# EDGAR Filing Document

**Accession Number:** 0001051629
**File Stem:** 0001104659-26-040899
**Filing Date:** 2026-4
**Character Count:** 489192
**Document Hash:** 6408452fd265a5b82a9f79e6ff06c9c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-040899.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001104659-26-040899

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE & ANNUITY FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M
- **CENTRAL INDEX KEY:** 0001051629

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08559
- **FILM NUMBER:** 26848210

**BUSINESS ADDRESS:**
- **STREET 1:** 120 MADISON STREET
- **STREET 2:** SUITE 1700
- **CITY:** SYRACUSE
- **STATE:** NY
- **ZIP:** 13202
- **BUSINESS PHONE:** 888 223-1860

**MAIL ADDRESS:**
- **STREET 1:** 120 MADISON STREET
- **STREET 2:** SUITE 1700
- **CITY:** SYRACUSE
- **STATE:** NY
- **ZIP:** 13202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN LIFE & ANNUITY FLEXIBLE PREM VARI LIFE ACCT M
- **DATE OF NAME CHANGE:** 19971217

## Series and Classes Contracts Data

### LINCOLN LIFE & ANNUITY FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M (Series ID: S000002039)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000049433 | Lincoln Momentum VULone Elite Series & M Funds     |  |
| C000049434 | Lincoln Momentum VULone2005 Elite Series & M Funds |  |
| C000049438 | Lincoln VULcv-IV Elite Series                      |  |
| C000049442 | Lincoln VULdb-IV Elite Series                      |  |
| C000049447 | Lincoln VULone Elite Series                        |  |
| C000049448 | Lincoln VULone2005 Elite Series                    |  |
| C000049452 | Lincoln VUL-I                                      |  |
| C000049453 | Lincoln VULcv                                      |  |
| C000049457 | Lincoln VULdb                                      |  |
| C000049458 | Lincoln VULdb Elite Series                         |  |
| C000049461 | Lincoln VULcv-II/VUL Flex Elite Series             |  |
| C000049462 | Lincoln VULcv-III Elite Series                     |  |
| C000049463 | Lincoln VULdb-II Elite Series                      |  |
| C000062286 | Lincoln VULONE2007                                 |  |
| C000073708 | LINCOLN ASSETEDGE VUL                              |  |
| C000073756 | Lincoln AssetEdge(sm) VUL                          |  |
| C000096303 | Lincoln VULone2010                                 |  |
| C000156737 | Lincoln AssetEdge VUL 2015                         |  |
| C000159432 | Lincoln AssetEdge EXEC VUL 2015                    |  |

**Lincoln Life & Annuity Company of New York**

------

<br>**Lincoln Life & Annuity Company of New York**<br>**Financial Statements**<br>**December 31, 2025 and 2024**<br>

------

**Lincoln Life & Annuity Company of New York**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Auditors](#ibeeb5f329bd64de295e7749d3e6e4690_44)</u> | [1](#ibeeb5f329bd64de295e7749d3e6e4690_44) |
| <u>[Balance Sheets](#ibeeb5f329bd64de295e7749d3e6e4690_109)</u> | [3](#ibeeb5f329bd64de295e7749d3e6e4690_109) |
| <u>[Statements of Comprehensive Income (Loss)](#ibeeb5f329bd64de295e7749d3e6e4690_128)</u> | [4](#ibeeb5f329bd64de295e7749d3e6e4690_128) |
| <u>[Statements of Stockholder](#ibeeb5f329bd64de295e7749d3e6e4690_147)['](#ibeeb5f329bd64de295e7749d3e6e4690_147)[s](#ibeeb5f329bd64de295e7749d3e6e4690_147)[Equity](#ibeeb5f329bd64de295e7749d3e6e4690_147)</u> | [5](#ibeeb5f329bd64de295e7749d3e6e4690_147) |
| <u>[Statements of Cash Flows](#ibeeb5f329bd64de295e7749d3e6e4690_166)</u> | [6](#ibeeb5f329bd64de295e7749d3e6e4690_166) |
| <u>[Notes to Financial Statements](#ibeeb5f329bd64de295e7749d3e6e4690_185)</u> | [7](#ibeeb5f329bd64de295e7749d3e6e4690_185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1 - Nature of Operations, Basis of Presentatio](#ibeeb5f329bd64de295e7749d3e6e4690_203)[n and Summary of Significant Accounting](#ibeeb5f329bd64de295e7749d3e6e4690_203)[Policies](#ibeeb5f329bd64de295e7749d3e6e4690_203)</u> | [7](#ibeeb5f329bd64de295e7749d3e6e4690_203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2 - New Accounting Standards](#ibeeb5f329bd64de295e7749d3e6e4690_224)</u> | [20](#ibeeb5f329bd64de295e7749d3e6e4690_224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3 - Investments](#ibeeb5f329bd64de295e7749d3e6e4690_242)</u> | [22](#ibeeb5f329bd64de295e7749d3e6e4690_242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note](#ibeeb5f329bd64de295e7749d3e6e4690_260) [4](#ibeeb5f329bd64de295e7749d3e6e4690_260)[-](#ibeeb5f329bd64de295e7749d3e6e4690_260)[Derivative](#ibeeb5f329bd64de295e7749d3e6e4690_260)[Investments](#ibeeb5f329bd64de295e7749d3e6e4690_260)</u> | [30](#ibeeb5f329bd64de295e7749d3e6e4690_260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5 - DAC, VOBA, DSI and DFEL](#ibeeb5f329bd64de295e7749d3e6e4690_296)</u> | [36](#ibeeb5f329bd64de295e7749d3e6e4690_296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6 - Reinsurance](#ibeeb5f329bd64de295e7749d3e6e4690_314)</u> | [39](#ibeeb5f329bd64de295e7749d3e6e4690_314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7 - Goodwill and Specifically Identifiable Intangible Assets](#ibeeb5f329bd64de295e7749d3e6e4690_332)</u> | [40](#ibeeb5f329bd64de295e7749d3e6e4690_332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8 - MRBs](#ibeeb5f329bd64de295e7749d3e6e4690_983)</u> | [41](#ibeeb5f329bd64de295e7749d3e6e4690_983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9 - Separate Accounts](#ibeeb5f329bd64de295e7749d3e6e4690_1002)</u> | [42](#ibeeb5f329bd64de295e7749d3e6e4690_1002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10 - Policyholder Account Balances](#ibeeb5f329bd64de295e7749d3e6e4690_1019)</u> | [43](#ibeeb5f329bd64de295e7749d3e6e4690_1019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11 - Future Contract Benefits](#ibeeb5f329bd64de295e7749d3e6e4690_1033)</u> | [47](#ibeeb5f329bd64de295e7749d3e6e4690_1033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12 - Fair Value of Financial Instruments](#ibeeb5f329bd64de295e7749d3e6e4690_458)</u> | [53](#ibeeb5f329bd64de295e7749d3e6e4690_458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 13 - Contingencies and Commitments](#ibeeb5f329bd64de295e7749d3e6e4690_368)</u> | [65](#ibeeb5f329bd64de295e7749d3e6e4690_368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 14 - Shares and Stockholder](#ibeeb5f329bd64de295e7749d3e6e4690_386)['](#ibeeb5f329bd64de295e7749d3e6e4690_386)[s](#ibeeb5f329bd64de295e7749d3e6e4690_386)[Equity](#ibeeb5f329bd64de295e7749d3e6e4690_386)</u> | [67](#ibeeb5f329bd64de295e7749d3e6e4690_386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_404)[5](#ibeeb5f329bd64de295e7749d3e6e4690_404)[- Realized Gain (Loss)](#ibeeb5f329bd64de295e7749d3e6e4690_404)</u> | [69](#ibeeb5f329bd64de295e7749d3e6e4690_404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_422)[6](#ibeeb5f329bd64de295e7749d3e6e4690_422)[- Commissions and Other Expenses](#ibeeb5f329bd64de295e7749d3e6e4690_422)</u> | [69](#ibeeb5f329bd64de295e7749d3e6e4690_422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_278)[7](#ibeeb5f329bd64de295e7749d3e6e4690_278)[- Federal Income Taxes](#ibeeb5f329bd64de295e7749d3e6e4690_278)</u> | [70](#ibeeb5f329bd64de295e7749d3e6e4690_278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_440)[8](#ibeeb5f329bd64de295e7749d3e6e4690_440)[- Statutory Information and Restrictions](#ibeeb5f329bd64de295e7749d3e6e4690_440)</u> | [72](#ibeeb5f329bd64de295e7749d3e6e4690_440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note](#ibeeb5f329bd64de295e7749d3e6e4690_494)[19](#ibeeb5f329bd64de295e7749d3e6e4690_494)[- Supplemental Disclosures of Cash Flow Data](#ibeeb5f329bd64de295e7749d3e6e4690_494)</u> | [73](#ibeeb5f329bd64de295e7749d3e6e4690_494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2](#ibeeb5f329bd64de295e7749d3e6e4690_512)[0](#ibeeb5f329bd64de295e7749d3e6e4690_512)[- Transactions with Affiliates](#ibeeb5f329bd64de295e7749d3e6e4690_512)</u> | [73](#ibeeb5f329bd64de295e7749d3e6e4690_512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2](#ibeeb5f329bd64de295e7749d3e6e4690_530)[1](#ibeeb5f329bd64de295e7749d3e6e4690_530)[- Subsequent Events](#ibeeb5f329bd64de295e7749d3e6e4690_530)</u> | [75](#ibeeb5f329bd64de295e7749d3e6e4690_530) |

---

------

**Report of Independent Auditors**

To the Stockholder and the Board of Directors of Lincoln Life & Annuity Company of New York

**Opinion**

We have audited the financial statements of Lincoln Life & Annuity Company of New York (the Company), which comprise the balance sheets as of December 31, 2025 and 2024, and the related statements of comprehensive income (loss), stockholder's equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at 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 accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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 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 opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

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

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of 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 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 financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• 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.

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

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

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

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

March 31, 2026

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Lincoln Life & Annuity Company of New York**

**BALANCE SHEETS**

(in millions, except share data)

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **ASSETS** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed maturity available-for-sale securities, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost: 2025 – $7,101; 2024 – $7,204; allowance for credit losses: 2025 – $1; 2024 – $2) | $6408 | $6339 |
| &nbsp;&nbsp;Equity securities | 9 | 9 |
| &nbsp;&nbsp;Mortgage loans on real estate, net of allowance for credit losses | 873 | 897 |
| &nbsp;&nbsp;Policy loans | 177 | 181 |
| &nbsp;&nbsp;Derivative investments | 15 | 21 |
| &nbsp;&nbsp;Other investments | 156 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 7638 | 7450 |
| Cash and invested cash | 52 | 133 |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | 456 | 495 |
| Reinsurance recoverables, net of allowance for credit losses | 487 | 524 |
| Deposit assets, net of allowance for credit losses | 1695 | 1670 |
| Market risk benefit assets | 256 | 267 |
| Accrued investment income | 84 | 85 |
| Goodwill | 26 | 26 |
| Other assets | 196 | 261 |
| Separate account assets | 8169 | 7882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $19059 | $18793 |
| **LIABILITIES AND STOCKHOLDER'S EQUITY** |  |  |
| **Liabilities** |  |  |
| Policyholder account balances | $4612 | $4740 |
| Future contract benefits | 2207 | 2147 |
| Funds withheld reinsurance liabilities | 1696 | 1670 |
| Market risk benefit liabilities | 31 | 32 |
| Deferred front-end loads | 176 | 176 |
| Other liabilities | 461 | 542 |
| Separate account liabilities | 8169 | 7882 |
| &nbsp;&nbsp; Total liabilities | 17352 | 17189 |
| **Contingencies and Commitments (See Note 13)** |  |  |
| **Stockholder's Equity** |  |  |
| Common stock – 132,000 shares authorized, issued and outstanding | 941 | 941 |
| Retained earnings | 1285 | 1283 |
| Accumulated other comprehensive income (loss) | (519) | (620) |
| &nbsp;&nbsp;Total stockholder's equity | 1707 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholder's equity | $19059 | $18793 |

---

See accompanying Notes to Financial Statements

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Lincoln Life & Annuity Company of New York**

**STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| Insurance premiums | $352 | $330 | $351 |
| Fee income | 249 | 259 | 254 |
| Net investment income | 372 | 369 | 373 |
| Realized gain (loss) | 9 | 9 | 2 |
| Other revenues | 2 | 1 | 1 |
| &nbsp;&nbsp;Total revenues | 984 | 968 | 981 |
| **Expenses** |  |  |  |
| Benefits | 494 | 462 | 525 |
| Policyholder liability remeasurement (gain) loss | 8 | 37 | (25) |
| Interest credited | 173 | 176 | 186 |
| Market risk benefit (gain) loss | (26) | (70) | (67) |
| Commissions and other expenses | 215 | 199 | 207 |
| &nbsp;&nbsp;Total expenses | 864 | 804 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before taxes | 120 | 164 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | 20 | 24 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 100 | 140 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gain (loss) | 127 | (177) | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit non-performance risk gain (loss) | (18) | (45) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder liability discount rate remeasurement gain (loss) | (8) | 9 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss), net of tax | 101 | (213) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) | $201 | $(73) | $264 |

---

See accompanying Notes to Financial Statements

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Lincoln Life & Annuity Company of New York**

**STATEMENTS OF STOCKHOLDER'S EQUITY**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Common Stock** |  |  |  |
| Balance as of beginning-of-year | $941 | $941 | $941 |
| &nbsp;&nbsp;Balance as of end-of-year | 941 | 941 | 941 |
| **Retained Earnings** |  |  |  |
| Balance as of beginning-of-year | 1283 | 1245 | 1185 |
| Net income (loss) | 100 | 140 | 128 |
| Dividends paid to The Lincoln National Life Insurance Company | (98) | (102) | (68) |
| &nbsp;&nbsp;Balance as of end-of-year | 1285 | 1283 | 1245 |
| **Accumulated Other Comprehensive Income (Loss)** |  |  |  |
| Balance as of beginning-of-year | (620) | (407) | (543) |
| Other comprehensive income (loss), net of tax | 101 | (213) | 136 |
| &nbsp;&nbsp;Balance as of end-of-year | (519) | (620) | (407) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholder's equity as of end-of-year | $1707 | $1604 | $1779 |

---

See accompanying Notes to Financial Statements

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Lincoln Life & Annuity Company of New York**

**STATEMENTS OF CASH FLOWS** 

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income (loss) | $100 | $140 | $128 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) |  |  |  |
| &nbsp;&nbsp; operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss | (9) | (9) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit (gain) loss | (26) | (70) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs, value of business acquired, deferred sales inducements |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and deferred front-end loads | 39 | 35 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 1 | 7 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance liabilities and reinsurance-related balances | (37) | (123) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax accruals | (2) | 13 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (17) | 28 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 50 | 27 | 71 |
| **Cash Flows from Investing Activities** |  |  |  |
| Purchases of available-for-sale securities and equity securities | (276) | (305) | (420) |
| Sales of available-for-sale securities and equity securities | 156 | 66 | 192 |
| Maturities of available-for-sale securities | 230 | 364 | 273 |
| Issuance of mortgage loans on real estate | (64) | (50) | (52) |
| Repayment and maturities of mortgage loans on real estate | 75 | 72 | 45 |
| Purchases of other investments | (148) | – | – |
| Sales and repayments of other investments | 7 | – | – |
| Repayment (issuance) of policy loans, net | 4 | 7 | 7 |
| Net change in collateral on investments, certain derivatives and related settlements | (3) | 8 | (6) |
| Other | 3 | (1) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (16) | 161 | 39 |
| **Cash Flows from Financing Activities** |  |  |  |
| Issuance (payment) of short-term debt | (4) | (2) | 5 |
| Policyholder account balances: |  |  |  |
| &nbsp;&nbsp;Deposits | 427 | 421 | 434 |
| &nbsp;&nbsp;Withdrawals | (460) | (447) | (419) |
| &nbsp;&nbsp;Transfers from (to) separate accounts, net | 20 | – | (33) |
| Dividends paid to The Lincoln National Life Insurance Company | (98) | (102) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (115) | (130) | (81) |
| Net increase (decrease) in cash and invested cash | (81) | 58 | 29 |
| &nbsp;&nbsp;Cash and invested cash as of beginning-of-year | 133 | 75 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and invested cash as of end-of-year | $52 | $133 | $75 |

---

See accompanying Notes to Financial Statements

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Lincoln Life & Annuity Company of New York**

**NOTES TO FINANCIAL STATEMENTS**

**1. Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies**

**Nature of Operations**

Lincoln Life & Annuity Company of New York ("LLANY" or the "Company," which also may be referred to as "we," "our" or "us"), a wholly owned subsidiary of The Lincoln National Life Insurance Company ("LNL"), a wholly owned subsidiary of Lincoln National Corporation ("LNC" or the "Ultimate Parent"), is domiciled in the state of New York. Through our business segments (annuities, life insurance, group protection and retirement plan services), we sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. LLANY is licensed and sells its products throughout the U.S. and several U.S. territories.

**Basis of Presentation**

The accompanying financial statements are prepared in accordance with United States of America generally accepted accounting principles ("GAAP"). Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below.

Certain amounts presented in the financial statements for prior year periods in this report have been reclassified to conform to the presentation adopted in the current year.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the following level of aggregation:

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| | |
|:---|:---|
| **Business Segment** | **Level of Aggregation** |
| Annuities | Variable Annuities |
| | Fixed Annuities |
| | Payout Annuities |
| Life Insurance | Traditional Life |
| | UL and Other |
| Group Protection | Group Protection |
| Retirement Plan Services | Retirement Plan Services |

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The fixed annuities level of aggregation represents deferred fixed annuities.

**Summary of Significant Accounting Policies**

*Accounting Estimates and Assumptions*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, market risk benefits ("MRBs"), future contract benefits, income taxes including the recoverability of our deferred tax assets, and the potential effects of resolving litigated matters.

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*Fair Value Measurement*

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or non-performance risk, which would include our own credit risk. Our estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability ("exit price") in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability, as opposed to the price that would be paid to acquire the asset or receive a liability ("entry price"). Pursuant to the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board *Accounting Standards Codification*<sup>TM</sup>, we categorize our financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows:

• Level 1 – inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date, except for large holdings subject to "blockage discounts" that are excluded;

• Level 2 – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and

• Level 3 – inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and we make estimates and assumptions related to the pricing of the asset or liability, including assumptions regarding risk.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. However, Level 3 fair value investments may include, in addition to the unobservable or Level 3 inputs, observable components, which are components that are actively quoted or can be validated to market-based sources.

*Fixed Maturity Available-For-Sale Securities – Fair Valuation Methodologies and Associated Inputs*

Securities classified as available-for-sale ("AFS") consist of fixed maturity securities and are stated at fair value with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI").

We measure the fair value of our securities classified as fixed maturity AFS based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity security, and we consistently apply the valuation methodology to measure the security's fair value. Our fair value measurement is based on a market approach that utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach primarily include third-party pricing services, independent broker quotations or pricing matrices. We do not adjust prices received from third parties; however, we do analyze the third-party pricing services' valuation methodologies and related inputs and perform additional evaluation to determine the appropriate level within the fair value hierarchy.

The observable and unobservable inputs to our valuation methodologies are based on a set of standard inputs that we generally use to evaluate all of our fixed maturity AFS securities. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. In addition, market indicators, industry and economic events are monitored, and further market data is acquired if certain triggers are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. For private placement securities, we use pricing matrices that utilize observable pricing inputs of similar public securities and Treasury yields as inputs to the fair value measurement. Depending on the type of security or the daily market activity, standard inputs may be prioritized differently or may not be available for all fixed maturity AFS securities on any given day. For broker-quoted only securities, non-binding quotes from market makers or broker-dealers are obtained from sources recognized as market participants. For securities trading in less liquid or illiquid markets with limited or no pricing information, we use unobservable inputs to measure fair value.

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The following summarizes our fair valuation methodologies and associated inputs, which are particular to the specified security type and are in addition to the defined standard inputs to our valuation methodologies for all of our fixed maturity AFS securities discussed above:

• Corporate bonds and U.S. government bonds – We also use Trade Reporting and Compliance Engine<sup>TM</sup> reported tables for our corporate bonds and vendor trading platform data for our U.S. government bonds.

• Mortgage- and asset-backed securities ("ABS") – We also utilize additional inputs, which include new issues data, monthly payment information and monthly collateral performance, including prepayments, severity, delinquencies, step-down features and over collateralization features for each of our mortgage-backed securities ("MBS"), which include collateralized mortgage obligations and mortgage pass through securities backed by residential mortgages ("RMBS"), commercial mortgage-backed securities ("CMBS") and collateralized loan obligations ("CLOs").

• State and municipal bonds – We also use additional inputs that include information from the Municipal Securities Rule Making Board, as well as material event notices, new issue data, issuer financial statements and Municipal Market Data benchmark yields for our state and municipal bonds.

• Hybrid and redeemable preferred securities – We also utilize additional inputs of exchange prices (underlying and common stock of the same issuer) for our hybrid and redeemable preferred securities.

In order to validate the pricing information and broker-dealer quotes, we employ, where possible, procedures that include comparisons with similar observable positions, comparisons with subsequent sales and observations of general market movements for those security classes. We have policies and procedures in place to review the process that is utilized by our third-party pricing service and the output that is provided to us by the pricing service. On a periodic basis, we test the pricing for a sample of securities to evaluate the inputs and assumptions used by the pricing service, and we perform a comparison of the pricing service output to an alternative pricing source. We also evaluate prices provided by our primary pricing service to ensure that they are not stale or unreasonable by reviewing the prices for unusual changes from period to period based on certain parameters or for lack of change from one period to the next.

*Fixed Maturity AFS Securities – Evaluation for Recovery of Amortized Cost*

We regularly review our fixed maturity AFS securities (also referred to as "debt securities") for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit loss allowance.

For our debt securities, we generally consider the following to determine whether our debt securities with unrealized losses are credit impaired:

• The estimated range and average period until recovery;

• The estimated range and average holding period to maturity;

• Remaining payment terms of the security;

• Current delinquencies and nonperforming assets of underlying collateral;

• Expected future default rates;

• Collateral value by vintage, geographic region, industry concentration or property type;

• Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

• Contractual and regulatory cash obligations.

For a debt security, if we intend to sell a security, or it is more likely than not we will be required to sell a debt security before recovery of its amortized cost basis and the fair value of the debt security is below amortized cost, we conclude that an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized gain (loss) on the Statements of Comprehensive Income (Loss). For debt securities where impairment has been recognized, the difference between the new amortized cost basis and the cash flows expected to be collected are accreted as interest income and recognized in net investment income on the Statements of Comprehensive Income (Loss). If we do not intend to sell a debt security, or it is not more likely than not we will be required to sell a debt security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the debt security (referred to as the credit loss), we conclude that an impairment has occurred, and a credit loss allowance is recorded, with a corresponding charge to realized gain (loss) on the Statements of Comprehensive Income (Loss). The remainder of the decline to fair value related to factors other than credit loss is recorded in other comprehensive income ("OCI") to unrealized losses on fixed maturity AFS securities on the Statements of Stockholder's Equity, as this amount is considered a noncredit impairment.

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When assessing our intent to sell a debt security, or if it is more likely than not we will be required to sell a debt security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sales of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. Management considers the following as part of the evaluation:

• The current economic environment and market conditions;

• Our business strategy and current business plans;

• The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk;

• Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies;

• The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of annuity contracts and life insurance policies;

• The capital risk limits approved by management; and

• Our current financial condition and liquidity demands.

In order to determine the amount of the credit loss for a debt security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying debt security. The effective interest rate is the original yield, or the coupon if the debt security was previously impaired. See the discussion below for additional information on the methodology and significant inputs, by security type, that we use to determine the amount of a credit loss.

To determine the recovery period of a debt security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:

• Historical and implied volatility of the security;

• The extent to which the fair value has been less than amortized cost;

• Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;

• Failure, if any, of the issuer of the security to make scheduled payments; and

• Recoveries or additional declines in fair value subsequent to the balance sheet date.

In periods subsequent to the recognition of a credit loss impairment through a credit loss allowance, we continue to reassess the expected cash flows of the debt security at each subsequent measurement date as necessary. If the measurement of credit loss changes, we recognize a provision for (or reversal of) credit loss expense through realized gain (loss) on the Statements of Comprehensive Income (Loss), limited by the amount that amortized cost exceeds fair value. Losses are charged against the allowance for credit losses when management believes the uncollectibility of a debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest on debt securities is written-off through net investment income on the Statements of Comprehensive Income (Loss) when deemed uncollectible.

To determine the recovery value of a corporate bond or CLO, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

• Fundamentals of the issuer to determine what we would recover if they were to file bankruptcy versus the price at which the market is trading;

• Fundamentals of the industry in which the issuer operates;

• Earnings multiples for the given industry or sector of an industry that the underlying issuer operates within, divided by the outstanding debt to determine an expected recovery value of the security in the case of a liquidation;

• Expected cash flows of the issuer (e.g., whether the issuer has cash flows in excess of what is required to fund its operations);

• Expectations regarding defaults and recovery rates;

• Changes to the rating of the security by a rating agency; and

• Additional market information (e.g., if there has been a replacement of the corporate debt security).

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Each quarter, we review the cash flows for the MBS portfolio, including current credit enhancements and trends in the underlying collateral performance to determine whether or not they are sufficient to provide for the recovery of our amortized cost. To determine recovery value of a MBS, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

• Discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover;

• Level of borrower creditworthiness of the home equity loans or residential mortgages that back an RMBS or commercial mortgages that back a CMBS;

• Susceptibility to fair value fluctuations for changes in the interest rate environment;

• Susceptibility to reinvestment risks, in cases where market yields are lower than the securities' book yield earned;

• Susceptibility to reinvestment risks, in cases where market yields are higher than the book yields earned on a security;

• Expectations of sale of such a security where market yields are higher than the book yields earned on a security; and

• Susceptibility to variability of prepayments.

When evaluating MBS and mortgage-related ABS, we consider a number of pool-specific factors as well as market level factors when determining whether or not the impairment on the security requires a credit loss allowance. The most important factor is the performance of the underlying collateral in the security and the trends of that performance in the prior periods. We use this information about the collateral to forecast the timing and rate of mortgage loan defaults, including making projections for loans that are already delinquent and for those loans that are currently performing but may become delinquent in the future. Other factors used in this analysis include the credit characteristics of borrowers, geographic distribution of underlying loans and timing of liquidations by state. Once default rates and timing assumptions are determined, we then make assumptions regarding the severity of a default if it were to occur. Factors that impact the severity assumption include expectations for future home price appreciation or depreciation, loan size, first lien versus second lien, existence of loan level private mortgage insurance, type of occupancy and geographic distribution of loans. Once default and severity assumptions are determined for the security in question, cash flows for the underlying collateral are projected including expected defaults and prepayments. These cash flows on the collateral are then translated to cash flows on our tranche based on the cash flow waterfall of the entire capital security structure. If this analysis indicates the entire principal on a particular security will not be returned, the security is reviewed for a credit loss by comparing the expected cash flows to amortized cost. To the extent that the security has already been impaired through a credit loss allowance or was purchased at a discount, such that the amortized cost of the security is less than or equal to the present value of cash flows expected to be collected, no credit loss allowance is required. Otherwise, if the amortized cost of the security is greater than the present value of the cash flows expected to be collected, and the security was not purchased at a discount greater than the expected principal loss, then an impairment through a credit loss allowance is recognized.

We further monitor the cash flows of all of our debt securities backed by mortgages on an ongoing basis. We also perform detailed analysis on all of our subprime, Alt-A, non-agency residential MBS and on a significant percentage of our debt securities backed by pools of commercial mortgages. The detailed analysis includes revising projected cash flows by updating the cash flows for actual cash received and applying assumptions with respect to expected defaults, foreclosures and recoveries in the future. These revised projected cash flows are then compared to the amount of credit enhancement (subordination) in the structure to determine whether the amortized cost of the security is recoverable. If it is not recoverable, we record an impairment through a credit loss allowance for the security.

*Equity Securities*

Equity securities are carried at fair value, and changes in fair value are recorded in realized gain (loss) on the Statements of Comprehensive Income (Loss) as they occur. Equity securities consist primarily of preferred stock of publicly-traded companies and mutual fund shares. We measure the fair value of our equity securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the equity security. Fair values of publicly-traded equity securities are determined using quoted prices in active markets for identical or comparable securities. When quoted prices are not available, we use valuation methodologies most appropriate for the specific asset. The fair values of mutual fund shares that transact regularly are based on transaction prices of identical fund shares.

*Mortgage Loans on Real Estate*

Mortgage loans on real estate consist of commercial and residential mortgage loans and are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. Interest income is accrued on the principal balance of the loan based on the loan's contractual interest rate. Premiums and discounts are amortized using the effective yield method over the life of the loan. Interest income and amortization of premiums and discounts are reported in net investment income on the Statements of Comprehensive Income (Loss) along with mortgage loan fees, which are recorded as they are incurred.

Our policy for commercial mortgage loans is to report loans that are 60 or more days past due, which equates to two or more payments missed, as delinquent. Our policy for residential mortgage loans is to report loans that are 90 or more days past due, which equates to three or more payments missed, as delinquent We do not accrue interest on loans 90 days past due, and any interest received on these loans is either applied to the principal or recorded in net investment income on the Statements of Comprehensive Income (Loss) when

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received, depending on the assessment of the collectability of the loan. When a loan is placed on nonaccrual status, uncollected past due accrued interest income that is considered uncollectible is charged off against net investment income. We resume accruing interest once a loan complies with all of its original terms or restructured terms. Mortgage loans deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are likewise credited to the allowance for credit losses.

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans. Our model estimates expected credit losses over the contractual terms of the loans, which are the periods over which we are exposed to credit risk, adjusted for expected prepayments. Credit loss estimates are segmented by commercial mortgage loans, residential mortgage loans, and unfunded commitments related to commercial mortgage loans.

The allowance for credit losses for pooled loans of similar risk (i.e., commercial and residential mortgage loans) is estimated using relevant historical credit loss information adjusted for current conditions and reasonable and supportable forecasts of future conditions. Historical credit loss experience provides the basis for the estimation of expected credit losses with adjustments for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term lengths as well as adjustments for changes in environmental conditions, such as unemployment rates, property values, or other factors that management deems relevant. We apply probability weights to the positive, base and adverse scenarios we use. For periods beyond our reasonable and supportable forecast, we use implicit mean reversion over the remaining life of the recoverable, meaning our model will inherently revert to the baseline scenario as the baseline is representative of the historical average over a longer period of time.

Loans are considered impaired when it is probable that, based upon current information and events, we will be unable to collect all amounts due under the contractual terms of the loan agreement. When we determine that a loan is impaired, a specific credit loss allowance is established for the excess carrying value of the loan over its estimated value. The loan's estimated value is based on: the present value of expected future cash flows discounted at the loan's effective interest rate; the loan's observable market price; or the fair value of the loan's collateral.

Allowance for credit losses are maintained at a level we believe is adequate to absorb current expected lifetime credit losses. Our periodic evaluation of the adequacy of the allowance for credit losses is based on historical loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay (including the timing of future payments), the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions, reasonable and supportable forecasts about the future and other relevant factors.

Mortgage loans on real estate are presented net of the allowance for credit losses on the Balance Sheets. Changes in the allowance are reported in realized gain (loss) on the Statements of Comprehensive Income (Loss). Mortgage loans on real estate deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged off and expected to be charged off.

Our commercial mortgage loan portfolio is primarily comprised of long-term loans secured by existing commercial real estate. We believe all of the commercial mortgage loans in our portfolio share three primary risks: borrower credit worthiness; sustainability of the cash flow of the property; and market risk; therefore, our methods of monitoring and assessing credit risk are consistent for our entire portfolio.

We review each loan individually in our commercial mortgage loan portfolio on an annual basis to identify emerging risks. We primarily focus on properties that experienced a reduction in debt-service coverage or occupancy, as well as properties that have significant tenant rollover risk. We also focus on other qualitative trends, including historical loan performance, investment in the property and borrower behavior. Where warranted, we establish or increase a credit loss allowance for a specific loan based upon this analysis.

We measure and assess the credit quality of our commercial mortgage loans by using loan-to-value ("LTV") and debt-service coverage ratios. The LTV ratio compares the principal amount of the loan to the fair value at origination of the underlying property collateralizing the loan and is commonly expressed as a percentage. LTV ratios greater than 100% indicate that the principal amount is greater than the collateral value. Therefore, all else being equal, a lower LTV ratio generally indicates a higher quality loan. The debt-service coverage ratio compares a property's net operating income to its debt-service payments. Debt-service coverage ratios of less than 1.0 indicate that property operations do not generate enough income to cover its current debt payments. Therefore, all else being equal, a higher debt-service coverage ratio generally indicates a higher quality loan. These credit quality metrics are monitored and reviewed at least annually.

We have off-balance sheet commitments related to commercial mortgage loans. As such, an allowance for credit losses is developed based on the commercial mortgage loan process outlined above, along with an internally developed conversion factor.

Our residential mortgage loan portfolio is primarily comprised of first lien mortgages secured by existing residential real estate. In contrast to the commercial mortgage loan portfolio, residential mortgage loans are primarily smaller-balance homogenous loans that share similar

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risk characteristics. Therefore, these pools of loans are collectively evaluated for inherent credit losses. Such evaluations consider numerous factors, including, but not limited to borrower credit scores, collateral values, loss forecasts, geographic location, delinquency rates and economic trends. These evaluations and assessments are revised as conditions change and new information becomes available, including updated forecasts, which can cause the allowance for credit losses to increase or decrease over time as such evaluations are revised. Generally, residential mortgage loan pools exclude loans that are nonperforming, as those loans are evaluated individually using the evaluation framework for specific allowance for credit losses described above.

For residential mortgage loans, our primary credit quality indicator is whether the loan is performing or nonperforming. We generally define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status. There is generally a higher risk of experiencing credit losses when a residential mortgage loan is nonperforming. We monitor and update aging schedules and nonaccrual status on a monthly basis.

*Policy Loans* 

Policy loans represent loans we issue to policyholders that use the cash surrender value of their life insurance policy as collateral. Policy loans are carried at unpaid principal balances.

*Derivative Instruments*

We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. Our derivative instruments are recognized as either assets or liabilities on the Balance Sheets at estimated fair value. We have master netting agreements with each of our derivative counterparties that allow for the netting of our derivative asset and liability positions by counterparty. We categorize derivatives into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique as discussed above in "Fair Value Measurement." The accounting for changes in the estimated fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged: as a cash flow hedge or a fair value hedge.

For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into net income in the same period or periods during which the hedged transaction affects net income. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in net income during the period of change in estimated fair values. For derivative instruments not designated as hedging instruments, but that are economic hedges, the gain or loss is recognized in net income. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Statements of Cash Flows based on the nature and purpose of the derivative.

We have certain variable annuity products that contain embedded derivative instruments that are recorded with the associated host contract. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes and reported within other assets or other liabilities on the Balance Sheets. These embedded derivatives are carried at fair value with changes in fair value recognized in net income during the period of change.

We employ several different methods for determining the fair value of our derivative instruments. The fair value of our derivative contracts are measured based on current settlement values, which are based on quoted market prices, industry standard models that are commercially available and broker quotes. These techniques project cash flows of the derivatives using current and implied future market conditions. We calculate the present value of the cash flows to measure the current fair market value of the derivative.

*Other Investments*

Other investments consist primarily of alternative investments, Federal Home Loan Bank ("FHLB") common stock and short-term investments, which include investments with remaining maturities of one year or less at the date of acquisition. We have investments in FHLB common stock, carried at cost, that enable access to the FHLB lending program.

Alternative investments consist primarily of investments in limited partnerships ("LPs"). We account for our investments in LPs using the equity method to determine the carrying value. Investment income on alternative investments is reported within net investment income on the Statements of Comprehensive Income (Loss). Recognition of investment income on alternative investments is delayed due to the availability of the related financial statements, which are generally obtained from the partnerships' general partners. As a result, our private equity investments are generally on a three-month delay and our hedge funds are on a one-month delay. In addition, the impact of audit

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adjustments related to completion of calendar-year financial statement audits of the investees are typically received during the second quarter of each calendar year. Accordingly, our investment income from alternative investments for any calendar-year period may not include the complete impact of the change in the underlying net assets for the partnership for that calendar-year period.

*Cash and Invested Cash*

Cash and invested cash is carried at cost and includes all highly liquid debt instruments purchased with an original maturity of three months or less.

*DAC, VOBA, DSI and DFEL*

Acquisition costs directly related to successful contract acquisitions or renewals of annuities, universal life insurance ("UL"), variable universal life insurance ("VUL"), traditional life insurance, group life and disability insurance and other investment contracts have been deferred (i.e., deferred acquisition costs ("DAC")). Such acquisition costs are capitalized in the period they are incurred and primarily include commissions, certain bonuses, a portion of total compensation and benefits of certain employees involved in the acquisition process and medical and inspection fees. Value of business acquired ("VOBA") is an intangible asset that reflects the estimated fair value of in-force contracts in a life insurance company acquisition and represents the portion of the purchase price that is allocated to the value of the right to receive future cash flows from the business in force at the acquisition date. Bonus credits and excess interest for dollar cost averaging contracts are considered deferred sales inducements ("DSI") and reported in deferred acquisition costs, value of business acquired and deferred sales inducements on the Balance Sheets. Contract sales charges that are collected in the early years of an insurance contract are deferred and reported as deferred front-end loads ("DFEL") on the Balance Sheets.

DAC, VOBA, DSI and DFEL amortization is reported within the following financial statement line items on the Statements of Comprehensive Income (Loss):

• DAC and VOBA – commissions and other expenses

• DSI – interest credited

• DFEL – fee income

DAC, VOBA, DSI and DFEL are amortized on a constant level basis relative to the insurance in force over the expected term of the related contracts using the groupings and actuarial assumptions that are consistent with those used for calculating the related policyholder liability balances. Actuarial assumptions include, but are not limited to, mortality, morbidity and certain policyholder behaviors such as persistency, which are adjusted for emerging experience and expected trends of the related long-duration insurance contracts and certain investment contracts by segment. During the third quarter of each year, we conduct our comprehensive review and update these actuarial assumptions. We may update our actuarial assumptions in other quarters as we become aware of information that warrants updating outside of our comprehensive review. These resulting changes are applied prospectively.

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:

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| | | |
|:---|:---|:---|
| **Business Segment** | **Amortization Basis** | **Expected Amortization Period** |
| Annuities | Total deposits paid to date on policies in force | Life of contract |
| Life Insurance | Policy count of policies in force | On average 60 years |
| Group Protection | Group certificate contracts in force | 4 years |
| Retirement Plan Services | Lives in force | Life of contract or 40 years |

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We account for modifications of insurance contracts that result in a substantially unchanged contract as a continuation of the replaced contract. We account for modifications of insurance contracts that result in a substantially changed contract as an extinguishment of the replaced contract.

For reinsurance transactions where we receive proceeds that represent recovery of our previously incurred acquisition costs, we reduce the applicable unamortized acquisition cost such that net acquisition costs are capitalized and charged to commissions and other expenses.

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*Reinsurance*

We enter into reinsurance agreements in the normal course of business to limit our exposure to the risk of loss and to enhance our capital management.

In order for a reinsurance agreement to qualify for reinsurance accounting, the agreement must satisfy certain risk transfer conditions that include, among other items, a reasonable possibility of a significant loss for the assuming entity. When we apply reinsurance accounting, insurance premiums, benefits and DAC and VOBA amortization are reported net of reinsurance ceded, as applicable, on the Statements of Comprehensive Income (Loss). Amounts currently recoverable, such as ceded reserves, other than ceded MRBs, are reported in reinsurance recoverables, and amounts currently payable to the reinsurers, such as premiums, are included in other liabilities on the Balance Sheets.

In a modified coinsurance or coinsurance with funds withheld reinsurance structured agreement, the investments that would have been sent to the reinsurer as premiums are withheld by us and remain on the Balance Sheets, with the existing accounting maintained. A corresponding liability is recognized on the Balance Sheets within funds withheld reinsurance liabilities representing our obligation to pay the reinsurer. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. The changes in the embedded derivative liabilities are reported within realized gain (loss) on the Statements of Comprehensive Income (Loss).

We use deposit accounting to recognize reinsurance agreements that do not transfer significant insurance risk. This accounting treatment results in amounts paid or received by us to be considered on deposit with the reinsurer and such amounts are reported in deposit assets, net of allowance for credit losses and other liabilities, respectively, on the Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, deposit assets or liabilities are adjusted. Interest income on deposit assets and interest expense on deposit liabilities is reported in other revenues and commissions and other expenses, respectively, on the Statements of Comprehensive Income (Loss).

Reinsurance recoverables are measured and recognized consistent with the liabilities related to the underlying contracts. The interest assumption used for discounting reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is the upper-medium grade fixed income instrument ("single-A") interest rate locked-in at the reinsurance contract issuance date. We remeasure reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts with the current single-A interest rate as of the end of each reporting period. Ceded MRBs are accounted for separately from reinsurance recoverables. See "MRBs" below for additional information.

We estimated an allowance for credit losses for all reinsurance recoverables and related reinsurance deposit assets, other than ceded MRB assets. As such, we performed a quantitative analysis using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. The credit loss allowance is a general allowance for pools of receivables with similar risk characteristics segmented by credit risk ratings and receivables assessed on an individual basis that do not share similar risk characteristics where we anticipate a credit loss over the life of reinsurance-related assets, other than ceded MRB assets.

