# EDGAR Filing Document

**Accession Number:** 0001075796
**File Stem:** 0001104659-26-044692
**Filing Date:** 2026-4
**Character Count:** 309429
**Document Hash:** 9da80d887ffba26a0aa75711b3ed6860
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-044692.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001104659-26-044692

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLI VUL 2 SERIES ACCOUNT
- **CENTRAL INDEX KEY:** 0001075796

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09201
- **FILM NUMBER:** 26869902

**BUSINESS ADDRESS:**
- **STREET 1:** 8515 EAST ORCHARD RD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303-737-3000

**MAIL ADDRESS:**
- **STREET 1:** 8515 EAST ORCHARD RD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

## Series and Classes Contracts Data

### COLI VUL 2 SERIES ACCOUNT (Series ID: S000011535)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000031797 | COLI VUL 2 SERIES ACCOUNT |  |

*COLI VUL-2 Series Account*

*Financial Statements* 

*Year Ended December 31, 2025* 

*(With Report of Independent Registered Public Accounting Firm Thereon)*

**Report of Independent Registered Public Accounting Firm**

To Those Charged with Governance of COLI VUL-2 Series Account of Empower Annuity Insurance Company of America and Policy Owners of COLI VUL-2 Series Account:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise COLI VUL-2 Series Account (the Separate Account), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2025, the results of its operations for the year or period listed in the Appendix, and the changes in its net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other appropriate auditing procedures. 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/ KPMG LLP

We have served as the auditor of one or more Empower Annuity Insurance Company of America Separate Accounts since 2021.

Birmingham, Alabama<br> April 16, 2026

**Appendix**

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

Alger Small Cap Growth Portfolio, Class I-2

American Funds IS Global Small Capitalization Fund, Class 2

American Funds IS Growth Fund, Class 2

American Funds IS Growth-Income Fund, Class 2

American Funds IS International Fund, Class 2

American Funds IS New World Fund, Class 2

BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I

BlackRock Global Allocation V.I. Fund, Class I

BlackRock High Yield V.I. Fund, Class I

BNY Mellon Stock Index Fund, Inc., Initial Shares

ClearBridge Variable Mid Cap Portfolio, Class I

ClearBridge Variable Small Cap Growth Portfolio, Class I

Columbia VP Small Cap Value Fund, Class 1

Davis Equity Portfolio

Davis Financial Portfolio

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

DWS Core Equity VIP, Class A

DWS High Income VIP, Class A

DWS Small Cap Index VIP, Class A

DWS Small Mid Cap Value VIP, Class A

Eaton Vance VT Floating-Rate Income Fund, Initial Class

Empower Aggressive Profile Fund, Investor Class

Empower Bond Index Fund, Investor Class

Empower Conservative Profile Fund, Investor Class

Empower Core Bond Fund, Investor Class

Empower Emerging Markets Equity Fund, Investor Class

Empower Global Bond Fund, Investor Class

Empower Inflation-Protected Securities Fund, Investor Class

Empower International Index Fund, Investor Class

Empower International Value Fund, Investor Class

Empower Large Cap Growth Fund, Investor Class

Empower Large Cap Value Fund, Investor II Class

Empower Lifetime 2015 Fund, Investor Class

Empower Lifetime 2020 Fund, Investor Class

Empower Lifetime 2025 Fund, Investor Class

Empower Lifetime 2030 Fund, Investor Class

Empower Lifetime 2035 Fund, Investor Class

Empower Lifetime 2040 Fund, Investor Class

Empower Lifetime 2045 Fund, Investor Class

Empower Lifetime 2050 Fund, Investor Class

Empower Lifetime 2055 Fund, Investor Class

Empower Lifetime 2060 Fund, Investor Class

Empower Mid Cap Value Fund, Investor Class

Empower Moderate Profile Fund, Investor Class

Empower Moderately Aggressive Profile Fund, Investor Class

Empower Moderately Conservative Profile Fund, Investor Class

Empower Multi-Sector Bond Fund, Investor Class

Empower Real Estate Index Fund, Investor Class

Empower S&P Mid Cap 400 Index Fund, Investor Class

Empower S&P Small Cap 600 Index Fund, Investor Class

Empower Short Duration Bond Fund, Investor Class

Empower Small Cap Growth Fund, Investor Class

Empower Small Cap Value Fund, Investor Class

Empower T. Rowe Price Mid Cap Growth Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

Federated Hermes High Income Bond Fund II, Primary Shares

Federated Hermes Kaufmann Fund II, Primary Shares

Fidelity VIP Contrafund Portfolio, Service Class 2

Fidelity VIP Emerging Markets Portfolio, Service Class 2

Fidelity VIP Growth Portfolio, Service Class 2

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP Investment Grade Bond Portfolio, Service Class 2

Fidelity VIP Mid Cap Portfolio, Service Class 2

Goldman Sachs VIT Mid Cap Value Fund, Institutional Class

Invesco V.I. Core Equity Fund, Series I

Invesco V.I. EQV International Equity Fund, Series I

Invesco V.I. Global Real Estate Fund, Series I

Invesco V.I. Health Care Fund, Series I

Invesco V.I. Main Street Small Cap Fund, Series I

Janus Henderson VIT Balanced Portfolio, Institutional Shares

Janus Henderson VIT Enterprise Portfolio, Institutional Shares

Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares

Janus Henderson VIT Forty Portfolio, Institutional Shares

Janus Henderson VIT Global Research Portfolio, Institutional Shares

Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares

Janus Henderson VIT Overseas Portfolio, Institutional Shares

Lord Abbett Series Fund Developing Growth Portfolio, Class VC

Lord Abbett Series Fund Total Return Portfolio, Class VC

LVIP American Century Capital Appreciation Fund, Standard Class II

LVIP American Century Inflation Protection Fund, Service Class

LVIP American Century International Fund, Standard Class II

LVIP American Century Mid Cap Value Fund, Standard Class II

LVIP American Century Ultra Fund, Standard Class II

LVIP American Century Value Fund, Standard Class II

LVIP JPMorgan Small Cap Core Fund, Standard Class

LVIP JPMorgan U.S. Equity Fund, Standard Class

MFS VIT Growth Series, Initial Class

MFS VIT II International Growth Portfolio, Initial Class

MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class

MFS VIT III Global Real Estate Portfolio, Initial Class

MFS VIT III Mid Cap Value Portfolio, Initial Class

MFS VIT Mid Cap Growth Series, Initial Class

MFS VIT Research Series, Initial Class

MFS VIT Total Return Bond Series, Initial Class

MFS VIT Value Series, Initial Class

Neuberger Berman AMT Mid Cap Growth Portfolio, Class I

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I

Neuberger Berman AMT Quality Equity Portfolio, Class I

Nomura VIP International Core Equity Series, Standard Class

Nomura VIP Small Cap Value Series, Service Class

PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class

PIMCO VIT High Yield Portfolio, Administrative Class

PIMCO VIT Income Portfolio, Institutional Class

PIMCO VIT Low Duration Portfolio, Administrative Class

PIMCO VIT Real Return Portfolio, Administrative Class

PIMCO VIT Total Return Portfolio, Administrative Class

Putnam VT Focused International Equity Fund, Class IA

Putnam VT Global Asset Allocation Fund, Class IA

Putnam VT High Yield Fund, Class IA

Putnam VT Income Fund, Class IB

Putnam VT International Value Fund, Class IA

Putnam VT Large Cap Growth Fund, Class IA

Putnam VT Large Cap Value Fund, Class IA

Putnam VT Research Fund, Class IA

Putnam VT Small Cap Value Fund, Class IA

Putnam VT Sustainable Future Fund, Class IA

Royce Capital Fund Small-Cap Portfolio, Service Class

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio, Class II

VanEck VIP Emerging Markets Fund, Initial Class

VanEck VIP Global Resources Fund, Initial Class

Vanguard VIF Global Bond Index Portfolio

Vanguard VIF Total Bond Market Index Portfolio

The statement of changes in net assets for the period from January 1, 2024 to April 26, 2024 (date of merger).

Delaware VIP International Series, Standard Class

The statement of changes in net assets for the period from January 1, 2024 to October 25, 2024 (date of merger).

Empower Ariel Mid Cap Value Fund, Investor Class

The statement of changes in net assets for the period from January 1, 2024 to June 14, 2024 (date of liquidation).

Empower Government Money Market Fund, Investor Class

Statement of operations for the period from January 1, 2025 to August 28, 2025 (date of liquidation) and the statements of changes in net assets for the period from January 1, 2025 to August 28, 2025 (date of liquidation) and the year ended December 31, 2024.

Victory RS Small Cap Growth Equity VIP Series, Class I

Statement of changes in net assets for the year ended December 31, 2024.

Invesco V.I. Main Street Mid Cap Fund, Series I

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from January 19, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP International Index Portfolio, Service Class 2

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from April 26, 2024 (date trading commenced) to December 31, 2024.

Vanguard VIF Real Estate Index Portfolio

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from April 30, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Government Money Market Portfolio, Service Class 2

Goldman Sachs VIT Government Money Market Fund, Service Class

The statement of changes in net assets for the period from August 9, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Extended Market Index Portfolio, Service Class 2

Statement of assets and liabilities as of December 31, 2025 and the related statement of operations and changes in net assets for the period from June 27, 2025 (date trading commenced) to December 31, 2025.

