance*** 

The Company accounts for reinsurance transactions as prescribed by the applicable accounting standards, which require the reporting of reinsurance transactions relating to the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus on a net basis and precludes immediate gain recognition on reinsurance contracts.

**(q)**  ***Guaranty Association Assessments*** 

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies involved in similar lines of business.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(r)**  ***Statutory Capital and Surplus and Dividend Restriction*** 

Capital and surplus of the Company is restricted as to payment of dividends by statutory limitations applicable to insurance companies. Without prior approval of the respective state insurance department, dividends that can be paid are generally limited to the greater of 10% of statutory capital and surplus or the statutory net gain from operations before net realized capital gains/losses reported for the previous calendar year. The maximum dividend payout which may be made without prior approval in 2026 is approximately $233,775.

On March 27, 2025, the Company declared an ordinary dividend payable to AFC in an amount not to exceed $190,000 to be paid all or in part by December 31, 2025.

During 2025, the Company paid cash dividends to AFC in the amount of approximately $190,000.

On March 5, 2024, the Company declared an ordinary dividend payable to AFC in an amount not to exceed $160,000 to be paid all or in part by December 31, 2024. On October 1, 2024, the Company declared an additional $33,000 ordinary dividend payable to AFC, totaling $193,000 to be paid all or in part by December 31, 2024.

During 2024, the Company paid cash dividends to AFC in the amount of approximately $198,000, of which $5,000 related to dividends outstanding from 2023.

The portion of unassigned (surplus) funds represented or reduced by cumulative unrealized gains and losses was $(2,105) and $19,120, respectively, for the years ended December 31, 2025 and 2024.

The Oklahoma Insurance Department has adopted Risk-Based Capital (RBC) requirements for life insurance companies. The RBC calculation serves as a benchmark for the regulation of life insurance companies by state insurance regulators. RBC provides surplus formulas similar to target surplus formulas used by commercial rating agencies. The formulas specify various weighting factors that are applied to statutory financial balances or various levels of activity based on the perceived degree of risk and are set forth in the RBC requirements. The Company has calculated RBC in accordance with the NAIC's Model Rule and RBC rules as adopted by the Oklahoma Insurance Department. The RBC, as calculated by the Company, exceeds levels requiring Company or regulatory action as of December 31, 2025 and 2024.

**(s)**  ***Separate Accounts*** 

The Company maintains a separate account under Oklahoma insurance law designated as American Fidelity Separate Account A (Account A). Account A's investment is in the Vanguard Total Stock Market Index Fund. Under Oklahoma law, the assets of Account A are segregated from the Company's assets, are held for the exclusive benefit of the variable annuity contract owners and are not chargeable with liabilities arising out of the business conducted by any other account or by the Company.

The Company also maintains separate accounts under Oklahoma insurance law designated as American Fidelity Separate Account B (Account B) and American Fidelity Separate Account C (Account C). Account B and Account C are registered as unit investment trusts under the Investment Company Act of 1940, as amended. Under Oklahoma law, the assets of each of the ten (10) segregated subaccounts of Account B and the ten (10) segregated subaccounts of Account C are held for the exclusive benefit of the variable annuity contract owners and are not chargeable with liabilities arising out of the business conducted by any other account or by the Company.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The separate accounts maintained by the Company represent funds for nonguaranteed variable annuities. The assets of these accounts are carried at fair value. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. These variable annuities generally provide an incidental death benefit of the greater of the account value or the premium paid. The minimum guaranteed death benefit reserve is held in the Company's general account. For the years ended December 31, 2025, 2024, and 2023, the amount of premiums, considerations, or deposits was approximately $126,549, $117,149, and $110,691, respectively.

**(t)**  ***Investments in Affiliates, Joint Ventures, Partnerships, or Limited Liability Companies*** 

The statutory financial statements include the Company's investment in its wholly-owned subsidiaries. Intercompany accounts and transactions have not been eliminated from the statutory financial statements. The Company's wholly and majority-owned subsidiaries as of December 31, 2025 and 2024 are noninsurance entities that have no significant ongoing operations other than to hold assets that are primarily for the direct or indirect benefit or use of the Company or its affiliates and are carried at the underlying equity of the respective entity's financial statements adjusted to a statutory basis of accounting.

The Company's investments in joint ventures, partnerships, and limited liability companies are recorded at cost, adjusted for the Company's share of the GAAP basis earnings or losses of the investee, net of any distributions received. Such investments are reported as other invested assets, and the related adjustments are reported as unrealized capital gains or losses in surplus. Distributions are recognized in investment income when declared to the extent that they are not more than undistributed accumulated earnings. Distributions more than undistributed earnings are recorded as a reduction of the carrying amount of the investment.

**(u)**  ***Company Owned Life Insurance*** 

The Company is the owner of three single-premium insurance policies and one group variable life insurance policy for certain current and former executives of the Company, where the Company is the beneficiary. These policies, accounted for using the investment method, are recorded in other assets at their net cash surrender values, as reported by the four issuing insurance companies, whose Standard & Poor's financial strength ratings are AA+ for the single premium insurance policies and A for the group variable life insurance policy. The net cash surrender values totaled approximately $106,369 and $95,537 as of December 31, 2025 and 2024, respectively. The face value (death benefit) of the life insurance policies underlying the contracts was approximately $209,879 and $197,401 as of December 31, 2025 and 2024, respectively.

**(v)**  ***Application of Accounting Pronouncements*** 

In 2024, the NAIC adopted revisions to SSAP No. 26R, *Bonds*, SSAP No. 43R, *Loan-Backed and Structured Securities*, and SSAP No. 21R, *Other Admitted Assets,* in accordance with the principles-based bond definition project. These updates were effective for the Company January 1, 2025. There were no securities reclassified out of bonds and no impact to statutory surplus as a result of the adoption.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(2)** **Admitted and Nonadmitted Assets** 

Assets in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus are stated at admitted asset values, which are the values permitted to be reported in the annual report to the Oklahoma Insurance Department. All other assets are "nonadmitted assets" and are excluded from the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus by a charge to surplus. Nonadmitted assets as of December 31 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Deferred tax asset | $72758 | $64960 |
|  Furniture and equipment | 9013 | 10312 |
|  Prepaids, deposits, and other receivables | 32111 | 22273 |
|  Uncollected premiums | 8418 | 8104 |
|  Equipment and software | 21152 | 13004 |
|  Amounts receivable from reinsurers | 1227 | 1227 |
|  Agents' balances | 1 | 18 |
|  Reinsurance Recoverable | 500 |  |
|  | **$145180** | **$119898** |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(3)** **Investments** 

**(a)**  ***Bonds, Preferred and Common Stocks*** 

As of December 31, 2025 and 2024, the carrying value and estimated fair value of bonds, preferred stock, and common stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Carrying<br>value/<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Estimated<br>fair value** |
|  Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury | $703 | $2 | $(10) | $695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. government | 350819 | 625 | (50109) | 301335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-sovereign | 9971 |  | (2039) | 7932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal | 630643 | 1268 | (150445) | 481466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project finance bonds | 174891 | 260 | (18460) | 156691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 2101842 | 22677 | (251074) | 1873445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 197449 | 1596 | (16047) | 182998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other issuer credit obligations | 54890 |  | (4076) | 50814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency mortgage-backed | 632481 | 4405 | (88919) | 547967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency mortgage-backed | 129935 | 985 | (27660) | 103260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency CLOs | 292729 | 1191 | (33) | 293887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities | 116204 | 522 | (3516) | 113210 |
| &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 bonds | 4692557 | 33531 | (612388) | 4113700 |
|  Preferred and common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 5223 | 1331 | (127) | 6427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks - unaffiliated | 240231 | 9766 | (23581) | 226416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks - affiliated | 104 | 1082 |  | 1186 |
| &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 stocks | 245558 | 12179 | (23708) | 234029 |
| &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 | $4938115 | $45710 | $(636096) | $4347729 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Carrying<br>value/<br>amortized<br>cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Estimated<br>fair value** |
|  Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities | $508 | $— | $(31) | $477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special revenue | 659718 | 2357 | (124364) | 537712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States and territories | 398509 | 805 | (86251) | 313063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign government | 9969 |  | (2495) | 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & miscellaneous | 2455943 | 12036 | (355522) | 2112457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed & other structured securities | 1094103 | 3460 | (141149) | 956413 |
| &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 bonds | 4618750 | 18658 | (709812) | 3927596 |
|  Preferred and common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 5223 | 1002 | (89) | 6136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks - unaffiliated | 224961 | 13993 | (3343) | 235611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks - affiliated | 104 | 1040 |  | 1144 |
| &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 stocks | 230288 | 16035 | (3432) | 242891 |
| &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 | $4849038 | $34693 | $(713244) | $4170487 |

---

**(b)**  ***Bonds by Contractual Maturity*** 

The carrying value and estimated fair value of investments in bonds as of December 31, 2025, by expected maturity, are shown below. Scheduled contractual maturities may differ from expected maturities because the issuers of such securities may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | Carrying value/<br>amortized cost | Estimated fair<br>value |
|  Due in one year or less | $93765 | $89881 |
|  Due after one year through five years | 547456 | 519388 |
|  Due after five years through ten years | 573143 | 550295 |
|  Due after ten years | 2306843 | 1895813 |
|  Asset-backed securities | 1171350 | 1058323 |
|  Net gains (losses) on conversions and exchanges | $4692557 | $4113700 |

---

For the years ended December 31, 2025, 2024, and 2023, investment income was generated as a result of prepayment penalty and/or acceleration fees that were approximately $259, $296, and $0, respectively.

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**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Selected information about disposals of bonds is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Bonds:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales | $126380 | $334646 | $79303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized gains | 549 | 1780 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized losses | (4576) | (29769) | (2989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on calls and redemptions | 23 | 73 | (851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses on conversions and exchanges | 527 | (4568) | (2148) |

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**(c)**  ***Other-Than-Temporary Impairments*** 

The Company periodically reviews its investment portfolio to determine if provisions for possible losses or provisions for other than temporary impairment (OTTI) are necessary. In connection with this determination, management reviews published fair values, credit ratings, independent appraisals, expected cash flows, and other valuation information. Securities with impairments are written down to the present value of expected cash flows to be collected unless the Company has the intent to sell or inability to retain the security until recovery of amortized cost.

As of December 31, 2025 and 2024, the Company recorded OTTI of $559 and $4,701, respectively. There were no OTTI recorded on bonds, preferred, or common stocks in 2023. While management believes that no additional provisions for OTTI are currently necessary, adjustments may be necessary in the future due to changes in economic conditions.

**(d)**  ***Net Investment Income*** 

Net investment income for the years ended December 31, 2025, 2024, and 2023 is summarized below:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Interest on bonds | $193628 | $194984 | $187338 |
|  Dividends on preferred and common stocks | 21688 | 7804 | 449 |
|  Interest on mortgage loans | 34774 | 34936 | 32950 |
|  Investment real estate income | 4046 | 7570 | 7055 |
|  Interest on policy loans | 3238 | 3260 | 2927 |
|  Interest on cash & short-term investments & other | 9784 | 10266 | 11963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross investment income | 267158 | 258820 | 242682 |
|  Less investment expenses | 39959 | 45152 | 46436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $227199 | $213668 | $196246 |

---

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**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Net realized capital gains (losses) for the years ended December 31, 2025, 2024, and 2023 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Realized loss on bonds | $(3477) | $(32483) | $(5686) |
|  Realized gain on common stocks of nonaffiliates | 1053 | 1661 | 4154 |
|  Loss on bonds OTTI | (559) | (4701) |  |
|  Other capital (loss) gain | (4126) | (4420) | (4485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total realized capital (losses) gains before federal income tax and IMR transfers | (7109) | (39943) | (6017) |
|  Less federal income tax expense (benefit) | (967) | (6136) | 263 |
|  Less IMR transfers | (2947) | (25947) | (4549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital (losses) gains | $(3195) | $(7860) | $(1731) |

---

**(e)**  ***Unrealized Losses*** 

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities are in a continuous unrealized loss position, as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |
|  | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Estimated<br>Fair value | Unrealized<br>losses | Estimated<br>Fair value | Unrealized<br>losses | Estimated<br>Fair value | Unrealized<br>losses |
|  Issuer credit obligations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury | $— | $— | $493 | $(10) | $493 | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. government | 15688 | (4) | 194469 | (50105) | 210157 | (50109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-sovereign |  |  | 7932 | (2039) | 7932 | (2039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal | 2331 | (154) | 445580 | (150291) | 447911 | (150445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project finance bonds |  |  | 137410 | (18460) | 137410 | (18460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 140034 | (2886) | 1219062 | (248188) | 1359096 | (251074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 17650 | (100) | 115630 | (15947) | 133280 | (16047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other issuer credit obligations |  |  | 49618 | (4076) | 49618 | (4076) |
|  Asset-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency mortgage-backed | 7411 | (55) | 343144 | (88864) | 350555 | (88919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency mortgage-backed |  |  | 80233 | (27660) | 80233 | (27660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency CLOs | 11994 | (33) |  |  | 11994 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities | 4370 | (28) | 54725 | (3488) | 59095 | (3516) |
| &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 | $199478 | $(3260) | $2648296 | $(609128) | $2847774 | $(612388) |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
|  | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Estimated<br>Fair value | Unrealized<br>losses | Estimated<br>Fair value | Unrealized<br>losses | Estimated<br>Fair value | Unrealized<br>losses |
|  U.S. Treasury securities | $— | $— | $477 | $(31) | $477 | $(31) |
|  Special revenue | 93908 | (1454) | 363695 | (122909) | 457603 | (124363) |
|  States & territories | 8834 | (412) | 283618 | (85839) | 292452 | (86251) |
|  Foreign government |  |  | 7474 | (2495) | 7474 | (2495) |
|  Corporate bonds | 357538 | (22627) | 1506374 | (332896) | 1863912 | (355523) |
|  Loan-backed securities | 147576 | (2475) | 468205 | (138674) | 615781 | (141149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $607856 | $(26968) | $2629843 | $(682844) | $3237699 | $(709812) |

---

The investments included in U.S. Treasury, other U.S. government, non-sovereign, and municipals are high-grade investment quality bonds and have unrealized losses due to an increase in interest rates since acquisition. Because the securities were acquired during a period of low interest rates, unrealized losses may continue and may become more severe in a rising interest rate environment. The Company expects the unrealized losses to reverse as the securities shorten in duration and mature, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

The investments included in project finance bonds, corporates, bonds issued by funds representing operating entities and other issuer credit obligations represent obligations of operating entities and are high-grade investment quality bonds. The unrealized loss is due to interest rate fluctuations, the current market, and the economic environment, which affects corporate credit ratings and changes in sector spreads. The unrealized loss may continue and may become more severe if the economy slows or interest rates rise. Because the decline in fair value is attributable to interest rates and economic changes and a slight decline in credit quality, and because the Company expects all contractual cash flows will be received and has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

The investments included in asset-backed securities are comprised primarily of U.S. government-sponsored agency mortgage-backed securities for which the U.S. government is not directly obligated, private label whole loan collateralized mortgage obligations, and private label collateralized loan obligations. The unrealized losses on these categories of securities are a result of interest rate fluctuations, which resulted in a decline in market values from original purchase price. Because the decline in fair value is attributable mainly to changes in market and economic conditions and the Company believes all contractual cash flows will be received and has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. When the Company believes it will not receive all contractual cash flows, the securities are considered other-than-temporarily impaired.

The Company has no direct exposure to subprime mortgage-related risk. An extensive pre-purchase analysis is performed on every loan-backed security. By purchasing only agency mortgage-backed securities and AAA collateralized mortgage-backed whole loan securities, direct exposure to sub-prime mortgages is virtually eliminated.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

There were no loan-backed securities that recognized OTTI in 2025, 2024, and 2023, and there were no securities where the present value of cash flows expected to be collected is less than the amortized cost basis.

**(f)**  ***Mortgage Loans*** 

During 2025, the Company invested $47,180 in new commercial mortgage loans.

The commercial mortgage loan portfolio is invested in a variety of commercial property types located in the United States. As of December 31, 2025 and 2024, the distribution of the portfolio by property type and geographic location was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>Value** | **% of<br>Total** | **Carrying<br>Value** | **% of<br>Total** |
|  Property type: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office | $192583 | 26% | $203390 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 252984 | 35% | 264392 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 149174 | 20% | 151339 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartments | 61523 | 8% | 67534 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 79107 | 11% | 78250 | 10% |
| &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 recorded investment | 735371 | 100% | 764905 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less valuation allowance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Carrying value, net of valuation allowance** | $735371 | 100% | $764905 | 100% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>Value** | **% of<br>Total** | **Carrying<br>Value** | **% of<br>Total** |
|  Geographic location: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England | $19193 | 3% | $20301 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle Atlantic | 77080 | 10% | 69829 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East North Central | 121636 | 17% | 124179 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West North Central | 19009 | 3% | 17865 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Atlantic | 122056 | 17% | 136154 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East South Central | 81077 | 11% | 80028 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West South Central | 75932 | 10% | 83449 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain | 84565 | 11% | 100369 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific | 134823 | 18% | 132731 | 17% |
| &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 recorded investment | 735371 | 100% | 764905 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less valuation allowance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Carrying value, net of valuation allowance** | $735371 | 100% | $764905 | 100% |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The following table contains the risk categories of the loan portfolio. Loans are rated from CM1 (highest quality) to CM3 (medium quality). The factors that contribute to the CM category include the sector type, the loan-to-value ratio (LTV), the debt service coverage ratio (DSC), whether the loan is a construction loan, and whether the loan has cash reserves. These loans are transitional or under construction and may not yet be income-producing. The information for this credit quality indicator was updated in December 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>Value** | **Number of<br>Loans** | **Carrying<br>Value** | **Number of<br>Loans** |
|  Risk categories: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM1 | $636241 | 275 | $668720 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM2 | 88492 | 23 | 87677 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM3 | 10638 | 3 | 8508 | 2 |
|  Carrying value, net of valuation allowance | $735371 | 301 | $764905 | 309 |

---

The maximum and minimum lending rates for mortgage loans originated during 2025 were 6.45% and 5.75%, respectively. The maximum and minimum lending rates for mortgage loans originated during 2024 were 6.50% and 4.50%, respectively. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 80% during 2025 and 2024. During 2025 and 2024, the Company did not reduce interest rates on any outstanding mortgage loans. During 2025 and 2024, the Company held no mortgages with interest more than 180 days past due or impaired mortgage loans. The Company did not have any mortgage loans past due as of December 31, 2025 and 2024.

No commercial mortgage loans were written off in 2025 or 2024.

**(g)**  ***Securities Lending*** 

Securities loaned are re-registered but remain beneficially owned by the Company. None of the collateral is restricted. Cash collateral received is recorded in securities lending reinvested collateral and the offsetting liabilities are recorded in payable for securities lending. There were no securities loaned outstanding as of December 31, 2025 and 2024.

**(h)**  ***Real Estate*** 

The Company holds a real estate investment located in Arlington, Texas. This investment consists of land and buildings which are leased as commercial office space.

Through November 2025, the Company classified the property as held for sale. The Company recognized $4,126 in impairment loss to record the property at the lower of its carrying value or fair value while the property was classified as held for sale.

In December 2025, the Company reclassified its Texas real estate investment from held for sale to held for the production of income as the property did not meet the criteria of being actively marketed for sale. At the time of reclassification, the Company recognized a realized loss of $1,558, which is included in total impairment losses of $4,126 disclosed above.

During 2024, the Company recognized $926 in impairment losses on real estate held for sale.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

On December 31, 2024, the Company sold its real estate investment in Irving, Texas to a third-party for $18,250. A loss on sale of $3,216 was recognized in net realized capital gains (losses) in the Statutory Statement of Operations.

In 2023, increasing vacancy rates and declining fair values in the commercial real estate market led to the Company's Arlington, Texas and Irving, Texas properties being evaluated for recoverability. Recoverability testing indicated that the properties' carrying values exceeded the sum of their undiscounted cash flows, and the properties were impaired. Fair value was independently determined for each property from a third-party appraisal. An impairment loss of $734 and $4,787 was recognized for the Arlington, TX property and the Irving, TX property, respectively, in November 2023.

All impairment losses are recorded in net realized capital gains (losses) in the Statutory Statements of Operations.

**(i)**  ***Restricted Assets*** 

The following table sets forth restricted assets including pledged assets held by the Company as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross (admitted and nonadmitted) restricted | Gross (admitted and nonadmitted) restricted | Gross (admitted and nonadmitted) restricted | Gross (admitted and nonadmitted) restricted |
| Restricted asset category | Total 2025<br>admitted<br>restricted | Total 2024<br>admitted<br>restricted | Increase/<br>(decrease) | % of 2025<br>Total Admitted<br>Assets |
|  FHLB capital stock \* | $25625 | $27218 | $(1593) | 0.30% |
|  On deposit w ith states | 3169 | 3064 | 105 | 0.04% |
|  Pledged collateral to FHLB | 881238 | 927095 | (45857) | 10.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total restricted assets | $910032 | $957377 | $(47345) | 10.52% |

---

\* Federal Home Loan Bank (FHLB)

There were no general account restricted assets, including pledged assets, supporting separate account activity as of December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the Company held no other restricted assets.

**(4)** **Fair Value of Financial Instruments** 

Assets that are recorded at fair value are categorized into a three-level fair value hierarchy as required by SSAP No. 100R, *Fair Value Measurements*. The balances of these assets as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets recorded at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock – unaffiliated | 226159 | 257 |  | 226416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock – affiliated |  | 1186 |  | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 2018665 |  |  | 2018665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perpetual preferred stock | 1090 |  |  | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets at fair value | $2245914 | $1443 | $— | $2247357 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets recorded at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock – unaffiliated | 233656 | 1955 |  | 235611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock – affiliated |  | 1144 |  | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 1735943 |  |  | 1735943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perpetual preferred stock | 854 |  |  | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets at fair value | $1970453 | $3099 | $— | $1973552 |

---

As of December 31, 2025 and 2024, there were no securities reported at fair value with unobservable inputs (Level 3).

The following tables set forth the Company's financial instruments' fair value, carrying amount and level of fair value amounts as of December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Estimated fair value as of December 31, 2025** | **Estimated fair value as of December 31, 2025** | **Estimated fair value as of December 31, 2025** | **Estimated fair value as of December 31, 2025** | **Estimated fair value as of December 31, 2025** | **Estimated fair value as of December 31, 2025** |
| **Financial Instruments** |<br>**Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Not Practicable<br>(Carrying Value)** | **Net Asset Value<br>or Equivalent** | **Total** |
|  Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | $2018665 | $2018665 | $— | $— | $— | $— | $2018665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 55595 |  |  |  | 55595 |  | 55595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 207088 |  | 10386 | 7197 |  | 190662 | 208245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 345068 | 345068 |  |  |  |  | 345068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 4692557 | 695 | 4051299 | 61706 |  |  | 4113700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 227602 | 226159 | 1443 |  |  |  | 227602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 6102 | 1974 | 4452 |  |  |  | 6426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 735371 |  |  | 699920 |  |  | 699920 |
|  Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain policy liabilities | $2346619 | $— | $— | $2345974 | $— | $— | $2345974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed money | 194500 |  | 193275 |  |  |  | 193275 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Estimated fair value as of December 31, 2024** | **Estimated fair value as of December 31, 2024** | **Estimated fair value as of December 31, 2024** | **Estimated fair value as of December 31, 2024** | **Estimated fair value as of December 31, 2024** | **Estimated fair value as of December 31, 2024** |
| **Financial Instruments** |<br>**Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Not Practicable<br>(Carrying Value)** | **Net Asset Value<br>or Equivalent** | **Total** |
|  Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | $1735943 | $1735943 | $— | $— | $— | $— | $1735943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 54099 |  |  |  | 54099 |  | 54099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 185092 |  | 9783 | 2402 |  | 173719 | 185904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 323680 | 323680 |  |  |  |  | 323680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 4618750 | 477 | 3868200 | 58918 |  |  | 3927595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 236755 | 233656 | 3099 |  |  |  | 236755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 5866 | 1777 | 4359 |  |  |  | 6136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 764905 |  |  | 699643 |  |  | 699643 |
|  Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain policy liabilities | $2306243 | $— | $— | $2305492 | $— | $— | $2305492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed money | 224000 |  | 219145 |  |  |  | 219145 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(a)**  ***Cash and Short-Term Investments*** 

The carrying amounts of the financial instruments listed above approximate their fair values because they mature within a relatively short period of time, and do not present unanticipated credit concerns.

**(b)**  ***Bonds, Common Stocks, Preferred Stocks, and Other Invested Assets*** 

For fixed maturities and marketable equity securities, for which market quotations generally are available, the Company primarily uses independent pricing services to assist in determining fair value measurements. When the fair value of certain securities is not readily available, the fair value estimates are based on quoted market prices of similar instruments adjusted for the differences between the quoted instruments and the instruments being valued, or fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with comparable maturities as the investments being valued. The Company's investments also include certain less liquid or private fixed-maturity debt and equity securities, such as private placements and certain structured notes. Valuations are estimated based on nonbinding broker prices or valuation models such as discounted cash flow models and other similar techniques that use observable or unobservable inputs and are considered Level 3.

Certain of the Company's other invested assets include investments in limited partnerships that are measured using net asset value (NAV) as a practical expedient to fair value. Investment strategies of these investments include private equity, direct real estate, middle market lending, and commercial mortgage lending. Investments measured at NAV totaling $75,600 are in closed-end investment vehicles that cannot be redeemed until maturity, ranging from 2025 to 2035.

The fair value of equity securities is based on quotations from independent pricing services, published bid prices, or bid quotations received from securities dealers.

Separate account assets, which consist of common stocks, are valued at unadjusted quoted prices and are classified as Level 1.

**(c)**  ***Mortgage Loans*** 

Fair values are estimated for portfolios of loans with similar characteristics using a discounted cash flow model. Commercial mortgage loans have average net yield rates of 4.52% and 4.42% for December 31, 2025 and 2024, respectively. These rates reflect the credit and interest rate risk inherent in the loans. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information.

**(d)**  ***Policy Loans*** 

Policy loans have average interest yields of 5.90% and 6.21% as of December 31, 2025 and 2024, respectively, and have no specified maturity dates. These loans typically carry an interest rate that is tied to the crediting rate applied to the related policy and contract reserves. Policy loans are an integral part of the life insurance policies that the Company has in force and cannot be valued separately.

**(e)**  ***Certain Policy Liabilities*** 

Certain policies sold by the Company are investment-type contracts. These liabilities are segregated into two categories: premiums and other deposit funds and immediate annuities. These liabilities are further defined to segregate the deferred annuity contract with life contingencies, which are reported as aggregate reserves for life policies and contracts. The fair value of aggregate reserves for life policies and contracts is estimated as the fund value of each policy less applicable surrender charges. The fair value of the immediate annuities without life contingencies and premiums and other deposit funds is estimated as the discounted cash flows of expected future benefits less the discounted cash flows of expected future premiums, using the current U.S. Treasury spot rates.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>value/cost** | **Estimated<br>fair value** | **Carrying<br>value/cost** | **Estimated<br>fair value** |
|  Aggregate reserves for life policies & contracts | $2346619 | $2345974 | $2306243 | $2305492 |
|  Annuities | $16365 | $16549 | $16935 | $16663 |

---

**(f)**  ***Borrowed Money*** 

The fair value of the Company's notes payable is estimated by the present value of a stream of future expected cash flows using an appropriate discount rate. Discount factors are based on current borrowing rates adjusted for the remaining duration of those borrowings.

**(5)** **Low-Income Housing Tax Credits** 

Low-income housing tax credits (LIHTC) are recorded within other invested assets in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus. During the years ended December 31, 2025 and 2024 and as of December 31, 2025 and 2024, LIHTC were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
| Fund Name | Initial<br>Investement | Remaining Years of<br>Unexpired Credits | Remaining Years<br>Required to Hold<br>LIHTC Investments | Amount of LIHTC<br>& Other Tax<br>Benefits<br>Recognized | Balance of<br>Investment<br>Recognized |
|  Oklahoma Fund III, LP | 2010 | 0 | 3 | $6 | $5 |
|  Oklahoma Fund IV, LP | 2012 | 0 | 3 | 3 | 43 |
|  MHEG Community Fund 41, LP | 2013 | 2 | 7 | 16 | 68 |
|  MHEG Community Fund 43, LP | 2014 | 2 | 7 | 59 | 72 |
|  MHEG Community Fund 45, LP | 2015 | 3 | 8 | 74 | 124 |
|  Total |  |  |  | $158 | $312 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
| Fund Name | Initial<br>Investement | Remaining Years of<br>Unexpired Credits | Remaining Years<br>Required to Hold<br>LIHTC Investments | Amount of LIHTC<br>& Other Tax<br>Benefits<br>Recognized | Balance of<br>Investment<br>Recognized |
|  Oklahoma Fund III, LP | 2010 | 0 | 4 | $6 | $11 |
|  Oklahoma Fund IV, LP | 2012 | 0 | 4 | 4 | 46 |
|  MHEG Community Fund 41, LP | 2013 | 3 | 8 | 74 | 84 |
|  MHEG Community Fund 43, LP | 2014 | 3 | 8 | 35 | 129 |
|  MHEG Community Fund 45, LP | 2015 | 4 | 9 | 79 | 195 |
|  Total |  |  |  | $198 | $465 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

LIHTC property is not subject to regulatory reviews and does not exceed 10% of total admitted assets as of December 31, 2025 and 2024. The Company did not recognize impairment losses on the LIHTC investments in 2025 or 2024.