Our model uses relevant internal or external historical loss information adjusted for current conditions and reasonable and supportable forecasts of future events and conditions in developing our credit loss estimate. We utilized historical credit rating data to form an estimation of probability of default of counterparties by means of a transition matrix that provides the rates of credit migration for credit ratings transitioning to impairment. We updated reinsurer credit ratings during the period to incorporate the most up-to-date information on the current state of the financial stability of our reinsurers. To simulate changes in economic conditions, we used positive, base and adverse scenarios that include varying levels of loss given default assumptions to reflect the impact of changes in severity of losses. We applied probability weights to the positive, base and adverse scenarios. For periods beyond our reasonable and supportable forecasts, we used implicit mean reversion over the remaining life of the recoverable. Additionally, we considered factors that impact our exposure at default that are driven by actuarial expectations around term assumptions rather than being directly driven by market or economic environment.

Our model estimates the expected credit losses over the life of the reinsurance asset. Credit loss estimates are segmented based on counterparty credit risk. Our modeling process utilizes counterparty credit ratings, collateral types and amounts, and term and run-off assumptions. For reinsurance recoverables that do not share similar risk characteristics, we assessed on an individual basis to determine a specific credit loss allowance.

We estimated expected credit losses over the contractual term of the recoverable, which is the period during which we are exposed to the credit risk. Reinsurance recoverables may not have explicit contractual lives, but are tied to the underlying insurance products; as a result, we estimated the contractual life by utilizing actuarial estimates of the timing of payouts related to those underlying products.

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Reinsurance agreements often require the reinsurer to collateralize the recoverable with funds in a trust account or with a letter of credit ("LOC") for the benefit of the ceding insurance entity that can reduce the expected credit losses on a given agreement. As such, we review reinsurance collateral by individual agreement to sensitize risk of loss based on level of collateralization. This review is driven by the assumption that non-collateralized reinsurance recoverables would have materially higher losses in times of default. Therefore, reinsurance recoverables are pooled as either fully-collateralized or non-collateralized.

Reinsurance recoverables are presented net of the allowance for credit losses on the Balance Sheets. Changes in the allowance for credit losses are reported in realized gain (loss) on the Statements of Comprehensive Income (Loss). Reinsurance recoverables deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged off and expected to be charged off.

*Goodwill*

We recognize the excess of the purchase price, plus the fair value of any noncontrolling interest in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

We test goodwill for impairment by performing a qualitative assessment. The qualitative assessment considers current events including the economic and regulatory environment, financial performance and industry conditions to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is determined based on our qualitative analysis that it is more likely than not that the fair value is less than the carrying value, we perform a quantitative goodwill impairment test where the fair value of the reporting unit is determined and compared to the carrying value of the reporting unit. If the carrying value of the reporting unit is greater than the reporting unit's fair value, goodwill is impaired and written down to the reporting unit's fair value; and a charge is reported in impairment of intangibles on the Statements of Comprehensive Income (Loss).

*Other Assets and Other Liabilities*

Other assets consist primarily of certain reinsurance assets, receivables resulting from sales of securities that had not yet settled as of the balance sheet date, premiums and fees receivable, current and deferred taxes, specifically identifiable intangible assets, ceded MRB liabilities and other receivables. Other liabilities consist primarily of ceded MRB assets, other policyholder liabilities, payables resulting from purchases of securities that had not yet settled as of the balance sheet date, certain reinsurance payables, payables for collateral on investments, employee benefit liabilities, current and deferred taxes, short-term debt and other accrued expenses.

The carrying values of specifically identifiable intangible assets are reviewed at least annually for indicators of impairment in value that are related to credit loss or non-credit, including unexpected or adverse changes in the following: the economic or competitive environments in which the company operates; profitability analyses; cash flow analyses; and the fair value of the relevant business operation. If there was an indication of impairment, then the discounted cash flow method would be used to measure the impairment, and the carrying value would be adjusted as necessary and reported in impairment of intangibles on the Statements of Comprehensive Income (Loss). Sales force intangibles are attributable to the value of the new business distribution system acquired through business combinations. These assets are amortized on a straight-line basis over their useful life of 25 years.

*Separate Account Assets and Liabilities*

Separate accounts represent segregated funds that are maintained to meet specific investment objectives of policyholders who direct the investments and bear the investment risk, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

We report separate account assets as a summary total on the Balance Sheets based on the fair value of the underlying investments. Investment income and net realized and unrealized gains (losses) of the separate accounts generally accrue directly to the policyholders; therefore, they are not reflected on the Statements of Comprehensive Income (Loss), and the Statements of Cash Flows do not reflect investment activity of the separate accounts. Asset-based fees and contract administration charges (collectively referred to as "policyholder assessments") are assessed against the accounts and included within fee income on the Statements of Comprehensive Income (Loss). An amount equivalent to the separate account assets is recorded as separate account liabilities, representing the account balance obligated to be returned to the policyholder.

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*Policyholder Account Balances*

Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. The liability for policyholder account balances includes UL and VUL and investment-type annuity products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, policyholder assessments, as well as amounts representing the fair value of embedded derivative instruments associated with our indexed universal life insurance ("IUL") and indexed annuity products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating these embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.

*Future Contract Benefits* 

Future contract benefits represent liability reserves, including liability for future policy benefits ("LFPB"), liability for future claims reserves and additional liability for other insurance benefits that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.

The LFPB associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is measured using a net premium ratio approach. This approach accrues expected benefits and claims in proportion to the premium revenue recognized. For life-contingent payout annuity contracts with limited premium payments, as premium collection is not the completion of the earnings process, gross premiums in excess of net premiums are deferred. This excess of gross premiums received over the related net premiums is referred to as the deferred profit liability ("DPL"). The DPL is included in the LFPB, and profits are recognized over the life of the contracts.

In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. Factors that we consider in determining cohorts include, but are not limited to, our contract classification and issue year requirements, product risk characteristics, assumptions and modeling level used in the valuation systems. The net premium ratio is capped at 100% at the individual cohort level. Expected benefits and claims in excess of premium revenue recognized are expensed immediately.

We use actuarial assumptions to best estimate future premium and benefit cash flows ("cash flow assumptions") as well as the actual historical cash flows received and paid to derive a net premium ratio in measuring the LFPB. These actuarial assumptions include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions (excluding the claims settlement expense assumption that is locked in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the net premium ratio for actual experience. The remeasurement of LFPB for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Statements of Comprehensive Income (Loss). For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Statements of Comprehensive Income (Loss).

We evaluate the liability for future claims on our long-term disability and life waiver group products. Given the term and renewal features of our product and funding nature of the associated premiums, we have determined that the liability value is generally zero for policies that are not on claim. Therefore, the liability for future claims represents future payments on claims for which a disability event has occurred as of the valuation date. In measuring the liability for future claims, we establish cohorts similar to the process described above and use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security, morbidity, incidence and severity assumptions. Cash flow assumptions are subject to the comprehensive review process discussed above. On a quarterly basis, the liability for future claims is updated for actual claims experience. The remeasurement of the liability for future claims for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Statements of Comprehensive Income (Loss). We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Statements of Comprehensive Income (Loss).

We use the single-A interest rate curve to discount cash flows used to calculate the LFPB and the liability for future claims. This curve is developed using the upper-medium grade (low credit risk) fixed-income instrument yields that are intended to reflect the duration characteristics of the applicable insurance liabilities.

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We issue UL contracts with separate accounts that may include various types of guaranteed benefits that are not accounted for as MRBs or embedded derivatives. These guaranteed benefits require an additional liability that is calculated by estimating the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract ("benefit ratio") multiplied by the cumulative assessments recorded from the contract inception through the balance sheet date less the cumulative payments plus interest on the liability. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the benefit ratio for actual experience. The remeasurement of additional liability for both assumptions and actual experience are reported within policyholder liability remeasurement gain (loss) on the Statements of Comprehensive Income (Loss). As future cash flow assumption and experience updates result in changes in expected benefit payments or assessments, the benefit ratio is recalculated using the updated expected benefit payments and assessments over the life of the contract since inception. The revised benefit ratio is then applied to the liability calculation described above.

Premium deficiency testing is performed for interest-sensitive life products periodically using best estimate assumptions as of the testing date to test the adequacy and appropriateness of the established net reserve (i.e., GAAP reserves net of any DSI or VOBA assets). The premium deficiency test is also performed using a discount rate based on the average crediting rate. A premium deficiency exists when the net reserve plus the present value of expected future gross premiums are determined to be insufficient to cover expected future benefits and non-level expenses.

The business written or assumed by us includes participating life insurance contracts, under which the policyholder is entitled to share in the earnings of such contracts via receipt of dividends. The dividend scale for participating policies is reviewed annually and may be adjusted to reflect recent experience and future expectations. Dividends to participating policies were $14 million, $13 million and $13 million for the years ended December 31, 2025, 2024 and 2023, respectively, and reported within benefits on the Statements of Comprehensive Income (Loss).

*MRBs*

MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs do not include the death benefit component of a life insurance contract (i.e., the difference between the account balance and the death benefit amount). All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Balance Sheets.

We issue variable annuity contracts that may include various types of guaranteed living benefit ("GLB") and guaranteed death benefit ("GDB") riders that we have classified as MRBs. For contracts that contain multiple features that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. Ceded MRB liabilities are included in other assets and ceded MRB assets are included in other liabilities on the Balance Sheets.

MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties' non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, policyholder behavior (e.g., policy lapse, rider utilization, etc.) mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions and projection models used in estimating these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. The assumptions for our own non-performance risk and our counterparties' non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our and our counterparties' risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. For information on fair value inputs, see [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_458)[2](#ibeeb5f329bd64de295e7749d3e6e4690_458).

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*Contingencies and Commitments*

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Contingencies arising from environmental remediation costs, regulatory judgments, claims, assessments, guarantees, litigation, recourse reserves, fines, penalties and other sources are recorded when deemed probable and reasonably estimable, based on our best estimate.

*Fee Income*

Fee income for investment and interest-sensitive life insurance contracts consists of asset-based fees, percent of premium charges, contract administration charges and surrender charges that are assessed against policyholder account balances. Investment products consist primarily of individual and group variable and fixed annuities. Interest-sensitive life insurance products include UL, VUL, linked-benefit UL and VUL and other interest-sensitive life insurance policies. These products include life insurance sold to individuals, corporate-owned life insurance and bank-owned life insurance.

The timing of revenue recognition as it relates to fees assessed on investment contracts is determined based on the nature of such fees. Asset-based fees and contract administration charges are assessed on a daily or monthly basis and recognized as revenue as performance obligations are met, over the period underlying customer assets are owned or advisory services are provided. Percent of premium charges are assessed at the time of premium payment and recognized as revenue when assessed and earned. Certain amounts assessed that represent compensation for services to be provided in future periods are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are recognized upon surrender of a contract by the policyholder in accordance with contractual terms. For investment and interest-sensitive life insurance contracts, the amounts collected from policyholders are considered deposits and are not included in revenue.

*Insurance Premiums*

Insurance premiums consist primarily of group insurance products, traditional life insurance and payout annuities with life contingencies. These insurance premiums are recognized as revenue when due.

*Net Investment Income*

We earn investment income on the underlying investments supporting our fixed products less related expenses. Dividends and interest income, recorded in net investment income, are recognized when earned. Amortization of premiums and accretion of discounts on investments in debt securities are reflected in net investment income over the contractual terms of the investments in a manner that produces a constant effective yield.

For CLOs and MBS included in the fixed maturity AFS securities portfolios, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and a catch up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Any adjustments resulting from changes in effective yield are reflected in net investment income on the Statements of Comprehensive Income (Loss).

*Realized Gain (Loss)*

Realized gain (loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses and net gains and losses on reinsurance-related embedded derivatives. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is reported net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation to cede realized gains and losses to the reinsurer.

*MRB Gain (Loss)*

MRB gain (loss) includes the change in fair value of MRB and ceded MRB assets and liabilities. Changes in the fair value of MRB assets and liabilities are recognized in net income (loss), except for the portion attributable to the change in non-performance risk that is recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties' non-performance risks, are recognized in net income (loss).

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*Interest Credited*

We credit interest to our policyholder account balances based on the contractual terms supporting our products.

*Benefits*

Benefits for UL and other interest-sensitive life insurance products include benefit claims incurred during the period in excess of contract account balances. Benefits also include the change in reserves for annuity products with guaranteed death and living benefits, certain annuities with life contingencies and life insurance products with secondary guarantee benefits. For traditional life, group life and disability income products, benefits are recognized when incurred in a manner consistent with the related premium recognition policies.

*Policyholder Liability Remeasurement Gain (Loss)*

Policyholder liability remeasurement gain (loss) recognized in net income (loss) includes remeasurement gains and losses resulting from updates in cash flow assumptions and actual variance from expected experience used in the net premium ratio or benefit ratio calculation for future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance, liabilities for future claims associated with our group products and additional liabilities for other insurance benefits on certain guaranteed benefits associated with our UL products.

Policyholder liability remeasurement gain (loss) recognized in OCI includes any changes resulting from the discount rate remeasurement of future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance and liabilities for future claims associated with our group products as of each reporting period.

*Income Taxes*

LNC files a U.S. consolidated income tax return that includes us and LNC's other eligible subsidiaries. Pursuant to an inter-company tax sharing agreement with LNC, we provide for income taxes on a separate return filing basis. The tax sharing agreement also provides that we will receive benefit for net operating losses, capital losses and tax credits that are not usable on a separate return basis to the extent such items may be utilized in the consolidated income tax returns of LNC. Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused.

We use the individual security approach for releasing income tax effects from AOCI.

**2. New Accounting Standards**

**Adoption of Accounting Standards**

The following table provides a description of current period adoptions of Accounting Standards Updates ("ASUs").

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| **Standard** | **Description** | **Effective Date** | **Effect on Financial Statements or Other Significant Matters** |
| ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation. | January 1, 2025 | We adopted this ASU effective January 1, 2025. The adoption did not have a material impact on the financial statements, including disclosures within the Federal Income Taxes Note. |

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**Future Adoption of Accounting Standards**

The following table provides a description of future adoptions of ASUs that may have an impact on the financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

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| **Standard** | **Description** | **Effective Date** | **Effect on Financial Statements or Other Significant Matters** |
| ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) | This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization. | January 1, 2027 | We are evaluating the impact of this ASU to the financial statements. |
| ASU 2025-06, Intangibles - Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | This ASU removes all references to prescriptive and sequential software development stages (referred to as "project stages") and requires capitalization of software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). | January 1, 2028 | We are evaluating the impact of this ASU to the financial statements. |

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**3. Investments**

**Fixed Maturity AFS Securities**

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized Cost** | **Gross Unrealized** | **Gross Unrealized** | **Allowance for Credit Losses** | **Fair Value** |
| | **Amortized Cost** | **Gains** | **Losses** | **Allowance for Credit Losses** | **Fair Value** |
| Fixed maturity AFS securities: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $6058 | $83 | $705 | $– | $5436 |
| &nbsp;&nbsp;U.S. government bonds | 9 | – | – | – | 9 |
| &nbsp;&nbsp;State and municipal bonds | 386 | 5 | 49 | – | 342 |
| &nbsp;&nbsp;Foreign government bonds | 19 | 1 | 4 | – | 16 |
| &nbsp;&nbsp;RMBS | 257 | 3 | 26 | 1 | 233 |
| &nbsp;&nbsp;CMBS | 130 | 1 | 8 | – | 123 |
| &nbsp;&nbsp;ABS | 207 | 8 | 3 | – | 212 |
| &nbsp;&nbsp;Hybrid and redeemable preferred securities | 35 | 2 | – | – | 37 |
| &nbsp;&nbsp; Total fixed maturity AFS securities | $7101 | $103 | $795 | $1 | $6408 |

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|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amortized Cost** | **Gross Unrealized** | **Gross Unrealized** | **Allowance for Credit Losses** | **Fair Value** |
| | **Amortized Cost** | **Gains** | **Losses** | **Allowance for Credit Losses** | **Fair Value** |
| Fixed maturity AFS securities: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $6177 | $51 | $812 | $– | $5416 |
| &nbsp;&nbsp;U.S. government bonds | 9 | – | – | – | 9 |
| &nbsp;&nbsp;State and municipal bonds | 411 | 3 | 56 | – | 358 |
| &nbsp;&nbsp;Foreign government bonds | 18 | – | 3 | – | 15 |
| &nbsp;&nbsp;RMBS | 261 | 2 | 36 | – | 227 |
| &nbsp;&nbsp;CMBS | 119 | – | 13 | – | 106 |
| &nbsp;&nbsp;ABS | 174 | 6 | 6 | 2 | 172 |
| &nbsp;&nbsp;Hybrid and redeemable preferred securities | 35 | 2 | 1 | – | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $7204 | $64 | $927 | $2 | $6339 |

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The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2025, were as follows:

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|:---|:---|:---|
| | **Amortized<br> Cost** | **Fair Value** |
| Due in one year or less | $181 | $181 |
| Due after one year through five years | 950 | 962 |
| Due after five years through ten years | 847 | 851 |
| Due after ten years | 4529 | 3846 |
| &nbsp;&nbsp;Subtotal | 6507 | 5840 |
| Structured securities (RMBS, CMBS, ABS) | 594 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $7101 | $6408 |

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Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

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The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Less Than or Equal <br>to Twelve Months** | **Less Than or Equal <br>to Twelve Months** | **Greater Than Twelve Months** | **Greater Than Twelve Months** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized<br> Losses** | **Fair Value** | **Gross Unrealized<br> Losses** | **Fair Value** | **Gross Unrealized**<br> **Losses** <sup>(1)</sup> |
| Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $157 | $10 | $3487 | $695 | $3644 | $705 |
| &nbsp;&nbsp;State and municipal bonds | 15 | 4 | 185 | 45 | 200 | 49 |
| &nbsp;&nbsp;Foreign government bonds | – | – | 3 | 4 | 3 | 4 |
| &nbsp;&nbsp;RMBS | 23 | 3 | 175 | 23 | 198 | 26 |
| &nbsp;&nbsp;CMBS | 4 | – | 80 | 8 | 84 | 8 |
| &nbsp;&nbsp;ABS | 27 | – | 66 | 3 | 93 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $226 | $17 | $3996 | $778 | $4222 | $795 |
| Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | 1035 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Less Than or Equal <br>to Twelve Months** | **Less Than or Equal <br>to Twelve Months** | **Greater Than Twelve Months** | **Greater Than Twelve Months** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized<br> Losses** | **Fair Value** | **Gross Unrealized<br> Losses** | **Fair Value** | **Gross Unrealized**<br> **Losses** <sup>(1)</sup> |
| Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $713 | $32 | $3516 | $780 | $4229 | $812 |
| &nbsp;&nbsp;State and municipal bonds | 68 | 2 | 189 | 54 | 257 | 56 |
| &nbsp;&nbsp;Foreign government bonds | 5 | – | 3 | 3 | 8 | 3 |
| &nbsp;&nbsp;RMBS | 15 | – | 186 | 36 | 201 | 36 |
| &nbsp;&nbsp;CMBS | 10 | – | 76 | 13 | 86 | 13 |
| &nbsp;&nbsp;ABS | 45 | 1 | 78 | 5 | 123 | 6 |
| &nbsp;&nbsp;Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;preferred securities | 2 | – | 8 | 1 | 10 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $858 | $35 | $4056 | $892 | $4914 | $927 |
| Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | 1245 |

---

<sup>(1)</sup> As of December 31, 2025 and 2024, we recognized less than $1 million of gross unrealized losses in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value** | **Gross <br>Unrealized <br>Losses** | **Number** <br>**of** <br>**Securities** <sup>(1)</sup> |
| Less than six months | $186 | $50 | 48 |
| Six months or greater, but less than nine months | 15 | 7 | 8 |
| Nine months or greater, but less than twelve months | 18 | 5 | 7 |
| Twelve months or greater | 855 | 375 | 247 |
| &nbsp;&nbsp;Total | $1074 | $437 | 310 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value** | **Gross <br>Unrealized <br>Losses** | **Number** <br>**of** <br>**Securities** <sup>(1)</sup> |
| Less than six months | $732 | $213 | 163 |
| Six months or greater, but less than nine months | – | – | – |
| Nine months or greater, but less than twelve months | 6 | 3 | 3 |
| Twelve months or greater | 637 | 327 | 212 |
| &nbsp;&nbsp;Total | $1375 | $543 | 378 |

---

<sup>(1)</sup> We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities decreased by $132 million for the year ended December 31, 2025. As discussed further below, we do not believe the unrealized loss position as of December 31, 2025 required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2025, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

*Credit Loss Impairment on Fixed Maturity AFS Securities*

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203) for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Total** |
| Balance as of beginning-of-year | $– | $– | $2 | $2 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – |
| &nbsp;&nbsp;Additions for securities for which credit losses were not |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;previously recognized | – | – | – | – |
| &nbsp;&nbsp;Additions (reductions) for securities for which credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;were previously recognized | – | 1 | (2) | (1) |
| &nbsp;&nbsp;Reductions for securities disposed | – | – | – | – |
| &nbsp;&nbsp;Reductions for securities charged off | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $– | $1 | $– | $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Total** |
| Balance as of beginning-of-year | $– | $– | $2 | $2 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – |
| &nbsp;&nbsp;Additions for securities for which credit losses were not |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;previously recognized | – | – | – | – |
| &nbsp;&nbsp;Additions (reductions) for securities for which credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;were previously recognized | – | – | – | – |
| &nbsp;&nbsp;Reductions for securities charged off | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $– | $– | $2 | $2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Total** |
| Balance as of beginning-of-year | $– | $– | $3 | $3 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – |
| &nbsp;&nbsp;Additions for securities for which credit losses were not |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;previously recognized | 2 | – | – | 2 |
| &nbsp;&nbsp;Additions (reductions) for securities for which credit losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;were previously recognized | – | – | (1) | (1) |
| &nbsp;&nbsp;Reductions for securities charged off | (2) | – | – | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $– | $– | $2 | $2 |

---

<sup>(1)</sup> Represents purchased credit-deteriorated ("PCD") fixed maturity AFS securities.

<sup>(2)</sup> As of December 31, 2025, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $75 million, $76 million and $78 million, respectively, and was excluded from the estimate of credit losses.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Mortgage Loans on Real Estate**

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Commercial** | **Residential** | **Total** | **Commercial** | **Residential** | **Total** |
| Current | $854 | $24 | $878 | $900 | $– | $900 |
| 30 to 59 days past due | – | – | – | – | – | – |
| 60 to 89 days past due | – | – | – | – | – | – |
| 90 or more days past due | – | – | – | – | – | – |
| Allowance for credit losses | (5) | – | (5) | (3) | – | (3) |
| Unamortized premium (discount) | – | – | – | – | – | – |
| Mark-to-market gains (losses) | – | – | – | – | – | – |
| &nbsp;&nbsp;Total carrying value | $849 | $24 | $873 | $897 | $– | $897 |

---

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 27% of commercial mortgage loans on real estate as of December 31, 2025 and 2024, and New York, which accounted for 26% and 27% of commercial mortgage loans on real estate as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, our residential mortgage loan portfolio had the largest concentrations in Florida and New York, which accounted for 18% and 15%, respectively, of residential mortgage loans on real estate.

As of December 31, 2024, there were no mortgage loans on real estate on non-accrual status.

We use LTV and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **LTV<br>Less Than<br> 65%** | **Debt-Service <br>Coverage <br>Ratio** | **LTV<br>65% to 75%** | **Debt-Service <br>Coverage <br>Ratio** | **LTV<br>Greater <br>Than 75%** | **Debt-Service <br>Coverage <br>Ratio** | **Total** |
| **Origination Year** | | | | | | | |
| 2025 | $27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | $– | – | $2 | 1.18 | $29 |
| 2024 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | 5 | 1.29 | – | – | 46 |
| 2023 | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | – | – | – | – | 51 |
| 2022 | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | 4 | 1.81 | 1 | 2.28 | 56 |
| 2021 | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | – | – | 1 | 2.28 | 94 |
| 2020 and prior | 578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | – | – | – | – | 578 |
| &nbsp;&nbsp;Total | $841 |  | $9 |  | $4 |  | $854 |

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **LTV<br>Less Than<br> 65%** | **Debt-Service <br>Coverage <br>Ratio** | **LTV<br>65% to 75%** | **Debt-Service <br>Coverage <br>Ratio** | **LTV<br>Greater <br>Than 75%** | **Total** |
| **Origination Year** | | | | | | |
| 2024 | $44 | 2.02 | $5 | 1.29 | $– | $49 |
| 2023 | 52 | 1.73 | – | – | – | 52 |
| 2022 | 53 | 1.93 | 4 | 1.71 | – | 57 |
| 2021 | 102 | 3.67 | – | – | – | 102 |
| 2020 | 72 | 3.51 | – | – | – | 72 |
| 2019 and prior | 568 | 2.77 | – | – | – | 568 |
| &nbsp;&nbsp;Total | $891 |  | $9 |  | $– | $900 |

---

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Performing** | **Nonperforming** | **Total** |
| **Origination Year** |  |  |  |
| 2025 | $19 | $– | $19 |
| 2024 | 5 | – | 5 |
| 2023 | – | – | – |
| 2022 | – | – | – |
| 2021 | – | – | – |
| 2020 and prior | – | – | – |
| Total | $24 | $– | $24 |

---

As of December 31, 2024, there were no residential mortgage loans on real estate.

*Credit Losses on Mortgage Loans on Real Estate*

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to mortgage loans. See [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203) for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.

Changes in the allowance for credit losses on commercial mortgage loans on real estate (in millions) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Balance as of beginning-of-year | $3 | $4 | $4 |
| &nbsp;&nbsp;Additions (reductions) from provision for credit loss expense <sup>(1)</sup> | 2 | (1) | – |
| &nbsp;&nbsp;Additions from purchases of PCD mortgage loans on real estate | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $5 | $3 | $4 |

---

<sup>(1)</sup> We recognized less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2025, 2024 and 2023.

<sup>(2)</sup> Accrued investment income on mortgage loans on real estate totaled $3 million as of December 31, 2025 and $2 million as of December 31, 2024 and 2023 and was excluded from the estimate of credit losses.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Alternative Investments** 

As of December 31, 2025, alternative investments included investments in 4 different partnerships and represented approximately 2% of total investments.

We invest in certain LPs and our exposure to loss is limited to the capital we invest. We do not hold any substantive kick-out or participation rights in the LPs, and we do not receive any performance fees or decision maker fees from the LPs. Based on our analysis, we are not the primary beneficiary as we do not have the power to direct the most significant activities of the LPs. The carrying amounts of our investments in the LPs are recognized in other investments on the Balance Sheets and were $143 million and none as of December 31, 2025 and 2024, respectively.

**Net Investment Income** 

The major categories of net investment income (in millions) on the Statements of Comprehensive Income (Loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Fixed maturity AFS securities | $318 | $322 | $324 |
| Mortgage loans on real estate | 37 | 36 | 35 |
| Policy loans | 10 | 5 | 12 |
| Cash and invested cash | 2 | 5 | 2 |
| Commercial mortgage loan prepayment |  |  |  |
| &nbsp;&nbsp;and bond make-whole premiums | 1 | 2 | 2 |
| Consent fees | – | – | – |
| Other investments | 8 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | 376 | 372 | 376 |
| Investment expense | (4) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $372 | $369 | $373 |

---

**Impairments on Fixed Maturity AFS Securities**

Details underlying credit loss benefit (expense) incurred that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Credit Loss Benefit (Expense)** |  |  |  |
| Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $– | $– | $(2) |
| &nbsp;&nbsp;RMBS | (1) | – | – |
| &nbsp;&nbsp;ABS | 2 | – | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total credit loss benefit (expense) | $1 | $– | $(1) |

---

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Payables for Collateral on Investments**

The carrying value of the payables for collateral on investments included on the Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Collateral payable for derivative investments <sup>(1)</sup> | $16 | $16 | $21 | $21 |

---

<sup>(1)</sup> We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties' credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See [Note](#ibeeb5f329bd64de295e7749d3e6e4690_260)[4](#ibeeb5f329bd64de295e7749d3e6e4690_260) for additional information.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Collateral payable for derivative investments | $(5) | $5 | $(6) |

---

**Assets Pledged as Collateral**

We pledge assets as collateral in connection with derivative agreements and regulatory deposits. Assets pledged as collateral at carrying value as reported on the Balance Sheets were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Fixed maturity AFS securities |  |  |
| Trading securities | $13 | $12 |
| Other investments | – | 1 |
| Total assets pledged as collateral | $13 | $13 |

---

**Investment Commitments**

As of December 31, 2025, our investment commitments were $45 million, which included $38 million of LPs, $7 million of mortgage loans on real estate and less than $1 million of private placement securities.

**Concentrations of Financial Instruments**

As of December 31, 2025 and 2024, our most significant investments in one issuer were our investments in securities issued by the Government National Mortgage Association with a fair value of $92 million and $87 million, respectively, or 1% of total investments, and our investments in securities issued by the Federal National Mortgage Association with a fair value of $80 million and $78 million, respectively, or 1% of total investments. These concentrations include fixed maturity AFS and equity securities.

As of December 31, 2025 and 2024, our most significant investments in one industry were our investments in securities in the consumer non-cyclical industry with a fair value of $1.2 billion and $1.1 billion, respectively, or 16% and 15%, respectively, of total investments, and our investments in securities in the utilities industry with a fair value of $924 million and $912 million, respectively, or 12% of total investments. These concentrations include fixed maturity AFS and equity securities.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**4. Derivative Instruments**

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk and equity market risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203) for a discussion of the accounting treatment for derivative instruments. See [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_458)[2](#ibeeb5f329bd64de295e7749d3e6e4690_458) for additional disclosures related to the fair value of our derivative instruments.

**Interest Rate Contracts**

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

*Forward-Starting Interest Rate Swaps*

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity, life insurance and retirement products.

*Reverse Treasury Locks*

We use reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

**Foreign Currency Contracts**

We use derivative instruments as part of our foreign currency risk management strategy.

*Foreign Currency Swaps*

We use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

**Equity Market Contracts**

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

*Call Options Based on the S&P 500® Index*

Our IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

**Other Derivatives**

*Lapse Protection Rider Ceded Derivative*

We have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited ("LNBAR"), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders ("LPR"). If the policyholder's account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Embedded Derivatives**

We have embedded derivatives that include:

*Fixed Indexed Annuity and IUL Contracts Embedded Derivatives*

Our fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index. Policyholders may elect to rebalance index options at renewal dates, either annually or biannually. As of each renewal date, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

**Primary Risks Managed by Derivatives**

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure.

Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Notional Amounts** | **Fair Value** | **Fair Value** | **Notional Amounts** | **Fair Value** | **Fair Value** |
| | **Notional Amounts** | **Asset** | **Liability** | **Notional Amounts** | **Asset** | **Liability** |
| **Qualifying Hedges** | | | | | | |
| Cash flow hedges: |  |  |  |  |  |  |
| Foreign currency contracts <sup>(1)</sup> | $137 | $12 | $2 | $136 | $17 | $1 |
| &nbsp;&nbsp;&nbsp;Total cash flow hedges | 137 | 12 | 2 | 136 | 17 | 1 |
| **Non-Qualifying Hedges** |  |  |  |  |  |  |
| Interest rate contracts <sup>(1)</sup> | – | – | – | 400 | – | – |
| Equity market contracts <sup>(1)</sup> | 132 | 5 | – | 124 | 5 | – |
| LPR ceded derivative <sup>(2)</sup> | – | 16 | – | – | 15 | – |
| Embedded derivatives: |  |  |  |  |  |  |
| Fixed indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and IUL contracts <sup>(3)</sup> | – | – | 2 | – | – | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative instruments | $269 | $33 | $4 | $660 | $37 | $3 |

---

<sup>(1)</sup> These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203).

<sup>(2)</sup> Reported in other assets on the Balance Sheets.

<sup>(3)</sup> Reported in policyholder account balances on the Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** |
| | **Less Than<br>1 Year** | **1 - 5 <br>Years** | **6 - 10 <br>Years** | **11 - 30 <br>Years** | **Over 30 <br>Years** | **Total** |
| Foreign currency contracts <sup>(1)</sup> | $– | $12 | $41 | $74 | $10 | $137 |
| Equity market contracts | 132 | – | – | – | – | 132 |
| Total derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;with notional amounts | $132 | $12 | $41 | $74 | $10 | $269 |

---

<sup>(1)</sup> As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The change in our unrealized gain (loss) on derivative instruments within AOCI (in millions) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |
| Balance as of beginning-of-year | $14 | $11 | $17 |
| Other comprehensive income (loss): |  |  |  |
| Unrealized holding gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | 6 | 1 | (3) |
| Change in foreign currency exchange rate adjustment | (11) | 6 | (4) |
| Income tax benefit (expense) | 1 | (2) | 2 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;included in net income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts <sup>(1)</sup> | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $9 | $14 | $11 |

---

<sup>(1)</sup> The OCI offset is reported within net investment income on the Statements of Comprehensive Income (Loss).

The effects of qualifying and non-qualifying hedges (in millions) on the Statements of Comprehensive Income (Loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2025** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2025** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2025** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $9 | $372 | $494 |
| **Qualifying Hedges** |  |  |  |
| Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | – | 1 | – |
| **Non-Qualifying Hedges** |  |  |  |
| Equity market contracts | 3 | – | – |
| LPR ceded derivative | – | – | (1) |
| Embedded derivatives: |  |  |  |
| Fixed indexed annuity and IUL contracts | (3) | – | – |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2024** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2024** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2024** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $9 | $369 | $462 |
| **Qualifying Hedges** |  |  |  |
| Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | – | 2 | – |
| **Non-Qualifying Hedges** |  |  |  |
| Equity market contracts | 2 | – | – |
| LPR ceded derivative | – | – | 1 |
| Embedded derivatives: |  |  |  |
| Fixed indexed annuity and IUL contracts | (4) | – | – |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2023** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2023** | **Gain (Loss) Recognized in Income <br>For the Year Ended December 31, 2023** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $2 | $373 | $525 |
| **Qualifying Hedges** |  |  |  |
| Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | – | 1 | – |
| **Non-Qualifying Hedges** |  |  |  |
| Equity market contracts | 3 | – | – |
| LPR ceded derivative | – | – | (2) |
| Embedded derivatives: |  |  |  |
| Fixed indexed annuity and IUL contracts | (3) | – | – |

---

As of December 31, 2025, $2 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Credit Risk**

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty's credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of December 31, 2025, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association ("ISDA") Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all of our ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of December 31, 2025 or 2024.

The amounts recognized (in millions) by S&P Global Ratings ("S&P") credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Collateral<br>Posted by<br>Counterparty** | **Collateral<br>Posted to Counterparty** | **Collateral Posted by Counterparty** | **Collateral Posted to Counterparty** |
| **S&P Credit Rating of Counterparty** | | | | |
| AA- | $10 | $– | $13 | $– |
| A+ | 6 | – | 8 | – |
| &nbsp;&nbsp;&nbsp;Total cash collateral | $16 | $– | $21 | $– |

---

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**Balance Sheet Offsetting**

Information related to the effects of offsetting on the Balance Sheets (in millions) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Derivative<br>Instruments** | **Embedded<br>Derivative<br>Instruments** | **Total** |
| **Financial Assets** | | | |
| Gross amount of recognized assets | $17 | $– | $17 |
| Gross amounts offset | (2) | – | (2) |
| Net amount of assets | 15 | – | 15 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral <sup>(1)</sup> | (15) | – | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $– | $– |
| **Financial Liabilities** |  |  |  |
| Gross amount of recognized liabilities | $– | $2 | $2 |
| Gross amounts offset | – | – | – |
| Net amount of liabilities | – | 2 | 2 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral <sup>(2)</sup> | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $2 | $2 |

---

<sup>(1)</sup> Excludes excess cash collateral received of $1 million and excess non-cash collateral received of $1 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

<sup>(2)</sup> There was no excess cash or non-cash collateral pledged as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Derivative<br>Instruments** | **Embedded<br>Derivative<br>Instruments** | **Total** |
| **Financial Assets** | | | |
| Gross amount of recognized assets | $22 | $– | $22 |
| Gross amounts offset | (1) | – | (1) |
| Net amount of assets | 21 | – | 21 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral <sup>(1)</sup> | (21) | – | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $– | $– |
| **Financial Liabilities** |  |  |  |
| Gross amount of recognized liabilities | $– | $2 | $2 |
| Gross amounts offset | – | – | – |
| Net amount of liabilities | – | 2 | 2 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral <sup>(2)</sup> | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $2 | $2 |

---

<sup>(1)</sup> Excludes excess non-cash collateral received of $1 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements. There was no excess cash collateral received as of December 31, 2024.

<sup>(2)</sup> There was no excess cash or non-cash collateral pledged as of December 31, 2024.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**5. DAC, VOBA, DSI and DFEL**

The following table reconciles DAC, VOBA and DSI (in millions) to the Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **DAC, VOBA and DSI** |  |  |
| Variable Annuities | $88 | $94 |
| Fixed Annuities | 4 | 4 |
| Traditional Life | 31 | 39 |
| UL and Other | 318 | 342 |
| Group Protection | 9 | 10 |
| Retirement Plan Services | 6 | 6 |
| &nbsp;&nbsp;Total DAC, VOBA and DSI | $456 | $495 |

---

The following table reconciles DFEL (in millions) to the Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| **DFEL** |  |  |
| Variable Annuities | $2 | $2 |
| UL and Other | 174 | 174 |
| &nbsp;&nbsp;Total DFEL | $176 | $176 |

---

The following tables summarize the changes in DAC (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Variable<br>Annuities** | **Fixed<br>Annuities** | **Traditional<br>Life** | **UL and<br>Other** | **Group Protection** | **Retirement<br>Plan<br>Services** |
| Balance as of beginning-of-year | $91 | $3 | $31 | $176 | $10 | $6 |
| &nbsp;&nbsp;Deferrals | 1 | – | – | 2 | 6 | 1 |
| &nbsp;&nbsp;Amortization | (7) | – | (4) | (10) | (7) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $85 | $3 | $27 | $168 | $9 | $6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Variable<br>Annuities** | **Fixed<br>Annuities** | **Traditional<br>Life** | **UL and<br>Other** | **Group Protection** | **Retirement<br>Plan<br>Services** |
| Balance as of beginning-of-year | $97 | $3 | $35 | $184 | $9 | $6 |
| &nbsp;&nbsp;Deferrals | 2 | – | – | 3 | 7 | 1 |
| &nbsp;&nbsp;Amortization | (8) | – | (4) | (11) | (6) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $91 | $3 | $31 | $176 | $10 | $6 |

---

DAC amortization expense of $29 million, $30 million and $31 million was recorded in commissions and other expenses on the Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following tables summarize the changes in VOBA (in millions):

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Traditional<br>Life** | **UL and<br>Other** |
| Balance as of beginning-of-year | $8 | $166 |
| &nbsp;&nbsp;Amortization | (4) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $4 | $150 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Traditional<br>Life** | **UL and<br>Other** |
| Balance as of beginning-of-year | $12 | $182 |
| &nbsp;&nbsp;Amortization | (4) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $8 | $166 |

---

VOBA amortization expense of $20 million, $20 million and $21 million was recorded in commissions and other expenses on the Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively. No additions or write-offs were recorded for each respective year.

Estimated future amortization of VOBA (in millions), as of December 31, 2025, was as follows:

---

| | |
|:---|:---|
| 2026 | $18 |
| 2027 | 15 |
| 2028 | 13 |
| 2029 | 11 |
| 2030 | 10 |

---

The following tables summarize the changes in DSI (in millions):

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Variable Annuities** | **Fixed <br>Annuities** |
| Balance as of beginning-of-year | $3 | $1 |
| &nbsp;&nbsp;Balance as of end-of-year | $3 | $1 |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Variable Annuities** | **Fixed Annuities** |
| Balance as of beginning-of-year | $3 | $1 |
| &nbsp;&nbsp;Balance as of end-of-year | $3 | $1 |

---

DSI amortization expense of less than $1 million was recorded in interest credited on the Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following tables summarize the changes in DFEL (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Variable Annuities** | **UL and <br>Other** | **Variable Annuities** | **UL and <br>Other** |
| Balance as of beginning-of-year | $2 | $174 | $2 | $176 |
| &nbsp;&nbsp;Deferrals | – | 10 | – | 8 |
| &nbsp;&nbsp;Amortization | – | (10) | – | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $2 | $174 | $2 | $174 |

---

DFEL amortization of $10 million was recorded in fee income on the Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**6. Reinsurance** 

The following summarizes reinsurance amounts (in millions) recorded on the Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Direct insurance premiums and fee income | $798 | $793 | $810 |
| Reinsurance ceded | (197) | (204) | (205) |
| &nbsp;&nbsp;Total insurance premiums and fee income | $601 | $589 | $605 |
| Direct insurance benefits | $644 | $636 | $694 |
| Reinsurance ceded | (150) | (174) | (169) |
| &nbsp;&nbsp;Total benefits | $494 | $462 | $525 |
| Direct market risk benefit (gain) loss | $(12) | $(135) | $(121) |
| Reinsurance ceded | (14) | 65 | 54 |
| &nbsp;&nbsp;Total market risk benefit (gain) loss | $(26) | $(70) | $(67) |
| Direct policyholder liability remeasurement (gain) loss | $5 | $41 | $(46) |
| Reinsurance ceded | 3 | (4) | 21 |
| &nbsp;&nbsp;Total policyholder liability remeasurement (gain) loss | $8 | $37 | $(25) |

---

We cede insurance to other companies. The portion of our life insurance risks exceeding our retention limit is reinsured with other insurers. We seek annuity and life reinsurance coverage to limit our exposure to mortality losses and/or to enhance our capital and risk management. As discussed in [Note](#ibeeb5f329bd64de295e7749d3e6e4690_512)[2](#ibeeb5f329bd64de295e7749d3e6e4690_512)0, a portion of this reinsurance activity is with affiliated companies.