American Funds IS Washington Mutual Investors Fund, Class 2

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Alger Small<br> Cap Growth<br> Portfolio,<br> Class I-2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, Class 2 | American<br> Funds IS<br> Growth Fund,<br> Class 2 | American<br> Funds IS<br> Growth-<br> Income<br> Fund, Class 2 | American<br> Funds IS<br> International<br> Fund, Class 2 | American<br> Funds IS New<br> World Fund,<br> Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $567842 | $30611 | $3273336 | $436 | $1048311 | $1886117 | $25967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 567842 | 30611 | 3273336 | 436 | 1048311 | 1886190 | 25967 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | - | 73 | - |
| NET ASSETS | $567842 | $30611 | $3273336 | $436 | $1048311 | $1886117 | $25967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $18.64 | $19.04 | $138.80 | $66.28 | $22.22 | $32.03 | $17.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 30464 | 1608 | 23583 | 7 | 47179 | 58886 | 1460 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $616844 | $27630 | $2269644 | $352 | $829211 | $1708199 | $24278 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | BlackRock<br> 60/40 Target<br> Allocation<br> ETF V.I.<br> Fund, Class I | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | BlackRock<br> High Yield<br> V.I. Fund,<br> Class I | BNY Mellon<br> Stock Index<br> Fund, Inc.,<br> Initial Shares | ClearBridge<br> Variable Mid<br> Cap Portfolio,<br> Class I | ClearBridge<br> Variable Small<br> Cap Growth<br> Portfolio,<br> Class I | Columbia VP<br> Small Cap<br> Value Fund,<br> Class 1 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $25 | $1324764 | $262131 | $38545848 | $123241 | $533191 | $184236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  | 677 |  | 275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | 1571 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 25 | 1324764 | 263702 | 38546525 | 123241 | 533466 | 184236 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  | 677 |  | 275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | 115 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | 792 | - | 275 | - |
| NET ASSETS | $25 | $1324764 | $263702 | $38545733 | $123241 | $533191 | $184236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $14.86 | $17.64 | $7.04 | $87.15 | $23.80 | $28.20 | $12.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2 | 75100 | 37234 | 442293 | 5178 | 18907 | 14564 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $21 | $1225853 | $249411 | $29831605 | $124831 | $533594 | $168695 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Davis Equity<br> Portfolio | Davis<br> Financial<br> Portfolio | Dimensional<br> VIT<br> Inflation-<br> Protected<br> Securities<br> Portfolio,<br> Institutional | DWS Core<br> Equity VIP,<br> Class A | DWS High<br> Income VIP,<br> Class A | DWS Small<br> Cap Index<br> VIP, Class A | DWS Small<br> Mid Cap Value<br> VIP, Class A |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $241593 | $460838 | $101715 | $29 | $167855 | $9714576 | $1980389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 132 |  |  | 1223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 241593 | 460838 | 101847 | 29 | 167855 | 9715799 | 1980389 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 132 |  |  | 1223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | 132 | - | - | 1223 | - |
| NET ASSETS | $241593 | $460838 | $101715 | $29 | $167855 | $9714576 | $1980389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $6.27 | $17.76 | $9.27 | $14.05 | $5.74 | $15.02 | $14.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 38532 | 25948 | 10972 | 2 | 29243 | 646776 | 140553 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $275065 | $365629 | $105513 | $23 | $158665 | $9494954 | $1796025 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Eaton Vance<br> VT<br> Floating-Rate<br> Income Fund,<br> Initial Class | Empower<br> Aggressive<br> Profile Fund,<br> Investor Class | Empower<br> Bond Index<br> Fund, Investor<br> Class | Empower<br> Conservative<br> Profile Fund,<br> Investor Class | Empower<br> Core Bond<br> Fund, Investor<br> Class | Empower<br> Emerging<br> Markets<br> Equity Fund,<br> Investor Class | Empower<br> Global Bond<br> Fund, Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $670984 | $492447 | $4119731 | $7226750 | $735485 | $21 | $1045537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 213 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 4078 | 51 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 670984 | 492660 | 4123809 | 7226801 | 735485 | 21 | 1045537 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 4078 | 51 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 213 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 213 | 4078 | 51 | - | - | - |
| NET ASSETS | $670984 | $492447 | $4119731 | $7226750 | $735485 | $21 | $1045537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $8.37 | $6.04 | $13.02 | $7.76 | $9.90 | $11.91 | $6.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 80165 | 81531 | 316416 | 931282 | 74291 | 2 | 150005 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $687297 | $462184 | $4049787 | $7280682 | $737038 | $14 | $1089464 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Inflation-<br> Protected<br> Securities<br> Fund,<br> Investor Class | Empower<br> International<br> Index Fund,<br> Investor Class | Empower<br> International<br> Value Fund,<br> Investor Class | Empower<br> Large Cap<br> Growth Fund,<br> Investor Class | Empower<br> Large Cap<br> Value Fund,<br> Investor II<br> Class | Empower<br> Lifetime 2015<br> Fund, Investor<br> Class | Empower<br> Lifetime 2020<br> Fund, Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $19 | $6057657 | $5784281 | $1241014 | $6192058 | $741865 | $725335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  | 3009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 1979 | 2 | 1851 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 19 | 6059636 | 5784283 | 1242865 | 6192058 | 744874 | 725335 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 1979 | 2 | 1851 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  | 3009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 1979 | 2 | 1851 | - | 3009 | - |
| NET ASSETS | $19 | $6057657 | $5784281 | $1241014 | $6192058 | $741865 | $725335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $9.18 | $15.76 | $15.87 | $10.42 | $13.17 | $13.76 | $10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2 | 384369 | 364479 | 119099 | 470164 | 53915 | 66913 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $20 | $4934522 | $4628717 | $1272325 | $5915210 | $729691 | $725196 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime 2025<br> Fund, Investor<br> Class | Empower<br> Lifetime 2030<br> Fund, Investor<br> Class | Empower<br> Lifetime 2035<br> Fund, Investor<br> Class | Empower<br> Lifetime 2040<br> Fund, Investor<br> Class | Empower<br> Lifetime 2045<br> Fund, Investor<br> Class | Empower<br> Lifetime 2050<br> Fund, Investor<br> Class | Empower<br> Lifetime 2055<br> Fund, Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $7791229 | $9431233 | $4557659 | $1147394 | $1249304 | $235203 | $617245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 5717 | 6296 | 2149 | 10439 | 1063 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 58 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7791287 | 9436950 | 4563955 | 1149543 | 1259743 | 236266 | 620455 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 58 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 5717 | 6296 | 2149 | 10439 | 1063 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 58 | 5717 | 6296 | 2149 | 10439 | 1063 | 3210 |
| NET ASSETS | $7791229 | $9431233 | $4557659 | $1147394 | $1249304 | $235203 | $617245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $14.69 | $11.35 | $15.11 | $11.71 | $15.76 | $12.52 | $20.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 530376 | 830946 | 301632 | 97984 | 79271 | 18786 | 29562 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $7230520 | $8872334 | $4299064 | $1016810 | $1093937 | $206627 | $552771 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime 2060<br> Fund, Investor<br> Class | Empower Mid<br> Cap Value<br> Fund, Investor<br> Class | Empower<br> Moderate<br> Profile Fund,<br> Investor Class | Empower<br> Moderately<br> Aggressive<br> Profile Fund,<br> Investor Class | Empower<br> Moderately<br> Conservative<br> Profile Fund,<br> Investor Class | Empower<br> Multi-Sector<br> Bond Fund,<br> Investor Class | Empower Real<br> Estate Index<br> Fund, Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $6588 | $839367 | $231008 | $188715 | $62814 | $130257 | $752297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 7 |  | 33 |  | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 56 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 6588 | 839367 | 231015 | 188771 | 62847 | 130257 | 752641 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 56 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 7 |  | 33 |  | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | 7 | 56 | 33 | - | 344 |
| NET ASSETS | $6588 | $839367 | $231008 | $188715 | $62814 | $130257 | $752297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.81 | $14.07 | $6.56 | $7.46 | $8.38 | $13.54 | $12.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 558 | 59657 | 35215 | 25297 | 7496 | 9620 | 61563 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $6750 | $841114 | $229189 | $182348 | $61855 | $125461 | $713383 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower S&P<br> Mid Cap 400<br> Index Fund,<br> Investor Class | Empower<br> S&P Small<br> Cap 600<br> Index Fund,<br> Investor Class | Empower<br> Short<br> Duration Bond<br> Fund, Investor<br> Class | Empower<br> Small Cap<br> Growth Fund,<br> Investor Class | Empower<br> Small Cap<br> Value Fund,<br> Investor Class | Empower T.<br> Rowe Price<br> Mid Cap<br> Growth Fund,<br> Investor Class | Empower U.S.<br> Government<br> Securities<br> Fund, Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $12083183 | $942512 | $3373425 | $21 | $1307534 | $2483260 | $3640826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 1310 |  |  |  | 37 | 243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 2436 | 266 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12084493 | 944948 | 3373691 | 21 | 1307571 | 2483503 | 3640826 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 2436 | 266 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 1310 |  |  |  | 37 | 243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1310 | 2436 | 266 | - | 37 | 243 | - |
| NET ASSETS | $12083183 | $942512 | $3373425 | $21 | $1307534 | $2483260 | $3640826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $21.07 | $12.91 | $10.49 | $10.91 | $39.82 | $38.14 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 573478 | 73006 | 321585 | 2 | 32836 | 65109 | 327412 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $11366777 | $960852 | $3341285 | $20 | $976666 | $2346032 | $3646957 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Federated<br> Hermes High<br> Income Bond<br> Fund II,<br> Primary<br> Shares | Federated<br> Hermes<br> Kaufmann<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Contrafund<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Growth<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $21 | $54597 | $201564 | $1011991 | $28354608 | $48208 | $9242184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  | 15232 |  | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 21 | 54597 | 201564 | 1011991 | 28369840 | 48208 | 9244199 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  | 15232 |  | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | 15232 | - | 2015 |
| NET ASSETS | $21 | $54597 | $201564 | $1011991 | $28354608 | $48208 | $9242184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $5.78 | $19.50 | $56.86 | $15.85 | $1.00 | $92.88 | $660.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 4 | 2800 | 3545 | 63848 | 28354610 | 519 | 14001 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $19 | $46990 | $197396 | $684269 | $28354610 | $47508 | $7557176 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> International<br> Index<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Service <br> Class 2 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market Fund,<br> Service Class | Goldman<br> Sachs VIT Mid<br> Cap Value<br> Fund,<br> Institutional<br> Class | Invesco V.I.<br> Core Equity<br> Fund, Series I | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $127556 | $223740 | $97317 | $728860 | $15404 | $20889 | $3432348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 2825 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 127556 | 223740 | 97317 | 731685 | 15404 | 20889 | 3432348 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 2825 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | 2825 | - | - | - |
| NET ASSETS | $127556 | $223740 | $97317 | $728860 | $15404 | $20889 | $3432348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $13.96 | $10.97 | $35.17 | $1.00 | $16.29 | $36.03 | $36.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 9137 | 20396 | 2767 | 728860 | 946 | 580 | 95053 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $121055 | $248833 | $104861 | $728860 | $14274 | $17006 | $3360647 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series I | Invesco V.I.<br> Health Care<br> Fund, Series I | Invesco V.I.<br> Main Street<br> Small Cap<br> Fund, Series I | Janus<br> Henderson<br> VIT Balanced<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT<br> Enterprise<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Flexible<br> Bond<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Forty<br> Portfolio,<br> Institutional<br> Shares |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1492157 | $27935 | $936374 | $3115599 | $611814 | $1790798 | $1789403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  | 320 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1492157 | 27935 | 936374 | 3115599 | 612134 | 1790798 | 1789403 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  | 320 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | 320 | - | - |
| NET ASSETS | $1492157 | $27935 | $936374 | $3115599 | $611814 | $1790798 | $1789403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $14.16 | $29.89 | $28.54 | $55.86 | $83.58 | $9.93 | $59.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 105378 | 935 | 32809 | 55775 | 7320 | 180342 | 30114 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1529897 | $26116 | $911386 | $2792072 | $571130 | $1798461 | $1600984 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Research<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Overseas<br> Portfolio,<br> Institutional<br> Shares | Lord Abbett<br> Series Fund<br> Developing<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Total Return<br> Portfolio,<br> Class VC | LVIP<br> American<br> Century<br> Capital<br> Appreciation<br> Fund, Standard<br> Class II | LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund, Service<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $216272 | $2017117 | $102236 | $36896 | $331261 | $328 | $2358251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  | 2184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 216272 | 2017117 | 102236 | 36896 | 333445 | 328 | 2358251 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  | 2184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | 2184 | - | - |
| NET ASSETS | $216272 | $2017117 | $102236 | $36896 | $331261 | $328 | $2358251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $79.67 | $23.94 | $55.82 | $33.43 | $14.20 | $15.16 | $9.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2714 | 84257 | 1832 | 1104 | 23328 | 22 | 260984 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $197860 | $1342922 | $58318 | $21805 | $344001 | $376 | $2601538 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> American<br> Century<br> International<br> Fund, Standard<br> Class II | LVIP<br> American<br> Century Mid<br> Cap Value<br> Fund, Standard<br> Class II | LVIP<br> American<br> Century Ultra<br> Fund, Standard<br> Class II | LVIP<br> American<br> Century Value<br> Fund, Standard<br> Class II | LVIP<br> JPMorgan<br> Small Cap<br> Core Fund,<br> Standard Class | LVIP<br> JPMorgan<br> U.S. Equity<br> Fund, Standard<br> Class | MFS VIT<br> Growth Series,<br> Initial Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $55911 | $403647 | $30 | $1054889 | $22 | $29 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 391 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 55911 | 404038 | 30 | 1054889 | 22 | 29 | 29 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 391 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 391 | - | - | - | - | - |
| NET ASSETS | $55911 | $403647 | $30 | $1054889 | $22 | $29 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $12.25 | $19.35 | $31.50 | $12.92 | $21.95 | $49.37 | $67.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 4566 | 20861 | 1 | 81654 | 1 | 1 | 0 \* |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $37200 | $412917 | $20 | $1027723 | $20 | $21 | $24 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT II<br> International<br> Growth<br> Portfolio,<br> Initial Class | MFS VIT III<br> Blended<br> Research<br> Small Cap<br> Equity<br> Portfolio,<br> Initial Class | MFS VIT III<br> Global Real<br> Estate<br> Portfolio,<br> Initial Class | MFS VIT III<br> Mid Cap Value<br> Portfolio,<br> Initial Class | MFS VIT Mid<br> Cap Growth<br> Series, Initial<br> Class | MFS VIT<br> Research<br> Series, Initial<br> Class | MFS VIT<br> Total Return<br> Bond Series,<br> Initial Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1926267 | $21 | $300413 | $146848 | $233837 | $26 | $3005811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  | 184 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 206 |  |  | 816 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1926473 | 21 | 300413 | 147664 | 234021 | 26 | 3005844 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 206 |  |  | 816 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  | 184 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 206 | - | - | 816 | 184 | - | 33 |
| NET ASSETS | $1926267 | $21 | $300413 | $146848 | $233837 | $26 | $3005811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $17.94 | $9.77 | $12.69 | $10.11 | $7.98 | $30.49 | $11.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 107373 | 2 | 23673 | 14525 | 29303 | 1 | 255162 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1562127 | $2300 | $297594 | $149033 | $252911 | $25 | $3285650 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Value Series,<br> Initial Class | Neuberger<br> Berman AMT<br> Mid Cap<br> Growth<br> Portfolio,<br> Class I | Neuberger<br> Berman AMT<br> Mid Cap<br> Intrinsic Value<br> Portfolio,<br> Class I | Neuberger<br> Berman AMT<br> Quality Equity<br> Portfolio,<br> Class I | Nomura VIP<br> International<br> Core Equity<br> Series,<br> Standard<br> Class | Nomura VIP<br> Small Cap<br> Value Series,<br> Service <br> Class | PIMCO VIT<br> CommodityRealReturn<br> Strategy Portfolio,<br> Administrative<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $2131613 | $13755 | $1 | $276963 | $118712 | $492823 | $96709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2131613 | 13755 | 1 | 276963 | 118712 | 492872 | 96709 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | - | 49 | - |
| NET ASSETS | $2131613 | $13755 | $1 | $276963 | $118712 | $492823 | $96709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $22.26 | $28.99 | $16.41 | $42.76 | $19.35 | $39.87 | $6.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 95760 | 474 | 0 \* | 6477 | 6135 | 12361 | 15375 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $2061092 | $13838 | $1 | $252432 | $107643 | $449235 | $104715 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class | PIMCO VIT<br> High Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Low Duration<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Administrative<br> Class | Putnam VT<br> Focused<br> International<br> Equity Fund,<br> Class IA |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $804231 | $2127990 | $15608 | $3265074 | $877369 | $7233525 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  | 56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 804231 | 2127990 | 15608 | 3265074 | 877425 | 7233525 | 28 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  | 56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | - | 56 | - | - |
| NET ASSETS | $804231 | $2127990 | $15608 | $3265074 | $877369 | $7233525 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $9.96 | $7.41 | $10.35 | $9.78 | $12.01 | $9.45 | $19.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 80746 | 287178 | 1508 | 333852 | 73053 | 765452 | 1 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $776168 | $2067668 | $15099 | $3250989 | $897866 | $7588886 | $21 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Global Asset<br> Allocation<br> Fund, Class IA | Putnam VT<br> High Yield<br> Fund, Class IA | Putnam VT<br> Income Fund,<br> Class IB | Putnam VT<br> International<br> Value Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Growth Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Research<br> Fund, Class IA |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $25 | $21758 | $106323 | $1543109 | $636789 | $3049962 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  | 598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 565 |  | 2030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 25 | 21758 | 106323 | 1543674 | 637387 | 3051992 | 31 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 565 |  | 2030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  | 598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | 565 | 598 | 2030 | - |
| NET ASSETS | $25 | $21758 | $106323 | $1543109 | $636789 | $3049962 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $19.47 | $5.81 | $8.19 | $16.12 | $18.50 | $36.33 | $47.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1 | 3745 | 12982 | 95726 | 34421 | 83952 | 1 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $21 | $21303 | $106384 | $1150971 | $469941 | $2655311 | $18 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Small Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Sustainable<br> Future Fund,<br> Class IA | Royce Capital<br> Fund<br> Small-Cap<br> Portfolio,<br> Service Class | T. Rowe Price<br> Blue Chip<br> Growth<br> Portfolio,<br> Class II | VanEck VIP<br> Emerging<br> Markets Fund,<br> Initial Class | VanEck VIP<br> Global<br> Resources<br> Fund, Initial<br> Class | Vanguard VIF<br> Global Bond<br> Index<br> Portfolio |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1319 | $167957 | $88899 | $4535501 | $55691 | $1906389 | $331826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  | 1346 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1319 | 167957 | 88899 | 4536847 | 55691 | 1906389 | 331897 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  | 1346 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | - | 1346 | - | - | 71 |
| NET ASSETS | $1319 | $167957 | $88899 | $4535501 | $55691 | $1906389 | $331826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.10 | $14.97 | $9.20 | $60.72 | $11.83 | $33.51 | $18.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 119 | 11220 | 9663 | 74695 | 4708 | 56890 | 17622 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1209 | $172375 | $83348 | $3967423 | $56359 | $1484855 | $319979 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard VIF<br> Real Estate<br> Index<br> Portfolio | Vanguard VIF<br> Total Bond<br> Market Index<br> Portfolio |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $4128 | $2530923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4128 | 2530923 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - |
| NET ASSETS | $4128 | $2530923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.57 | $10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 357 | 234345 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $3860 | $2429205 |

---

\* The Subaccount has shares that round to less than one.