**(6)** **Separate Accounts** 

The Company utilizes Separate Accounts to record and account for variable annuity business. In accordance with the Insurance Code of the State of Oklahoma, variable annuities are supported for separate account classification by Title 36, Chapter 2, Section 6061. As of December 31, 2025 and 2024, the Company Separate Account statement included legally insulated assets of approximately $2,018,665 and $1,735,943, respectively, attributed to variable annuity contracts. The Separate Accounts held by the Company represent nonguaranteed variable annuity funds. The Separate Accounts do not have a securities lending program.

The assets of these accounts are carried at fair value. The net investment experience of the Separate Accounts is credited directly to the policyholder and can be positive or negative. These variable annuities generally provide an incidental death benefit of the greater of account value or premium paid. The minimum guaranteed death benefit reserve is held in Exhibit 5, Miscellaneous Reserves Section, of the Company's general account annual statement.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| 1. Premiums, considerations, or deposits for year ended December 31 | $126549 | $117149 | $110691 |
| 2. Reserves as of December 31: |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fair value | $2018665 | $1735943 | $1482468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total reserves | $2018665 | $1735943 | $1482468 |
| 3. By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to discretionary withdrawal | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With market value adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. At fair value | $2018665 | $1735943 | $1482468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. At book value without market value adjustment and with current surrender charge less than 5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subtotal | $2018665 | $1735943 | $1482468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Not subject to discretionary withdrawal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Total | $2018665 | $1735943 | $1482468 |
| 4. Reserves for asset default risk in lieu of AVR | $— | $— | $— |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Reconciliation of net transfers to or (from) Separate Accounts.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Transfers as reported in the statements of operations of the separate accounts statements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | $126549 | $117149 | $110691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | (123974) | (107222) | (73715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers to separate accounts | 2575 | 9927 | 36976 |

---

**(7)** **Aggregate Reserves** 

As of December 31, 2025 and 2024 the following table summarizes the aggregate reserves for the Company:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Life, accident and health annual statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance, net | $757599 | $690628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits, net | 8689 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives, net | 21474 | 17898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives, net | 7008 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves, net | 17261 | 19472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Aggregate Reserves | $812031 | $742387 |

---

The Company had approximately $1,091,507 and $1,176,509 of insurance in force (after reinsurance ceded) for which the gross premiums are less than the net premiums according to the standard valuation set by the state of Oklahoma as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the total gross annuity actuarial reserves and deposit liabilities were approximately $4,752,663 and $4,436,577, respectively, and the net annuity actuarial reserves and deposit liabilities were approximately $4,748,284 and $4,432,189, respectively. The ceded amount of annuity actuarial reserves and deposit liabilities was approximately $4,379 and $4,388 as of December 31, 2025 and 2024, respectively. The Company's earnings related to these products are impacted by conditions in the overall interest rate environment.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The following table summarizes the analysis of life and annuity actuarial reserves by withdrawal characteristics as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cash Value** | **Cash Value** | **Reserves** | **Reserves** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |  |
|  Term Policies with Cash Value | $20 | $3628 | $8 | $2105 |
|  Universal Life | 22567 | 24441 | 23238 | 25057 |
|  Universal Life with Secondary Guarantees | 25320 | 27041 | 25507 | 27284 |
|  Other Permanent Cash Value Life Insurance | 480582 | 456187 | 758092 | 713947 |
|  Miscellaneous Reserves |  |  | 1252 | 2756 |
|  Not subject to discretionary withdrawal or no cash values: |  |  |  |  |
|  Term Policies without Cash Value | XXX | XXX | 274045 | 261975 |
|  Accidental Death Benefits | XXX | XXX | 8757 | 7468 |
|  Disability - Active Lives | XXX | XXX | 21521 | 17951 |
|  Disability - Disabled Lives | XXX | XXX | 8258 | 8233 |
|  Miscellaneous Reserves | XXX | XXX | 197276 | 233008 |
|  Total, gross | $528489 | $511297 | $1317954 | $1299784 |
|  Reinsurance Ceded | 188851 | 198258 | 505923 | 557397 |
|  Total, net | $339638 | $313039 | $812031 | $742387 |

---

The amount of annuities (Group and Individual) with life contingencies as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **General Accounts** | **General Accounts** | **Separate Account<br>Nonguaranteed** | **Separate Account<br>Nonguaranteed** |
| Individual & Group Annuities | **2025** | **2024** | **2025** | **2024** |
|  Subject to discretionary withdrawal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value less current surrender charge of 5% or more | $19099 | $21008 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At fair value |  |  | 2018665 | 1724554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 2331833 | 2289582 |  |  |
|  Not subject to discretionary withdrawal | 18735 | 19421 |  |  |
|  Total, gross | $2369667 | $2330011 | $2018665 | $1724554 |
|  Reinsurance ceded | 4329 | 4363 |  |  |
|  Total, net | $2365338 | $2325648 | $2018665 | $1724554 |

---

The amount included in annuities subject to discretionary withdrawal at book value less current surrender charges of 5% or more that will move to annuities subject to discretionary withdrawal at book value without adjustments was $6,053 and $8,413 respectively as of December 31, 2025 and 2024.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The amount of deposit-type contract funds as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Subject to discretionary withdrawal, book value | $205 | $193 |
|  Not subject to discretionary withdrawal | 376214 | 381819 |
|  Total, gross | 376419 | 382012 |
|  Reinsurance ceded | 51 | 25 |
|  Total, net | $376368 | $381987 |
| <br> **Reconciliation of Reserves** | **2025** | **2024** |
|  Life & Accident & Health Annual Statement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuities | $2346619 | $2306243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary Contracts w/ Life Contingencies | 18719 | 19405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-Type Contracts | 376368 | 381987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 2741706 | 2707635 |
|  Separate Accounts Annual Statement | 2018665 | 1724554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | $4760371 | $4432189 |

---

**(8)** **Liability for Accident and Health Reserves** 

Activity in the liabilities for accident and health policy reserves and policy claims is summarized in the following table. The liabilities for accident and health policy reserves and policy claims include policy and contract claims in process and the corresponding claims reserve. The amounts are included as a component of the aggregate reserves for accident and health policies and the policy and contract claims presented in the accompanying Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Liability beginning of year, net of reinsurance | $561319 | $595190 | $616497 |
|  Incurred related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | 525859 | 494887 | 515006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | (52553) | (53420) | (51862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total incurred | 473306 | 441467 | 463144 |
|  Paid related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current year | 305019 | 278852 | 269844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior years | 174153 | 196486 | 214607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total paid | 479172 | 475338 | 484451 |
|  Liability end of year, net of reinsurance | $555453 | $561319 | $595190 |

---

Reinsurance recoverable on paid losses was approximately $23 and $28 as of December 31, 2025 and 2024, respectively.

The liability for unpaid policy claims is comprised of claims incurred but not reported and claims reported and in course of settlement. The accident and health policy reserve includes a claim reserve of approximately $430,460 and $440,869 in 2025 and 2024, respectively, which represents the estimated present value of future benefits.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The liability for policy and contract claims presented in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus also included $23,366 and $18,413 of life contract claims as of December 31, 2025 and 2024, respectively.

The provision for accident and health (A&H) benefits pertaining to prior years decreased approximately $52,553 in 2025 from the prior year estimate. This decrease overall includes better than expected experience of approximately $47,869 for disability, $2,498 for group medical, and worse than expected experience of approximately $2,186 for cancer/individual medical.

The provision for A&H benefits pertaining to prior years decreased approximately $53,420 in 2024 from the prior year estimate. This decrease overall includes better than expected experience of approximately $34,344 for disability, $23,030 for group medical, and worse than expected experiences of approximately $3,954 for cancer/individual medical.

The provision for A&H benefits pertaining to prior years decreased approximately $51,862 in 2023 from the prior year estimate. This decrease overall includes better than expected experience of approximately $38,012 for disability, $537 as group medical, and approximately $16,774 in all other lines of A&H business, and worse than expected experiences of approximately $3,461 for cancer/individual medical.

The Company did not incur additional expense stemming from lawsuits for extra contractual obligations or bad faith in 2025, 2024 or 2023.

**(9)** **Reinsurance** 

Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities, or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Management believes that all reinsurers presently used are financially sound and will be able to meet their contractual obligations; therefore, no significant allowance for uncollectible amounts has been included in the Company's statutory financial statements as of December 31, 2025 and 2024.

On March 6, 2019, Scottish Re US Inc. ("Scottish Re"), a reinsurance company domiciled in Delaware, was ordered into receivership for the purposes of rehabilitation by the Court of Chancery of the State of Delaware (the "Court"). The proposed Plan of Rehabilitation of Scottish Re was filed in the Court on June 30, 2020. On July 18, 2023, Scottish Re was declared insolvent and ordered to liquidate by the Court. As set forth in the Liquidation and Injunction Order (the "Order"), all agreements of reinsurance issued by Scottish Re were canceled September 30, 2023. At the time of cancellation, reinsurance recoverables on paid losses of approximately $2,454 related to Scottish Re were written off. Additionally, the Company removed an associated reserve credit of approximately $10,567 as of September 30, 2023. See Note 17 for impact of liquidation on Mid-Continent Life block of business.

The Company established a liquidation receivable of approximately $2,230, net of impairment of approximately $2,230; however, the timing of the receipt of payment is currently not known as the final liquidation policy and procedures documents have not yet been finalized by the Court. The liquidation receivable is an encumbered asset, and as a result, the Company elected to non-admit the full receivable. The Company will continue to monitor developments related to the Order, including any expected recovery of outstanding amounts receivable. On January 22, 2026, the Deputy Receiver on behalf of Scottish Re distributed procedures and established a Bar Date of June 23, 2027, for submission of general claims. The Company is reviewing these procedures and will continue to monitor the liquidation plan as details emerge.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

For reinsurance arrangements outside of Scottish Re, the estimated amounts that reduced the reserves for future policy benefits as of December 31, 2025 and 2024 for reinsurance ceded were approximately $842,290 and $881,624, respectively. As of December 31, 2025 and 2024, amounts that reduced the reserves for future policy benefits of approximately $484,248 and $521,950, respectively, were associated with one reinsurer.

As of December 31, 2025 and 2024, the Company had unsecured aggregate recoverable from the following reinsurers for policy and contracts claims, paid and unpaid, that exceeds 3% of the Company's surplus, as follows:

---

| | | |
|:---|:---|:---|
| **Group** | **2025** | **2024** |
|  Hannover Reassurance (Ireland) LTD | $28278 | $19315 |
|  Hannover Life Reassurance Company | 2420 | 2775 |
|  Total group | $30698 | $22090 |

---

Reinsurance agreements in effect for life insurance policies provide for retention amounts that vary according to the age of the insured and the type of risk. The maximum retention for most life insurance plans is $500. Lower limits apply for certain coverages. Higher amounts, not exceeding $1,000, are retained for certain policies that were reinsured under agreements terminated on September 30, 2023, due to the liquidation of Scottish Re. The maximum retention for currently issued group life insurance is $25, and the maximum retention for Latin American individual life insurance is $250. As of December 31, 2025 and 2024, the face amounts of life insurance in force that are reinsured amounted to approximately $5,645,625 and $6,184,600, respectively (approximately 12.78% and 15.06% of total life insurance in force, respectively).

Reinsurance agreements in effect for accident and health insurance policies vary with the type of coverage. There are no accident and health reinsurance treaties subject to retention limits.

The effects of reinsurance agreements on earned premiums, prior to deductions for benefits and commission allowances, are as follows for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Reinsurance ceded | $70722 | $71119 | $107609 |
|  Reinsurance assumed | 3801 | 4581 | 29904 |

---

Reinsurance agreements reduced benefits paid for life and accident and health policies by approximately $141,445, $159,664, and $163,673 for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company had no commutation of reinsurance or ceding entities that utilized captive reinsurers to assume reserves subject to the XXX/AXXX Captive Framework in 2025 or 2024.

The Company had no certified reinsurance rating downgraded or status subject to revocation. The Company had no reinsurance of variable annuity contracts/certificates with an affiliate captive reinsurer. There were no reinsurance agreements with affiliated captive reinsurers.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(10)** **Federal Home Loan Bank Funding Agreement** 

The Company is a member of the Federal Home Loan Bank (FHLB) of Topeka, KS. Through its membership, the Company has issued debt to the FHLB Topeka in exchange for cash advances in the amount of $194,500 and $358,500 in funding agreements. The Company evaluates the agreements issued to the FHLB on an individual basis and accounts for them according to the substance of the individual arrangement. Funding agreements, including those used in an investment spread capacity, are accounted for in accordance with SSAP No. 52, Deposit-Type Contracts. Any funds obtained from the FHLB Topeka for use in general operations are accounted for consistently with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. The pledged securities are held in the Company's name in a custodial account at United Missouri Bank, N.A. to secure current and future borrowings. To participate in this available credit, the Company has acquired 256 shares of FHLB common stock with a total carrying value of approximately $25,625 and $27,218 as of December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*(a) FHLB Capital Stock* 

Aggregate totals as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Membership Stock-Class A | $600 | $600 |
|  Activity stock | 24385 | 25938 |
|  Excess stock | 640 | 680 |
|  Aggregate total | $25625 | $27218 |
|  Actual or estimated borrowing capacity as determined by the insurer | $633819 | $629395 |

---

As of December 31, 2025, $100 of Class A membership stock is eligible for redemption within six months. The remaining Class A membership stock is not eligible for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;*(b) Collateral Pledged to FHLB* 

The Company is required to maintain a collateral security deposit against these borrowings with the custodian bank. As of December 31, 2025, assets having a fair value and carrying value of $744,656 and $881,238, respectively, were in a segregated fund at the custodian bank. For the year ended December 31, 2025, the maximum amount pledged had a fair value and a carrying value of $786,608 and $941,851, respectively. Total aggregate borrowings at the time of maximum collateral were $592,500.

As of December 31, 2024, assets having a fair value and carrying value of $753,626 and $927,095 respectively, were in a segregated fund at the custodian bank. For the year ended December 31, 2024, the maximum amount pledged had a fair value and a carrying value of $822,391 and $1,027,304, respectively. Total aggregate borrowings at the time of maximum collateral were $587,500.

&nbsp;&nbsp;&nbsp;&nbsp;*(c) FHLB Borrowings* 

As of December 31, 2025 and 2024, the face amount and carrying value of borrowings accounted for as debt were $194,500 and $224,000, respectively. These borrowings have issue dates ranging from 2016 to 2025.

Interest accrues at a rate of 1.13% to 4.17%. The effective interest rate was 2.97%. FHLB has the option to convert the initial rate of interest to an adjustable rate of interest on one of these borrowings. If FHLB exercises its conversion option, the Company may prepay the advance in full or in part without fee on the initial rate reset date and any subsequent rate reset date.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

Interest paid on advances during the years ended December 31, 2025, 2024 and 2023 was approximately $6,496, $7,301, and $9,158, respectively, and is included in investment expenses in net investment income in the accompanying Statutory Statements of Operations. As of December 31, 2025 and 2024, $499 and $557 in interest were due on these advances for each year, respectively.

The maximum amount of aggregate borrowings during the year was $592,500.

Scheduled maturities (excluding interest) of the above indebtedness as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
| 2026 | $90500.0 |
| 2027 | 66500.0 |
| 2028 | 37500.0 |
|  | $194500.0 |

---

**(11)** **Income Taxes** 

The Company determined its income taxes pursuant to SSAP No. 101, *Income Taxes,* for the year ended December 31, 2025 and 2024.

The Company's net deferred tax assets and deferred tax liabilities as of December 31 and the change from the prior year are comprised of the following components:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
|  Gross deferred tax assets | $147994 | $4659 | $152653 | $143459 | $1460 | $144919 | $4535 | $3199 | $7734 |
|  Statutory valuation allowance adjustments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets | 147994 | 4659 | 152653 | 143459 | 1460 | 144919 | 4535 | 3199 | 7734 |
|  Deferred tax asset nonadmitted | 72653 | 105 | 72758 | 64960 |  | 64960 | 7693 | 105 | 7798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total net admitted deferred tax assets | 75341 | 4554 | 79895 | 78499 | 1460 | 79959 | (3158) | 3094 | (64) |
|  Deferred tax liabilities | 29418 | 3375 | 32793 | 26116 | 6127 | 32243 | 3302 | (2752) | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax assets (liabilities) | $45923 | $1179 | $47102 | $52383 | $(4667) | $47716 | $(6460) | $5846 | $(614) |

---

Management has reviewed whether a valuation allowance is needed on its total gross deferred tax assets reported above based on factors such as past history and trends, projected taxable income, and expiration of carryforwards. Management believes that in 2025 and 2024 it is more likely than not that the results of operations will generate sufficient taxable income to realize its gross deferred tax assets on ordinary items. Additionally, in 2025 and 2024, management believes that there are sufficient capital gains available in its capital assets portfolio and that holding its fixed debt securities in a loss position to maturity or recovery substantiates the Company's ability to realize its gross deferred tax assets on capital items. Therefore, no statutory valuation allowance adjustments are needed in 2025 or 2024.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The Company's admission calculation components are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| (a) Federal income taxes paid in prior years years recoverable through loss carrybacks | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| (b) Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation. (The lesser of (b)1 and (b)2 below): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date | 45923 | 1179 | 47102 | 47395 | 321 | 47716 | (1472) | 858 | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross deferred tax assets allowed per limitation threshold |  |  | 99348 |  |  | 99159 |  |  | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesser of b(1) or b(2) | 45923 | 1179 | 47102 | 47395 | 321 | 47716 | (1472) | 858 | (614) |
| (c) Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities | 29418 | 3375 | 32793 | 31104 | 1139 | 32243 | (1686) | 2236 | 550 |
| (d) Deferred tax assets admitted |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total ((a) + (b) + (c)) | $75341 | $4554 | $79895 | $78499 | $1460 | $79959 | $(3158) | $3094 | $(64) |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Ratio percentage used to determine recovery period and threshold limitation amount | 690% | 762% |
|  Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in (b)2 above | $622323 | $661061 |

---

As of December 31, the change in the net deferred income taxes is comprised of the following (this analysis is exclusive of the nonadmitted deferred tax assets as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the Statutory Statements of Changes in Capital and Surplus):

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
|  Gross deferred tax assets | $152653 | $144919 | $7734 |
|  Gross deferred tax liabilities | 32793 | 32243 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets/deferred tax liabilities | 119860 | 112676 | 7184 |
|  Tax effect of unrealized (gains) | 480 | (5173) | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred income taxes | $119380 | $117849 | $1531 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The impact of the Company's tax planning strategies as of December 31 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Ordinary** | **Capital** | **Ordinary** | **Capital** |
|  Adjusted gross deferred tax assets | $147994 | $4659 | $143459 | $1460 | $4535 | $3199 |
|  Percentage of adjusted gross deferred tax assets attributabe to the impact of tax planning strategies | —% | 3.1% | —% | 1.0% | —% | 2.1% |
|  Net admitted adjusted gross deferred tax assets | $75341 | $4554 | $78499 | $1460 | $(3158) | $3094 |
|  Percentage of net admitted adjusted gross deferred tax asset attributable to the impact of tax planning strategies | —% | 5.7% | —% | 1.8% | —% | 3.9% |

---

None of the Company's tax-planning strategies include the use of reinsurance.

There are no temporary differences for which deferred tax liabilities are not recognized.

As of December 31, current income taxes incurred consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
|  Current federal income tax – operations | $44836 | $55773 | $(10937) |
|  Foreign income tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 44836 | 55773 | (10937) |
|  Current federal income tax on capital gains taxes incurred | (967) | (6136) | 5169 |
|  Federal and foreign income taxes incurred | $43869 | $49637 | $(5768) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **Change** |
|  Current federal income tax – operations | $55773 | $48110 | $7663 |
|  Foreign income tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 55773 | 48110 | 7663 |
|  Current federal income tax on capital gains taxes incurred | (6136) | 263 | (6399) |
|  Federal and foreign income taxes incurred | $49637 | $48373 | $1264 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

As of December 31, deferred income tax assets and liabilities consist of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
|  Deferred tax assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounting of unpaid losses | $17300 | $16941 | $359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | 26159 | 24291 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 74060 | 68835 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets |  | 6784 | (6784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits accrual | 14147 | 13640 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension accrual |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables – nonadmitted | 15221 | 11537 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1107 | 1431 | (324) |
| &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 | 147994 | 143459 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted | 72653 | 64960 | 7693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admitted ordinary deferred tax assets | 75341 | 78499 | (3158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3473 | 1133 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1180 | 321 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 6 | 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; Subtotal | 4659 | 1460 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted | 105 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admitted capital deferred tax assets | 4554 | 1460 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admitted deferred tax assets | 79895 | 79959 | (64) |
|  Deferred tax liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1529 | 1336 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets | 2243 |  | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred and uncollected premium | 21433 | 19568 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4213 | 5212 | (999) |
| &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 | 29418 | 26116 | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3375 | 6127 | (2752) |
| &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 | 3375 | 6127 | (2752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 32793 | 32243 | 550 |
| &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 deferred tax assets | $47102 | $47716 | $(614) |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The following items are included in other ordinary deferred tax liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
|  Change in reserve method | $8 | $1664 | $(1656) |
|  Scottish Re liquidation receivable allowances | 1962 | 1962 |  |
|  Investments Other Bonds, Stocks, and Real Estate | 1862 | 1262 | 600 |
|  Other (items <5% of total ordinary tax liabilities) | 381 | 324 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $4213 | $5212 | $(999) |

---

The Company's income tax incurred and change in deferred tax differ from the amount obtained by applying the federal statutory rate of 21% to income before income taxes and net realized capital gains (losses) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **Effective<br>2025 tax**<br>**rate** | **2024** | **Effective<br>2024 tax**<br>**rate** | **2023** | **Effective<br>2023 tax**<br>**rate** |
|  Income before taxes and realized capital gains | $278611 | —% | $284260 | —% | $241133 | —% |
|  Income tax expense at 21% statutory rate | 58508 | 21.00% | 59694 | 21.00% | 50638 | 21.00% |
|  Increase (decrease) in tax resulting from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (1430) | -0.5% | (1755) | -0.6% | (1081) | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nondeductible expenses for meals and other items | (944) | -0.3% | (482) | -0.2% | (68) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | (2941) | -1.1% | (3570) | -1.3% | (2667) | -1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credits | (1749) | -0.6% | (1795) | -0.6% | (1717) | -0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income | (1985) | -0.7% | (2028) | -0.7% | (2089) | -0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax adjustment for IMR | (1181) | -0.4% | (1653) | -0.6% | (2117) | -0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit on nonadmitted assets | (3684) | -1.3% | (148) | -0.1% | (307) | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timing differences on realized gains and losses | (257) | -0.1% | (2123) | -0.7% | (1037) | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year return to provision and amended return adjustments | (1032) | -0.4% | (1666) | -0.6% | (919) | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax expected | $43305 | 15.6% | $44474 | 15.6% | $38636 | 16.1% |
|  Current income taxes incurred (excludes tax on net realized gains and losses) | $44836 | 16.1% | $55773 | 19.6% | $48110 | 20.0% |
|  Net change in deferred income taxes (excludes tax on unrealized gains and losses) | (1531) | -0.5% | (11299) | -4.0% | (9474) | -3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax reported | $43305 | 15.6% | $44474 | 15.6% | $38636 | 16.1% |

---

As of December 31, 2025, there are no operations loss deductions, capital loss, or tax credit carryforwards available for tax purposes. For purposes of the Corporate Alternative Minimum Tax ("CAMT"), the Company is a nonapplicable reporting entity.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

The following are income taxes incurred in the current and prior years that will be available for recoupment in the event of future net losses:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** | **Total** |
|  December 31, 2025 | $– $– $|  |
|  December 31, 2024 | $– $– $|  |
|  December 31, 2023 | $– $– $|  |

---

Capital losses can be carried back three years to the extent that capital gains were generated in the carryback years. The amounts in this table represent the income tax incurred on capital gains in the current and prior years that will be available for recoupment in the event of future net capital losses.

As of December 31, 2025, there were no deposits admitted under Section 6603 of the Internal Revenue Code.

The Company is included in a consolidated federal income tax return with the following entities:

---

| | |
|:---|:---|
| American Fidelity Corporation | Home Rentals Inc. |
| American Public Life Insurance Company | Apple Creek Apartments, Inc. |
| American Fidelity Securities, Inc. | American Fidelity International Holdings, Inc. |
| Market Place Realty Corporation | AF Apartments, Inc. |
| American Fidelity General Agency, Inc. | American Fidelity Property Services, LLC |
| First Financial Securities of America, Inc. | American Fidelity Community Services, Inc. |
| American Fidelity Property Company | InvesTrust |
| AF Professional Employment Group, LLC | American Fidelity Administrative Services, LLC |
| Alcott HR Group, LLC | Cameron Ventures International I, Inc. |

---

The method of tax allocation between the companies is subject to a written agreement approved by the Board of Directors. Allocation is based on separate return calculations at the group's effective tax rate with current credit for net losses. Intercompany tax balances are settled annually.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

As of December 31, 2025, the Company did not owe or pay any Repatriation Transition Tax installments under the Tax Cuts and Jobs Act of 2017.

As of December 31, 2025, the Company has no AMT credit carryforward.

The Company files income tax returns in the US federal jurisdiction and various states. The tax years 2020 through 2025 remain open to US federal, state, and local income tax examinations. The Company is not currently under examination by any taxing authority.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(12)** **Employee Benefit Plans** 

The Company participates in a pension plan (the Plan), sponsored by AFC, and is not directly liable for obligations under the Plan. The Plan covers all employees who have satisfied longevity and age requirements. The Company's funding policy is to contribute annually the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. The Company contributed approximately $12,000, $0, and $5,000 to the Plan during the years ended December 31, 2025, 2024 and 2023, respectively. AFC also offers certain postretirement benefits other than the Plan.

The Company participates in a defined-contribution thrift and profit-sharing plan as provided under Section 401(a) of the Internal Revenue Code (the Code), which includes the tax deferral feature for employee contributions provided by Section 401(k) of the Code. The Company contributed approximately $16,601, $14,743, and $14,136 to this plan during the years ended December 31, 2025, 2024 and 2023, respectively.

**(13)** **Leases** 

The Company leases various properties to nonaffiliates under operating lease agreements, which expire or are cancelable within one year. The properties leased are included in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as investment real estate. Rental income on these properties is included in the Statutory Statements of Operations as net investment income.

Investment real estate held for lease is as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Land and buildings, net of encumbrances | $28761 | $32561 |
|  Less accumulated depreciation | (12612) | (12461) |
|  Net investment in real estate held for lease | $16149 | $20100 |

---

Rent expense for the years ended December 31, 2025, 2024 and 2023 was approximately $29,669, $28,556, and $26,832, respectively. A portion of rent expense relates to leases that expire or are cancelable within one year. The approximate aggregate minimum annual rental commitments as of December 31, 2025 under noncancelable long-term leases for office space are as follows:

---

| | |
|:---|:---|
| 2026 | $7355 |
| 2027 | 7435.0 |
| 2028 | 7037.0 |
| 2029 | 7015.0 |
| 2030 | 7140.0 |
|  Thereafter | 53376.0 |

---

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

**(14)** **Transactions with Affiliates** 

The following is a summary of the significant ownership and affiliated entity relationships that existed as of December 31, 2025:

---

| | |
|:---|:---|
| William M. Cameron and Lynda L. Cameron | Cameron Ventures, LLC and its affiliate |
| Cameron Associates, Inc. | American Fidelity Community Services, Inc. |
| American Fidelity Corporation | American Fidelity General Agency, Inc. |
| American Public Life Insurance Company | American Fidelity Property Company and its affiliates |
| American Fidelity International Ltd. | American Fidelity Property Services, LLC |
| American Fidelity Global Solutions Ltd. | Home Rentals, Inc. and its affiliates |
| American Fidelity Administrative Services, LLC | InvesTrust Wealth Management, LLC and its affiliates |
| American Fidelity Securities, Inc. | InvesTrust |
| First Fidelity Bancorp, Inc. and its affiliates | Market Place Realty Corporation |
| First Financial Securities of America, Inc. | Oklahoma Winery Partners, LLC |
| 9000 Broadway Owners Association, LLC | Chateau Cameron, LP and its affiliates |
| AF Apartments, Inc. | Cameron Capital Management, Inc. and its affiliates |
| AF Professional Employment Group, LLC | Cameron Family Legacy Fund, LP and its affilitates |
| Alcott HR Group, LLC, and its affiliates | Cameron Brokerage, LLC and its affiliates |
| American Fidelity International Holdings, Inc. and its affiliates |  |
| Cameron Enterprises A Limited Partnership and its affiliates |  |

---

See ultimate parent and ownership disclosed in Note 1a. The operations of the Company may not be indicative of those that would have occurred had the company operated as a stand-alone entity. As of December 31, 2025, the Company reported approximately $1,132 as a net amount receivable from AFC. As of December 31, 2024 and 2023, the Company reported approximately $15 and $5,237, respectively, as a net amount payable to AFC.

The Company leases office space from an affiliate company, Cameron Family Legacy Fund, LP. The rent payments associated with this lease were approximately $13,707, $13,304, and $12,540 in 2025, 2024 and 2023, respectively.

Under a service agreement approved by the Oklahoma Insurance Department, AFC provides certain services on a cost basis with no mark-up. During the years ended December 31, 2025, 2024 and 2023, the Company paid management fees to AFC totaling approximately $9,325, $23,382 and $10,029, respectively.

The Company leases automobiles, furniture, and equipment from CEALP that owns a controlling interest in AFC. These operating leases are cancelable upon one month's notice. During the years ended December 31, 2025, 2024 and 2023, payments under these leases were approximately $13,416, $12,550 and $11,831, respectively.

Under a service agreement approved by the Oklahoma Insurance Department, the Company provides certain services to American Fidelity International Ltd. (AFIL), formerly American Fidelity International Bermuda Ltd. AFIL. paid management fees to the Company of approximately $5,917, $5,549 and $3,078 for each of the years ended December 31, 2025, 2024 and 2023.