We focus on obtaining reinsurance from a diverse group of reinsurers, and we monitor concentration as well as financial strength ratings of our reinsurers. Reinsurance does not discharge us from our primary obligation to contract holders for losses incurred under the policies we issue. We evaluate each reinsurance agreement to determine whether the agreement provides indemnification against loss or liability. Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. As of December 31, 2025 and 2024, our most significant reinsurance recoverable from a third-party reinsurer was $247 million and $258 million, respectively, or 51% and 49% of total amounts recoverable from reinsurers.

Effective April 1, 2016, we entered into a coinsurance agreement with a third-party reinsurer to reinsure certain blocks of in-force UL products with secondary guarantees, which resulted in a deposit asset of $1.6 billion as of December 31, 2025 and 2024. The reinsurer has funded trusts, the balances of which change as a result of ongoing reinsurance activity, to support the business ceded, that totaled $1.2 billion as of December 31, 2025 and 2024.

*Credit Losses on Reinsurance-Related Assets*

In connection with our recognition of an allowance for credit losses for reinsurance-related assets, we perform a quantitative analysis using a probability of loss approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. Our allowance for credit losses was $2 million as of December 31, 2025 and 2024.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**7. Goodwill and Specifically Identifiable Intangible Assets**

The changes in the carrying amount of goodwill (in millions) by segment were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| |<br>**Gross<br>Goodwill<br>as of<br>Beginning-<br>of-Year** |<br>**Accumulated<br>Impairment<br>as of<br>Beginning-<br>of-Year** | **Net<br>Goodwill<br>as of<br>Beginning-<br>of-Year** | **Impairment** | **Net<br>Goodwill as<br>of End-<br>of-Year** |
| Annuities | $26 | $– | $26 | $– | $26 |
| &nbsp;&nbsp;Total goodwill | $26 | $– | $26 | $– | $26 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| |<br>**Gross<br>Goodwill<br>as of<br>Beginning-<br>of-Year** |<br>**Accumulated<br>Impairment<br>as of<br>Beginning-<br>of-Year** | **Net<br>Goodwill<br>as of<br>Beginning-<br>of-Year** | **Impairment** | **Net<br>Goodwill as<br>of End-<br>of-Year** |
| Annuities | $26 | $– | $26 | $– | $26 |
| &nbsp;&nbsp;Total goodwill | $26 | $– | $26 | $– | $26 |

---

As of October 1, 2025 and 2024, we performed our annual goodwill impairment test for our Annuities reporting unit, and, as of each such date, the fair value was in excess of the reporting unit's carrying value.

The gross carrying amounts and accumulated amortization (in millions) for our major specifically identifiable intangible asset class by segment were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** |
| Life Insurance: |  |  |  |  |
| &nbsp;&nbsp;Sales force | $7 | $6 | $7 | $5 |

---

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**8. MRBs**

The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Balance Sheets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
|  | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
|  | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
| Variable Annuities | $256 | $31 | $(225) | $267 | $32 | $(235) |
| &nbsp;&nbsp;Total MRBs | $256 | $31 | $(225) | $267 | $32 | $(235) |

---

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

---

| | | |
|:---|:---|:---|
| | **Variable Annuities** | **Variable Annuities** |
| | **As of or For the Years Ended <br>December 31,** | **As of or For the Years Ended <br>December 31,** |
|  | **2025** | **2024** |
| Balance as of beginning-of-year | $(235) | $(158) |
| Less: Effect of cumulative changes in |  |  |
| &nbsp;&nbsp;&nbsp;non-performance risk | 4 | (53) |
| Balance as of beginning-of-year, before the effect |  |  |
| of changes in non-performance risk | (239) | (105) |
| &nbsp;&nbsp;&nbsp;Attributed fees collected | 77 | 81 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (1) | – |
| &nbsp;&nbsp;&nbsp;Effect of changes in interest rates | (28) | (96) |
| &nbsp;&nbsp;&nbsp;Effect of changes in equity markets | (92) | (113) |
| &nbsp;&nbsp;&nbsp;Effect of changes in equity index volatility | 3 | (5) |
| &nbsp;&nbsp;&nbsp;In-force updates and other changes in MRBs <sup>(1)</sup> | 25 | 7 |
| &nbsp;&nbsp;&nbsp;Effect of assumption review: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in future expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;policyholder behavior | 2 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in other future expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assumptions <sup>(2)</sup> | 1 | (8) |
| Balance as of end-of-year, before the effect of |  |  |
| changes in non-performance risk | (252) | (239) |
| &nbsp;&nbsp;&nbsp;Effect of cumulative changes in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;non-performance risk | 27 | 4 |
| Balance as of end-of-year | (225) | (235) |
| Less: Ceded MRB assets (liabilities) | (173) | (187) |
| Balance as of end-of-year, net of reinsurance | $(52) | $(48) |
| Weighted-average age of policyholders (years) | 72 | 72 |
| Net amount at risk <sup>(3)</sup> | $58 | $79 |

---

<sup>(1)</sup> Consists primarily of changes in MRB assets and liabilities due to the impact of changes in actual to expected policyholder behavior and aggregation impacts related to fund performance and other assumptions.

<sup>(2)</sup> Consists primarily of the update of fund mapping, volatility and other capital market assumptions.

<sup>(3)</sup> Net amount at risk ("NAR") is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

*Effect of Annual Assumption Review*

For the year ended December 31, 2025, Variable Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by updates to policyholder behavior and capital market assumptions and other items, partially offset by model enhancements and updates to separate account fee assumptions.

For the year ended December 31, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions.

See "MRBs" in [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203) and [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_458)[2](#ibeeb5f329bd64de295e7749d3e6e4690_458) for details related to our fair value judgments, assumptions, inputs and valuation methodology.

**9. Separate Accounts**

The following table presents the fair value of separate account assets (in millions) reported on the Balance Sheets by major investment category:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Mutual funds and collective investment trusts: |  |  |
| &nbsp;&nbsp;Equity funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic | $3668 | $3492 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 773 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity funds | 116 | 100 |
| &nbsp;&nbsp;Balanced funds | 2446 | 2430 |
| &nbsp;&nbsp;Bond funds | 1080 | 1087 |
| &nbsp;&nbsp;Money market funds | 60 | 49 |
| &nbsp;&nbsp;Other funds | 9 | 9 |
| Exchange-traded funds | 17 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total separate account assets | $8169 | $7882 |

---

The following table reconciles separate account liabilities (in millions) to the Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Variable Annuities | $5671 | $5586 |
| UL and Other | 904 | 792 |
| Retirement Plan Services | 1594 | 1504 |
| Total separate account liabilities | $8169 | $7882 |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following table summarizes the balances of and changes in separate account liabilities (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2024** | **As of or For the Year Ended<br>December 31, 2024** | **As of or For the Year Ended<br>December 31, 2024** |
|  | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
|  | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
|  | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $5586 | $792 | $1504 | $5487 | $709 | $1402 |
| Gross deposits | 179 | 14 | 161 | 136 | 14 | 179 |
| Withdrawals | (677) | (12) | (281) | (633) | (8) | (300) |
| Policyholder assessments | (131) | (15) | (11) | (134) | (15) | (11) |
| Change in market performance | 707 | 129 | 231 | 711 | 110 | 234 |
| Net transfers from (to) general account | 7 | (4) | (10) | 19 | (18) | – |
| Balance as of end-of-year | $5671 | $904 | $1594 | $5586 | $792 | $1504 |
| Cash surrender value | $5596 | $903 | $1593 | $5498 | $790 | $1503 |

---

**10. Policyholder Account Balances**

The following table reconciles policyholder account balances (in millions) to the Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Variable Annuities | $11 | $16 |
| Fixed Annuities | 303 | 344 |
| UL and Other | 2534 | 2618 |
| Retirement Plan Services | 1554 | 1541 |
| Other <sup>(1)</sup> | 210 | 221 |
| Total policyholder account balances | $4612 | $4740 |

---

<sup>(1)</sup> Represents policyholder account balances primarily attributable to indemnity reinsurance agreements that are excluded from the following tables.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following table summarizes the balances and changes in policyholder account balances (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
| Balance as of beginning-of-year | $16 | $344 | $2618 | $1541 |
| Gross deposits | 4 | 1 | 182 | 240 |
| Withdrawals | (2) | (51) | (106) | (302) |
| Policyholder assessments | – | – | (271) | – |
| Net transfers from (to) separate account | (7) | – | 5 | 22 |
| Interest credited | – | 9 | 103 | 53 |
| Change in fair value of embedded derivative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;instruments and other | – | – | 3 | – |
| Balance as of end-of-year | $11 | $303 | $2534 | $1554 |
| Weighted-average crediting rate | 3.4% | 2.8% | 4.0% | 3.4% |
| Net amount at risk <sup>(1)(2)</sup> | $58 | $– | $15855 | $– |
| Cash surrender value | 11 | 302 | 2355 | 1553 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
|  | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement<br>Plan<br>Services** |
| Balance as of beginning-of-year | $21 | $401 | $2677 | $1562 |
| Gross deposits | 13 | 5 | 200 | 202 |
| Withdrawals | – | (71) | (103) | (275) |
| &nbsp;&nbsp;Policyholder assessments | – | – | (284) | – |
| Net transfers from (to) separate account | (19) | – | 19 | – |
| Interest credited | 1 | 9 | 107 | 52 |
| Change in fair value of embedded derivative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;instruments and other | – | – | 2 | – |
| Balance as of end-of-year | $16 | $344 | $2618 | $1541 |
| Weighted-average crediting rate | 3.4% | 2.5% | 4.0% | 3.4% |
| Net amount at risk <sup>(1)(2)</sup> | $79 | $– | $16647 | $– |
| Cash surrender value | 15 | 343 | 2423 | 1539 |

---

<sup>(1)</sup> NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

<sup>(2)</sup> Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
|  | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Range of Guaranteed** | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Minimum Crediting Rate** | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Variable Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 8 | – | – | – | – | 8 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;4.01% and above | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8 | $– | $– | $– | $– | $11 |
| **Fixed Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $1 | $2 | $4 | $5 | $1 | $13 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 7 | – | 1 | – | – | 8 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 138 | 16 | – | – | – | 154 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 61 | – | – | – | – | 61 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 31 | – | – | – | – | 31 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $238 | $18 | $5 | $5 | $1 | $303 |
| **UL and Other** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $7 | $– | $1 | $8 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 743 | – | – | – | – | 743 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 1237 | – | – | – | – | 1237 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 288 | – | – | – | – | 288 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2268 | $– | $7 | $– | $1 | $2534 |
| **Retirement Plan Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $2 | $2 | $12 | $453 | $192 | $661 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | 7 | 39 | 6 | 39 | 91 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 57 | – | – | – | – | 57 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 126 | 1 | – | – | – | 127 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 618 | – | – | – | – | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $803 | $10 | $51 | $459 | $231 | $1554 |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | |
|  | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Range of Guaranteed** | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Minimum Crediting Rate** | **At<br>Guaranteed<br>Minimum** | **1-50<br>Basis<br>Points<br>Above** | **51-100<br>Basis<br>Points<br>Above** | **101-150<br>Basis<br>Points<br>Above** | **Greater<br>Than 150<br>Basis<br>Points<br>Above** | **Total** |
| **Variable Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 10 | – | – | – | – | 10 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;4.01% and above | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $10 | $– | $– | $– | $– | $16 |
| **Fixed Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $1 | $3 | $4 | $6 | $1 | $15 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 9 | – | 1 | – | – | 10 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 175 | 5 | – | – | – | 180 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 70 | – | – | – | – | 70 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 31 | – | – | – | – | 31 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $286 | $8 | $5 | $6 | $1 | $344 |
| **UL and Other** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $7 | $– | $1 | $8 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 781 | – | – | – | – | 781 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 1265 | – | – | – | – | 1265 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 309 | – | – | – | – | 309 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2355 | $– | $7 | $– | $1 | $2618 |
| **Retirement Plan Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $4 | $– | $14 | $423 | $143 | $584 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | – | 7 | 77 | 11 | – | 95 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 58 | – | – | – | – | 58 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 149 | – | – | – | – | 149 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 655 | – | – | – | – | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $866 | $7 | $91 | $434 | $143 | $1541 |

---

<sup>(1)</sup> Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**11. Future Contract Benefits**

The following table reconciles future contract benefits (in millions) to the Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Payout Annuities <sup>(1)</sup> | $113 | $114 |
| Traditional Life <sup>(1)</sup> | 345 | 360 |
| Group Protection <sup>(2)</sup> | 116 | 108 |
| UL and Other <sup>(3)</sup> | 1205 | 1141 |
| Other <sup>(4)</sup> | 428 | 424 |
| Total future contract benefits | $2207 | $2147 |

---

<sup>(1)</sup> See "LFPB" below for further information.

<sup>(2)</sup> See "Liability for Future Claims" below for further information.

<sup>(3)</sup> See "Additional Liabilities for Other Insurance Benefits" below for further information.

<sup>(4)</sup> Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

*LFPB*

The LFPB represents reserves associated with our limited payment life-contingent annuities and non-participating traditional life insurance contracts (i.e., term insurance). The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
|  | **Payout Annuities** | **Traditional Life** | **Payout Annuities** | **Traditional Life** |
| **Present Value of Expected Net Premiums** |  |  |  |  |
| Balance as of beginning-of-year | $– | $117 | $– | $130 |
| &nbsp;&nbsp;Less: Effect of cumulative changes in discount |  |  |  |  |
| &nbsp;&nbsp;rate assumptions | – | (1) | – | 1 |
| Beginning balance at original discount rate | – | 118 | – | 129 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions <sup>(1)</sup> | – | (9) | – | 7 |
| &nbsp;&nbsp;Effect of actual variances from expected experience <sup>(2)</sup> | – | (7) | – | (8) |
| Adjusted balance as of beginning-of-year | – | 102 | – | 128 |
| &nbsp;&nbsp;Issuances | – | – | – | – |
| &nbsp;&nbsp;Interest accrual | – | 6 | – | 6 |
| &nbsp;&nbsp;Net premiums collected | – | (14) | – | (16) |
| &nbsp;&nbsp;Flooring impact of LFPB | – | – | – | – |
| Ending balance at original discount rate | – | 94 | – | 118 |
| &nbsp;&nbsp;Effect of cumulative changes in discount rate assumptions | – | 1 | – | (1) |
| Balance as of end-of-year | $– | $95 | $– | $117 |
| **Present Value of Expected Future Policy Benefits** |  |  |  |  |
| Balance as of beginning-of-year | $114 | $477 | $122 | $513 |
| Less: Effect of cumulative changes in discount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;rate assumptions | (10) | – | (6) | 6 |
| Beginning balance at original discount rate <sup>(3)</sup> | 124 | 477 | 128 | 507 |
| Effect of changes in cash flow assumptions <sup>(1)</sup> | (1) | (15) | – | 6 |
| Effect of actual variances from expected experience <sup>(2)</sup> | 1 | (11) | 1 | (3) |
| Adjusted balance as of beginning-of-year | 124 | 451 | 129 | 510 |
| &nbsp;&nbsp;Issuances | 3 | – | 2 | – |
| &nbsp;&nbsp;Interest accrual | 5 | 13 | 5 | 14 |
| &nbsp;&nbsp;Benefit payments | (12) | (30) | (12) | (47) |
| Ending balance at original discount rate <sup>(3)</sup> | 120 | 434 | 124 | 477 |
| Effect of cumulative changes in discount rate assumptions | (7) | 6 | (10) | – |
| Balance as of end-of-year | $113 | $440 | $114 | $477 |
| Net balance as of end-of-year | $113 | $345 | $114 | $360 |
| &nbsp;&nbsp;Less: Reinsurance recoverables | 1 | 22 | 1 | 21 |
| Net balance as of end-of-year, net of reinsurance | $112 | $323 | $113 | $339 |
| Weighted-average duration of future policyholder |  |  |  |  |
| benefit liability (years) | 8 | 6 | 9 | 6 |

---

<sup>(1)</sup> The cash flow assumption impact to the liability is calculated as the present value of expected future policy benefits less the present value of expected net premiums. For the years ended December 31, 2025 and 2024, the Traditional Life net effect of changes in cash flow assumptions gross of reinsurance reduced the liability by $6 million and $1 million, respectively.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

<sup>(2)</sup> For the year ended December 31, 2025, the Traditional Life actual to expected reserve impact on expected net premiums did not have any significantly different actual experience compared to expected, and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $11 million. For the year ended December 31, 2024, the Traditional Life actual to expected reserve impact on expected net premiums and future policy benefits did not have any significantly different actual experience compared to expected. For the years ended December 31, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.

<sup>(3)</sup> Includes DPL within Payout Annuities of $3 million, $2 million and $3 million as of December 31, 2025, 2024 and 2023, respectively.

*Effect of Annual Assumption Review*

For the years ended December 31, 2025 and 2024, Payout Annuities and Traditional Life did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| **Payout Annuities** |  |  |  |  |
| Expected future gross premiums | $– | $– | $– | $– |
| Expected future benefit payments | 189 | 113 | 201 | 114 |
| **Traditional Life** |  |  |  |  |
| Expected future gross premiums | 352 | 250 | 380 | 264 |
| Expected future benefit payments | 519 | 440 | 580 | 477 |

---

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Payout Annuities** |  |  |  |
| Gross premiums | $3 | $2 | $12 |
| Interest accretion | 5 | 5 | 5 |
| **Traditional Life** |  |  |  |
| Gross premiums | 32 | 35 | 38 |
| Interest accretion | 7 | 8 | 8 |

---

The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2025** | **2024** |
| **Payout Annuities** |  |  |
| Interest accretion rate | 4.3% | 4.4% |
| Current discount rate | 5.1% | 5.4% |
| **Traditional Life** |  |  |
| Interest accretion rate | 5.6% | 5.7% |
| Current discount rate | 4.6% | 5.1% |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

*Liability for Future Claims*

The liability for future claims represents reserves associated with our group long-term disability and life waiver products. The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

---

| | | |
|:---|:---|:---|
| | **Group Protection** | **Group Protection** |
| | **As of or For the Years Ended December 31,** | **As of or For the Years Ended December 31,** |
|  | **2025** | **2024** |
| Balance as of beginning-of-year | $108 | $105 |
| &nbsp;&nbsp;Less: Effect of cumulative changes in discount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;rate assumptions | (10) | (8) |
| Beginning balance at original discount rate | 118 | 113 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (2) | (1) |
| &nbsp;&nbsp;Effect of actual variances from expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;experience <sup>(1)</sup> | (3) | (4) |
| Adjusted beginning-of-year balance | 113 | 108 |
| &nbsp;&nbsp;New incidence | 31 | 30 |
| &nbsp;&nbsp;Interest | 4 | 3 |
| &nbsp;&nbsp;Benefit payments | (25) | (23) |
| Ending balance at original discount rate | 123 | 118 |
| &nbsp;&nbsp;Effect of cumulative changes in discount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;rate assumptions | (7) | (10) |
| Balance as of end-of-year | 116 | 108 |
| &nbsp;&nbsp;Less: Reinsurance recoverables | 3 | 2 |
| Balance as of end-of-year, net of reinsurance | $113 | $106 |
| Weighted-average duration of liability for future |  |  |
| &nbsp;&nbsp;claims (years) | 5 | 5 |

---

<sup>(1)</sup> Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the years ended December 31, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable than assumed.

*Effect of Annual Assumption Review*

For the years ended December 31, 2025 and 2024, we did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| **Group Protection** |  |  |  |  |
| Expected future benefit payments | $148 | $116 | $141 | $108 |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Group Protection** |  |  |  |
| Gross premiums | $108 | $99 | $84 |
| Interest accretion | 4 | 3 | 3 |

---

The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2025** | **2024** |
| **Group Protection** |  |  |
| Interest accretion rate | 3.6% | 3.3% |
| Current discount rate | 4.7% | 5.1% |

---

*Additional Liabilities for Other Insurance Benefits*

Additional liabilities for other insurance benefits represent reserves associated with our UL and VUL contracts with secondary guarantees. The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

---

| | | |
|:---|:---|:---|
| | **UL and Other** | **UL and Other** |
| | **As of or For the Years Ended December 31,** | **As of or For the Years Ended December 31,** |
|  | **2025** | **2024** |
| Balance as of beginning-of-year | $1141 | $1091 |
| Less: Effect of cumulative changes in shadow |  |  |
| balance in AOCI | (28) | (21) |
| Balance as of beginning-of-year, excluding |  |  |
| &nbsp;&nbsp;shadow balance in AOCI | 1169 | 1112 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | 15 | 18 |
| &nbsp;&nbsp;Effect of actual variances from expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;experience <sup>(1)(2)</sup> | 3 | 23 |
| Adjusted beginning-of-year balance | 1187 | 1153 |
| &nbsp;&nbsp;Interest accrual | 51 | 49 |
| &nbsp;&nbsp;Net assessments collected | 72 | 68 |
| &nbsp;&nbsp;Benefit payments | (83) | (101) |
| Balance as of end-of-year, excluding |  |  |
| &nbsp;&nbsp;shadow balance in AOCI | 1227 | 1169 |
| Effect of cumulative changes in shadow |  |  |
| &nbsp;&nbsp;balance in AOCI | (22) | (28) |
| Balance as of end-of-year | 1205 | 1141 |
| &nbsp;&nbsp;Less: Reinsurance recoverables | 108 | 118 |
| Balance as of end-of-year, net of reinsurance | $1097 | $1023 |
| Weighted-average duration of additional liabilities |  |  |
| &nbsp;&nbsp;for other insurance benefits (years) | 15 | 15 |

---

<sup>(1)</sup> For the year ended December 31, 2025, actual experience was not significantly different compared to expected experience. For the year ended December 31, 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $17 million.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

*Effect of Annual Assumption Review*

For the years ended December 31, 2025 and 2024, we did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review.

The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **UL and Other** |  |  |  |
| Gross assessments | $182 | $169 | $186 |
| Interest accretion | 51 | 49 | 46 |

---

The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
|  | **2025** | **2024** |
| **UL and Other** |  |  |
| Interest accretion rate | 4.9% | 4.8% |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

**12. Fair Value of Financial Instruments**

**Financial Instruments Carried at Fair Value**

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |
| **Assets** | | | | |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $– | $5385 | $51 | $5436 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | 9 | – | – | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | 342 | – | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | – | 16 | – | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | 233 | – | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | 123 | – | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | 170 | 42 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | – | 36 | 1 | 37 |
| &nbsp;&nbsp;Equity securities | – | 9 | – | 9 |
| &nbsp;&nbsp;Derivative investments <sup>(1)</sup> | – | 17 | – | 17 |
| MRB assets | – | – | 256 | 256 |
| Other assets – LPR ceded derivative | – | – | 16 | 16 |
| Separate account assets | 17 | 8152 | – | 8169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $26 | $14483 | $366 | $14875 |
| **Liabilities** |  |  |  |  |
| Policyholder account balances – fixed annuity |  |  |  |  |
| &nbsp;&nbsp;and IUL contracts | $– | $– | $(2) | $(2) |
| MRB liabilities | – | – | (31) | (31) |
| Other liabilities: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | (173) | (173) |
| &nbsp;&nbsp;Derivative liabilities <sup>(1)</sup> | – | (2) | – | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $– | $(2) | $(206) | $(208) |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | |
|  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
|  | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |
| **Assets** |  |  |  |  |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $– | $5406 | $10 | $5416 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | 9 | – | – | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | 358 | – | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | – | 15 | – | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | 227 | – | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | 106 | – | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | 150 | 22 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | – | 36 | – | 36 |
| &nbsp;&nbsp;Equity securities | – | 9 | – | 9 |
| &nbsp;&nbsp;Derivative investments <sup>(1)</sup> | – | 21 | – | 21 |
| &nbsp;&nbsp;Other investments – short-term investments | – | – | 1 | 1 |
| MRB assets | – | – | 267 | 267 |
| Other assets – LPR ceded derivative | – | – | 15 | 15 |
| Separate account assets | 20 | 7862 | – | 7882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $29 | $14190 | $315 | $14534 |
| **Liabilities** |  |  |  |  |
| Policyholder account balances – fixed annuity |  |  |  |  |
| &nbsp;&nbsp;and IUL contracts | $– | $– | $(2) | $(2) |
| MRB liabilities | – | – | (32) | (32) |
| Other liabilities: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | (187) | (187) |
| &nbsp;&nbsp;Derivative liabilities <sup>(1)</sup> | – | (1) | – | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $– | $(1) | $(221) | $(222) |

---

<sup>(1)</sup> Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in [Note](#ibeeb5f329bd64de295e7749d3e6e4690_983)[8](#ibeeb5f329bd64de295e7749d3e6e4690_983).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | <br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** | <br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other** <sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** | <br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** |  |  |  |  |  |  |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $10 | $– | $(1) | $6 | $36 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | – | – | 1 | (1) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 22 | – | 1 | 25 | (6) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | – | – | – | 1 | – | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments – short-term investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 1 | – | – | (1) | – | – |
| Other assets – LPR ceded derivative <sup>(3)</sup> | 15 | 1 | – | – | – | 16 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts <sup>(4)</sup> | (2) | (3) | – | 3 | – | (2) |
| Other liabilities – ceded MRBs <sup>(5)</sup> | (187) | 14 | – | – | – | (173) |

---

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | <br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** | <br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other** <sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** | <br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** |  |  |  |  |  |  |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $4 | $– | $– | $11 | $(5) | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | – | – | 1 | (1) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 10 | – | (1) | 32 | (19) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments – short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | – | – | – | 1 | – | 1 |
| Other assets – LPR ceded derivative <sup>(3)</sup> | 16 | (1) | – | – | – | 15 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts <sup>(4)</sup> | (2) | (2) | – | 2 | – | (2) |
| Other liabilities – ceded MRBs <sup>(5)</sup> | (123) | (64) | – | – | – | (187) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | <br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** | <br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other** <sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** | <br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** |  |  |  |  |  |  |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $3 | $– | $– | $(3) | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 9 | – | – | 6 | (5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 4 | – | (1) | – | (3) | – |
| Other assets – LPR ceded derivative <sup>(3)</sup> | 14 | 2 | – | – | – | 16 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts <sup>(4)</sup> | 1 | (3) | – | – | – | (2) |
| Other liabilities – ceded MRBs <sup>(5)</sup> | (68) | (55) | – | – | – | (123) |

---

<sup>(1)</sup> The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see [Note](#ibeeb5f329bd64de295e7749d3e6e4690_260)[4](#ibeeb5f329bd64de295e7749d3e6e4690_260)).

<sup>(2)</sup> Amortization and accretion of premiums and discounts are included in net investment income on the Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Statements of Comprehensive Income (Loss).

<sup>(3)</sup> Gains (losses) from the changes in fair value are included in benefits on the Statements of Comprehensive Income (Loss).

------

<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

<sup>(4)</sup> Gains (losses) from the changes in fair value are included in realized gain (loss) on the Statements of Comprehensive Income (Loss).

<sup>(5)</sup> Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Statements of Comprehensive Income (Loss).

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $6 | $– | $– | $– | $– | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 5 | (4) | – | – | – | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 32 | (2) | (1) | (4) | – | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred securities | 1 | – | – | – | – | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments – short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | – | – | – | (1) | – | (1) |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts | – | – | – | 3 | – | 3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $12 | $– | $– | $– | $(1) | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 1 | – | – | – |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 34 | – | – | (2) | – | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments – short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments | 2 | – | (1) | – |  | 1 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts | – | – | – | 2 | – | 2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $1 | $– | $– | $– | $(4) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 8 | – | – | (2) | – | 6 |

---

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The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| MRBs, net <sup>(1)</sup> | $25 | $70 | $65 |
| Other assets – LPR ceded derivative <sup>(2)</sup> | 1 | (1) | 2 |

---

<sup>(1)</sup> Included in market risk benefit gain (loss) on the Statements of Comprehensive Income (Loss).

<sup>(2)</sup> Included in benefits on the Statements of Comprehensive Income (Loss).

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Investments: |  |  |  |
| Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $(1) | $– | $– |
| &nbsp;&nbsp;ABS | 1 | – | – |

---

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** | <br>**Total** |
| **Assets** |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $40 | $(4) | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | (6) | (6) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** | <br>**Total** |
| **Assets** |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $– | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | (19) | (19) |

---

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** | <br>**Total** |
| **Assets** |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $9 | $(5) | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | 1 | (4) | (3) |

---

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the years ended December 31, 2025, 2024 and 2023, transfers in and out of Level 3 were attributable primarily to the financial instruments' observable market information no longer being available or becoming available.

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Assumption or** | **Assumption or** | |
|  | <br>**Fair**<br>**Value** | <br>**Valuation**<br>**Technique** | <br>**Significant**<br>**Unobservable Inputs** | **Input Ranges** | **Input Ranges** | **Weighted**<br>**Average**<br>**Input**<br>**Range** <sup>(1)</sup> |
| **Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities – |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;corporate bonds | $29 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 0.6% | 2.2% | 1.3% |
| MRB assets | 256 | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 93.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 50.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.3% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 27.0% | 15.1% |
| Other assets – LPR |  |  |  |  |  |  |
| &nbsp;&nbsp;ceded derivative | 16 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.1% | 2.4% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.2% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account |  |  |  |  |  |  |
| &nbsp;&nbsp;balances – indexed |  |  |  |  |  |  |
| &nbsp;&nbsp;annuity contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;embedded derivatives | $– | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| MRB liabilities | (31) | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 93.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 50.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.3% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 27.0% | 15.1% |
| Other liabilities – |  |  |  |  |  |  |
| &nbsp;&nbsp;ceded MRBs <sup>(11)</sup> | (173) |  |  |  |  |  |

---

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<u>[**Table of Contents**](#ibeeb5f329bd64de295e7749d3e6e4690_1265)</u>

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Assumption or** | **Assumption or** | |
|  | <br>**Fair**<br>**Value** | <br>**Valuation**<br>**Technique** | <br>**Significant**<br>**Unobservable Inputs** | **Input Ranges** | **Input Ranges** | **Weighted**<br>**Average**<br>**Input**<br>**Range** <sup>(1)</sup> |
| **Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities – |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;corporate bonds | $8 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.9% | 2.8% | 2.0% |
| MRB assets | 267 | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 92.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 60.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.6% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 29.0% | 14.5% |
| Other assets – LPR |  |  |  |  |  |  |
| &nbsp;&nbsp;ceded derivative | 15 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.1% | 2.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.4% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account |  |  |  |  |  |  |
| &nbsp;&nbsp;balances – indexed |  |  |  |  |  |  |
| &nbsp;&nbsp;annuity contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;embedded derivatives | $(1) | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| MRB liabilities | (32) | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 92.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 60.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.6% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 29.0% | 14.5% |
| Other liabilities – |  |  |  |  |  |  |
| &nbsp;&nbsp;ceded MRBs <sup>(11)</sup> | (187) |  |  |  |  |  |

---

<sup>(1)</sup> Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

<sup>(2)</sup> The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

<sup>(3)</sup> The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

<sup>(4)</sup> The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

<sup>(5)</sup> The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

<sup>(6)</sup> The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market

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observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

<sup>(7)</sup> The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

<sup>(8)</sup> The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

<sup>(9)</sup> The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

<sup>(10)</sup> A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

<sup>(11)</sup> The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

• *Investments* – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

• *Indexed annuity contracts embedded derivatives* – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.

*• LPR ceded derivative* – Assuming our LPR ceded derivative is in an asset position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in an increase in the fair value measurement.

• *MRBs –* Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with GDB riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary. For more information, see [Note 1](#ibeeb5f329bd64de295e7749d3e6e4690_203).

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**Financial Instruments Not Carried at Fair Value**

The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Amount** |
| **Assets** | | | | | |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage loans on real estate | $– | $– | $828 | $828 | $873 |
| &nbsp;&nbsp;Other investments | – | 10 | 145 | 155 | 155 |
| &nbsp;&nbsp;Policy loans | – | 177 | – | 177 | 177 |
| **Liabilities** |  |  |  |  |  |
| Policyholder account balances – certain investment contracts | $– | $– | $(934) | $(934) | $(1247) |
| Funds withheld reinsurance-related liabilities – |  |  |  |  |  |
| &nbsp;&nbsp;excluding embedded derivatives | – | – | (1696) | (1696) | (1696) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Amount** |
| **Assets** | | | | | |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage loans on real estate | $– | $– | $797 | $797 | $897 |
| &nbsp;&nbsp;Other investments | – | – | 2 | 2 | 2 |
| &nbsp;&nbsp;Policy loans | – | 181 | – | 181 | 181 |
| **Liabilities** |  |  |  |  |  |
| Policyholder account balances – certain investment contracts | $– | $– | $(808) | $(808) | $(1247) |
| Other liabilities – short-term debt | – | (4) | – | (4) | (4) |
| Funds withheld reinsurance-related liabilities – |  |  |  |  |  |
| &nbsp;&nbsp;excluding embedded derivatives | – | – | (1670) | (1670) | (1670) |

---

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown above are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

*Mortgage Loans on Real Estate*

The fair value of mortgage loans on real estate is established using a discounted cash flow method based on internal quality rating, maturity and future income. The ratings for mortgages in good standing are based on occupancy, debt-service coverage, LTV and forecasted tenancy. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy.

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*Other Investments*

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also include FHLB stock, which is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

*Policy Loans*

The carrying value for policy loans are the unpaid principal balances. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

*Policyholder Account Balances – Certain Investment Contracts and Other Liabilities*

Policyholder account balances and other liabilities include account balances of certain investment contracts that exclude significant mortality or morbidity risk. The fair value of the account balances of certain investment contracts is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

*Short-Term Debt*

The fair value of short-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term debt are classified as Level 2 within the fair value hierarchy.

*Funds Withheld Reinsurance Liabilities*

Funds withheld reinsurance liabilities includes our obligation to pay reinsurers under coinsurance with funds withheld and modified coinsurance arrangements where the Company is the cedant. This liability includes embedded derivatives, which are total return swaps

with contractual returns that are attributable to the Company's reinsurance agreements. The embedded derivatives are carried at fair value

and thus excluded from the preceding table. The inputs used to measure the remaining balance are classified as Level 3 within the fair

value hierarchy.

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**13. Contingencies and Commitments**

**Contingencies**

*Regulatory and Litigation Matters*

Regulatory bodies, such as state insurance departments and tax authorities, regularly make inquiries and conduct examinations, investigations or audits concerning our compliance with, among other things, insurance laws, tax laws and unclaimed property laws. Tax-related matters can include disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto.

We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LLANY in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of December 31, 2025. An adverse outcome in one or more of these matters may have a material impact on the financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

*Cost of Insurance Litigation* 

*Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York*, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff's motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in *Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company,* which has been previously disclosed by our parent company, LNL, entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the *Glover* case is inclusive of all policies in this case, as well as in the lawsuit *TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company,* which has been previously disclosed by our parent company, LNL, and one additional case to which an affiliate of LNL is a party, *Iwanski v. First Penn-Pacific Life Insurance Company*, which has been previously disclosed by LNL's parent company, LNC. The *Glover* plaintiffs' motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On March 29, 2024, the court issued its summary judgment decision, granting LLANY's motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On June 25, 2024, the court granted LLANY's April 12, 2024, motion to stay proceedings in this matter pending the completion of the approval process in *Glover*. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the *Glover* provisional settlement. On June 16, 2025, the court granted final approval of the *Glover* provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the *TVPX ARS INC.*, *Vida* and *Iwanski* cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, is currently not expected to have a material effect on LLANY's financial statements.

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*Other Litigation* 

*Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al*, filed in the District Court of the 14<sup>th</sup> Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale ("Plaintiffs") allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, "Lincoln"), FMR, LLC, and Fidelity Product Services, LLC ("Fidelity") created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from "a missed investment return of approximately 5-6%" and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney's fees and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14<sup>th</sup> Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

**Commitments** 

*Vulnerability from Concentrations* 

As of December 31, 2025, we did not have a concentration of business transactions with a particular customer or lender or sources of supply of labor or services used in the business. However, we do have a concentration in a market and geographic area in which business is conducted. For the years ended December 31, 2025 and 2024, 83% and 84%, respectively, of insurance premiums were generated in New York.

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**14. Shares and Stockholder's Equity**

All authorized and issued shares of LLANY are owned by LNL.

**AOCI**

The following summarizes the components and changes in AOCI (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments** |  |  |  |
| Balance as of beginning-of-year | $(647) | $(467) | $(652) |
| Unrealized holding gains (losses) | 171 | (242) | 251 |
| Change in foreign currency exchange rate adjustment | 11 | (6) | 4 |
| Change in future contract benefits and policyholder account balances, net of reinsurance | (15) | 17 | (27) |
| Income tax benefit (expense) | (35) | 49 | (48) |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) included in net income (loss) | – | (3) | (6) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) | – | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $(515) | $(647) | $(467) |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |
| Balance as of beginning-of-year | $14 | $11 | $17 |
| Unrealized holding gains (losses) | 6 | 1 | (3) |
| Change in foreign currency exchange rate adjustment | (11) | 6 | (4) |
| Income tax benefit (expense) | 1 | (2) | 2 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) included in net income (loss) | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $9 | $14 | $11 |
| **Market Risk Benefit Non-Performance Risk Gain (Loss)** |  |  |  |
| Balance as of beginning-of-year | $(3) | $42 | $78 |
| &nbsp;&nbsp;OCI before reclassification | (23) | (57) | (46) |
| &nbsp;&nbsp;Income tax benefit (expense) | 5 | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $(21) | $(3) | $42 |
| **Policyholder Liability Discount Rate Remeasurement Gain (Loss)** |  |  |  |
| Balance as of beginning-of-year | $16 | $7 | $14 |
| OCI before reclassification | (10) | 11 | (9) |
| Income tax benefit (expense) | 2 | (2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $8 | $16 | $7 |

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The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Statements of Comprehensive Income (Loss):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |  |
|  | **2025** | **2024** | **2023** |  |
| **Unrealized Gain (Loss) on Fixed Maturity AFS** |  |  |  |  |
| **Securities and Certain Other Investments** |  |  |  |  |
| Reclassification | $– | $(3) | $(6) | Realized gain (loss) |
| Reclassification before income tax benefit (expense) | – | (3) | (6) | Income (loss) before taxes |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) | – | 1 | 1 | Federal income tax expense (benefit) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification, net of income tax | $– | $(2) | $(5) | Net income (loss) |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |  |
| Foreign currency contracts | $1 | $2 | $1 | Net investment income |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassifications, net of income tax | $1 | $2 | $1 | Net income (loss) |

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**15. Realized Gain (Loss)** 

Details underlying realized gain (loss) (in millions) reported on the Statements of Comprehensive Income (Loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Fixed maturity AFS securities: |  |  |  |
| Gross gains | $1 | $– | $1 |
| Gross losses | (1) | (3) | (7) |
| Credit loss benefit (expense) <sup>(1)</sup> | 1 | – | (1) |
| Realized gain (loss) on equity securities <sup>(2)</sup> | – | 1 | – |
| Credit loss benefit (expense) on mortgage loans on real estate | (2) | 1 | – |
| Credit loss benefit (expense) on reinsurance-related assets | (1) | – | – |
| GLB rider fees ceded to LNL and attributed fees | 11 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | $9 | $9 | $2 |

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<sup>(1)</sup> Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

<sup>(2)</sup> Includes mark-to-market adjustments on equity securities still held of less than $1 million and $1 million for the years ended December 31, 2025 and 2024, respectively. There were no mark-to-market adjustments on equity securities for the year ended December 31, 2023.

**16. Commissions and Other Expenses** 

Details underlying commissions and other expenses (in millions) were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Commissions | $50 | $51 | $52 |
| General and administrative expenses | 83 | 71 | 77 |
| Expenses associated with reserve financing, LOCs and other | 23 | 22 | 20 |
| DAC and VOBA deferrals, net of amortization | 38 | 38 | 39 |
| Taxes, licenses and fees | 21 | 17 | 19 |
| &nbsp;&nbsp;Total | $215 | $199 | $207 |

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**17. Federal Income Taxes**

The federal income tax expense (benefit) on continuing operations (in millions) was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Current | $25 | $(3) | $37 |
| Deferred | (5) | 27 | (10) |
| &nbsp;&nbsp;Federal income tax expense (benefit) | $20 | $24 | $27 |

---

A reconciliation of the effective tax rate differences (in millions) was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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,** |
| | **2025** | **Percent** | **2024** | **Percent** | **2023** | **Percent** |
| Income (loss) before taxes | $120 |  | $164 |  | $155 |  |
| Federal income tax expense (benefit) at |  |  |  |  |  |  |
| &nbsp;&nbsp;federal statutory rate | 25 | 21% | 34 | 21% | 33 | 21% |
| Effect of: |  |  |  |  |  |  |
| &nbsp;&nbsp;Tax credits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax credits | (2) | (2%) | (1) | (1%) | (2) | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other tax credits | (1) | (1%) | – | –% | – | –% |
| &nbsp;&nbsp;Nontaxable or nondeductible items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-preferred investment income <sup>(1)</sup> | (3) | (2%) | (2) | (1%) | (4) | (3%) |
| &nbsp;&nbsp;Changes in unrecognized tax benefits | 1 | 1% | (7) | (4%) | – | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | $20 | 17% | $24 | 15% | $27 | 17% |

---

<sup>(1)</sup> Relates primarily to separate account dividends eligible for the dividends-received deduction.

We file with a consolidated group; however, we calculate our tax expense (benefit) on a separate company basis.

The federal income tax asset (liability) (in millions) was as follows:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Current | $6 | $9 |
| Deferred | (3) | 18 |
| &nbsp;&nbsp;Total federal income tax asset (liability) | $3 | $27 |

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Significant components of our deferred tax assets and liabilities (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **Deferred Tax Assets** |  |  |
| Net unrealized loss on fixed maturity AFS securities | $146 | $182 |
| Tax credits | – | 2 |
| Other | – | 1 |
| &nbsp;&nbsp;Total deferred tax assets | $146 | $185 |
| **Deferred Tax Liabilities** |  |  |
| DAC and VOBA | 70 | 77 |
| Insurance liabilities and reinsurance-related balances | 60 | 73 |
| Investment activity | 7 | 5 |
| MRB-related activity | 11 | 10 |
| Other | 1 | 2 |
| &nbsp;&nbsp;Total deferred tax liabilities | $149 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset (liability) | $(3) | $18 |

---

Although realization is not assured, management believes that it is more likely than not that we will realize the benefits of all our deferred tax assets, and, accordingly, no valuation allowance has been recorded.