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Concluded)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Alger Small<br> Cap Growth<br> Portfolio,<br> Class I-2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, <br> Class 2 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 2 | American<br> Funds IS<br> Growth-<br> Income<br> Fund, <br> Class 2 | American<br> Funds IS<br> International<br> Fund, <br> Class 2 | American<br> Funds IS<br> New World<br> Fund,<br> Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, <br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $102 | $4682 | $4 | $13626 | $19531 | $274 |
| TOTAL INVESTMENT INCOME | - | 102 | 4682 | 4 | 13626 | 19531 | 274 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (37458) | 9701 | 208109 | 6 | (165927) | 30432 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 6605 | 2225 | 239245 | 68 | - | 70243 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (30853) | 11926 | 447354 | 74 | (165927) | 100675 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 74589 | 877 | 110425 | (9) | 406224 | 306801 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 43736 | 12803 | 557779 | 65 | 240297 | 407476 | 1696 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $43736 | $12905 | $562461 | $69 | $253923 | $427007 | $1970 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | BlackRock<br> 60/40 Target<br> Allocation<br> ETF V.I. Fund,<br> Class I | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | BlackRock<br> High Yield<br> V.I. Fund,<br> Class I | BNY Mellon<br> Stock Index<br> Fund, Inc.,<br> Initial Shares | ClearBridge<br> Variable Mid<br> Cap Portfolio,<br> Class I | ClearBridge<br> Variable Small<br> Cap Growth<br> Portfolio,<br> Class I | Columbia VP<br> Small Cap<br> Value Fund,<br> Class 1 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1 | $46427 | $25466 | $368131 | $345 | $- | $1972 |
| TOTAL INVESTMENT INCOME | 1 | 46427 | 25466 | 368131 | 345 | - | 1972 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments |  | (149847) | (19384) | 733019 | 1050 | 31353 | 272 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 1 | 107693 | 609 | 2025538 | 8066 | 40924 | 27261 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1 | (42154) | (18775) | 2758557 | 9116 | 72277 | 27533 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2 | 308000 | 23798 | 2702392 | (4039) | (20398) | (5496) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3 | 265846 | 5023 | 5460949 | 5077 | 51879 | 22037 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4 | $312273 | $30489 | $5829080 | $5422 | $51879 | $24009 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Davis Equity<br> Portfolio | Davis<br> Financial<br> Portfolio | Dimensional<br> VIT<br> Inflation-<br> Protected<br> Securities<br> Portfolio,<br> Institutional | DWS Core<br> Equity VIP,<br> Class A | DWS High<br> Income VIP,<br> Class A | DWS Small<br> Cap Index<br> VIP, Class A | DWS Small<br> Mid Cap<br> Value VIP,<br> Class A |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2288 | $6774 | $3969 | $- | $39344 | $127708 | $18321 |
| TOTAL INVESTMENT INCOME | 2288 | 6774 | 3969 | - | 39344 | 127708 | 18321 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (1171) | 344 | 4057 |  | 15000 | (173364) | 4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 34640 | 39710 | - | 3 | - | 545385 | 206957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 33469 | 40054 | 4057 | 3 | 15000 | 372021 | 211334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 16249 | 56121 | (1491) | 1 | (8316) | 590114 | 96782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 49718 | 96175 | 2566 | 4 | 6684 | 962135 | 308116 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $52006 | $102949 | $6535 | $4 | $46028 | $1089843 | $326437 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Eaton <br> Vance VT<br> Floating-<br> Rate Income<br> Fund, Initial<br> Class | Empower<br> Aggressive<br> Profile<br> Fund,<br> Investor<br> Class | Empower<br> Bond Index<br> Fund,<br> Investor<br> Class | Empower<br> Conservative<br> Profile Fund,<br> Investor<br> Class | Empower<br> Core Bond<br> Fund,<br> Investor<br> Class | Empower<br> Emerging<br> Markets<br> Equity Fund,<br> Investor<br> Class | Empower<br> Global<br> Bond Fund,<br> Investor<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $66364 | $8810 | $111094 | $186146 | $20509 | $- | $30169 |
| TOTAL INVESTMENT INCOME | 66364 | 8810 | 111094 | 186146 | 20509 | - | 30169 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (58530) | 18957 | 19694 | 13798 | 678 |  | (6616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 32538 | - | 53994 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (58530) | 51495 | 19694 | 67792 | 678 | - | (6616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 25735 | 22689 | 93027 | 210928 | (72) | 5 | 45204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (32795) | 74184 | 112721 | 278720 | 606 | 5 | 38588 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $33569 | $82994 | $223815 | $464866 | $21115 | $5 | $68757 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Inflation-<br> Protected<br> Securities<br> Fund, <br> Investor <br> Class | Empower<br> International<br> Index Fund,<br> Investor<br> Class | Empower<br> International<br> Value Fund,<br> Investor <br> Class | Empower<br> Large Cap<br> Growth Fund,<br> Investor <br> Class | Empower<br> Large Cap<br> Value Fund,<br> Investor II<br> Class | Empower<br> Lifetime <br> 2015 Fund,<br> Investor<br> Class | Empower<br> Lifetime <br> 2020 Fund,<br> Investor<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $1 | $131666 | $86237 | $- | $47702 | $18370 | $18953 |
| TOTAL INVESTMENT INCOME | 1 | 131666 | 86237 | - | 47702 | 18370 | 18953 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments |  | 216820 | 103991 | 25460 | 238397 | (981) | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 66133 | 248573 | 144621 | 266665 | 7167 | 12107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | - | 282953 | 352564 | 170081 | 505062 | 6186 | 11585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1 | 1079904 | 1361652 | (30176) | 216344 | 39984 | 37289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1 | 1362857 | 1714216 | 139905 | 721406 | 46170 | 48874 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $2 | $1494523 | $1800453 | $139905 | $769108 | $64540 | $67827 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime<br> 2025 Fund, <br> Investor <br> Class | Empower<br> Lifetime <br> 2030 Fund,<br> Investor <br> Class | Empower<br> Lifetime <br> 2035 Fund,<br> Investor<br> Class | Empower<br> Lifetime <br> 2040 Fund,<br> Investor <br> Class | Empower<br> Lifetime <br> 2045 Fund,<br> Investor<br> Class | Empower<br> Lifetime <br> 2050 Fund,<br> Investor <br> Class | Empower<br> Lifetime <br> 2055 Fund,<br> Investor<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $178029 | $232168 | $86571 | $24481 | $20447 | $4584 | $6015 |
| TOTAL INVESTMENT INCOME | 178029 | 232168 | 86571 | 24481 | 20447 | 4584 | 6015 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 46401 | (56060) | (5341) | 3417 | 21114 | 24441 | 25772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 148265 | 169011 | 91637 | 25485 | 36166 | 9862 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 194666 | 112951 | 86296 | 28902 | 57280 | 34303 | 36890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 486263 | 733939 | 326198 | 89602 | 104777 | 9332 | 42546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 680929 | 846890 | 412494 | 118504 | 162057 | 43635 | 79436 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $858958 | $1079058 | $499065 | $142985 | $182504 | $48219 | $85451 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime<br> 2060 Fund, <br> Investor <br> Class | Empower <br> Mid Cap<br> Value Fund, <br> Investor<br> Class | Empower<br> Moderate<br> Profile Fund,<br> Investor <br> Class | Empower<br> Moderately<br> Aggressive<br> Profile Fund,<br> Investor<br> Class | Empower<br> Moderately<br> Conservative<br> Profile Fund,<br> Investor <br> Class | Empower<br> Multi-Sector<br> Bond Fund,<br> Investor <br> Class | Empower <br> Real Estate<br> Index Fund,<br> Investor <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $123 | $41721 | $5103 | $3840 | $1434 | $4163 | $12451 |
| TOTAL INVESTMENT INCOME | 123 | 41721 | 5103 | 3840 | 1434 | 4163 | 12451 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 124 | 1335 | 4605 | 2235 | (253) | (458) | (65368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 146 | 14083 | 11324 | 10732 | 1796 | - | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 270 | 15418 | 15929 | 12967 | 1543 | (458) | (61510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (198) | 23222 | 7076 | 20037 | 3151 | 10071 | 66581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 72 | 38640 | 23005 | 33004 | 4694 | 9613 | 5071 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $195 | $80361 | $28108 | $36844 | $6128 | $13776 | $17522 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower S&P Mid<br> Cap 400<br> Index Fund,<br> Investor<br> Class | Empower<br> S&P Small<br> Cap 600<br> Index Fund,<br> Investor<br> Class | Empower<br> Short<br> Duration<br> Bond Fund,<br> Investor<br> Class | Empower<br> Small Cap<br> Growth<br> Fund,<br> Investor<br> Class | Empower<br> Small Cap<br> Value Fund,<br> Investor<br> Class | Empower T.<br> Rowe Price<br> Mid Cap<br> Growth<br> Fund,<br> Investor<br> Class | Empower<br> U.S.<br> Government<br> Securities<br> Fund,<br> Investor<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $170004 | $20631 | $101132 | $- | $- | $- | $95624 |
| TOTAL INVESTMENT INCOME | 170004 | 20631 | 101132 | - | - | - | 95624 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 329430 | 34227 | 31777 | (1) | 52807 | 126973 | 25001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 591233 | 46972 | - | 1 | 6271 | 41066 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 920663 | 81199 | 31777 | - | 59078 | 168039 | 25001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (301348) | (58397) | 57707 | 1 | (3576) | (71767) | 113706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 619315 | 22802 | 89484 | 1 | 55502 | 96272 | 138707 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $789319 | $43433 | $190616 | $1 | $55502 | $96272 | $234331 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Federated<br> Hermes<br> High<br> Income<br> Bond<br> Fund II,<br> Primary<br> Shares | Federated<br> Hermes<br> Kaufmann<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Contrafund<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Growth<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $1 | $- | $- | $13052 | $1055646 | $23 | $109562 |
| TOTAL INVESTMENT INCOME | 1 | - | - | 13052 | 1055646 | 23 | 109562 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments |  | 13397 | 397660 | (117225) |  | 256 | 1979949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 16844 | 95428 | 7144 | - | 6181 | 60588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | - | 30241 | 493088 | (110081) | - | 6437 | 2040537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | - | (14052) | (449041) | 501422 | - | 126 | (573997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | - | 16189 | 44047 | 391341 | - | 6563 | 1466540 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1 | $16189 | $44047 | $404393 | $1055646 | $6586 | $1576102 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> International<br> Index<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Investment<br> Grade Bond <br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Service<br> Class 2 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value Fund,<br> Institutional<br> Class | Invesco V.I.<br> Core Equity<br> Fund,<br> Series I | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2946 | $7486 | $227 | $27414 | $177 | $129 | $47838 |
| TOTAL INVESTMENT INCOME | 2946 | 7486 | 227 | 27414 | 177 | 129 | 47838 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 31110 | (1100) | (3994) |  | 652 | 168 | (1026) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | - | 11569 | - | 1607 | 1490 | 212326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 31110 | (1100) | 7575 | - | 2259 | 1658 | 211300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4057 | 7825 | 4601 | - | (989) | 1338 | 236610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 35167 | 6725 | 12176 | - | 1270 | 2996 | 447910 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $38113 | $14211 | $12403 | $27414 | $1447 | $3125 | $495748 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series I | Invesco V.I.<br> Health Care<br> Fund,<br> Series I | Invesco V.I.<br> Main Street<br> Small Cap<br> Fund, <br> Series I | Janus<br> Henderson<br> VIT<br> Balanced<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT<br> Enterprise<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Flexible<br> Bond<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Forty<br> Portfolio,<br> Institutional<br> Shares |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $28511 | $- | $4439 | $71507 | $1249 | $96915 | $2152 |
| TOTAL INVESTMENT INCOME | 28511 | - | 4439 | 71507 | 1249 | 96915 | 2152 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (3438) | (994) | 44585 | 457433 | 14114 | (33016) | 382566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 1094 | 99635 | 132839 | 47337 | - | 355192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (3438) | 100 | 144220 | 590272 | 61451 | (33016) | 737758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 73165 | 4528 | (65757) | (156916) | (15179) | 72171 | (335494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 69727 | 4628 | 78463 | 433356 | 46272 | 39155 | 402264 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $98238 | $4628 | $82902 | $504863 | $47521 | $136070 | $404416 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson <br> VIT Global <br> Research<br> Portfolio,<br> Institutional <br> Shares | Janus<br> Henderson <br> VIT Global<br> Technology <br> and<br> Innovation <br> Portfolio, <br> Institutional<br> Shares | Janus<br> Henderson <br> VIT<br> Overseas <br> Portfolio, <br> Institutional <br> Shares | Lord Abbett<br> Series Fund <br> Developing <br> Growth<br> Portfolio, <br> Class VC | Lord Abbett<br> Series Fund <br> Total<br> Return<br> Portfolio, <br> Class VC | LVIP<br> American <br> Century<br> Capital <br> Appreciation<br> Fund,<br> Standard<br> Class II | LVIP<br> American <br> Century<br> Inflation <br> Protection<br> Fund,<br> Service <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2506 | $- | $1324 | $63 | $15495 | $- | $171201 |
| TOTAL INVESTMENT INCOME | 2506 | - | 1324 | 63 | 15495 | - | 171201 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 64784 | 451374 | 502 | 2979 | 1034 | 65672 | (75073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 48718 | 205099 | - | - | - | 54 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 113502 | 656473 | 502 | 2979 | 1034 | 65726 | (75073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (35064) | (196727) | 21237 | 1683 | (9005) | (77233) | 52720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 78438 | 459746 | 21739 | 4662 | (7971) | (11507) | (22353) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $80944 | $459746 | $23063 | $4725 | $7524 | $(11507) | $148848 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> American<br> Century<br> International<br> Fund,<br> Standard<br> Class II | LVIP<br> American <br> Century Mid<br> Cap Value<br> Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Ultra<br> Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Value<br> Fund,<br> Standard<br> Class II | LVIP<br> JPMorgan<br> Small Cap<br> Core Fund,<br> Standard<br> Class | LVIP<br> JPMorgan<br> U.S. Equity <br> Fund, <br> Standard <br> Class | MFS VIT <br> Growth <br> Series,<br> Initial <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $656 | $7600 | $- | $16264 | $- | $- | $- |
| TOTAL INVESTMENT INCOME | 656 | 7600 | - | 16264 | - | - | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (346) | (96225) | 1 | 20050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 32045 | 2 | 81035 | 2 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (346) | (64180) | 3 | 101085 | 2 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 7615 | 75726 | - | 38537 | 1 | 3 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7269 | 11546 | 3 | 139622 | 3 | 4 | 3 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $7925 | $19146 | $3 | $155886 | $3 | $4 | $3 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT II<br> International<br> Growth<br> Portfolio,<br> Initial<br> Class | MFS VIT III<br> Blended<br> Research<br> Small Cap<br> Equity<br> Portfolio,<br> Initial<br> Class | MFS VIT III<br> Global Real<br> Estate<br> Portfolio,<br> Initial <br> Class | MFS VIT III<br> Mid Cap<br> Value<br> Portfolio,<br> Initial <br> Class | MFS VIT<br> Mid Cap<br> Growth<br> Series,<br> Initial<br> Class | MFS VIT<br> Research<br> Series,<br> Initial <br> Class | MFS VIT<br> Total<br> Return <br> Bond Series,<br> Initial<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $17285 | $- | $7245 | $3820 | $- | $- | $130736 |
| TOTAL INVESTMENT INCOME | 17285 | - | 7245 | 3820 | - | - | 130736 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 54262 |  | (32210) | (18503) | 21869 |  | (10568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 102825 | 2 | - | 33247 | 43631 | 6 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 157087 | 2 | (32210) | 14744 | 65500 | 6 | (10568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 228633 | (1) | 39563 | 2168 | (46967) | (3) | 83941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 385720 | 1 | 7353 | 16912 | 18533 | 3 | 73373 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $403005 | $1 | $14598 | $20732 | $18533 | $3 | $204109 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT <br> Value<br> Series,<br> Initial<br> Class | Neuberger<br> Berman <br> AMT <br> Mid Cap <br> Growth<br> Portfolio,<br> Class I | Neuberger<br> Berman <br> AMT <br> Mid Cap<br> Intrinsic <br> Value <br> Portfolio, <br> Class I | Neuberger<br> Berman <br> AMT<br> Quality <br> Equity<br> Portfolio,<br> Class I | Nomura VIP<br> International<br> Core Equity<br> Series, <br> Standard <br> Class | Nomura VIP<br> Small Cap <br> Value Series,<br> Service<br> Class | PIMCO VIT<br> CommodityRealReturn <br> Strategy <br> Portfolio,<br> Administrative <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $33903 | $- | $- | $- | $5396 | $5089 | $2593 |
| TOTAL INVESTMENT INCOME | 33903 | - | - | - | 5396 | 5089 | 2593 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 36862 | 434 |  | 51467 | 40877 | 6060 | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 157717 | 1675 | - | 15895 | 19852 | 33626 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 194579 | 2109 | - | 67362 | 60729 | 39686 | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 56846 | (1250) | - | (25335) | 15037 | (3367) | 12990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 251425 | 859 | - | 42027 | 75766 | 36319 | 12768 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $285328 | $859 | $- | $42027 | $81162 | $41408 | $15361 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class | PIMCO VIT<br> High Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Low Duration<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Administrative<br> Class | Putnam VT<br> Focused<br> International<br> Equity Fund,<br> Class IA |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $51348 | $138175 | $1056 | $132705 | $30569 | $308517 | $1 |
| TOTAL INVESTMENT INCOME | 51348 | 138175 | 1056 | 132705 | 30569 | 308517 | 1 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (220322) | (44916) | 586 | (26156) | (55641) | (553726) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (220322) | (44916) | 586 | (26156) | (55641) | (553726) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 313753 | 94339 | 288 | 74472 | 95585 | 877090 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 93431 | 49423 | 874 | 48316 | 39944 | 323364 | 7 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $144779 | $187598 | $1930 | $181021 | $70513 | $631881 | $8 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Global Asset<br> Allocation<br> Fund, <br> Class IA | Putnam VT<br> High Yield<br> Fund, <br> Class IA | Putnam VT<br> Income<br> Fund,<br> Class IB | Putnam VT<br> International<br> Value Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Growth<br> Fund, <br> Class IA | Putnam VT<br> Large Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Research<br> Fund,<br> Class IA |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $1 | $3656 | $4748 | $18232 | $- | $44837 | $- |
| TOTAL INVESTMENT INCOME | 1 | 3656 | 4748 | 18232 | - | 44837 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments |  | 1238 | (4465) | 59947 | 36271 | 139472 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 3 | - | - | 11178 | 47830 | 187429 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3 | 1238 | (4465) | 71125 | 84101 | 326901 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | - | (1164) | 5206 | 299228 | (2726) | 135760 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3 | 74 | 741 | 370353 | 81375 | 462661 | 5 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4 | $3730 | $5489 | $388585 | $81375 | $507498 | $5 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Small Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Sustainable<br> Future Fund,<br> Class IA | Royce<br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Service <br> Class | T. Rowe<br> Price Blue<br> Chip Growth<br> Portfolio,<br> Class II | VanEck VIP<br> Emerging<br> Markets<br> Fund,<br> Initial <br> Class | VanEck VIP<br> Global<br> Resources<br> Fund, <br> Initial <br> Class | Vanguard<br> VIF Global<br> Bond Index<br> Portfolio |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $20 | $883 | $1511 | $- | $360 | $43892 | $19370 |