Under a service agreement approved by the Oklahoma Insurance Department, the Company provides certain services to APL. APL paid management fees to the Company of approximately $2,200, $2,200 and $2,200 for each of the years ended December 31, 2025, 2024 and 2023.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

During the years ended December 31, 2025, 2024 and 2023, the Company paid investment advisory fees to a subsidiary of the partnership that owns a controlling interest in AFC totaling approximately $26,920, $28,561 and $26,781, respectively.

On January 26, 2026, the Company was named beneficiary of a line of credit established by AFIL for $4,600 in relation to certain term life business reinsured by AFIL.

**(15)** **Commitments and Contingencies** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a) Commitment* 

As of December 31, 2025 and 2024, the Company had future commitments of $24,664 and $27,086, respectively, on its investments in limited partnerships, and $4,404 and $4,290, respectively in bank loans. These limited partnerships are part of the Company's private equity program. Underlying partnership assets are primarily unaffiliated common or preferred stocks. The funding commitments relate to future equity stakes taken in a portfolio of private companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b) Guaranty Association Assessments* 

The Company is subject to state guaranty association assessments in all states in which it is licensed to do business. These associations generally guarantee certain levels of benefits payable to resident policyholders of insolvent insurance companies. Many states allow premium tax credits for all or a portion of such assessments, thereby allowing potential recovery of these payments over a period of years. However, several states do not allow such credits. The Company estimates its liabilities for guaranty association assessments by using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. The Company monitors and revises its estimates for assessments as additional information becomes available, which could result in changes to the estimated liabilities. As of December 31, 2025 and 2024, liabilities for guaranty association assessments totaled approximately $1,127 and $1,456, respectively. Other operating expenses related to state guaranty association assessments were minimal for the years ended December 31, 2025, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;*(c) Litigation* 

In the normal course of business, there are various legal actions and proceedings pending against the Company and its subsidiaries. In management's opinion, the ultimate liability, if any, resulting from these legal actions will not have a material adverse effect on the Company's financial position.

**(16)** **Health Savings Accounts** 

The Company acts as a custodian and administrator for health savings accounts (HSA). As of December 31, 2025 and 2024, the Company reported $245,363 and $239,356, respectively, of cash held as a custodian for HSA accounts in cash and short-term investments respectively. The Company maintains an offsetting liability of $245,363 and $239,356, respectively, in other liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2025 and 2024.

**(17)** **Acquired Business – Mid-Continent Life Insurance Company** 

Effective December 31, 2000, the Company entered into an assumption reinsurance agreement with the Commissioner of Insurance of the State of Oklahoma, in his capacity as receiver of Mid-Continent Life Insurance Company (MCL) of Oklahoma City, Oklahoma. Under this agreement, the Company assumed

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

MCL's policies in force, with the exception of a small block of annuity policies that was assumed effective January 1, 2001. In a concurrent reinsurance agreement, the Company ceded 100% of the MCL policies assumed to Hannover Life Reassurance Company of America. In 2002, this agreement was then transferred to Hannover Life Reassurance Company of Ireland (HLR). The agreement with HLR is a funds withheld arrangement, with the Company ceding net policy assets and liabilities of approximately $471,250 and $509,913 to HLR and maintaining a funds withheld liability as of December 31, 2025 and 2024, respectively.

Under the terms of the agreement with the receiver, the Company guaranteed the amount of premiums charged under the assumed "Extra-Life" contracts would not increase during the 17-year period beginning December 31, 2000 and would only increase thereafter if certain conditions were met. Since 2018, the Company has demonstrated to the Oklahoma Department of Insurance that those certain conditions had been met and the company has implemented rate increases every year since then. The Company also guaranteed that the current dividend scale on the assumed "Extra-Life" contracts would not be reduced or eliminated during the five-year period beginning December 31, 2000. Beginning January 1, 2006, the dividends on the assumed "Extra Life" contract were no longer guaranteed pursuant to the assumption reinsurance agreement with the Commissioner of Insurance of the State of Oklahoma.

As required by the terms of the assumption reinsurance agreement with the Commissioner of Insurance of the State of Oklahoma, the Company and HLR agreed that a Supplemental Policyholder Reserve (SPR) would be established. The initial SPR is equal to the net of the assets and liabilities received from MCL under the assumption agreement, less amounts ceded to other reinsurance carriers. The SPR is 100% ceded to HLR.

The purpose of the SPR is to provide additional protection to the MCL policyholders against premium increases and to ensure that profits are recognized over the lives of the underlying policies, rather than being recognized up front. The method for calculation of the initial SPR was specified precisely in the agreement with the receiver. The method for calculating the SPR for periods beyond the purchase date was developed by the Company, as this reserve is not otherwise required statutorily or under existing actuarial valuation guidance. The SPR is divided into two parts: (a) an additional reserve for future benefits, which is an estimate of the amount needed, in addition to the policy reserves and liability for future dividends, to fund benefits assuming there are no future premium rate increases, and (b) an additional reserve for future estimated profit, which represents the profit the Company expects to earn on this business over the lives of the underlying policies. The SPR is reprojected each year to recognize current and future profits as a level percentage of future projected required capital amounts each year, resulting in a level return on investment. Any remaining SPR will not automatically be released after the premium guarantee period of 17 years because the SPR is to be held until there is an actuarial certainty that premium rate increases will not be needed. The calculation of the SPR is subject to significant volatility, as it is highly dependent upon assumptions regarding mortality, lapse experience, and investment return. Small shifts in any of these underlying assumptions could have a dramatic impact on the value of the SPR. The SPR was approximately $172,508 and $206,805 for 2025 and 2024, respectively.

Under the terms of the agreement with HLR, HLR has agreed to share future profits on a 50/50 basis with the Company through an experience refund account. The experience refund account is calculated as premium income plus investment income less reserve increases (including the SPR), benefits paid, and administrative expense allowances paid to the Company and is settled on a quarterly basis. Losses are not shared on a 50/50 basis, except to the extent that a net loss in the experience account at the end of a quarter carries forward to future quarters. There was no experience refund earned by the Company in 2025 and 2024. Due to the nature of a funds withheld reinsurance arrangement, the components of the experience refund calculation are reported as separate components in the accompanying Statutory Statements of Operations. Premium income, reserve increases, and benefits paid related to this block are reported as

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

reductions of premium income, changes in reserves, and benefits for reinsurance ceded, as required by the terms of the agreement. Investment income on the funds withheld is included in the Company's investment income, and administrative expense allowances paid to the Company are reported as a reduction of the Company's expense. The impact of ceding investment income on funds withheld is reported as a reduction of net investment income in the accompanying Statutory Statements of Operations.

As indicated in Note 9, one of the Company's reinsurers, Scottish Re, was declared insolvent and ordered liquidated by the Court. Reinsurance coverage was cancelled as of September 30, 2023. As a result of the cancellation of the treaty, the reinsurance recoverable on paid losses of approximately $1,865 and the reserve credit of approximately $1,983 related to Scottish Re for the MCL block of business were transferred to Hannover in accordance with the assumption agreement between the Company and Hannover. In addition, the Company recorded a liquidation receivable of approximately $11,504, net of impairment of $11,504, which was also transferred to Hannover in accordance with that same assumption agreement.

**(18)** **Life Contracts – Premiums** 

Deferred and uncollected life insurance premiums and annuity considerations as of December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross** | **Net of loading** | **Gross** | **Net of loading** |
|  Ordinary new business | $54666 | $4793 | $45737 | $4420 |
|  Ordinary renewal | 91018 | 61508 | 83333 | 56891 |
|  Group Life | 119 | 119 | 156 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $145803 | $66420 | $129226 | $61467 |

---

**(19)** **Managing General Agents and Third-Party Administrators** 

There are no Managing General Agents or Third-Party Administrators arrangements with direct written premium greater than 5% of surplus as of December 31, 2025, 2024 and 2023, respectively. Total aggregate direct written premium was approximately $1,126, $3,766 and $26,165 as of December 31, 2025, 2024 and 2023, respectively.

**(20)** **Guaranty Assessments** 

As of December 31, 2025 and 2024, the Company did not receive notice of any assessments that would have a material financial impact.

The amount of recognized liabilities under SSAP No. 35R Accounting for Guaranty Funds and Other Assessments is approximately $1,127 and $1,456 as of December 31, 2025 and 2024, respectively, and the related asset for premium tax credits is approximately $317 and $317 as of December 31, 2025 and 2024, respectively. The Company expects that the assessments would be billed and paid over the next year and the majority of the premium tax offsets would be realized over the next five years after that.

------

**AMERICAN FIDELITY ASSURANCE COMPANY**

Notes to Statutory Financial Statements

December 31, 2025 and 2024

(Dollar amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year-end | $1509 | $1263 |
|  Decreases current year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium tax offset applied | 286 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on insolvencies which were set up as payables prior to the current year | 95 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reduction in the estimated assessment liability based on the new projections at the end of the current year | 325 |  |
|  Increases current year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment payments less refunds on insolvencies billed during the current year | 144 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in the estimated assessment liability based on the new projections at the end of the current year | 420 | 441 |
|  Assets recognized from paid and accrued premium tax offsets and policy surcharges current year-end | $1367 | $1509 |

---

**(21)** **Subsequent Events** 

There have been no events occurring subsequent to December 31, 2025 which may have a material effect on the financial condition of the Company that have not already been disclosed elsewhere. The Company has evaluated events subsequent through April 14, 2026, the date the statutory audited financial statements were issued.

------

Schedule I - Summary of Investments-Other than Investments in Related Parties

Year ended December 31, 2025

(Dollar amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
| **Type of investment** | **Cost** | **Fair Value** | **Amount at which**<br>**shown in the<br>balance sheet** |
|  Bonds: |  |  |  |
|  Issuer Credit Obligations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treasury | $703 | $695 | $703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other US Government | 350819 | 301335 | 350819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Sovereign | 9971 | 7932 | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal | 630643 | 481466 | 630643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Finance Bonds | 174891 | 156690 | 174891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporates | 2101842 | 1873446 | 2101842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds Issued by Funds Representing Operating Entities | 197449 | 182998 | 197449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Issuer Credit Obligations | 54890 | 50815 | 54890 |
|  Asset-Backed Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Mortgage-Backed | 632481 | 547966 | 632481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed | 129935 | 103260 | 129935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency CLOs | 292729 | 293887 | 292729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asset-Backed Securities | 116204 | 113210 | 116204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds: | 4692557 | 4113700 | 4692557 |
|  Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | $5223 | $6426 | $6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock - unaffiliated | 240231 | 226416 | 226416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities: | 245454 | 232842 | 232518 |
|  Mortgage loans on real estate | 735371 | 699920 | 735371 |
|  Real estate | 18390 | 20880 | 18390 |
|  Cash and short-term investments | 345068 | 345068 | 345068 |
|  Contract loans | 55595 | 55595 | 55595 |
|  Other long-term investments | 200406 | 208245 | 207088 |
|  Receivable for securities | 1420 | 1420 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | $6294261 | $5677670 | $6288007 |

---

---

| | |
|:---|:---|
| ¹ | The amount shown on the balance sheet for NAIC 6 bonds are presented at fair value as fair value is lower than cost.  |

---

See accompanying independent auditors' report.

------

Schedule III - Supplementary Insurance Information

December 31, 2025

(Dollar amounts 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)** | **Future<br>policy<br>benefits<br>losses, claims<br>and loss<br>expenses (3)** | **Unearned<br>premiums (3)** | **Other policy<br>claims and<br>benefits<br>payable (3)** | **Premium<br>revenue and<br>annuity, pension<br>and other<br>contract<br>considerations** | **Net<br>investment<br>income** | **Benefits,<br>claims,<br>losses and<br>settlement<br>expenses** | **Amortization of<br>deferred policy<br>acquisition<br>costs (1)** | **Other<br>operating<br>expense** | **Premiums<br>written (2)** |
| 2025 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $812032 | $— | $24204 | $265599 | $60562 | $58408 | $— | $99840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2346619 |  | 273 | 259756 | 115851 | 291902 |  | 41284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract |  | 18719 |  | 16394 | 611 | 653 | 2018 |  | (41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health |  | 956328 | 5539 | 140078 | 1108633 | 50133 | 483714 |  | 471861 |  |
|  Total | $— | $4133698 | $5539 | $180949 | $1634599 | $227199 | $836042 | $— | $612944 |  |
| 2024 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $742387 | $— | $19196 | $234648 | $60461 | $51147 | $— | $78428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2306243 |  | 249 | 248234 | 113128 | 279152 |  | 41873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract |  | 19404 |  | 16977 | 1372 | 718 | 2093 |  | (53) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health |  | 930726 | 5426 | 133881 | 1050266 | 39361 | 457185 |  | 436004 |  |
|  Total | $— | $3998760 | $5426 | $170303 | $1534520 | $213668 | $789577 | $— | $556252 |  |
| 2023 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life | $— | $681386 | $— | $21739 | $207940 | $55063 | $48358 | $— | $61931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity |  | 2267630 |  | 162 | 237502 | 100702 | 211272 |  | 68336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract |  | 19614 |  | 17507 | 235 | 696 | 2134 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health |  | 911486 | 5491 | 149633 | 1044994 | 39785 | 480031 |  | 446425 |  |
|  Total | $— | $3880116 | $5491 | $189041 | $1490671 | $196246 | $741795 | $— | $576704 |  |

---

(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.

------

Schedule IV- Reinsurance

December 31, 2025

(Dollar amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross<br>amount** | **Ceded to<br>other<br>companies** | **Assumed<br>from<br>other<br>companies** | **Net amount** | **Percentage<br>of amount<br>assumed<br>to net** |
|  Year ended December 31, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance in force | $44164 | $5646 | $— | $38518 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | $576424 | $51069 | $— | $525355 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 1124485 | 19653 | 3801 | 1108633 | 0.34% |
| &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 premiums | $1700909 | $70722 | $3801 | $1633988 | 0.23% |
|  Year ended December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance in force | $41078 | $6185 | $— | $34893 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | $531749 | $48867 | $— | $482882 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 1067938 | 22253 | 4581 | 1050266 | 0.44% |
| &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 premiums | $1599687 | $71120 | $4581 | $1533148 | 0.30% |
|  Year ended December 31, 2023: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance in force | $38475 | $6592 | $— | $31883 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | $495652 | $50210 | $— | $445442 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 1072489 | 57399 | 29904 | 1044994 | 2.86% |
| &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 premiums | $1568141 | $107609 | $29904 | $1490436 | 2.01% |

---

See accompanying independent auditors' report.

------

#### PART C

#### OTHER INFORMATION

---

| | |
|:---|:---|
| **ITEM 27** | **EXHIBITS**  |

---

---

| | |
|:---|:---|
| **Exhibit**<br> **Number**  |  |
|  | a.1 – [Resolution adopted by the Board of Directors of American Fidelity Assurance Company on May 7, 1968, authorizing establishment of the Registrant. Incorporated by reference to Exhibit 1.1 to Post-Effective Amendment No. 43 to Registrant's registration statement on Form N-4 filed on November 25, 1998.](http://www.sec.gov/Archives/edgar/data/5007/0000909334-98-000092-index.html) |
|  | a.2 – [Resolution adopted by the Board of Directors of American Fidelity Assurance Company on April 6, 1998, authorizing reorganization of the Registrant as a unit investment trust. Incorporated by reference to Exhibit 1.2 to Post-Effective Amendment No. 43 to Registrant's registration statement on Form N-4 filed on November 25, 1998.](http://www.sec.gov/Archives/edgar/data/5007/0000909334-98-000092-index.html) |
|  | a.3 – [Resolution adopted by the Board of Managers of the Registrant on March 19, 1998, authorizing reorganization of the Registrant as a unit investment trust. Incorporated by reference to Exhibit 1.3 to Post-Effective Amendment No. 43 to Registrant's registration statement on Form N-4 filed on November 25, 1998.](http://www.sec.gov/Archives/edgar/data/5007/0000909334-98-000092-index.html) |
|  | c – [Amended and Restated Principal Underwriter's Agreement between the Registrant, American Fidelity Securities, Inc. and American Fidelity Assurance Company, effective as of June 10, 2006. Incorporated by reference to Exhibit 3 to Post-Effective Amendment No. 55 to Registrant's registration statement on Form N-4 filed on April 30, 2007.](http://www.sec.gov/Archives/edgar/data/5007/000090933407000135/afsaaex3-123106.htm) |
|  | c.1 – [First Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated June 10, 2009. Incorporated by reference to Exhibit 3.1 to Registrant's Registration Statement on Post-Effective Amendment No. 66 to Form N-4 filed on April 27, 2018.](http://www.sec.gov/Archives/edgar/data/5007/000106112818000044/exhibit31firstamedment.htm) |
|  | c.2 – [Second Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated April 20, 2012. Incorporated by reference to Exhibit 3.1 to Post-Effective Amendment No. 60 to Registrant's registration statement on Form N-4 filed on April 30, 2012.](http://www.sec.gov/Archives/edgar/data/5007/000106112812000041/exhibit3-1.htm) |
|  | c.3 – [Third Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated June 10, 2015. Incorporated by reference to Exhibit 3.3 to Registrant's Registration Statement on Post-Effective Amendment No. 66 to Form N-4 filed on April 27, 2018.](http://www.sec.gov/Archives/edgar/data/5007/000106112818000044/exhibit33thirdamendment.htm) |
|  | c.4 – [Fourth Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated May 24, 2018. Incorporated by reference to Exhibit 3.4 to Post-Effective Amendment No. 69 to Registrant's registration statement on Form N-4 filed on April 30, 2020.](http://www.sec.gov/Archives/edgar/data/5007/000106112820000029/34fourthamendment.htm) |

---

------

---

| |
|:---|
| c.5 – [Fifth Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated May 17, 2021. Incorporated by reference to Exhibit 3.5 to Post-Effective Amendment No. 72 to Registrant's registration statement on Form N-4 filed on April 27, 2023.](http://www.sec.gov/Archives/edgar/data/5007/000119312523120337/d464253dex99c5.htm) |
| c.6 – [Sixth Amendment to Amended and Restated Principal Underwriter's Agreement between American Fidelity Assurance Company, on behalf of the Registrant, and American Fidelity Securities, Inc. dated June 10, 2024. Incorporated by reference to Exhibit 3.6 to Post-Effective Amendment No. 75 to Registrant's registration statement on Form N-4 filed on April 25, 2025.](http://www.sec.gov/Archives/edgar/data/5007/000119312525096666/d828696dex99c6.htm) |
| d.1\* – [Form of Group Deferred Variable Annuity Master Contract.](d113751dex99d1.htm) |
| d.2\* – [Form of Variable Annuity Contract Certificate.](d113751dex99d2.htm) |
| d.3\* – [403(b) Annuity Rider.](d113751dex99d3.htm) |
| d.4\* – [Roth Individual Retirement Annuity Rider.](d113751dex99d4.htm) |
| d.5\* – [Traditional Individual Retirement Annuity Rider.](d113751dex99d5.htm) |
| d.6\* – [Amendment Rider.](d113751dex99d6.htm) |
| e.1\* – [Form of Master Application for Group Deferred Variable Annuity](d113751dex99e1.htm) |
| e.2\* – [Form of Annuity Application](d113751dex99e2.htm) |
| f.1 – [Articles of Incorporation of American Fidelity Assurance Company, as amended. Incorporated by reference to Exhibit 6.1 to Post-Effective Amendment No. 43 to Registrant's registration statement on Form N-4 filed on November 25, 1998.](http://www.sec.gov/Archives/edgar/data/5007/0000909334-98-000092-index.html) |
| f.2\* – [Second Amended and Restated Bylaws of American Fidelity Assurance Company dated May 26, 2020.](d113751dex99f2.htm) |
| h.1\* – [Participation Agreement among Vanguard Variable Insurance Fund and The Vanguard Group, Inc. and Vanguard Marketing Corporation and American Fidelity Assurance Company dated December 8, 2025](d113751dex99h1.htm) |
| h.2 – [Amended and Restated Investment Consultant Agreement effective October 30, 2017 between American Fidelity Assurance Company and InvesTrust Consulting, L.L.C. Incorporated by reference to Exhibit 8.5 to Registrant's Registration Statement on Post-Effective Amendment No. 66 to Form N-4 filed on April 27, 2018.](http://www.sec.gov/Archives/edgar/data/5007/000106112818000044/exhibit85.htm) |
| h.3 – [First Amendment to Amended and Restated Investment Consultant Agreement between American Fidelity Assurance Company and InvesTrust Consulting, LLC effective October 1, 2020. Incorporated by reference to Exhibit 8.7 to Post-Effective Amendment No. 72 to Registrant's registration statement on Form N-4 filed on April 27, 2023.](http://www.sec.gov/Archives/edgar/data/5007/000119312523120337/d464253dex99h7.htm) |
| h.4 – [Second Amendment to Amended and Restated Investment Consultant Agreement between American Fidelity Assurance Company and InvesTrust Consulting, LLC effective October 1, 2023. Incorporated by reference to Exhibit 8.8 to Post-Effective Amendment No. 74 to Registrant's registration statement on Form N-4 filed on May 1, 2024.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000005007/000119312524117428/d786881d485bpos.htm) |

---

------

---

| | |
|:---|:---|
| k\* | [Opinion and Consent of Counsel (McAfee & Taft A Professional Corporation).](d113751dex99k.htm) |
| l\* | [Consent of Independent Auditor and Independent Registered Public Accounting Firm (Deloitte & Touche LLP).](d113751dex99l.htm) |
| x\* | [Power of Attorney.](d113751dex99x.htm) |
| y\* | [Relationship chart.](d113751dex99y.htm) |
| \* | Filed herewith. |

---

------

---

| | |
|:---|:---|
| **ITEM 28** | **DIRECTORS AND OFFICERS OF THE INSURANCE COMPANY**  |

---

The following are the executive officers and directors of American Fidelity Assurance Company:

---

| | |
|:---|:---|
| Name and Business Address | Positions and Offices with the Insurance Company |
| Mollie Andrews<br> 2312 NW 10<sup>th</sup> Street<br> Oklahoma City, Oklahoma 73107 | Director |
| Paul S. Arvin | Assistant Vice President |
| 9000 Cameron Parkway |  |
| Oklahoma City, OK 73114 |  |
| John M. Bendheim, Jr.<br> 361 Canon Drive<br> Beverly Hills, California 90210 | Director |
| Tim Bolden<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Secretary |
| Lynda L. Cameron<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Director |
| William M. Cameron<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Board Chair, Chief Executive Officer, Director |
| David R. Carpenter<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Director |
| John K. Cassil<br> 9000 Cameron Parkway<br> Oklahoma City, OK 73114 | Senior Vice President, Executive Chief Financial Officer, Treasurer |
| Aaron Voloj Dessauer<br> 425 W. Jefferson Street<br> Tallahassee, Florida 32306 | Director |
| William E. Durrett<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Senior Chairman of the Board, Director |
| Theodore M. Elam<br> 8<sup>th</sup> Floor, Two Leadership Square<br> 211 North Robinson<br> Oklahoma City, Oklahoma 73102 | Director |
| Lynn C. Fritz<br> 3909 Frei Road<br> Sebastopol, CA 95472 | Director |
| Caroline L. Ikard<br> 9000 Cameron Parkway<br> Oklahoma City, OK 73114 | Director |
| Christopher T. Kenney<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Senior Vice President, General Counsel, Secretary |
| Paula Marshall<br> 2727 East 11<sup>th</sup> Street<br> Tulsa, Oklahoma 74104 | Director |

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| | |
|:---|:---|
| Tom J. McDaniel<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Director |
| Jeanette Rice<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | Director |
| Henry Sohn<br> 45B Portage Avenue<br> Palo Alto, CA 94306 | Director |
| Weston Waller<br> 9000 Cameron Parkway<br> Oklahoma City, Oklahoma 73114 | President |

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| | |
|:---|:---|
| **ITEM 29** | **PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR REGISTRANT**  |

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A relationship chart is included as Exhibit y. The subsidiaries of American Fidelity Assurance Company reflected in the chart are recorded in the financial statements of American Fidelity Assurance Company in accordance with statutory accounting practices.

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| | |
|:---|:---|
| **ITEM 30** | **INDEMNIFICATION**  |

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The Bylaws of American Fidelity Assurance Company (Article XI) provide, in part, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of or with the consent of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees), amounts paid in settlement (whether with or without court approval), judgments, or fines actually and reasonably incurred by him in connection with such action, suit, or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith or did not act in a manner which he reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, that the person did not have reasonable cause to believe that his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation shall indemnify every person who is or was a party, or is or was threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of or with the consent of the Corporation as a director, officer, employee, or agent or in any other capacity of or in another corporation, or a partnership, joint venture, trust, or other enterprise, or by reason of any action alleged to have been taken or not taken by him while acting in such capacity, against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such threatened, pending, or completed action or suit if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Corporation. The termination of any such threatened or actual action or suit by a settlement or by an adverse judgment or order shall not of itself create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in, or not opposed to, the best interests of the Corporation. Nevertheless, there shall be no indemnification with respect to expenses incurred in connection with any claim, issue, or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the Corporation, unless, and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that a director, officer, employee, or agent of the Corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in Subsections (a) and (b) hereof, or in defense of any claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with such defense.

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 foregoing provisions, 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.

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| | |
|:---|:---|
| **ITEM 31** | **PRINCIPAL UNDERWRITERS**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) American Fidelity Securities, Inc. is the principal underwriter for the Registrant, American Fidelity Separate Account B and American Fidelity Separate Account C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following persons are the officers and directors of American Fidelity Securities. The principal business address for each of the following officers and directors is 9000 Cameron Parkway, Oklahoma City, Oklahoma 73114.

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| | |
|:---|:---|
| Name and Principal<br> Business Address | Positions and Offices with Underwriter |
| Timothy H. Bolden | Director, Board Chair |
| Taryn Colon | Assistant Vice President, Principal Financial Officer and Treasurer; Financial and Operations Principal |
| James Doherty | Principal Operations Officer |
| A. Faith Grant | Director; Investment Company and Variable Contract Products Principal |
| Courtney Keeling | Director; President, Chief Executive Officer, Chief Compliance Officer, Investment Company and Variable Contract Products Principal |
| Linda Overfield | Assistant Vice President, AML Compliance Officer, Investment Company and Variable Contract Products Principal |
| Brandy Yelton | Secretary |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The net underwriting discounts and commissions received by American Fidelity Securities, Inc. from the Registrant in 2025 were $30,207, representing the 3% sales fee deducted from purchase payments to the Registrant. It received no other commission or compensation from or on behalf of the Registrant during the year.

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| | |
|:---|:---|
| **ITEM 32** | **LOCATION OF ACCOUNTS AND RECORDS**  |

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This information is included in the Registrant's most recent report on Form N-CEN.

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| | |
|:---|:---|
| **ITEM 33** | **MANAGEMENT SERVICES**  |

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Not applicable.

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| | |
|:---|:---|
| **ITEM 34** | **FEE REPRESENTATION**  |

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American Fidelity Assurance Company hereby represents that the fees and charges deducted under the policy, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by American Fidelity Assurance Company.

#### OTHER REPRESENTATIONS
American Fidelity Assurance Company hereby represents that it is relying upon a No-Action Letter issued to the American Council of Life Insurance dated November 28, 1988 (Commission ref. IP-6-88) and that American Fidelity Assurance Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Included appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in each registration statement, including the prospectus, used in connection with the offer of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Included appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in any sales literature used in connection with the offer of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instructed sales representatives who solicit participants to purchase the contract specifically to bring the redemption restrictions imposed by Section 403(b)(11) to the attention of the potential participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Obtained from each plan participant who purchases a Section 403(b) annuity contract, prior to or at the time of such purchase, a signed statement acknowledging the participant's understanding of (1) the restrictions on redemption imposed by Section 403(b)(11), and (2) other investment alternatives available under the employer's Section 403(b) arrangement to which the participant may elect to transfer his contract value.

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#### SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness under Rule 485(b) of the Securities Act and has caused this Registration Statement to be signed on its behalf, in the City of Oklahoma City and State of Oklahoma on April 29, 2026.

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| | |
|:---|:---|
| AMERICAN FIDELITY SEPARATE ACCOUNT A (Registrant) | AMERICAN FIDELITY SEPARATE ACCOUNT A (Registrant) |
| By: | American Fidelity Assurance Company (Insurance Company) |
| By: | /s/Paul S. Arvin |
|  | Paul S. Arvin, Assistant Vice President |
| AMERICAN FIDELITY ASSURANCE COMPANY (Insurance Company) | AMERICAN FIDELITY ASSURANCE COMPANY (Insurance Company) |
| By: | /s/Paul S. Arvin |
|  | Paul S. Arvin, Assistant Vice President |

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As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities set forth as of April 29, 2026.