As of December 31, 2025, we did not have any federal income tax credits, net operating loss carryforwards or net capital loss carryforwards.

We are subject to examination by U.S. federal, state, local and non-U.S. income tax authorities. With few exceptions for limited scope review, we are no longer subject to U.S. federal examinations for years before 2021. In the first quarter of 2021, the Internal Revenue Service commenced an examination of our 2014, 2015, 2016 and 2017 refund claims. We are currently under examination by several state and local taxing jurisdictions; however, we do not expect these examinations will materially impact us.

A reconciliation of the gross unrecognized federal tax benefits (in millions) was as follows:

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| | | |
|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** |
| Balance as of beginning-of-year | $2 | $9 |
| &nbsp;&nbsp;Increases for prior year tax positions | (1) | (7) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $1 | $2 |

---

As of December 31, 2025 and 2024, $1 million and $2 million, respectively, of our gross unrecognized federal tax benefits presented above, if recognized, would have affected our federal income tax expense (benefit) and our effective tax rate. We anticipate that it is reasonably possible that unrecognized tax benefits will not decrease by the end of 2026.

We recognize interest and penalties accrued, if any, related to unrecognized tax benefits as a component of tax expense. For the years ended December 31, 2025, 2024 and 2023, we recognized no interest and penalty expense (benefit), and there was no accrued interest and penalty expense related to the unrecognized tax benefits as of December 31, 2025 and 2024.

In August 2022, the Inflation Reduction Act of 2022 was passed by the U.S. Congress and signed into law by President Biden. The Inflation Reduction Act of 2022 established a new 15% corporate alternative minimum tax for corporations whose average adjusted net income for any consecutive three-year period beginning after December 31, 2022, exceeds $1.0 billion. This provision became effective for tax years beginning after December 31, 2022. We determined that we were not within the scope of the corporate alternative minimum tax for 2025.

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**18. Statutory Information and Restrictions**

We prepare financial statements in accordance with statutory accounting principles ("SAP") prescribed or permitted by the New York State Department of Financial Services, which may vary materially from GAAP.

Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners ("NAIC") as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between statutory financial statements and financial statements prepared in accordance with GAAP are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

We are subject to the applicable laws and regulations of our state of domicile. Changes in these laws and regulations could change capital levels or capital requirements for the Company.

Specified statutory information (in millions) was as follows:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| U.S. capital and surplus | $1016 | $985 |

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| U.S. net gain (loss) from operations, after-tax | $160 | $141 | $165 |
| U.S. net income (loss) | 162 | 143 | 159 |

---

*State Prescribed Practices*

Our state of domicile, New York, has adopted certain prescribed accounting practices that differ from those found in NAIC SAP. These prescribed practices include the use of a more conservative valuation interest rate on certain annuities, the use of the continuous Commissioners' Annuity Reserve Valuation Method in the calculation of reserves and the use of minimum reserve methods and assumptions for variable annuity and individual life insurance contracts that may be more conservative than those required by NAIC SAP.

The favorable (unfavorable) effects on statutory surplus compared to NAIC statutory surplus from the use of these prescribed practices (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **State Prescribed Practices** |  |  |
| Conservative valuation rate on certain annuities | $1 | $1 |
| Calculation of reserves using continuous CARVM | 1 | 1 |
| Conservative Reg 213 reserves on variable annuity and individual life |  |  |
| &nbsp;&nbsp;insurance contracts | 18 | 20 |

---

The NAIC has adopted risk-based capital ("RBC") requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. Under RBC requirements, regulatory compliance is determined by the ratio of a company's total adjusted capital, as defined by the NAIC, to its company action level of RBC (known as the "RBC ratio"), also as defined by the NAIC. The company action level may be triggered if the RBC ratio is between 75% and 100%, which would require the insurer to submit a plan to the regulator detailing corrective action it proposes to undertake. As of December 31, 2025, the Company's RBC ratio was approximately ten times the aforementioned company action level RBC.

We are subject to certain insurance department regulatory restrictions as to the transfer of funds and payment of dividends to LNL. Under New York laws and regulations, we may pay dividends to LNL without prior approval of the Superintendent of the New York

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State Department of Financial Services provided such dividend, along with all other dividends paid within the preceding 12 consecutive months, would not exceed the statutory limitation. The current statutory limitation is the lesser of 10% of surplus to contract holders as of the immediately preceding calendar year or net gain from operations for the immediately preceding calendar year, not including realized capital gains. We expect that we could pay dividends of approximately $100 million in 2026 without New York State Department of Financial Services approval.

**19. Supplemental Disclosures of Cash Flow Information**

The following summarizes our supplemental cash flow information (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net cash paid (received) for: |  |  |  |
| &nbsp;&nbsp;Income taxes | $22 | $11 | $47 |
| &nbsp;&nbsp;Interest | 2 | 2 | 2 |

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**20. Transactions with Affiliates**

The following summarizes transactions with affiliates (in millions) and the associated line item on the Balance Sheets:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | |
| | **2025** | **2024** | |
| Assets with affiliates: |  |  |  |
|  |  |  | Reinsurance recoverables, net of |
| Ceded reinsurance contracts | $70 | $83 | allowance for credit losses |
| Ceded reinsurance contracts | 24 | 21 | Other assets |
| Service agreement receivable | 3 | 1 | Other assets |
| Liabilities with affiliates: |  |  |  |
| Cash management agreement | – | 4 | Other liabilities |
| Ceded reinsurance contracts | 182 | 198 | Other liabilities |
| Service agreement payable | 30 | 27 | Other liabilities |

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The following summarizes transactions with affiliates (in millions) and the associated line item on the Statements of Comprehensive Income (Loss):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | |
| | **2025** | **2024** | **2023** | |
| Revenues with affiliates: |  |  |  |  |
| Premiums and fees received on assumed (paid on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ceded) reinsurance contracts | $(49) | $(51) | $(44) | Insurance premiums and fee income |
| Cash management agreement activity | – | – | (2) | Net investment income |
| Realized gains (losses) on ceded reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts – other gains (losses) | (30) | (32) | (34) | Realized gain (loss) |
| Benefits and expenses with affiliates: |  |  |  |  |
| (Recoveries) benefits on ceded reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | 1 | (2) | (2) | Benefits |
| Interest credited on ceded reinsurance contracts | – | (1) | (1) | Interest credited |
| Market risk benefit (gain) loss on ceded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;reinsurance contracts | (14) | 65 | 54 | Market risk benefit (gain) loss |
| Ceded reinsurance contracts | (14) | (12) | (14) | Commissions and other expenses |
| Service agreement payments | 88 | 74 | 82 | Commissions and other expenses |
| Cash management agreement activity | 2 | 2 | – | Commissions and other expenses |

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*Cash Management Agreement*

In order to manage our capital more efficiently, we participate in an inter-company cash management program where LNC can lend to us to meet short-term borrowing needs. The cash management program is essentially a series of demand loans, which are permitted under applicable insurance laws, among LNC and its affiliates that reduces overall borrowing costs by allowing LNC and its subsidiaries to access internal resources instead of incurring third-party transaction costs. The borrowing limit is currently 2% of our admitted assets as of December 31, 2025.

*Service Agreements*

In accordance with service agreements with LNL and certain of its affiliates for personnel and facilities usage, general management services and investment management services, we receive services from and provide services to affiliated companies and receive an allocation of corporate overhead from LNC. Corporate overhead expenses are allocated based on specific methodologies for each function. The majority of the expenses are allocated based on the following methodologies: headcount, investments by product, account balances, weighted policies in force and sales.

*Ceded Reinsurance Contracts* 

We cede business to two affiliated companies, LNL, our parent, and LNBAR, a wholly owned subsidiary of LNC. We cede MRBs on certain variable annuity GLB and GDB to LNL where these guarantees are incorporated into our overall variable annuity hedging program.

*Tax Sharing Agreement*

We participate in a tax sharing agreement with LNC, as described in Note 1. As of December 31, 2025 and 2024, we had a receivable due from LNC of $4 million and $7 million, respectively, for federal income taxes under the tax sharing agreement, which is included in other assets on the Balance Sheets.

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**21. Subsequent Events**

Management evaluated subsequent events for the Company through March 31, 2026, the date the financial statements were available to be issued.

On March 20, 2026, LLANY paid a cash dividend in the amount of $101 million to LNL.

Management identified no other items or events required for disclosure.

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

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**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Statements of assets and liabilities**

**December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
| *Subaccount* | *Investments ($)* | *Total Assets ($)* | *Net Assets ($)* |
| AB VPS Discovery Value Portfolio - Class A | 4403476 | 4403476 | 4403476 |
| AB VPS International Value Portfolio - Class A | 1038866 | 1038866 | 1038866 |
| AB VPS Large Cap Growth Portfolio - Class A | 429555 | 429555 | 429555 |
| AB VPS Relative Value Portfolio - Class A | 1181137 | 1181137 | 1181137 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 779700 | 779700 | 779700 |
| American Funds® IS Global Growth Fund - Class 2 | 3778699 | 3778699 | 3778699 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 4626748 | 4626748 | 4626748 |
| American Funds® IS Growth Fund - Class 2 | 15077979 | 15077979 | 15077979 |
| American Funds® IS Growth-Income Fund - Class 2 | 12330711 | 12330711 | 12330711 |
| American Funds® IS International Fund - Class 2 | 7532341 | 7532341 | 7532341 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 249471 | 249471 | 249471 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 400043 | 400043 | 400043 |
| DWS Equity 500 Index VIP Portfolio - Class A | 4515748 | 4515748 | 4515748 |
| DWS Small Cap Index VIP Portfolio - Class A | 912762 | 912762 | 912762 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 5444 | 5444 | 5444 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 7481335 | 7481335 | 7481335 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 32664 | 32664 | 32664 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 335671 | 335671 | 335671 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 484679 | 484679 | 484679 |
| Fidelity® VIP Growth Portfolio - Service Class | 5053752 | 5053752 | 5053752 |
| Fidelity® VIP High Income Portfolio - Service Class | 107920 | 107920 | 107920 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 56916 | 56916 | 56916 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 3246449 | 3246449 | 3246449 |
| Fidelity® VIP Overseas Portfolio - Service Class | 610746 | 610746 | 610746 |
| Franklin Income VIP Fund - Class 1 | 7235871 | 7235871 | 7235871 |
| Franklin Mutual Shares VIP Fund - Class 1 | 2440528 | 2440528 | 2440528 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 792032 | 792032 | 792032 |
| Invesco V.I. American Franchise Fund - Series I Shares | 1536860 | 1536860 | 1536860 |
| Invesco V.I. Core Equity Fund - Series I Shares | 1752278 | 1752278 | 1752278 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 39968 | 39968 | 39968 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 727821 | 727821 | 727821 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 333344 | 333344 | 333344 |
| Janus Henderson Balanced Portfolio - Service Shares | 244350 | 244350 | 244350 |
| Janus Henderson Enterprise Portfolio - Service Shares | 125083 | 125083 | 125083 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 799002 | 799002 | 799002 |
| Janus Henderson Global Research Portfolio - Service Shares | 106112 | 106112 | 106112 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 89720 | 89720 | 89720 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 2360558 | 2360558 | 2360558 |
| LVIP American Century Balanced Fund - Standard Class II | 323617 | 323617 | 323617 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 647301 | 647301 | 647301 |
| LVIP American Century Ultra® Fund - Standard Class | 3076638 | 3076638 | 3076638 |
| LVIP Baron Growth Opportunities Fund - Service Class | 1002577 | 1002577 | 1002577 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 498759 | 498759 | 498759 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 617427 | 617427 | 617427 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2208142 | 2208142 | 2208142 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 3725345 | 3725345 | 3725345 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 25355 | 25355 | 25355 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 869252 | 869252 | 869252 |
| LVIP BlackRock Real Estate Fund - Standard Class | 747560 | 747560 | 747560 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 26381 | 26381 | 26381 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 520790 | 520790 | 520790 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 156121 | 156121 | 156121 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 134323 | 134323 | 134323 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 517683 | 517683 | 517683 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 674209 | 674209 | 674209 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 475578 | 475578 | 475578 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 1108178 | 1108178 | 1108178 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 3547536 | 3547536 | 3547536 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 5633443 | 5633443 | 5633443 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 279128 | 279128 | 279128 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 479400 | 479400 | 479400 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 273022 | 273022 | 273022 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 763115 | 763115 | 763115 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 1614792 | 1614792 | 1614792 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 474053 | 474053 | 474053 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 3206746 | 3206746 | 3206746 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 4139813 | 4139813 | 4139813 |
| LVIP Government Money Market Fund - Standard Class | 2993102 | 2993102 | 2993102 |
| LVIP JPMorgan High Yield Fund - Standard Class | 1250315 | 1250315 | 1250315 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 256365 | 256365 | 256365 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 1812310 | 1812310 | 1812310 |
| LVIP MFS International Growth Fund - Standard Class | 1865783 | 1865783 | 1865783 |
| LVIP MFS Value Fund - Standard Class | 6997318 | 6997318 | 6997318 |
| LVIP Mondrian Global Income Fund - Standard Class | 598211 | 598211 | 598211 |
| LVIP Mondrian International Value Fund - Standard Class | 1279175 | 1279175 | 1279175 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 1922064 | 1922064 | 1922064 |
| LVIP Nomura High Yield Fund - Standard Class | 1032137 | 1032137 | 1032137 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 1193123 | 1193123 | 1193123 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 3080915 | 3080915 | 3080915 |
| LVIP Nomura Social Awareness Fund - Standard Class | 947166 | 947166 | 947166 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 4513115 | 4513115 | 4513115 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 1649609 | 1649609 | 1649609 |
| LVIP SSGA Bond Index Fund - Standard Class | 944962 | 944962 | 944962 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 258523 | 258523 | 258523 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 1121754 | 1121754 | 1121754 |
| LVIP SSGA International Index Fund - Standard Class | 1714211 | 1714211 | 1714211 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 34030 | 34030 | 34030 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 1459522 | 1459522 | 1459522 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 968544 | 968544 | 968544 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 22049768 | 22049768 | 22049768 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 1780289 | 1780289 | 1780289 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 69952 | 69952 | 69952 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 2297355 | 2297355 | 2297355 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 1350982 | 1350982 | 1350982 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 28739 | 28739 | 28739 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 127703 | 127703 | 127703 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 288557 | 288557 | 288557 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 1402030 | 1402030 | 1402030 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 18360 | 18360 | 18360 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 1103665 | 1103665 | 1103665 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 3456375 | 3456375 | 3456375 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 2460500 | 2460500 | 2460500 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 539262 | 539262 | 539262 |
| M Capital Appreciation Fund | 15463 | 15463 | 15463 |
| M International Equity Fund | 23409 | 23409 | 23409 |
| M Large Cap Growth Fund | 22966 | 22966 | 22966 |
| M Large Cap Value Fund | 23447 | 23447 | 23447 |
| MFS® VIT Growth Series - Initial Class | 2705763 | 2705763 | 2705763 |
| MFS® VIT Total Return Series - Initial Class | 2891513 | 2891513 | 2891513 |
| MFS® VIT Utilities Series - Initial Class | 3077852 | 3077852 | 3077852 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 40647 | 40647 | 40647 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 1265703 | 1265703 | 1265703 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 468332 | 468332 | 468332 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 224645 | 224645 | 224645 |
| Nomura VIP Emerging Markets Series - Standard Class | 3412567 | 3412567 | 3412567 |
| Nomura VIP Small Cap Value Series - Standard Class | 2882898 | 2882898 | 2882898 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 645652 | 645652 | 645652 |
| Putnam VT Global Health Care Fund - Class IB | 192367 | 192367 | 192367 |
| Putnam VT Large Cap Value Fund - Class IB | 76107 | 76107 | 76107 |
| Templeton Foreign VIP Fund - Class 1 | 204946 | 204946 | 204946 |
| Templeton Foreign VIP Fund - Class 2 | 85240 | 85240 | 85240 |
| Templeton Global Bond VIP Fund - Class 1 | 1446102 | 1446102 | 1446102 |
| Templeton Growth VIP Fund - Class 1 | 419433 | 419433 | 419433 |
| Templeton Growth VIP Fund - Class 2 | 21476 | 21476 | 21476 |

---

See accompanying notes

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Statements of operations**

**Year Ended December 31, 2025**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Subaccount* | *Dividends from Investment Income ($)* | *Mortality and Expense Guarantee Charges ($)* | *Net Investment Income (Loss) ($)* | *Net Realized Gain (Loss) on Investments ($)* | *Dividends from Net Realized Gain on Investments ($)* | *Total Net Realized Gain (Loss) on Investments ($)* | *Net Change in Unrealized Appreciation or Depreciation on Investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* |
| AB VPS Discovery Value Portfolio - Class A | 34305 | (6652) | 27653 | (5494) | 443855 | 438361 | (330015) | 135999 |
| AB VPS International Value Portfolio - Class A | 22720 | (1608) | 21112 | 50380 |  | 50380 | 215679 | 287171 |
| AB VPS Large Cap Growth Portfolio - Class A |  | (800) | (800) | 3132 | 34796 | 37928 | 12186 | 49314 |
| AB VPS Relative Value Portfolio - Class A | 12483 | (2123) | 10360 | 9807 | 90954 | 100761 | (1808) | 109313 |
| AB VPS Sustainable Global Thematic Portfolio - Class A |  | (1345) | (1345) | 13684 | 90953 | 104637 | (50666) | 52626 |
| American Funds® IS Global Growth Fund - Class 2 | 49170 | (6999) | 42171 | 98105 | 455435 | 553540 | 124386 | 720097 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 15440 | (7233) | 8207 | (67674) | 96734 | 29060 | 560316 | 597583 |
| American Funds® IS Growth Fund - Class 2 | 21994 | (24677) | (2683) | 619660 | 1123976 | 1743636 | 897753 | 2638706 |
| American Funds® IS Growth-Income Fund - Class 2 | 106667 | (19700) | 86967 | 322366 | 1942533 | 2264899 | (409814) | 1942052 |
| American Funds® IS International Fund - Class 2 | 92240 | (12852) | 79388 | (25461) |  | (25461) | 1467218 | 1521145 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 700 | (360) | 340 | 870 | 15992 | 16862 | (6898) | 10304 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 15100 | (590) | 14510 | 402 |  | 402 | 22120 | 37032 |
| DWS Equity 500 Index VIP Portfolio - Class A | 44238 | (6941) | 37297 | 47581 | 366001 | 413582 | 228332 | 679211 |
| DWS Small Cap Index VIP Portfolio - Class A | 11426 | (1690) | 9736 | (530) | 48796 | 48266 | 47233 | 105235 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 131 | (92) | 39 | 1810 | 862 | 2672 | (475) | 2236 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 3539 | (10812) | (7273) | 473285 | 1133065 | 1606350 | (191110) | 1407967 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 552 | (167) | 385 | 542 | 1707 | 2249 | 2538 | 5172 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 5439 | (619) | 4820 | 1224 | 17726 | 18950 | 29648 | 53418 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class |  | (58) | (58) | 21750 | 6970 | 28720 | 67960 | 96622 |
| Fidelity® VIP Growth Portfolio - Service Class | 9782 | (7710) | 2072 | 263529 | 621772 | 885301 | (203950) | 683423 |
| Fidelity® VIP High Income Portfolio - Service Class | 6725 | (7) | 6718 | (75) |  | (75) | 3422 | 10065 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 2124 | (348) | 1776 | (1307) |  | (1307) | 3719 | 4188 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 11259 | (5369) | 5890 | 20861 | 345555 | 366416 | (29507) | 342799 |
| Fidelity® VIP Overseas Portfolio - Service Class | 9125 | (980) | 8145 | 33670 | 53140 | 86810 | 7789 | 102744 |
| Franklin Income VIP Fund - Class 1 | 340463 | (11211) | 329252 | (6317) | 68135 | 61818 | 427317 | 818387 |
| Franklin Mutual Shares VIP Fund - Class 1 | 54538 | (4135) | 50403 | (13759) | 236696 | 222937 | (5489) | 267851 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 |  | (1551) | (1551) | (7326) | 33414 | 26088 | (5904) | 18633 |
| Invesco V.I. American Franchise Fund - Series I Shares |  | (4706) | (4706) | 11956 | 139066 | 151022 | 12993 | 159309 |
| Invesco V.I. Core Equity Fund - Series I Shares | 10765 | (2982) | 7783 | 9003 | 123924 | 132927 | 102567 | 243277 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 1916 | (275) | 1641 | (259) |  | (259) | 1917 | 3299 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 9954 | (1096) | 8858 | 630 | 44180 | 44810 | 50550 | 104218 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 6318 |  | 6318 | 2522 | 10039 | 12561 | 24898 | 43777 |
| Janus Henderson Balanced Portfolio - Service Shares | 4653 | (577) | 4076 | 17091 | 9517 | 26608 | 9898 | 40582 |
| Janus Henderson Enterprise Portfolio - Service Shares | 56 | (244) | (188) | 1035 | 10061 | 11096 | (2910) | 7998 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 4213 |  | 4213 | 6792 | 62255 | 69047 | 64661 | 137921 |
| Janus Henderson Global Research Portfolio - Service Shares | 424 | (202) | 222 | 1395 | 9042 | 10437 | 8025 | 18684 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares |  | (201) | (201) | 37597 | 17730 | 55327 | (12324) | 42802 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |  | (3393) | (3393) | 249595 | 768860 | 1018455 | (701765) | 313297 |
| LVIP American Century Balanced Fund - Standard Class II | 5770 | (486) | 5284 | 4980 |  | 4980 | 18032 | 28296 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 50476 | (1156) | 49320 | (4756) |  | (4756) | (5613) | 38951 |
| LVIP American Century Ultra® Fund - Standard Class |  | (4355) | (4355) | 76015 | 255618 | 331633 | 57887 | 385165 |
| LVIP Baron Growth Opportunities Fund - Service Class |  | (1578) | (1578) | 1346 | 118638 | 119984 | (224334) | (105928) |
| LVIP Baron Growth Opportunities Fund - Standard Class |  | (1026) | (1026) | 6069 | 55421 | 61490 | (113460) | (52996) |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 13184 | (1142) | 12042 | 13157 | 22015 | 35172 | 29246 | 76460 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 35964 | (3869) | 32095 | (18010) | 203045 | 185035 | 53797 | 270927 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 97163 | (5986) | 91177 | 43208 | 119824 | 163032 | 336098 | 590307 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 540 | (35) | 505 | 78 | 555 | 633 | 1296 | 2434 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 7115 | (1343) | 5772 | (9994) |  | (9994) | 49441 | 45219 |
| LVIP BlackRock Real Estate Fund - Standard Class | 25501 | (1454) | 24047 | (1502) |  | (1502) | 35006 | 57551 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 486 | (37) | 449 | 128 | 629 | 757 | 905 | 2111 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |  | (931) | (931) | 60568 | 31595 | 92163 | (61525) | 29707 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |  | (260) | (260) | 4431 | 24676 | 29107 | (24190) | 4657 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 4333 | (179) | 4154 | 5661 |  | 5661 | 24492 | 34307 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 16500 | (953) | 15547 | 21211 |  | 21211 | 108449 | 145207 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 6502 | (1012) | 5490 | 8713 | 43983 | 52696 | 32554 | 90740 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 4197 | (622) | 3575 | 904 | 37186 | 38090 | 14950 | 56615 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 11576 | (2019) | 9557 | 83086 | 128814 | 211900 | (118828) | 102629 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 148851 | (5804) | 143047 | (48984) |  | (48984) | 123007 | 217070 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 233511 | (9390) | 224121 | (59335) |  | (59335) | 202065 | 366851 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 3605 | (478) | 3127 | 788 | 26676 | 27464 | 1517 | 32108 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 13539 | (665) | 12874 | 10347 |  | 10347 | 100934 | 124155 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 8802 | (431) | 8371 | 4559 | 1487 | 6046 | 57999 | 72416 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 7053 | (1255) | 5798 | 66939 | 31292 | 98231 | 34061 | 138090 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 16671 | (2204) | 14467 | 2750 |  | 2750 | 181141 | 198358 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 12338 | (788) | 11550 | (8130) | 2 | (8128) | 36358 | 39780 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 69942 | (6074) | 63868 | 7504 | 132479 | 139983 | 170998 | 374849 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 95016 | (7732) | 87284 | 18719 | 99419 | 118138 | 223418 | 428840 |
| LVIP Government Money Market Fund - Standard Class | 116010 | (5467) | 110543 |  | 126 | 126 |  | 110669 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class |  | (1) | (1) | 103 |  | 103 | (150) | (48) |
| LVIP JPMorgan High Yield Fund - Standard Class | 76012 | (2158) | 73854 | (835) |  | (835) | 27620 | 100639 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 2854 | (307) | 2547 | 14317 | 28052 | 42369 | (41674) | 3242 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 67849 | (2700) | 65149 | (6036) |  | (6036) | 25045 | 84158 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 7514 | (381) | 7133 | (54707) | 55961 | 1254 | 17651 | 26038 |
| LVIP MFS International Growth Fund - Standard Class | 27912 | (2942) | 24970 | 41143 | 142853 | 183996 | 91032 | 299998 |
| LVIP MFS Value Fund - Standard Class | 113971 | (11939) | 102032 | 330330 | 453432 | 783762 | (203450) | 682344 |
| LVIP Mondrian Global Income Fund - Standard Class | 2957 | (949) | 2008 | (4955) |  | (4955) | 36718 | 33771 |
| LVIP Mondrian International Value Fund - Standard Class | 47005 | (2283) | 44722 | 42749 | 33882 | 76631 | 241101 | 362454 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 75995 | (3008) | 72987 | (1127) |  | (1127) | 9733 | 81593 |
| LVIP Nomura High Yield Fund - Standard Class | 60280 | (1999) | 58281 | (5276) |  | (5276) | 29934 | 82939 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 16442 | (1874) | 14568 | 19541 | 135945 | 155486 | (18912) | 151142 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 16656 | (6403) | 10253 | 53971 | 75695 | 129666 | 118153 | 258072 |
| LVIP Nomura Social Awareness Fund - Standard Class | 6471 | (1604) | 4867 | 14496 | 73542 | 88038 | 33418 | 126323 |
| LVIP Nomura U.S. Growth Fund - Standard Class |  | (5698) | (5698) | 359446 | 429970 | 789416 | 54698 | 838416 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 49052 | (2950) | 46102 | 9868 |  | 9868 | (42621) | 13349 |
| LVIP SSGA Bond Index Fund - Standard Class | 31257 | (1500) | 29757 | (9061) |  | (9061) | 34554 | 55250 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 6749 | (445) | 6304 | 2888 | 4618 | 7506 | 15879 | 29689 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 27338 | (1852) | 25486 | 2268 | 5959 | 8227 | 105026 | 138739 |
| LVIP SSGA International Index Fund - Standard Class | 54846 | (2871) | 51975 | 80193 |  | 80193 | 266682 | 398850 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 1016 | (67) | 949 | 2730 |  | 2730 | 4760 | 8439 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 33856 | (2579) | 31277 | 6693 | 27428 | 34121 | 129214 | 194612 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 21265 | (1369) | 19896 | 7677 | 21666 | 29343 | 90044 | 139283 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 214862 | (34267) | 180595 | 1443714 | 981327 | 2425041 | 415560 | 3021196 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 18289 | (3093) | 15196 | 763 | 82498 | 83261 | 28052 | 126509 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 1915 | (126) | 1789 | (3041) | 127 | (2914) | 10183 | 9058 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 56656 | (3192) | 53464 | (10786) | 5614 | (5172) | 247487 | 295779 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 32408 | (2225) | 30183 | 1052 | 4610 | 5662 | 181412 | 217257 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 807 | (63) | 744 | (4092) | 1512 | (2580) | 5812 | 3976 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 2948 | (143) | 2805 | 1029 | 5614 | 6643 | 8545 | 17993 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 4471 | (162) | 4309 | 3852 | 10300 | 14152 | 26066 | 44527 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |  | (2412) | (2412) | 60648 | 199105 | 259753 | (98346) | 158995 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 308 | (25) | 283 | 28 | 527 | 555 | 539 | 1377 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 37480 | (1503) | 35977 | (8283) |  | (8283) | 27059 | 54753 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 31977 | (5602) | 26375 | 10697 | 1444216 | 1454913 | (997661) | 483627 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 76657 | (4031) | 72626 | 28409 | 7195 | 35604 | 481416 | 589646 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 5528 | (1292) | 4236 | (1536) | 51955 | 50419 | (36766) | 17889 |
| M Capital Appreciation Fund | 140 | (28) | 112 | 197 | 2274 | 2471 | 387 | 2970 |
| M International Equity Fund | 616 | (43) | 573 | 498 |  | 498 | 4819 | 5890 |
| M Large Cap Growth Fund |  | (43) | (43) | 553 | 5772 | 6325 | (2155) | 4127 |
| M Large Cap Value Fund | 381 | (42) | 339 | 147 | 1343 | 1490 | 1579 | 3408 |
| MFS® VIT Growth Series - Initial Class |  | (4503) | (4503) | 166775 | 460036 | 626811 | (327380) | 294928 |
| MFS® VIT Total Return Series - Initial Class | 74403 | (4373) | 70030 | (8330) | 198399 | 190069 | 21161 | 281260 |
| MFS® VIT Utilities Series - Initial Class | 87795 | (4677) | 83118 | 56457 | 40151 | 96608 | 236433 | 416159 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 175 | (74) | 101 | 108 | 3908 | 4016 | 280 | 4397 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |  | (2457) | (2457) | 18715 | 165366 | 184081 | (111172) | 70452 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 1983 | (831) | 1152 | 1162 | 46538 | 47700 | 1557 | 50409 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class |  |  |  | 119 | 12643 | 12762 | 14419 | 27181 |
| Nomura VIP Emerging Markets Series - Standard Class | 45665 | (5711) | 39954 | 307278 | 5854 | 313132 | 1462090 | 1815176 |
| Nomura VIP Small Cap Value Series - Standard Class | 34582 | (4313) | 30269 | 10293 | 168422 | 178715 | 3415 | 212399 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 21620 | (1256) | 20364 | (59868) |  | (59868) | 168181 | 128677 |
| Putnam VT Global Health Care Fund - Class IB |  | (346) | (346) | (46) | 11921 | 11875 | 13212 | 24741 |
| Putnam VT Large Cap Value Fund - Class IB | 950 | (137) | 813 | 90 | 4543 | 4633 | 7317 | 12763 |
| Templeton Foreign VIP Fund - Class 1 | 4801 | (1033) | 3768 | 1648 | 12076 | 13724 | 29319 | 46811 |
| Templeton Foreign VIP Fund - Class 2 | 1851 | (20) | 1831 | 613 | 5168 | 5781 | 12241 | 19853 |
| Templeton Global Bond VIP Fund - Class 1 |  | (2543) | (2543) | (13607) |  | (13607) | 208553 | 192403 |
| Templeton Growth VIP Fund - Class 1 | 4324 | (977) | 3347 | 5340 | 28649 | 33989 | 45964 | 83300 |
| Templeton Growth VIP Fund - Class 2 | 171 |  | 171 | 375 | 1468 | 1843 | 2127 | 4141 |

---

See accompanying notes

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Statements of changes in net assets**

**Year Ended December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Unit Transactions* | *Changes From Unit Transactions* |  |  |
| *Subaccount* | *Net Assets at January 1, 2024 ($)* | *Net investment income (loss) ($)* | *Net realized gain (loss) on investments ($)* | *Net change in unrealized appreciation or depreciation on investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* | *Net unit transactions ($)* | *Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($)* | *Total Increase (Decrease) in Net Assets ($)* | *Net Assets at December 31, 2024 ($)* |
| AB VPS Discovery Value Portfolio - Class A | 3528315 | 25801 | 193812 | 123931 | 343544 | 35594 | 35594 | 379138 | 3907453 |
| AB VPS International Value Portfolio - Class A | 630111 | 17605 | 2736 | 11030 | 31371 | 59476 | 59476 | 90847 | 720958 |
| AB VPS Large Cap Growth Portfolio - Class A | 375128 | (585) | 33893 | 55650 | 88958 | (77131) | (77131) | 11827 | 386955 |
| AB VPS Relative Value Portfolio - Class A | 938354 | 12904 | 43333 | 63557 | 119794 | (8712) | (8712) | 111082 | 1049436 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 872444 | (1518) | 4089 | 48369 | 50940 | (22608) | (22608) | 28332 | 900776 |
| American Funds® IS Global Growth Fund - Class 2 | 3374833 | 47982 | 171695 | 235759 | 455436 | (338110) | (338110) | 117326 | 3492159 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 3816685 | 34722 | 92678 | (46749) | 80651 | 138185 | 138185 | 218836 | 4035521 |
| American Funds® IS Growth Fund - Class 2 | 11280124 | 19423 | 767115 | 2642517 | 3429055 | (1152622) | (1152622) | 2276433 | 13556557 |
| American Funds® IS Growth-Income Fund - Class 2 | 9576555 | 96964 | 738201 | 1385850 | 2221015 | (848981) | (848981) | 1372034 | 10948589 |
| American Funds® IS International Fund - Class 2 | 7594687 | 72691 | (7092) | 190249 | 255848 | (875711) | (875711) | (619863) | 6974824 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 546311 | 1209 | (20201) | 55153 | 36161 | (350384) | (350384) | (314223) | 232088 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 332630 | 12048 | (27) | 6476 | 18497 | 10094 | 10094 | 28591 | 361221 |
| DWS Equity 500 Index VIP Portfolio - Class A | 3750362 | 43133 | 396148 | 416370 | 855651 | (633488) | (633488) | 222163 | 3972525 |
| DWS Small Cap Index VIP Portfolio - Class A | 827072 | 8184 | 27797 | 52786 | 88767 | (111894) | (111894) | (23127) | 803945 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 51643 | 453 | 2652 | 92 | 3197 | (30457) | (30457) | (27260) | 24383 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 5175289 | (4378) | 1056323 | 630217 | 1682162 | (25274) | (25274) | 1656888 | 6832177 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 93833 | 209 | 12225 | (2082) | 10352 | (75098) | (75098) | (64746) | 29087 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 275855 | 4237 | 22509 | 12597 | 39343 | (26398) | (26398) | 12945 | 288800 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 355465 | (82) | 5545 | 131219 | 136682 | (33102) | (33102) | 103580 | 459045 |
| Fidelity® VIP Growth Portfolio - Service Class | 3394199 | (7232) | 1021660 | (3966) | 1010462 | (124328) | (124328) | 886134 | 4280333 |
| Fidelity® VIP High Income Portfolio - Service Class | 85698 | 5175 | (584) | 2964 | 7555 | (1602) | (1602) | 5953 | 91651 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 79234 | 2132 | (2958) | 2357 | 1531 | (13201) | (13201) | (11670) | 67564 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 2746357 | 8226 | 429431 | 22212 | 459869 | (249197) | (249197) | 210672 | 2957029 |
| Fidelity® VIP Overseas Portfolio - Service Class | 486241 | 7727 | 29843 | (15209) | 22361 | 19842 | 19842 | 42203 | 528444 |
| Franklin Income VIP Fund - Class 1 | 6197614 | 317852 | 12228 | 113235 | 443315 | (121260) | (121260) | 322055 | 6519669 |
| Franklin Mutual Shares VIP Fund - Class 1 | 2143324 | 45897 | 41543 | 152956 | 240396 | (61416) | (61416) | 178980 | 2322304 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 751253 | (1608) | (11684) | 98084 | 84792 | (31652) | (31652) | 53140 | 804393 |
| Invesco V.I. American Franchise Fund - Series I Shares | 1268101 | (4331) | 34849 | 361080 | 391598 | (232449) | (232449) | 159149 | 1427250 |
| Invesco V.I. Core Equity Fund - Series I Shares | 1350407 | 7563 | 131971 | 186802 | 326336 | (100051) | (100051) | 226285 | 1576692 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 60398 | 1924 | (1169) | 845 | 1600 | (5102) | (5102) | (3502) | 56896 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 650858 | 10585 | 2088 | (11096) | 1577 | 3364 | 3364 | 4941 | 655799 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 259146 | 5923 | 1173 | 33155 | 40251 | (1185) | (1185) | 39066 | 298212 |
| Janus Henderson Balanced Portfolio - Service Shares | 344825 | 5258 | 28435 | 19720 | 53413 | (101387) | (101387) | (47974) | 296851 |
| Janus Henderson Enterprise Portfolio - Service Shares | 112182 | 503 | 8467 | 8036 | 17006 | 1433 | 1433 | 18439 | 130621 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 559552 | 4857 | 21623 | 103799 | 130279 | (118) | (118) | 130161 | 689713 |
| Janus Henderson Global Research Portfolio - Service Shares | 83712 | 351 | 4162 | 13803 | 18316 | (9103) | (9103) | 9213 | 92925 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 119849 | (186) | 2633 | 35931 | 38378 | 16908 | 16908 | 55286 | 175135 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 1713229 | (3530) | 84462 | 347459 | 428391 | 230003 | 230003 | 658394 | 2371623 |
| LVIP American Century Balanced Fund - Standard Class II | 279297 | 5904 | 864 | 26615 | 33383 | 14828 | 14828 | 48211 | 327508 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 562402 | 22774 | (4479) | (8645) | 9650 | 34741 | 34741 | 44391 | 606793 |
| LVIP American Century Ultra® Fund - Standard Class |  | (1585) | 36708 | 157346 | 192469 | 2833347 | 2833347 | 3025816 | 3025816 |
| LVIP Baron Growth Opportunities Fund - Service Class | 866013 | 747 | 11237 | 38915 | 50899 | 84885 | 84885 | 135784 | 1001797 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 475049 | 1287 | 11271 | 15076 | 27634 | 15772 | 15772 | 43406 | 518455 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 600093 | 16753 | 36034 | 14738 | 67525 | (30020) | (30020) | 37505 | 637598 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2345729 | 40091 | 78663 | 40338 | 159092 | (217286) | (217286) | (58194) | 2287535 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 3017413 | 36790 | 96716 | 144449 | 277955 | (38098) | (38098) | 239857 | 3257270 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 18229 | 457 | 91 | 1531 | 2079 | 1179 | 1179 | 3258 | 21487 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 810204 | 30206 | (9810) | 3073 | 23469 | (28587) | (28587) | (5118) | 805086 |
| LVIP BlackRock Real Estate Fund - Standard Class | 719838 | 16610 | (8788) | 2373 | 10195 | (80431) | (80431) | (70236) | 649602 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 20068 | 412 | 158 | 2169 | 2739 | 436 | 436 | 3175 | 23243 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 372106 | (901) | 41087 | 72490 | 112676 | 71477 | 71477 | 184153 | 556259 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 139720 | (231) | 14345 | 11532 | 25646 | (16789) | (16789) | 8857 | 148577 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 4273 | (4) | 1169 | (577) | 588 | (4861) | (4861) | (4273) |  |
| LVIP Dimensional International Core Equity Fund - Standard Class | 78853 | 2057 | 1232 | (1098) | 2191 | 4875 | 4875 | 7066 | 85919 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 430879 | 12121 | 3235 | 5491 | 20847 | 13007 | 13007 | 33854 | 464733 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 492978 | 5092 | 40978 | 53381 | 99451 | (23003) | (23003) | 76448 | 569426 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 184034 | 1966 | 9701 | 22847 | 34514 | 13410 | 13410 | 47924 | 231958 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 1030831 | 13808 | 77185 | 115644 | 206637 | (91059) | (91059) | 115578 | 1146409 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 3382681 | 137814 | (47103) | (32841) | 57870 | (58709) | (58709) | (839) | 3381842 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 4749699 | 242157 | (65893) | (92416) | 83848 | 337014 | 337014 | 420862 | 5170561 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 201516 | 3211 | 10958 | 10971 | 25140 | 4477 | 4477 | 29617 | 231133 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 400794 | 11802 | 9037 | 16276 | 37115 | (76596) | (76596) | (39481) | 361313 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 199390 | 7869 | 327 | (1437) | 6759 | 5558 | 5558 | 12317 | 211707 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 796879 | 7431 | 75759 | 130042 | 213232 | (106882) | (106882) | 106350 | 903229 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 1191728 | 13499 | 3622 | 143315 | 160436 | 39619 | 39619 | 200055 | 1391783 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 727934 | 12168 | (14163) | 65060 | 63065 | (405389) | (405389) | (342324) | 385610 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 2757447 | 75564 | 28370 | 202425 | 306359 | (247523) | (247523) | 58836 | 2816283 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 3558564 | 107240 | 14651 | 223589 | 345480 | (79856) | (79856) | 265624 | 3824188 |
| LVIP Government Money Market Fund - Standard Class | 2516456 | 132480 | 101 |  | 132581 | 175146 | 175146 | 307727 | 2824183 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 1114 | 26 | 56 | 68 | 150 | 147 | 147 | 297 | 1411 |
| LVIP JPMorgan High Yield Fund - Standard Class | 1101937 | 75484 | (4242) | 12480 | 83722 | 246267 | 246267 | 329989 | 1431926 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 207536 | 2698 | 10546 | 18170 | 31414 | (6563) | (6563) | 24851 | 232387 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 1519536 | 62742 | (3412) | 4634 | 63964 | 68721 | 68721 | 132685 | 1652221 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 200996 | 5747 | (33) | 10571 | 16285 | 3866 | 3866 | 20151 | 221147 |
| LVIP MFS International Growth Fund - Standard Class | 1502564 | 22396 | 76179 | 22325 | 120900 | (12817) | (12817) | 108083 | 1610647 |
| LVIP MFS Value Fund - Standard Class | 7326366 | 116975 | 680953 | 85093 | 883021 | (577390) | (577390) | 305631 | 7631997 |
| LVIP Mondrian Global Income Fund - Standard Class | 433009 | 11447 | (3359) | (32887) | (24799) | 141031 | 141031 | 116232 | 549241 |
| LVIP Mondrian International Value Fund - Standard Class | 982358 | 32117 | 23321 | (8787) | 46651 | 26436 | 26436 | 73087 | 1055445 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 1532302 | 84069 | (308) | 11449 | 95210 | 143908 | 143908 | 239118 | 1771420 |
| LVIP Nomura High Yield Fund - Standard Class | 889801 | 57119 | (9260) | 9992 | 57851 | (19034) | (19034) | 38817 | 928618 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 992294 | 12718 | 48875 | 82061 | 143654 | (80997) | (80997) | 62657 | 1054951 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 2652568 | 11036 | 160698 | 212305 | 384039 | (107949) | (107949) | 276090 | 2928658 |
| LVIP Nomura Social Awareness Fund - Standard Class | 753607 | 5496 | 34949 | 113771 | 154216 | (32689) | (32689) | 121527 | 875134 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 2950052 | (5826) | 376547 | 615714 | 986435 | (217870) | (217870) | 768565 | 3718617 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 1559820 | 45756 | 12969 | 66575 | 125300 | (123318) | (123318) | 1982 | 1561802 |
| LVIP SSGA Bond Index Fund - Standard Class | 1253966 | 26746 | (53578) | 38426 | 11594 | (431650) | (431650) | (420056) | 833910 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 283921 | 6265 | 11629 | (563) | 17331 | (57983) | (57983) | (40652) | 243269 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 839086 | 27989 | 4318 | 51396 | 83703 | 34804 | 34804 | 118507 | 957593 |
| LVIP SSGA International Index Fund - Standard Class | 1848467 | 51040 | 74717 | (76361) | 49396 | (296512) | (296512) | (247116) | 1601351 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 32551 | 1083 | 132 | (397) | 818 | 3180 | 3180 | 3998 | 36549 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 1158638 | 30385 | 15849 | 48231 | 94465 | 23347 | 23347 | 117812 | 1276450 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 716311 | 17938 | 15932 | 31704 | 65574 | (8453) | (8453) | 57121 | 773432 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 15121699 | 190183 | 1871872 | 1794247 | 3856302 | 1173652 | 1173652 | 5029954 | 20151653 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 2026189 | 29892 | 118718 | 102634 | 251244 | (387989) | (387989) | (136745) | 1889444 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 79269 | 2631 | 7699 | (5326) | 5004 | 279 | 279 | 5283 | 84552 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 1589501 | 60886 | 233067 | (147512) | 146441 | 38686 | 38686 | 185127 | 1774628 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 1059469 | 35782 | 165166 | (92348) | 108600 | (28987) | (28987) | 79613 | 1139082 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 62152 | 1460 | (251) | 3953 | 5162 | (7051) | (7051) | (1889) | 60263 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 156572 | 2784 | 1733 | 10136 | 14653 | (36217) | (36217) | (21564) | 135008 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 234634 | 4736 | 4166 | 22084 | 30986 | 4220 | 4220 | 35206 | 269840 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 1238960 | 1963 | 142830 | 140301 | 285094 | (93982) | (93982) | 191112 | 1430072 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 11218 | 322 | 55 | 1296 | 1673 | 1578 | 1578 | 3251 | 14469 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 859922 | 26984 | (8138) | (10944) | 7902 | (87454) | (87454) | (79552) | 780370 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 2345455 | 26824 | 46686 | 441202 | 514712 | 20046 | 20046 | 534758 | 2880213 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 1803786 | 48457 | 23169 | (1005) | 70621 | 57484 | 57484 | 128105 | 1931891 |
| LVIP Wellington Capital Growth Fund - Standard Class | 2356115 | (2588) | 636753 | (189410) | 444755 | (2800870) | (2800870) | (2356115) |  |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 883421 | 6375 | 119218 | (5977) | 119616 | (360282) | (360282) | (240666) | 642755 |
| M Capital Appreciation Fund | 12106 | 230 | 840 | 45 | 1115 | (281) | (281) | 834 | 12940 |
| M International Equity Fund | 17565 | 519 | 63 | 26 | 608 | 664 | 664 | 1272 | 18837 |
| M Large Cap Growth Fund | 17787 | (38) | 2284 | 1889 | 4135 | (1867) | (1867) | 2268 | 20055 |
| M Large Cap Value Fund | 17128 | 323 | 1954 | 852 | 3129 | (888) | (888) | 2241 | 19369 |
| MFS® VIT Growth Series - Initial Class | 1846309 | (4322) | 261595 | 299211 | 556484 | 121894 | 121894 | 678378 | 2524687 |
| MFS® VIT Total Return Series - Initial Class | 2689739 | 67359 | 144549 | 6343 | 218251 | (343625) | (343625) | (125374) | 2564365 |
| MFS® VIT Utilities Series - Initial Class | 2740765 | 59683 | 108715 | 153229 | 321627 | (277954) | (277954) | 43673 | 2784438 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 27194 | 124 | 3039 | 2482 | 5645 | 1909 | 1909 | 7554 | 34748 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 1062493 | (2490) | 77253 | 173467 | 248230 | (80531) | (80531) | 167699 | 1230192 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 356959 | 2010 | 14868 | 14997 | 31875 | 1686 | 1686 | 33561 | 390520 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 188266 | 413 | 13088 | 32343 | 45844 | (35905) | (35905) | 9939 | 198205 |
| Nomura VIP Emerging Markets Series - Standard Class | 2413062 | 63728 | 22591 | 43610 | 129929 | (85970) | (85970) | 43959 | 2457021 |
| Nomura VIP Small Cap Value Series - Standard Class | 2601446 | 31234 | 137631 | 114064 | 282929 | (231563) | (231563) | 51366 | 2652812 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 773128 | 16368 | (11519) | 30050 | 34899 | 11207 | 11207 | 46106 | 819234 |
| Putnam VT Global Health Care Fund - Class IB | 163848 | 463 | 7874 | (6369) | 1968 | 306 | 306 | 2274 | 166122 |
| Putnam VT Large Cap Value Fund - Class IB | 53679 | 540 | 2775 | 6825 | 10140 | (252) | (252) | 9888 | 63567 |
| Templeton Foreign VIP Fund - Class 1 | 231073 | 3858 | 5949 | (10720) | (913) | (65540) | (65540) | (66453) | 164620 |
| Templeton Foreign VIP Fund - Class 2 | 85191 | 2084 | 614 | (3073) | (375) | (8872) | (8872) | (9247) | 75944 |
| Templeton Global Bond VIP Fund - Class 1 | 1159307 | (2390) | (11381) | (125461) | (139232) | 186575 | 186575 | 47343 | 1206650 |
| Templeton Growth VIP Fund - Class 1 | 345130 | 3119 | 4036 | 11398 | 18553 | (10327) | (10327) | 8226 | 353356 |
| Templeton Growth VIP Fund - Class 2 | 33765 | 338 | 2533 | (641) | 2230 | (18646) | (18646) | (16416) | 17349 |