| TOTAL INVESTMENT INCOME | 20 | 883 | 1511 | - | 360 | 43892 | 19370 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 33 | 14010 | 109 | 1157150 | (214) | 115869 | (61770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 196 | 35932 | 6038 | 399398 | - | - | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 229 | 49942 | 6147 | 1556548 | (214) | 115869 | (60589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (141) | (34488) | (544) | (704396) | 12765 | 385315 | 67756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 88 | 15454 | 5603 | 852152 | 12551 | 501184 | 7167 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $108 | $16337 | $7114 | $852152 | $12911 | $545076 | $26537 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard VIF<br> Real Estate<br> Index <br> Portfolio | Vanguard VIF<br> Total Bond<br> Market Index<br> Portfolio | Victory RS<br> Small Cap<br> Growth Equity<br> VIP Series,<br> Class I |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2439 | $86451 | $310 |
| TOTAL INVESTMENT INCOME | 2439 | 86451 | 310 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (5952) | 1144 | 6602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 1562 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (4390) | 1144 | 6602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4812 | 77857 | (2569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 422 | 79001 | 4033 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $2861 | $165452 | $4343 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Concluded)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Alger Small<br> Cap Growth<br> Portfolio,<br> Class I-2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund,<br> Class 2 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 2 | American<br> Funds IS<br> Growth-<br> Income<br> Fund,<br> Class 2 | American<br> Funds IS<br> International<br> Fund, <br> Class 2 | American<br> Funds IS<br> New <br> World Fund,<br> Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, <br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $102 | $4682 | $4 | $13626 | $19531 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (30853) | 11926 | 447354 | 74 | (165927) | 100675 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 74589 | 877 | 110425 | (9) | 406224 | 306801 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 43736 | 12905 | 562461 | 69 | 253923 | 427007 | 1970 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 3133 |  |  | 2795 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (5843) | (1318) | (40866) | (26) | (19094) | (18379) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (86019) | (1211985) |  | (727133) | (13731) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 52168 | (150497) | 167252 | - | 55815 | (76038) | 24124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 46325 | (234701) | (1085599) | (26) | (687617) | (108137) | 23997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 90061 | (221796) | (523138) | 43 | (433694) | 318870 | 25967 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 477781 | 252407 | 3796474 | 393 | 1482005 | 1567247 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $567842 | $30611 | $3273336 | $436 | $1048311 | $1886117 | $25967 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | BlackRock<br> 60/40<br> Target<br> Allocation<br> ETF V.I.<br> Fund, <br> Class I | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | BlackRock<br> High Yield<br> V.I. Fund,<br> Class I | BNY Mellon<br> Stock Index<br> Fund, Inc.,<br> Initial<br> Shares | ClearBridge<br> Variable <br> Mid Cap<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class I | Columbia<br> VP Small<br> Cap Value<br> Fund,<br> Class 1 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1 | $46427 | $25466 | $368131 | $345 | $- | $1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1 | (42154) | (18775) | 2758557 | 9116 | 72277 | 27533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2 | 308000 | 23798 | 2702392 | (4039) | (20398) | (5496) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4 | 312273 | 30489 | 5829080 | 5422 | 51879 | 24009 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 5590 | 1118 | 349691 | 199 | 7532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1) | (33290) | (6674) | (380141) | (1275) | (7813) | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1524715) | (307217) | (162101) | (5537) | (222924) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1) | (48952) | (9400) | (1624366) | (125) | (12234) | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (2) | (1601367) | (322173) | (1816917) | (6738) | (235439) | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 2 | (1289094) | (291684) | 4012163 | (1316) | (183560) | 23334 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 23 | 2613858 | 555386 | 34533570 | 124557 | 716751 | 160902 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $25 | $1324764 | $263702 | $38545733 | $123241 | $533191 | $184236 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Davis <br> Equity<br> Portfolio | Davis<br> Financial<br> Portfolio | Dimensional <br> VIT<br> Inflation-<br> Protected<br> Securities<br> Portfolio,<br> Institutional | DWS Core<br> Equity VIP,<br> Class A | DWS High<br> Income VIP,<br> Class A | DWS Small<br> Cap Index<br> VIP,<br> Class A | DWS Small<br> Mid Cap<br> Value VIP,<br> Class A |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $2288 | $6774 | $3969 | $- | $39344 | $127708 | $18321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 33469 | 40054 | 4057 | 3 | 15000 | 372021 | 211334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 16249 | 56121 | (1491) | 1 | (8316) | 590114 | 96782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 52006 | 102949 | 6535 | 4 | 46028 | 1089843 | 326437 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  |  | 14780 | 17071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (3049) | (3193) | (1141) | (2) | (6608) | (104254) | (20996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (23361) |  | (443351) | (569544) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1) | 11616 | 51751 | - | 1789 | (136099) | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (3050) | 8423 | 27249 | (2) | (433390) | (792826) | (17018) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 48956 | 111372 | 33784 | 2 | (387362) | 297017 | 309419 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 192637 | 349466 | 67931 | 27 | 555217 | 9417559 | 1670970 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $241593 | $460838 | $101715 | $29 | $167855 | $9714576 | $1980389 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Eaton <br> Vance VT<br> Floating-Rate<br> Income Fund,<br> Initial<br> Class | Empower<br> Aggressive<br> Profile<br> Fund,<br> Investor<br> Class | Empower<br> Bond Index<br> Fund,<br> Investor<br> Class | Empower<br> Conservative<br> Profile<br> Fund, Investor<br> Class | Empower<br> Core Bond<br> Fund,<br> Investor<br> Class | Empower<br> Emerging<br> Markets<br> Equity Fund,<br> Investor<br> Class | Empower<br> Global Bond<br> Fund,<br> Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $66364 | $8810 | $111094 | $186146 | $20509 | $- | $30169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (58530) | 51495 | 19694 | 67792 | 678 |  | (6616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 25735 | 22689 | 93027 | 210928 | (72) | 5 | 45204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 33569 | 82994 | 223815 | 464866 | 21115 | 5 | 68757 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 2795 |  | 6602 | 1307043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (16799) | (7545) | (37584) | (53480) | (2608) | (1) | (11123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (783190) |  |  |  |  |  | (12763) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (24535) | (109493) | 341196 | (235430) | 656086 | - | 83551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (821729) | (117038) | 310214 | 1018133 | 653478 | (1) | 59665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (788160) | (34044) | 534029 | 1482999 | 674593 | 4 | 128422 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1459144 | 526491 | 3585702 | 5743751 | 60892 | 17 | 917115 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $670984 | $492447 | $4119731 | $7226750 | $735485 | $21 | $1045537 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Inflation-<br> Protected<br> Securities <br> Fund, <br> Investor <br> Class | Empower<br> International<br> Index Fund,<br> Investor<br> Class | Empower<br> International<br> Value Fund,<br> Investor <br> Class | Empower<br> Large Cap<br> Growth Fund,<br> Investor <br> Class | Empower<br> Large Cap<br> Value Fund,<br> Investor II<br> Class | Empower<br> Lifetime <br> 2015 Fund, <br> Investor<br> Class | Empower<br> Lifetime <br> 2020 Fund,<br> Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1 | $131666 | $86237 | $- | $47702 | $18370 | $18953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | 282953 | 352564 | 170081 | 505062 | 6186 | 11585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1 | 1079904 | 1361652 | (30176) | 216344 | 39984 | 37289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2 | 1494523 | 1800453 | 139905 | 769108 | 64540 | 67827 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 9633 | 9890 | 40562 |  | 9254 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1) | (63591) | (63014) | (9848) | (54478) | (9963) | (13856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (810799) | (44377) |  |  |  | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1) | 123313 | (1142813) | (76471) | 2629907 | 71821 | 55366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (2) | (741444) | (1240314) | (45757) | 2575429 | 71112 | 63106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets |  | 753079 | 560139 | 94148 | 3344537 | 135652 | 130933 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 19 | 5304578 | 5224142 | 1146866 | 2847521 | 606213 | 594402 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $19 | $6057657 | $5784281 | $1241014 | $6192058 | $741865 | $725335 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime<br> 2025 Fund,<br> Investor<br> Class | Empower<br> Lifetime<br> 2030 Fund,<br> Investor <br> Class | Empower<br> Lifetime<br> 2035 Fund,<br> Investor<br> Class | Empower<br> Lifetime<br> 2040 Fund,<br> Investor<br> Class | Empower<br> Lifetime<br> 2045 Fund,<br> Investor<br> Class | Empower<br> Lifetime<br> 2050 Fund,<br> Investor<br> Class | Empower<br> Lifetime<br> 2055 Fund,<br> Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $178029 | $232168 | $86571 | $24481 | $20447 | $4584 | $6015 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 194666 | 112951 | 86296 | 28902 | 57280 | 34303 | 36890 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 486263 | 733939 | 326198 | 89602 | 104777 | 9332 | 42546 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 858958 | 1079058 | 499065 | 142985 | 182504 | 48219 | 85451 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 18989 | 245230 | 67968 | 7520 | 36552 | 3735 | 8810 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (76082) | (80526) | (63247) | (10541) | (13006) | (4319) | (5351) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (34209) | (25104) | (53233) | (101878) | (38238) | (113205) | (69218) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (466871) | 454498 | 948761 | 119934 | (139843) | 7084 | 100190 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (558173) | 594098 | 900249 | 15035 | (154535) | (106705) | 34431 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 300785 | 1673156 | 1399314 | 158020 | 27969 | (58486) | 119882 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 7490444 | 7758077 | 3158345 | 989374 | 1221335 | 293689 | 497363 |
| &nbsp;&nbsp;&nbsp;End of period | $7791229 | $9431233 | $4557659 | $1147394 | $1249304 | $235203 | $617245 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime 2060<br> Fund, Investor<br> Class | Empower Mid<br> Cap Value<br> Fund, Investor<br> Class | Empower<br> Moderate<br> Profile Fund,<br> Investor <br> Class | Empower<br> Moderately<br> Aggressive<br> Profile Fund,<br> Investor <br> Class | Empower<br> Moderately<br> Conservative<br> Profile Fund,<br> Investor <br> Class | Empower<br> Multi-Sector<br> Bond Fund,<br> Investor <br> Class | Empower Real<br> Estate Index<br> Fund, Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $123 | $41721 | $5103 | $3840 | $1434 | $4163 | $12451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 270 | 15418 | 15929 | 12967 | 1543 | (458) | (61510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (198) | 23222 | 7076 | 20037 | 3151 | 10071 | 66581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 195 | 80361 | 28108 | 36844 | 6128 | 13776 | 17522 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 8585 |  | 4565 | 138 |  | 10076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (30) | (10567) | (3567) | (3586) | (717) | (2836) | (16535) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (259665) |  | (132566) | (7244) |  | (655958) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2640 | (4692) | (99397) | (12950) | 12691 | (335585) | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2610 | (266339) | (102964) | (144537) | 4868 | (338421) | (661607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 2805 | (185978) | (74856) | (107693) | 10996 | (324645) | (644085) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 3783 | 1025345 | 305864 | 296408 | 51818 | 454902 | 1396382 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $6588 | $839367 | $231008 | $188715 | $62814 | $130257 | $752297 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> S&P Mid Cap<br> 400 Index<br> Fund, Investor<br> Class | Empower<br> S&P Small<br> Cap 600<br> Index Fund,<br> Investor<br> Class | Empower<br> Short<br> Duration<br> Bond Fund,<br> Investor <br> Class | Empower<br> Small<br> Cap Growth<br> Fund, Investor<br> Class | Empower<br> Small Cap<br> Value Fund,<br> Investor <br> Class | Empower T.<br> Rowe Price<br> Mid Cap<br> Growth Fund,<br> Investor <br> Class | Empower U.S.<br> Government<br> Securities<br> Fund, Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $170004 | $20631 | $101132 | $- | $- | $- | $95624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 920663 | 81199 | 31777 |  | 59078 | 168039 | 25001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (301348) | (58397) | 57707 | 1 | (3576) | (71767) | 113706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 789319 | 43433 | 190616 | 1 | 55502 | 96272 | 234331 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 46148 | 19152 |  |  | 1085 | 14835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (117972) | (9092) | (35041) | (1) | (14073) | (30357) | (34531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (134260) | (2626) |  |  | (28695) | (58442) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (575742) | (112517) | (835460) | - | 92586 | (132411) | (162110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (781826) | (105083) | (870501) | (1) | 50903 | (206375) | (196641) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 7493 | (61650) | (679885) |  | 106405 | (110103) | 37690 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 12075690 | 1004162 | 4053310 | 21 | 1201129 | 2593363 | 3603136 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $12083183 | $942512 | $3373425 | $21 | $1307534 | $2483260 | $3640826 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Federated<br> Hermes High<br> Income Bond<br> Fund II,<br> Primary<br> Shares | Federated<br> Hermes<br> Kaufmann<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Contrafund<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Growth<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1 | $- | $- | $13052 | $1055646 | $23 | $109562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | 30241 | 493088 | (110081) |  | 6437 | 2040537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | - | (14052) | (449041) | 501422 | - | 126 | (573997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1 | 16189 | 44047 | 404393 | 1055646 | 6586 | 1576102 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  | 3913 | 670271 |  | 122515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1) | (1557) | (13227) | (23955) | (427371) | (1734) | (135691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (1664717) | (1045015) | (2964380) |  | (3873183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | - | (125821) | (393196) | (33456) | 4212195 | (840) | (1849537) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1) | (127378) | (2071140) | (1098513) | 1490715 | (2574) | (5735896) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets |  | (111189) | (2027093) | (694120) | 2546361 | 4012 | (4159794) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 21 | 165786 | 2228657 | 1706111 | 25808247 | 44196 | 13401978 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $21 | $54597 | $201564 | $1011991 | $28354608 | $48208 | $9242184 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> International<br> Index<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Service <br> Class 2 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market Fund,<br> Service Class | Goldman<br> Sachs VIT Mid<br> Cap Value<br> Fund,<br> Institutional<br> Class | Invesco V.I.<br> Core Equity<br> Fund, Series I | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $2946 | $7486 | $227 | $27414 | $177 | $129 | $47838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 31110 | (1100) | 7575 |  | 2259 | 1658 | 211300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4057 | 7825 | 4601 | - | (989) | 1338 | 236610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 38113 | 14211 | 12403 | 27414 | 1447 | 3125 | 495748 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1689) | (3047) | (1194) | (5554) | (206) | (286) | (38741) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (36711) |  | (15345) | (335283) | (3887) |  | (73356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 48203 | 5694 | (3529) | 578862 | 1 | (871) | (32699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 9803 | 2647 | (20068) | 238025 | (4092) | (1157) | (144796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 47916 | 16858 | (7665) | 265439 | (2645) | 1968 | 350952 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 79640 | 206882 | 104982 | 463421 | 18049 | 18921 | 3081396 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $127556 | $223740 | $97317 | $728860 | $15404 | $20889 | $3432348 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series I | Invesco V.I.<br> Health Care<br> Fund, Series I | Invesco V.I.<br> Main Street<br> Small Cap<br> Fund, Series I | Janus<br> Henderson<br> VIT Balanced<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT<br> Enterprise<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Flexible<br> Bond<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Forty<br> Portfolio,<br> Institutional<br> Shares |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $28511 | $- | $4439 | $71507 | $1249 | $96915 | $2152 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (3438) | 100 | 144220 | 590272 | 61451 | (33016) | 737758 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 73165 | 4528 | (65757) | (156916) | (15179) | 72171 | (335494) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 98238 | 4628 | 82902 | 504863 | 47521 | 136070 | 404416 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  | 3951 | 38025 | 105 |  |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (15095) | (774) | (14703) | (45287) | (8276) | (29327) | (28604) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (105115) | (1355590) | (15040) | (247119) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 163965 | (68083) | (78632) | (165037) | (2706) | (124044) | (1380303) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 148870 | (68857) | (194499) | (1527889) | (25917) | (400490) | (1408907) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 247108 | (64229) | (111597) | (1023026) | 21604 | (264420) | (1004491) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1245049 | 92164 | 1047971 | 4138625 | 590210 | 2055218 | 2793894 |
| &nbsp;&nbsp;&nbsp;End of period | $1492157 | $27935 | $936374 | $3115599 | $611814 | $1790798 | $1789403 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Research<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Overseas<br> Portfolio,<br> Institutional<br> Shares | Lord Abbett<br> Series Fund<br> Developing<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Total Return<br> Portfolio,<br> Class VC | LVIP<br> American<br> Century<br> Capital<br> Appreciation<br> Fund, Standard<br> Class II | LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund, Service<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $2506 | $- | $1324 | $63 | $15495 | $- | $171201 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 113502 | 656473 | 502 | 2979 | 1034 | 65726 | (75073) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (35064) | (196727) | 21237 | 1683 | (9005) | (77233) | 52720 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 80944 | 459746 | 23063 | 4725 | 7524 | (11507) | 148848 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 8918 |  |  | 418 |  |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (4984) | (26088) | (1320) | (463) | (1239) | (3079) | (33188) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1264557) |  | (8640) |  | (601322) | (600443) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (477479) | (134352) | 5 | - | 261929 | (1) | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (482463) | (1416079) | (1315) | (9103) | 261108 | (604402) | (633631) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (401519) | (956333) | 21748 | (4378) | 268632 | (615909) | (484783) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 617791 | 2973450 | 80488 | 41274 | 62629 | 616237 | 2843034 |