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| | |
|:---|:---|
| <u>Signature</u> |  |
| /s/John M. Bendheim\* | /s/Lynn Fritz\* |
| John M. Bendheim, Director | Lynn Fritz, Director |
| /s/Weston Waller\* | /s/Caroline Ikard\* |
| Weston Waller, President (Principal Executive Officer) | Caroline Ikard, Director |
| /s/Lynda L. Cameron\* | /s/Paula Marshall\* |
| Lynda L. Cameron, Director | Paula Marshall, Director |
| /s/William M. Cameron\* | /s/Tom J. McDaniel\* |
| William M. Cameron, Chairman of the Board, Director, and Chief Executive Officer | Tom J. McDaniel, Director |
| /s/John Cassil\* | /s/Jeanette Rice\* |
| John Cassil, Senior Vice President, Executive Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | Jeanette Rice, Director |
| /s/William E. Durrett\* | /s/Henry Sohn\* |
| William E. Durrett, Senior Chairman of the Board and Director | Henry Sohn, Director |
| /s/Theodore M. Elam\* | /s/David R. Carpenter\* |
| Theodore M. Elam, Director | David R. Carpenter, Director |
| /s/Mollie Andrews\* | /s/Aaron Voloj Dessauer\* |
| Mollie Andrews, Director | Aaron Voloj Dessauer, Director |

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| |
|:---|
| \*By: /s/Christopher Kenney |
| Christopher Kenney, Attorney in fact, pursuant to the Power of Attorney filed herewith |

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## Ex-99.(D1)

![LOGO](g113751g01g46.jpg)

AMERICAN FIDELITY ASSURANCE COMPANY (A Stock Company) 2000 N. Classen Boulevard Oklahoma City, Oklahoma American Fidelity Assurance Company (the Company) will pay each Participant under this Contract the benefits to which he becomes entitled under the Contract subject to all of its terms. The Contract is issued in consideration of: (1) the application, which is attached; and (2) any payment which the Employer may make to the Company. President Secretary IN WITNESS WHEREOF, the American Fidelity Assurance Company has caused this Contract to be executed at its Home Office in Oklahoma City, Oklahoma. GROUP DEFERRED VARIABLE ANNUITY Master Contract Individual Allocation Separate Account Non-Participating ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT ARE BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT. THE VALUES ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.

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Part1 Definitions Accumulated Value The total value of all Units to the credit of this Contract. Annuitant A person receiving annuity payments. Annuity A contract promising a periodic series of payments. Annuity Commencement The first day of any month after the Participant's retirement, but no later than the distribution Date date required by federal law for the Contract Owner's tax-qualified Plan. Annuity Unit Value Value of units for purpose of calculating amount of annuity payments. Company American Fidelity Assurance Company, Oklahoma City, Oklahoma. Contract Anniversary The anniversary of the Date of Issue of this Contract. Contract Owner . The Owner of the Contract named in the application. Contract Year Any period of one year that begins with the date of issue or the Contract anniversary. Deferred Annuity An annuity to commence at a future date. Effective Date The date as shown on the application. Fixed Annuity An annuity providing payments which do not yan^^amount after the first payment is made. Immediate Annuity An annuity commencing immediate\|y£a Inactive Participant A participant whose acc^^LdM^d^eF accumulating units, but still has a unit balance. Payment Date The Valuation Date on whrcE a premium payment is received at our Company unless it is received after the close of the New York Stock Exchange, in which case it will be the next Valuation Date. Participant An employee who participates in the Plan. Participant's Account The sum of the units credited to a plan participant. Separate Account An account of American Fidelity's assets which are kept apart from other assets. This account is invested separately and is called "The American Fidelity Fund A Account." Tax-Qualified Plans Retirement plans qualified under Section 401 (a), 401 (k), 403(b) or 408 of the Internal Revenue Code, and governmental plans and eligible State deferred compensation plans under Section 414(d) and 457 of the Internal Revenue Code. A tax-qualified payroll deduction plan is a tax-qualified plan which allows plan participants to make contributions through the employer's payroll system. Unit A standard of measurement used to measure the value of each account. Unit Value Value assigned to each accumulation Unit on every Valuation Date. Valuation Date The Valuation Date is a day on which the value of the fund is determined. Valuation Period The Valuation Period is the period between successive Valuation Dates. GVA-1985-GX Page 2

ii

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Part 2 General Provisions The Contract and Application This contract and the application, a copy of which is attached and made a part of this contract, are the entire Contract between the contract owner and the Company. If a change in this Contract or a waiver of its terms is requested by the Contract Owner, the request must be in writing and will take effect only if signed by an authorized officer of the Company. The Company may change this Contract at any time if required by State or Federal laws. After this Contract has been in force for three years, the Company may change any term of the Contract except that benefits already earned by Participants cannot be decreased and the monthly life incomes guaranteed in Part 8 cannot be decreased. The Company will notify the Contract Owner of any change at least 90 days before the change will take effect. Non-participating This Contract is non-participating. It does not share in the profits or earnings of the Company. Proof of Age No lifetime annuity will be paid under this Contract unless satisfactory proof of age is submitted to the Company by the person who will receive the benefit. The amount of payment will be based on the correct age regardless of any prior record to the contrary. Assignment This Contract cannot be assigned except when agreed WEMRe. All benefits are exempt from the claims of creditors to the maximum extent allowed Loans w " This Contract does not permit loans by the Participant from the Cash Value. If the Company, at some future date, permits such loans, they will be authorized by issuing a rider to this Certificate held by the Participant after written application is made by the Participant. In any period when loans are available, they will be available to all participants holding a Certificate under this Contract series. The loan provision may be discontinued without notice. ' Voting Rights The Contract Owner will have the right tot vote at the Contract Owner's meetings. The number of votes that may be cast will conform to the Rules and Regulations of the Separate Account. Certificates American Fidelity will issue a Certificate to each Participant under this Contract. The Certificate is not a part of this Contract. Participant Reports Twice each year, January 1 and June 30, each Participant will receive a fund statement. This statement will include the unit value on the reporting date, the account's unit balance, and the cost of those units on that date. GVA-1985-GX Page 3

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![LOGO](g113751g01g49.jpg)

Part3 Premiums and Account Accumulation Contributions by Contract Owner The Contract Owner will send all premium amounts required for the Plan to the Company. The Company will apply the premiums sent by the Contract Owner to the Participant's Account in order to purchase accumulation Units. Premium Amounts The minimum initial premium for each Participant is $20. The minimum amount of each subsequent premium is $10. The Company makes the following deductions from each premium: (1) 4% from each premium for: sales (3%); administrative expense (1/4%); and minimum death payment (3/4%); (2) $.50 administrative charge per payment; (3) $15.00 one-time certificate issue fee; (4) premium taxes, if any; and (5) charges by an Employer or other agency for payroll reductions or other handling costs. The balance of each premium after these deductions is called the net premium. Application of Net Premium On the Payment Date, the Company will apply the net premium to purchase units for the Participant's Account. The number of units credited will be determined by dividing the net premium by the current Unit Value. Discontinued Premiums If premium payments for a Participant are stopped prior to the Annuity Commencement Date, the Participant will then become an Inactive Participant. The number of units in his or her account will remain constant until one of the following events occurs: (1) premium payments resume; (2) a withdrawal of units occurs; or (3) an annuity is purchased. Part 4 Determining the Accumulated and Unit Values Determination of Policy's Accumulated Value The accumulated value of an account is determined by multiplying the total number of units in the account by the current Unit Value. Determination of the Current Unit Value The value of a unit was set at $1.00 by the Company on the first Valuation Date of the Fund. The current Unit Value is determined by multiplying the Unit Value by the previous Valuation Date by the Net Investment Factor for the Valuation Period just ended.

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Part 4 Determining the Accumulated and Unit Values (Continued) Determination of the Net Investment Factor The Net Investment Factor is determined by the investment performance of the assets of the Fund for the Valuation Period just ended. The Net Investment Factor for any Valuation Period is equal to 1.000000 plus the applicable net investment rate for the period, and may be more or less than 1.000000. The net investment rate is determined by: (a) taking the sum of the net investment income and capital gains and losses, realized or unrealized, of the Separate Account for the Valuation Period, less a deduction for any applicable taxes; then, (b) divide the result of (a) by the value of the Fund at the beginning of the Valuation Period. The gross investment rate may be positive or negative. (c) The net investment rate is then determined by deducting .003521% (1.28525% on an annual basis) from the gross investment rate. The values of the assets will be determined at fair value in accordance with the Rules and Regulations of the Separate Account. Withdrawals " A Participant who wants to make a withdrawal should apply to the Conipany by using a form the Company provides.A partial or complete withdrawal may be made at any time prior to the Annuity Commencement Date. The value of the amount withdrawn will depend on the number of units withdrawn and the Unit Value on that Valuation Date. Termination of Account In accordance with the above provisions regarding withdrawals, this policy may be surrendered for its full Accumulated Value on the date of withdrawal. If the Accumulated Value of the Participant's Account falls below $1,000 as the immediate result of a withdrawal, that Participant's Account may be terminated at the Company's sole option. Unless the Participant otherwise directs in writing, the remaining units in the Participant's Account will be released and surrendered and the resultant Accumulated Value paid to the Participant in cash. Written notice of such termination will be mailed to the Contract Owner at least 31 days in advance. Delay Due to Impossibility If a withdrawal is to be made during any period when regular banking activities have been suspended; or when there is restricted trading on any stock exchange, the securities of which are held by any sub-account; or for any period when an emergency or other circumstances beyond the Company's control exists and as a result of which the disposal of securities or other assets, including sale, delivery or receipt of payment by the Company is not reasonably practicable or as a result of which it is not reasonably practicable to determine the value of any account; such withdrawal or transfer shall be deferred to the earliest succeeding Valuation Date as of which the above described circumstances no longer exist. Rules and regulations of the Securities and Exchange Commission, if any are applicable, will govern determinations as to suspended or restricted trading on a stock exchange or emergencies limiting disposal of securities. GVA-1985-GX

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Part 6 Expense Charges Charges to cover expenses by the Company in the distribution, asset management and administration of this policy are made in the manner described below. We reserve the right to vary the amount of such charges to amounts not exceeding the maximum amounts stated below. Sales and Administrative: Minimum Death Payment A deduction of 4 % is taken from each premium payment for sales (3%), and administrative expenses (1/4%), and for the minimum death payment (3/4%). The deduction for the minimum death payment is not applicable after age 65. In addition, there is an additional administrative charge of $.50 per premium payment. Certificate Issuance Fee A certificate fee of $15.00 is deducted from the Participant's first premium payment for each account set up. Investment Management Charge As compensation for its investment advisory services, the Company receives a daily fee of .000890% (.325% on annual basis) of the current value of the Fund for the Valuation Period. Mortality and Expense Risk Expense Charges The mortality and expense risk assumed by the Company is taken in the form of a daily charge against the Fund equal to .0026308% (.96025% on an annual basis) of the current value of the Fund for the Valuation Period. Part 7 Death Benefits A death benefit will be paid if the Company receives proof of the Participant's death at its Home Office. If the Participant's spouse is the beneficiary, he or she may choose to receive the account value in any form that the Participant could have chosen while living. If the Participant dies before receiving annuity income payments, the Accumulated Value of the Participant's Account will be paid to the Participant's beneficiary. The value will be based oh the Valuation Date on which both the proof of death and the beneficiary's written instructions are received. If the Participant's death occurs prior to receiving annuity income payments and prior to age 65, the beneficiary will receive the greater of: (1) 100% of all premium payments made by the Participant less any withdrawals: or (2) the value of the Participant's Account.

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![LOGO](g113751g01g52.jpg)

Part 7 Death Benefits (Continued) If the Participant's beneficiary is not the Participant's spouse, such person must: (1) receive all of the value within five years of the Participant's death; or (2) start to receive annuity payments within one year of the Participant's death for a period not to exceed the beneficiary's expected lifetime. If the Participant dies while receiving income payments, the Company will pay any remaining guaranteed payments to: (a) the Participant's beneficiary; or (b) the Participant's estate, if no such beneficiary survives. Any payments made to a beneficiary must be on a payment schedule at least as rapid as that made to the Participant. The Participant elects when retirement annuity payments will begin. This is done by using a form the Company provides. Total distribution must begin by the age required by federal law for the Contract Owner's tax-qualified plan. Total distribution is either: (1) withdrawal of all the Accumulated Cash Value; or (2) the first periodic annuity payment under any option described below. If no annuity option is elected by the required distribution date, option 2,the life variable annuity with 120 monthly payments certain, may be effected. The Company has the right to change the frequency of payments. Should payments become less than $20, the Company may change the payment intervals to result in payments of at least $20. Variable Annuity Potions (1) Life Variable Annuity—A variable annuity paid each month while the Annuitant is living and ending with the last payment due preceding the date of the Annuitant's death. (2) Life Variable Annuity with Payments Certain—A variable annuity payable monthly and ending with the last payment due preceding the later of: (a) the date of the Annuitant's death; or (b) the end of the certain period elected by the Annuitant. The period certain may be 10, 15, or 20 years. If the Annuitant's beneficiary dies before the variable annuity payments cease, the present value of the current dollar amount of the remaining certain payment will be paid to the estate of the beneficiary. This payment will be commuted eon the basis of 31/2% interest compounded annually. GVA-1985-GX

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Part 8 Retirement Benefits (Continued) (3 Unit Refund Life Variable Annuity—Unit Refund Life Variable Annuity is a variable annuity payable monthly during the lifetime of the Annuitant. Upon death, an additional payment will be made of the value at date of death of the number of variable annuity units equal to the excess, if any, of (a) the total amount applied under this option, divided by the variable annuity unit value on the date variable annuity installments commence over (b) the variable annuity units represented by each installment, multiplied by the number of installments paid prior to death. (4) Joint and Last Survivor Variable Annuity—A Joint and Last Survivor Variable Annuity is a variable annuity providing a monthly benefit payable during the joint lifetime of the annuitant and a designated second person and, thereafter, two-thirds of such monthly benefit payable during the remaining lifetime of the survivor. There is no predetermined number of annuity payments. Because of certain Internal Revenue Code Requirements, this option may not be elected if, as of the date the variable annuity is effected, the present value of the payment to which the designated second person may become entitled exceeds 49% of the present value of all payments provided for the Annuitant and the designated second person; however, such limitations shall;l not apply of the designated second person is the spouse of the Annuitant. Variable Annuities A variable annuity is an annuity with payments which vary in amount with the net investment result of the Separate Account. The number of annuity units remains fixed during the annuity payment period. The number of annuity units is set by dividing the first monthly payment by the annuity unit value at the Annuity Commencement Date. The subsequent annuity payments may change with the value of the annuity unit.

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Part 8 Retirement Benefits (Continued) Amount of Subsequent Monthly Variable Annuity Payments The amount of the first monthly annuity payment, determined as above, is divided by the value of a Variable Annuity Unit for the Valuation Date on which the first payment is due to determine the number of Variable Annuity Units remains fixed during the annuity period, and in each subsequent month, the dollar amount of the annuity payment is determined on the fourteenth calendar day preceding the payment date by multiplying this fixed number of Variable Annuity Units by the value of a Variable Annuity Unit. All subsequent monthly payments become due on the same day of he month as the date of the first payment. TABLE A VARIABLE ANNUITY OPTIONS INITIAL AMOUNT OF MONTHLY INCOME FOR EACH $1,000 OF CASH VALUE AGE NEAREST BIRTHDAY LIFE INCOME ONLY NO GUARANTEED PERIOD LIFE INCOME WITH TEN YEARS GUARANTEED LIFE INCOME WITH INSTALLMENT REFUND 50 $4.86 $4.83 $4.77 51 4.92 4.89 4.82 52 4.99 4.95 4.88 53 5.06 5.02 4.94 54 5.13 5.08 5.00 55 5.21 5.16 5.07 56 5.29 5.23 5.14 57 5.38 5.21 58 5.47 5.29 59 5 57 5.49 5.37 60 5.68 5.58 5.46 61 5.79 5.68 5.55 62 5.91 5.79 5.65 63 6.04 5.90 5.75 64 6.18 6.02 5.86 65 6.33 6.14 5.97 66 6.49 6.28 6.09 67 6.66 6.41 6.22 68 6.84 6.56 6.36 69 7.04 6.71 6.51 70 7.25 6.87 6.66 71 7.49 7.03 6.83 72 7.74 7.21 7.00 73 8.01 7.38 7.19 74 8.30 7.57 7.39 75 8.61 7.75 7.60 Part 8 Retirement Benefits (Continued) Fixed Annuity Options A Participant also has the option to elect forms of fixed annuities with essentially the same characteristics as Annuity Options (1) through (4) described in this Part. Table B applies to Fixed Annuity Options and is based on the 1983 Table a, modified, with interest at the rate of 4% per year. TABLE B VARIABLE ANNUITY OPTIONSMONTHLY INCOME PER $1,000 OF CASH VALUE

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![LOGO](g113751g01g55.jpg)

AGE NEAREST BIRTHDAY LIFE INCOME ONLY NO GUARANTEED PERIOD LIFE INCOME WITH TEN YEARS GUARANTEED LIFE INCOME WITH INSTALLMENT REFUND 50 $4.55 $4.53 $4.46 51 4.62 4.59 4.51 52 4.68 4.65 4.57 53 4.75 4.72 4.63 54 4.83 4.79 4.69 55 4.91 4.86 4.76 56 4.99 494 4.83 57 5.08 4.90 58 5.17 4.98 59 5.27 5.06 60 5.38 5.15 61 5.50 5.40 5.24 62 5.62 5.50 5.33 63 5.75 5.62 5.44 64 5.89 5.74 5.55 65 6.04 5.86 5.66 66 6.20 6.00 5.78 67 6.37 6.14 5.91 68 6.55 6.28 6.04 69 6.75 6.44 6.19 70 6.96 6.60 6.34 71 7.19 6.76 6.50 72 7.44 6.94 6.67 73 7.71 7.12 6.86 74 8.01 7.30 7.05 75 8.32 7.49 7.26

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Part 9 Individual Retirement Annuities If this contract is issued as an Individual Retirement Annuity under Internal Revenue Code Section 408(b), the following provisions will apply: Premiums Premiums may be paid in any amount up to the lesser of: $2,000; 100% of compensation or any subsequent limitations set by Congress. Compensation means as defined in Section 219(f)(1) of the Internal Revenue Code. The two exceptions to the rule are: (1) a rollover contribution (as allowed under Sections 402(a)(5), 402 (a)(7), 403(b)(8), 405(d)(3), 408(d)(3), or 409(b)(3)(c) of the Internal Revenue Code; or (2) a contribution as made part of a Simplified Employee Pension (SEP) as described in Section 408(k) of the Internal Revenue Code No part of the premiums paid will be used to purchase life insurance contracts. Death Benefit A death benefit will be paid if the Company receives proof of the Participant's death at its Home Office. If the Participant dies before receiving any income payments, the Company will pay the account value to: (a) the beneficiary named by the Participant; or (b) the Participant's estate if no beneficiary survives. If the beneficiary is the Participant's spouse, such person may choose to receive payment of the Cash Value in any form that the Participant could have chosen while living. The spouse must begin receiving payment by the date the Participant would have reached age 70 . If the beneficiary is not the Participate Such person must: If the Participant dies while receiving income payments, the Company will pay any remaining guaranteed payments to: (a) the Participant's beneficiary; or (b) the Participant's estate if no such beneficiary survives. Payment made to a beneficiary must be on a payment schedule at least as rapid as that made to the Participant. Payment made to an estate will be commuted value of the remaining guaranteed payments. Retirement Benefits The Participant decides when retirement payments will begin. This is done by using a form the Company provides.Total distribution must begin before age 701/2. Total distribution occurs upon: (1) Withdrawal of all the Cash Value; or (2) Receipt of first periodic payment under any option described in Part 8 of this Contract, provided that no option selected exceeds the life expectancy of the Participant. If a beneficiary is named, the periodic payments cannot exceed the lifetime of the Participant and his or her beneficiary. Life expectancy and joint and last survivor life expectancy are computed using section 1.72-9 of the Income Tax Regulations. GVA-1985-GX

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Part 9 Individual Retirement Annuities (Continued) Cash Withdrawal Benefit A Participant who wants to withdraw all or some of the Cash Value should apply to the Company using a form the Company provides. The Participant must notify the Company of the intent of the withdrawal. This will allow the Company to report correctly for state and federal income tax purposes. The Cash Value will be reduced by the amount of the withdrawal. Assignment No assignment of this Contractor any of its benefits or privileges will be recognized. All benefits are exempt from claims of creditors to the maximum extent permitted by law. This Contract is not transferrable by the Participant. The entire interest of the Contract is not forfeitable by the Participant. Premium Refunds Any refund of premiums other than the excess contributions must be applied toward future premiums. They must be applied before the close of the calendar year following the refund. (1) receive all of the Cash Value within Participant's death; or (2) start to receive monthly payments year of the Participant's death for a period not to exceed the beneficiary's expected lifetime Page 11

## Ex-99.(D2)

![LOGO](g113751g01g58.jpg)

AMERICAN FIDELITY ASSURANCE COMPANY (A Stock Company) 2000 N. Classen Boulevard Oklahoma City, Oklahoma American Fidelity Assurance Company (the Company) certifies that it has issued and delivered to the Employer the Contract shown below. This Certificate is evidence that the person named below is a Participant under the Contract. This Certificate is issued in consideration of: 1) the application, which is attached; and 2) the payment by the Employer of any contribution which the Employer may elect to make to the Company. Name of Participant_____ Date of Birth of Participant Beneficiary _____ Relationship ______________________________________________________________________________________ Name of Employer _______________________________' _______ •' Certificate No. Group Deferred Variable Annuity Contract No._________________________ The benefits and terms of the Contract are described in this Certificate. It takes the place of and cancels any other Certificate issued to the Participant under the Contract. President Secretary GROUP DEFERRED VARIABLE ANNUITY Certificate Individual Allocation Separate Account Non-Participating ALL PAYMENTS AND VALUES PROVIDED IN THIS CERTIFICATE ARE BASED ON INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT. THE VALUES ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT. GVA-1985-CX Page 1

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Part 1 Definitions Accumulated Value The total value of all Units to the credit of the Participant. Annuitant A person receiving annuity payments. Annuity A contract promising a periodic series of payments. Annuity Commencement The first day of any month after the Participant's retirement, but no later than the distribution Date date required by federal law for the Contract Owner's tax-qualified Plan. Annuity Unit Value Value of units for purpose of calculating amount of annuity payments. Company American Fidelity Assurance Company, Oklahoma City, Oklahoma. Contract Anniversary The anniversary of the Date of Issue of the Contract. Contract Owner The Owner of the Contract named in the application. Contract Year Any period of one year that begins with the date of issue or the Contract anniversary. Deferred Annuity An annuity to commence at a future date. Effective Date The date as shown on the application. Fixed Annuity An annuity providing paymentamount after the first payment is made. Immediate Annuity An annuity Inactive Participant A participant whose account is no longer accumulating units, but still has a unit balance. Payment Date The Valuation Date on which a premium payment is received at our Company unless it is received after the close of the New York Stock Exchange, in which case it will be the next Valuation Date. Participant An employee who participates in the Plan. Participant's Account The sum of the units credited to a plan participant. Separate Account An account of American Fidelity's assets which are kept apart from other assets. This account is invested separately and is called "The American Fidelity Fund A Account." Tax-Qualified Plans Retirement plans qualified under Section 401(a), 401(k), 403(b) or 408 of the Internal Revenue Code, and governmental plans and eligible State deferred compensation plans under Section 414(d) and 457 of the Internal Revenue Code. A tax-qualified payroll deduction plan is a tax-qualified plan which allows plan participants to make contributions through the employer's payroll system. Unit A standard of measurement used to measure the value of each account. Unit Value Value assigned to each accumulation Unit on every Valuation Date. Valuation Date The Valuation Date is a day on which the value of the fund is determined. Valuation Period The Valuation Period is the period between successive Valuation Dates. GVA-1985-CX Page 2

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Part 2 General Provisions Participation To become a Participant, an Employee must complete an application supplied by the Company. The application must be sent to the Company. The Company will send a Certificate to each Participant. It will summarize the terms of the Contract. Changes by the Contract Owner If a change in the Contract or a waiver of its terms is requested by the Contract Owner, the request must be in writing and will take effect only if signed by an authorized officer of the Company. Changes by the Company The Company may change the Contract at any time if required by State or Federal laws. After the Contract has been in force for three years, the Company may change any term of the Contract except that benefits already earned by Participants cannot be decreased and the monthly life incomes guaranteed in Part 8 cannot be decreased. The Company will notify the Contract Holder of any change at least 90 days before the change will take effect. Non-participating The Contract is non-participating. It does not share in the profits or earnings of the Company. Proof of Age No lifetime annuity will be paid under the Contract unlass roof of age is submitted to the Company by the person who will receive the benefit. The based on the correct age regardless of any prior record to the contrary. Assignment The Contract cannot be assigned except when agreed to by the Company. All benefits are exempt from the claims of creditors to the maximum extent allowed by law. Loans The Contract does not permit loans by the Participant from the Cash Value. If the Company, at some future date, permits such loans, they will be authorized by issuing a rider to the Certificate held by the Participant after written application is made by the Participant. In any period when loans are available, they will be available to all participants holding a Certificate under this Contract series. The loan provision may be discontinued without notice. Voting Rights The Contract Owner will have the right to vote at the Contract Owner's meetings. The number of votes that may be cast will conform to the Rules and Regulations of the Separate Account. Participant Reports Twice each year, January 1 and June 30, each Participant will receive a fund statement. This statement will include the unit value on the reporting date, the account's unit balance, and the value of those units on that date GVA-1985-CX Page 3

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Part 3 Premiums and Unit Accumulation Contributions by Contract Owner The Contract Owner will send all premium amounts required for the Plan to the Company. The Company will apply the premiums sent by the Contract Owner to the Participant's Account in order to purchase accumulation Units. Premium Amounts The minimum initial premium for each Participant is $20. The minimum amount of each subsequent premium is $10. The Company makes the following deductions from each premium: (1) 4% from each premium for: sales (3%); administrative expense (1/4°/o); and minimum death payment (3/4%); (2) $.50 administrative charge per payment; (3) $15.00 one-time certificate issue fee; (4) premium taxes, if any; and (5) charges by an Employer or other agency for payroll reductions or other handling costs. The balance of each premium after these deductions is called the net premium. Application of Net Premium On the Payment Date, the Company will apply the net premium to purchase units for the Participant's Account. The number of units credited will be determined by dividing the net prernjwn by the current Unit Value. Discontinued Premiums If premium payments for a Participant are stoppeclaario Commencement Date, the Participant will then become an Inactive Participant. The in his or her account will remain constant until one of the following events occurs: (1) premium payments resume; (2) a withdrawal of units occurs; or (3) an annuity is purchased. Part 4 Withdrawals Withdrawals A Participant who wants to make a withdrawal should apply to the Company using a form the Company provides. A partial or complete withdrawal may be made at any time prior to the Annuity Commencement Date. The value of the amount withdrawn will depend on the number of Units withdrawn and the Unit Value on that Valuation Date. Termination of Account In accordance with the above provisions regarding withdrawals, this policy may be surrendered for its full Accumulated Value on the date of withdrawal. If the Accumulated Value of any Participant's Account falls below $1,000 as the immediate result of a transfer or withdrawal, that Participant's Account may be terminated at the Company's sole option. Unless the Participant otherwise directs in writing, the remaining units in the Participant's Account will be released and surrendered and the resultant Accumulated Value.paid to the participant in cash. Written notice of such termination will be mailed to the Contract Owner at least 31 days in advance. GVA-1985-CX Page 4

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Part 4 Withdrawals (Continued) Delay Due to Impossibility If a withdrawal is to be made during any period when regular banking activities have been suspended; or when there is restricted trading on any stock exchange, the securities of which are held by any sub-account; or for any period when an emergency or other circumstances beyond the Company's control exists and as a result of which the disposal of securities or other assets, including sale, delivery or receipt of payment by the Company is not reasonably practicable or as a result of which it is not reasonably practicable to determine the value of any account; such withdrawal or transfer shall be deferred to the earliest succeeding Valuation Date as of which the above described circumstances no longer exist. Rules and regulations of the Securities and Exchange Commission, if any are applicable, will govern determinations as to suspended or restricted trading on a stock exchange or emergencies limiting disposal of securities. Part 5 Death Benefits A death benefit will be paid if the Company receives proof of the Participant's death at its Home Office. If the Participant's spouse is the beneficiary, he or she may choose to receive the account value in any form that the Participant could have chosen while living. If the Participant dies before receiving annuity income payments, the Accumulated Value of the Participant's Account will be paid to the Participant's beneficiary. The value will be' based on the Valuation Date on which both the proof of death and the beneficiary's written instructions are received. . If the Participant's death occurs prior to receiving annuity income payments arid prior to age 65, the beneficiary will receive the greater of: (1) 100% of all premium payments made by the Participant less any withdrawals; or (2) the value of the Participant's Account. If the Participant's beneficiary is not the Participant's spouse, such person must: (1) receive all of the value within five years of the Participant's death; or (2) start to receive annuity payments within one year of the Participant's death for a period not to exceed the beneficiary's expected lifetime. If the Participant dies while receiving income payments, the Company will pay any remaining guaranteed payments to: (a) the Participant's beneficiary; or (b) the Participant's estate, if no such beneficiary survives. Any payments made to a beneficiary must be on a payment schedule at least as rapid as that made to the Participant. GVA-1985-CX Page 5