---

See accompanying notes

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Statements of changes in net assets (continued)**

**Year Ended December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Unit Transactions* | *Changes From Unit Transactions* |  |  |
| *Subaccount* | *Net Assets At January 1, 2025 ($)* | *Net investment income (loss) ($)* | *Net realized gain (loss) on investments ($)* | *Net change in unrealized appreciation or depreciation on investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* | *Net unit transactions ($)* | *Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($)* | *Total Increase (Decrease) in Net Assets ($)* | *Net Assets at December 31, 2025 ($)* |
| AB VPS Discovery Value Portfolio - Class A | 3907453 | 27653 | 438361 | (330015) | 135999 | 360024 | 360024 | 496023 | 4403476 |
| AB VPS International Value Portfolio - Class A | 720958 | 21112 | 50380 | 215679 | 287171 | 30737 | 30737 | 317908 | 1038866 |
| AB VPS Large Cap Growth Portfolio - Class A | 386955 | (800) | 37928 | 12186 | 49314 | (6714) | (6714) | 42600 | 429555 |
| AB VPS Relative Value Portfolio - Class A | 1049436 | 10360 | 100761 | (1808) | 109313 | 22388 | 22388 | 131701 | 1181137 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 900776 | (1345) | 104637 | (50666) | 52626 | (173702) | (173702) | (121076) | 779700 |
| American Funds® IS Global Growth Fund - Class 2 | 3492159 | 42171 | 553540 | 124386 | 720097 | (433557) | (433557) | 286540 | 3778699 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 4035521 | 8207 | 29060 | 560316 | 597583 | (6356) | (6356) | 591227 | 4626748 |
| American Funds® IS Growth Fund - Class 2 | 13556557 | (2683) | 1743636 | 897753 | 2638706 | (1117284) | (1117284) | 1521422 | 15077979 |
| American Funds® IS Growth-Income Fund - Class 2 | 10948589 | 86967 | 2264899 | (409814) | 1942052 | (559930) | (559930) | 1382122 | 12330711 |
| American Funds® IS International Fund - Class 2 | 6974824 | 79388 | (25461) | 1467218 | 1521145 | (963628) | (963628) | 557517 | 7532341 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 232088 | 340 | 16862 | (6898) | 10304 | 7079 | 7079 | 17383 | 249471 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 361221 | 14510 | 402 | 22120 | 37032 | 1790 | 1790 | 38822 | 400043 |
| DWS Equity 500 Index VIP Portfolio - Class A | 3972525 | 37297 | 413582 | 228332 | 679211 | (135988) | (135988) | 543223 | 4515748 |
| DWS Small Cap Index VIP Portfolio - Class A | 803945 | 9736 | 48266 | 47233 | 105235 | 3582 | 3582 | 108817 | 912762 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 24383 | 39 | 2672 | (475) | 2236 | (21175) | (21175) | (18939) | 5444 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 6832177 | (7273) | 1606350 | (191110) | 1407967 | (758809) | (758809) | 649158 | 7481335 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 29087 | 385 | 2249 | 2538 | 5172 | (1595) | (1595) | 3577 | 32664 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 288800 | 4820 | 18950 | 29648 | 53418 | (6547) | (6547) | 46871 | 335671 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 459045 | (58) | 28720 | 67960 | 96622 | (70988) | (70988) | 25634 | 484679 |
| Fidelity® VIP Growth Portfolio - Service Class | 4280333 | 2072 | 885301 | (203950) | 683423 | 89996 | 89996 | 773419 | 5053752 |
| Fidelity® VIP High Income Portfolio - Service Class | 91651 | 6718 | (75) | 3422 | 10065 | 6204 | 6204 | 16269 | 107920 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 67564 | 1776 | (1307) | 3719 | 4188 | (14836) | (14836) | (10648) | 56916 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 2957029 | 5890 | 366416 | (29507) | 342799 | (53379) | (53379) | 289420 | 3246449 |
| Fidelity® VIP Overseas Portfolio - Service Class | 528444 | 8145 | 86810 | 7789 | 102744 | (20442) | (20442) | 82302 | 610746 |
| Franklin Income VIP Fund - Class 1 | 6519669 | 329252 | 61818 | 427317 | 818387 | (102185) | (102185) | 716202 | 7235871 |
| Franklin Mutual Shares VIP Fund - Class 1 | 2322304 | 50403 | 222937 | (5489) | 267851 | (149627) | (149627) | 118224 | 2440528 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 804393 | (1551) | 26088 | (5904) | 18633 | (30994) | (30994) | (12361) | 792032 |
| Invesco V.I. American Franchise Fund - Series I Shares | 1427250 | (4706) | 151022 | 12993 | 159309 | (49699) | (49699) | 109610 | 1536860 |
| Invesco V.I. Core Equity Fund - Series I Shares | 1576692 | 7783 | 132927 | 102567 | 243277 | (67691) | (67691) | 175586 | 1752278 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 56896 | 1641 | (259) | 1917 | 3299 | (20227) | (20227) | (16928) | 39968 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 655799 | 8858 | 44810 | 50550 | 104218 | (32196) | (32196) | 72022 | 727821 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 298212 | 6318 | 12561 | 24898 | 43777 | (8645) | (8645) | 35132 | 333344 |
| Janus Henderson Balanced Portfolio - Service Shares | 296851 | 4076 | 26608 | 9898 | 40582 | (93083) | (93083) | (52501) | 244350 |
| Janus Henderson Enterprise Portfolio - Service Shares | 130621 | (188) | 11096 | (2910) | 7998 | (13536) | (13536) | (5538) | 125083 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 689713 | 4213 | 69047 | 64661 | 137921 | (28632) | (28632) | 109289 | 799002 |
| Janus Henderson Global Research Portfolio - Service Shares | 92925 | 222 | 10437 | 8025 | 18684 | (5497) | (5497) | 13187 | 106112 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 175135 | (201) | 55327 | (12324) | 42802 | (128217) | (128217) | (85415) | 89720 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 2371623 | (3393) | 1018455 | (701765) | 313297 | (324362) | (324362) | (11065) | 2360558 |
| LVIP American Century Balanced Fund - Standard Class II | 327508 | 5284 | 4980 | 18032 | 28296 | (32187) | (32187) | (3891) | 323617 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 606793 | 49320 | (4756) | (5613) | 38951 | 1557 | 1557 | 40508 | 647301 |
| LVIP American Century Ultra® Fund - Standard Class | 3025816 | (4355) | 331633 | 57887 | 385165 | (334343) | (334343) | 50822 | 3076638 |
| LVIP Baron Growth Opportunities Fund - Service Class | 1001797 | (1578) | 119984 | (224334) | (105928) | 106708 | 106708 | 780 | 1002577 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 518455 | (1026) | 61490 | (113460) | (52996) | 33300 | 33300 | (19696) | 498759 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 637598 | 12042 | 35172 | 29246 | 76460 | (96631) | (96631) | (20171) | 617427 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2287535 | 32095 | 185035 | 53797 | 270927 | (350320) | (350320) | (79393) | 2208142 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 3257270 | 91177 | 163032 | 336098 | 590307 | (122232) | (122232) | 468075 | 3725345 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 21487 | 505 | 633 | 1296 | 2434 | 1434 | 1434 | 3868 | 25355 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 805086 | 5772 | (9994) | 49441 | 45219 | 18947 | 18947 | 64166 | 869252 |
| LVIP BlackRock Real Estate Fund - Standard Class | 649602 | 24047 | (1502) | 35006 | 57551 | 40407 | 40407 | 97958 | 747560 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 23243 | 449 | 757 | 905 | 2111 | 1027 | 1027 | 3138 | 26381 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 556259 | (931) | 92163 | (61525) | 29707 | (65176) | (65176) | (35469) | 520790 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 148577 | (260) | 29107 | (24190) | 4657 | 2887 | 2887 | 7544 | 156121 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 85919 | 4154 | 5661 | 24492 | 34307 | 14097 | 14097 | 48404 | 134323 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 464733 | 15547 | 21211 | 108449 | 145207 | (92257) | (92257) | 52950 | 517683 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 569426 | 5490 | 52696 | 32554 | 90740 | 14043 | 14043 | 104783 | 674209 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 231958 | 3575 | 38090 | 14950 | 56615 | 187005 | 187005 | 243620 | 475578 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 1146409 | 9557 | 211900 | (118828) | 102629 | (140860) | (140860) | (38231) | 1108178 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 3381842 | 143047 | (48984) | 123007 | 217070 | (51376) | (51376) | 165694 | 3547536 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 5170561 | 224121 | (59335) | 202065 | 366851 | 96031 | 96031 | 462882 | 5633443 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 231133 | 3127 | 27464 | 1517 | 32108 | 15887 | 15887 | 47995 | 279128 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 361313 | 12874 | 10347 | 100934 | 124155 | (6068) | (6068) | 118087 | 479400 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 211707 | 8371 | 6046 | 57999 | 72416 | (11101) | (11101) | 61315 | 273022 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 903229 | 5798 | 98231 | 34061 | 138090 | (278204) | (278204) | (140114) | 763115 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 1391783 | 14467 | 2750 | 181141 | 198358 | 24651 | 24651 | 223009 | 1614792 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 385610 | 11550 | (8128) | 36358 | 39780 | 48663 | 48663 | 88443 | 474053 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 2816283 | 63868 | 139983 | 170998 | 374849 | 15614 | 15614 | 390463 | 3206746 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 3824188 | 87284 | 118138 | 223418 | 428840 | (113215) | (113215) | 315625 | 4139813 |
| LVIP Government Money Market Fund - Standard Class | 2824183 | 110543 | 126 |  | 110669 | 58250 | 58250 | 168919 | 2993102 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 1411 | (1) | 103 | (150) | (48) | (1363) | (1363) | (1411) |  |
| LVIP JPMorgan High Yield Fund - Standard Class | 1431926 | 73854 | (835) | 27620 | 100639 | (282250) | (282250) | (181611) | 1250315 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 232387 | 2547 | 42369 | (41674) | 3242 | 20736 | 20736 | 23978 | 256365 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 1652221 | 65149 | (6036) | 25045 | 84158 | 75931 | 75931 | 160089 | 1812310 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 221147 | 7133 | 1254 | 17651 | 26038 | (247185) | (247185) | (221147) |  |
| LVIP MFS International Growth Fund - Standard Class | 1610647 | 24970 | 183996 | 91032 | 299998 | (44862) | (44862) | 255136 | 1865783 |
| LVIP MFS Value Fund - Standard Class | 7631997 | 102032 | 783762 | (203450) | 682344 | (1317023) | (1317023) | (634679) | 6997318 |
| LVIP Mondrian Global Income Fund - Standard Class | 549241 | 2008 | (4955) | 36718 | 33771 | 15199 | 15199 | 48970 | 598211 |
| LVIP Mondrian International Value Fund - Standard Class | 1055445 | 44722 | 76631 | 241101 | 362454 | (138724) | (138724) | 223730 | 1279175 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 1771420 | 72987 | (1127) | 9733 | 81593 | 69051 | 69051 | 150644 | 1922064 |
| LVIP Nomura High Yield Fund - Standard Class | 928618 | 58281 | (5276) | 29934 | 82939 | 20580 | 20580 | 103519 | 1032137 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 1054951 | 14568 | 155486 | (18912) | 151142 | (12970) | (12970) | 138172 | 1193123 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 2928658 | 10253 | 129666 | 118153 | 258072 | (105815) | (105815) | 152257 | 3080915 |
| LVIP Nomura Social Awareness Fund - Standard Class | 875134 | 4867 | 88038 | 33418 | 126323 | (54291) | (54291) | 72032 | 947166 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 3718617 | (5698) | 789416 | 54698 | 838416 | (43918) | (43918) | 794498 | 4513115 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 1561802 | 46102 | 9868 | (42621) | 13349 | 74458 | 74458 | 87807 | 1649609 |
| LVIP SSGA Bond Index Fund - Standard Class | 833910 | 29757 | (9061) | 34554 | 55250 | 55802 | 55802 | 111052 | 944962 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 243269 | 6304 | 7506 | 15879 | 29689 | (14435) | (14435) | 15254 | 258523 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 957593 | 25486 | 8227 | 105026 | 138739 | 25422 | 25422 | 164161 | 1121754 |
| LVIP SSGA International Index Fund - Standard Class | 1601351 | 51975 | 80193 | 266682 | 398850 | (285990) | (285990) | 112860 | 1714211 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 36549 | 949 | 2730 | 4760 | 8439 | (10958) | (10958) | (2519) | 34030 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 1276450 | 31277 | 34121 | 129214 | 194612 | (11540) | (11540) | 183072 | 1459522 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 773432 | 19896 | 29343 | 90044 | 139283 | 55829 | 55829 | 195112 | 968544 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 20151653 | 180595 | 2425041 | 415560 | 3021196 | (1123081) | (1123081) | 1898115 | 22049768 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 1889444 | 15196 | 83261 | 28052 | 126509 | (235664) | (235664) | (109155) | 1780289 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 84552 | 1789 | (2914) | 10183 | 9058 | (23658) | (23658) | (14600) | 69952 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 1774628 | 53464 | (5172) | 247487 | 295779 | 226948 | 226948 | 522727 | 2297355 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 1139082 | 30183 | 5662 | 181412 | 217257 | (5357) | (5357) | 211900 | 1350982 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 60263 | 744 | (2580) | 5812 | 3976 | (35500) | (35500) | (31524) | 28739 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 135008 | 2805 | 6643 | 8545 | 17993 | (25298) | (25298) | (7305) | 127703 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 269840 | 4309 | 14152 | 26066 | 44527 | (25810) | (25810) | 18717 | 288557 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 1430072 | (2412) | 259753 | (98346) | 158995 | (187037) | (187037) | (28042) | 1402030 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 14469 | 283 | 555 | 539 | 1377 | 2514 | 2514 | 3891 | 18360 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 780370 | 35977 | (8283) | 27059 | 54753 | 268542 | 268542 | 323295 | 1103665 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 2880213 | 26375 | 1454913 | (997661) | 483627 | 92535 | 92535 | 576162 | 3456375 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 1931891 | 72626 | 35604 | 481416 | 589646 | (61037) | (61037) | 528609 | 2460500 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 642755 | 4236 | 50419 | (36766) | 17889 | (121382) | (121382) | (103493) | 539262 |
| M Capital Appreciation Fund | 12940 | 112 | 2471 | 387 | 2970 | (447) | (447) | 2523 | 15463 |
| M International Equity Fund | 18837 | 573 | 498 | 4819 | 5890 | (1318) | (1318) | 4572 | 23409 |
| M Large Cap Growth Fund | 20055 | (43) | 6325 | (2155) | 4127 | (1216) | (1216) | 2911 | 22966 |
| M Large Cap Value Fund | 19369 | 339 | 1490 | 1579 | 3408 | 670 | 670 | 4078 | 23447 |
| MFS® VIT Growth Series - Initial Class | 2524687 | (4503) | 626811 | (327380) | 294928 | (113852) | (113852) | 181076 | 2705763 |
| MFS® VIT Total Return Series - Initial Class | 2564365 | 70030 | 190069 | 21161 | 281260 | 45888 | 45888 | 327148 | 2891513 |
| MFS® VIT Utilities Series - Initial Class | 2784438 | 83118 | 96608 | 236433 | 416159 | (122745) | (122745) | 293414 | 3077852 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 34748 | 101 | 4016 | 280 | 4397 | 1502 | 1502 | 5899 | 40647 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 1230192 | (2457) | 184081 | (111172) | 70452 | (34941) | (34941) | 35511 | 1265703 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 390520 | 1152 | 47700 | 1557 | 50409 | 27403 | 27403 | 77812 | 468332 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 198205 |  | 12762 | 14419 | 27181 | (741) | (741) | 26440 | 224645 |
| Nomura VIP Emerging Markets Series - Standard Class | 2457021 | 39954 | 313132 | 1462090 | 1815176 | (859630) | (859630) | 955546 | 3412567 |
| Nomura VIP Small Cap Value Series - Standard Class | 2652812 | 30269 | 178715 | 3415 | 212399 | 17687 | 17687 | 230086 | 2882898 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 819234 | 20364 | (59868) | 168181 | 128677 | (302259) | (302259) | (173582) | 645652 |
| Putnam VT Global Health Care Fund - Class IB | 166122 | (346) | 11875 | 13212 | 24741 | 1504 | 1504 | 26245 | 192367 |
| Putnam VT Large Cap Value Fund - Class IB | 63567 | 813 | 4633 | 7317 | 12763 | (223) | (223) | 12540 | 76107 |
| Templeton Foreign VIP Fund - Class 1 | 164620 | 3768 | 13724 | 29319 | 46811 | (6485) | (6485) | 40326 | 204946 |
| Templeton Foreign VIP Fund - Class 2 | 75944 | 1831 | 5781 | 12241 | 19853 | (10557) | (10557) | 9296 | 85240 |
| Templeton Global Bond VIP Fund - Class 1 | 1206650 | (2543) | (13607) | 208553 | 192403 | 47049 | 47049 | 239452 | 1446102 |
| Templeton Growth VIP Fund - Class 1 | 353356 | 3347 | 33989 | 45964 | 83300 | (17223) | (17223) | 66077 | 419433 |
| Templeton Growth VIP Fund - Class 2 | 17349 | 171 | 1843 | 2127 | 4141 | (14) | (14) | 4127 | 21476 |

---

See accompanying notes

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements**

**December 31, 2025**

**1. Accounting Policies and Variable Account Information**

***The Variable Account:*** Lincoln Life & Annuity Flexible Premium Variable Life Account M (the Variable Account) is a segregated investment account of Lincoln Life & Annuity Company of New York (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account, which commenced on May 18, 1999, are part of the operations of the Company. The Variable Account consists of sixteen products as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VUL-I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>ONE</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>CV</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Momentum VUL <sup>ONE</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>CV</sup> - II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>ONE</sup> 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>CV</sup> - III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Momentum VUL <sup>ONE</sup> 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>CV</sup> - IV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>DB</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>DB</sup> - II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL <sup>DB</sup> - IV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2010 |

---

The assets of the Variable Account are owned by the Company. The Variable Account's assets support the variable life policies and may not be used to satisfy liabilities arising from any other business of the Company.

***Basis of Presentation:*** The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.

***Accounting Estimates:*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.

***Investments:*** The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of one hundred twenty-nine mutual funds (the Funds) of eighteen open-ended management investment companies, each Fund with its own investment objective. The Funds are:

---

| |
|:---|
| AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. American Franchise Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Equity Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Plus Bond Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. EQV International Equity Fund - Series I Shares |
| AllianceBernstein Variable Products Series Fund: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Discovery Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS International Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Large Cap Growth Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Relative Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Sustainable Global Thematic Portfolio - Class A |
| American Funds Insurance Series®: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Growth Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Small Capitalization Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth-Income Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS International Fund - Class 2 |
| Delaware VIP® Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Emerging Markets Series - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series - Standard Class |
| Deutsche DWS Investments VIT Funds: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Equity 500 Index VIP Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Small Cap Index VIP Portfolio - Class A |
| Deutsche DWS Variable Series II: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Alternative Asset Allocation VIP Portfolio - Class A |
| Fidelity® Variable Insurance Products: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Asset Manager 50% Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Equity-Income Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Equity-Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Opportunities Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Investment Grade Bond Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Service Class |
| Franklin Templeton Variable Insurance Products Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Income VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 |
| Janus Aspen Series: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Enterprise Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Research Portfolio - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Research Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
| Legg Mason Partners Variable Equity Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class I |
| Lincoln Variable Insurance Products Trust\*: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Balanced Fund - Standard Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund - Standard Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra® Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Baron Growth Opportunities Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Baron Growth Opportunities Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Equity Dividend Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Global Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Real Estate Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional International Core Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Core Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Government Money Market Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan High Yield Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Retirement Income Fund - Standard Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Short Duration Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS International Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian Global Income Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian International Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Diversified Floating Rate Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura High Yield Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Mid Cap Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura SMID Cap Core Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Social Awareness Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. REIT Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Bond Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Conservative Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA International Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA International Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderate Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA S&P 500 Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Small-Cap Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Conservative Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderate Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2020 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2030 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2040 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Bond Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard International Equity ETF Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Wellington SMID Cap Value Fund - Standard Class |
| M Fund, Inc.: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Capital Appreciation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Large Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Large Cap Value Fund |
| MFS® Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Growth Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Total Return Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Utilities Series - Initial Class |
| MFS® Variable Insurance Trust II: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT II Core Equity Portfolio - Initial Class |
| Neuberger Berman Advisers Management Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Quality Equity Portfolio - I Class |
| Northern Lights Variable Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Balanced ETF Portfolio - Class 2 Shares\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Moderate Growth ETF Portfolio - Class 2 Shares\*\* |
| PIMCO Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
| Putnam Variable Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Health Care Fund - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Large Cap Value Fund - Class IB |

---

\* Denotes an affiliate of the Company

\*\* Available fund with no money invested at December 31, 2025

Each subaccount invests in shares of a single underlying Fund. The investment performance of the subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders'

investments in the Fund and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.

Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2025. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.

Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.

Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.

ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.

***Dividends:*** Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.

***Federal Income Taxes:*** Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's Net Investment Income (Loss) and the Net Realized Gain (Loss) on Investments.

***Segment Reporting:*** In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.

Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Variable Account using information of each fund. The Variable Account is engaged in a single line of business as a registered unit investment trust. The Variable Account is a funding vehicle for individual variable life contracts with assets owned by the Company to support the liabilities of the applicable insurance contracts. The subaccounts have identified the Board of Directors of the Lincoln Financial Investments Corporation as the chief operating decision maker ("CODM") as the Variable Account does not have employees and is not a separate legal entity. Lincoln Financial Investments Corporation is an affiliate of the Company.

The CODM uses Net Increase (Decrease) in Net Assets Resulting from Operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the subaccounts within the Variable Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the Accounting Policies and Variable Account Information (see note 1). The measure of segment assets is reported on the Statements of assets and liabilities as Total Assets and significant segment expenses are listed on the Statements of operations. Refer to the Statements of operations and Statements of changes in net assets for each subaccount's operating segment results as of December 31, 2025 and 2024

***Investment Fund Changes:*** During 2024, the Lincoln Variable Insurance Products Trust assumed the assets and liabilities of the American Century Variable Portfolios, Inc. The following funds were affected:

---

| | |
|:---|:---|
| ***Predecessor Fund*** | ***Fund*** |
| American Century VP Balanced Fund - Class I | LVIP American Century Balanced Fund - Standard Class II |
| American Century VP Inflation Protection Fund - Class I | LVIP American Century Inflation Protection Fund - Standard Class II |

---

Also during 2024, the following funds changed their names:

---

| | |
|:---|:---|
| ***Previous Fund Name*** | ***New Fund Name*** |
| LVIP T. Rowe Price Growth Stock Fund - Standard Class | LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |
| LVIP Delaware Bond Fund - Standard Class | LVIP Macquarie Bond Fund - Standard Class |
| LVIP Delaware Diversified Floating Rate Fund - Standard Class | LVIP Macquarie Diversified Floating Rate Fund - Standard Class |
| LVIP Delaware Diversified Income Fund - Standard Class | LVIP Macquarie Diversified Income Fund - Standard Class |
| LVIP Delaware High Yield Fund - Standard Class | LVIP Macquarie High Yield Fund - Standard Class |
| LVIP Delaware Limited-Term Diversified Income Fund - Standard Class | LVIP Macquarie Limited-Term Diversified Income Fund - Standard Class |
| LVIP Delaware Mid Cap Value Fund - Standard Class | LVIP Macquarie Mid Cap Value Fund - Standard Class |
| LVIP Delaware SMID Cap Core Fund - Standard Class | LVIP Macquarie SMID Cap Core Fund - Standard Class |
| LVIP Delaware Social Awareness Fund - Standard Class | LVIP Macquarie Social Awareness Fund - Standard Class |
| LVIP Delaware U.S. Growth Fund - Standard Class | LVIP Macquarie U.S. Growth Fund - Standard Class |
| LVIP Delaware U.S. REIT Fund - Standard Class | LVIP Macquarie U.S. REIT Fund - Standard Class |
| LVIP Delaware Value Fund - Standard Class | LVIP Macquarie Value Fund - Standard Class |
| LVIP Delaware Wealth Builder Fund - Standard Class | LVIP Macquarie Wealth Builder Fund - Standard Class |
| Delaware VIP® Emerging Markets Series - Standard Class | Macquarie VIP Emerging Markets Series - Standard Class |
| Delaware VIP® Small Cap Value Series - Standard Class | Macquarie VIP Small Cap Value Series - Standard Class |

---

Also during 2024, the following fund merger occurred:

---

| | |
|:---|:---|
| ***Fund Acquired*** | ***Acquiring Fund*** |
| LVIP Wellington Capital Growth Fund - Standard Class | LVIP American Century Ultra Fund - Standard Class |

---

During 2025, Nomura Asset Management acquired Macquarie Management Holdings, Inc. The following funds were affected:

---

| | |
|:---|:---|
| ***Predecessor Fund*** | ***Fund*** |
| Macquarie VIP Emerging Markets Series - Standard Class | Nomura VIP Emerging Markets Series - Standard Class |
| Macquarie VIP Small Cap Value Series - Standard Class | Nomura VIP Small Cap Value Series - Standard Class |

---

Also during 2025, the following funds changed their names:

---

| | |
|:---|:---|
| ***Previous Fund Name*** | ***New Fund Name*** |
| Fidelity® VIP Asset Manager Portfolio - Initial Class | Fidelity® VIP Asset Manager 50% Portfolio - Initial Class |
| LVIP Macquarie Value Fund - Standard Class | LVIP BlackRock Equity Dividend Fund - Standard Class |
| LVIP Macquarie Diversified Income Fund - Standard Class | LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class |
| LVIP Macquarie Bond Fund - Standard Class | LVIP Franklin Templeton Core Bond Fund - Standard Class |
| LVIP Macquarie Limited-Term Diversified Income Fund - Standard Class | LVIP JPMorgan Short Duration Bond Fund - Standard Class |
| LVIP Macquarie Diversified Floating Rate Fund - Standard Class | LVIP Nomura Diversified Floating Rate Fund - Standard Class |
| LVIP Macquarie High Yield Fund - Standard Class | LVIP Nomura High Yield Fund - Standard Class |
| LVIP Macquarie Mid Cap Value Fund - Standard Class | LVIP Nomura Mid Cap Value Fund - Standard Class |
| LVIP Macquarie SMID Cap Core Fund - Standard Class | LVIP Nomura SMID Cap Core Fund - Standard Class |
| LVIP Macquarie Social Awareness Fund - Standard Class | LVIP Nomura Social Awareness Fund - Standard Class |
| LVIP Macquarie U.S. Growth Fund - Standard Class | LVIP Nomura U.S. Growth Fund - Standard Class |
| LVIP Macquarie U.S. REIT Fund - Standard Class | LVIP Nomura U.S. REIT Fund - Standard Class |
| Neuberger Berman AMT Sustainable Equity Portfolio - I Class | Neuberger Berman AMT Quality Equity Portfolio - I Class |

---

Also during 2025, the following fund merger occurred:

---

| | |
|:---|:---|
| ***Fund Acquired*** | ***Acquiring Fund*** |
| LVIP Macquarie Wealth Builder Fund - Standard Class | LVIP Structured Moderate Allocation Fund - Standard Class |

---

Also during 2025, the LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class fund ceased to be available as an investment option to Variable Account contract owners.

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**2. Mortality and Expense Guarantees and Other Transactions with Affiliates**

Amounts continued to be paid to the Company for mortality and expense (M&E) guarantees at a percentage of the current value of the Variable Account on a daily basis. The mortality and expense risk charges for each of the variable subaccounts are reported in the Statements of operations. The rates are as follows for the sixteen policy types within the Variable Account:

---

| |
|:---|
| • VUL-I - annual rate of .80% for policy years one through twelve and .55% thereafter. |
| • Lincoln VUL<sup>CV</sup> - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| • Lincoln VUL<sup>CV</sup>-II - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| • Lincoln VUL<sup>CV</sup>-III - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| • Lincoln VUL<sup>CV</sup>-IV - annual rate of .60% for policy years one through ten and .20% thereafter. |
| • Lincoln VUL<sup>DB</sup> - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| • Lincoln VUL<sup>DB</sup>-II - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| • Lincoln VUL<sup>DB</sup>-IV - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| • Lincoln VUL<sup>ONE</sup> - annual rate of .50% for policy years one through ten and .20% thereafter. |
| • Lincoln Momentum VUL<sup>ONE</sup> - annual rate of .50% for policy years one through ten and .20% thereafter. |
| • Lincoln VUL<sup>ONE</sup> 2005 - annual rate of .50% for policy years one through ten and .20% thereafter. |
| • Lincoln Momentum VUL<sup>ONE</sup> 2005 - annual rate of .50% for policy years one through ten and .20% thereafter. |
| • Lincoln VUL<sup>ONE</sup> 2007 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| • Lincoln AssetEdge VUL - annual rate of .10% for policy years one through twenty and .00% thereafter for policies issued before 11/02/09. For policies issued on or after 11/02/09 an annual rate of .15% is charged for policy years one through fifteen and .00% thereafter. |
| • Lincoln AssetEdge VUL 2015 - annual rate of .15% is charged for policy years one through fifteen and .00% thereafter. |
| • Lincoln VUL<sup>ONE</sup> 2010 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |

---

The Company deducts a premium load, based on product, to cover state taxes and federal income tax liabilities and a portion of the sales expenses incurred by the Company. Refer to the product prospectuses for the applicable rate. The premium loads for the years ended December 31, 2025 and 2024, amounted to $364,918 and $405,421, respectively.

The Company charges a monthly administrative fee which varies by product and policy year. Refer to the product prospectus for applicable fees. This charge is for items such as premium billing and collection, policy value calculation, confirmations and periodic reports. Administrative fees for the years ended December 31, 2025 and 2024, totaled $1,226,557 and $1,574,987, respectively.

The Company assumes responsibility for providing the insurance benefits included in the policy. On a monthly basis, a cost of insurance charge is deducted proportionately from the value of each variable subaccount and/or fixed account funding option. The fixed account is part of the general account of the Company and is not included in these financial statements. The cost of insurance charge depends on the attained age, risk classification, gender classification (in accordance with state law) and the current net amount at risk. The cost of insurance charges for the years ended December 31, 2025 and 2024, amounted to $4,717,969 and $4,621,994, respectively.

Under certain circumstances, the Company reserves the right to charge a transfer fee of up to $25 for transfers between variable subaccounts. For the years ended December 31, 2025 and 2024, no transfer fees were deducted from the variable subaccounts.

The Company, upon full surrender of a policy, may assess a surrender charge. This charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. The amount of the surrender charge, if any, will depend on the amount of the death benefit, the amount of premium payments made during the first two policy years and the age of the policy. In no event will the surrender charge exceed the maximum allowed by state or federal law. No surrender charge is imposed on partial surrenders for Lincoln VULONE 2007, Lincoln AssetEdge VUL and Lincoln VULONE 2010. For all other products, an administrative fee of $25 (not to exceed 2% of the amount withdrawn) is imposed, allocated pro-rata among the variable subaccounts (and, where applicable, the fixed account) from which the partial surrender proceeds are taken. For the years ending December 31, 2025 and 2024, full surrender charges and partial surrender administrative charges totaled $32,591 and $12,937, respectively.

Premium load, cost of insurance, administrative, surrender and transfer fees are included within Net unit transactions on the Statements of changes in net assets.