| &nbsp;&nbsp;&nbsp;End of period | $216272 | $2017117 | $102236 | $36896 | $331261 | $328 | $2358251 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> American<br> Century<br> International<br> Fund, <br> Standard<br> Class II | LVIP<br> American<br> Century Mid<br> Cap Value<br> Fund,<br> Standard<br> Class II | LVIP <br> American<br> Century Ultra<br> Fund, <br> Standard<br> Class II | LVIP<br> American<br> Century Value<br> Fund, <br> Standard<br> Class II | LVIP <br> JPMorgan<br> Small <br> Cap Core<br> Fund, <br> Standard<br> Class | LVIP<br> JPMorgan<br> U.S. Equity<br> Fund, <br> Standard<br> Class | MFS VIT<br> Growth <br> Series,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $656 | $7600 | $- | $16264 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (346) | (64180) | 3 | 101085 | 2 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 7615 | 75726 | - | 38537 | 1 | 3 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7925 | 19146 | 3 | 155886 | 3 | 4 | 3 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (767) | (9830) | (2) | (11588) | (1) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1105396) |  | (30723) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (2488) | (7417) | 1 | (78803) | (2) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (3255) | (1122643) | (1) | (121114) | (3) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 4670 | (1103497) | 2 | 34772 |  | 2 | 1 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 51241 | 1507144 | 28 | 1020117 | 22 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $55911 | $403647 | $30 | $1054889 | $22 | $29 | $29 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT II<br> International<br> Growth<br> Portfolio,<br> Initial Class | MFS VIT III<br> Blended<br> Research Small<br> Cap Equity<br> Portfolio,<br> Initial Class | MFS VIT III<br> Global Real<br> Estate<br> Portfolio,<br> Initial Class | MFS VIT III<br> Mid Cap Value<br> Portfolio,<br> Initial Class | MFS VIT Mid<br> Cap Growth<br> Series, Initial<br> Class | MFS VIT<br> Research Series,<br> Initial Class | MFS VIT<br> Total Return<br> Bond Series,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $17285 | $- | $7245 | $3820 | $- | $- | $130736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 157087 | 2 | (32210) | 14744 | 65500 | 6 | (10568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 228633 | (1) | 39563 | 2168 | (46967) | (3) | 83941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 403005 | 1 | 14598 | 20732 | 18533 | 3 | 204109 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 2795 |  | 2482 | 10433 | 1598 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (28902) | (1) | (3357) | (4077) | (3238) | (2) | (85343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (809609) |  | (69520) | (245182) | (22742) |  | (1034) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 58543 | (1) | 15904 | (5898) | (99096) | - | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (777173) | (2) | (54491) | (244724) | (123478) | (2) | (86045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (374168) | (1) | (39893) | (223992) | (104945) | 1 | 118064 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2300435 | 22 | 340306 | 370840 | 338782 | 25 | 2887747 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1926267 | $21 | $300413 | $146848 | $233837 | $26 | $3005811 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Value Series,<br> Initial Class | Neuberger<br> Berman AMT<br> Mid Cap<br> Growth<br> Portfolio,<br> Class I | Neuberger<br> Berman AMT<br> Mid Cap Intrinsic<br> Value Portfolio,<br> Class I | Neuberger<br> Berman AMT<br> Quality Equity<br> Portfolio,<br> Class I | Nomura VIP<br> International<br> Core Equity<br> Series,<br> Standard <br> Class | Nomura VIP<br> Small Cap<br> Value Series,<br> Service<br> Class | PIMCO VIT<br> CommodityRealReturn<br> Strategy Portfolio,<br> Administrative <br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $33903 | $- | $- | $- | $5396 | $5089 | $2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 194579 | 2109 |  | 67362 | 60729 | 39686 | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 56846 | (1250) | - | (25335) | 15037 | (3367) | 12990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 285328 | 859 | - | 42027 | 81162 | 41408 | 15361 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 58407 |  |  |  | 11385 | 1981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (24537) | (190) |  | (4784) | (4708) | (4794) | (712) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (304714) |  |  |  | (327916) | (61129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 18790 | 623 | - | (69298) | 13149 | (13428) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (252054) | 433 | - | (74082) | (308090) | (77370) | (713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 33274 | 1292 |  | (32055) | (226928) | (35962) | 14648 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2098339 | 12463 | 1 | 309018 | 345640 | 528785 | 82061 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2131613 | $13755 | $1 | $276963 | $118712 | $492823 | $96709 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class | PIMCO VIT<br> High Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Low Duration<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Administrative<br> Class | Putnam VT<br> Focused<br> International<br> Equity Fund,<br> Class IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $51348 | $138175 | $1056 | $132705 | $30569 | $308517 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (220322) | (44916) | 586 | (26156) | (55641) | (553726) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 313753 | 94339 | 288 | 74472 | 95585 | 877090 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 144779 | 187598 | 1930 | 181021 | 70513 | 631881 | 8 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 3913 | 69572 |  | 1118 | 1134 | 11653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (20878) | (23498) | (292) | (92986) | (12905) | (152381) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (949210) | (421859) |  | (285309) | (268622) | (1625007) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (5382) | 498974 | (13244) | (62928) | 38569 | 151010 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (971557) | 123189 | (13536) | (440105) | (241824) | (1614725) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (826778) | 310787 | (11606) | (259084) | (171311) | (982844) | 6 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1631009 | 1817203 | 27214 | 3524158 | 1048680 | 8216369 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $804231 | $2127990 | $15608 | $3265074 | $877369 | $7233525 | $28 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Global Asset<br> Allocation<br> Fund, Class IA | Putnam VT<br> High Yield<br> Fund, Class IA | Putnam VT<br> Income Fund,<br> Class IB | Putnam VT<br> International<br> Value Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Growth Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Research Fund,<br> Class IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1 | $3656 | $4748 | $18232 | $- | $44837 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3 | 1238 | (4465) | 71125 | 84101 | 326901 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | - | (1164) | 5206 | 299228 | (2726) | 135760 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4 | 3730 | 5489 | 388585 | 81375 | 507498 | 5 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  | 4945 | 6935 | 142 | 16515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (2) | (403) | (1055) | (13592) | (6470) | (25602) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1243) |  |  | (20243) | (68448) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1) | (21293) | (259569) | 33004 | 53739 | 87095 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (3) | (22939) | (255679) | 26347 | 27168 | 9560 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1 | (19209) | (250190) | 414932 | 108543 | 517058 | 3 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 24 | 40967 | 356513 | 1128177 | 528246 | 2532904 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $25 | $21758 | $106323 | $1543109 | $636789 | $3049962 | $31 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Small Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Sustainable<br> Future Fund,<br> Class IA | Royce Capital<br> Fund<br> Small-Cap<br> Portfolio,<br> Service Class | T. Rowe Price<br> Blue Chip<br> Growth<br> Portfolio,<br> Class II | VanEck VIP<br> Emerging<br> Markets Fund,<br> Initial Class | VanEck VIP<br> Global<br> Resources<br> Fund, Initial<br> Class | Vanguard VIF<br> Global Bond<br> Index<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $20 | $883 | $1511 | $- | $360 | $43892 | $19370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 229 | 49942 | 6147 | 1556548 | (214) | 115869 | (60589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (141) | (34488) | (544) | (704396) | 12765 | 385315 | 67756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 108 | 16337 | 7114 | 852152 | 12911 | 545076 | 26537 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  | 29155 |  |  | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (33) | (1851) | (1669) | (55371) | (807) | (17586) | (8851) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (986) |  |  | (912673) |  |  | (396287) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1 | (1679) | 1 | (82421) | - | (159617) | (11937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1018) | (3530) | (1668) | (1021310) | (807) | (177203) | (415398) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (910) | 12807 | 5446 | (169158) | 12104 | 367873 | (388861) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2229 | 155150 | 83453 | 4704659 | 43587 | 1538516 | 720687 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1319 | $167957 | $88899 | $4535501 | $55691 | $1906389 | $331826 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard VIF<br> Real<br> Estate Index<br> Portfolio | Vanguard VIF<br> Total<br> Bond Market<br> Index<br> Portfolio | Victory RS<br> Small<br> Cap Growth<br> Equity<br> VIP Series,<br> Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |
| OPERATIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $2439 | $86451 | $310 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (4390) | 1144 | 6602 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4812 | 77857 | (2569) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2861 | 165452 | 4343 |
| POLICY TRANSACTIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 1677 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (788) | (27411) | (469) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (392300) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (87731) | 436226 | (25070) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (88519) | 18192 | (25539) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (85658) | 183644 | (21196) |
| NET ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 89786 | 2347279 | 21196 |
| &nbsp;&nbsp;&nbsp;End of period | $4128 | $2530923 | $- |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Alger Small<br> Cap Growth<br> Portfolio,<br> Class I-2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, Class 2 | American<br> Funds IS<br> Growth Fund,<br> Class 2 | American<br> Funds IS<br> Growth-Income<br> Fund, Class 2 | American<br> Funds IS<br> International<br> Fund, Class 2 | American<br> Funds IS New<br> World Fund,<br> Class 2 | BlackRock<br> 60/40 Target<br> Allocation ETF<br> V.I. Fund,<br> Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1871 | $2549 | $13396 | $4 | $19379 | $22613 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (52319) | 8782 | 443220 | 22 | (167068) | 28237 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 89175 | (5294) | 644916 | 53 | 191314 | 48004 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 38727 | 6037 | 1101532 | 79 | 43625 | 98854 | 3 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 67969 |  |  | 92193 | 7467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (5228) | (2832) | (47599) | (23) | (26818) | (17388) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (432147) |  | (333411) | (62832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2888 | 76748 | (333502) | - | (84725) | (493) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (2340) | 141885 | (813248) | (23) | (352761) | (73246) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 36387 | 147922 | 288284 | 56 | (309136) | 25608 | 1 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 441394 | 104485 | 3508190 | 337 | 1791141 | 1541639 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $477781 | $252407 | $3796474 | $393 | $1482005 | $1567247 | $23 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | BlackRock<br> High Yield<br> V.I. Fund,<br> Class I | BNY Mellon<br> Stock Index<br> Fund, Inc.,<br> Initial Shares | ClearBridge<br> Variable Mid<br> Cap Portfolio,<br> Class I | ClearBridge<br> Variable Small<br> Cap Growth<br> Portfolio,<br> Class I | Columbia VP<br> Small Cap<br> Value Fund,<br> Class 1 | Davis Equity<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $35043 | $36845 | $391078 | $737 | $- | $1159 | $2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 47415 | (12797) | 4166764 | 2860 | 52921 | 7396 | 38269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 129107 | 17574 | 2832060 | 8000 | (21802) | 4520 | (10557) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 211565 | 41622 | 7389902 | 11597 | 31119 | 13075 | 29804 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 184386 | 36877 | 523422 | 15121 | 84626 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (44299) | (9100) | (368618) | (1165) | (8343) | (1893) | (2823) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (495784) | (105553) | (569038) |  | (45417) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (65) | 152 | (3706582) | 681 | 76713 | 1835 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (355762) | (77624) | (4120816) | 14637 | 107579 | (58) | (2822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (144197) | (36002) | 3269086 | 26234 | 138698 | 13017 | 26982 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2758055 | 591388 | 31264484 | 98323 | 578053 | 147885 | 165655 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2613858 | $555386 | $34533570 | $124557 | $716751 | $160902 | $192637 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Davis<br> Financial<br> Portfolio | Delaware VIP<br> International<br> Series,<br> Standard Class | Dimensional VIT<br> Inflation-Protected<br> Securities<br> Portfolio,<br> Institutional | DWS Core<br> Equity VIP,<br> Class A | DWS High<br> Income VIP,<br> Class A | DWS Small<br> Cap Index<br> VIP, Class A | DWS Small<br> Mid Cap Value<br> VIP, Class A |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $6199 | $7160 | $1939 | $- | $36304 | $111387 | $18756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 56087 | 424 | 2392 | 1 | (14412) | 111432 | 83456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 63863 | (1837) | (1797) | 3 | 24468 | 796603 | (10112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 126149 | 5747 | 2534 | 4 | 46360 | 1019422 | 92100 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 71066 |  |  | 146491 | 131360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (4339) | (1645) | (1093) | (2) | (8105) | (113491) | (18505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  |  | (167810) | (191403) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (174795) | (344962) | 12534 | 1 | 169665 | (667912) | 69911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (179134) | (275541) | 11441 | (1) | 140241 | (841446) | 51406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (52985) | (269794) | 13975 | 3 | 186601 | 177976 | 143506 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 402451 | 269794 | 53956 | 24 | 368616 | 9239583 | 1527464 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $349466 | $- | $67931 | $27 | $555217 | $9417559 | $1670970 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Eaton Vance VT<br> Floating-Rate<br> Income Fund,<br> Initial Class | Empower<br> Aggressive<br> Profile Fund,<br> Investor Class | Empower<br> Ariel Mid Cap<br> Value Fund,<br> Investor Class | Empower<br> Bond Index<br> Fund, Investor<br> Class | Empower<br> Conservative<br> Profile Fund,<br> Investor Class | Empower<br> Core Bond<br> Fund, Investor<br> Class | Empower<br> Emerging<br> Markets<br> Equity Fund,<br> Investor Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $110125 | $16191 | $2442 | $84797 | $177100 | $1904 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (15900) | (14252) | 10770 | (195457) | 15815 | (1307) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 9298 | 52496 | 1556 | 127760 | (267504) | (111) | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 103523 | 54435 | 14768 | 17100 | (74589) | 486 | (414) |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 92193 |  |  | 44466 | 1313680 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (23483) | (7182) | (2174) | (40064) | (5693) | (594) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (280362) | (10853) |  |  | (15876) | (141) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (8) | 64039 | (207931) | (526217) | 4048974 | (33281) | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (211660) | 46004 | (210105) | (521815) | 5341085 | (34016) | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (108137) | 100439 | (195337) | (504715) | 5266496 | (33530) | 1 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1567281 | 426052 | 195337 | 4090417 | 477255 | 94422 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1459144 | $526491 | $- | $3585702 | $5743751 | $60892 | $17 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Global<br> Bond Fund,<br> Investor Class | Empower<br> Government<br> Money<br> Market<br> Fund, Investor<br> Class | Empower<br> Inflation-Protected<br> Securities Fund,<br> Investor Class | Empower<br> International<br> Index Fund,<br> Investor Class | Empower<br> International<br> Value Fund,<br> Investor Class | Empower<br> Large<br> Cap Growth<br> Fund, Investor<br> Class | Empower<br> Large<br> Cap Value<br> Fund,<br> Investor II<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $24021 | $648221 | $1 | $109025 | $83987 | $- | $24806 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (36834) |  |  | 34832 | 199944 | 327207 | 686493 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 6160 | - | - | 3137 | (47009) | (103201) | (191384) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (6653) | 648221 | 1 | 146994 | 236922 | 224006 | 519915 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 11438 | 561824 |  | 113548 | 29515 | 188527 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (11508) | (196319) | (1) | (65312) | (54858) | (8239) | (37499) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (102906) | (178565) |  | (264694) | (30000) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 54671 | (32581038) | - | (28830) | 632378 | (60989) | (331888) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (48305) | (32394098) | (1) | (245288) | 577035 | 119299 | (369387) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (54958) | (31745877) |  | (98294) | 813957 | 343305 | 150528 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 972073 | 31745877 | 19 | 5402872 | 4410185 | 803561 | 2696993 |