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Part 6 Retirement Benefits The Participant elects when retirement annuity payments will begin. This is done by using a form the Company provides. Total distribution must begin by the age required by federal law for the Contract Owner's tax-qualified plan. Total distribution is either: (1) withdrawal of all the Accumulated Cash Value; or (2) the first periodic annuity payment under any option described below. If no annuity option is elected by the required distribution date, option 2, the life variable annuity with 120 monthly payments certain, may be effected. The Company has the right to change the frequency of payments. Should payments become less than $20, the Company may change the payment intervals to result in payments of at least $20. Variable Annuity Options (1) Life Variable Annuity—A variable annuity paid each month while the Annuitant is living and ending with the last payment due preceding the date of the Annuitant's death. (2) Life Variable Annuity with Payments Certain—A variable annuity payable monthly and ending with the last payment due preceding the later of: (a) the date of the Annuitant's death; or (b) the end of the certain period elected by the AnnuitaOhe period certain may be 10, 15, or 20 years. If the Annuitant's beneficiary dies before the payments cease, the present value of the current dollar amount of the remaining certain paid to the estate of the beneficiary. This payment will be commuted on the basis of 31/2 pounded annually. (3) Unit Refund Life Variable Annuity—A unit Refund Life Variable Annuity is a variable annuity payable monthly during the lifetime of the Annuitant. Upon death, an additional payment will be made of the value at date of death of the number of variable annuity units equal to the excess, if any, of (a) the total amount applied under this option, divided by the variable annuity unit value on the date variable annuity installments commence over (b) the variable annuity units represented by each installment, multiplied by the number of installments paid prior to death. (4) Joint and Last Survivor Variable Annuity—A Joint and Last Survivor Variable Annuity is a variable annuity providing a monthly benefit payable during the joint lifetime of the annuitant and a designated second person, and thereafter two-thirds of such monthly benefit payable during the remaining lifetime of the survivor. There is no predetermined number of annuity payments. Because of certain Internal Revenue Code Requirements, this option may not be elected if, as of the date the variable annuity is effected, the present value of the payment to which the designated second person may become entitled exceeds 49% of the present value of all payments provided for the Annuitant and the designated second person; however, such limitations shall not apply if the designated second person is the spouse of the Annuitant. Variable Annuities A variable annuity is an annuity with payments which vary in amount with the net investment result of the Separate Account. The number of annuity units remains fixed during the annuity payment period. The number of annuity units is set by dividing the first monthly payment by the annuity unit value at the Annuity Commencement Date. The subsequent annuity payments may change with the value of a variable annuity unit. GVA-1985-CX Page 7

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Part 6 Retirement Benefits (Continued) Determining the First Payment Table A of the Contract is used to determine the first monthly payment. It shows the dollar amount of the first monthly payment which can be purchased with each $1,000 of value in the Participant's Account after deducting any premium taxes not previously deducted. Table A assumes a net investment rate of 41/2°/o and mortality is based on the 1983 Table a, modified. The value of the Participant's Account is found by multiplying the Participant's accumulated units by the unit value on the fourteenth day before the first annuity payment is due. The first monthly payment varies according to the option selected, and the age nearest birthday of the Annuitant. Amount of Subsequent Monthly Variable Annuity Payments The amount of the first monthly annuity payment, determined as above, is divided by the value of a Variable Annuity Unit for the Valuation Date on which the first payment is due to determine the number of Variable Annuity Units represented by the first payment. This number of Variable Annuity Units remains fixed during the annuity period, and in each subsequent month, the dollar amount of the annuity payment is determined on the fourteenth calendar day preceding the payment date by multiplying this fixed number of Variable Annuity Units by the value of a Variable Annuity Unit. All subsequent monthly payments become the same day of the month as the date of the first payment Fixed Annuity Options A Participant also has the option to fixed annuities with essentially the same characteristics as Annuity Options (1) through (4) described part. Table B of the Contract applies to Fixed Annuity Options and is based on the 1983 Table a, modified, with interest at the rate of 4% per year. Part 7 Individual Retirement Annuities If the Contract is issued as an Individual Retirement Annuity under Internal Revenue Code Section 408(b), the following provisions will apply: Premiums Premiums may be paid in any amount up to the lesser of: $2,000; 100% of compensation; or any subsequent limitations set by Congress. Compensation means income as defined in Section 219(f)(1) of the Internal Revenue Code. The two exceptions to the contribution rule are: (1) a rollover contribution (as allowed under Sections 402(a)(5), 402(a)(7), 403(a)(4), 403(b)(8), 405(d)(3), 408(d)(3), or 409(b)(3)(C) of the Internal Revenue Code; or (2) a contribution made as part of a Simplified Employee Pension (SEP) as described in Section 408(k) of the Internal Revenue Code. No part of the premiums paid will be used to purchase life insurance contracts. GVA-1985-CX Page 8

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Part 7 Individual Retirement Annuities (Continued) Death Benefit A death benefit will be paid if the Company receives proof of the Participant's death at its Home Office. If the Participant dies before receiving any income payments, the Company will pay the account value to: (a) the beneficiary named by the Participant; or (b) the Participant's estate if no beneficiary survives. If the beneficiary is the Participant's spouse, such person may choose to receive payment of the Cash Value in any form that the Participant could have chosen while living. The spouse must begin receiving payment by the date the Participant would have reached age 701/2. If the beneficiary is not the Participant's spouse, such person must: (1) receive all of the Cash Value within five years of the Participant's death; or (2) start to receive annuity payments within one year of the Participant's death for a period not to exceed the beneficiary's expected lifetime. If the Participant dies while receiving income payments, the Company will pay any remaining guaranteed payments to: (a) the Participant's beneficiary; or (b) the Participant's estate if no such beneficiary survives. Payment made to a beneficiary must Retirement Benefits The Participant decides when retirement payments will begin. done by using a form the Company provides. Total distribution must begin before age 70. upon: (1) withdrawal of all the Cash Value; (2) receipt of the first periodic payment described in Part 6 of the Contract, provided that no option selected exceeds the life expectancy of the Participant. be on a payment schedule at least as rapid as that made to the Participant. Payment made to an estate will be the commuted value of the remaining guaranteed payments. If a beneficiary is named, the periodic payments cannot exceed the expected lifetime of the Participant and his or her beneficiary. Life expectancy and joint and last survivor life expectancy are computed using section 1.72-9 of the Income Tax Regulations. Cash Withdrawal Benefit A Participant who wants to withdraw all or some of the Cash Value should apply to the Company using a form the Company provides. The Participant must notify the Company of the intent of the withdrawal. This will allow the Company to report correctly for state or federal income tax purposes. The Cash Value will be reduced by the amount of the withdrawal. Assignment No assignment of the Contract or any of its benefits or privileges will be recognized. All benefits are exempt from claims of creditors to the maximum extent permitted by law. The Contract is not transferable by the Participant. The entire interest of the Contract is not forfeitable by the Participant. Premium Refunds Any refund of premiums other than excess contributions must be applied toward future premiums. They must be applied before the close of the calendar year following the year of the refund. Page 9 GVA-1985-CX

## Ex-99.(D3)

**American Fidelity** 

**Assurance Company** 

9000 Cameron Parkway Oklahoma City, Oklahoma 73114

**403(b) Annuity Rider** 

This rider is attached to and made a part of the Annuity Contract issued by American Fidelity Assurance Company to qualify the Contract as a tax-deferred annuity under Section 403(b)(a) of the Internal Revenue Code as the same may be amended or supplemented from time to time. If any provisions of the Contract conflict with this rider, the provisions of this rider will apply.

In this rider, "we", "us", "our" and "Company" refer to American Fidelity Assurance Company. "You", "your" and "Participant"

refer to the Owner.

**ARTICLE I - DEFINITIONS** 

When capitalized, the following words and phrases will have the meanings shown below unless the context indicates that other meanings are intended.

1.01 **Annuity** - Means the 403(b) Annuity established pursuant to this rider and the underlying Contract for
the benefit of the Participant and, when implied, refers to the assets, if any, then held by us.

1.02 **Beneficiary** - Means the person(s) designated to receive any distributions from the Annuity upon the
Participant's death.

1.03 **Code** - Means the Internal Revenue Code of 1986, as amended from time to time.

1.04 **Compensation** - Means the Compensation received from the Employer that is includible income of the
Employee as defined in Section 403(b)(1)(3) of the Code. Compensation will not exceed $200,000, as adjusted for increases in the cost-of-living in accordance with
Section 401(a)(17)(B) of the Code.

1.05 **Contract** – Means the annuity contract to which this rider is attached.

1.06 **Designated Beneficiary** - Means the Beneficiary named as of the date of your death who remains a
Beneficiary as of September 30 of the year following the year of your death.

1.07 **Employee** - Means any person who regularly performs services, or has performed services, for an Employer
in exchange for Compensation. Neither a leased employee (as defined in Section 414(n)(6) of the Code) nor an independent contractor shall be considered an Employee.

1.08 **Employer** - Means an entity described in the Code which is eligible to make Premiums to Annuities under
Section 403(b) and is considered the Plan Sponsor for purposes of the written plan.

1.09 **Participant** - Means any Employee who has established a 403(b) Annuity by signing an application with the
Issuer and to whom a Contract and this rider have been issued.

1.10 **Plan** – Means the 403(b) Plan written and maintained by the Plan Sponsor.

1.11 **Premium** – Means any payments made to the Annuity.

**ARTICLE II - PREMIUMS** 

2.01 **Premiums** – Premiums must be made by the Employer that maintains the Plan, except in the case of a
rollover contribution, intra-plan exchange or plan-to-plan transfer. All premiums must be paid in cash. The Employer may not make Premium payments after the
Participant's death.

AAMD35.R309 Page 1

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2.02 **Elective Deferrals and Catch-Up Premiums** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elective deferrals are Premiums made by your Employer on your behalf under a salary reduction agreement. You
will designate the amount or percent of Compensation that is to be deferred. That amount or percent will be in effect until changed in writing by you. You may change or end the agreement at any time as permitted by the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Catch-Up Premiums are elective deferrals made for a calendar year by a
Participant who is or will be age 50 before the end of that year. If allowed by the Employer, you may be eligible to make catch-up Premiums in accordance with Section 414(v) of the Code.

2.03 **Employer Contribution Premiums** – If permitted by the Plan, Employer contributions may be made to
the Annuity. The amount of the Premiums will be set in the Plan. The amount of the Premiums will not exceed any applicable federal or state limitations.

2.04 **Maximum Contribution Limits** - In no event will your Premiums to the Annuity for a tax year exceed the
maximum amount permitted under current law or the Plan, if less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Premiums made during a tax year on your behalf, when aggregated with other Premiums made through the
Employer, will not exceed the limitations set forth in Section 403(b)(1) and Section 415 of the Code for that year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum of all applicable elective deferrals, including to this Annuity, made on your behalf during the tax
year will not exceed the limitations in Section 402(g) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Premiums, benefits and service credit with respect to qualified military service will be provided in accordance
with Section 414(u) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Catch-Up Premiums under Section 414(v) of the Code will be subject
to the contribution limits of that section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You and the Employer are solely responsible for determining your maximum annual Elective Deferrals.

2.05 **Rollover to Annuity** - We may accept eligible rollover distributions from the following sources to be
applied to the Annuity and accounted for separately, if allowed by the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a qualified plan described in Section 401(a) or 403(a) of the Code (other than after-tax employee contributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an annuity Contract or custodial account described in Section 403(b) of the Code (other than after-tax employee contributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an eligible plan under Section 457(b) of the Code that is maintained by a state, political subdivision of
a state, or any agency or instrumentality of a state or political subdivision of a state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the portion of a distribution from an individual retirement account or annuity described in Section 408(a)
or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in gross income; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) eligible rollover distributions made to the Participant as a surviving spouse, or as a spouse or former spouse
who is the alternate payee under a qualified domestic relations order as defined in Section 414(p) of the Code.

No amount that is distributed on account of hardship will be an eligible rollover distribution.

You will certify, in a manner acceptable to us, that such amounts are eligible rollover distributions. We are not responsible for determining whether any rollover is proper and we reserve the right not to accept any rollovers.

2.06 **Plan to Plan Transfers and Exchanges to Annuity** – If permitted by the Plan, you may transfer or
exchange assets from another annuity Contract or custodial account described in Section 403(b) of the Code to this Annuity. You will certify, in a manner acceptable to us, that the transfer or exchange satisfies all current requirements for
such a transaction. We are not responsible for determining whether any such transfer or exchange is proper and we reserve the right not to accept any plan-to-plan transfers or tax free exchanges.

AAMD35.R309 Page 2

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2.07 **Excess Premium Amounts** - If required or permitted by law or regulations, we may distribute any excess
amount to you or the Employer. For purposes of this Section, an excess amount is the amount of any contribution made on your behalf for a tax year that exceeds the maximum amount allowable as a contribution for such tax year. Excess amount,
including any allocated income, that is not permitted to be distributed will be held in a separate account and dispersed as allowed by applicable Code sections.

**ARTICLE III – PAYMENT OF BENEFITS** 

3.01 **Limitations on Payment of Benefits** - Subject to the limitations described in this rider, you may request
a distribution from the Annuity upon the occurrence of one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your attainment of age
59<sup>1</sup>⁄<sub>2</sub>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) your disability within the meaning of Section 72(m)(7) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Participant's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) your severance from employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) your financial hardship, as described in Article 3.02 of this rider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a qualified reservist distribution under Section 414(w)(2) of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the termination of the Plan by the Plan Sponsor.

If the value of this Annuity immediately preceding the 1989 plan year is known, such pre-1989 amounts are not subject to the distribution limitations described above unless otherwise limited by the Code or Plan requirements.

All requests for withdrawal must be in writing on a form provided by or acceptable to us. Your tax identification number (or the Beneficiary's, if applicable) must be provided to us prior to distribution. Withdrawals will be subject to all applicable tax and other laws and regulations, and Plan requirements of the Employer.

3.02 **Financial Hardship** – The term "financial hardship" means a financial need you incur as

cannot be reasonably satisfied from other resources.

A financial hardship distribution may consist only of the amounts contributed through a salary reduction agreement. Earnings on the salary reduction Premium may not be included as part of the distribution. Elective deferrals must be suspended for a period of six months after your receipt of a hardship distribution. It is the Participant's responsibility to notify the Employer of the hardship distribution and the Employer's responsibility to cease the elective deferrals for the required period.

You will determine the existence of a financial hardship. If you request a distribution on account of financial hardship, you must certify, in a manner acceptable to the Plan, that a financial hardship exists and provide documentation of the hardship amount. The transaction must be approved in accordance with the requirements of the Plan.

3.03 **Required Minimum Distributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must begin taking distributions from the Annuity no later than your required beginning date. The required
beginning date will be the first day of April of the calendar year following the calendar year in which you either attain age 70<sup>1</sup>⁄<sub>2</sub> or retire, whichever is later.
The Required Minimum Distribution of your interest in the Annuity will be made in accordance with the requirements of Sections 403(b)(10) and 401(a)(9) of the Code and the regulations thereunder. Those provisions are incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Your Annuity will commence to be distributed no later than the required beginning date over:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) your life or the lives of you and a Designated Beneficiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a period certain not extending beyond your life expectancy or the joint and last survivor expectancy of you and
a Designated Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The value of the Annuity for purposes of this Section is the prior December 31 balance adjusted to include the
amount of any outstanding rollovers and transfers and the actuarial value of any other benefits provided under the Annuity.

AAMD35.R309 Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If you participate in two or more 403(b) arrangements, you may satisfy the minimum distribution requirements by
taking from one 403(b) arrangement the amount needed to satisfy the requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the value of the Annuity as of December 31, 1986 is determinable, that amount will not be subject to a
required minimum distribution until the calendar year you attain age 75 or such other date as may be allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) It is your responsibility to satisfy the required minimum distribution rules. We will not be liable for any
penalties or taxes related to your failure to take a required minimum distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you die before your entire interest is distributed to you, the entire remaining interest will be distributed
as required by Section 401(a)(9) of the Code and the regulations thereunder.

3.04 **Eligible Rollover Distributions** - At your election, or the election of your surviving spouse
Beneficiary, we will pay any eligible rollover distribution to an eligible retirement plan (as described in Sections 408, 401(a) or 403(a), 403(b), or 457(b) of the Code) as a direct rollover. The definition of eligible retirement plan will also
apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code. No amount that is distributed on account
of hardship will be an eligible rollover distribution.

You or your surviving spouse Beneficiary or former spouse must specify the plan to which the eligible rollover distribution is to be paid, and satisfy such other reasonable requirements as we may impose.

**ARTICLE IV - ADMINISTRATION** 

4.01 **Duties of the Company** - We shall have the following obligations and responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold Premiums received by it in the Annuity, apply the Premiums pursuant to the Participant's
instructions and distribute Annuity assets as required under this rider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to maintain records of all relevant information as may be necessary for the proper administration of the
Annuity.

4.02 **Company Not Responsible for Certain Actions** – The Employer and the Participant will, to the extent
permitted under law, indemnify and hold us, our employees and our agents harmless from and against any liability which may occur in the administration of this rider unless arising from our breach of our responsibilities under this rider. It is the
specific intention of the parties that no fiduciary duties be conferred upon us, our employees or agents nor will any be implied from this rider or acts of us, our employees or agents. We shall not be required to perform any additional services
unless specifically agreed to under the terms and conditions of this rider, or as required under the Code with respect to 403(b) plans.

**ARTICLE V - AMENDMENT OF RIDER** 

5.01 We may amend this rider to comply with the Code and related regulations. Any amendment we make to comply with
the Code and related regulations does not require your consent. We may also amend this rider to the extent necessary or appropriate to permit the efficient administration of the Annuity. You will be deemed to have consented to such amendment unless,
within 30 days from the date we mail the amendment, you notify us in writing that you do not consent. No amendment shall be made which may operate to disqualify the Annuity under Section 403(b) of the Code.

**ARTICLE VI - MISCELLANEOUS** 

6.01 **Applicable Law** – This rider is established with the intention that it qualify as an Annuity under
Section 403(b) of the Code, and that Premiums be treated as such. This rider is subject to applicable federal and state laws and regulations. If it is necessary to apply any state law to interpret and administer this rider, the law of the state
in which this Policy is issued will govern.

AAMD35.R309 Page 4

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If any provision of this rider is for any reason deemed invalid or unenforceable, the remaining provisions will continue in full force and effect. Neither the Owner's nor our failure to enforce any of the provisions of this rider for any period of time will be construed as a waiver of such provisions, or the Owner's right or our right thereafter to enforce each and every such provision.

6.02 **Nonalienation** – Except as required in Article 6.04 of this rider, this 403(b) Annuity and its
assets will be nonforfeitable at all time. You may not assign, pledge or in any manner encumber this Annuity, nor will this Annuity be subject to garnishment, attachment, execution or levy of any kind.

6.03 **Notices** - Any required notice regarding this Annuity will be considered effective when we send it to the
last address in our records. Any notice to be given to us will be considered effective when we actually receive it. You must notify us of any change of address.

6.04 **Matters Relating to Divorce** - Upon receipt of a Qualified Domestic Relations Order (QDRO), we may retain
an independent third party to determine whether the order is a qualified domestic relations order pursuant to Section 414(p) of the Code. In some instances, the determination will be performed by the Employer or the Employer's
representative.

A QDRO can specify that the payment will be made at any time, either before or after a Participant's "earliest retirement age". If the QDRO does not so specify, payments under a QDRO will begin on the date of your earliest retirement age. For purposes of the QDRO, earliest retirement age will be the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the date on which you are entitled to a distribution of benefits under the Annuity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the later of the date you attain age 50 or the earliest date on which you could obtain a distribution if you
were separated from service.

Distribution to an alternate payee will only be made as required by the QDRO and after the QDRO is determined to meet the requirements of Section 414(p) of the Code.

6.05 **Coordination with Plan** - If this rider is used in conjunction with a 403(b) Plan sponsored by the 403(b)
Owner's Employer and any terms of the 403(b) Plan and this rider conflicts, the terms of the 403(b) Plan shall govern.

6.06 **Responsibilities** – You, the Owner, represent and warrant to us that any information you provide us
will be correct and may be fully relied upon by us. We will not be responsible for losses of any kind that may result from your directions to us, or your actions or failures to act. We will not be responsible for any penalties, taxes, judgments or
expenses incurred in connection with this Annuity.

You will have sixty (60) days after you receive any documents, statements or other information from us to notify us in writing of any errors or inaccuracies reflected in these documents, statements or other information. If you do not notify us within 60 days, the documents, statements or other information will be deemed to be correct and accurate, and we will have no further liability or obligation for such documents, statements, other information or the transactions described therein.

To the extent written instructions or notices are required under this rider, we may accept or provide such information in any other form permitted by the Code or applicable regulations.

This rider is subject to all provisions of the Contract as long as this rider does not amend them. This rider will terminate on the same date as the Contract to which it is attached.

![LOGO](g113751g0417003438954.jpg)

AAMD35.R309 Page 5

## Ex-99.(D4)

**American Fidelity** 

**Assurance Company** 

9000 Cameron Parkway Oklahoma City, Oklahoma 73114

**ROTH INDIVIDUAL RETIREMENT ANNUITY RIDER** 

**ARTICLE I** 

1.01 *Purpose.* The purpose of this Rider, which is attached to and made a part of the annuity Policy issued by
American Fidelity Assurance Company, is to qualify the Policy as a Roth individual retirement annuity (IRA) under Code sections 408A and 408(b) to provide for the Roth IRA Owner's retirement and for the support of his or her Beneficiary(ies)
after death. The Policy is established for the exclusive benefit of the Roth IRA Owner and his or her Beneficiary(ies). If any provisions of the Policy conflict with this Rider, the provisions of this Rider will apply.

1.02 *Ownership Provisions*. The Roth IRA Owner's interest in the Policy is nonforfeitable and
nontransferable and the Roth IRA Owner may exercise all rights under the Policy during his or her lifetime. In addition, the Policy may not be sold, assigned, discounted, or pledged as collateral or as security for the performance of an obligation
or for any other purpose.

1.03 *For More Information.* To obtain more information concerning the rules governing this Rider, contact
American Fidelity Assurance Company.

**ARTICLE II – DEFINITIONS** 

The following words and phrases, when used in the Rider with initial capital letters, shall, for the purpose of the Rider, have the meanings set forth below unless the context indicates that other meanings are intended.

2.01 *Adoption Agreement* means the document executed by the Roth IRA Owner through which the Roth IRA Owner
adopts this Rider and thereby agrees to be bound by all terms and conditions of this Rider.

2.02 *Beneficiary* means the individual(s) or entity(ies) properly named to receive any remaining IRA benefits
upon the death of the Roth IRA Owner.

2.03 *Code* means the Internal Revenue Code of 1986, as amended from time to time.

2.04 *Contract* means the annuity contract used in conjunction with this Rider.

2.05 *Conversion Premium* means a contribution described in Section 408A(e) of the Code from a Traditional
or SIMPLE IRA to a Roth IRA.

2.06 *Designated Beneficiary* means the Beneficiary named as of the date of the Roth IRA Owner's death
who remains Beneficiary as of September 30 of the year following the year of the Roth IRA Owner's death.

2.07 *Rider* means this IRA Rider, including the Adoption Agreement, that was completed and signed to establish
this IRA.

2.08 *Issuer* means American Fidelity Assurance Company.

2.09 *IRA* means a Roth Individual Retirement Annuity as defined in Code sections 408(A) and 408(b) unless
otherwise indicated.

2.10 *Premium* means any payments made to the IRA.

2.11 *Regulations* means the Treasury regulations.

AAMD-37(R802) 6025(802) Page 1

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2.12 *Roth IRA Owner* means the individual who participates in this individual retirement annuity and is the
Owner of the Policy.

2.13 *SIMPLE IRA* means an IRA which satisfies the requirements of Code sections 408(b) and 408(p).

**ARTICLE III – PREMIUM LIMITS** 

3.01 *Maximum Permissible Amount.* Except in the case of a rollover Premium described in Code section 408A(e),
a recharacterized Premium described in Code section 408A(d)(6), or a Conversion Premium, no Premiums will be accepted unless they are in cash, and the total of such Premiums shall not exceed the lessor of 100 percent of the Roth IRA
Owner's Compensation, or: $3,000 for any taxable year beginning in 2002 through 2004; $4,000 for any taxable year beginning in 2005 through 2007; and $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the
applicable Premium limit may be adjusted by the Secretary of the Treasury for cost-of-living increases under Code section 219(b)(5)(C). Such adjustments will be in
multiples of $500.

If the Roth IRA Owner makes regular Premiums to both Roth and Traditional IRAs for a taxable year, the maximum regular Premium that can be made to all the Roth IRA Owner's IRAs for that taxable year is reduced by the regular Premiums made to the Roth IRA Owner's Traditional IRAs for the taxable year.

Premiums may be further limited if the Roth IRA Owner's modified adjusted gross income (MAGI) exceeds the limits described in paragraph 3.03 of the Rider.

3.02 *Catch-Up Premiums.* In the case of an Roth IRA Owner who is age
50 or older by the close of the taxable year, the annual Premium is increased by $500 for any taxable year beginning in 2002 through 2005; and $1,000 for any taxable year beginning in 2006 and years thereafter.

3.03 *Regular Premium Limit.* If a Roth IRA Owner's MAGI falls within certain limits, as described in the
following table, the maximum regular Premium that can be made to all the Roth IRA Owner's IRAs for a taxable year is phased out ratably in accordance with the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Filing Status** | **Full Premium** | **Phase-Out Range MAGI** | **No Premium** |
| Single or Head of Household | $95,000 or less | Between $95,000 and<br> $110,000 | $110,000 or more |
| Joint Return or Qualifying Widow(er) | $150,000 or less | Between $150,000 and<br> $160,000 | $160,000 or more |
| Married –<br> Separate Return | $0 | Between $0 and $10,000 | $10,000 or more |

---

If the Roth IRA Owner's MAGI for a taxable year is in the phase-out range, the maximum regular Premium determined under this tale for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200.

3.04 *Conversion Premium Limit.* A conversion from a Traditional or SIMPLE IRA cannot be made to this IRA if,
in the year the amount is distributed from the Traditional or SIMPLE IRA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Roth IRA Owner is married and files a separate return,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Roth IRA Owner is not married and has MAGI in excess of $100,000 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Roth IRA Owner is married and together the Roth IRA Owner and the Roth IRA Owner's spouse have MAGI
in excess of $100,000.

AAMD-37(R802) 6025(802) Page 2

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For the purposes of the preceding sentence, a husband and wife are not treated as married for a taxable year if they lived apart at all times during that taxable year and file separate returns for the taxable year.

3.05 *Recharacterization.* A regular Premium to a Traditional IRA may be recharacterized pursuant to the rules
in Regulations section 1.408A-5 as a regular Premium to this IRA, subject to the limits in paragraph 3.03 of this Rider.

3.06 *Modified Adjusted Gross Income*. For purposes of paragraphs 3.03 and 3.04 of this Rider, a Roth IRA
Owner's MAGI for a taxable year is defined in Code section 408A(c)(3)(C)(i) and does not include any amount included in adjusted gross income as a result of a conversion from a Traditional or SIMPLE IRA.

3.07 *Compensation.* For purposes of paragraph 3.01 of this Rider, compensation means wages, salaries,
professional fees, or other amounts derived from or received for personal services actually rendered (including, but not limited to commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on
insurance premiums, tips, and bonuses). Compensation for a self-employed individual includes earned income, as defined in Code section 401(c)(2) (reduced by the deduction the self employed Roth IRA Owner takes for contributions made to a
self-employed retirement plan). For purposes of this definition, Code section 401(c)(2) shall be applied as if the term trade or business for purposes of Code section 1402 included service described in Code section 1402(c)(6). Compensation shall
include any amount includible in the Roth IRA Owner's gross income under Code section 71 with respect to a divorce or separation instrument.

Compensation does not include amounts derived from or received as earnings or profits from property (including bur not limited to interest and dividends) or amounts not includible in gross income. Compensation also does no include any amount received as a pension or annuity or as deferred compensation.

3.08 *Excess Premium.* Any refund of Premiums (other than those attributable to excess Premiums) will be
applied, before the close of the calendar year following the year of the refund, toward the payment of future Premiums or the purchase of additional benefits.

3.09 *Contract Requirements.* If Premiums are interrupted, the policy will be reinstated at any date prior to
maturity upon payment of a Premium other than a rollover or transfer Premium, to the Issuer, and the minimum Premium amount for reinstatement shall be $10.00 (not to exceed $50). However, the Issuer may, at its option, either accept additional
future payments or terminate the policy by payment in cash of the then present value of the paid up benefit if no Premiums have been received for two full consecutive policy years and the paid up annuity benefit at maturity would be less than $20
per month.

**ARTICLE IV– DISTRIBUTION REQUIREMENTS** 

4.01 *Roth IRA Owner Distributions.* No amount is required to be distributed from the Policy prior to the death
of the Roth IRA Owner for whose benefit the Policy was originally established.