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**3. Financial Highlights**

A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable life contracts as of and for each year or period in the five years ended December 31, 2025, follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Subaccount* | *Year* | *Commencement Date (1)* | *Minimum Fee Rate (2)* | *Maximum Fee Rate (2)* | *Minimum Unit Value ($) (3)* | *Maximum Unit Value ($) (3)* | *Units Outstanding* | *Net Assets ($)* | *Minimum Total Return (4)* | *Maximum Total Return (4)* | *Investment Income Ratio (5)* |
| AB VPS Discovery Value Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 11.61 | 49.40 | 182808 | 4403476 | 1.96% | 2.89% | 0.86% |
|  | 2024 |  | 0.00% | 0.90% | 15.03 | 48.08 | 158198 | 3907453 | 9.03% | 10.02% | 0.87% |
|  | 2023 |  | 0.00% | 0.90% | 13.68 | 61.32 | 152645 | 3528315 | 16.13% | 17.18% | 1.07% |
|  | 2022 |  | 0.00% | 0.90% | 11.70 | 52.81 | 134551 | 2887472 | -16.39% | -15.63% | 1.09% |
|  | 2021 |  | 0.00% | 0.90% | 13.90 | 68.58 | 136442 | 3608794 | 34.73% | 35.95% | 0.75% |
| AB VPS International Value Portfolio - Class A | 2025 |  | 0.10% | 0.90% | 13.56 | 22.82 | 53989 | 1038866 | 40.43% | 41.55% | 2.66% |
|  | 2024 |  | 0.10% | 0.90% | 9.58 | 16.13 | 53405 | 720958 | 4.12% | 4.96% | 2.73% |
|  | 2023 |  | 0.10% | 0.90% | 9.13 | 15.38 | 48991 | 630111 | 14.12% | 15.03% | 0.82% |
|  | 2022 |  | 0.10% | 0.90% | 7.93 | 13.37 | 51694 | 578674 | -14.39% | -13.70% | 4.71% |
|  | 2021 |  | 0.10% | 0.90% | 9.19 | 15.50 | 50474 | 655904 | 10.09% | 10.96% | 2.07% |
| AB VPS Large Cap Growth Portfolio - Class A | 2025 |  | 0.00% | 0.20% | 27.79 | 49.28 | 9020 | 429555 | 12.91% | 13.14% | 0.00% |
|  | 2024 |  | 0.00% | 0.20% | 24.61 | 43.65 | 9173 | 386955 | 25.00% | 25.26% | 0.05% |
|  | 2023 |  | 0.00% | 0.35% | 19.69 | 57.08 | 11032 | 375128 | 34.66% | 35.13% | 0.00% |
|  | 2022 |  | 0.00% | 0.35% | 14.60 | 42.39 | 10652 | 279343 | -28.76% | -28.51% | 0.00% |
|  | 2021 |  | 0.00% | 0.35% | 36.29 | 59.80 | 7380 | 359706 | 28.52% | 28.64% | 0.00% |
| AB VPS Relative Value Portfolio - Class A | 2025 |  | 0.10% | 0.20% | 13.58 | 60.49 | 50884 | 1181137 | 10.25% | 10.36% | 1.13% |
|  | 2024 |  | 0.10% | 0.90% | 17.87 | 54.84 | 46400 | 1049436 | 12.01% | 12.91% | 1.46% |
|  | 2023 |  | 0.00% | 0.90% | 15.85 | 48.87 | 45080 | 938354 | 11.02% | 12.03% | 1.52% |
|  | 2022 |  | 0.00% | 0.90% | 14.17 | 44.01 | 39209 | 836774 | -5.05% | -4.19% | 1.39% |
|  | 2021 |  | 0.00% | 0.90% | 14.82 | 46.36 | 39200 | 989478 | 27.01% | 28.08% | 0.80% |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 2025 |  | 0.10% | 0.90% | 18.39 | 39.37 | 27640 | 779700 | 5.37% | 6.22% | 0.00% |
|  | 2024 |  | 0.10% | 0.90% | 17.33 | 37.09 | 29243 | 900776 | 5.26% | 6.11% | 0.00% |
|  | 2023 |  | 0.10% | 0.90% | 16.35 | 34.97 | 29764 | 872444 | 14.96% | 15.89% | 0.29% |
|  | 2022 |  | 0.10% | 0.90% | 14.12 | 30.19 | 33304 | 866308 | -27.64% | -27.06% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 19.38 | 46.21 | 30879 | 1119596 | 21.76% | 22.79% | 0.00% |
| American Funds® IS Global Growth Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 22.38 | 68.65 | 114262 | 3778699 | 20.54% | 21.63% | 1.34% |
|  | 2024 |  | 0.00% | 0.90% | 18.44 | 56.95 | 121023 | 3492159 | 12.66% | 13.68% | 1.54% |
|  | 2023 |  | 0.00% | 0.90% | 16.25 | 54.18 | 131169 | 3374833 | 21.50% | 22.60% | 0.90% |
|  | 2022 |  | 0.00% | 0.90% | 13.28 | 44.59 | 133206 | 2844143 | -25.42% | -24.74% | 0.68% |
|  | 2021 |  | 0.00% | 0.90% | 17.68 | 59.79 | 128604 | 3705448 | 15.37% | 16.35% | 0.33% |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 14.62 | 40.24 | 229342 | 4626748 | 13.61% | 14.64% | 0.36% |
|  | 2024 |  | 0.00% | 0.90% | 12.77 | 35.42 | 219205 | 4035521 | 1.42% | 2.33% | 1.06% |
|  | 2023 |  | 0.00% | 0.90% | 12.51 | 34.93 | 210393 | 3816685 | 15.13% | 16.17% | 0.27% |
|  | 2022 |  | 0.00% | 0.90% | 10.79 | 47.61 | 199047 | 3223637 | -30.19% | -29.55% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 15.35 | 68.19 | 170934 | 3974639 | 5.78% | 6.74% | 0.00% |
| American Funds® IS Growth Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 32.99 | 113.63 | 325731 | 15077979 | 19.16% | 20.23% | 0.15% |
|  | 2024 |  | 0.00% | 0.90% | 27.49 | 94.65 | 338840 | 13556557 | 30.45% | 31.63% | 0.33% |
|  | 2023 |  | 0.00% | 0.90% | 20.93 | 91.50 | 364556 | 11280124 | 37.24% | 38.48% | 0.36% |
|  | 2022 |  | 0.00% | 0.90% | 15.14 | 66.67 | 400752 | 9445233 | -30.57% | -29.94% | 0.32% |
|  | 2021 |  | 0.00% | 0.90% | 21.66 | 96.02 | 365007 | 13888096 | 20.89% | 21.99% | 0.22% |
| American Funds® IS Growth-Income Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 24.38 | 75.92 | 341392 | 12330711 | 17.01% | 18.06% | 0.93% |
|  | 2024 |  | 0.00% | 0.90% | 20.69 | 64.40 | 340218 | 10948589 | 23.11% | 24.23% | 1.10% |
|  | 2023 |  | 0.00% | 0.90% | 16.69 | 57.36 | 361869 | 9576555 | 25.01% | 26.14% | 1.37% |
|  | 2022 |  | 0.00% | 0.90% | 13.26 | 45.88 | 368330 | 8230383 | -17.24% | -16.49% | 1.25% |
|  | 2021 |  | 0.00% | 0.90% | 15.91 | 55.44 | 374243 | 11088982 | 22.98% | 24.10% | 1.13% |
| American Funds® IS International Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 12.76 | 31.44 | 409895 | 7532341 | 25.63% | 26.77% | 1.31% |
|  | 2024 |  | 0.00% | 0.90% | 10.77 | 25.03 | 467693 | 6974824 | 2.23% | 3.16% | 1.14% |
|  | 2023 |  | 0.00% | 0.90% | 10.46 | 24.48 | 516326 | 7594687 | 14.81% | 15.84% | 1.34% |
|  | 2022 |  | 0.00% | 0.90% | 9.05 | 29.72 | 495587 | 6454258 | -21.50% | -20.79% | 1.78% |
|  | 2021 |  | 0.00% | 0.90% | 11.45 | 37.86 | 470144 | 7870151 | -2.38% | -1.50% | 2.56% |
| BlackRock Global Allocation V.I. Fund - Class I | 2021 |  | 0.10% | 0.90% | 13.95 | 26.33 | 167439 | 2993673 | 5.74% | 6.56% | 0.95% |
| ClearBridge Variable Mid Cap Portfolio - Class I | 2025 |  | 0.15% | 0.15% | 19.66 | 22.11 | 11835 | 249471 | 4.19% | 4.19% | 0.29% |
|  | 2024 |  | 0.15% | 0.15% | 18.87 | 21.22 | 11459 | 232088 | 9.84% | 9.84% | 0.45% |
|  | 2023 |  | 0.15% | 0.20% | 14.40 | 19.32 | 31114 | 546311 | 12.69% | 12.75% | 0.13% |
|  | 2022 |  | 0.15% | 0.20% | 15.18 | 17.14 | 28453 | 445522 | -25.46% | -25.43% | 0.35% |
|  | 2021 |  | 0.15% | 0.35% | 20.37 | 22.98 | 27572 | 585754 | 28.25% | 28.51% | 0.02% |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 2025 |  | 0.15% | 0.20% | 14.38 | 19.60 | 23835 | 400043 | 10.27% | 10.33% | 3.97% |
|  | 2024 |  | 0.15% | 0.20% | 13.04 | 17.76 | 22783 | 361221 | 5.43% | 5.48% | 3.60% |
|  | 2023 |  | 0.15% | 0.20% | 12.37 | 16.84 | 22058 | 332630 | 5.97% | 6.03% | 6.46% |
|  | 2022 |  | 0.15% | 0.60% | 11.67 | 15.88 | 20158 | 292048 | -7.98% | -7.56% | 7.46% |
|  | 2021 |  | 0.15% | 0.60% | 12.79 | 17.18 | 21584 | 341515 | 12.07% | 12.58% | 1.99% |
| DWS Equity 500 Index VIP Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 26.22 | 71.27 | 133482 | 4515748 | 16.58% | 17.63% | 1.07% |
|  | 2024 |  | 0.00% | 0.90% | 22.33 | 61.13 | 137731 | 3972525 | 23.51% | 24.63% | 1.26% |
|  | 2023 |  | 0.00% | 0.90% | 17.96 | 49.50 | 161519 | 3750362 | 24.87% | 26.00% | 1.40% |
|  | 2022 |  | 0.00% | 0.90% | 14.28 | 47.68 | 168351 | 3294001 | -19.07% | -18.34% | 1.24% |
|  | 2021 |  | 0.00% | 0.90% | 17.52 | 58.92 | 151647 | 4296650 | 27.24% | 28.40% | 1.46% |
| DWS Small Cap Index VIP Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 17.30 | 43.95 | 44066 | 912762 | 11.63% | 12.64% | 1.37% |
|  | 2024 |  | 0.00% | 0.90% | 15.39 | 39.37 | 43539 | 803945 | 10.16% | 11.15% | 1.19% |
|  | 2023 |  | 0.00% | 0.90% | 13.87 | 35.74 | 45445 | 827072 | 15.71% | 16.76% | 1.13% |
|  | 2022 |  | 0.00% | 0.90% | 11.90 | 44.89 | 46115 | 734587 | -21.35% | -20.64% | 0.91% |
|  | 2021 |  | 0.00% | 0.90% | 15.03 | 57.07 | 38372 | 902191 | 13.48% | 14.27% | 0.85% |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 27.54 | 27.54 | 198 | 5444 | 14.35% | 14.35% | 0.78% |
|  | 2024 |  | 0.55% | 0.55% | 24.09 | 24.09 | 1012 | 24383 | 7.90% | 7.90% | 1.97% |
|  | 2023 |  | 0.55% | 0.55% | 22.32 | 22.32 | 2313 | 51643 | 12.32% | 12.32% | 2.41% |
|  | 2022 |  | 0.55% | 0.55% | 19.87 | 19.87 | 2365 | 47000 | -15.40% | -15.40% | 1.87% |
|  | 2021 |  | 0.55% | 0.55% | 23.49 | 23.49 | 2607 | 61249 | 9.32% | 9.32% | 1.74% |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 2025 |  | 0.00% | 0.90% | 30.20 | 90.04 | 195466 | 7481335 | 20.29% | 21.38% | 0.05% |
|  | 2024 |  | 0.00% | 0.90% | 24.93 | 74.29 | 190860 | 6832177 | 32.44% | 33.63% | 0.09% |
|  | 2023 |  | 0.00% | 0.90% | 18.70 | 71.63 | 196589 | 5175289 | 32.14% | 33.34% | 0.39% |
|  | 2022 |  | 0.00% | 0.90% | 14.05 | 54.21 | 214890 | 4392992 | -27.04% | -26.38% | 0.40% |
|  | 2021 |  | 0.00% | 0.90% | 19.12 | 74.30 | 201344 | 6107921 | 26.57% | 27.71% | 0.05% |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 48.44 | 48.44 | 674 | 32664 | 18.37% | 18.37% | 1.81% |
|  | 2024 |  | 0.55% | 0.55% | 40.92 | 40.92 | 711 | 29087 | 14.72% | 14.72% | 0.93% |
|  | 2023 |  | 0.55% | 0.55% | 35.67 | 35.67 | 2631 | 93833 | 10.04% | 10.04% | 2.02% |
|  | 2022 |  | 0.55% | 0.55% | 32.42 | 32.42 | 2869 | 93007 | -5.48% | -5.48% | 1.80% |
|  | 2021 |  | 0.55% | 0.55% | 34.30 | 34.30 | 3398 | 116522 | 24.21% | 24.21% | 1.86% |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 2025 |  | 0.20% | 0.20% | 21.54 | 31.14 | 12285 | 335671 | 18.68% | 18.68% | 1.76% |
|  | 2024 |  | 0.20% | 0.20% | 18.15 | 26.24 | 12543 | 288800 | 15.01% | 15.02% | 1.68% |
|  | 2023 |  | 0.20% | 0.35% | 15.78 | 31.40 | 13417 | 275855 | 10.15% | 10.31% | 1.83% |
|  | 2022 |  | 0.20% | 0.90% | 14.30 | 38.59 | 11835 | 251814 | -5.94% | -5.28% | 1.55% |
|  | 2021 |  | 0.20% | 0.90% | 19.49 | 41.02 | 13065 | 339808 | 23.71% | 24.58% | 1.83% |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 2025 |  | 0.00% | 0.00% | 33.81 | 33.81 | 14336 | 484679 | 21.89% | 21.89% | 0.00% |
|  | 2024 |  | 0.00% | 0.20% | 27.43 | 27.74 | 16568 | 459045 | 38.49% | 38.76% | 0.00% |
|  | 2023 |  | 0.00% | 0.20% | 19.81 | 19.99 | 17799 | 355465 | 45.23% | 45.51% | 0.00% |
|  | 2022 |  | 0.00% | 0.20% | 13.64 | 13.74 | 19489 | 267541 | -38.34% | -38.21% | 0.00% |
|  | 2021 |  | 0.00% | 0.20% | 22.12 | 22.23 | 16856 | 374520 | 11.61% | 11.83% | 0.00% |
| Fidelity® VIP Growth Portfolio - Service Class | 2025 |  | 0.00% | 0.90% | 31.21 | 123.17 | 127067 | 5053752 | 13.74% | 14.78% | 0.21% |
|  | 2024 |  | 0.00% | 0.90% | 27.25 | 107.47 | 100350 | 4280333 | 29.08% | 30.26% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 20.96 | 82.63 | 106007 | 3394199 | 34.87% | 36.09% | 0.04% |
|  | 2022 |  | 0.00% | 0.90% | 15.43 | 60.80 | 72913 | 2179258 | -25.20% | -24.52% | 0.50% |
|  | 2021 |  | 0.00% | 0.90% | 20.49 | 80.68 | 56762 | 2846550 | 21.98% | 23.08% | 0.00% |
| Fidelity® VIP High Income Portfolio - Service Class | 2025 |  | 0.00% | 0.20% | 13.18 | 13.35 | 8086 | 107920 | 10.10% | 10.32% | 6.60% |
|  | 2024 |  | 0.00% | 0.20% | 11.97 | 12.10 | 7575 | 91651 | 8.51% | 8.72% | 5.74% |
|  | 2023 |  | 0.00% | 0.20% | 11.03 | 11.13 | 7700 | 85698 | 10.28% | 10.50% | 5.81% |
|  | 2022 |  | 0.00% | 0.20% | 10.00 | 10.07 | 8075 | 81328 | -11.73% | -11.56% | 5.07% |
|  | 2021 |  | 0.00% | 0.35% | 11.33 | 18.69 | 6073 | 87900 | 4.13% | 4.50% | 5.33% |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 14.59 | 14.59 | 3901 | 56916 | 6.64% | 6.64% | 3.36% |
|  | 2024 |  | 0.55% | 0.55% | 13.68 | 13.68 | 4937 | 67564 | 1.23% | 1.23% | 3.13% |
|  | 2023 |  | 0.55% | 0.55% | 13.52 | 13.52 | 5862 | 79234 | 5.62% | 5.62% | 2.63% |
|  | 2022 |  | 0.55% | 0.55% | 12.80 | 12.80 | 7265 | 92980 | -13.44% | -13.44% | 2.18% |
|  | 2021 |  | 0.55% | 0.55% | 14.78 | 14.78 | 7591 | 112233 | -1.15% | -1.15% | 2.17% |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 2025 |  | 0.10% | 0.90% | 13.78 | 56.86 | 111635 | 3246449 | 10.66% | 11.55% | 0.37% |
|  | 2024 |  | 0.10% | 0.90% | 17.12 | 51.38 | 101051 | 2957029 | 16.30% | 17.24% | 0.47% |
|  | 2023 |  | 0.10% | 0.90% | 14.62 | 44.18 | 107702 | 2746357 | 13.97% | 14.89% | 0.52% |
|  | 2022 |  | 0.10% | 0.90% | 12.74 | 38.76 | 103251 | 2442547 | -15.62% | -14.94% | 0.38% |
|  | 2021 |  | 0.10% | 0.90% | 14.99 | 45.93 | 111161 | 3147747 | 24.38% | 25.43% | 0.50% |
| Fidelity® VIP Overseas Portfolio - Service Class | 2025 |  | 0.00% | 0.20% | 16.69 | 31.06 | 31496 | 610746 | 20.04% | 20.28% | 1.57% |
|  | 2024 |  | 0.00% | 0.90% | 13.90 | 26.60 | 30176 | 528444 | 4.01% | 4.95% | 1.66% |
|  | 2023 |  | 0.00% | 0.90% | 13.27 | 32.75 | 28343 | 486241 | 19.33% | 20.41% | 0.95% |
|  | 2022 |  | 0.10% | 0.90% | 11.88 | 27.45 | 30061 | 443650 | -25.26% | -24.66% | 1.01% |
|  | 2021 |  | 0.10% | 0.90% | 17.04 | 36.72 | 25417 | 542157 | 18.50% | 19.51% | 0.45% |
| Franklin Income VIP Fund - Class 1 | 2025 |  | 0.10% | 0.90% | 15.65 | 32.73 | 301030 | 7235871 | 11.86% | 12.76% | 5.00% |
|  | 2024 |  | 0.10% | 0.90% | 13.89 | 29.04 | 294017 | 6519669 | 6.50% | 7.35% | 5.13% |
|  | 2023 |  | 0.10% | 0.90% | 12.95 | 27.07 | 297425 | 6197614 | 7.90% | 8.76% | 5.19% |
|  | 2022 |  | 0.10% | 0.90% | 11.92 | 24.90 | 256049 | 5329969 | -6.09% | -5.33% | 4.89% |
|  | 2021 |  | 0.10% | 0.90% | 13.02 | 26.32 | 273553 | 6073550 | 15.96% | 16.89% | 4.66% |
| Franklin Mutual Shares VIP Fund - Class 1 | 2025 |  | 0.10% | 0.90% | 16.49 | 37.34 | 94437 | 2440528 | 10.81% | 11.70% | 2.26% |
|  | 2024 |  | 0.10% | 0.90% | 14.77 | 33.45 | 89049 | 2322304 | 10.50% | 11.38% | 2.20% |
|  | 2023 |  | 0.10% | 0.90% | 13.28 | 30.04 | 91539 | 2143324 | 12.71% | 13.61% | 2.15% |
|  | 2022 |  | 0.10% | 0.90% | 11.70 | 26.46 | 88110 | 1889477 | -7.99% | -7.25% | 2.10% |
|  | 2021 |  | 0.10% | 0.90% | 12.62 | 28.54 | 94171 | 2234418 | 18.42% | 19.41% | 3.08% |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 2025 |  | 0.00% | 0.90% | 18.15 | 49.30 | 33742 | 792032 | 1.78% | 2.70% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 17.71 | 56.67 | 32469 | 804393 | 10.31% | 11.31% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 15.94 | 50.98 | 31806 | 751253 | 25.99% | 27.12% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.56 | 40.17 | 38672 | 841141 | -34.12% | -33.52% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 18.94 | 71.02 | 33234 | 1155261 | 9.27% | 10.15% | 0.00% |
| Invesco V.I. American Franchise Fund - Series I Shares | 2025 |  | 0.00% | 0.55% | 27.06 | 69.62 | 37746 | 1536860 | 11.05% | 11.66% | 0.00% |
|  | 2024 |  | 0.00% | 0.55% | 24.28 | 62.69 | 39397 | 1427250 | 34.15% | 34.89% | 0.00% |
|  | 2023 |  | 0.00% | 0.55% | 18.04 | 46.74 | 44834 | 1268101 | 40.15% | 40.93% | 0.00% |
|  | 2022 |  | 0.00% | 0.55% | 12.82 | 33.35 | 49886 | 1033397 | -31.49% | -31.11% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 18.65 | 51.24 | 45716 | 1514703 | 10.92% | 11.93% | 0.00% |
| Invesco V.I. Core Equity Fund - Series I Shares | 2025 |  | 0.00% | 0.55% | 23.47 | 45.04 | 64971 | 1752278 | 15.53% | 16.17% | 0.66% |
|  | 2024 |  | 0.00% | 0.55% | 20.24 | 38.98 | 67635 | 1576692 | 24.92% | 25.61% | 0.71% |
|  | 2023 |  | 0.00% | 0.55% | 16.15 | 31.21 | 70971 | 1350407 | 22.69% | 23.36% | 0.75% |
|  | 2022 |  | 0.00% | 0.55% | 13.11 | 25.44 | 73101 | 1125663 | -20.98% | -20.55% | 0.85% |
|  | 2021 |  | 0.00% | 0.55% | 16.54 | 32.95 | 79130 | 1627123 | 27.04% | 27.74% | 0.67% |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 2025 |  | 0.55% | 0.55% | 16.61 | 16.61 | 2406 | 39968 | 6.50% | 6.50% | 3.83% |
|  | 2024 |  | 0.55% | 0.55% | 15.60 | 15.60 | 3647 | 56896 | 2.49% | 2.49% | 3.67% |
|  | 2023 |  | 0.55% | 0.55% | 15.22 | 15.22 | 3968 | 60398 | 5.56% | 5.56% | 2.88% |
|  | 2022 |  | 0.55% | 0.55% | 14.42 | 14.42 | 4000 | 57676 | -15.00% | -15.00% | 0.56% |
|  | 2021 |  | 0.55% | 0.55% | 16.96 | 16.96 | 4337 | 73585 | -1.20% | -1.20% | 1.64% |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 2025 |  | 0.00% | 0.20% | 15.33 | 17.07 | 43493 | 727821 | 16.26% | 16.50% | 1.43% |
|  | 2024 |  | 0.00% | 0.90% | 13.19 | 14.67 | 45506 | 655799 | -0.28% | 0.62% | 1.80% |
|  | 2023 |  | 0.00% | 0.90% | 13.13 | 14.60 | 45320 | 650858 | 17.09% | 18.15% | 0.20% |
|  | 2022 |  | 0.15% | 0.90% | 11.14 | 12.38 | 49118 | 599387 | -19.04% | -18.43% | 1.70% |
|  | 2021 |  | 0.15% | 0.90% | 13.66 | 23.27 | 49254 | 743147 | 4.94% | 5.73% | 1.32% |
| Janus Henderson Balanced Portfolio - Institutional Shares | 2025 |  | 0.00% | 0.00% | 19.38 | 19.38 | 17204 | 333344 | 15.11% | 15.11% | 2.05% |
|  | 2024 |  | 0.00% | 0.00% | 16.83 | 16.83 | 17716 | 298212 | 15.43% | 15.43% | 2.07% |
|  | 2023 |  | 0.00% | 0.00% | 14.58 | 14.58 | 17770 | 259146 | 15.53% | 15.53% | 2.14% |
|  | 2022 |  | 0.00% | 0.00% | 12.62 | 12.62 | 18963 | 239380 | -16.48% | -16.48% | 1.24% |
|  | 2021 |  | 0.00% | 0.35% | 15.12 | 32.08 | 19267 | 296846 | 16.79% | 17.19% | 0.91% |
| Janus Henderson Balanced Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 18.80 | 25.39 | 10019 | 244350 | 14.58% | 14.59% | 1.61% |
|  | 2024 |  | 0.20% | 0.20% | 16.41 | 22.15 | 13872 | 296851 | 14.92% | 14.92% | 1.63% |
|  | 2023 |  | 0.20% | 0.35% | 14.28 | 26.24 | 18037 | 344825 | 14.73% | 14.90% | 1.80% |
|  | 2022 |  | 0.20% | 0.90% | 12.43 | 37.69 | 17134 | 285115 | -17.36% | -16.78% | 0.97% |
|  | 2021 |  | 0.20% | 0.90% | 14.94 | 45.61 | 16437 | 362799 | 15.86% | 16.68% | 0.67% |
| Janus Henderson Enterprise Portfolio - Service Shares | 2025 |  | 0.00% | 0.20% | 19.40 | 39.22 | 3666 | 125083 | 7.18% | 7.41% | 0.05% |
|  | 2024 |  | 0.00% | 0.35% | 18.07 | 48.67 | 4050 | 130621 | 14.92% | 15.32% | 0.62% |
|  | 2023 |  | 0.00% | 0.90% | 15.66 | 92.77 | 3708 | 112182 | 16.71% | 17.78% | 0.09% |
|  | 2022 |  | 0.00% | 0.90% | 13.30 | 79.48 | 6384 | 181721 | -16.90% | -16.15% | 0.09% |
|  | 2021 |  | 0.00% | 0.90% | 15.86 | 95.65 | 6426 | 265300 | 15.50% | 16.54% | 0.23% |
| Janus Henderson Global Research Portfolio - Institutional Shares | 2025 |  | 0.00% | 0.00% | 24.82 | 24.82 | 32196 | 799002 | 20.92% | 20.92% | 0.58% |
|  | 2024 |  | 0.00% | 0.00% | 20.52 | 20.52 | 33606 | 689713 | 23.58% | 23.58% | 0.76% |
|  | 2023 |  | 0.00% | 0.00% | 16.61 | 16.61 | 33693 | 559552 | 26.78% | 26.78% | 0.94% |
|  | 2022 |  | 0.00% | 0.00% | 13.10 | 13.10 | 34709 | 454674 | -19.41% | -19.41% | 1.03% |
|  | 2021 |  | 0.00% | 0.35% | 16.19 | 34.83 | 37652 | 641419 | 17.68% | 18.09% | 0.53% |
| Janus Henderson Global Research Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 24.08 | 24.08 | 4406 | 106112 | 20.36% | 20.36% | 0.42% |
|  | 2024 |  | 0.20% | 0.20% | 20.01 | 20.01 | 4644 | 92925 | 23.03% | 23.03% | 0.59% |
|  | 2023 |  | 0.20% | 0.20% | 16.26 | 16.26 | 5147 | 83712 | 26.22% | 26.22% | 0.77% |
|  | 2022 |  | 0.20% | 0.35% | 12.89 | 26.56 | 5078 | 68277 | -19.89% | -19.77% | 0.88% |
|  | 2021 |  | 0.20% | 0.35% | 16.06 | 33.16 | 6119 | 108328 | 17.37% | 17.56% | 0.36% |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 2025 |  | 0.00% | 0.00% | 33.94 | 33.94 | 2643 | 89720 | 24.84% | 24.84% | 0.00% |
|  | 2024 |  | 0.00% | 0.20% | 26.88 | 27.19 | 6484 | 175135 | 31.49% | 31.76% | 0.00% |
|  | 2023 |  | 0.00% | 0.20% | 20.44 | 20.63 | 5842 | 119849 | 53.97% | 54.28% | 0.00% |
|  | 2022 |  | 0.00% | 0.20% | 13.28 | 13.38 | 5513 | 73434 | -37.25% | -37.12% | 0.00% |
|  | 2021 |  | 0.00% | 0.20% | 21.16 | 21.27 | 6293 | 133446 | 17.51% | 17.74% | 0.12% |
| JPMorgan Insurance Trust Global Allocation Portfolio - Class 1 | 2022 |  | 0.15% | 0.15% | 13.45 | 13.45 | 21631 | 290841 | -17.73% | -17.73% | 1.67% |
|  | 2021 |  | 0.15% | 0.15% | 16.34 | 16.34 | 21453 | 350586 | 9.34% | 9.35% | 0.73% |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 23.07 | 90.36 | 68592 | 2360558 | 13.77% | 13.83% | 0.00% |
|  | 2024 |  | 0.15% | 0.90% | 20.28 | 79.38 | 53073 | 2371623 | 24.80% | 25.74% | 0.00% |
|  | 2023 |  | 0.15% | 0.90% | 16.14 | 63.13 | 52596 | 1713229 | 45.01% | 46.10% | 0.00% |
|  | 2022 |  | 0.15% | 0.90% | 11.05 | 43.21 | 58769 | 1370024 | -41.25% | -40.81% | 0.00% |
|  | 2021 |  | 0.15% | 0.90% | 19.49 | 73.00 | 48065 | 2067917 | 19.38% | 20.29% | 0.00% |
| LVIP American Century Balanced Fund - Standard Class II | 2025 |  | 0.15% | 0.20% | 17.16 | 20.98 | 15469 | 323617 | 9.40% | 9.45% | 1.81% |
|  | 2024 |  | 0.15% | 0.20% | 15.68 | 19.17 | 17133 | 327508 | 11.84% | 11.90% | 2.09% |
|  | 2023 |  | 0.15% | 0.20% | 17.06 | 17.13 | 16355 | 279297 | 16.17% | 16.23% | 1.96% |
|  | 2022 |  | 0.15% | 0.90% | 14.02 | 14.74 | 15705 | 231244 | -18.01% | -17.39% | 1.23% |
|  | 2021 |  | 0.15% | 0.90% | 17.10 | 17.84 | 14829 | 264314 | 14.74% | 15.60% | 0.72% |
| LVIP American Century Inflation Protection Fund - Standard Class II | 2025 |  | 0.00% | 0.35% | 11.84 | 16.19 | 50948 | 647301 | 6.23% | 6.60% | 7.99% |
|  | 2024 |  | 0.00% | 0.35% | 11.13 | 15.20 | 50939 | 606793 | 1.46% | 1.82% | 4.04% |
|  | 2023 |  | 0.00% | 0.35% | 10.95 | 14.94 | 48036 | 562402 | 3.24% | 3.60% | 3.58% |
|  | 2022 |  | 0.00% | 0.90% | 10.59 | 15.67 | 46901 | 533715 | -13.66% | -12.88% | 5.17% |
|  | 2021 |  | 0.00% | 0.90% | 12.18 | 18.15 | 53552 | 700990 | 5.66% | 6.51% | 3.27% |
| LVIP American Century Ultra® Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 25.84 | 100.12 | 64699 | 3076638 | 12.73% | 12.85% | 0.00% |
|  | 2024 | 8/23/2024 | 0.10% | 0.20% | 22.92 | 88.77 | 56488 | 3025816 | 6.70% | 6.74% | 0.00% |
| LVIP Baron Growth Opportunities Fund - Service Class | 2025 |  | 0.00% | 0.20% | 14.75 | 54.53 | 46720 | 1002577 | -10.26% | -10.07% | 0.00% |
|  | 2024 |  | 0.00% | 0.20% | 16.44 | 60.73 | 41786 | 1001797 | 5.23% | 5.44% | 0.24% |
|  | 2023 |  | 0.00% | 0.20% | 15.62 | 57.68 | 39115 | 866013 | 17.56% | 17.81% | 0.00% |
|  | 2022 |  | 0.00% | 0.60% | 13.29 | 49.04 | 39415 | 820668 | -26.27% | -25.83% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 17.95 | 66.21 | 31790 | 1038366 | 17.63% | 18.72% | 0.00% |
| LVIP Baron Growth Opportunities Fund - Standard Class | 2025 |  | 0.20% | 0.20% | 20.86 | 22.62 | 24006 | 498759 | -10.05% | -10.03% | 0.00% |
|  | 2024 |  | 0.20% | 0.90% | 16.66 | 57.07 | 21674 | 518455 | 4.77% | 5.51% | 0.48% |
|  | 2023 |  | 0.20% | 0.90% | 15.80 | 54.47 | 20525 | 475049 | 17.05% | 17.87% | 0.00% |
|  | 2022 |  | 0.20% | 0.90% | 13.40 | 46.53 | 22193 | 437600 | -26.32% | -25.78% | 0.00% |
|  | 2021 |  | 0.20% | 0.90% | 18.06 | 63.16 | 20328 | 541519 | 17.98% | 18.85% | 0.00% |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 18.04 | 38.87 | 26835 | 617427 | 11.61% | 11.84% | 1.97% |
|  | 2024 |  | 0.00% | 0.20% | 16.16 | 34.81 | 28555 | 637598 | 11.27% | 11.50% | 2.80% |
|  | 2023 |  | 0.00% | 0.20% | 14.52 | 31.27 | 30301 | 600093 | 9.17% | 9.39% | 2.82% |
|  | 2022 |  | 0.00% | 0.60% | 13.62 | 28.62 | 22413 | 527291 | -2.87% | -2.28% | 2.18% |
|  | 2021 |  | 0.00% | 0.90% | 14.05 | 29.34 | 26789 | 634406 | 21.97% | 23.07% | 2.18% |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.53 | 52.97 | 94987 | 2208142 | 12.41% | 13.43% | 1.66% |
|  | 2024 |  | 0.00% | 0.90% | 14.61 | 46.77 | 92501 | 2287535 | 6.22% | 7.18% | 1.91% |
|  | 2023 |  | 0.00% | 0.90% | 13.65 | 43.70 | 99000 | 2345729 | 2.56% | 3.49% | 1.79% |
|  | 2022 |  | 0.15% | 0.90% | 13.22 | 45.20 | 81882 | 1901009 | -4.14% | -3.41% | 1.76% |
|  | 2021 |  | 0.15% | 0.90% | 13.83 | 47.15 | 82947 | 2209762 | 21.32% | 22.23% | 5.75% |
| LVIP BlackRock Global Allocation Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 17.32 | 32.81 | 185710 | 3725345 | 18.48% | 18.60% | 2.80% |
|  | 2024 |  | 0.10% | 0.20% | 14.62 | 27.66 | 192752 | 3257270 | 9.29% | 9.39% | 1.34% |
|  | 2023 |  | 0.10% | 0.20% | 13.38 | 25.29 | 194011 | 3017413 | 13.40% | 13.51% | 2.89% |
|  | 2022 | 6/3/2022 | 0.10% | 0.90% | 11.80 | 22.28 | 175079 | 2592164 | -5.43% | -4.99% | 0.38% |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.15% | 0.15% | 17.54 | 17.54 | 1446 | 25355 | 11.00% | 11.00% | 2.30% |
|  | 2024 |  | 0.15% | 0.15% | 15.80 | 15.80 | 1360 | 21487 | 11.01% | 11.01% | 2.39% |
|  | 2023 |  | 0.15% | 0.15% | 14.23 | 14.23 | 1281 | 18229 | 11.52% | 11.52% | 2.23% |
|  | 2022 |  | 0.15% | 0.15% | 12.76 | 12.76 | 1263 | 16127 | -16.65% | -16.65% | 1.43% |
|  | 2021 |  | 0.15% | 0.15% | 15.31 | 15.31 | 1448 | 22178 | 12.52% | 12.52% | 1.38% |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 12.22 | 14.72 | 66820 | 869252 | 5.55% | 5.60% | 0.84% |
|  | 2024 |  | 0.15% | 0.20% | 11.58 | 13.94 | 63576 | 805086 | 2.43% | 2.48% | 3.67% |
|  | 2023 |  | 0.15% | 0.20% | 11.30 | 13.61 | 64845 | 810204 | 4.86% | 4.91% | 2.25% |
|  | 2022 |  | 0.15% | 0.60% | 10.69 | 12.97 | 72183 | 875556 | -5.27% | -4.85% | 8.73% |
|  | 2021 |  | 0.15% | 0.60% | 11.26 | 13.63 | 79196 | 1015813 | 4.05% | 4.52% | 7.09% |
| LVIP BlackRock Real Estate Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 12.02 | 24.43 | 52348 | 747560 | 7.94% | 8.81% | 3.63% |
|  | 2024 |  | 0.10% | 0.90% | 11.06 | 22.46 | 49387 | 649602 | 0.70% | 1.51% | 2.70% |
|  | 2023 |  | 0.10% | 0.90% | 10.91 | 22.14 | 55811 | 719838 | 12.05% | 12.95% | 3.12% |
|  | 2022 |  | 0.10% | 0.90% | 9.67 | 19.61 | 50624 | 611861 | -29.28% | -28.71% | 1.87% |
|  | 2021 |  | 0.10% | 0.90% | 14.56 | 27.52 | 38066 | 674894 | 26.87% | 27.89% | 6.34% |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.15% | 0.15% | 18.75 | 18.75 | 1407 | 26381 | 8.81% | 8.81% | 1.96% |
|  | 2024 |  | 0.15% | 0.15% | 17.23 | 17.23 | 1349 | 23243 | 13.25% | 13.25% | 2.00% |
|  | 2023 |  | 0.15% | 0.15% | 15.22 | 15.22 | 1319 | 20068 | 12.19% | 12.19% | 1.88% |
|  | 2022 |  | 0.15% | 0.15% | 13.56 | 13.56 | 1407 | 19087 | -16.64% | -16.64% | 1.27% |
|  | 2021 |  | 0.15% | 0.15% | 16.27 | 16.27 | 1709 | 27805 | 14.49% | 14.49% | 1.33% |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 24.35 | 56.22 | 19610 | 520790 | 4.57% | 5.41% | 0.00% |
|  | 2024 |  | 0.10% | 0.90% | 23.12 | 53.36 | 16829 | 556259 | 29.24% | 30.28% | 0.01% |
|  | 2023 |  | 0.10% | 0.90% | 17.76 | 40.98 | 15886 | 372106 | 32.95% | 34.02% | 0.41% |
|  | 2022 |  | 0.10% | 0.90% | 13.29 | 30.59 | 16441 | 292925 | -27.39% | -26.81% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 18.18 | 45.60 | 14034 | 420301 | 29.69% | 30.77% | 0.00% |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 17.86 | 39.41 | 5501 | 156121 | 2.70% | 2.75% | 0.00% |
|  | 2024 |  | 0.15% | 0.20% | 17.39 | 38.35 | 5225 | 148577 | 18.99% | 19.05% | 0.01% |
|  | 2023 |  | 0.15% | 0.20% | 14.62 | 32.21 | 5704 | 139720 | 17.52% | 17.58% | 0.28% |
|  | 2022 |  | 0.15% | 0.60% | 12.44 | 27.40 | 5773 | 122906 | -24.02% | -23.68% | 0.00% |
|  | 2021 |  | 0.15% | 0.60% | 17.15 | 35.90 | 5501 | 157832 | 12.61% | 13.12% | 0.00% |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 2023 |  | 0.15% | 0.15% | 17.88 | 17.88 | 239 | 4273 | 22.35% | 22.35% | 0.16% |
|  | 2022 |  | 0.15% | 0.15% | 14.62 | 14.62 | 1665 | 24328 | -17.57% | -17.57% | 0.89% |
|  | 2021 |  | 0.15% | 0.15% | 17.73 | 17.73 | 1751 | 31045 | 21.86% | 21.86% | 0.56% |
| LVIP Dimensional International Core Equity Fund - Standard Class | 2025 |  | 0.15% | 0.15% | 19.84 | 19.85 | 6791 | 134323 | 35.06% | 35.06% | 3.66% |
|  | 2024 |  | 0.15% | 0.15% | 14.69 | 14.70 | 5846 | 85919 | 2.91% | 2.91% | 2.50% |
|  | 2023 |  | 0.15% | 0.15% | 14.28 | 14.28 | 5521 | 78853 | 15.84% | 15.84% | 3.27% |
|  | 2022 |  | 0.15% | 0.15% | 12.33 | 12.33 | 5894 | 72669 | -13.55% | -13.55% | 3.59% |
|  | 2021 |  | 0.15% | 0.15% | 14.26 | 14.26 | 5131 | 73178 | 13.05% | 13.06% | 2.41% |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 17.30 | 19.90 | 29822 | 517683 | 34.82% | 34.89% | 3.41% |
|  | 2024 |  | 0.15% | 0.20% | 12.83 | 14.75 | 35675 | 464733 | 4.48% | 4.53% | 2.81% |
|  | 2023 |  | 0.15% | 0.20% | 12.28 | 14.11 | 34522 | 430879 | 16.46% | 16.51% | 3.55% |
|  | 2022 |  | 0.15% | 0.60% | 11.51 | 12.11 | 33521 | 382743 | -11.68% | -11.28% | 3.22% |
|  | 2021 |  | 0.15% | 0.60% | 13.03 | 13.65 | 32552 | 427117 | 14.68% | 15.20% | 3.01% |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 24.53 | 75.02 | 18437 | 674209 | 15.42% | 15.49% | 1.07% |
|  | 2024 |  | 0.15% | 0.20% | 21.25 | 64.96 | 17843 | 569426 | 20.53% | 20.59% | 1.11% |
|  | 2023 |  | 0.15% | 0.35% | 17.98 | 53.87 | 18229 | 492978 | 22.34% | 22.60% | 1.41% |
|  | 2022 |  | 0.15% | 0.35% | 14.67 | 43.94 | 18141 | 400319 | -15.54% | -15.37% | 1.39% |
|  | 2021 |  | 0.15% | 0.35% | 17.34 | 51.92 | 18435 | 478898 | 27.13% | 27.36% | 1.20% |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 23.74 | 31.33 | 15383 | 475578 | 15.15% | 15.21% | 1.03% |
|  | 2024 |  | 0.15% | 0.20% | 20.62 | 27.20 | 8734 | 231958 | 18.22% | 18.28% | 1.08% |
|  | 2023 |  | 0.15% | 0.20% | 17.44 | 23.00 | 8210 | 184034 | 21.41% | 21.47% | 1.33% |
|  | 2022 |  | 0.15% | 0.20% | 14.36 | 18.93 | 8988 | 166361 | -14.08% | -14.04% | 1.32% |
|  | 2021 |  | 0.15% | 0.20% | 16.72 | 22.02 | 8521 | 182436 | 27.51% | 27.58% | 1.16% |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 22.44 | 39.93 | 46074 | 1108178 | 8.80% | 8.86% | 1.10% |
|  | 2024 |  | 0.15% | 0.20% | 20.63 | 36.68 | 48053 | 1146409 | 20.41% | 20.47% | 1.42% |
|  | 2023 |  | 0.15% | 0.20% | 17.13 | 30.45 | 52154 | 1030831 | 21.70% | 21.76% | 1.23% |
|  | 2022 |  | 0.15% | 0.60% | 16.57 | 25.01 | 40656 | 852831 | -15.20% | -14.81% | 1.06% |
|  | 2021 |  | 0.15% | 0.60% | 19.46 | 29.36 | 38275 | 1015929 | 26.93% | 27.50% | 1.04% |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 11.33 | 19.36 | 248058 | 3547536 | 5.76% | 6.72% | 4.36% |
|  | 2024 |  | 0.00% | 0.90% | 10.64 | 18.31 | 248188 | 3381842 | 1.07% | 1.98% | 4.32% |
|  | 2023 |  | 0.00% | 0.90% | 10.45 | 19.46 | 254674 | 3382681 | 5.28% | 6.24% | 3.95% |
|  | 2022 |  | 0.00% | 0.90% | 9.86 | 18.48 | 262438 | 3364833 | -14.63% | -13.86% | 3.36% |
|  | 2021 |  | 0.00% | 0.90% | 11.47 | 21.65 | 262601 | 3925819 | -2.18% | -1.40% | 5.05% |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 2025 |  | 0.00% | 0.35% | 11.11 | 18.08 | 435291 | 5633443 | 6.87% | 7.25% | 4.34% |
|  | 2024 |  | 0.00% | 0.90% | 10.38 | 16.87 | 423035 | 5170561 | 0.70% | 1.61% | 4.95% |
|  | 2023 |  | 0.00% | 0.90% | 10.24 | 16.62 | 388304 | 4749699 | 4.98% | 5.93% | 3.22% |
|  | 2022 |  | 0.00% | 0.90% | 9.68 | 18.14 | 377392 | 4470116 | -14.47% | -13.70% | 3.15% |
|  | 2021 |  | 0.00% | 0.90% | 11.24 | 21.21 | 380536 | 5442584 | -2.68% | -1.80% | 2.12% |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 17.56 | 31.76 | 13883 | 279128 | 13.27% | 13.34% | 1.44% |
|  | 2024 |  | 0.15% | 0.20% | 15.50 | 28.02 | 13001 | 231133 | 12.31% | 12.38% | 1.63% |
|  | 2023 |  | 0.15% | 0.20% | 13.80 | 24.94 | 12759 | 201516 | 17.00% | 17.07% | 1.69% |
|  | 2022 |  | 0.15% | 0.60% | 11.79 | 21.30 | 10636 | 172298 | -12.58% | -12.19% | 1.49% |
|  | 2021 |  | 0.15% | 0.60% | 13.44 | 24.26 | 12219 | 220295 | 16.62% | 17.14% | 1.20% |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 14.63 | 23.87 | 27329 | 479400 | 34.05% | 34.18% | 3.22% |
|  | 2024 |  | 0.10% | 0.20% | 10.92 | 17.79 | 26549 | 361313 | 8.68% | 8.79% | 3.20% |
|  | 2023 |  | 0.10% | 0.20% | 10.04 | 16.35 | 32360 | 400794 | 9.82% | 9.93% | 3.31% |
|  | 2022 |  | 0.10% | 0.60% | 9.15 | 14.88 | 31369 | 365309 | -12.36% | -11.92% | 10.39% |
|  | 2021 |  | 0.10% | 0.60% | 10.39 | 16.89 | 29941 | 410141 | 8.14% | 8.65% | 5.65% |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 18.26 | 28.07 | 14236 | 273022 | 35.32% | 35.39% | 3.59% |
|  | 2024 |  | 0.15% | 0.20% | 13.49 | 20.73 | 14955 | 211707 | 3.56% | 3.61% | 3.90% |
|  | 2023 |  | 0.15% | 0.20% | 13.03 | 20.01 | 14575 | 199390 | 18.68% | 18.75% | 4.43% |
|  | 2022 |  | 0.15% | 0.20% | 10.98 | 16.85 | 15166 | 175308 | -7.20% | -7.16% | 7.82% |