| &nbsp;&nbsp;&nbsp;End of period | $917115 | $- | $19 | $5304578 | $5224142 | $1146866 | $2847521 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime 2015<br> Fund, Investor<br> Class | Empower<br> Lifetime 2020<br> Fund, Investor<br> Class | Empower<br> Lifetime 2025<br> Fund, Investor<br> Class | Empower<br> Lifetime 2030<br> Fund, Investor<br> Class | Empower<br> Lifetime 2035<br> Fund, Investor<br> Class | Empower<br> Lifetime 2040<br> Fund, Investor<br> Class | Empower<br> Lifetime 2045<br> Fund, Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $15837 | $16841 | $179383 | $214235 | $66456 | $25275 | $23051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 8111 | (4085) | (149056) | 174766 | 116184 | (85006) | 15134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 15071 | 28011 | 523432 | 204085 | 61082 | 281285 | 77521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 39019 | 40767 | 553759 | 593086 | 243722 | 221554 | 115706 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 7586 | 18830 | 121081 | 238603 | 69862 | 11754 | 116185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (9582) | (13238) | (74135) | (67355) | (55252) | (18427) | (12183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (102243) | (59090) | (8622) | (25687) | (122066) | (25064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (47945) | (1435) | (1010275) | 3364893 | 165503 | (1105852) | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (49941) | (98086) | (1022419) | 3527519 | 154426 | (1234591) | 83807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (10922) | (57319) | (468660) | 4120605 | 398148 | (1013037) | 199513 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 617135 | 651721 | 7959104 | 3637472 | 2760197 | 2002411 | 1021822 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $606213 | $594402 | $7490444 | $7758077 | $3158345 | $989374 | $1221335 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Lifetime 2050<br> Fund, Investor<br> Class | Empower<br> Lifetime 2055<br> Fund, Investor<br> Class | Empower<br> Lifetime 2060<br> Fund, Investor<br> Class | Empower Mid<br> Cap Value<br> Fund, Investor<br> Class | Empower<br> Moderate<br> Profile Fund,<br> Investor Class | Empower<br> Moderately<br> Aggressive<br> Profile Fund,<br> Investor Class | Empower<br> Moderately<br> Conservative<br> Profile Fund,<br> Investor Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $7066 | $6005 | $90 | $74149 | $9321 | $8872 | $1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3872 | 38525 | 126 | 10290 | 13895 | 43731 | 77043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 30926 | 6076 | (29) | 6498 | (3357) | (14751) | 212364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 41864 | 50606 | 187 | 90937 | 19859 | 37852 | 290907 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 14979 | 54328 |  | 39797 |  | 77742 | 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (5768) | (5086) | (24) | (7176) | (3700) | (4518) | (37675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (123245) | (10732) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (30679) | (164091) | 2422 | 433354 | 45891 | 53065 | (3430806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (144713) | (125581) | 2398 | 465975 | 42191 | 126289 | (3462507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (102849) | (74975) | 2585 | 556912 | 62050 | 164141 | (3171600) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 396538 | 572338 | 1198 | 468433 | 243814 | 132267 | 3223418 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $293689 | $497363 | $3783 | $1025345 | $305864 | $296408 | $51818 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Multi-Sector<br> Bond Fund,<br> Investor Class | Empower Real<br> Estate Index<br> Fund, <br> Investor Class | Empower<br> S&P Mid<br> Cap 400<br> Index Fund,<br> Investor Class | Empower<br> S&P<br> Small Cap 600<br> Index<br> Fund, Investor Class | Empower<br> Short<br> Duration<br> Bond <br> Fund, Investor<br> Class | Empower<br> Small Cap<br> Growth Fund,<br> Investor Class | Empower<br> Small Cap<br> Value Fund,<br> Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $16188 | $36059 | $128406 | $7571 | $172100 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 122006 | 77534 | 432573 | 114257 | 31407 |  | 62120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (47300) | (10989) | 838245 | (42531) | (65691) | 1 | 27669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 90894 | 102604 | 1399224 | 79297 | 137816 | 1 | 89789 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 113473 | 268524 | 131354 | 6638 |  | 7623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (15976) | (23949) | (117558) | (10296) | (33494) | (1) | (12826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (42561) | (282760) | (332498) |  |  |  | (1594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1186975) | (294520) | 481308 | (285678) | 566052 | 1 | 14806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1245512) | (487756) | 299776 | (164620) | 539196 | - | 8009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (1154618) | (385152) | 1699000 | (85323) | 677012 | 1 | 97798 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1609520 | 1781534 | 10376690 | 1089485 | 3376298 | 20 | 1103331 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $454902 | $1396382 | $12075690 | $1004162 | $4053310 | $21 | $1201129 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower T.<br> Rowe <br> Price Mid Cap<br> Growth Fund,<br> Investor Class | Empower U.S.<br> Government<br> Securities<br> Fund, <br> Investor Class | Federated<br> Hermes<br> High Income<br> Bond <br> Fund II,<br> Primary<br> Shares | Federated<br> Hermes<br> Kaufmann<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Contrafund<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Extended<br> Market<br> Index<br> Portfolio,<br> Service <br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $- | $96075 | $1 | $1724 | $668 | $20710 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 225517 | 95541 |  | 7977 | 407310 | (167946) | 4173 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4780 | (104633) | - | 22249 | 171103 | 289709 | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 230297 | 86983 | 1 | 31950 | 579081 | 142473 | 4173 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 50555 |  |  |  |  | 129070 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (31718) | (24539) | (1) | (2724) | (24841) | (29892) |  |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (10545) |  |  |  |  | (312593) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (82239) | 2935306 | - | (153175) | (140071) | (51) | (4173) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (73947) | 2910767 | (1) | (155899) | (164912) | (213466) | (4173) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 156350 | 2997750 |  | (123949) | 414169 | (70993) |  |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2437013 | 605386 | 21 | 289735 | 1814488 | 1777104 | - |
| &nbsp;&nbsp;&nbsp;End of period | $2593363 | $3603136 | $21 | $165786 | $2228657 | $1706111 | $- |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Growth<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Index<br> 500 Portfolio,<br> Initial<br> Class | Fidelity VIP<br> International<br> Index<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Investment<br> Grade<br> Bond<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Mid <br> Cap Portfolio,<br> Service <br> Class 2 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market Fund,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $694756 | $- | $150381 | $2453 | $6718 | $373 | $8556 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | 10596 | 232138 | 3982 | (386) | 27411 |  |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (2) | 826 | 1818607 | 2444 | (3285) | (2863) | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 694754 | 11422 | 2201126 | 8879 | 3047 | 24921 | 8556 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 144078 |  | 466102 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (240676) | (1593) | (147813) | (1412) | (2455) | (2069) | (1804) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (1618670) |  | (1151656) |  |  | (17305) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 26828761 | (5223) | 3977164 | 72173 | 15348 | (180500) | 456669 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 25113493 | (6816) | 3143797 | 70761 | 12893 | (199874) | 454865 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 25808247 | 4606 | 5344923 | 79640 | 15940 | (174953) | 463421 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | 39590 | 8057055 | - | 190942 | 279935 | - |
| &nbsp;&nbsp;&nbsp;End of period | $25808247 | $44196 | $13401978 | $79640 | $206882 | $104982 | $463421 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> Mid Cap Value<br> Fund,<br> Institutional<br> Class | Invesco V.I.<br> Core <br> Equity Fund,<br> Series I | Invesco V.I.<br> EQV<br> International<br> Equity<br> Fund, Series I | Invesco V.I.<br> Global <br> Real Estate<br> Fund, Series I | Invesco V.I.<br> Health <br> Care Fund,<br> Series I | Invesco V.I.<br> Main Street<br> Mid Cap<br> Fund, Series I | Invesco V.I.<br> Main Street<br> Small Cap<br> Fund, Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $180 | $133 | $53838 | $30224 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1259 | 1588 | 14904 | (8228) | 3543 |  | (11287) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 422 | 2672 | (55996) | (30699) | (3909) | - | 85009 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1861 | 4393 | 12746 | (8703) | (366) | - | 73722 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  |  |  |  |  | 118605 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (239) | (234) | (34824) | (13173) | (2100) |  | (9781) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (4748) |  | (451) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 263 | (3180) | 311451 | 128324 | (18281) | (1) | 230929 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (4724) | (3414) | 276176 | 115151 | (20381) | (1) | 339753 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (2863) | 979 | 288922 | 106448 | (20747) | (1) | 413475 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 20912 | 17942 | 2792474 | 1138601 | 112911 | 1 | 634496 |
| &nbsp;&nbsp;&nbsp;End of period | $18049 | $18921 | $3081396 | $1245049 | $92164 | $- | $1047971 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Balanced<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT<br> Enterprise<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Flexible<br> Bond<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Forty<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Global<br> Research<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Overseas<br> Portfolio,<br> Institutional<br> Shares |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $82613 | $4409 | $99387 | $2466 | $3529 | $- | $1137 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 132327 | 45887 | (76965) | 143925 | 46268 | (21232) | 389 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 322559 | 34152 | 17656 | 436562 | 32759 | 854498 | 2993 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 537499 | 84448 | 40078 | 582953 | 82556 | 833266 | 4519 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 214119 | 8137 |  | 33188 |  | 85278 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (47395) | (8170) | (28921) | (28409) | (5192) | (31965) | (1240) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (219372) |  | (5924) |  |  | (1958) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 643904 | (38497) | 323637 | 261564 | 113985 | (487371) | (1) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 591256 | (38530) | 288792 | 266343 | 108793 | (436016) | (1241) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1128755 | 45918 | 328870 | 849296 | 191349 | 397250 | 3278 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3009870 | 544292 | 1726348 | 1944598 | 426442 | 2576200 | 77210 |
| &nbsp;&nbsp;&nbsp;End of period | $4138625 | $590210 | $2055218 | $2793894 | $617791 | $2973450 | $80488 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Lord Abbett<br> Series Fund<br> Developing<br> Growth Portfolio,<br> Class VC | Lord Abbett<br> Series<br> Fund Total<br> Return<br> Portfolio,<br> Class VC | LVIP<br> American<br> Century<br> Capital<br> Appreciation<br> Fund, <br> Standard <br> Class II | LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund, <br> Service Class | LVIP<br> American<br> Century<br> International<br> Fund, <br> Standard <br> Class II | LVIP<br> American<br> Century Mid Cap <br> Value Fund,<br> Standard <br> Class II | LVIP American<br> Century Ultra<br> Fund, <br> Standard <br> Class II |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $62 | $2943 | $- | $109564 | $802 | $40548 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (9873) | 2624 | 34612 | (114198) | (264) | (80903) | 2 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 24414 | (3838) | 89222 | 45496 | 738 | 187989 | 4 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14603 | 1729 | 123834 | 40862 | 1276 | 147634 | 6 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 6907 |  |  |  | 121878 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (1206) | (561) | (6952) | (40504) | (610) | (20679) | (2) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (82742) |  |  | (935748) |  | (19567) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (251342) | (6845) | (2) | 113220 | 2753 | (509967) | 1 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (335290) | (499) | (6954) | (863032) | 2143 | (428335) | (1) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (320687) | 1230 | 116880 | (822170) | 3419 | (280701) | 5 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 361961 | 61399 | 499357 | 3665204 | 47822 | 1787845 | 23 |
| &nbsp;&nbsp;&nbsp;End of period | $41274 | $62629 | $616237 | $2843034 | $51241 | $1507144 | $28 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> American<br> Century Value<br> Fund, <br> Standard <br> Class II | LVIP JPMorgan<br> Small Cap Core<br> Fund, Standard<br> Class | LVIP JPMorgan<br> U.S. Equity<br> Fund, <br> Standard Class | MFS VIT<br> Growth Series, <br> Initial Class | MFS VIT II<br> International<br> Growth<br> Portfolio,<br> Initial Class | MFS VIT III<br> Blended<br> Research<br> Small Cap<br> Equity<br> Portfolio,<br> Initial Class | MFS VIT III<br> Global<br> Real Estate<br> Portfolio,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $29582 | $- | $- | $- | $22601 | $- | $7189 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 74205 |  | 1 | 2 | (41856) |  | (2621) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (14357) | 2 | 4 | 5 | 206084 | 1 | (13349) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 89430 | 2 | 5 | 7 | 186829 | 1 | (8781) |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 79651 |  |  |  | 92193 |  | 28183 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (11171) | (1) | (2) | (2) | (33139) | (1) | (3571) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  |  | (254014) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (113006) | 1 | 1 | - | (80829) | - | 4551 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (44526) | - | (1) | (2) | (275789) | (1) | 29163 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 44904 | 2 | 4 | 5 | (88960) |  | 20382 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 975213 | 20 | 23 | 23 | 2389395 | 22 | 319924 |
| &nbsp;&nbsp;&nbsp;End of period | $1020117 | $22 | $27 | $28 | $2300435 | $22 | $340306 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT III<br> Mid<br> Cap Value Portfolio,<br> Initial Class | MFS VIT Mid<br> Cap <br> Growth Series,<br> Initial Class | MFS VIT<br> Research<br> Series, Initial<br> Class | MFS VIT<br> Total <br> Return Bond<br> Series,<br> Initial Class | MFS VIT<br> Value<br> Series, Initial<br> Class | Neuberger<br> Berman<br> AMT Mid Cap<br> Growth<br> Portfolio,<br> Class I | Neuberger<br> Berman<br> AMT Mid Cap<br> Intrinsic Value<br> Portfolio, Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $4339 | $- | $- | $124650 | $35326 | $- | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 18907 | 59017 | 1 | (15880) | 145958 | 1228 |  |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (8000) | (5205) | 2 | (34356) | 37646 | 1613 | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 15246 | 53812 | 3 | 74414 | 218930 | 2841 | - |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 61231 | 19428 |  | 666 | 147010 |  |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (3013) | (3961) | (1) | (78592) | (22198) | (156) |  |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (109) |  |  | (41742) | (19748) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 223350 | (50405) | 1 | 22826 | 288601 | (2106) | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 281459 | (34938) | - | (96842) | 393665 | (2262) | - |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 296705 | 18874 | 3 | (22428) | 612595 | 579 |  |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 74135 | 319908 | 22 | 2910175 | 1485744 | 11884 | 1 |
| &nbsp;&nbsp;&nbsp;End of period | $370840 | $338782 | $25 | $2887747 | $2098339 | $12463 | $1 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Neuberger Berman<br> AMT Quality<br> Equity<br> Portfolio,<br> Class I | Nomura VIP<br> International<br> Core <br> Equity Series,<br> Standard Class | Nomura VIP<br> Small<br> Cap Value<br> Series, <br> Service Class | PIMCO VIT<br> CommodityRealReturn<br> Strategy <br> Portfolio,<br> Administrative Class | PIMCO VIT<br> Global<br> Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class | PIMCO VIT<br> High<br> Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $637 | $4492 | $5655 | $1811 | $57522 | $89410 | $1569 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 43051 | 1589 | (21486) | (325) | (101579) | (15930) | 155 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 15913 | (3969) | 77528 | 1809 | 34339 | 24583 | (362) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 59601 | 2112 | 61697 | 3295 | (9718) | 98063 | 1362 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 35642 | 35744 |  | 129070 | 136040 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (4314) | (2912) | (6890) | (773) | (28346) | (18664) | (366) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (68662) |  | (338414) | (104562) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (7665) | 310798 | (95184) | - | (728) | 304205 | (5932) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (11979) | 343528 | (134992) | (773) | (238418) | 317019 | (6298) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 47622 | 345640 | (73295) | 2522 | (248136) | 415082 | (4936) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 261396 | - | 602080 | 79539 | 1879145 | 1402121 | 32150 |
| &nbsp;&nbsp;&nbsp;End of period | $309018 | $345640 | $528785 | $82061 | $1631009 | $1817203 | $27214 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Low <br> Duration<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Real <br> Return<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Total <br> Return<br> Portfolio,<br> Administrative<br> Class | Putnam VT<br> Focused<br> International<br> Equity<br> Fund, Class IA | Putnam VT<br> Global <br> Asset<br> Allocation<br> Fund, Class IA | Putnam VT<br> High <br> Yield Fund,<br> Class IA | Putnam VT<br> Income<br> Fund, Class IB |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $137540 | $26941 | $324599 | $200 | $1 | $2281 | $9068 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (24347) | (27427) | (206650) | 232 |  | (5418) | (19684) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 38988 | 21940 | 79561 | (134) | 3 | 5931 | 10675 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 152181 | 21454 | 197510 | 298 | 4 | 2794 | 59 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 36877 | 38286 | 272527 |  |  |  | 9602 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (87889) | (14482) | (154415) | (146) | (1) | (382) | (2042) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (102498) | (95437) | (564629) | (7937) |  | (1430) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (42676) | 29676 | 292448 | (2753) | (1) | (49730) | 114932 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (196186) | (41957) | (154069) | (10836) | (2) | (51542) | 122492 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (44005) | (20503) | 43441 | (10538) | 2 | (48748) | 122551 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3568163 | 1069183 | 8172928 | 10560 | 22 | 89715 | 233962 |
| &nbsp;&nbsp;&nbsp;End of period | $3524158 | $1048680 | $8216369 | $22 | $24 | $40967 | $356513 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> International<br> Value <br> Fund, Class IA | Putnam VT<br> Large <br> Cap Growth<br> Fund,<br> Class IA | Putnam VT<br> Large <br> Cap Value<br> Fund,<br> Class IA | Putnam VT<br> Research Fund,<br> Class IA | Putnam VT<br> Small<br> Cap Value<br> Fund,<br> Class IA | Putnam VT<br> Sustainable<br> Future <br> Fund, Class IA | Royce Capital<br> Fund<br> Small-Cap<br> Portfolio,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $30784 | $376 | $30575 | $- | $45 | $- | $833 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 68510 | 54760 | 222357 | 1 | 243 | (7634) | 3599 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (38079) | 73156 | 125731 | 5 | (95) | 47487 | (1766) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 61215 | 128292 | 378663 | 6 | 193 | 39853 | 2666 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 35659 | 10803 | 74269 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (12116) | (5443) | (26164) | (2) | (52) | (1889) | (1773) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (323709) |  | (1167) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (111826) | 161 | 471530 | - | (598) | (149561) | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (88283) | 5521 | 195926 | (2) | (1817) | (151450) | (1773) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (27068) | 133813 | 574589 | 4 | (1624) | (111597) | 893 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1155245 | 394433 | 1958315 | 24 | 3853 | 266747 | 82560 |
| &nbsp;&nbsp;&nbsp;End of period | $1128177 | $528246 | $2532904 | $28 | $2229 | $155150 | $83453 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **COLI VUL-2 SERIES ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | T. Rowe Price<br> Blue <br> Chip Growth<br> Portfolio,<br> Class II | VanEck VIP<br> Emerging<br> Markets<br> Fund, Initial<br> Class | VanEck VIP<br> Global<br> Resources<br> Fund,<br> Initial Class | Vanguard VIF<br> Global Bond<br> Index<br> Portfolio | Vanguard VIF<br> Real<br> Estate Index<br> Portfolio | Vanguard VIF<br> Total <br> Bond Market<br> Index<br> Portfolio | Victory RS<br> Small <br> Cap Growth<br> Equity <br> VIP Series,<br> Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $- | $776 | $39463 | $19241 | $- | $60138 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 599488 | (259) | 39090 | (25378) | 774 | (199798) | 2362 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 590705 | 49 | (127481) | 20586 | (4544) | 163887 | 2572 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1190193 | 566 | (48928) | 14449 | (3770) | 24227 | 4934 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 133723 |  | 6638 | 55316 |  | 55316 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (47309) | (786) | (16101) | (12293) | (275) | (29975) | (595) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (69745) |  |  | (142928) |  | (141635) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 199385 | - | 73358 | 6798 | 93831 | (330095) | 16838 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 216054 | (786) | 63895 | (93107) | 93556 | (446389) | 16243 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1406247 | (220) | 14967 | (78658) | 89786 | (422162) | 21177 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3298412 | 43807 | 1523549 | 799345 | - | 2769441 | 19 |
| &nbsp;&nbsp;&nbsp;End of period | $4704659 | $43587 | $1538516 | $720687 | $89786 | $2347279 | $21196 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Concluded)