4.02 *Beneficiary Rights.* If the Roth IRA Owner dies before his or her entire interest is distributed to him
or her, the entire remaining interest will be distributed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Notwithstanding any provision of this IRA to the contrary, the distribution of the Roth IRA Owner's
interest in the IRA shall be made in accordance with the requirements of Code section 408(b)(3), as modified by Code section 408A(c)(5), and the Regulations thereunder, the provisions of which are herein incorporated by reference. If distributions
are not made in the form of an annuity on an irrevocable basis (except for acceleration), then distribution of the interest in the IRA (as determined under paragraph 4.02 of this Rider) must satisfy the requirements of Code section 408(a)(6), as
modified by Code section 408A(c)(5), and the Regulations thereunder, rather than the distribution rules in paragraphs 4.02(B), (C), (D) and (E) of the Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Upon the death of the Roth IRA Owner, his or her entire interest will be distributed at least as rapidly as
follows:

AAMD-37(R802) 6025(802) Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Designated Beneficiary is someone other than the Roth IRA Owner's surviving spouse, the entire
interest will be distributed, starting by the end of the calendar year following the calendar year of the Roth IRA Owner's death, over the remaining life expectancy of the Designated Beneficiary, with such life expectancy determined using the
age of the Designated Beneficiary as of his or her birthday in the year following the year of the Roth IRA Owner's death, or, if elected, in accordance with paragraph 4.02(B)(3) of this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Roth IRA Owner's Designated Beneficiary is the Roth IRA Owner's surviving spouse, the entire
interest will be distributed, starting by the end of the calendar year following the calendar year of the Roth IRA Owner's death (or by the end of the calendar year in which the Roth IRA Owner would have attained age 70 <sup>1</sup>⁄<sub>2</sub>, if later), over such spouse's life, or, if elected, in accordance with paragraph 4.02(B)(3) of this Rider. If the surviving spouse dies before required
distributions commence to him or her , the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse's death, over the spouse's Designated Beneficiary's remaining
life expectancy determined using such Beneficiary's age as of his or her birthday in the year following the death of the spouse, or, if elected, will be distributed in accordance with paragraph 4.02(B)(3) of this Rider. If the surviving spouse
dies after required distributions commence to him or her, any remaining interest will continue to be distributed under the Policy option chosen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is no Designated Beneficiary, or if applicable by operation of paragraph 4.02(B)(1) or (B)(2) of this
Rider, the entire interest will be distributed by the end of the calendar year containing the fifth anniversary of the Roth IRA Owner's death (or of the spouse's death in the case of the surviving spouse's death before
distributions are required to begin under paragraph 4.02(B)(2) of this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Life expectancy is determined using the Single Life Table in Q&A-1 of Regulations section 1.40(a)(9)- 9. If distributions are being made to a surviving spouse as the sole Designated Beneficiary, such spouse's remaining life expectancy for a year is the number in the Single Life Table corresponding to such
spouse's age in the year. In all other cases, remaining life expectancy for a year is the number in the Single Life Table corresponding to the Designated Beneficiary's age in the year specified in paragraph 4.02(B)(1) or (2) of this
Rider, and reduced by one for each subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The value of the IRA for purposes of this Article is the prior December 31 balance adjusted to include the
amount of any outstanding rollovers, transfers and recharacterizations under Q&As-7 and –8 of Regulations section 1.408-8 and the actuarial value of any other
benefits provided under the IRA, such as guaranteed death benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For purposes of paragraph 4.02(B)(2) of the Rider, required distributions are considered to commence on the
date distributions are required to begin to the surviving spouse under such paragraph. However, if distributions start prior to the applicable date in the preceding sentence, on an irrevocable basis (except for acceleration) under an annuity policy
meeting the requirements of Regulations section 1.401(a)(9)-6T, then required distributions are considered to commence on the annuity starting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Designated Beneficiary is the Roth IRA Owner's surviving spouse, the spouse may elect to treat the
IRA as his or her own IRA. This election will be deemed to have been made if such surviving spouse, who is the sole Beneficiary of the IRA, makes a Premium to the IRA or fails to take required distributions as a Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Beneficiary payment election described above is not made by December 31 of the year following the year
the Roth IRA Owner dies, the Issuer reserves the right to elect, in its complete and sole discretion, to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make no distribution until the Beneficiary(ies) provide a proper withdrawal request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the entire IRA to the Beneficiary(ies) in a single sum payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the entire remaining interest to the Beneficiary(ies) pursuant to the applicable option in paragraph
4.02(B) of this Rider.

The Issuer will not be liable for any penalties or taxes related to the Beneficiary's failure to take a required minimum distribution.

AAMD-37(R802) 6025(802) Page 4

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**ARTICLE V– REPORTING** 

The Roth IRA Owners agrees to provide the Issuer with information necessary for the Issuer to prepare any report(s) required under the Code and related Regulations including Code sections 408(i) and 408A(d)(3)(D) and Regulations sections 1.408-5 and 1.408-6 and under guidance published by the Internal Revenue Service (IRS).

The Issuer shall furnish annual calendar year reports concerning the status of the annuity and such information concerning required minimum distributions as is prescribed by the IRS.

**ARTICLE VI– AMENDMENTS** 

Any amendment made for the purpose of complying with provisions of the Code and related Regulations may be made without the consent of the Roth IRA Owner. The Roth IRA Owner will be deemed to have consented to any other amendment unless the Roth IRA Owner notifies the Issuer that he or she does not consent within 30 days from the date the issuer mails the amendment to the Roth IRA Owner.

**ARTICLE VII– RESPONSIBILITY OF THE PARTIES** 

The Issuer shall not be responsible for any penalties, taxes, judgments or expenses incurred by the Roth IRA Owner in connection with this IRA and shall have no duty to determine whether any Premiums to or distributions from this IRA comply with the Code, Regulations, ruling or this Rider.

![LOGO](g113751g0417003438954.jpg)

AAMD-37(R802) 6025(802) Page 5

## Ex-99.(D5)

**American Fidelity** 

**Assurance Company** 

9000 Cameron Parkway Oklahoma City, Oklahoma 73114

**TRADITIONAL INDIVIDUAL RETIREMENT ANNUITY RIDER** 

**ARTICLE I** 

1.01 *Purpose.* The purpose of this Rider, which is attached to and made a part of the annuity Policy issued by
American Fidelity Assurance Company, is to qualify the Policy as an individual retirement annuity (IRA) under Code section 408(b) to provide for the IRA Owner's retirement and for the support of his or her Beneficiary(ies) after death. The
Policy is established for the exclusive benefit of the IRA Owner and his or her Beneficiary(ies). If any provisions of the Policy conflict with this Rider, the provisions of this Rider will apply.

1.02 *Ownership Provisions*. The IRA Owner's interest in the Policy is nonforfeitable and nontransferable
and the IRA Owner may exercise all rights under the Policy during his or her lifetime. In addition, the Policy may not be sold, assigned, discounted, or pledged as collateral or as security for the performance of an obligation or for any other
purpose.

1.03 *For More Information.* To obtain more information concerning the rules governing this Rider, contact
American Fidelity Assurance Company.

**ARTICLE II – DEFINITIONS** 

The following words and phrases, when used in the Rider will initial capital letters, shall, for the purpose of the Rider, have the meanings set forth below unless the policy indicates that other meanings are intended.

2.01 *Application m* eans the document executed by the IRA Owner through which the IRA Owner adopts this Rider
and thereby agrees to be bound by all terms and conditions of this Rider.

2.02 *Beneficiary m* eans the individual(s) or entity(ies) properly named to receive any remaining IRA benefits
upon the death of the IRA Owner.

2.03 *Code m* eans the Internal Revenue Code of 1986, as amended from time to time.

2.04 *Designated Beneficiary m* eans the Beneficiary named as of the date of the IRA Owner's death who
remains a Beneficiary as of September 30 of the year following the year of the IRA Owner's death.

2.05 *IRA m* eans a Traditional IRA as defined in Code section 408(b) unless otherwise indicated.

2.06 *IRA Owner m* eans the individual who participates in this IRA, thereby owning the Policy.

2.07 *Issuer m* eans American Fidelity Assurance Company.

2.08 *Policy m* eans the annuity contract used in conjunction with this Rider.

2.09 *Premium m* eans any payments made to the IRA.

2.10 *Regulations m* eans the Treasury regulations.

2.11 *Rider m* eans this IRA Rider, including the Application that was completed and signed to establish this
IRA.

2.12 *Simple IRA m* eans an IRA which satisfies the requirements of Code sections 408(b) and 408(p).

AAMD-36(R702) 1025(702) Page 1

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**ARTICLE III – PREMIUM PAYMENTS** 

3.01 *Maximum Permissible Premiums.* The Issuer may accept Premiums on behalf of the IRA Owner for a tax year
of the IRA Owner. Except in the case of a rollover Premium (as permitted by Code sections 402<sup>©</sup>, 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) and 457(e)(16) or a Premium made in
accordance with the terms of a Simplified Employee Pension (SEP) plan as described in Code section 408(k), no Premiums will be accepted unless they are in cash, and the total of such Premiums shall not exceed the lesser of 100 percent of the
IRA Owner's Compensation, or $3,000 for any taxable year beginning in 2002 through 2004; $4,000 for any taxable year beginning in 2005 through 2007; and $5,000 for any taxable year beginning in 2008 and years thereafter.

After 2008, the Premium limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code section 219(b)(5)(C). Such adjustments will be in multiples of $500.

If the IRA Owner makes regular Premiums to both Traditional and Roth IRAs for a taxable year, the maximum regular Premium that can be made to all the IRA Owner's Traditional IRAs for that taxable year is reduced by the regular Premiums made to the IRA Owner's Roth IRAs for the taxable year.

3.02 *Catch-Up Premiums.* In the case of an IRA Owner who is age 50 or
older by the close of the taxable year, the annual Premium is increased by $500 for any taxable year beginning in 2002 through 2005; and $1,000 for any taxable year beginning in 2006 and years thereafter.

3.03 *Simple IRA.* No Premium will be accepted under a SIMPLE IRA plan established by an employer pursuant to
Code section 408(p). Also, no transfer or rollover of funds attributable to Premiums made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction with a SIMPLE IRA plan, prior to the
expiration of the two-year period beginning on the date the employee first participated in that employer's SIMPLE IRA plan.

3.04 *Excess Premium.* Any refund of Premiums (other than those attributable to excess Premiums) will be
applied, before the close of the calendar year following the year of the refund, toward the payment of future Premiums or the purchase of additional benefits.

**ARTICLE IV– DISTRIBUTION REQUIREMENTS** 

4.01 *IRA Owner Distributions.* Notwithstanding any provision of this IRA to the contrary, the distribution of
the IRA Owner's interest in the IRA shall be made in accordance with the requirements of Code section 408(b)(3) and the Regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are not made in the
form of an annuity on an irrevocable basis (except for acceleration), then distribution of the interest in the IRA (as determined under Article 4.01(D)) must satisfy the requirements of Code section 408(a)(6) and the Regulations thereunder, rather
than paragraphs (A), (B) and (C) of this the Regulations thereunder, rather than paragraphs (A),(B) and (C) of this Article 4.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The entire interest of the IRA Owner for whose benefit the IRA is maintained will commence to be distributed no
later than the first day of April following the calendar year in which such IRA Owner attains age 70 <sup>1</sup>⁄<sub>2</sub> (the "required beginning date") over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The IRA Owner's life or the lives of such IRA Owner and his or her Designated Beneficiary(ies), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A period certain not extending beyond the IRA Owner's life expectancy or the joint and last survivor
expectancy of such IRA Owner and his or her Designated Beneficiary(ies).

Distributions must be made in periodic payments at intervals of no longer than one year and must be either non-increasing or they may increase only as provided in Q&As-1 and –4 of Regulations section 1.401(a)(9)-(6T. In addition, any distribution must satisfy the incidental benefit requirements specified in Q&A-2 of 1.401(a)(9)-6T. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The distribution periods described in paragraph (A) of this article cannot exceed the periods specified in
Regulations section 1.401(a)(9)-6T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The first required distribution can be made as late as the required beginning date and must be the distribution
that is required for one payment interval. The second distribution need not be made until the end of the next payment interval.

AAMD-36(R702) 1025(702) Page 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The value of the IRA for purposes of this Section is the prior December 31 balance adjusted to include the
amount of any outstanding rollovers, transfers and re-characterizations under Q&A-7 and –8 of Regulations section 1.408-8 and the actuarial value of any other benefits provided under the IRA, such as guaranteed death benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the IRA Owner fails to elect a method of distribution by his or her required beginning date the Issuer shall
have completed and sole discretion to do any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make no distribution until IRA Owner provides a proper withdrawal request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the IRA Owner's entire interest in a single sum payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the IRA Owner's entire interest over a period certain not extending beyond the IRA Owner's
life expectancy or the life expectancy of the IRA Owner and his or her Beneficiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annuitize the IRA within the parameters described in this Section.

The Issuer will not be liable for any penalties or taxes related to the IRA Owner's failure to take a required minimum distribution.

4.02 *Beneficiary Rights.* If the IRA Owner dies before his or her entire interest is distributed to him or
her, the entire remaining interest will be distributed as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Death on or after Required Beginning Date. If the IRA Owner dies on or after the required beginning date for
distributions, the remaining portion of such IRA Owner's interest will continue to be distributed under the contract option chosen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Death before Required Beginning Date. If the IRA Owner dies before distributions commence, such IRA
Owner's entire interest will be distributed at least as rapidly as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Designated Beneficiary is someone other than the IRA Owner's surviving spouse, the entire interest
will be distributed, starting by the end of the calendar year following the calendar year of the IRA Owner's death, over the remaining life expectancy determined using the age of the Beneficiary as of his or her birthday in the year following
the year of the IRA Owner's death, or, if elected, in accordance with paragraph 4.02(B)(3) of this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the IRA Owner's sole Designated Beneficiary is the IRA Owner's surviving spouse, the entire
interest will be distributed, starting by the end of the calendar year following the calendar year of the IRA Owner's death (or by the end of the calendar year in which the IRA Owner would have attained age 70

<sup>1</sup>⁄<sub>2</sub> , if later), over such spouse's life, or, if elected, in accordance with paragraph 4.02(B)(3) of this Rider. If the surviving spouse dies before required
distributions are required to begin, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of the spouse's death, over the spouse's Designated Beneficiary's remaining life
expectancy determined using such Beneficiary's age as of his or her birthday in the year following the death of the spouse, or, if elected, will be distributed in accordance with paragraph 4.02(B)(3) of this Rider. If the surviving spouse dies
after required distributions commence to him or her, any remaining interest will continue to be distributed under the contract option chosen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is no Designated Beneficiary, or, if applicable by operation of paragraph 4.02(B)(1) or (B)(2) of this
Rider, the entire interest will be distributed by the end of the calendar year containing the fifth anniversary of the IRA Owner's death (or the spouse's death in the case of the surviving spouse's death before distributions are
required to begin under paragraph 4.02(B)(2) of this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Life expectancy is determined using the Single Life Table in Q&A-1 of Regulations section 1.401(a)(9)-9. If distributions are being made to a surviving spouse as the sole Designated Beneficiary, such spouse's remaining life expectancy for a year is the number in the
Single Life Table corresponding to such spouse's age in the year. In all other cases, remaining life expectancy for a year is the number in the Single Life Table corresponding to the Beneficiary's age in the year specified in paragraph
4.02(B)(1) or (2) of the Rider and reduced by one for each subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The value of the IRA for purposes of this Section is the prior December 31 balance adjusted to include the
amount of any outstanding rollovers, transfers and recharacterizations under Q&As –7 and –8 of Regulations section 1.408-8 and the actuarial value of any other benefits provided under the IRA,
such as guaranteed death benefits.

AAMD-36(R702) 1025(702) Page 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For purposes of paragraphs 4.02(A) and (B) of this Rider required distributions are considered to commence
on the IRA Owner's required beginning date, or, if applicable, on the date distributions are required to begin to the surviving spouse under paragraph 4.02(B)(2) of this Rider. However, if distributions start prior to the applicable date in
the preceding sentence, on an irrevocable basis (except for acceleration) under an annuity contract meeting the requirements of Regulations section 1.401(a)(9)-6T, the required distributions are considered to
commence on the annuity starting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Designated Beneficiary is the IRA Owner's surviving spouse, the spouse may elect to treat the IRA
as his or her own IRA. This election will be deemed to have been made if such surviving spouse, who is the sole Beneficiary of the IRA, makes a Premium to the IRA or fails to take required distributions as a Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Beneficiary payment election described in Section 4.02 is not made by December 31 of the year
following the year the IRA Owner dies, the Issuer reserves the right to elect, in its complete and sole discretion, to do any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make no distribution until the Beneficiary(ies) provides a proper withdrawal request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the entire IRA to the Beneficiary(ies) in a single sum payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute the entire remaining interest to the Beneficiary(ies) pursuant to the applicable option in paragraphs
4.02(A) or (B) of this Rider.

The Issuer will not be liable for any penalties or taxes related to the Beneficiary's failure to take a required minimum distribution.

**ARTICLE V– REPORTING** 

The IRA Owner agrees to provide the Issuer with information necessary for the Issuer to prepare any report required under Code section 408(I), Regulations section 1.408-5 and 1.408-6 and under guidance published by the Internal Revenue Service (IRS).

**ARTICLE VI– AMENDMENTS** 

Any amendment made for the purpose of complying with provisions of the Code and related Regulations may be made without the consent of the IRA Owner. The IRA Owner will be deemed to have consented to any other amendment unless the IRA Owner notifies the Issuer that he or she does not consent within 30 days from the date the Issuer mails the amendment to the IRA Owner.

**ARTICLE VII– RESPONSIBILITY OF THE PARTIES** 

The Issuer shall not be responsible for any penalties, taxes, judgments or expenses incurred by the IRA Owner in connection with this IRA and shall have no duty to determine whether any Premiums to or distributions from this IRA comply with the Code, Regulations, ruling of this Rider.

This rider is subject to all of the provisions of the Policy as long as this rider does not amend them. This rider will terminate on the same date as the policy to which it is attached.

![LOGO](g113751g0417004313787.jpg)

AAMD-36(R702) 1025(702) Page 4

## Ex-99.(D6)

**American Fidelity** 

**Assurance Company** 

2000 N. Classen Boulevard Oklahoma City, Oklahoma 73106

**AMENDMENT RIDER** 

The master contract and/or certificate to which this rider is attached is hereby amended as follows:

**Definitions,** the following definitions are being added:

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| | |
|:---|:---|
| Eligible Fund | An investment entity. |
| Variable Investment Option | A sub-account of the Separate Account. The Variable Investment Option provides benefits which are variable and are not guaranteed as to dollar amount. |

---

The definitions of "Separate Account" and "Valuation Date" are being deleted and replaced by the following:

---

| | |
|:---|:---|
| Separate Account | A Separate Account of the Company which provides Variable Investment Options. This Account is classified as a unit investment trust under the Investment Company Act of 1940. This Account is called American Fidelity Separate Account A. Separate Account assets are kept apart from the Company's other assets. |
| Valuation Date | A day on which the value of the Variable Investment Option is determined. |

---

**General Provisions,** the <u>Voting Rights</u> provision is being deleted; and the <u>Participant Reports</u> provision is hereby amended as follows:

<u>Participant Reports</u>

At least twice each calendar year, each Participant will receive a report showing the value of the Variable Investment Option, and any other information as required by law. The Company will also furnish an annual report of the Separate Account.

**Determining the Accumulated and Unit Values,** in the master contract is being amended as follows:

The words "of the Fund" in the first sentence of the <u>Determination of the Current Unit Value</u> provision are deleted.

The <u>Determination of the Net Investment Factor</u> provision is replaced by the following:

<u>Determination of the Net Investment Factor</u>

The Net Investment Factor is determined by the investment performance of the shares of the Eligible Fund held by the Variable Investment Option for the Valuation Period just ended. The Net Investment Factor for any Valuation Period is calculated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dividing the value per share of the Eligible Fund held by the Variable Investment Option at the end of the
current Valuation Period by the value per share of the Eligible Fund held by the Variable Investment Option at the end of the prior Valuation Period, and then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deducting the mortality and expense risk charge of .0026308% (.96025% on an annual basis) per share from the
Variable Investment Option.

Values of each share of the Eligible Fund are determined in accordance with valuation procedures established by the Eligible Fund.

**Expense Charges,** in the master contract under The <u>Investment Management Charge</u> provision is deleted; and the <u>Mortality and Expense Risk Charges</u> provision is replaced by the following:

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<u>Mortality and Expense Risk Charges</u>

Each Valuation Period, we deduct charges from the Separate Account for Mortality and Expense Risk. The Mortality and Expense charge compensates us for assuming the mortality and expense risks under this policy. The charges are equal to the percentages shown in the Determination of the Net Investment Factor provision.

**Retirement Benefits,** the words "Separate Account" in the first sentence of the <u>Variable Annuities</u> provision section, are replaced by the words "Variable Investment Option".

This rider replaces Amendment Rider AAMD-30 to the contract and is subject to all of the provisions of the contract or certificate as long as this rider does not amend them. This rider will terminate on the same date as the contract or certificate to which it is attached.

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## Ex-99.(E1)

American Fidelity Assurance Company

9000 Cameron Parkway Oklahoma City, Oklahoma 73114

Master Application

for

Group Deferred Variable Annuity

Application is hereby made to American Fidelity Assurance Company for a Group Deferred Variable Annuity Contract. The Contract is to be issued on the basis of the following statements:

(1) Applicant (Owner):

(2) Address:

(3) Type of Business:

(4) Type of Tax-Qualified Plan:

☐ Corporate Pension/HR-10 Plan

☐ 401 (k) Plan

☐ 403 (b) Tax-Deferred Annuity

☐ Individual Retirement Annuity under 408(b)

(5) Effective Date:

ALL PAYMENTS AND VALUES PROVIDED BY THE CONTRACT(S) BEING APPLIED FOR ARE BASED ON THE INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT. THE VALUES ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.

I have received a copy of the current Group Variable Annuity Contract Prospectus.

Dated this _______________________day of ___________________, 20__________at__________________

---

| |
|:---|
| <br> Name of Group or Owner |
| <br> Address |
| <br> City State Zip |
| <br> Signature of Employer or Owner |

---

GVA-1985-GX A

## Ex-99.(E2)

![LOGO](g113751g01g83.jpg)

ANNUITY AMERICAN FIDELITY ASSURANCE COMPANY APPLICATION 9000 Cameron Parkway Oklahoma City, Oklahoma 73114 PROPOSED ANNUITANT INFORMATION First Name Middle Name Last Name Suffix Employment Date Date of Birth Age Sex Social Security Number E-Mail Address (if any) Residence Address (Street and Number) Work Phone #, Ext. # Home Phone # () () City State Zip Mailing Address (Street, Number, or PO Box, City, State, and Zip, if different than Residence) Employer Annual Salary Occupation $ POLICY OWNER(S) (COMPLETE IF OTHER THAN ANNUITANT) First Name Middle Name Last Name Suffix Date of Birth SSN or Tax ID # Sex Relationship to Annuitant Residence Address (Street and Number) City State Zip Mailing Address (Street, Number, or PO Box, City, State, and Zip, if different than Residence) E-Mail Address (if any) Joint Owner First Name Middle Name Last Name Suffix Date of Birth SSN or Tax ID # Sex Relationship to Joint Owner Residence Address (Street and Number) City State Zip Mailing Address (Street, Number, or PO Box, City, State, and Zip, if different than Residence) E-Mail Address (if any) BENEFICIARY INFORMATION Primary: (First, Middle, and Last Name) SSN or Tax ID # Date of Birth Relationship Contingent: (First, Middle, and Last Name) SSN or Tax ID # Date of Birth Relationship PLAN INFORMATION Type of Plan (Choose One): 403(b) Options Traditional IRA Options Roth IRA Options No Plan 403(b) TIRA RIRA Non-Qualified 403(b)Roth SEP IRA RIRA Conversion Other BILLING INFORMATION Select one (if applicable) Additional Payment (if any) Requested Effective Date Employee: List Bill Lump Sum\* Employer: Date of first deduction/payment Bank Draft (Attach first month premium Transfer, Rollover, Billing Mode: and authorization) or 1035 Exchange\* Employee Employer Direct Bill \* (Paper work must be completed) MCP#: Date of first payment Employee Employer A1218 Page 1 of 3

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![LOGO](g113751g01g84.jpg)

PERIODIC PAYMENT INFORMATION This is an application for a Flexible Premium Deferred Annuity. If your premium amount changes and we have not received instructions as to how to apply the new amount, it will be applied in the same proportion and manner as per your instructions below. PAYMENTS FOR OFFICE USE ONLY Employee EE Employer ER Fixed Annuity Add HIO $$ Fixed Annuity with HIO $$ AFPR1ME GROWTH® Variable Annuity $$ AFAdvantage Variable Annuity® $$ Total Payment $$ Special Instructions: AFAdvantage Variable Annuity® INVESTMENT OPTION ALLOCATIONS (Enter whole percentages only, must total 100%. The dollar amount allocated to each option cannot be less than $25.00.) DO NOT COMPLETE FOR THE AFPR1ME GROWTH® VARIABLE ANNUITY OR THE FIXED ANNUITY. EE ALLOCATION INVESTMENT OPTIONS ER ALLOCATION % AFGI American Fidelity Guaranteed Interest Account % % VG01 Vanguard® VIF Total Bond Market Index Portfolio % % VG02 Vanguard® VIF Balanced Portfolio % % AM02 American Funds IS Washington Mutual Investors Fund % % DR01 BNY Mellon Stock Index Fund, Inc. % % VG05 Vanguard® VIF Total Stock Market Index Portfolio % % DR02 BNY Mellon Sustainable U.S. Equity Portfolio, Inc. % % VG04 Vanguard® VIF Capital Growth Portfolio % % VG06 Vanguard® VIF Mid-Cap Index Portfolio % % DR07 BNY Mellon VIF Opportunistic Small Cap Portfolio % % AM01 American Funds IS International Fund % Total 100 % Total 100 % A1218 Page 2 of 3

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![LOGO](g113751g01g85.jpg)

GENERAL INFORMATION Yes No 1. Is every Annuitant, Beneficiary(s), Premium Payor, and Policy Owner(s) a citizen of the United States? If No, who is not? Place/country of citizenship? Attach a copy of the current valid VISA or Alien Registration Receipt Card OR provide card number. 2. a. Does the Annuitant have any existing coverage or pending applications for individual life insurance or annuities with this or any other company? b. Does the Annuitant intend to replace, discontinue or change any such coverage? If YES to a. or b. provide the following information, and complete and return any required replacement forms. Person Covered Amount Company Name Policy Number SIGNATURES FOR VARIABLE ANNUITIES ONLY: With my signature below, I am certifying that I received a prospectus for the Variable Annuity policy for which I have applied. I was given the opportunity to receive this information either in paper format, or electronic format (by CD-Rom, E-Mail or Internet). I understand that all payments and values provided under a variable annuity contract are based on the investment experience of a separate account and are not guaranteed as to fixed dollar amount. FOR 403(b) ONLY: I understand the withdrawal restrictions under Internal Revenue Code section 403(b)(11) on contributions and earnings. I also understand that the withdrawal of my contributions is limited by my attainment of age 59 <sup>1</sup>⁄<sub>2</sub>, death, disability (as defined in Section 72(m)(7) of the Code) and financial hardship. WARNING: Any person who knowingly, and with intent to injure, defraud or deceive any insurer, makes a claim for the proceeds of an insurance policy containing any false, incomplete or misleading information or knowingly presents false information may be guilty of insurance fraud. Signed At (City and State) Date Signed Signature of Joint Owner (if applicable) Signature of Owner Driver's License or Government Issued ID Type and Number: Driver's License or Government Issued ID Type and Number: Issued By: Expiration Date: Issued By: Expiration Date: AGENT STATEMENT: To the best of my knowledge the proposed insured does does not have any existing life insurance or annuity; and, the proposed insured does does not intend to replace, discontinue or change any such coverage. I have reasonable grounds for believing that the recommendations for this Annuitant/Policy Owner to purchase/exchange or replace an annuity is suitable. This recommendation was based on facts disclosed to me, either orally or in writing, as to their retirement objectives, other insurance products, and their financial situation and needs. Signature of Agent/Witness (Licensed resident agent where required by law) Agent # A1218 Page 3 of 3

## Ex-99.(F2)

**SECOND AMENDED AND RESTATED BYLAWS** 

**OF** 

**AMERICAN FIDELITY ASSURANCE COMPANY** 

**(the "Corporation")** 

**ARTICLE I** 

**OFFICES** 

**Section 1.01** The principal office of the Corporation shall be in Oklahoma City, County of Oklahoma, State of Oklahoma.

**Section 1.02** The Corporation may also have offices at such other places both within and without the State of Oklahoma as the Board of Directors may from time to time determine or the business of the Corporation may require.

**ARTICLE II** 

**ACTION BY SOLE SHAREHOLDER** 

**Section 2.01** The sole shareholder may hold an annual or special meeting or may take action by written consent for the election of directors and the transaction of such other business as may properly come before the sole shareholder. Any meeting of the sole shareholder shall be held on the date and at the time designated by the Board of Directors. The meeting shall be held at the principal offices of the Corporation or at such other location determined by the Board of Directors.

**Section 2.02** The sole shareholder shall, at every meeting of the sole shareholder, be entitled to one vote in person or by proxy for each share of stock having voting power held by the sole shareholder. All proxies shall be filed with the secretary of the Corporation at or before the meeting. No proxy shall be voted on after one year from its date unless the proxy provides for a longer period.

**Section 2.03** All elections of the directors of the Corporation shall be decided by the sole shareholder except as otherwise provided in these Bylaws.

**Section 2.04** Any action required or permitted to be taken at a meeting of the sole shareholder may be taken without a meeting, without prior notice, and without a vote if a consent in writing, setting forth the action so taken, shall be signed by the sole shareholder, and the consent is filed with the minutes of the Corporation.

------

**ARTICLE III** 

**DIRECTORS** 

**Section 3.01** The authorized number of directors which shall constitute the whole Board of Directors shall be not less than five nor more than 15. Within the limits specified, the number of authorized directors shall be determined by resolution of the Board of Directors or by the sole shareholder at the annual meeting or at a special meeting called for that purpose, which number shall constitute the whole Board. Persons to be elected as directors shall be nominated by a committee composed 100% of Independent Directors, as set forth in Article VI. From those persons nominated, the directors shall be elected by the sole shareholder, except as provided in Section 3.02, and each director elected shall hold office until his successor is elected and qualified. Directors need not be residents of the State of Oklahoma or shareholders.

**Section 3.02** Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, though less than a quorum; provided that, directors selected pursuant to this this Section 3.02 must be nominated by a committee composed 100% of Independent Directors, as set forth in Article VI, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors shall be held in the manner provided by statute.

**Section 3.03** The business and affairs of the Corporation shall be managed by its Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not directed or required to be exercised or done by the sole shareholder by statute, the Certificate of Incorporation, or these Bylaws.

**Section 3.04** Any director of the Corporation may be removed or discharged with or without cause by the affirmative vote or written consent of the sole shareholder.

**Section 3.05** Any director may resign at any time by delivering written notice of his resignation to the Chairman of the Board, President, or Secretary of the Corporation. Any such resignation shall take effect at the time specified therein, or if no time is specified therein, then such resignation shall take effect immediately upon the receipt thereof.

**Section 3.06** At least one-third of the members of the Board of Directors shall be Independent Directors. "Independent Director" means a person who is not an officer or employee of the Corporation or of any entity controlling, controlled by, or under common control with the Corporation, and who is not beneficial owner of a controlling interest in the voting stock of the Corporation.