|  | 2021 |  | 0.15% | 0.60% | 12.14 | 18.15 | 14755 | 186296 | 12.49% | 12.99% | 4.50% |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 24.54 | 80.10 | 22054 | 763115 | 18.45% | 18.51% | 0.86% |
|  | 2024 |  | 0.15% | 0.20% | 20.71 | 67.59 | 22923 | 903229 | 27.73% | 27.79% | 1.00% |
|  | 2023 |  | 0.15% | 0.20% | 16.22 | 52.89 | 24859 | 796879 | 17.15% | 17.21% | 1.42% |
|  | 2022 |  | 0.15% | 0.60% | 13.84 | 45.12 | 26243 | 773009 | -10.51% | -10.11% | 2.87% |
|  | 2021 |  | 0.15% | 0.60% | 15.41 | 50.19 | 24985 | 897464 | 31.09% | 31.68% | 2.29% |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 18.70 | 53.77 | 64781 | 1614792 | 13.36% | 13.42% | 1.15% |
|  | 2024 |  | 0.15% | 0.20% | 16.49 | 47.41 | 58553 | 1391783 | 12.96% | 13.02% | 1.18% |
|  | 2023 |  | 0.15% | 0.20% | 14.60 | 41.94 | 56432 | 1191728 | 15.31% | 15.37% | 1.45% |
|  | 2022 |  | 0.15% | 0.60% | 12.66 | 36.36 | 73509 | 1397569 | -12.97% | -12.58% | 3.53% |
|  | 2021 |  | 0.15% | 0.60% | 14.49 | 41.59 | 63203 | 1638053 | 32.86% | 33.46% | 2.43% |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.45 | 24.35 | 31361 | 474053 | 8.80% | 9.79% | 2.86% |
|  | 2024 |  | 0.00% | 0.90% | 12.27 | 22.38 | 24816 | 385610 | 6.74% | 7.71% | 1.96% |
|  | 2023 |  | 0.00% | 0.90% | 11.42 | 20.97 | 42830 | 727934 | 8.74% | 9.72% | 2.10% |
|  | 2022 |  | 0.00% | 0.90% | 10.43 | 19.28 | 40654 | 638790 | -16.15% | -15.40% | 2.75% |
|  | 2021 |  | 0.00% | 0.90% | 13.87 | 23.00 | 38074 | 718543 | 6.67% | 7.51% | 3.55% |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.74 | 26.91 | 189271 | 3206746 | 12.53% | 13.54% | 2.35% |
|  | 2024 |  | 0.00% | 0.90% | 13.00 | 23.74 | 185920 | 2816283 | 10.15% | 11.15% | 2.81% |
|  | 2023 |  | 0.00% | 0.90% | 11.72 | 21.39 | 202132 | 2757447 | 12.31% | 13.33% | 1.97% |
|  | 2022 |  | 0.00% | 0.90% | 10.37 | 18.90 | 193929 | 2440530 | -19.41% | -18.68% | 2.52% |
|  | 2021 |  | 0.00% | 0.90% | 12.77 | 23.28 | 197066 | 3039180 | 11.76% | 12.60% | 3.05% |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.25 | 25.54 | 246705 | 4139813 | 10.52% | 11.52% | 2.41% |
|  | 2024 |  | 0.00% | 0.90% | 12.81 | 22.93 | 242987 | 3824188 | 9.20% | 10.19% | 3.11% |
|  | 2023 |  | 0.00% | 0.90% | 11.65 | 20.85 | 249131 | 3558564 | 10.84% | 11.84% | 1.99% |
|  | 2022 |  | 0.00% | 0.90% | 10.43 | 18.78 | 235366 | 3167779 | -18.12% | -17.38% | 2.68% |
|  | 2021 |  | 0.00% | 0.90% | 12.65 | 22.94 | 233226 | 3848576 | 9.83% | 10.68% | 3.11% |
| LVIP Government Money Market Fund - Standard Class | 2025 |  | 0.00% | 0.55% | 11.06 | 11.85 | 255660 | 2993102 | 3.40% | 3.97% | 3.89% |
|  | 2024 |  | 0.00% | 0.55% | 10.70 | 11.41 | 250289 | 2824183 | 4.36% | 4.94% | 4.81% |
|  | 2023 |  | 0.00% | 0.55% | 10.25 | 10.89 | 233646 | 2516456 | 4.18% | 4.75% | 4.65% |
|  | 2022 |  | 0.00% | 0.60% | 9.77 | 10.41 | 241127 | 2475806 | 0.69% | 1.30% | 1.12% |
|  | 2021 |  | 0.00% | 0.90% | 9.70 | 10.35 | 316406 | 3198439 | -0.88% | 0.02% | 0.01% |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 2024 |  | 0.15% | 0.15% | 20.46 | 20.46 | 69 | 1411 | 12.89% | 12.89% | 2.22% |
|  | 2023 |  | 0.15% | 0.15% | 18.13 | 18.13 | 61 | 1114 | 12.01% | 12.01% | 2.32% |
|  | 2022 |  | 0.15% | 0.15% | 16.18 | 16.18 | 55 | 885 | -7.06% | -7.06% | 1.96% |
|  | 2021 |  | 0.15% | 0.15% | 17.41 | 17.41 | 52 | 904 | 20.42% | 20.42% | 1.60% |
| LVIP JPMorgan High Yield Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 13.72 | 23.37 | 74076 | 1250315 | 7.88% | 8.69% | 5.98% |
|  | 2024 |  | 0.15% | 0.90% | 12.63 | 21.51 | 93765 | 1431926 | 7.12% | 7.93% | 6.96% |
|  | 2023 |  | 0.15% | 0.90% | 11.71 | 19.93 | 75592 | 1101937 | 10.76% | 11.60% | 4.91% |
|  | 2022 |  | 0.15% | 0.90% | 10.50 | 17.86 | 71433 | 982119 | -11.04% | -10.37% | 5.55% |
|  | 2021 |  | 0.15% | 0.90% | 12.28 | 19.92 | 70915 | 1150700 | 5.48% | 6.27% | 4.77% |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 16.12 | 36.87 | 13231 | 256365 | 1.30% | 1.41% | 1.24% |
|  | 2024 |  | 0.10% | 0.20% | 15.91 | 36.37 | 8486 | 232387 | 15.20% | 15.32% | 1.36% |
|  | 2023 |  | 0.10% | 0.20% | 13.81 | 31.56 | 8815 | 207536 | 11.85% | 11.96% | 1.58% |
|  | 2022 |  | 0.10% | 0.60% | 12.35 | 28.20 | 8527 | 190358 | -9.71% | -9.26% | 1.36% |
|  | 2021 |  | 0.10% | 0.60% | 13.62 | 31.09 | 8877 | 216645 | 28.30% | 28.97% | 0.98% |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 11.60 | 15.45 | 140143 | 1812310 | 4.98% | 5.08% | 3.94% |
|  | 2024 |  | 0.10% | 0.90% | 11.05 | 14.70 | 129592 | 1652221 | 3.36% | 4.19% | 4.14% |
|  | 2023 |  | 0.10% | 0.90% | 10.62 | 14.11 | 124082 | 1519536 | 4.05% | 4.89% | 3.37% |
|  | 2022 |  | 0.10% | 0.90% | 10.13 | 13.45 | 130023 | 1532997 | -4.98% | -4.22% | 2.40% |
|  | 2021 |  | 0.10% | 0.90% | 10.59 | 14.04 | 143567 | 1777275 | -1.56% | -0.80% | 1.81% |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 2025 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 3.26% |
|  | 2024 |  | 0.00% | 0.90% | 13.51 | 25.72 | 14226 | 221147 | 7.21% | 8.18% | 2.88% |
|  | 2023 |  | 0.00% | 0.90% | 12.49 | 23.99 | 13770 | 200996 | 8.92% | 9.91% | 2.80% |
|  | 2022 |  | 0.00% | 0.90% | 11.36 | 22.02 | 14265 | 189615 | -12.00% | -11.21% | 2.27% |
|  | 2021 |  | 0.00% | 0.90% | 14.31 | 25.03 | 14484 | 217325 | 10.79% | 11.56% | 2.20% |
| LVIP MFS International Growth Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 18.11 | 34.56 | 67916 | 1865783 | 18.87% | 18.93% | 1.57% |
|  | 2024 |  | 0.10% | 0.20% | 15.24 | 29.06 | 68376 | 1610647 | 7.88% | 7.99% | 1.58% |
|  | 2023 |  | 0.10% | 0.20% | 14.12 | 26.92 | 69134 | 1502564 | 14.48% | 14.60% | 2.14% |
|  | 2022 |  | 0.10% | 0.60% | 12.34 | 23.51 | 70206 | 1349279 | -14.80% | -14.37% | 1.07% |
|  | 2021 |  | 0.10% | 0.90% | 14.42 | 27.47 | 72791 | 1634962 | 10.25% | 11.13% | 0.77% |
| LVIP MFS Value Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 18.90 | 53.20 | 242433 | 6997318 | 12.05% | 12.95% | 1.64% |
|  | 2024 |  | 0.10% | 0.90% | 16.75 | 47.12 | 286301 | 7631997 | 10.84% | 11.73% | 1.66% |
|  | 2023 |  | 0.10% | 0.90% | 15.01 | 42.20 | 300738 | 7326366 | 7.10% | 7.96% | 1.95% |
|  | 2022 |  | 0.10% | 0.90% | 13.91 | 39.10 | 256550 | 5985190 | -6.91% | -6.17% | 1.80% |
|  | 2021 |  | 0.10% | 0.90% | 15.40 | 41.70 | 259973 | 6762093 | 24.36% | 25.39% | 1.38% |
| LVIP Mondrian Global Income Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 9.27 | 12.74 | 53844 | 598211 | 6.18% | 6.28% | 0.52% |
|  | 2024 |  | 0.10% | 0.20% | 8.73 | 11.99 | 52350 | 549241 | -5.34% | -5.24% | 2.39% |
|  | 2023 |  | 0.10% | 0.20% | 9.22 | 12.65 | 38044 | 433009 | 3.81% | 3.92% | 0.00% |
|  | 2022 |  | 0.10% | 0.60% | 8.88 | 12.18 | 47577 | 503923 | -15.64% | -15.22% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 10.95 | 14.36 | 45378 | 592380 | -5.93% | -5.19% | 3.14% |
| LVIP Mondrian International Value Fund - Standard Class | 2025 |  | 0.00% | 0.35% | 16.35 | 27.62 | 67739 | 1279175 | 35.91% | 36.38% | 3.97% |
|  | 2024 |  | 0.00% | 0.35% | 12.01 | 20.28 | 76398 | 1055445 | 4.33% | 4.70% | 3.28% |
|  | 2023 |  | 0.00% | 0.35% | 11.50 | 19.40 | 74308 | 982358 | 19.69% | 20.11% | 3.30% |
|  | 2022 |  | 0.00% | 0.90% | 9.59 | 25.55 | 83355 | 948743 | -11.56% | -10.76% | 2.90% |
|  | 2021 |  | 0.00% | 0.90% | 10.77 | 28.89 | 81780 | 1077241 | 10.27% | 11.26% | 3.36% |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 12.03 | 13.65 | 148462 | 1922064 | 4.55% | 4.61% | 4.18% |
|  | 2024 |  | 0.15% | 0.20% | 11.51 | 13.05 | 142897 | 1771420 | 5.86% | 5.91% | 5.20% |
|  | 2023 |  | 0.15% | 0.20% | 10.87 | 12.32 | 130405 | 1532302 | 5.36% | 5.41% | 5.25% |
|  | 2022 |  | 0.15% | 0.60% | 10.32 | 11.69 | 129977 | 1476699 | -0.50% | -0.05% | 2.31% |
|  | 2021 |  | 0.15% | 0.60% | 10.54 | 11.69 | 139633 | 1590431 | -0.20% | 0.25% | 1.26% |
| LVIP Nomura High Yield Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.90 | 28.96 | 66399 | 1032137 | 8.29% | 9.26% | 6.27% |
|  | 2024 |  | 0.00% | 0.90% | 12.75 | 26.75 | 64867 | 928618 | 5.71% | 6.66% | 6.44% |
|  | 2023 |  | 0.00% | 0.90% | 11.98 | 25.30 | 66086 | 889801 | 11.66% | 12.67% | 6.70% |
|  | 2022 |  | 0.00% | 0.90% | 10.65 | 34.72 | 69159 | 848405 | -12.20% | -11.41% | 5.99% |
|  | 2021 |  | 0.00% | 0.90% | 12.05 | 39.55 | 75639 | 1081050 | 3.98% | 4.92% | 9.70% |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 18.89 | 60.47 | 32606 | 1193123 | 13.12% | 13.18% | 1.44% |
|  | 2024 |  | 0.15% | 0.20% | 16.70 | 53.43 | 32060 | 1054951 | 14.58% | 14.65% | 1.38% |
|  | 2023 |  | 0.15% | 0.20% | 14.57 | 46.60 | 33763 | 992294 | 11.02% | 11.08% | 1.69% |
|  | 2022 |  | 0.15% | 0.60% | 13.13 | 41.96 | 30042 | 913109 | -9.42% | -9.01% | 1.50% |
|  | 2021 |  | 0.15% | 0.90% | 14.43 | 46.11 | 31713 | 1074838 | 30.72% | 31.72% | 1.36% |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.60 | 73.27 | 109723 | 3080915 | 7.88% | 8.85% | 0.57% |
|  | 2024 |  | 0.00% | 0.90% | 17.12 | 67.41 | 108111 | 2928658 | 13.70% | 14.73% | 0.61% |
|  | 2023 |  | 0.00% | 0.90% | 14.95 | 58.84 | 109094 | 2652568 | 15.41% | 16.45% | 1.12% |
|  | 2022 |  | 0.00% | 0.90% | 12.86 | 50.61 | 108112 | 2406598 | -14.50% | -13.73% | 0.44% |
|  | 2021 |  | 0.00% | 0.90% | 14.94 | 67.70 | 108373 | 3049129 | 22.07% | 23.18% | 0.96% |
| LVIP Nomura Social Awareness Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 25.31 | 77.08 | 27780 | 947166 | 14.03% | 15.06% | 0.72% |
|  | 2024 |  | 0.00% | 0.90% | 22.04 | 67.10 | 29494 | 875134 | 19.97% | 21.07% | 0.85% |
|  | 2023 |  | 0.00% | 0.90% | 18.24 | 55.50 | 30607 | 753607 | 29.01% | 30.17% | 1.02% |
|  | 2022 |  | 0.00% | 0.90% | 14.04 | 50.62 | 30165 | 618120 | -20.43% | -19.71% | 1.16% |
|  | 2021 |  | 0.00% | 0.90% | 23.18 | 63.62 | 29578 | 770844 | 25.30% | 26.51% | 0.86% |
| LVIP Nomura U.S. Growth Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 33.56 | 116.02 | 88568 | 4513115 | 21.51% | 22.61% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 27.43 | 94.77 | 66465 | 3718617 | 32.87% | 34.07% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 20.50 | 70.80 | 71007 | 2950052 | 47.02% | 48.35% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 13.95 | 47.79 | 75345 | 2156661 | -28.31% | -27.66% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 19.28 | 66.17 | 66904 | 2776861 | 17.04% | 18.10% | 0.00% |
| LVIP Nomura U.S. REIT Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 12.67 | 38.43 | 96507 | 1649609 | 0.11% | 1.02% | 3.03% |
|  | 2024 |  | 0.00% | 0.90% | 12.57 | 38.10 | 87148 | 1561802 | 6.91% | 7.87% | 3.11% |
|  | 2023 |  | 0.00% | 0.90% | 11.67 | 43.41 | 94575 | 1559820 | 11.57% | 12.58% | 3.38% |
|  | 2022 |  | 0.00% | 0.90% | 10.39 | 38.91 | 94096 | 1462292 | -25.97% | -25.30% | 3.12% |
|  | 2021 |  | 0.00% | 0.90% | 13.94 | 52.56 | 97209 | 2154241 | 41.79% | 43.07% | 3.02% |
| LVIP SSGA Bond Index Fund - Standard Class | 2025 |  | 0.10% | 0.20% | 10.71 | 15.28 | 81583 | 944962 | 6.58% | 6.69% | 3.55% |
|  | 2024 |  | 0.10% | 0.20% | 10.05 | 14.32 | 75789 | 833910 | 0.85% | 0.95% | 2.72% |
|  | 2023 |  | 0.10% | 0.20% | 9.97 | 14.19 | 114786 | 1253966 | 5.09% | 5.19% | 2.79% |
|  | 2022 |  | 0.10% | 0.60% | 9.48 | 13.49 | 94882 | 1050019 | -13.96% | -13.53% | 2.13% |
|  | 2021 |  | 0.10% | 0.60% | 11.57 | 15.60 | 95678 | 1228456 | -2.56% | -2.12% | 2.44% |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 14.38 | 22.18 | 15142 | 258523 | 12.57% | 12.63% | 2.69% |
|  | 2024 |  | 0.15% | 0.20% | 12.77 | 19.69 | 15803 | 243269 | 5.73% | 5.78% | 2.45% |
|  | 2023 |  | 0.15% | 0.35% | 12.29 | 18.61 | 18537 | 283921 | 10.35% | 10.57% | 2.42% |
|  | 2022 |  | 0.15% | 0.60% | 11.12 | 16.84 | 19173 | 268195 | -15.26% | -14.88% | 2.67% |
|  | 2021 |  | 0.15% | 0.60% | 14.60 | 19.78 | 19862 | 328247 | 5.76% | 6.21% | 2.22% |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 15.98 | 26.16 | 60107 | 1121754 | 14.14% | 14.37% | 2.63% |
|  | 2024 |  | 0.00% | 0.20% | 14.00 | 22.90 | 58849 | 957593 | 9.75% | 9.97% | 3.22% |
|  | 2023 |  | 0.00% | 0.20% | 12.76 | 20.86 | 56842 | 839086 | 13.28% | 13.51% | 2.59% |
|  | 2022 |  | 0.00% | 0.60% | 11.26 | 18.40 | 51186 | 713626 | -14.84% | -14.33% | 3.99% |
|  | 2021 |  | 0.00% | 0.60% | 13.24 | 21.51 | 47057 | 799056 | 11.90% | 12.58% | 5.28% |
| LVIP SSGA International Index Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 16.51 | 27.86 | 86745 | 1714211 | 30.91% | 30.99% | 3.35% |
|  | 2024 |  | 0.15% | 0.20% | 12.61 | 21.27 | 102983 | 1601351 | 3.01% | 3.06% | 3.05% |
|  | 2023 |  | 0.15% | 0.35% | 12.24 | 20.63 | 119389 | 1848467 | 17.16% | 17.40% | 3.34% |
|  | 2022 |  | 0.15% | 0.60% | 10.43 | 17.58 | 102402 | 1433248 | -14.83% | -14.45% | 4.53% |
|  | 2021 |  | 0.15% | 0.90% | 12.20 | 20.55 | 100292 | 1645862 | 10.07% | 10.89% | 2.82% |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 14.19 | 15.21 | 2347 | 34030 | 24.75% | 24.82% | 2.67% |
|  | 2024 |  | 0.15% | 0.20% | 11.37 | 12.19 | 3124 | 36549 | 2.57% | 2.62% | 3.23% |
|  | 2023 |  | 0.15% | 0.20% | 11.08 | 11.89 | 2855 | 32551 | 17.21% | 17.27% | 2.48% |
|  | 2022 |  | 0.15% | 0.60% | 9.05 | 9.79 | 3478 | 33334 | -17.33% | -16.95% | 4.32% |
|  | 2021 |  | 0.15% | 0.60% | 10.94 | 11.79 | 3374 | 38544 | 10.10% | 10.59% | 2.31% |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 16.41 | 28.33 | 82560 | 1459522 | 15.41% | 15.46% | 2.50% |
|  | 2024 |  | 0.15% | 0.20% | 14.22 | 24.53 | 83515 | 1276450 | 8.16% | 8.21% | 2.66% |
|  | 2023 |  | 0.15% | 0.20% | 13.15 | 22.67 | 82052 | 1158638 | 13.34% | 13.40% | 2.40% |
|  | 2022 |  | 0.15% | 0.60% | 13.55 | 19.99 | 69205 | 1014331 | -15.92% | -15.54% | 2.86% |
|  | 2021 |  | 0.15% | 0.90% | 16.04 | 23.67 | 53744 | 1190708 | 9.40% | 10.23% | 2.26% |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 17.25 | 30.86 | 44888 | 968544 | 17.20% | 17.26% | 2.45% |
|  | 2024 |  | 0.15% | 0.20% | 14.72 | 26.32 | 42042 | 773432 | 9.05% | 9.10% | 2.51% |
|  | 2023 |  | 0.15% | 0.20% | 13.50 | 24.13 | 42748 | 716311 | 14.59% | 14.65% | 2.22% |
|  | 2022 |  | 0.15% | 0.60% | 13.81 | 21.04 | 41522 | 625318 | -16.38% | -16.01% | 2.51% |
|  | 2021 |  | 0.15% | 0.60% | 16.45 | 25.05 | 41303 | 762954 | 10.70% | 11.20% | 2.29% |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 26.25 | 85.04 | 608192 | 22049768 | 16.54% | 17.42% | 1.06% |
|  | 2024 |  | 0.15% | 0.90% | 22.37 | 72.42 | 576402 | 20151653 | 23.61% | 24.54% | 1.22% |
|  | 2023 |  | 0.15% | 0.90% | 17.97 | 58.15 | 524713 | 15121699 | 24.88% | 25.82% | 1.43% |
|  | 2022 |  | 0.15% | 0.90% | 14.29 | 46.22 | 571341 | 13773318 | -19.04% | -18.43% | 1.50% |
|  | 2021 |  | 0.15% | 0.90% | 18.33 | 56.66 | 531634 | 16931400 | 27.27% | 28.23% | 1.32% |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 16.45 | 48.88 | 80953 | 1780289 | 12.24% | 12.29% | 1.07% |
|  | 2024 |  | 0.15% | 0.20% | 14.66 | 43.53 | 95202 | 1889444 | 10.92% | 10.98% | 1.65% |
|  | 2023 |  | 0.15% | 0.20% | 13.22 | 39.22 | 111112 | 2026189 | 16.27% | 16.33% | 1.34% |
|  | 2022 |  | 0.15% | 0.60% | 11.37 | 33.72 | 89411 | 1511220 | -21.26% | -20.90% | 1.18% |
|  | 2021 |  | 0.15% | 0.60% | 14.38 | 42.63 | 87833 | 1904471 | 13.87% | 14.39% | 0.94% |
| LVIP Structured Conservative Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 14.51 | 21.98 | 3959 | 69952 | 13.50% | 13.55% | 2.58% |
|  | 2024 |  | 0.15% | 0.20% | 12.78 | 19.36 | 5373 | 84552 | 6.24% | 6.30% | 3.33% |
|  | 2023 |  | 0.15% | 0.20% | 12.03 | 18.21 | 5302 | 79269 | 10.05% | 10.10% | 2.57% |
|  | 2022 |  | 0.15% | 0.15% | 12.21 | 16.54 | 6200 | 88041 | -13.43% | -13.43% | 3.85% |
|  | 2021 |  | 0.15% | 0.60% | 14.10 | 19.11 | 5895 | 105299 | 6.78% | 7.27% | 3.86% |
| LVIP Structured Moderate Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 16.76 | 28.38 | 100613 | 2297355 | 17.04% | 17.10% | 2.95% |
|  | 2024 |  | 0.15% | 0.20% | 14.32 | 24.24 | 90682 | 1774628 | 9.19% | 9.24% | 3.74% |
|  | 2023 |  | 0.15% | 0.20% | 13.11 | 22.19 | 89030 | 1589501 | 12.86% | 12.92% | 2.73% |
|  | 2022 |  | 0.15% | 0.60% | 11.62 | 19.65 | 81733 | 1373640 | -13.67% | -13.28% | 4.73% |
|  | 2021 |  | 0.15% | 0.60% | 15.27 | 22.66 | 75396 | 1536247 | 11.48% | 11.98% | 5.06% |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 17.65 | 31.31 | 65755 | 1350982 | 19.09% | 19.15% | 2.62% |
|  | 2024 |  | 0.15% | 0.20% | 14.82 | 26.28 | 66467 | 1139082 | 10.26% | 10.31% | 3.36% |
|  | 2023 |  | 0.15% | 0.20% | 13.44 | 23.82 | 68800 | 1059469 | 14.05% | 14.10% | 2.50% |
|  | 2022 |  | 0.15% | 0.60% | 11.79 | 20.88 | 63538 | 1027753 | -13.65% | -13.26% | 5.04% |
|  | 2021 |  | 0.15% | 0.60% | 15.49 | 24.07 | 53757 | 1138113 | 13.00% | 13.51% | 5.16% |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 2025 |  | 0.20% | 0.20% | 18.58 | 18.58 | 1547 | 28739 | 12.79% | 12.79% | 2.59% |
|  | 2024 |  | 0.20% | 0.20% | 16.47 | 16.47 | 3659 | 60263 | 8.60% | 8.60% | 2.55% |
|  | 2023 |  | 0.20% | 0.20% | 15.17 | 15.17 | 4098 | 62152 | 13.31% | 13.31% | 2.41% |
|  | 2022 |  | 0.20% | 0.20% | 13.38 | 13.38 | 4547 | 60867 | -15.35% | -15.35% | 2.87% |
|  | 2021 |  | 0.20% | 0.20% | 15.81 | 15.81 | 4970 | 78577 | 10.01% | 10.01% | 2.90% |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 17.88 | 20.26 | 6682 | 127703 | 14.76% | 14.99% | 2.26% |
|  | 2024 |  | 0.00% | 0.20% | 15.55 | 17.65 | 8126 | 135008 | 10.21% | 10.43% | 2.03% |
|  | 2023 |  | 0.00% | 0.20% | 14.08 | 16.02 | 10311 | 156572 | 15.91% | 16.14% | 1.93% |
|  | 2022 |  | 0.00% | 0.20% | 12.12 | 13.82 | 12367 | 162091 | -17.04% | -16.87% | 2.07% |
|  | 2021 |  | 0.00% | 0.20% | 16.15 | 16.66 | 14338 | 226196 | 13.37% | 13.37% | 2.26% |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 20.09 | 22.80 | 13930 | 288557 | 17.91% | 18.14% | 1.66% |
|  | 2024 |  | 0.00% | 0.20% | 17.01 | 19.33 | 15252 | 269840 | 12.82% | 13.04% | 1.90% |
|  | 2023 |  | 0.00% | 0.20% | 15.04 | 17.14 | 14953 | 234634 | 18.95% | 19.19% | 1.75% |
|  | 2022 |  | 0.00% | 0.20% | 12.62 | 14.41 | 14617 | 193031 | -17.91% | -17.74% | 1.83% |
|  | 2021 |  | 0.00% | 0.20% | 16.97 | 17.55 | 14165 | 228230 | 16.70% | 16.70% | 2.65% |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 21.39 | 80.93 | 42074 | 1402030 | 10.82% | 11.04% | 0.00% |
|  | 2024 |  | 0.00% | 0.20% | 19.30 | 72.99 | 44025 | 1430072 | 23.42% | 23.67% | 0.32% |
|  | 2023 |  | 0.00% | 0.35% | 15.64 | 59.11 | 47729 | 1238960 | 20.75% | 21.17% | 0.03% |
|  | 2022 |  | 0.00% | 0.90% | 12.93 | 58.37 | 48939 | 1180837 | -25.20% | -24.52% | 0.02% |
|  | 2021 |  | 0.00% | 0.90% | 17.26 | 78.03 | 39159 | 1337088 | 12.84% | 13.85% | 0.01% |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.15% | 0.15% | 18.02 | 18.02 | 1019 | 18360 | 8.38% | 8.38% | 1.84% |
|  | 2024 |  | 0.15% | 0.15% | 16.63 | 16.63 | 870 | 14469 | 13.39% | 13.39% | 2.51% |
|  | 2023 |  | 0.15% | 0.15% | 14.66 | 14.66 | 765 | 11218 | 14.85% | 14.85% | 1.70% |
|  | 2022 |  | 0.15% | 0.15% | 12.77 | 12.77 | 625 | 7976 | -20.25% | -20.25% | 1.63% |
|  | 2021 |  | 0.15% | 0.15% | 16.01 | 16.01 | 487 | 7795 | 15.20% | 15.20% | 2.83% |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 10.62 | 12.63 | 94096 | 1103665 | 6.11% | 6.17% | 4.01% |
|  | 2024 |  | 0.15% | 0.20% | 10.01 | 11.90 | 70087 | 780370 | 1.22% | 1.27% | 3.54% |
|  | 2023 |  | 0.15% | 0.20% | 9.89 | 11.75 | 79788 | 859922 | 5.79% | 5.84% | 2.62% |
|  | 2022 |  | 0.15% | 0.60% | 9.35 | 11.10 | 127054 | 1264146 | -13.89% | -13.50% | 2.04% |
|  | 2021 |  | 0.15% | 0.60% | 11.64 | 12.83 | 117954 | 1454304 | -1.88% | -1.43% | 1.56% |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 24.79 | 56.62 | 105506 | 3456375 | 15.43% | 16.30% | 1.03% |
|  | 2024 |  | 0.15% | 0.90% | 21.33 | 48.68 | 102192 | 2880213 | 21.00% | 21.92% | 1.19% |
|  | 2023 |  | 0.15% | 0.90% | 17.50 | 39.93 | 101402 | 2345455 | 24.10% | 25.03% | 1.65% |
|  | 2022 |  | 0.15% | 0.90% | 19.61 | 31.94 | 44829 | 1111833 | -19.47% | -18.86% | 1.30% |
|  | 2021 |  | 0.15% | 0.90% | 24.17 | 39.36 | 40164 | 1306630 | 24.61% | 25.55% | 1.30% |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 2025 |  | 0.15% | 0.20% | 15.86 | 22.87 | 133404 | 2460500 | 31.29% | 31.36% | 3.52% |
|  | 2024 |  | 0.15% | 0.20% | 12.08 | 17.41 | 137411 | 1931891 | 3.65% | 3.71% | 2.73% |
|  | 2023 |  | 0.15% | 0.20% | 11.66 | 16.79 | 133414 | 1803786 | 15.13% | 15.19% | 3.14% |
|  | 2022 |  | 0.15% | 0.60% | 10.12 | 16.78 | 132257 | 1600367 | -17.12% | -16.75% | 2.61% |
|  | 2021 |  | 0.15% | 0.60% | 12.17 | 20.19 | 115083 | 1867942 | 7.52% | 8.00% | 3.10% |
| LVIP Wellington Capital Growth Fund - Standard Class | 2023 |  | 0.10% | 0.35% | 18.05 | 69.84 | 54444 | 2356115 | 38.22% | 38.62% | 0.00% |
|  | 2022 |  | 0.10% | 0.60% | 14.36 | 50.43 | 57391 | 1929886 | -33.73% | -33.39% | 0.00% |
|  | 2021 |  | 0.10% | 0.60% | 21.59 | 75.76 | 46682 | 2577907 | 16.42% | 17.06% | 0.00% |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 17.35 | 48.85 | 21142 | 539262 | 1.50% | 2.26% | 0.87% |
|  | 2024 |  | 0.10% | 0.90% | 16.98 | 47.77 | 22401 | 642755 | 11.31% | 12.20% | 0.91% |
|  | 2023 |  | 0.10% | 0.90% | 15.15 | 42.60 | 29149 | 883421 | 16.19% | 17.12% | 1.00% |
|  | 2022 |  | 0.10% | 0.90% | 12.94 | 36.39 | 27429 | 738533 | -10.81% | -10.09% | 0.77% |
|  | 2021 |  | 0.10% | 0.90% | 14.41 | 40.49 | 26731 | 822610 | 27.05% | 28.07% | 0.51% |
| M Capital Appreciation Fund | 2025 |  | 0.20% | 0.20% | 22.19 | 22.19 | 697 | 15463 | 17.82% | 17.82% | 0.99% |
|  | 2024 |  | 0.20% | 0.20% | 18.83 | 18.83 | 687 | 12940 | 9.72% | 9.72% | 2.04% |
|  | 2023 |  | 0.20% | 0.20% | 17.17 | 17.17 | 705 | 12106 | 23.31% | 23.31% | 0.47% |
|  | 2022 |  | 0.20% | 0.20% | 13.92 | 13.92 | 713 | 9922 | -18.30% | -18.30% | 0.00% |
|  | 2021 |  | 0.20% | 0.20% | 17.04 | 17.04 | 625 | 10648 | 17.48% | 17.48% | 0.00% |
| M International Equity Fund | 2025 |  | 0.20% | 0.20% | 18.53 | 18.53 | 1263 | 23409 | 32.17% | 32.17% | 2.87% |
|  | 2024 |  | 0.20% | 0.20% | 14.02 | 14.02 | 1344 | 18837 | 3.75% | 3.75% | 3.00% |
|  | 2023 |  | 0.20% | 0.20% | 13.51 | 13.51 | 1300 | 17565 | 15.78% | 15.78% | 3.19% |
|  | 2022 |  | 0.20% | 0.20% | 11.67 | 11.67 | 1348 | 15729 | -14.33% | -14.33% | 2.97% |
|  | 2021 |  | 0.20% | 0.20% | 13.62 | 13.62 | 1141 | 15550 | 10.83% | 10.83% | 2.50% |
| M Large Cap Growth Fund | 2025 |  | 0.20% | 0.20% | 37.97 | 37.97 | 605 | 22966 | 19.38% | 19.38% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 31.80 | 31.80 | 631 | 20055 | 25.25% | 25.25% | 0.00% |
|  | 2023 |  | 0.20% | 0.20% | 25.39 | 25.39 | 700 | 17787 | 31.78% | 31.78% | 0.00% |
|  | 2022 |  | 0.20% | 0.20% | 19.27 | 19.27 | 742 | 14297 | -25.56% | -25.56% | 0.00% |
|  | 2021 |  | 0.20% | 0.20% | 25.88 | 25.88 | 612 | 15829 | 21.26% | 21.26% | 0.00% |
| M Large Cap Value Fund | 2025 |  | 0.20% | 0.20% | 21.87 | 21.87 | 1072 | 23447 | 17.07% | 17.07% | 1.80% |
|  | 2024 |  | 0.20% | 0.20% | 18.68 | 18.68 | 1037 | 19369 | 18.39% | 18.39% | 1.91% |
|  | 2023 |  | 0.20% | 0.20% | 15.78 | 15.78 | 1086 | 17128 | 7.39% | 7.39% | 2.36% |
|  | 2022 |  | 0.20% | 0.20% | 14.69 | 14.69 | 1041 | 15295 | -1.65% | -1.65% | 2.09% |
|  | 2021 |  | 0.20% | 0.20% | 14.94 | 14.94 | 1074 | 16038 | 29.75% | 29.75% | 1.62% |
| MFS® VIT Growth Series - Initial Class | 2025 |  | 0.00% | 0.55% | 25.84 | 101.53 | 72263 | 2705763 | 11.58% | 12.20% | 0.00% |
|  | 2024 |  | 0.00% | 0.55% | 23.08 | 90.63 | 56386 | 2524687 | 30.75% | 31.47% | 0.00% |
|  | 2023 |  | 0.00% | 0.55% | 17.59 | 69.04 | 54173 | 1846309 | 35.12% | 35.86% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.97 | 52.57 | 60055 | 1577499 | -32.25% | -31.63% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 19.01 | 93.51 | 52047 | 2208951 | 22.20% | 23.53% | 0.00% |
| MFS® VIT Total Return Series - Initial Class | 2025 |  | 0.00% | 0.90% | 16.36 | 34.38 | 134797 | 2891513 | 10.17% | 11.16% | 2.76% |
|  | 2024 |  | 0.00% | 0.90% | 14.75 | 30.97 | 126655 | 2564365 | 6.79% | 7.75% | 2.58% |
|  | 2023 |  | 0.00% | 0.90% | 13.72 | 32.56 | 132417 | 2689739 | 9.45% | 10.44% | 2.07% |
|  | 2022 |  | 0.00% | 0.90% | 12.44 | 29.75 | 133594 | 2484136 | -10.39% | -9.58% | 1.70% |
|  | 2021 |  | 0.00% | 0.90% | 13.79 | 33.20 | 139921 | 2862807 | 13.09% | 14.12% | 1.82% |
| MFS® VIT Utilities Series - Initial Class | 2025 |  | 0.00% | 0.90% | 16.82 | 58.92 | 112139 | 3077852 | 13.98% | 15.01% | 2.94% |
|  | 2024 |  | 0.00% | 0.90% | 14.66 | 51.69 | 108859 | 2784438 | 10.66% | 11.66% | 2.28% |
|  | 2023 |  | 0.00% | 0.90% | 13.15 | 46.71 | 117389 | 2740765 | -2.99% | -2.11% | 3.52% |
|  | 2022 |  | 0.00% | 0.90% | 13.46 | 48.15 | 115786 | 2755078 | -0.15% | 0.76% | 2.36% |
|  | 2021 |  | 0.00% | 0.90% | 13.39 | 77.80 | 122824 | 3169604 | 13.07% | 14.09% | 1.75% |
| MFS® VIT II Core Equity Portfolio - Initial Class | 2025 |  | 0.20% | 0.20% | 36.14 | 41.61 | 1012 | 40647 | 12.28% | 12.29% | 0.47% |
|  | 2024 |  | 0.20% | 0.20% | 32.19 | 37.06 | 975 | 34748 | 19.87% | 19.87% | 0.62% |
|  | 2023 |  | 0.20% | 0.35% | 26.85 | 42.60 | 813 | 27194 | 22.74% | 22.89% | 0.57% |
|  | 2022 |  | 0.20% | 0.35% | 21.85 | 34.71 | 788 | 21032 | -17.56% | -17.44% | 0.34% |
|  | 2021 |  | 0.20% | 0.35% | 26.47 | 42.10 | 668 | 22974 | 24.85% | 25.08% | 0.46% |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 2025 |  | 0.00% | 0.90% | 19.40 | 63.97 | 49960 | 1265703 | 4.50% | 5.45% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 18.44 | 61.22 | 49662 | 1230192 | 22.91% | 24.02% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 14.90 | 61.65 | 50800 | 1062493 | 17.09% | 18.15% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.63 | 52.65 | 52098 | 937689 | -29.37% | -28.73% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 17.76 | 74.55 | 61826 | 1637469 | 11.98% | 12.99% | 0.00% |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 2025 |  | 0.00% | 0.35% | 16.52 | 31.89 | 22561 | 468332 | 11.17% | 11.56% | 0.48% |
|  | 2024 |  | 0.00% | 0.35% | 14.81 | 28.68 | 21012 | 390520 | 8.44% | 8.82% | 0.74% |
|  | 2023 |  | 0.00% | 0.35% | 13.61 | 26.45 | 20355 | 356959 | 10.61% | 11.00% | 1.04% |
|  | 2022 |  | 0.00% | 0.35% | 12.26 | 23.91 | 19733 | 320520 | -10.07% | -9.75% | 0.58% |
|  | 2021 |  | 0.00% | 0.90% | 13.58 | 45.07 | 22736 | 424628 | 31.61% | 32.79% | 0.62% |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 2025 |  | 0.00% | 0.00% | 25.21 | 25.21 | 8912 | 224645 | 13.74% | 13.74% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 22.16 | 22.16 | 8944 | 198205 | 25.84% | 25.84% | 0.20% |
|  | 2023 |  | 0.00% | 0.00% | 17.61 | 17.61 | 10691 | 188266 | 26.90% | 26.90% | 0.35% |
|  | 2022 |  | 0.00% | 0.00% | 13.88 | 13.88 | 10971 | 152250 | -18.45% | -18.45% | 0.44% |
|  | 2021 |  | 0.00% | 0.00% | 17.02 | 17.02 | 11094 | 188802 | 23.48% | 23.48% | 0.38% |
| Nomura VIP Emerging Markets Series - Standard Class | 2025 |  | 0.00% | 0.90% | 19.67 | 54.82 | 138657 | 3412567 | 79.64% | 81.26% | 1.57% |
|  | 2024 |  | 0.00% | 0.90% | 10.87 | 30.52 | 174496 | 2457021 | 4.15% | 5.09% | 2.68% |
|  | 2023 |  | 0.00% | 0.90% | 10.37 | 29.30 | 176808 | 2413062 | 12.77% | 13.79% | 1.58% |
|  | 2022 |  | 0.00% | 0.90% | 9.13 | 31.49 | 177294 | 2179232 | -28.23% | -27.58% | 4.14% |
|  | 2021 |  | 0.00% | 0.90% | 12.63 | 43.88 | 164737 | 2828775 | -3.71% | -2.84% | 0.31% |
| Nomura VIP Small Cap Value Series - Standard Class | 2025 |  | 0.00% | 0.90% | 15.90 | 51.31 | 142934 | 2882898 | 7.19% | 8.16% | 1.28% |
|  | 2024 |  | 0.00% | 0.90% | 14.73 | 47.51 | 140440 | 2652812 | 10.32% | 11.32% | 1.35% |
|  | 2023 |  | 0.00% | 0.90% | 13.26 | 42.75 | 150195 | 2601446 | 8.46% | 9.44% | 0.92% |
|  | 2022 |  | 0.00% | 0.90% | 12.14 | 54.60 | 144224 | 2397951 | -12.88% | -12.09% | 0.83% |
|  | 2021 |  | 0.00% | 0.90% | 13.84 | 62.67 | 131141 | 2925048 | 33.21% | 34.42% | 0.82% |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 2025 |  | 0.10% | 0.90% | 12.85 | 17.37 | 45909 | 645652 | 17.73% | 18.68% | 2.85% |
|  | 2024 |  | 0.10% | 0.90% | 10.91 | 14.65 | 71188 | 819234 | 3.23% | 4.06% | 2.20% |
|  | 2023 |  | 0.10% | 0.90% | 10.57 | 14.10 | 69718 | 773128 | -8.68% | -7.95% | 16.92% |
|  | 2022 |  | 0.10% | 0.90% | 8.69 | 15.33 | 41158 | 493301 | 7.64% | 8.51% | 20.92% |
|  | 2021 |  | 0.10% | 0.90% | 8.03 | 12.49 | 52841 | 559797 | 32.15% | 33.22% | 4.23% |
| Putnam VT Global Health Care Fund - Class IB | 2025 |  | 0.20% | 0.20% | 20.79 | 20.79 | 9253 | 192367 | 14.82% | 14.82% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 18.11 | 18.11 | 9175 | 166122 | 1.22% | 1.22% | 0.46% |
|  | 2023 |  | 0.20% | 0.20% | 17.89 | 17.89 | 9160 | 163848 | 8.92% | 8.92% | 0.29% |
|  | 2022 |  | 0.20% | 0.35% | 16.42 | 37.92 | 8090 | 143539 | -5.01% | -4.86% | 0.43% |
|  | 2021 |  | 0.20% | 0.90% | 36.50 | 54.58 | 6971 | 186353 | 18.33% | 18.98% | 1.03% |
| Putnam VT Large Cap Value Fund - Class IB | 2025 |  | 0.20% | 0.20% | 24.82 | 24.82 | 3067 | 76107 | 20.11% | 20.11% | 1.39% |
|  | 2024 |  | 0.20% | 0.20% | 20.66 | 20.66 | 3076 | 63567 | 18.90% | 18.90% | 1.08% |
|  | 2023 |  | 0.20% | 0.20% | 17.38 | 17.38 | 3089 | 53679 | 15.44% | 15.44% | 2.00% |
|  | 2022 |  | 0.20% | 0.20% | 15.05 | 15.05 | 3112 | 46853 | -3.32% | -3.32% | 1.46% |
|  | 2021 |  | 0.20% | 0.35% | 31.73 | 31.73 | 1794 | 48945 | 26.86% | 26.86% | 1.19% |
| Templeton Foreign VIP Fund - Class 1 | 2025 |  | 0.55% | 0.55% | 21.41 | 21.41 | 9573 | 204946 | 28.80% | 28.80% | 2.55% |
|  | 2024 |  | 0.55% | 0.55% | 16.62 | 16.62 | 9903 | 164620 | -1.34% | -1.34% | 2.53% |
|  | 2023 |  | 0.55% | 0.55% | 16.85 | 16.85 | 13715 | 231073 | 20.43% | 20.43% | 3.81% |
|  | 2022 |  | 0.55% | 0.55% | 13.99 | 13.99 | 21455 | 300163 | -7.89% | -7.89% | 3.34% |
|  | 2021 |  | 0.55% | 0.55% | 15.19 | 15.19 | 22406 | 340338 | 3.86% | 3.86% | 2.03% |
| Templeton Foreign VIP Fund - Class 2 | 2025 |  | 0.00% | 0.20% | 15.69 | 15.90 | 5371 | 85240 | 28.94% | 29.19% | 2.34% |
|  | 2024 |  | 0.00% | 0.20% | 12.17 | 12.30 | 6180 | 75944 | -1.20% | -1.00% | 2.52% |
|  | 2023 |  | 0.00% | 0.20% | 12.31 | 12.43 | 6861 | 85191 | 20.52% | 20.76% | 3.20% |
|  | 2022 |  | 0.00% | 0.20% | 10.22 | 10.29 | 7417 | 76290 | -7.79% | -7.61% | 3.07% |
|  | 2021 |  | 0.00% | 0.35% | 11.08 | 15.09 | 7525 | 84502 | 3.79% | 4.16% | 1.84% |
| Templeton Global Bond VIP Fund - Class 1 | 2025 |  | 0.15% | 0.90% | 9.03 | 17.52 | 151997 | 1446102 | 15.05% | 15.91% | 0.00% |
|  | 2024 |  | 0.15% | 0.90% | 7.79 | 15.22 | 145788 | 1206650 | -11.92% | -11.26% | 0.00% |
|  | 2023 |  | 0.15% | 0.90% | 8.79 | 17.29 | 124172 | 1159307 | 2.27% | 3.04% | 0.00% |
|  | 2022 |  | 0.15% | 0.90% | 8.53 | 16.90 | 104821 | 955158 | -5.70% | -4.99% | 0.00% |
|  | 2021 |  | 0.15% | 0.90% | 8.98 | 17.92 | 134186 | 1282055 | -5.48% | -4.77% | 0.00% |
| Templeton Growth VIP Fund - Class 1 | 2025 |  | 0.20% | 0.90% | 17.11 | 27.75 | 23584 | 419433 | 23.05% | 23.91% | 1.11% |
|  | 2024 |  | 0.20% | 0.90% | 13.80 | 22.55 | 24153 | 353356 | 4.76% | 5.49% | 1.15% |
|  | 2023 |  | 0.20% | 0.90% | 13.09 | 22.18 | 23628 | 345130 | 20.15% | 20.99% | 3.49% |
|  | 2022 |  | 0.20% | 0.90% | 10.82 | 22.56 | 23797 | 310558 | -12.12% | -11.50% | 0.51% |
|  | 2021 |  | 0.20% | 0.90% | 12.22 | 25.67 | 23905 | 365510 | 4.32% | 5.05% | 1.30% |
| Templeton Growth VIP Fund - Class 2 | 2025 |  | 0.00% | 0.00% | 17.05 | 17.05 | 1260 | 21476 | 23.83% | 23.83% | 0.88% |
|  | 2024 |  | 0.00% | 0.00% | 13.77 | 13.77 | 1260 | 17349 | 5.40% | 5.40% | 1.18% |
|  | 2023 |  | 0.00% | 0.00% | 13.06 | 13.06 | 2585 | 33765 | 21.01% | 21.01% | 3.35% |
|  | 2022 |  | 0.00% | 0.00% | 10.79 | 10.79 | 2811 | 30341 | -11.50% | -11.50% | 0.16% |
|  | 2021 |  | 0.00% | 0.00% | 12.20 | 12.20 | 2744 | 33471 | 4.87% | 4.87% | 1.09% |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 2021 | 5/3/2021 | 0.15% | 0.15% | 13.67 | 13.67 | 1366 | 18678 | 4.40% | 4.40% | 1.34% |