See accompanying notes to financial statements.

COLI VUL-2 SERIES ACCOUNT

NOTES TO FINANCIAL STATEMENTS<br> YEAR ENDED DECEMBER 31, 2025

1. ORGANIZATION

Effective August 1, 2022, Great West Life & Annuity Insurance Company is now known as Empower Annuity Insurance Company of America (the Company). The COLI VUL-2 Series Account (the Separate Account), a variable life separate account of the Company, is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with regulations of the Colorado Division of Insurance was established on December 30, 1998.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life policies (the "Policies") is not chargeable with liabilities arising out of any other business the Company may conduct.

The Separate Account is a funding vehicle for individual variable life insurance Policies; it consists of a number of subaccounts (the "Subaccounts"), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Policy owners based on the number and value of their units representing their interest in the Subaccounts of the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.

The Separate Account has identified the Chief Product Officer – Protection Division as the chief operating decision maker ("CODM"). The Separate Account is comprised of multiple Subaccounts, each of which constitutes an operating segment. The CODM uses significant performance measures of the Subaccounts, such as the total return ratio, investment income ratio, and expense ratio to make operational decisions for the Separate Account. Segment assets are reflected on the Statements of Assets and Liabilities as Total assets, and significant segment expenses are listed on the Statements of Operations.

If available under their Policy for investment, Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy value to the Company's guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.

Policy owners' net payments are allocated to the Subaccounts in accordance with Policy owner instructions and are recorded as Policy owners' net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Policy values under the Policies.

The following is the variable life insurance product funded by the Separate Account:

Executive Benefit VUL II

For the years or periods ended December 31, 2025 and 2024, the Separate Account offered up to 156 available Subaccount investment options, as follows:

Alger Small Cap Growth Portfolio, Class I-2

American Funds IS Capital World Bond Fund, Class 2 \*

American Funds IS Capital World Growth and Income Fund, Class 2 \*

American Funds IS Global Small Capitalization Fund, Class 2

American Funds IS Growth Fund, Class 2

American Funds IS Growth-Income Fund, Class 2

American Funds IS International Fund, Class 2

American Funds IS New World Fund, Class 2

American Funds IS Washington Mutual Investors Fund, Class 2 <sup>(a)</sup>

 

 

BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I

BlackRock Global Allocation V.I. Fund, Class I

BlackRock High Yield V.I. Fund, Class I

BNY Mellon Stock Index Fund, Inc., Initial Shares

ClearBridge Variable Mid Cap Portfolio, Class I

ClearBridge Variable Small Cap Growth Portfolio, Class I

Columbia VP Small Cap Value Fund, Class 1

Davis Equity Portfolio

Davis Financial Portfolio

Delaware VIP International Series, Standard Class <sup>(a)</sup>

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

DWS Core Equity VIP, Class A

DWS CROCI U.S. VIP, Class A \* <sup>(a)</sup>

DWS High Income VIP, Class A

DWS Small Cap Index VIP, Class A

DWS Small Mid Cap Value VIP, Class A

Eaton Vance VT Floating-Rate Income Fund, Initial Class

Empower Aggressive Profile Fund, Investor Class

Empower Ariel Mid Cap Value Fund, Investor Class <sup>(a)</sup>

Empower Bond Index Fund, Investor Class

Empower Conservative Profile Fund, Investor Class

Empower Core Bond Fund, Investor Class

Empower Emerging Markets Equity Fund, Investor Class

Empower Global Bond Fund, Investor Class

Empower Government Money Market Fund, Investor Class <sup>(a)</sup>

Empower Inflation-Protected Securities Fund, Investor Class

Empower International Index Fund, Investor Class

Empower International Value Fund, Investor Class

Empower Large Cap Growth Fund, Investor Class

Empower Large Cap Value Fund, Investor II Class

Empower Lifetime 2015 Fund, Investor Class

Empower Lifetime 2020 Fund, Investor Class

Empower Lifetime 2025 Fund, Investor Class

Empower Lifetime 2030 Fund, Investor Class

Empower Lifetime 2035 Fund, Investor Class

Empower Lifetime 2040 Fund, Investor Class

Empower Lifetime 2045 Fund, Investor Class

Empower Lifetime 2050 Fund, Investor Class

Empower Lifetime 2055 Fund, Investor Class

Empower Lifetime 2060 Fund, Investor Class

Empower Lifetime 2065 Fund, Investor Class \*

Empower Mid Cap Value Fund, Investor Class

Empower Moderate Profile Fund, Investor Class

Empower Moderately Aggressive Profile Fund, Investor Class

Empower Moderately Conservative Profile Fund, Investor Class

Empower Multi-Sector Bond Fund, Investor Class

Empower Real Estate Index Fund, Investor Class

Empower S&P Mid Cap 400 Index Fund, Investor Class

Empower S&P Small Cap 600 Index Fund, Investor Class

Empower Short Duration Bond Fund, Investor Class

Empower Small Cap Growth Fund, Investor Class

Empower Small Cap Value Fund, Investor Class

Empower T. Rowe Price Mid Cap Growth Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

Federated Hermes High Income Bond Fund II, Primary Shares

Federated Hermes Kaufmann Fund II, Primary Shares

Fidelity VIP Contrafund Portfolio, Service Class 2

Fidelity VIP Emerging Markets Portfolio, Service Class 2

Fidelity VIP Extended Market Index Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2025 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2030 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2035 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2040 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2045 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2050 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2055 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2060 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2065 Portfolio, Service Class 2 \*

Fidelity VIP Freedom 2070 Portfolio, Service Class 2 \*

Fidelity VIP Government Money Market Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Growth Portfolio, Service Class 2

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP International Index Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Investment Grade Bond Portfolio, Service Class 2

Fidelity VIP Mid Cap Portfolio, Service Class 2

Goldman Sachs VIT Government Money Market Fund, Service Class <sup>(a)</sup>

Goldman Sachs VIT Mid Cap Value Fund, Institutional Class

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio, Service Shares \* <sup>(a)</sup>

Invesco V.I. Core Equity Fund, Series I

Invesco V.I. Diversified Dividend Fund, Series I \*

Invesco V.I. EQV International Equity Fund, Series I

Invesco V.I. Global Real Estate Fund, Series I

Invesco V.I. Health Care Fund, Series I

Invesco V.I. Main Street Mid Cap Fund, Series I <sup>(a)</sup>

Invesco V.I. Main Street Small Cap Fund, Series I

Invesco V.I. Technology Fund, Series I \* <sup>(a)</sup>

Janus Henderson VIT Balanced Portfolio, Institutional Shares

Janus Henderson VIT Enterprise Portfolio, Institutional Shares

Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares

Janus Henderson VIT Forty Portfolio, Institutional Shares

Janus Henderson VIT Global Research Portfolio, Institutional Shares

Janus Henderson VIT Global Sustainable Equity Portfolio, Institutional Shares \* <sup>(a)</sup>

Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares

Janus Henderson VIT Overseas Portfolio, Institutional Shares

Lord Abbett Series Fund Developing Growth Portfolio, Class VC

Lord Abbett Series Fund Total Return Portfolio, Class VC

LVIP American Century Capital Appreciation Fund, Standard Class II <sup>(a)</sup>

LVIP American Century Inflation Protection Fund, Service Class <sup>(a)</sup>

LVIP American Century International Fund, Standard Class II <sup>(a)</sup>

LVIP American Century Mid Cap Value Fund, Standard Class II <sup>(a)</sup>

LVIP American Century Ultra Fund, Standard Class II <sup>(a)</sup>

LVIP American Century Value Fund, Standard Class II <sup>(a)</sup>

LVIP JPMorgan Small Cap Core Fund, Standard Class

LVIP JPMorgan U.S. Equity Fund, Standard Class

MFS VIT Growth Series, Initial Class

MFS VIT II International Growth Portfolio, Initial Class

MFS VIT II Research International Portfolio, Initial Class \*

MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class

MFS VIT III Global Real Estate Portfolio, Initial Class

MFS VIT III Mid Cap Value Portfolio, Initial Class

MFS VIT Mid Cap Growth Series, Initial Class

MFS VIT New Discovery Series, Initial Class \*

MFS VIT Research Series, Initial Class

MFS VIT Total Return Bond Series, Initial Class

MFS VIT Value Series, Initial Class

Neuberger Berman AMT Mid Cap Growth Portfolio, Class I

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I

Neuberger Berman AMT Quality Equity Portfolio, Class I <sup>(a)</sup>

Nomura VIP International Core Equity Series, Standard Class <sup>(a)</sup>

Nomura VIP Small Cap Value Series, Service Class <sup>(a)</sup>

PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class

PIMCO VIT High Yield Portfolio, Administrative Class

PIMCO VIT Income Portfolio, Institutional Class

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Administrative Class \*

PIMCO VIT Low Duration Portfolio, Administrative Class

PIMCO VIT Real Return Portfolio, Administrative Class

PIMCO VIT Total Return Portfolio, Administrative Class

Putnam VT Emerging Markets Equity Fund, Class IA \* <sup>(a)</sup>

Putnam VT Focused International Equity Fund, Class IA

Putnam VT Global Asset Allocation Fund, Class IA

Putnam VT High Yield Fund, Class IA

Putnam VT Income Fund, Class IB

Putnam VT International Value Fund, Class IA

Putnam VT Large Cap Growth Fund, Class IA

Putnam VT Large Cap Value Fund, Class IA

Putnam VT Research Fund, Class IA

Putnam VT Small Cap Value Fund, Class IA

Putnam VT Sustainable Future Fund, Class IA

Royce Capital Fund Small-Cap Portfolio, Service Class

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio, Class II

VanEck VIP Emerging Markets Fund, Initial Class

VanEck VIP Global Resources Fund, Initial Class

Vanguard VIF Global Bond Index Portfolio

Vanguard VIF Real Estate Index Portfolio <sup>(a)</sup>

Vanguard VIF Total Bond Market Index Portfolio

Victory RS Small Cap Growth Equity VIP Series, Class I <sup>(a)</sup>

\* Policy owners held no investments in this Subaccount during 2025 or 2024. As such, no financial statements or notes are presented for this Subaccount.

<sup>(a)</sup> See Subaccount Changes table below

<u>Subaccount Changes: Name Changes</u>

During 2025 and 2024, the following Subaccounts changed their names:

---

| | | |
|:---|:---|:---|
| <u>Previous Name</u> | <u>New Name</u> | <u>Date of Change</u> |
| Delaware Ivy VIP International Core Equity Series, Standard Class | Macquarie VIP International Core Equity Series, Standard Class | May 1, 2024 |
| Delaware VIP Small Cap Value Series, Service Class | Macquarie VIP Small Cap Value Series, Service Class | May 1, 2024 |
| Neuberger Berman AMT Sustainable Equity Portfolio, Class I | Neuberger Berman AMT Quality Equity Portfolio, Class I | July 28, 2025 |
| Macquarie VIP International Core Equity Series, Standard Class | Nomura VIP International Core Equity Series, Standard Class | December 1, 2025 |
| Macquarie VIP Small Cap Value Series, Service Class | Nomura VIP Small Cap Value Series, Service Class | December 1, 2025 |

---

<u>Subaccount Changes: Mergers</u><br> During 2024, the following Subaccounts were merged:

---

| | | |
|:---|:---|:---|
| <u>Original Subaccount</u> | <u>Merged Into</u> | <u>Date of Merger</u> |
| Delaware VIP International Series, Standard Class | Delaware Ivy VIP International Core Equity Series, Standard Class | April 26, 2024 |
| Empower Ariel Mid Cap Value Fund, Investor Class | Empower Mid Cap Value Fund, Investor Class | October 25, 2024 |

---

<u>Subaccount Changes: Reorganizations</u>

During 2024, the following Subaccounts were reorganized:

---

| | | |
|:---|:---|:---|
| <u>Previous Name</u> | <u>New Name</u> | <u>Date of Reorganization</u> |
| American Century Investments VP Capital Appreciation Fund, Class I | LVIP American Century Capital Appreciation Fund, Standard Class II | April 26, 2024 |
| American Century Investments VP Inflation Protection Fund, Class II | LVIP American Century Inflation Protection Fund, Service Class | April 26, 2024 |
| American Century Investments VP International Fund, Class I | LVIP American Century International Fund, Standard Class II | April 26, 2024 |
| American Century Investments VP Mid Cap Value Fund, Class I | LVIP American Century Mid Cap Value Fund, Standard Class II | April 26, 2024 |
| American Century Investments VP Ultra Fund, Class I | LVIP American Century Ultra Fund, Standard Class II | April 26, 2024 |
| American Century Investments VP Value Fund, Class I | LVIP American Century Value Fund, Standard Class II | April 26, 2024 |

---

<u>Subaccount Changes: Liquidations</u>

During 2025 and 2024, the following Subaccounts were liquidated:

---

| | |
|:---|:---|
| <u>Subaccount Name</u> | <u>Date of Liquidation</u> |
| DWS CROCI U.S. VIP, Class A | September 19, 2025 |
| Empower Government Money Market Fund, Investor Class | June 14, 2024 |
| Goldman Sachs VIT Multi-Strategy Alternatives Portfolio, Service Shares | April 10, 2025 |
| Invesco V.I. Main Street Mid Cap Fund, Series I | September 19, 2025 |
| Invesco V.I. Technology Fund, Series I | September 19, 2025 |
| Janus Henderson VIT Global Sustainable Equity Portfolio, Institutional Shares | April 30, 2025 |
| Putnam VT Emerging Markets Equity Fund, Class IA | September 19, 2025 |
| Victory RS Small Cap Growth Equity VIP Series, Class I | August 28, 2025 |

---

<u>Subaccount Changes: Trading Commencements</u>

During 2025 and 2024, the following Subaccounts commenced trading:

---

| | |
|:---|:---|
| <u>Subaccount Name</u> | <u>Date Trading Commenced</u> |
| American Funds IS Washington Mutual Investors Fund, Class 2 | June 27, 2025 |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 | August 09, 2024 |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | April 30, 2024 |
| Fidelity VIP International Index Portfolio, Service Class 2 | January 19, 2024 |
| Goldman Sachs VIT Government Money Market, Service Shares | April 30, 2024 |
| Vanguard VIF Real Estate Index Portfolio | April 26, 2024 |

---

The financial statements are presented based on the periods noted in the above Subaccount Changes tables which may result in the exclusion from certain financial statements.

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services — Investment Companies".

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies of the Separate Account.

<u>Investment valuation</u>

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

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

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity's own assumptions and would be based on the best information available under the circumstances.

The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

<u>Receivables and payables from (to) the Policies and the fund manager</u>

Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy level from the last business day of the year that has not yet been settled with the fund manager.

<u>Receivable from dividends</u>

Receivable from dividends include dividends declared by the fund managers that have not yet been reinvested in accordance with the Subaccounts' designated reinvestment dates.

<u>Receivables and payables from (to) the Company</u>

Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.

<u>Dividend income and capital gain distributions</u>

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

<u>Net realized gains and losses</u>

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts' shares (determined for each product using the first-in-first-out (FIFO) basis) and capital gain distributions from the mutual funds.

<u>Net transfers (to) from the Company and/or Subaccounts</u>

Net transfers (to) from the Company and/or Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

<u>Federal income taxes</u>

The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2025. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Policies.

<u>Use of estimates</u>

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

<u>Risks and uncertainties</u>

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and notes of the underlying Subaccounts identified in note 1, Organization.