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**ARTICLE IV** 

**MEETING OF DIRECTORS** 

**Section 4.01** The Board of Directors may hold meetings, both regular and special, either within or without the State of Oklahoma.

**Section 4.02** An annual meeting of the Board of Directors shall be held each year for the purpose of electing officers of the Corporation and transacting any business coming before such meeting.

**Section 4.03** Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board of Directors.

**Section 4.04** Special meetings of the Board of Directors may be called by the Chairman of the Board or the President on 24 hours' notice delivered personally to each director or three days' written notice (including electronically). Special meetings shall be called by the President or Secretary in like manner and on like notice on the written request of two directors. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or written waiver of notice of such meeting.

**Section 4.05** At all meetings of the Board of Directors, one-third of the whole Board (the total number of authorized directors under Section 3.01, including any vacancies) shall constitute a quorum for the transaction of business; provided that, at least one Independent Director must be present at each meeting of the Board in order to constitute a quorum. The act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified and called.

**Section 4.06** Any action required or permitted to be taken at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.

**Section 4.07** Members of the Board of Directors, or any committee thereof, may participate in a meeting of the Board or committee, as the case may be, by electronic or other means by which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this section shall constitute presence in person at such meeting.

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**ARTICLE V** 

**EXECUTIVE COMMITTEE** 

**Section 5.01** At any meeting of the Board of Directors, the Board may, acting by resolution adopted by a majority of the whole Board, elect, from their own members, an Executive Committee composed of three or more voting members. At least one-third of the members of the Executive Committee shall be Independent Directors, as set forth in Article VI.

**Section 5.02** The Executive Committee shall have all of the powers of the directors in the interim between meetings of the Board, except (a) the power to declare dividends and to adopt, amend, or repeal these Bylaws, and (b) where action of the Board of Directors is required by law. The Executive Committee shall keep regular minutes of its proceedings, which shall be reported to the directors at their next meeting.

**Section 5.03** The Executive Committee shall meet at such times as may be fixed by the Committee or on the call of the President or Chairman of the Board. Notice of the time and place of the meeting shall be given to each member of the Committee in the manner provided for the giving of notice to members of the Board of Directors of the time and place of special meetings of the Board of Directors.

**Section 5.04** A majority of the members of the Executive Committee shall constitute a quorum for the transaction of business; provided that, at least one Independent Director who is a member of the Executive Committee must be present at any meeting of the Executive Committee in order to constitute a quorum. The act of the majority of the members of the Executive Committee present at a meeting at which a quorum is present shall be the act of the Executive Committee. At all meetings of the Executive Committee, each member present shall have one vote which shall be cast by him in person and not by proxy.

**Section 5.05** Any actions taken or approved at any meeting of the Executive Committee shall be as valid as though taken or approved at a meeting duly held after regular call and notice, if a quorum be present and if, either before or after the meeting, each of the members not present signs a written waiver of notice or a consent to holding such meeting or an approval of the minutes thereof.

**Section 5.06** The entire Executive Committee or any individual member thereof may be removed from the Committee with or without cause by a vote of a majority of the whole Board.

**Section 5.07** The Board of Directors shall fill all vacancies in the Executive Committee which may occur from time to time by majority vote of the whole Board.

**Section 5.08** Any action which might be taken at a meeting of the Executive Committee may be taken without a meeting if all of the members consent thereto in writing, and the consent is filed with the minutes of proceedings of the Committee.

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**ARTICLE VI** 

**COMMITTEES** 

**Committees of the Board** 

**Section 6.01** The Board of Directors may designate one or more committees of the Board of Directors, in addition to the Executive Committee described in Article VI, which, to the extent provided by the Board of Directors, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, except where action of the Board of Directors is required by law. Membership of any such committee of the Board of Directors is limited to persons who are directors of the Corporation, and at least one-third of the members of each committee of the Board of Directors must be Independent Directors. Additionally, at least one Independent Director must be present at any meeting of a Board committee in order to constitute a quorum.

**Committees of the Corporation** 

**Section 6.02** The Board of Directors may designate one or more committees of the Corporation, which committees may exercise such powers as may be designated by the Board of Directors to the extent that such acts are not required to be performed by the Board of Directors under the Corporation's Certificate of Incorporation, these Bylaws, or statute. Any such committee of the Corporation shall not have, and may not exercise, the powers of the Board of Directors in the management of the business and affairs of the Corporation. The Board of Directors may appoint natural persons who are not directors of the Corporation to serve on any committee of the Corporation and need not include any directors as committee members.

**Independent Committees** 

**Section 6.03** Notwithstanding any other provision set forth in these Bylaws, a committee composed 100% of Independent Directors must nominate directors for election to the Board of Directors, and a committee composed 100% of Independent Directors must (1) evaluate the performance of principal officers, and (2) make recommendations regarding the election of principal officers and their compensation.

**ARTICLE VII** 

**NOTICES** 

**Section 7.01** Notices to directors, officers, and the sole shareholder shall be delivered in writing (including electronically).

**Section 7.02** Whenever any notice is required to be given under the provisions of the Oklahoma General Corporation Act, the Certificate of Incorporation, or these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated herein, shall be deemed equivalent thereto. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the sole shareholder, directors, or members of a committee need to be specified in any written waiver of notice.

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**ARTICLE VIII** 

**OFFICERS** 

**Section 8.01** The officers of the Corporation shall be a President, a Secretary and a Treasurer. The Corporation may also have, at the discretion of the Board of Directors, a Senior Chairman of the Board, a Chairman of the Board, a Vice Chairman of the Board, one or more Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 8.03. One person may hold two or more offices; provided, however, that no person shall at the same time hold the offices of (1) President and Secretary or (2) more than one of the offices of President, Executive Vice President, Senior Vice President, Vice President or Assistant Vice President.

**Appointment** 

**Section 8.02** The officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 8.03 or Section 8.05 of this Article, shall be chosen annually by the Board of Directors, and each shall hold his office until he shall resign or shall be removed or otherwise disqualified to serve, or his successor shall be elected and qualified.

**Subordinate Officers** 

**Section 8.03** The Board of Directors may appoint, and may empower the Chairman of the Board or the President to appoint, such other officers as the business of the Corporation may require, each of whom shall hold office for such period, have such titles and such authority, and perform such duties as are provided in the Bylaws or as the Board of Directors may from time to time determine.

**Removal and Resignation** 

**Section 8.04** Any officer may be removed, either with or without cause, by the Board of Directors at any regular or special meeting thereof or, except in the case of an officer chosen by the Board of Directors, by any officer upon whom such power of removal may be conferred by the Board of Directors.

Any officer may resign at any time by giving written notice to the Board of Directors, President, or Secretary. Any such resignation shall take effect at the date of the receipt of such notice or at any later time specified therein. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

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**Vacancies** 

**Section 8.05** A vacancy in any office due to death, resignation, removal, disqualification, or other cause shall be filled in the manner prescribed in these Bylaws for regular appointments to such office.

**Chairman Emeritus** 

**Section 8.06** The Chairman Emeritus of the Board, if any, shall be elected by and shall have such powers and duties which may be assigned from time to time by the Board of Directors.

**Senior Chairman of the Board** 

**Section 8.07** The Senior Chairman of the Board, shall, if present, in the absence of the Chairman of the Board, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned by the Board of Directors or prescribed by these Bylaws.

**Chairman of the Board** 

**Section 8.08** The Chairman of the Board, shall, if present, preside at all meetings of the Board of Directors. The Chairman of the Board shall be the Chief Executive Officer of the Corporation and exercise and perform such other powers and duties as may be from time to time assigned by the Board of Directors or prescribed by these Bylaws.

**Vice Chairman of the Board** 

**Section 8.09** The Vice Chairman of the Board, if any, shall, if present, in the absence of the Chairman and the Senior Chairman, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned by the Board of Directors or prescribed by these Bylaws.

**President** 

**Section 8.10** Subject to such powers and duties, if any, as may be assigned by the Board of Directors to the Chairman Emeritus, Senior Chairman, Chairman, and Vice Chairman of the Board, the President shall, subject to the control of the Board of Directors, have general supervision, direction, and control of the business and officers of the Corporation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) presiding at all meetings of the sole shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the Chairman, Senior Chairman, and Vice Chairman of the Board, presiding at all meetings of
the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with the Secretary, signing the minutes of all shareholders' and directors' meetings over which the
President may have presided;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) executing all such bills, notes, checks, contracts, and other instruments as may pertain to the ordinary course
of the Corporation's business except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or
agent of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at the request of the sole shareholder, submitting a complete report of the operations of the
Corporation's affairs as existing at the close of each year and reporting to the Board of Directors from time to time all such matters known and relating to the interest of the Corporation as should be brought to the attention of the Board;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) having such usual powers and duties of supervision and management as may pertain to the office of the President
and having such other powers and duties as may be prescribed by the Board of Directors or these Bylaws.

**Section 8.11** The Chairman of the Board and the President shall have the power, subject to the Board of Directors, to appoint as many Executive Vice Presidents, Senior Vice Presidents, Vice Presidents and Assistant Vice Presidents or any other subordinate officers, in their discretion, as they may determine. Such officers as are specifically identified in this section shall have the power to sign or countersign, as may be necessary, all such checks, notes, contracts, and other instruments as may pertain to the ordinary course of the Corporation's business, including bonds, mortgages, and other contracts, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other agent of the Corporation.

**Secretary** 

**Section 8.12** The Secretary shall keep the corporate records and shall give notice of, attend, and record minutes of meetings of the sole shareholder and Board of Directors. The Secretary shall, in general, perform all duties incident to the office of Secretary and such other duties as the Board of Directors or the President may assign.

An Assistant Secretary, if any, shall perform the duties of the Secretary in the event of his absence or disability and such other duties as the Board of Directors may determine.

**Treasurer** 

**Section 8.13** The Treasurer shall keep and maintain, or cause to be kept and maintained, adequate and correct amounts of the properties and business transactions of the Corporation, including an accounting of its assets, liabilities, receipts, disbursements, gains, losses, capital, surplus, and shares. The books of account shall, at all reasonable times, be open to inspection by any director.

The Treasurer shall deposit all monies and other valuables in the name and to the credit of the Corporation with such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the Board of Directors, shall render to the President and directors, whenever they request it, an account of all of his transactions as Treasurer and of the financial condition of the Corporation, and shall have such other powers and perform such other duties as may be prescribed by the Board of Directors or by these Bylaws.

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An Assistant Treasurer, if any, shall perform the duties of the Treasurer in the event of his absence or disability and such other duties as the Board of Directors may determine.

**Delegation of Duties** 

**Section 8.14** In case of the absence or disability of any officer of the Corporation or for any other reason that the Board of Directors may deem sufficient, the Board of Directors may, by a vote of a majority of the whole Board, delegate, for the time being, the powers or duties, or any of them, of such officer to any other officer or to any director.

**ARTICLE IX** 

**CERTIFICATES OF STOCK** 

**Section 9.01** The shares of capital stock of the Corporation shall be represented by certificates unless the Board of Directors provides by resolution that some or all stock shall be uncertificated shares. No shares of stock shall be issued until the consideration therefor has been fully paid.

**Fractional Shares** 

**Section 9.02** The Corporation may, but is not required to, issue fractional shares of stock.

**ARTICLE X** 

**EXECUTION OF POLICIES, INSTRUMENTS AND CONTRACTS** 

**Policies** 

**Section 10.01** All policies of insurance shall be signed by (1) the President or a Vice President and (2) by the Secretary or an Assistant Secretary whose signatures may be engraved, printed or stamped thereon.

**Funds of the Corporation and Checks** 

**Section 10.02** Funds of the Corporation shall be deposited only in the name of the Corporation and in such financial institutions as the Chairman of the Board or President or an authorized Executive Vice President, Senior Vice President or Vice President shall designate. Checks or demands for money and notes of the Corporation shall be signed by such officers or agents as the Chairman of the Board or President may from time to time designate.

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**ARTICLE XI** 

**INDEMNIFICATION** 

**Section 11.01** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall indemnify any person who was or is a party, or is threatened to be made a party, to any
threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director, officer,
employee, or agent of the Corporation, or is or was serving at the request of or with the consent of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against
expenses (including attorneys' fees), amounts paid in settlement (whether with or without court approval), judgments, or fines actually and reasonably incurred by him in connection with such action, suit, or proceeding if he acted in good
faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendre* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith or did not act
in a manner which he reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, that the person did not have reasonable cause to believe that his conduct was
unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation shall indemnify every person who is or was a party, or is or was threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of or with the consent of the Corporation as a director, officer, employee, or agent or in any other capacity of or in another corporation, or a partnership, joint venture, trust, or other enterprise, or by reason of any action alleged to have been taken or not taken by him while acting in such capacity, against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such threatened, pending, or completed action or suit if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Corporation. The termination of any such threatened or actual action or suit by a settlement or by an adverse judgment or order shall not of itself create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in, or not opposed to, the best interests of the Corporation. Nevertheless, there shall be no indemnification with respect to expenses incurred in connection with any claim, issue, or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the Corporation unless, and only to the extent that, the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that a director, officer, employee, or agent of the Corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in Subsections (a) and (b) hereof, or in defense of any claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnification under Subsections (a) and (b) hereof (unless ordered by a court) shall be made by the Corporation only as authorized in the specific cases upon a determination that indemnification is proper in the circumstances because the person claiming indemnification has met the applicable standard of conduct set forth in such subsections. Such determination shall be made by the Board of Directors by a majority vote of a quorum consisting of disinterested directors, or, if such a quorum is not obtainable, or, even if obtainable and a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or by the sole shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The amount of any expenses incurred by a person in defending any threatened or actual action, suit, or proceeding referred to in subsection (a) hereof or any threatened or actual action or suit referred to in subsection (b) hereof may be advanced to or for the benefit of such person by the Corporation prior to the final disposition thereof as authorized by the Board of Directors in the specific case upon the receipt of an undertaking by or on behalf of such person to repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnification provided by this Article XI shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of the sole shareholder, or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against liability under the provisions of this Article XI.

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**ARTICLE XII** 

**GENERAL PROVISIONS** 

**Dividends** 

**Section 12.01** Subject to any provision of the Certificate of Incorporation, dividends on the outstanding capital stock of the Corporation (to the extent permitted by any applicable law, rule, or regulation) may be declared by the Board of Directors. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the Certificate of Incorporation.

**Fiscal Year** 

**Section 12.02** The fiscal year of the Corporation shall be from January 1 to December 31.

**Amendments** 

**Section 12.03** These Bylaws may be altered, amended or repealed, and new Bylaws may be adopted, by the sole shareholder, and, if so provided in the Certificate of Incorporation, by the Board of Directors.

The undersigned hereby certifies that he is the duly elected and acting Secretary of the Corporation and that the foregoing are the Bylaws of the Corporation, originally adopted by the Board of Directors of the Corporation on November 30, 1960, amended and restated on November 24, 1997 by Board approval, and further amended and restated as of May 26, 2020 by shareholder approval.

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| |
|:---|
| /s/ Christopher T. Kenney |
| Christopher T. Kenney, Secretary |

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## Ex-99.(H1)

**PARTICIPATION AGREEMENT** 

**Among** 

**VANGUARD VARIABLE INSURANCE FUND** 

**and** 

**THE VANGUARD GROUP, INC.** 

**and** 

**VANGUARD MARKETING CORPORATION** 

**and** 

**AMERICAN FIDELITY ASSURANCE COMPANY** 

**THIS AGREEMENT**, made and entered into as of the 8th day of December, 2025, by and among VANGUARD VARIABLE INSURANCE FUND (hereinafter the "Fund"), a Delaware statutory trust, THE VANGUARD GROUP, INC. (hereinafter the "Sponsor"), a Pennsylvania corporation, VANGUARD MARKETING CORPORATION (hereinafter the "Distributor"), a Pennsylvania corporation, and American Fidelity Assurance Company (hereinafter the "Company"), an Oklahoma corporation, on its own behalf and on behalf of each segregated asset account of the Company named in Schedule A hereto as may be amended from time to time (each such account hereinafter referred to as the "Account"), and amends and restates in its entirety the Participation Agreement by and among the Fund, Sponsor, Distributor, and Company dated March 30th, 2005, as amended.

**WHEREAS**, the Fund was organized to act as the investment vehicle for variable life insurance policies and variable annuity contracts to be offered by separate accounts of insurance companies which have entered into participation agreements with the Fund and the Sponsor (hereinafter "Participating Insurance Companies"); and

**WHEREAS**, the beneficial interest in the Fund is divided into several series of shares, each designated a "Portfolio," and representing the interest in a particular managed portfolio of securities and other assets; and

**WHEREAS**, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"); and

**WHEREAS**, the assets of each Portfolio of the Fund are managed by several entities (the "Advisers"), each of which is duly registered as an investment adviser under the federal Investment Advisers Act of 1940 and any applicable state securities laws; and

**WHEREAS**, the Company has established or will establish one or more Accounts to fund certain variable life insurance policies and/or variable annuity contracts (the "Variable Insurance Products"), which Accounts and Variable Insurance Products are registered under the 1940 Act and the 1933 Act, respectively; and

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**WHEREAS**, each Account is a duly organized, validly existing segregated asset account, established by resolution of the Board of Directors of the Company, on the date shown for each Account on Schedule A hereto, to set aside and invest assets attributable to the Variable Insurance Products; and

**WHEREAS**, the Distributor is a wholly-owned subsidiary of the Sponsor, is registered as a broker dealer with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended (the "1934 Act") and is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA"); and

**WHEREAS**, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares of the Portfolios on behalf of each Account to fund the Variable Insurance Products and the Sponsor is authorized to sell such shares to the Accounts at net asset value;

**WHEREAS,** the Sponsor and Benefit Trust Company (successor to State Street Bank and Trust Company, "Benefit Trust") have entered into a Defined Contribution Clearance & Settlement Agreement dated as of January 22, 2007, as amended and modified (the "DCC&S Agreement"), which sets forth the operational provisions governing the purchase and redemption of shares of the Fund by Benefit Trust on behalf of the Accounts and related matters; and

**WHEREAS,** the Sponsor has provided the Company with a copy of the DCC&S Agreement;

**NOW, THEREFORE**, in consideration of their mutual promises, the Company, the Fund, the Sponsor and the Distributor agree as follows:

**ARTICLE I. Sale of Fund Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Sponsor and the Distributor agree to sell to the Company those shares of the Portfolios of the Fund listed on Schedule II to the DCC&S Agreement which each Account orders, in accordance with the applicable provisions of the DCC&S Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Fund, subject to the provisions of Article IX of this Agreement, agrees to make its shares available indefinitely for purchase at the applicable net asset value per share by the Company and its Accounts on those days on which the Fund calculates its net asset value pursuant to the rules of the SEC and the Fund shall use its best efforts to calculate such net asset value on each day which the NYSE is open for trading. Notwithstanding the foregoing, the Board of Trustees of the Fund (hereinafter the "Board") may refuse to sell shares of any Portfolio to any person including, but not limited to, the Company, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Board, acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Portfolio. Further, it is acknowledged and agreed that the availability of shares of the Fund shall be subject to the Fund's then current prospectus and statement of additional information, federal and state securities laws and applicable rules and regulations of the SEC and the FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Fund and the Sponsor agree that shares of the Fund will be sold only to Participating Insurance Companies and their separate accounts. No shares of any Portfolio will be sold to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Fund and the Sponsor will not sell Fund shares to any Participating Insurance Company or its separate account unless an agreement containing a provision substantially the same as Section 2.4 of Article II of this Agreement is in effect to govern such sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Fund agrees to redeem for cash, on the Company's request, any full or fractional shares of the Fund held by an Account, in accordance with the applicable provisions of the DCC&S Agreement. The Fund reserves the right to suspend redemption privileges or pay redemptions in kind, as disclosed in the Fund's prospectus or statement of additional information. The Fund agrees to treat the Company like any other shareholder in similar circumstances in making these determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Company agrees to purchase and redeem the shares of each Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus and the accompanying statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Issuance and transfer of a Fund's shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account. The Fund shall furnish to the Company the CUSIP number assigned to each Portfolio of the Fund identified in Schedule II to the DCC&S Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The Company hereby elects to receive all income, dividends and capital gain distributions as are payable on the Portfolio shares in additional shares of that Portfolio. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of dividends and distributions.

**ARTICLE II. Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company represents and warrants that it is an insurance company duly organized and in good standing under applicable law; that it has legally and validly established each Account prior to any issuance or sale thereof as a segregated asset account under the laws and regulations of the State of Oklahoma ("State Law"); that it has and will maintain the capacity to issue all Variable Insurance Products that may be sold; and that it is properly licensed, qualified and in good standing to sell the Variable Insurance Products in the District of Columbia and all fifty states, except New York..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Company represents and warrants that the Variable Insurance Products are registered under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Company represents and warrants it has registered each Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as segregated investment accounts for the Variable Insurance Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with State Law and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the registration statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund, the Distributor, or the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Fund represents that it is qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and that it will make every effort to maintain qualification (under Subchapter M or any successor or similar provision) and (ii) it will notify the Company immediately upon having a reasonable basis for believing that it ceased to so qualify or that it might not so qualify in the future. The Fund acknowledges that any failure to qualify as a Regulated Investment Company will eliminate the ability of the subaccounts to avail themselves of the "look through" provisions of Section 817(h) of the Code, and that as a result the Variable Insurance Products will almost certainly fail to qualify as endowment or life insurance contracts under Section 817(h) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Company represents that the Variable Insurance Products will be treated as annuity contracts under applicable provisions of the Code and that it will make every effort to maintain such treatment and that it will notify the Fund and the Sponsor immediately upon having a reasonable basis for believing that the Variable Insurance Products have ceased to be so treated or that they might not be so treated in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Fund currently does not intend to make any payments to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Fund makes no representation as to whether any aspect of its operations (including, but not limited to, fees and expenses and investment policies) complies with the insurance laws or regulations of the various states except that the Fund represents that the Fund's investment policies, fees and expenses are and shall at all times remain in compliance with State Law and the Fund and the Sponsor represent that their respective operations are and shall at all times remain in material compliance with State Law to the extent required to perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 The Distributor represents and warrants that it is a member in good standing of FINRA and is registered as a broker-dealer with the SEC. The Distributor further represents that it will sell and distribute the Fund shares in accordance with State Law and all applicable state and federal securities laws, including without limitation the 1933 Act, the 1934 Act, and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 The Fund represents that it is lawfully organized and validly existing under the laws of the State of Delaware and that it does and will comply in all material respects with the 1940 Act and any applicable regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 The Sponsor represents and warrants that the Advisers to the Fund are, and the Sponsor shall use its best effort to cause the Advisers to remain, duly registered in all material respects under all applicable federal and state securities laws and to perform their obligations for the Fund in compliance in all material respects with State Law and any applicable state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 The Fund and the Sponsor represent and warrant that all of their trustees, directors, officers, employees, investment advisers, and other individuals/entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage required currently by Rule 17g-1 under the 1940 Act or other applicable laws or regulations as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 With respect to the Variable Insurance Products, which are registered under the 1933 Act, the Company represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) American Fidelity Securities, Inc. is the principal underwriter for each such Account and any subaccounts thereof and is a registered broker-dealer with the SEC under the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shares of the Portfolios of the Fund are and will continue to be the only investment securities held by the corresponding subaccounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number of Portfolios of the Fund available for investment by the Accounts will not constitute a majority of the total number of mutual funds or portfolio selections available for investment by the Accounts in any Variable Insurance Product that is a variable annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with regard to each Portfolio, the Company, if permitted by law, on behalf of the corresponding subaccount, will refrain from substituting shares of another security for such shares unless the SEC has approved such substitution in the manner provided in Section 26 of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with regard to each Portfolio, the Company will, to the extent required by applicable law and for so long as the SEC continues to interpret the 1940 Act to require pass-through voting privileges for variable contract owners: (i) solicit voting instructions from the owners of Variable Insurance Products; (ii) vote shares of the Portfolio held in the Accounts in a manner consistent with timely voting instructions received from owners of the Variable Insurance Products; (iii) vote shares of the Portfolio for which the Company has not received voting instructions and shares attributable to the Company in the same proportion as shares of the Portfolio for which the Company has received instructions; and (iv) be responsible for assuring that each Account calculates the voting privileges of the Company's underlying Variable Insurance Product owners in a manner consistent with the voting privileges of all other separate accounts of the Participating Insurance Companies investing in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 The Fund represents that it will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC's interpretation of the requirements of Section 16(a) with respect to periodic elections of trustees and with whatever rules the SEC may promulgate with respect thereto. In addition, a majority of the Board shall consist of persons who are not "interested persons" of the Fund, as defined by Section 2(a)(19) of the 1940 Act, except that if this condition is not met by reason of death, disqualification, or bona fide resignation of any trustee, then the operation of this condition shall be suspended (a) for a period of 45 days if the vacancy or vacancies may be filled by the Board; (b) for a period of 60 days if a vote of shareholders is required to fill the vacancy or vacancies; or (c) for such longer period as the SEC may prescribe by order upon application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 The Fund shall disclose in its prospectus that (1) its shares are offered to insurance company separate accounts that fund both annuity and life insurance contracts, (2) due to differences of tax treatment or other considerations, the interests of various contract owners participating in the Trust might at some time be in conflict, and (3) the Board will monitor for any material conflicts and determine what action, if any, should be taken. The Fund hereby notifies the Company that separate account prospectus disclosure regarding potential risks of mixed and shared funding may be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Vanguard represents that the Board will monitor the Funds for the existence of any material irreconcilable conflict between the interests of the owners of all accounts of Participating Insurance Companies investing in the Fund ("Contract Owners"). An irreconcilable material conflict may arise for a variety of reasons, including: (a) an action by any state insurance regulatory authority; (b) a change in applicable federal or state insurance tax, or securities laws or regulations, or a public ruling, private letter ruling, or any similar action by insurance, tax, or securities regulatory authorities; (c) an administrative or judicial decision in any relevant proceeding; (d) the manner in which the investments of any series are being managed; (e) a difference in voting instructions given by variable annuity Contract Owners and variable life insurance Contract Owners or by Contract Owners of different Participating Insurance Companies; or (f) a decision by an insurer to disregard the voting instructions of Contract Owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 The Company represents and warrants that it will report to the Board any potential or existing conflict among the Contract Owners. The Company further represents and warrants that it will assist the Board in carrying out its responsibilities to the Contract Owners by providing the Board with all information reasonably necessary for the Board to consider any issues raised with respect to the foregoing sentence. Such obligation by the Company shall include but not be limited to informing the Board whenever the voting instructions of the relevant Contract Owners are disregarded. The Company represents and warrants that it will carry out its responsibilities under this section 2.16 with a view only to the interests of the Contract Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 The Company represents and warrants that, in the event that either the Board or a majority of the disinterested trustees of the Board determines that a material irreconcilable conflict exists among the interests of the Contract Owners, the Company shall, at its sole expense and to the extent reasonably practicable (as determined by a majority of the disinterested trustees of the Board), take whatever steps are necessary to remedy or eliminate such material irreconcilable conflict, including but not limited to (i) withdrawing the assets allocable to some or all of the Accounts from the Fund or any series thereof and reinvesting such assets in a different investment medium (including another series of the Fund) or submitting the question of whether such segregation should be implemented to a vote of all affected Contract Owners and, as appropriate, segregating the assets of any appropriate group (i.e., owners of annuity contracts, owners of life insurance contracts, or owners of variable contracts of one or more Participating Insurance Companies) that votes in favor such segregation or offering to the affected Contract Owners the option of making such a change, and (ii) establishing a new registered management investment company or managed separate account. The Company further represents and warrants that, if a material irreconcilable conflict arises because of the Company's decision to disregard Contract Owner voting instructions and that decision represents a minority position or would preclude a majority vote, the Company may be required, at the Fund's election, to withdraw its separate account's investment in the Fund without any charge or penalty to the Fund. The Company understands and agrees that the responsibility to take any of the foregoing remedial action and to bear the cost of such remedial action shall be borne solely by the Company and shall be carried out with a view only to the interests of the Contract Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Vanguard represents that the Board's determination of the existence of an irreconcilable material conflict and its implications shall be made known promptly in writing to the Company. All reports received by the Board of potential or existing conflicts, and all Board action with regard to determining the existence of a conflict, notifying Participating Insurance Companies of a conflict, and determining whether any proposed action adequately remedies a conflict, will be properly recorded in the minutes of the Board or other appropriate records, and such minutes or other records shall be made available to the SEC upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The Company represents and warrants that it will, at least annually, submit to the Board such reports, materials, or data as the Board may reasonably request so that it may fully carry out its obligations to the Fund or under law, regulation, or order, and such reports, materials, and data shall be submitted more frequently if deemed appropriate by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 If and to the extent that Rule 6e-2 and Rule 6e-3(T) are amended, or Rule 6e-3 is adopted, to provide exemptive relief from any provision of the 1940 Act or the rules promulgated thereunder with respect to mixed and shared funding on terms and conditions materially different from those contained in the SEC order granted to the Fund and the Sponsor, then: (a) the Fund and/or the Company, as appropriate, shall take such steps as may be necessary to comply with Rules 6e-2 and 6e-3(T), as amended, or Rule 6e-3, as adopted, as applicable, to the extent such rules are applicable, and (b) Sections 2.15 through 2.19 of this Agreement shall continue in effect only to the extent that terms and conditions substantially identical to such Sections are contained in such rule(s) as so amended or adopted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 The Company represents and warrants that it will offer Variable Insurance Products utilizing the Fund as their underlying funding vehicle only without the imposition of a sales load, contingent deferred sales charge, or surrender charge with respect to the Fund. For the avoidance of doubt, the parties acknowledge that the foregoing restrictions shall not apply at the Variable Insurance Product level. The parties agree that no portion of the Fund's contribution to the Sponsor for distribution expenses will be paid to the Company, nor will the Company receive any other payments from either the Sponsor or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 The Company agrees that it will comply with the Sponsor's requirements regarding Money Market Fund Procedures, Extraordinary Event reporting, Closed Funds, and tax compliance and reporting as applicable to the Fund or as otherwise described in the DCC&S Agreement. The Company further represents and warrants that it will adhere to the requirements of Section 14 of the DCC&S Agreement applicable to "Underlying Intermediaries".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 The Sponsor agrees promptly to provide to the Company any updates to the DCC&S Agreement that affect the Sponsor's or the Company's obligations under this Agreement.