---

(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received thereby a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.

(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include 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 funds have been excluded.

(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.

Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**4. Purchases and Sales of Investments**

The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2025:

---

| | | |
|:---|:---|:---|
| *Subaccount* | *Aggregate Cost of Purchases ($)* | *Aggregate Proceeds from Sales ($)* |
| AB VPS Discovery Value Portfolio - Class A | 991461 | 159929 |
| AB VPS International Value Portfolio - Class A | 179578 | 127729 |
| AB VPS Large Cap Growth Portfolio - Class A | 40136 | 12854 |
| AB VPS Relative Value Portfolio - Class A | 166655 | 42953 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 150449 | 234543 |
| American Funds® IS Global Growth Fund - Class 2 | 652260 | 588211 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 343880 | 245295 |
| American Funds® IS Growth Fund - Class 2 | 1418021 | 1414012 |
| American Funds® IS Growth-Income Fund - Class 2 | 2351296 | 881726 |
| American Funds® IS International Fund - Class 2 | 316461 | 1200701 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 36057 | 12646 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 37403 | 21103 |
| DWS Equity 500 Index VIP Portfolio - Class A | 475148 | 207838 |
| DWS Small Cap Index VIP Portfolio - Class A | 113294 | 51180 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 19108 | 39382 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 1334625 | 967642 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 4170 | 3673 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 25943 | 9944 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 20128 | 84204 |
| Fidelity® VIP Growth Portfolio - Service Class | 1274475 | 560635 |
| Fidelity® VIP High Income Portfolio - Service Class | 15499 | 2577 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 19912 | 32972 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 687472 | 389406 |
| Fidelity® VIP Overseas Portfolio - Service Class | 108248 | 67405 |
| Franklin Income VIP Fund - Class 1 | 625676 | 330474 |
| Franklin Mutual Shares VIP Fund - Class 1 | 440667 | 303195 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 96798 | 95929 |
| Invesco V.I. American Franchise Fund - Series I Shares | 150027 | 65366 |
| Invesco V.I. Core Equity Fund - Series I Shares | 158502 | 94486 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 22398 | 40984 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 80016 | 59174 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 30726 | 23014 |
| Janus Henderson Balanced Portfolio - Service Shares | 25655 | 105145 |
| Janus Henderson Enterprise Portfolio - Service Shares | 15729 | 19392 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 84728 | 46892 |
| Janus Henderson Global Research Portfolio - Service Shares | 11479 | 7712 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 28778 | 139466 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 897709 | 456604 |
| LVIP American Century Balanced Fund - Standard Class II | 24373 | 51276 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 141517 | 90640 |
| LVIP American Century Ultra® Fund - Standard Class | 528429 | 611509 |
| LVIP Baron Growth Opportunities Fund - Service Class | 259078 | 35310 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 115965 | 28270 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 80261 | 142835 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 357975 | 473155 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 335898 | 247129 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 3377 | 883 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 76513 | 51794 |
| LVIP BlackRock Real Estate Fund - Standard Class | 96065 | 31611 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 3245 | 1140 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 58029 | 92541 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 42229 | 14926 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 46844 | 28593 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 37216 | 113926 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 84908 | 21392 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 231655 | 3889 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 247805 | 250294 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 362327 | 270656 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 632902 | 312750 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 50821 | 5131 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 51224 | 44418 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 35415 | 36658 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 50925 | 292039 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 106452 | 67334 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 79934 | 19719 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 283791 | 71830 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 335200 | 261712 |
| LVIP Government Money Market Fund - Standard Class | 559591 | 390672 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 27 | 1391 |
| LVIP JPMorgan High Yield Fund - Standard Class | 158499 | 366895 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 80390 | 29055 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 198042 | 56962 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 70858 | 254949 |
| LVIP MFS International Growth Fund - Standard Class | 324434 | 201473 |
| LVIP MFS Value Fund - Standard Class | 887215 | 1648774 |
| LVIP Mondrian Global Income Fund - Standard Class | 52652 | 35445 |
| LVIP Mondrian International Value Fund - Standard Class | 167815 | 227935 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 224022 | 81984 |
| LVIP Nomura High Yield Fund - Standard Class | 125643 | 46782 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 205496 | 67953 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 235328 | 255195 |
| LVIP Nomura Social Awareness Fund - Standard Class | 85476 | 61358 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 710788 | 330434 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 227167 | 106607 |
| LVIP SSGA Bond Index Fund - Standard Class | 172683 | 87124 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 16593 | 20106 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 82523 | 25656 |
| LVIP SSGA International Index Fund - Standard Class | 190787 | 424802 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 5657 | 15666 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 95535 | 48370 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 136924 | 39533 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 2062846 | 2024005 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 241219 | 379189 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 5665 | 27407 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 392330 | 106304 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 63901 | 34465 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 2889 | 36133 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 12126 | 29005 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 21956 | 33157 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 312487 | 302831 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 3650 | 326 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 372974 | 68455 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 1608190 | 45064 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 171588 | 152804 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 118112 | 183303 |
| M Capital Appreciation Fund | 5168 | 3229 |
| M International Equity Fund | 2393 | 3138 |
| M Large Cap Growth Fund | 8167 | 3654 |
| M Large Cap Value Fund | 3123 | 771 |
| MFS® VIT Growth Series - Initial Class | 557992 | 216311 |
| MFS® VIT Total Return Series - Initial Class | 422595 | 108278 |
| MFS® VIT Utilities Series - Initial Class | 260742 | 260218 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 6479 | 968 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 229038 | 101070 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 91485 | 16392 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 12642 | 740 |
| Nomura VIP Emerging Markets Series - Standard Class | 144757 | 958579 |
| Nomura VIP Small Cap Value Series - Standard Class | 331369 | 114991 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 125383 | 407278 |
| Putnam VT Global Health Care Fund - Class IB | 16873 | 3794 |
| Putnam VT Large Cap Value Fund - Class IB | 5611 | 478 |
| Templeton Foreign VIP Fund - Class 1 | 23999 | 14640 |
| Templeton Foreign VIP Fund - Class 2 | 11338 | 14896 |
| Templeton Global Bond VIP Fund - Class 1 | 107369 | 62863 |
| Templeton Growth VIP Fund - Class 1 | 42737 | 27964 |
| Templeton Growth VIP Fund - Class 2 | 4378 | 2753 |

---

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**5. Investments**

The following is a summary of investments owned at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Subaccount* | *Shares Owned* | *Net Asset Value ($)* | *Fair Value of Shares ($)* | *Cost of Shares ($)* |
| AB VPS Discovery Value Portfolio - Class A | 265430 | 16.59 | 4403476 | 4594829 |
| AB VPS International Value Portfolio - Class A | 49659 | 20.92 | 1038866 | 769613 |
| AB VPS Large Cap Growth Portfolio - Class A | 4641 | 92.55 | 429555 | 327858 |
| AB VPS Relative Value Portfolio - Class A | 37213 | 31.74 | 1181137 | 1098678 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 23750 | 32.83 | 779700 | 809276 |
| American Funds® IS Global Growth Fund - Class 2 | 99152 | 38.11 | 3778699 | 3268830 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 243001 | 19.04 | 4626748 | 4870891 |
| American Funds® IS Growth Fund - Class 2 | 108631 | 138.80 | 15077979 | 10330891 |
| American Funds® IS Growth-Income Fund - Class 2 | 186040 | 66.28 | 12330711 | 10016350 |
| American Funds® IS International Fund - Class 2 | 338989 | 22.22 | 7532341 | 6279213 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 10482 | 23.80 | 249471 | 244327 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 29179 | 13.71 | 400043 | 378213 |
| DWS Equity 500 Index VIP Portfolio - Class A | 138733 | 32.55 | 4515748 | 3355601 |
| DWS Small Cap Index VIP Portfolio - Class A | 60770 | 15.02 | 912762 | 842551 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 309 | 17.62 | 5444 | 4994 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 126097 | 59.33 | 7481335 | 6250670 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 1110 | 29.43 | 32664 | 27457 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 11511 | 29.16 | 335671 | 290041 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 4888 | 99.16 | 484679 | 334139 |
| Fidelity® VIP Growth Portfolio - Service Class | 52338 | 96.56 | 5053752 | 4872372 |
| Fidelity® VIP High Income Portfolio - Service Class | 22298 | 4.84 | 107920 | 112100 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 5010 | 11.36 | 56916 | 58519 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 88243 | 36.79 | 3246449 | 3109896 |
| Fidelity® VIP Overseas Portfolio - Service Class | 22355 | 27.32 | 610746 | 551884 |
| Franklin Income VIP Fund - Class 1 | 451677 | 16.02 | 7235871 | 6929755 |
| Franklin Mutual Shares VIP Fund - Class 1 | 147020 | 16.60 | 2440528 | 2523968 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 42468 | 18.65 | 792032 | 797913 |
| Invesco V.I. American Franchise Fund - Series I Shares | 18974 | 81.00 | 1536860 | 1232094 |
| Invesco V.I. Core Equity Fund - Series I Shares | 48634 | 36.03 | 1752278 | 1553518 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 6832 | 5.85 | 39968 | 40008 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 20156 | 36.11 | 727821 | 720569 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 5967 | 55.86 | 333344 | 279516 |
| Janus Henderson Balanced Portfolio - Service Shares | 4108 | 59.48 | 244350 | 201566 |
| Janus Henderson Enterprise Portfolio - Service Shares | 1705 | 73.35 | 125083 | 124389 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 10029 | 79.67 | 799002 | 651451 |
| Janus Henderson Global Research Portfolio - Service Shares | 1389 | 76.42 | 106112 | 84644 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 3748 | 23.94 | 89720 | 66765 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 48539 | 48.63 | 2360558 | 2568980 |
| LVIP American Century Balanced Fund - Standard Class II | 35779 | 9.05 | 323617 | 280566 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 71707 | 9.03 | 647301 | 710186 |
| LVIP American Century Ultra® Fund - Standard Class | 97519 | 31.55 | 3076638 | 2861405 |
| LVIP Baron Growth Opportunities Fund - Service Class | 16833 | 59.56 | 1002577 | 1107782 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 7895 | 63.18 | 498759 | 466463 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 27963 | 22.08 | 617427 | 573263 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 85660 | 25.78 | 2208142 | 2296555 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 274670 | 13.56 | 3725345 | 3155021 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 1871 | 13.55 | 25355 | 22845 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 91926 | 9.46 | 869252 | 888858 |
| LVIP BlackRock Real Estate Fund - Standard Class | 95706 | 7.81 | 747560 | 771457 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 1814 | 14.54 | 26381 | 23073 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 9376 | 55.54 | 520790 | 452434 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 8215 | 19.00 | 156121 | 140147 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 8472 | 15.85 | 134323 | 103341 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 38484 | 13.45 | 517683 | 377344 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 13010 | 51.82 | 674209 | 498923 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 20812 | 22.85 | 475578 | 387334 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 49665 | 22.31 | 1108178 | 990258 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 398600 | 8.90 | 3547536 | 3930304 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 483101 | 11.66 | 5633443 | 6144462 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 6264 | 44.56 | 279128 | 250020 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 47607 | 10.07 | 479400 | 381156 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 26057 | 10.48 | 273022 | 215611 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 45737 | 16.69 | 763115 | 632469 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 111426 | 14.49 | 1614792 | 1322089 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 36708 | 12.91 | 474053 | 466654 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 226321 | 14.17 | 3206746 | 3056332 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 287887 | 14.38 | 4139813 | 3966614 |
| LVIP Government Money Market Fund - Standard Class | 299310 | 10.00 | 2993102 | 2993105 |
| LVIP JPMorgan High Yield Fund - Standard Class | 124745 | 10.02 | 1250315 | 1268307 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 14785 | 17.34 | 256365 | 267310 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 192328 | 9.42 | 1812310 | 1856682 |
| LVIP MFS International Growth Fund - Standard Class | 87876 | 21.23 | 1865783 | 1659415 |
| LVIP MFS Value Fund - Standard Class | 127964 | 54.68 | 6997318 | 5882481 |
| LVIP Mondrian Global Income Fund - Standard Class | 63289 | 9.45 | 598211 | 655974 |
| LVIP Mondrian International Value Fund - Standard Class | 60182 | 21.26 | 1279175 | 997027 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 195332 | 9.84 | 1922064 | 1956079 |
| LVIP Nomura High Yield Fund - Standard Class | 237655 | 4.34 | 1032137 | 1101607 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 27259 | 43.77 | 1193123 | 1049930 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 104943 | 29.36 | 3080915 | 2637157 |
| LVIP Nomura Social Awareness Fund - Standard Class | 16885 | 56.09 | 947166 | 752016 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 313476 | 14.40 | 4513115 | 3656200 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 122456 | 13.47 | 1649609 | 1632257 |
| LVIP SSGA Bond Index Fund - Standard Class | 93616 | 10.09 | 944962 | 989096 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 17734 | 14.58 | 258523 | 236976 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 85500 | 13.12 | 1121754 | 997077 |
| LVIP SSGA International Index Fund - Standard Class | 129140 | 13.27 | 1714211 | 1313456 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 2975 | 11.44 | 34030 | 27934 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 79926 | 18.26 | 1459522 | 1225796 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 49280 | 19.65 | 968544 | 794165 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 654218 | 33.70 | 22049768 | 16597835 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 51140 | 34.81 | 1780289 | 1540211 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 6142 | 11.39 | 69952 | 71654 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 178713 | 12.86 | 2297355 | 2252775 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 97664 | 13.83 | 1350982 | 1260710 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 2925 | 9.83 | 28739 | 31079 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 10211 | 12.51 | 127703 | 121097 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 20740 | 13.91 | 288557 | 247531 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 45278 | 30.97 | 1402030 | 1330636 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 1410 | 13.02 | 18360 | 16551 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 119289 | 9.25 | 1103665 | 1169222 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 138133 | 25.02 | 3456375 | 3506843 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 163554 | 15.04 | 2460500 | 1898333 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 22284 | 24.20 | 539262 | 560637 |
| M Capital Appreciation Fund | 630 | 24.53 | 15463 | 15395 |
| M International Equity Fund | 1324 | 17.68 | 23409 | 17319 |
| M Large Cap Growth Fund | 770 | 29.81 | 22966 | 23319 |
| M Large Cap Value Fund | 1376 | 17.04 | 23447 | 19311 |
| MFS® VIT Growth Series - Initial Class | 39879 | 67.85 | 2705763 | 2636984 |
| MFS® VIT Total Return Series - Initial Class | 123940 | 23.33 | 2891513 | 2956231 |
| MFS® VIT Utilities Series - Initial Class | 81576 | 37.73 | 3077852 | 2698813 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 1277 | 31.83 | 40647 | 37296 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 43660 | 28.99 | 1265703 | 1313088 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 28539 | 16.41 | 468332 | 449797 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 5254 | 42.76 | 224645 | 185084 |
| Nomura VIP Emerging Markets Series - Standard Class | 85314 | 40.00 | 3412567 | 1954266 |
| Nomura VIP Small Cap Value Series - Standard Class | 71929 | 40.08 | 2882898 | 2612813 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 102647 | 6.29 | 645652 | 667078 |
| Putnam VT Global Health Care Fund - Class IB | 11444 | 16.81 | 192367 | 178172 |
| Putnam VT Large Cap Value Fund - Class IB | 2132 | 35.69 | 76107 | 57323 |
| Templeton Foreign VIP Fund - Class 1 | 12324 | 16.63 | 204946 | 170619 |
| Templeton Foreign VIP Fund - Class 2 | 5255 | 16.22 | 85240 | 72638 |
| Templeton Global Bond VIP Fund - Class 1 | 103293 | 14.00 | 1446102 | 1507856 |
| Templeton Growth VIP Fund - Class 1 | 28906 | 14.51 | 419433 | 353119 |
| Templeton Growth VIP Fund - Class 2 | 1518 | 14.15 | 21476 | 17851 |

---

------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**6. Changes in Units Outstanding**

The change in units outstanding for the year ended December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Subaccount* | *Units Issued* | *Units Redeemed* | *Net Increase (Decrease)* |
| AB VPS Discovery Value Portfolio - Class A | 28749 | (4139) | 24610 |
| AB VPS International Value Portfolio - Class A | 8333 | (7749) | 584 |
| AB VPS Large Cap Growth Portfolio - Class A | 121 | (274) | (153) |
| AB VPS Relative Value Portfolio - Class A | 5854 | (1370) | 4484 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 4781 | (6384) | (1603) |
| American Funds® IS Global Growth Fund - Class 2 | 8380 | (15141) | (6761) |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 19584 | (9447) | 10137 |
| American Funds® IS Growth Fund - Class 2 | 14434 | (27543) | (13109) |
| American Funds® IS Growth-Income Fund - Class 2 | 24567 | (23393) | 1174 |
| American Funds® IS International Fund - Class 2 | 23843 | (81641) | (57798) |
| ClearBridge Variable Mid Cap Portfolio - Class I | 962 | (586) | 376 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 2286 | (1234) | 1052 |
| DWS Equity 500 Index VIP Portfolio - Class A | 1977 | (6226) | (4249) |
| DWS Small Cap Index VIP Portfolio - Class A | 2871 | (2344) | 527 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 729 | (1543) | (814) |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 21942 | (17336) | 4606 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 44 | (81) | (37) |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 111 | (369) | (258) |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 463 | (2695) | (2232) |
| Fidelity® VIP Growth Portfolio - Service Class | 33321 | (6604) | 26717 |
| Fidelity® VIP High Income Portfolio - Service Class | 713 | (202) | 511 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 1283 | (2319) | (1036) |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 23181 | (12597) | 10584 |
| Fidelity® VIP Overseas Portfolio - Service Class | 4731 | (3411) | 1320 |
| Franklin Income VIP Fund - Class 1 | 20103 | (13090) | 7013 |
| Franklin Mutual Shares VIP Fund - Class 1 | 14464 | (9076) | 5388 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 3640 | (2367) | 1273 |
| Invesco V.I. American Franchise Fund - Series I Shares | 414 | (2065) | (1651) |
| Invesco V.I. Core Equity Fund - Series I Shares | 859 | (3523) | (2664) |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 1297 | (2538) | (1241) |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 1840 | (3853) | (2013) |
| Janus Henderson Balanced Portfolio - Institutional Shares | 823 | (1335) | (512) |
| Janus Henderson Balanced Portfolio - Service Shares | 602 | (4455) | (3853) |
| Janus Henderson Enterprise Portfolio - Service Shares | 230 | (614) | (384) |
| Janus Henderson Global Research Portfolio - Institutional Shares | 781 | (2191) | (1410) |
| Janus Henderson Global Research Portfolio - Service Shares | 93 | (331) | (238) |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 358 | (4199) | (3841) |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 22727 | (7208) | 15519 |
| LVIP American Century Balanced Fund - Standard Class II | 931 | (2595) | (1664) |
| LVIP American Century Inflation Protection Fund - Standard Class II | 7246 | (7237) | 9 |
| LVIP American Century Ultra® Fund - Standard Class | 16588 | (8377) | 8211 |
| LVIP Baron Growth Opportunities Fund - Service Class | 6817 | (1883) | 4934 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 3965 | (1633) | 2332 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 2375 | (4095) | (1720) |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 14802 | (12316) | 2486 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 7098 | (14140) | (7042) |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 138 | (52) | 86 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 7194 | (3950) | 3244 |
| LVIP BlackRock Real Estate Fund - Standard Class | 5289 | (2328) | 2961 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 121 | (63) | 58 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 5877 | (3096) | 2781 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 686 | (410) | 276 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 2520 | (1575) | 945 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 1620 | (7473) | (5853) |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 1240 | (646) | 594 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 6772 | (123) | 6649 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 6099 | (8078) | (1979) |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 19277 | (19407) | (130) |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 36898 | (24642) | 12256 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 1147 | (265) | 882 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 3523 | (2743) | 780 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 1528 | (2247) | (719) |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 3635 | (4504) | (869) |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 8799 | (2571) | 6228 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 7840 | (1295) | 6545 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 7689 | (4338) | 3351 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 18705 | (14987) | 3718 |
| LVIP Government Money Market Fund - Standard Class | 43711 | (38340) | 5371 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 1 | (70) | (69) |
| LVIP JPMorgan High Yield Fund - Standard Class | 6907 | (26596) | (19689) |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 5705 | (960) | 4745 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 14861 | (4310) | 10551 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 495 | (14721) | (14226) |
| LVIP MFS International Growth Fund - Standard Class | 7441 | (7901) | (460) |
| LVIP MFS Value Fund - Standard Class | 26884 | (70752) | (43868) |
| LVIP Mondrian Global Income Fund - Standard Class | 4626 | (3132) | 1494 |
| LVIP Mondrian International Value Fund - Standard Class | 5555 | (14214) | (8659) |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 11936 | (6371) | 5565 |
| LVIP Nomura High Yield Fund - Standard Class | 4608 | (3076) | 1532 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 3438 | (2892) | 546 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 8158 | (6546) | 1612 |
| LVIP Nomura Social Awareness Fund - Standard Class | 131 | (1845) | (1714) |
| LVIP Nomura U.S. Growth Fund - Standard Class | 27145 | (5042) | 22103 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 13533 | (4174) | 9359 |
| LVIP SSGA Bond Index Fund - Standard Class | 13162 | (7368) | 5794 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 332 | (993) | (661) |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 2831 | (1573) | 1258 |
| LVIP SSGA International Index Fund - Standard Class | 10191 | (26429) | (16238) |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 353 | (1130) | (777) |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 1936 | (2891) | (955) |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 4459 | (1613) | 2846 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 99364 | (67574) | 31790 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 8096 | (22345) | (14249) |
| LVIP Structured Conservative Allocation Fund - Standard Class | 262 | (1676) | (1414) |
| LVIP Structured Moderate Allocation Fund - Standard Class | 16594 | (6663) | 9931 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 1222 | (1934) | (712) |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 34 | (2146) | (2112) |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 187 | (1631) | (1444) |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 430 | (1752) | (1322) |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 4014 | (5965) | (1951) |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 167 | (18) | 149 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 29836 | (5827) | 24009 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 4701 | (1387) | 3314 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 5608 | (9615) | (4007) |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 3224 | (4483) | (1259) |
| M Capital Appreciation Fund | 171 | (161) | 10 |
| M International Equity Fund | 118 | (199) | (81) |
| M Large Cap Growth Fund | 79 | (105) | (26) |
| M Large Cap Value Fund | 71 | (36) | 35 |
| MFS® VIT Growth Series - Initial Class | 19953 | (4076) | 15877 |
| MFS® VIT Total Return Series - Initial Class | 13302 | (5160) | 8142 |
| MFS® VIT Utilities Series - Initial Class | 11157 | (7877) | 3280 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 62 | (25) | 37 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 3714 | (3416) | 298 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 2373 | (824) | 1549 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class |  | (32) | (32) |
| Nomura VIP Emerging Markets Series - Standard Class | 9254 | (45093) | (35839) |
| Nomura VIP Small Cap Value Series - Standard Class | 11049 | (8555) | 2494 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 8263 | (33542) | (25279) |
| Putnam VT Global Health Care Fund - Class IB | 265 | (187) | 78 |
| Putnam VT Large Cap Value Fund - Class IB | 7 | (16) | (9) |
| Templeton Foreign VIP Fund - Class 1 | 380 | (710) | (330) |
| Templeton Foreign VIP Fund - Class 2 | 312 | (1121) | (809) |
| Templeton Global Bond VIP Fund - Class 1 | 13053 | (6844) | 6209 |
| Templeton Growth VIP Fund - Class 1 | 1062 | (1631) | (569) |
| Templeton Growth VIP Fund - Class 2 | 176 | (176) |  |

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------

**Lincoln Life & Annuity Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**6. Changes in Units Outstanding (continued)**

The change in units outstanding for the year ended December 31, 2024, is as follows:

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| | | | |
|:---|:---|:---|:---|
| *Subaccount* | *Units Issued* | *Units Redeemed* | *Net Increase (Decrease)* |
| AB VPS Discovery Value Portfolio - Class A | 13546 | (7993) | 5553 |
| AB VPS International Value Portfolio - Class A | 5913 | (1499) | 4414 |
| AB VPS Large Cap Growth Portfolio - Class A | 102 | (1961) | (1859) |
| AB VPS Relative Value Portfolio - Class A | 2631 | (1311) | 1320 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 1323 | (1844) | (521) |
| American Funds® IS Global Growth Fund - Class 2 | 8960 | (19106) | (10146) |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 18662 | (9850) | 8812 |
| American Funds® IS Growth Fund - Class 2 | 15688 | (41404) | (25716) |
| American Funds® IS Growth-Income Fund - Class 2 | 5681 | (27332) | (21651) |
| American Funds® IS International Fund - Class 2 | 46511 | (95144) | (48633) |
| ClearBridge Variable Mid Cap Portfolio - Class I | 766 | (20421) | (19655) |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 1519 | (794) | 725 |
| DWS Equity 500 Index VIP Portfolio - Class A | 5789 | (29577) | (23788) |
| DWS Small Cap Index VIP Portfolio - Class A | 7110 | (9016) | (1906) |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 1832 | (3133) | (1301) |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 15880 | (21609) | (5729) |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 85 | (2005) | (1920) |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 345 | (1219) | (874) |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 811 | (2042) | (1231) |
| Fidelity® VIP Growth Portfolio - Service Class | 7411 | (13068) | (5657) |
| Fidelity® VIP High Income Portfolio - Service Class | 575 | (700) | (125) |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 2780 | (3705) | (925) |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 4611 | (11262) | (6651) |
| Fidelity® VIP Overseas Portfolio - Service Class | 2596 | (763) | 1833 |
| Franklin Income VIP Fund - Class 1 | 12929 | (16337) | (3408) |
| Franklin Mutual Shares VIP Fund - Class 1 | 3301 | (5791) | (2490) |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 4088 | (3425) | 663 |
| Invesco V.I. American Franchise Fund - Series I Shares | 417 | (5854) | (5437) |
| Invesco V.I. Core Equity Fund - Series I Shares | 2198 | (5534) | (3336) |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 3022 | (3343) | (321) |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 3010 | (2824) | 186 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 761 | (815) | (54) |
| Janus Henderson Balanced Portfolio - Service Shares | 4280 | (8445) | (4165) |
| Janus Henderson Enterprise Portfolio - Service Shares | 587 | (245) | 342 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 1061 | (1148) | (87) |
| Janus Henderson Global Research Portfolio - Service Shares | 158 | (661) | (503) |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 1227 | (585) | 642 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 8669 | (8192) | 477 |
| LVIP American Century Balanced Fund - Standard Class II | 1448 | (670) | 778 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 6668 | (3765) | 2903 |
| LVIP American Century Ultra® Fund - Standard Class | 57581 | (1093) | 56488 |
| LVIP Baron Growth Opportunities Fund - Service Class | 8492 | (5821) | 2671 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 1602 | (453) | 1149 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 1959 | (3705) | (1746) |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 10463 | (16962) | (6499) |
| LVIP BlackRock Global Allocation Fund - Standard Class | 9758 | (11017) | (1259) |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 139 | (60) | 79 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 11102 | (12371) | (1269) |
| LVIP BlackRock Real Estate Fund - Standard Class | 5037 | (11461) | (6424) |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 101 | (71) | 30 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 2376 | (1433) | 943 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 237 | (716) | (479) |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 8 | (247) | (239) |
| LVIP Dimensional International Core Equity Fund - Standard Class | 1115 | (790) | 325 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 3184 | (2031) | 1153 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 1241 | (1627) | (386) |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 615 | (91) | 524 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 1840 | (5941) | (4101) |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 18597 | (25083) | (6486) |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 66319 | (31588) | 34731 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 901 | (659) | 242 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 3430 | (9241) | (5811) |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 792 | (412) | 380 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 2179 | (4115) | (1936) |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 4483 | (2362) | 2121 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 3942 | (21956) | (18014) |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 4718 | (20930) | (16212) |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 11545 | (17689) | (6144) |
| LVIP Government Money Market Fund - Standard Class | 89467 | (72824) | 16643 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 8 |  | 8 |
| LVIP JPMorgan High Yield Fund - Standard Class | 29200 | (11027) | 18173 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 348 | (677) | (329) |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 11942 | (6432) | 5510 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 596 | (140) | 456 |
| LVIP MFS International Growth Fund - Standard Class | 4628 | (5386) | (758) |
| LVIP MFS Value Fund - Standard Class | 20054 | (34491) | (14437) |
| LVIP Mondrian Global Income Fund - Standard Class | 15689 | (1383) | 14306 |
| LVIP Mondrian International Value Fund - Standard Class | 10012 | (7922) | 2090 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 16750 | (4258) | 12492 |
| LVIP Nomura High Yield Fund - Standard Class | 5223 | (6442) | (1219) |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 1181 | (2884) | (1703) |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 4619 | (5602) | (983) |
| LVIP Nomura Social Awareness Fund - Standard Class | 301 | (1414) | (1113) |
| LVIP Nomura U.S. Growth Fund - Standard Class | 4427 | (8969) | (4542) |
| LVIP Nomura U.S. REIT Fund - Standard Class | 6769 | (14196) | (7427) |
| LVIP SSGA Bond Index Fund - Standard Class | 12459 | (51456) | (38997) |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 1162 | (3896) | (2734) |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 3530 | (1523) | 2007 |
| LVIP SSGA International Index Fund - Standard Class | 13534 | (29940) | (16406) |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 363 | (94) | 269 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 3557 | (2094) | 1463 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 2442 | (3148) | (706) |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 84519 | (32830) | 51689 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 11017 | (26927) | (15910) |
| LVIP Structured Conservative Allocation Fund - Standard Class | 256 | (185) | 71 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 4175 | (2523) | 1652 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 1659 | (3992) | (2333) |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 107 | (546) | (439) |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 361 | (2546) | (2185) |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 460 | (161) | 299 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 2243 | (5947) | (3704) |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 146 | (41) | 105 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 9458 | (19159) | (9701) |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 4545 | (3755) | 790 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 15715 | (11718) | 3997 |
| LVIP Wellington Capital Growth Fund - Standard Class | 2876 | (57320) | (54444) |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 2311 | (9059) | (6748) |
| M Capital Appreciation Fund | 28 | (46) | (18) |
| M International Equity Fund | 83 | (39) | 44 |
| M Large Cap Growth Fund | 55 | (124) | (69) |
| M Large Cap Value Fund | 56 | (105) | (49) |
| MFS® VIT Growth Series - Initial Class | 8750 | (6537) | 2213 |
| MFS® VIT Total Return Series - Initial Class | 11735 | (17497) | (5762) |
| MFS® VIT Utilities Series - Initial Class | 7340 | (15870) | (8530) |
| MFS® VIT II Core Equity Portfolio - Initial Class | 190 | (28) | 162 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 3809 | (4947) | (1138) |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 1990 | (1333) | 657 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 79 | (1826) | (1747) |
| Nomura VIP Emerging Markets Series - Standard Class | 20231 | (22543) | (2312) |
| Nomura VIP Small Cap Value Series - Standard Class | 8938 | (18693) | (9755) |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 6135 | (4665) | 1470 |
| Putnam VT Global Health Care Fund - Class IB | 184 | (169) | 15 |
| Putnam VT Large Cap Value Fund - Class IB | 6 | (19) | (13) |
| Templeton Foreign VIP Fund - Class 1 | 898 | (4710) | (3812) |
| Templeton Foreign VIP Fund - Class 2 | 358 | (1039) | (681) |
| Templeton Global Bond VIP Fund - Class 1 | 27723 | (6107) | 21616 |
| Templeton Growth VIP Fund - Class 1 | 2354 | (1829) | 525 |
| Templeton Growth VIP Fund - Class 2 | 230 | (1555) | (1325) |

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**7. Subsequent Events**

Management evaluated subsequent events through the date at which the Variable Account's financial statements were available to be issued and determined there were no additional matters to be disclosed.

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**Report of Independent Registered Public Accounting Firm**

To the Stockholder and Board of Directors of Lincoln Life & Annuity Company of New York and Contract Owners of Lincoln Life & Annuity Flexible Premium Variable Life Account M

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Lincoln Life & Annuity Flexible Premium Variable Life Account M ("Variable Account"), as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

/s/ Ernst & Young LLP

We have served as the Variable Account's auditor since 1999.

Philadelphia, Pennsylvania

April 8, 2026

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| | | | |
|:---|:---|:---|:---|
| **Subaccount** | **Statements of Assets and Liabilities** | **Statements of Operations** | **Statements of Changes in Net Assets** |
| AB VPS Discovery Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS International Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Large Cap Growth Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Relative Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Global Growth Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth-Income Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS International Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Mid Cap Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Equity 500 Index VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Small Cap Index VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP High Income Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Overseas Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Income VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Mutual Shares VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Franchise Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Equity Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio - Institutional Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Enterprise Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio - Institutional Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Balanced Fund - Standard Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Inflation Protection Fund - Standard Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Ultra® Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from August 23, 2024 (commencement of operations) through December 31, 2024 |
| LVIP Baron Growth Opportunities Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Baron Growth Opportunities Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Global Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Real Estate Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class |  |  | For the year ended December 31, 2024 |
| LVIP Dimensional International Core Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Government Money Market Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025. |
| LVIP JPMorgan High Yield Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Macquarie Wealth Builder Fund - Standard Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025. |
| LVIP MFS International Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP MFS Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Mondrian Global Income Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Mondrian International Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura High Yield Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Social Awareness Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura U.S. Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura U.S. REIT Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Bond Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA International Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Conservative Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Moderate Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Wellington Capital Growth Fund - Standard Class |  |  | For the year ended December 31, 2024. |
| LVIP Wellington SMID Cap Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Capital Appreciation Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M International Equity Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Large Cap Growth Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Large Cap Value Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Growth Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT II Core Equity Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Total Return Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Utilities Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Emerging Markets Series - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Small Cap Value Series - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Global Health Care Fund - Class IB | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Large Cap Value Fund - Class IB | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Foreign VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Foreign VIP Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Global Bond VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Growth VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Growth VIP Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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