**ARTICLE III. Offering Documents and Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Fund, the Sponsor or their designee shall provide the Company (at the Sponsor's expense) with as many copies of the Fund's current prospectus as the Company may reasonably request. The Company shall provide a copy of the Fund's prospectus to each Variable Insurance Product owner. If requested by the Company in lieu thereof, the Fund or the Sponsor shall provide such documentation (including a final copy of the new prospectus as set in type at the Fund's or the Sponsor's expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus for the Variable Insurance Products and the Fund's prospectus printed together in one document (such printing to be at the Company's expense).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Fund's prospectus shall state that the statement of additional information for the Fund is available from the Sponsor (or in the Fund's discretion, the prospectus shall state that the statement of additional information is available from the Fund) and the Sponsor (or the Fund), at its expense, shall print and provide such statement free of charge to the Company and to any owner of a Variable Insurance Product or prospective owner who requests such statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Fund, at its own expense, shall provide the Company with copies of its reports to shareholders, other communications to shareholders, and, if required by applicable law, proxy material, in such quantity as the Company shall reasonably require for distributing to Variable Insurance Product owners. The Fund shall provide to the Company the prospectuses and annual reports referenced in this Agreement within fifteen (15) days prior to the Company's obligation to mail, and the Company agrees to provide the Fund with advance notice of such date. If the documents are not delivered to the Company within ten (10) days of the Company's obligation to mail, the Fund shall reimburse the Company for any extraordinary out-of-pocket costs (including, but not limited to, overtime for printing and mailing). The Company shall treat such documents provided under this Section 3.3 and any information contained therein as strictly confidential and shall not share such documents or information with any third party or any employee or officer of the Company who does not have a need to know such information until such time as the documents and/or information is made public by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Fund, the Sponsor and the Distributor will cooperate with the Company, the principal underwriter of the Variable Insurance Products and any third party designee of the foregoing in making the Fund's prospectus, reports to shareholders and any other communications to shareholders available to Variable Insurance Product owners or prospective owners in electronic format, subject to all legal requirements.

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**ARTICLE IV. Sales Material and Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company shall furnish, or shall cause to be furnished, to the Fund or its designee, each piece of sales literature or other promotional material in which the Fund, its Advisers or the Sponsor is named, at least ten Business Days prior to its use. The Company may use such material in fewer than ten Business Days if it receives the written consent of the Fund or its designee. No such material shall be used if the Fund or its designee reasonably objects to such use within ten Business Days after receipt of such material. In connection with the identification of the Portfolios in any such material, the use of the Sponsor's name or identification of the Portfolios shall be given no greater prominence than any other mutual fund or portfolio selection offered in a Variable Insurance Product that is a variable annuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Variable Insurance Products other than the information or representations contained in the registration statement or prospectus for the Fund shares, as such registration statement and prospectus may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in sales literature or other promotional material approved by the Fund or its designee or by the Sponsor, except with the permission of the Fund or the Sponsor or the designee of either.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Fund, Sponsor, Distributor or their designee shall furnish, or shall cause to be furnished, to the Company or its designee, each piece of sales literature or other promotional material in which the Company or an Account is named at least ten Business Days prior to its use. No such material shall be used if the Company or its designee reasonably objects to such use within ten Business Days after receipt of such material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Fund, the Distributor and the Sponsor shall not give any information or make any representations on behalf of the Company or concerning the Company, each Account, or the Variable Insurance Products other than the information or representations contained in a prospectus for the Variable Insurance Products, as such prospectus may be amended or supplemented from time to time, or in published reports for each Account which are in the public domain or approved by the Company for distribution to Variable Insurance Product owners, or in sales literature or other promotional material approved by the Company or its designee, except with the permission of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, statements of additional information, reports, proxy statements, sales literature and other promotional materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, as soon as reasonably practicable after the filing of each document with the SEC or other regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Company will provide to the Fund at least one complete copy of all prospectuses, reports, solicitations for voting instructions, sales literature and other promotional materials, applications for exemption, requests for no-action letters, and all amendments to any of the above, that relate to the Variable Insurance Products or each Account, as soon as reasonably practicable after the filing of such document with the SEC or other regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The Company and the Fund shall also each promptly inform the other of the results of any examination by the SEC (or other regulatory authorities) that relates to the Variable Insurance Products, the Fund or its shares, and the party that was the subject of the examination shall provide the other party with a copy of relevant portions of any "deficiency letter" or other correspondence or written report regarding any such examination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 The Fund and the Sponsor will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Portfolio, and of any material change in the Fund's registration statement, particularly any change resulting in a change to the prospectus for any Account. The Fund and the Sponsor will cooperate with the Company so as to enable the Company to solicit voting instructions from owners of Variable Insurance Products, to the extent a solicitation is required by applicable law, or to make changes to its prospectus in an orderly manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 For purposes of this Article IV, the phrase "sales literature and other promotional material" includes, but is not limited to, sales literature (i.e., any written communication distributed or made generally available to customers, including brochures, circulars, research reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published articles), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and prospectuses, shareholder reports, and proxy materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Certain Transactions and Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that it will provide, not later than five Business Days after receipt of a written request by the Sponsor on behalf of the Fund, the Taxpayer Identification Number of any or all Variable Insurance Product owner(s) and the amount, date, name of investment professional associated with the Variable Insurance Product owner (if any), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange transaction by such Variable Insurance Product owner(s) in an Account investing in the Fund through an account maintained by the Company during the specific period covered by the request. Unless required by applicable law, rule or regulation, the Sponsor and the Fund agree not to use the information received under this Section for marketing or any other purpose not related to (i) limiting or reducing abusive trading in shares issued by the Fund or (ii) collecting purchase or redemption fees (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that it will execute written instructions from the Sponsor on behalf of the Fund, including instructions to restrict or prohibit purchases or exchanges of Fund shares in specific accounts or by or on behalf of specific Variable Insurance Product owners identified by the Fund as having engaged in transactions in Fund shares that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. Any such instructions by the Sponsor shall include the Taxpayer Identification Number or equivalent identifying number of the Variable Insurance Product owner(s) to which the instructions relate and the specific restriction(s) to be executed. The Company agrees that it will execute any such instructions as soon as reasonably practicable, but not later than five Business Days after receipt of the instructions by the Company.

**ARTICLE V. Fees and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Fund and Sponsor shall pay no fee or other compensation to the Company under this Agreement. Nothing herein shall prevent the parties hereto from otherwise agreeing to perform, and arranging for appropriate compensation for, other services relating to the Fund and or to the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the fees and expenses for the cost of registration and qualification of the Fund's shares, preparation and filing of the Fund's prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, all taxes on the issuance or transfer of the Fund's shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Fund shall bear the expenses of printing, and the Company shall bear the expenses of distributing, the Fund's prospectus to owners of Variable Insurance Products issued by the Company. The Company shall bear the expenses of distributing the Fund's proxy materials (to the extent such proxy solicitation is required by law) and reports to owners of Variable Insurance Products.

**ARTICLE VI. Diversification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Fund will at all times invest money from the Variable Insurance Products in such a manner as to ensure that the Variable Insurance Products will be treated as variable contracts under the Code and the regulations issued thereunder. Without limiting the scope of the foregoing, the Fund and the Sponsor represent and warrant that each Portfolio of the Fund will meet the diversification requirements of Section 817(h) of the Code and Treasury Regulation 1.817-5, relating to the diversification requirements for endowment or life insurance contracts and any amendments or other modifications to such Section or Regulations, as if those requirements applied directly to each such Portfolio. In the event of a breach of this Article VI by the Fund, it will take all reasonable steps (a) to notify Company of such breach and (b) to adequately diversify, each Portfolio of the Fund so as to achieve compliance within the grace period afforded by Regulation 817-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Fund and the Sponsor represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and they will maintain such qualification (under Subchapter M or any successor or similar provision).

**ARTICLE VII. Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Indemnification by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless the Fund and each trustee of the Board and officers and each person, if any, who controls the Fund within the meaning of Section 15 of the 1933 Act, the Sponsor and the Distributor (collectively, the "Indemnified Parties" for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund's shares or the Variable Insurance Products and:

&nbsp;&nbsp;&nbsp;&nbsp;&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) arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the registration statement or prospectus for the Variable Insurance Products or contained in the contract or policy or sales literature for the Variable Insurance Products (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the registration statement or prospectus for the Variable Insurance Products or in the contract or policy sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Variable Insurance Products or the Fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the registration statement, prospectus or sales literature of the Fund not supplied by the Company, or persons under its control) or unlawful conduct of the Company or

persons under its control, with respect to the sale or distribution of the Variable Insurance Products or Fund shares; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a registration statement, prospectus, or sales literature of the Fund (or any amendment or supplement thereto), or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) result from any failure by the Company to provide the services and furnish the materials under the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any material breach of this Agreement by the Company;

as limited by and in accordance with the provisions of Section 7.1(b) and 7.1(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to the Fund, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on a designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision. In case any such action is brought against the Indemnified Parties, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Company to such a party of the Company's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Variable Insurance Products or the operation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Indemnification by the Sponsor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sponsor agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933Act (collectively, the "Indemnified Parties" for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Sponsor) or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund's shares or the Variable Insurance Products and:

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&nbsp;&nbsp;&nbsp;&nbsp;&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) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the registration statement or prospectus or sales literature of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Sponsor or Fund by or on behalf of the Company for use in the registration statement or prospectus for the Fund or in sales literature (or any amendment or supplement thereto) or otherwise for use in connection with the sale of the Variable Insurance Products or Fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the registration statement, prospectus or sales literature for the Variable Insurance Products not supplied by the Sponsor or persons under its control) or unlawful conduct of the Fund, the Advisers or persons under their control, with respect to the sale or distribution of the Variable Insurance Products or Fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a registration statement, prospectus or sales literature covering the Variable Insurance Products (or any amendment or supplement thereto), or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) result from any failure by the Sponsor or the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure to comply with the diversification requirements specified in Article VI of this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) arise out of or result from any material breach of any representation and/or warranty made by the Sponsor or the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Sponsor or the Fund;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to the Company or the Accounts, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Sponsor in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of any such service on any designated agent), but failure to notify the Sponsor of any such claim shall not relieve the Sponsor from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this

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indemnification provision. In any case any such action is brought against the Indemnified Parties, the Sponsor will be entitled to participate, at its own expense, in the defense thereof. The Sponsor also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Sponsor to such party of the Sponsor's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Sponsor will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by each party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company agrees promptly to notify the Sponsor of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Variable Insurance Products or the operation of each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Indemnification by the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund agrees to indemnify and hold harmless the Company, and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, at common law or otherwise, insofar as such losses, claims damages, liabilities or expenses (or action in respect thereof) or settlements resulting from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to the operations of the Fund and:

&nbsp;&nbsp;&nbsp;&nbsp;&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) arise as a result of any failure by the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure to comply with the diversification requirements specified in Article VI of this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Sponsor or each Account, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense thereof. The Fund also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Fund to such party or the Fund's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be liable to such party independently in connection with the defense thereof other than reasonable costs of litigation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Sponsor agree promptly to notify the Fund of the commencement of any litigation or proceedings against it or any of its respective officers or directors in connection with this Agreement, the issuance or sale of the Variable Insurance Products, with respect to the operation of an Account, or the sale or acquisition of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Indemnification by the Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.4) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Sponsor) or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund's shares or the Variable Insurance Products and:

&nbsp;&nbsp;&nbsp;&nbsp;&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) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the registration statement or prospectus or sales literature of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Distributor or the Fund by or on behalf of the Company for use in the registration statement or prospectus for the Fund or in sales literature (or any amendment or supplement thereto) or otherwise for use in connection with the sale of the Variable Insurance Products or Fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the registration statement, prospectus or sales literature for the Variable Insurance Products not supplied by the Distributor or persons under its control) or unlawful conduct of the Fund, the Advisers or persons under their control, with respect to the sale or distribution of the Variable Insurance Products or Fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a registration statement, prospectus or sales literature covering the Variable Insurance Products (or any amendment or supplement thereto), or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) result from any failure by the Distributor or the Fund to provide the services and furnish the materials under the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) arise out of or result from any material breach of any representation and/or warranty made by the Distributor or the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributor of the Fund;

------

as limited by and in accordance with the provisions of Sections 7.4(b) and 7.4(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party's duties or by reason of such Indemnified Party's reckless disregard of obligations and duties under this Agreement or to the Company or the Accounts, whichever is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Distributor in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of any such service on any designated agent), but failure to notify the Distributor of any such claim shall not relieve the Distributor from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision. In any case any such action is brought against the Indemnified Parties, the Distributor will be entitled to participate, at its own expense, in the defense thereof. The Sponsor also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action. After notice from the Distributor to such party of the Distributor's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Distributor will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by each party independently in connection with the defense thereof other than reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company agrees promptly to notify the Distributor of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Variable Insurance Products or the operation of each account.

**ARTICLE VIII. Applicable Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 This Agreement shall be subject to the provisions of the 1933 Act, 1934 Act and 1940 Act, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant, and the terms hereof shall be interpreted and construed in accordance therewith.

**ARTICLE IX. Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 This Agreement shall continue in full force and effect until the first to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) termination by any party for any reason by sixty (60) days' advance written notice delivered to the other parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) termination by the Company by written notice to the Fund and the Sponsor with respect to any Portfolio based upon the Company's determination that shares of such Portfolio are not reasonably available to meet the requirements of the Variable Insurance Products; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) termination by the Company by written notice to the Fund and the Sponsor with respect to any Portfolio in the event any of the Portfolio's shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Variable Insurance Products issued or to be issued by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) termination by the Company by written notice to the Fund and the Sponsor with respect to any Portfolio in the event that such Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that the Fund may fail to so qualify (in the event of such termination, the Company shall withdraw all assets allocable to the separate accounts from the Portfolio and shall reinvest such assets in a different investment medium, including, but not limited to, another Portfolio of the Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) termination by the Company by written notice to the Fund and the Sponsor with respect to any Portfolio in the event that such Portfolio fails to meet the diversification requirements as specified in Article VI hereof (in the event of such termination, the Company shall withdraw all assets allocable to the separate accounts from the Portfolio and shall reinvest such assets in a different investment medium, including, but not limited to, another Portfolio of the Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) termination by the Fund, the Sponsor, or the Distributor by written notice to the Company, if any of the Fund, the Sponsor, or the Distributor shall determine, in its sole judgment exercised in good faith, that the Company and/or its affiliated companies has suffered a material adverse change in its business, operations, or financial condition since the date of this Agreement or is the subject of material adverse publicity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) termination by the Company by written notice to the Fund and the Sponsor, if the Company shall determine, in its sole judgment exercised in good faith, that either the Fund, the Sponsor, or the Distributor has suffered a material adverse change in its business, operations or financial condition since the date of this Agreement or is the subject of material adverse publicity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Notwithstanding any termination of this Agreement, the Fund and the Sponsor shall, at the option of the Company, continue to make available shares of the Fund pursuant to the terms and conditions of this Agreement, for all Variable Insurance Products in effect on the effective date of termination of this Agreement (hereinafter referred to as "Existing Contracts"). Specifically, without limitation, the owners of the Existing Contracts shall be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Company shall not redeem Fund shares attributable to the Variable Insurance Products (as opposed to Fund shares attributable to the Company's assets held in the Accounts) except (a) as necessary to implement Variable Insurance Products owner initiated or approved transactions, or (b) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"). Upon request, the Company will promptly furnish to the Fund and the Sponsor the opinion of counsel for the Company (which counsel shall be reasonably satisfactory to the Fund and the Sponsor) to the effect that any redemption pursuant to clause (b) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Variable Insurance Products, the Company shall not prevent owners of Variable Insurance Products from allocating payments to a Portfolio that was otherwise available under the Variable Insurance Products without first giving the Fund or the Sponsor 90 days' notice of its intention to do so.

------

**ARTICLE X. Notices** 

Any notice shall be sufficiently given when sent by first class mail, email, overnight courier or facsimile to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

---

| | |
|:---|:---|
| If to the Fund: | Vanguard Variable Insurance Fund |
|  | 100 Vanguard Blvd., V26 |
|  | Malvern, PA 19355 |
|  | Attn: Legal Department |
|  | Intermediary_notices@vanguard.com |
| If to the Sponsor: | The Vanguard Group, Inc. |
|  | 100 Vanguard Blvd., V26 |
|  | Malvern, PA 19355 |
|  | Attn: Legal Department |
|  | Intermediary_notices@vanguard.com |
| If to the Distributor: | Vanguard Marketing Corporation |
|  | 100 Vanguard Blvd., V26 |
|  | Malvern, PA 19355 |
|  | Attn: Legal Department |
|  | Intermediary_notices@vanguard.com |
| If to the Company: | American Fidelity Assurance Company |
|  | 9000 Cameron Pkwy |
|  | Oklahoma City, OK 73114 |
|  | Attention: Christopher T. Kenney |
|  | Email: chris.kenney@camerongroupservices.com |

---

**ARTICLE XI. Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 It is understood and stipulated that neither the shareholders of any Portfolio nor the officers or trustees of the Fund shall be personally liable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Subject to the requirements of the legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Variable Insurance Products and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not (unless it has obtained the express written consent of the affected party) disclose, disseminate or utilize such names and addresses and other confidential information until such time as it may come into the public domain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Each party hereto shall cooperate with each party and all appropriate governmental authorities (including without limitation the SEC, the FINRA and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 The Company shall furnish, or cause to be furnished, to the Fund or its designee of the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's Annual Financial Statement on Statutory Basis as soon as practical and in any event within 90 days after the end of each fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any registration statement, prospectus or other materials distributed in connection with the sale of the Variable Insurance Products to the extent such registration statement, prospectus or other materials reference the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 This Agreement, including any Schedule hereto, may be amended or modified only by written instrument, executed by duly authorized officers of the parties.

------

**IN WITNESS WHEREOF,** each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative as of the date specified above.

---

| | |
|:---|:---|
| VANGUARD VARIABLE INSURANCE FUND | VANGUARD VARIABLE INSURANCE FUND |
| By: | /s/ John Schadl |
| Name: | John Schadl |
| Title: | Assistant Secretary |
| THE VANGUARD GROUP, INC. | THE VANGUARD GROUP, INC. |
| By: | /s/ Carolyn Sherry |
| Name: | Carolyn Sherry |
| Title: | Principal, Head of US Middle Office & TA |
| VANGUARD MARKETING CORPORATION | VANGUARD MARKETING CORPORATION |
| By: | /s/ Carolyn Sherry |
| Name: | Carolyn Sherry |
| Title: | Principal, Head of US Middle Office & TA |
| AMERICAN FIDELITY ASSURANCE COMPANY | AMERICAN FIDELITY ASSURANCE COMPANY |
| By: | /s/ Taryn Colon |
| Name: Taryn Colon | Name: Taryn Colon |
| Title: AVP | Title: AVP |

---

------

**SCHEDULE A** 

**SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS** 

---

| | | |
|:---|:---|:---|
| **Name of Separate Account** | **Date Established** | **Contracts Funded by Separate Account** |
| American Fidelity Separate Account B | Inception Date: October 27, 1997 | AFAdvantage<sup>®</sup> Variable Annuity |
| American Fidelity Separate Account C | Inception Date: June 4, 2002 | AFMaxx<sup>®</sup> 457(b) Group Variable Annuity |

---

This Schedule A to the Participation Agreement dated December 8, 2025 by and among the parties identified below is updated and effective as of December 8, 2025, and replaces all prior versions of this Schedule A.

This Schedule A may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Schedule A shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of all parties hereto. For the purposes hereof, a facsimile copy of this Schedule A, including the signature pages hereto, shall be deemed an original.

---

| | | | |
|:---|:---|:---|:---|
| VANGUARD VARIABLE INSURANCE FUND | VANGUARD VARIABLE INSURANCE FUND | THE VANGUARD GROUP, INC. | THE VANGUARD GROUP, INC. |
| By: | /s/ John Schadl | By: | /s/ Carolyn Sherry |
| Name: | John Schadl | Name: | Carolyn Sherry |
| Title: | Assistant Secretary | Title: | Principal, Head of US Middle Office & TA |
| VANGUARD MARKETING CORPORATION | VANGUARD MARKETING CORPORATION | AMERICAN FIDELITY ASSURANCE COMPANY | AMERICAN FIDELITY ASSURANCE COMPANY |
| By: | /s/ Carolyn Sherry | By: | /s/ Taryn Colon |
| Name: | Carolyn Sherry | Name: | Taryn Colon |
| Title: | Principal, Head of US Middle Office & TA | Title: | AVP |

---

Schedule A

## Ex-99.K

![LOGO](g113751g0417015317744.jpg)

April 29, 2026

American Fidelity Assurance Company

9000 Cameron Parkway

Oklahoma City, OK 73114

Re: American Fidelity Separate Account A – Post-Effective Amendment No. 75 and 76 to Form N-4 Registration Statement (Nos. 2-30771 and 811-01764)

Ladies and Gentlemen:

You have requested our opinion in connection with the filing with the Securities and Exchange Commission of Post-Effective Amendment No. 75 and 76 to the above-referenced Registration Statement on Form N-4 for the **AF***PR1ME GROWTH*<sup>™</sup> Variable Annuity contract (the "Contract") to be issued by American Fidelity Assurance Company ("AFA") and its separate account, American Fidelity Separate Account A.

We have made such examination of the law and have examined such records and documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below.

Based on the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. American Fidelity Separate Account A is a separate account as the term is defined in Section 2(a)(37) of the Investment Company Act of 1940 (the "Act") and is currently registered with the Securities and Exchange Commission pursuant to Section 8(a) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon acceptance of purchase payments made by a contract owner pursuant to a Contract issued in accordance with the Prospectus contained in the Registration Statement and upon compliance with applicable law, the Contract and the interests therein will have been legally issued and will represent binding obligations of AFA, provided that the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally.

------

You may use this opinion letter as an exhibit to the Registration Statement. We consent to the reference to our firm under the caption "Legal Opinion" contained in the Statement of Additional Information which forms a part of the above-referenced Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ McAFEE & TAFT A PROFESSIONAL CORPORATION |

---

## Ex-99.L

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the use in this Post-Effective Amendment to Registration Statement No. 002-30771 on Form N-4 of our report dated February 27, 2026, relating to the financial statements and financial highlights of American Fidelity Separate Account A appearing in the Statement of Additional Information, which is part of such Registration Statement, and the references to us under the heading "Custodian, Independent Auditor and Independent Registered Public Accounting Firm" in the Statement of Additional Information, which is part of such Registration Statement.

/s/ Deloitte & Touche LLP

Oklahoma City, Oklahoma

April 29, 2026

------

**CONSENT OF INDEPENDENT AUDITOR** 

We consent to the use in this Registration Statement No. 002-30771 on Form N-4 of our report dated April 14, 2026, relating to the statutory-basis financial statements of American Fidelity Assurance Company appearing in the Statement of Additional Information, which is part of the Registration Statement. We also consent to the references to us under the heading "Custodian, Independent Auditor and Independent Registered Public Accounting Firm" in the Statement of Additional Information, which is part of such Registration Statement.

/s/ Deloitte & Touche LLP

Oklahoma City, Oklahoma

April 29, 2026

## Ex-99.(X)

**<u>POWER OF ATTORNEY</u>**

Each of the undersigned hereby appoints Paul S. Arvin and Christopher T. Kenney, individually, as his/her true and lawful attorney-in-fact with full power to sign for him/her, in his/her name as officer or director, or both, of American Fidelity Assurance Company, a post-effective amendment to any of the following registration statements under the Securities Act of 1933 and under the Investment Company Act of 1940 (and any and all amendments and supplements thereto, including additional post-effective amendments, with all exhibits and all instruments necessary or appropriate in connection therewith) on Form N-4 (or any other applicable form) to be filed with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and to perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, may lawfully do or cause to be done by virtue hereof:

---

| | |
|:---|:---|
| **American Fidelity Separate Account** | **1940 Act and 1933 Act Registration Nos.** |
| American Fidelity Separate Account A | 811 – 01764 |
| American Fidelity Separate Account A | 2 – 30771 |
| American Fidelity Separate Account B | <br> 811 – 08187 |
| American Fidelity Separate Account B | 333 – 25663 |
| American Fidelity Separate Account C | <br> 811 – 21313 |
| American Fidelity Separate Account C | 333 – 103492 |

---

**Dated March 4, 2026.** 

---

| | |
|:---|:---|
| /s/ Mollie Andrews | /s/ John M. Bendheim |
| Mollie Andrews, Director | John M. Bendheim, Director |
| /s/ Lynda L. Cameron | /s/ William M. Cameron |
| Lynda L. Cameron, Director | William M. Cameron, Director, Chairman of the Board, and Chief Executive Officer |
| /s/ David R. Carpenter | /s/ Aaron Voloj Dessauer |
| David R. Carpenter, Director | Aaron Voloj Dessauer, Director |
| /s/ William E. Durrett | /s/ Theodore M. Elam |
| William E. Durrett, Director and Senior Chairman of the Board | Theodore M. Elam, Director |
| /s/ Lynn Fritz | /s/ Caroline Ikard |
| Lynn Fritz, Director | Caroline Ikard, Director |
| /s/ Paula Marshall | /s/ Tom J. McDaniel |
| Paula Marshall, Director | Tom J. McDaniel, Director |
| /s/ Jeanette Rice | /s/ Henry Sohn |
| Jeanette Rice, Director | Henry Sohn, Director |
| /s/ John Cassil | /s/ Weston Waller |
| John Cassil, Senior Vice President, Executive Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | Weston Waller, President (Principal Executive Officer) |

---

## Ex-99.(Y)

![LOGO](g113751g01g21.jpg)

SCHEDULE Y—INFORMATION CONCERNING ACTIVITIES OF INSURER MEMBERS OF A HOLDING COMPANY GROUP PART 1 – ORGANIZATIONAL CHART William M. Cameron² Lynda L. Cameron³ (WMC) (LLC) Cameron Associates, Inc. 50% WMC; 50% LLC – OK Sole General Partner Cameron Enterprises A Limited Partnership1 (CEALP) – OK American Fidelity All in Sports & CCAPT El Reno LLC Cameron Asset Entertainment, LLC CE Leasing, LLC. CPROP, Inc. American Fidelity Group Corporation 100%—OK Management, LLC 100%—TX 100%—OK 98.4%—OK Administrator, Inc. 94%—NV 100%—OK 100%—OK CamSolutions LLC Cameron Vault, LLC CE Investment 100%—OK 100%—OK Management, LLC 100%—OK American Fidelity Assurance American Public Life American Fidelity AF Professional American Fidelity American Fidelity General Market Place International Holdings, Inc. Cameron Ventures, LLC Company Insurance Company Employment Group, LLC Community Services, Inc. (Insurance Company) Agency, Inc. (Insurance Company) Realty Corp. 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK American Fidelity Global Solutions Ltd. 100%—Barbados American Fidelity Offshore Investments, Ltd. Alcott HR Group LLC Cameron Ventures American Fidelity First Financial Securities 100%—Bermuda 100%—DE International I, Inc. Securities, Inc. of America, Inc. 100%—OK 100%—OK 100%—TX American Fidelity American Fidelity Alcott HR Management International (China), Ltd. LLC 100%—Barbados 100%—Bermuda 100%—DE American Fidelity Oklahoma Winery InvesTrust Wealth Property Company Partners, LLC Management, LLC American Fidelity 9000 Broadway Owners Home Rentals, Inc. Administrative Services, 100%—OK 100%—OK 100%—OK Association, LLC Cameron LLC 100%—OK Alcott HR ASO LLC 100%—OK 100% (Class A)—OK International Ltd.—(CIL)4 100%—DE 85%—Malaysia American Fidelity 4 26 Brix, LLC Property Services, LLC Alcott HR Group I LLC 16.02%—CA 100%—OK InvesTrust Retirement HR Investment 82nd Street 83rd Street InvesTrust InvesTrust Consulting, 200 Britton LLC 400 Britton LLC 100%—DE LLC Specialists, LLC Properties, LLC Development LLC Development LLC 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK 100%—OK Fountain View Village Oklahoma Avenue Arizona, LLC LLC 100%—OK 100%—OK 9000 Broadway 4 Holding LLC4 Skyline Hotel, LLC 24%—OK 23.1%—OK 1 East Wilshire Blvd Limited Partners are: Cameron Enterprises A Limited Partnership (CELP) is a limited partnership. CELP's only general partner is Cameron Associates, 4 Development, LLC Inc. listed above. All limited partnership interests of CELP are held directly or indirectly by William M. Cameron, Lynda L. Cameron and their family 45.5%—OK members through various family trusts. Therefore, CELP is effectively controlled 100% by Cameron Associates, Inc. the sole general partner of CELP. 9000 Broadway 2 William M. Cameron owns his interest in Cameron Associates through the William M. Cameron Revocable Trust. Apartments LLC4 3 NOTE: Organizations that are corporations include one of the following: Corporation, Company or Inc. Lynda L. Cameron owns her interest in Cameron Associates through the Lynda L. Cameron Revocable Trust. 100%—OK 4 Organizations that are limited liability companies include LLC. The remaining interest is owned, directly or indirectly, by one or more unrelated third parties.