3. PURCHASES AND SALES OF INVESTMENTS <br>The cost of purchases and proceeds from sales of investments for the year or period ended (as designated in note 1, Organization, if applicable) December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| Alger Small Cap Growth Portfolio, Class I-2 | $88358 | $35428 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 17921 | 250296 |
| American Funds IS Growth Fund, Class 2 | 728902 | 1570574 |
| American Funds IS Growth-Income Fund, Class 2 | 71 | 26 |
| American Funds IS International Fund, Class 2 | 96683 | 770674 |
| American Funds IS New World Fund, Class 2 | 126657 | 145020 |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 24399 | 127 |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I | 1 | 1 |
| BlackRock Global Allocation V.I. Fund, Class I | 159710 | 1606957 |
| BlackRock High Yield V.I. Fund, Class I | 28939 | 323476 |
| BNY Mellon Stock Index Fund, Inc., Initial Shares | 4704856 | 4128128 |
| ClearBridge Variable Mid Cap Portfolio, Class I | 8926 | 7254 |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 355669 | 550185 |
| Columbia VP Small Cap Value Fund, Class 1 | 31244 | 2686 |
| Davis Equity Portfolio | 36928 | 3049 |
| Davis Financial Portfolio | 58099 | 3193 |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 214460 | 183243 |
| DWS Core Equity VIP, Class A | 3 | 2 |
| DWS High Income VIP, Class A | 65388 | 459434 |
| DWS Small Cap Index VIP, Class A | 1083970 | 1203703 |
| DWS Small Mid Cap Value VIP, Class A | 431721 | 223462 |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class | 69159 | 824524 |
| Empower Aggressive Profile Fund, Investor Class | 133375 | 209066 |
| Empower Bond Index Fund, Investor Class | 1399846 | 978539 |
| Empower Conservative Profile Fund, Investor Class | 1676271 | 417997 |
| Empower Core Bond Fund, Investor Class | 711643 | 37657 |
| Empower Emerging Markets Equity Fund, Investor Class | 0 \* | 1 |
| Empower Global Bond Fund, Investor Class | 135255 | 45422 |
| Empower Inflation-Protected Securities Fund, Investor Class | 1 | 1 |
| Empower International Index Fund, Investor Class | 878982 | 1422627 |
| Empower International Value Fund, Investor Class | 599886 | 1505390 |
| Empower Large Cap Growth Fund, Investor Class | 1165364 | 1066499 |
| Empower Large Cap Value Fund, Investor II Class | 5585046 | 2695249 |
| Empower Lifetime 2015 Fund, Investor Class | 180113 | 83465 |
| Empower Lifetime 2020 Fund, Investor Class | 107091 | 12926 |
| Empower Lifetime 2025 Fund, Investor Class | 523791 | 755670 |
| Empower Lifetime 2030 Fund, Investor Class | 1436729 | 441452 |
| Empower Lifetime 2035 Fund, Investor Class | 1331786 | 253329 |
| Empower Lifetime 2040 Fund, Investor Class | 249348 | 184348 |
| Empower Lifetime 2045 Fund, Investor Class | 279100 | 377022 |
| Empower Lifetime 2050 Fund, Investor Class | 41557 | 133817 |
| Empower Lifetime 2055 Fund, Investor Class | 188538 | 136973 |
| Empower Lifetime 2060 Fund, Investor Class | 7100 | 4221 |
| Empower Mid Cap Value Fund, Investor Class | 170420 | 380956 |
| Empower Moderate Profile Fund, Investor Class | 132236 | 218772 |
| Empower Moderately Aggressive Profile Fund, Investor Class | 86595 | 216560 |
| Empower Moderately Conservative Profile Fund, Investor Class | 55747 | 47649 |
| Empower Multi-Sector Bond Fund, Investor Class | 285474 | 619733 |
| Empower Real Estate Index Fund, Investor Class | 149180 | 794479 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| Empower S&P Mid Cap 400 Index Fund, Investor Class | $1974316 | $1994906 |
| Empower S&P Small Cap 600 Index Fund, Investor Class | 716591 | 754070 |
| Empower Short Duration Bond Fund, Investor Class | 210421 | 979790 |
| Empower Small Cap Growth Fund, Investor Class | 1 | 1 |
| Empower Small Cap Value Fund, Investor Class | 199920 | 142747 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | 461203 | 626512 |
| Empower U.S. Government Securities Fund, Investor Class | 984813 | 1085828 |
| Federated Hermes High Income Bond Fund II, Primary Shares | 1 | 1 |
| Federated Hermes Kaufmann Fund II, Primary Shares | 31455 | 141989 |
| Fidelity VIP Contrafund Portfolio, Service Class 2 | 239727 | 2215438 |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 | 24110 | 1102427 |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | 12210064 | 9663702 |
| Fidelity VIP Growth Portfolio, Service Class 2 | 8365 | 4728 |
| Fidelity VIP Index 500 Portfolio, Initial Class | 2135462 | 7701207 |
| Fidelity VIP International Index Portfolio, Service Class 2 | 221081 | 208331 |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 | 17136 | 7004 |
| Fidelity VIP Mid Cap Portfolio, Service Class 2 | 27251 | 35527 |
| Goldman Sachs VIT Government Money Market Fund, Service Class | 1355964 | 1090525 |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | 1785 | 4093 |
| Invesco V.I. Core Equity Fund, Series I | 2659 | 2197 |
| Invesco V.I. EQV International Equity Fund, Series I | 483378 | 368009 |
| Invesco V.I. Global Real Estate Fund, Series I | 197580 | 20199 |
| Invesco V.I. Health Care Fund, Series I | 31319 | 99082 |
| Invesco V.I. Main Street Small Cap Fund, Series I | 180812 | 271237 |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares | 1116509 | 2440052 |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares | 165240 | 142571 |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares | 497235 | 800810 |
| Janus Henderson VIT Forty Portfolio, Institutional Shares | 580758 | 1632322 |
| Janus Henderson VIT Global Research Portfolio, Institutional Shares | 163622 | 594862 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 476414 | 1687395 |
| Janus Henderson VIT Overseas Portfolio, Institutional Shares | 1324 | 1320 |
| Lord Abbett Series Fund Developing Growth Portfolio, Class VC | 63 | 9103 |
| Lord Abbett Series Fund Total Return Portfolio, Class VC | 432563 | 155959 |
| LVIP American Century Capital Appreciation Fund, Standard Class II | 54 | 604401 |
| LVIP American Century Inflation Protection Fund, Service Class | 171201 | 633631 |
| LVIP American Century International Fund, Standard Class II | 1799 | 4398 |
| LVIP American Century Mid Cap Value Fund, Standard Class II | 160335 | 1243333 |
| LVIP American Century Ultra Fund, Standard Class II | 2 | 2 |
| LVIP American Century Value Fund, Standard Class II | 147060 | 170875 |
| LVIP JPMorgan Small Cap Core Fund, Standard Class | 2 | 1 |
| LVIP JPMorgan U.S. Equity Fund, Standard Class | 1 | 2 |
| MFS VIT Growth Series, Initial Class | 5 | 2 |
| MFS VIT II International Growth Portfolio, Initial Class | 262070 | 919133 |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class | 2 | 1 |
| MFS VIT III Global Real Estate Portfolio, Initial Class | 96476 | 143722 |
| MFS VIT III Mid Cap Value Portfolio, Initial Class | 112588 | 320244 |
| MFS VIT Mid Cap Growth Series, Initial Class | 303052 | 382900 |
| MFS VIT Research Series, Initial Class | 6 | 2 |
| MFS VIT Total Return Bond Series, Initial Class | 135282 | 90592 |
| MFS VIT Value Series, Initial Class | 829583 | 890016 |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class I | 3906 | 1798 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I | 0 \* |  |
| Neuberger Berman AMT Quality Equity Portfolio, Class I | 133604 | 191791 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| Nomura VIP International Core Equity Series, Standard Class | $50932 | $333773 |
| Nomura VIP Small Cap Value Series, Service Class | 108496 | 147152 |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class | 2593 | 712 |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class | 56201 | 976410 |
| PIMCO VIT High Yield Portfolio, Administrative Class | 768175 | 506811 |
| PIMCO VIT Income Portfolio, Institutional Class | 7325 | 19805 |
| PIMCO VIT Low Duration Portfolio, Administrative Class | 141868 | 449268 |
| PIMCO VIT Real Return Portfolio, Administrative Class | 114114 | 325368 |
| PIMCO VIT Total Return Portfolio, Administrative Class | 1101515 | 2407723 |
| Putnam VT Focused International Equity Fund, Class IA | 1 | 2 |
| Putnam VT Global Asset Allocation Fund, Class IA | 3 | 2 |
| Putnam VT High Yield Fund, Class IA | 18683 | 37966 |
| Putnam VT Income Fund, Class IB | 23024 | 273954 |
| Putnam VT International Value Fund, Class IA | 288035 | 232278 |
| Putnam VT Large Cap Growth Fund, Class IA | 157874 | 82876 |
| Putnam VT Large Cap Value Fund, Class IA | 1030282 | 788456 |
| Putnam VT Research Fund, Class IA | 2 | 2 |
| Putnam VT Small Cap Value Fund, Class IA | 217 | 1019 |
| Putnam VT Sustainable Future Fund, Class IA | 136380 | 103096 |
| Royce Capital Fund Small-Cap Portfolio, Service Class | 7549 | 1669 |
| T. Rowe Price Blue Chip Growth Portfolio, Class II | 1969376 | 2591288 |
| VanEck VIP Emerging Markets Fund, Initial Class | 360 | 807 |
| VanEck VIP Global Resources Fund, Initial Class | 160862 | 294174 |
| Vanguard VIF Global Bond Index Portfolio | 41548 | 436394 |
| Vanguard VIF Real Estate Index Portfolio | 10317 | 94834 |
| Vanguard VIF Total Bond Market Index Portfolio | 648961 | 544317 |
| Victory RS Small Cap Growth Equity VIP Series, Class I | 76459 | 101687 |
| \* The Subaccount has dollars that round to less than one. |  |  |

---

4. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the years or periods ended (as designated in note 1, Organization, if applicable) December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Alger Small Cap Growth Portfolio, Class I-2 | 360 | 138 | 222 | 136 | 134 | 2 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 702 | 11027 | (10325) | 6775 | 120 | 6655 |
| American Funds IS Growth Fund, Class 2 | 6056 | 20237 | (14181) | 2644 | 13487 | (10843) |
| American Funds IS Growth-Income Fund, Class 2 |  | 1 | (1) |  | 1 | (1) |
| American Funds IS International Fund, Class 2 | 4026 | 44013 | (39987) | 5862 | 28188 | (22326) |
| American Funds IS New World Fund, Class 2 | 1010 | 4079 | (3069) | 2123 | 4508 | (2385) |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 1608 | 8 | 1600 |  |  |  |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I |  | 0 \* | (0) |  | 0 \* | (0) |
| BlackRock Global Allocation V.I. Fund, Class I | 316 | 87812 | (87496) | 11277 | 34419 | (23142) |
| BlackRock High Yield V.I. Fund, Class I | 98 | 24192 | (24094) | 3060 | 9576 | (6516) |
| BNY Mellon Stock Index Fund, Inc., Initial Shares | 36397 | 65315 | (28918) | 54831 | 128748 | (73917) |
| ClearBridge Variable Mid Cap Portfolio, Class I | 26 | 347 | (321) | 875 | 59 | 816 |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 12683 | 22197 | (9514) | 19374 | 14685 | 4689 |
| Columbia VP Small Cap Value Fund, Class 1 | 37 | 49 | (12) | 107 | 109 | (2) |
| Davis Equity Portfolio |  | 59 | (59) | 0 \* | 62 | (62) |
| Davis Financial Portfolio | 223 | 62 | 161 |  | 3720 | (3720) |
| Delaware VIP International Series, Standard Class |  |  |  | 7051 | 33462 | (26411) |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 20446 | 17722 | 2724 | 12018 | 10692 | 1326 |
| DWS Core Equity VIP, Class A |  | 0 \* | (0) |  | 0 \* | (0) |
| DWS High Income VIP, Class A | 1007 | 17130 | (16123) | 13762 | 7319 | 6443 |
| DWS Small Cap Index VIP, Class A | 10966 | 31662 | (20696) | 17392 | 39645 | (22253) |
| DWS Small Mid Cap Value VIP, Class A | 5719 | 5600 | 119 | 6264 | 4910 | 1354 |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class | 194 | 56902 | (56708) | 6805 | 22731 | (15926) |
| Empower Aggressive Profile Fund, Investor Class | 4696 | 10351 | (5655) | 14636 | 12018 | 2618 |
| Empower Ariel Mid Cap Value Fund, Investor Class |  |  |  | 1449 | 4102 | (2653) |
| Empower Bond Index Fund, Investor Class | 83320 | 64383 | 18937 | 62015 | 98646 | (36631) |
| Empower Conservative Profile Fund, Investor Class | 100952 | 30453 | 70499 | 426444 | 31639 | 394805 |
| Empower Core Bond Fund, Investor Class | 43172 | 2304 | 40868 | 352 | 2628 | (2276) |
| Empower Emerging Markets Equity Fund, Investor Class |  | 0 \* | (0) |  | 0 \* | (0) |
| Empower Global Bond Fund, Investor Class | 7582 | 3325 | 4257 | 12865 | 16453 | (3588) |
| Empower Government Money Market Fund, Investor Class |  |  |  | 430695 | 2699017 | (2268322) |
| Empower Inflation-Protected Securities Fund, Investor Class |  | 0 \* | (0) |  | 0 \* | (0) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Empower International Index Fund, Investor Class | 33551 | 74354 | (40803) | 23121 | 38546 | (15425) |
| Empower International Value Fund, Investor Class | 12082 | 70605 | (58523) | 55993 | 24529 | 31464 |
| Empower Large Cap Growth Fund, Investor Class | 10328 | 10943 | (615) | 11145 | 9676 | 1469 |
| Empower Large Cap Value Fund, Investor II Class | 281995 | 143297 | 138698 | 164623 | 179843 | (15220) |
| Empower Lifetime 2015 Fund, Investor Class | 9159 | 4905 | 4254 | 1725 | 4921 | (3196) |
| Empower Lifetime 2020 Fund, Investor Class | 4470 | 751 | 3719 | 1142 | 7406 | (6264) |
| Empower Lifetime 2025 Fund, Investor Class | 10883 | 41067 | (30184) | 171516 | 233142 | (61626) |
| Empower Lifetime 2030 Fund, Investor Class | 55138 | 22505 | 32633 | 223291 | 11693 | 211598 |
| Empower Lifetime 2035 Fund, Investor Class | 55934 | 12678 | 43256 | 37075 | 29528 | 7547 |
| Empower Lifetime 2040 Fund, Investor Class | 8803 | 8680 | 123 | 4955 | 65253 | (60298) |
| Empower Lifetime 2045 Fund, Investor Class | 10199 | 17542 | (7343) | 16929 | 12601 | 4328 |
| Empower Lifetime 2050 Fund, Investor Class | 1220 | 5682 | (4462) | 3038 | 10084 | (7046) |
| Empower Lifetime 2055 Fund, Investor Class | 7395 | 6082 | 1313 | 6521 | 13248 | (6727) |
| Empower Lifetime 2060 Fund, Investor Class | 389 | 272 | 117 | 166 | 6 | 160 |
| Empower Mid Cap Value Fund, Investor Class | 5251 | 17019 | (11768) | 23043 | 329 | 22714 |
| Empower Moderate Profile Fund, Investor Class | 7220 | 13542 | (6322) | 15065 | 12354 | 2711 |
| Empower Moderately Aggressive Profile Fund, Investor Class | 4166 | 11949 | (7783) | 39086 | 30039 | 9047 |
| Empower Moderately Conservative Profile Fund, Investor Class | 3524 | 3159 | 365 | 7160 | 241404 | (234244) |
| Empower Multi-Sector Bond Fund, Investor Class | 5912 | 13029 | (7117) | 33612 | 59957 | (26345) |
| Empower Real Estate Index Fund, Investor Class | 7550 | 45649 | (38099) | 16727 | 46398 | (29671) |
| Empower S&P Mid Cap 400 Index Fund, Investor Class | 39323 | 64518 | (25195) | 53356 | 42910 | 10446 |
| Empower S&P Small Cap 600 Index Fund, Investor Class | 27029 | 31619 | (4590) | 26856 | 33946 | (7090) |
| Empower Short Duration Bond Fund, Investor Class | 6514 | 58324 | (51810) | 81846 | 49278 | 32568 |
| Empower Small Cap Growth Fund, Investor Class |  | 0 \* | (0) |  | 0 \* | (0) |
| Empower Small Cap Value Fund, Investor Class | 2944 | 2130 | 814 | 2287 | 2181 | 106 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | 5424 | 7697 | (2273) | 5055 | 5857 | (802) |
| Empower U.S. Government Securities Fund, Investor Class | 38089 | 46422 | (8333) | 262728 | 129828 | 132900 |
| Federated Hermes High Income Bond Fund II, Primary Shares |  | 0 \* | (0) |  | 0 \* | (0) |
| Federated Hermes Kaufmann Fund II, Primary Shares | 357 | 2989 | (2632) | 1591 | 5495 | (3904) |
| Fidelity VIP Contrafund Portfolio, Service Class 2 | 1484 | 23588 | (22104) | 3142 | 5208 | (2066) |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 | 293 | 75348 | (75055) | 10509 | 29018 | (18509) |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 |  |  |  | 4711 | 4711 |  |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | 1061838 | 917241 | 144597 | 3042167 | 539837 | 2502330 |
| Fidelity VIP Growth Portfolio, Service Class 2 | 31 | 61 | (30) | 4 | 105 | (101) |
| Fidelity VIP Index 500 Portfolio, Initial Class | 126913 | 502670 | (375757) | 483800 | 257939 | 225861 |
| Fidelity VIP International Index Portfolio, Service Class 2 | 16263 | 14856 | 1407 | 11495 | 4657 | 6838 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 | 385 | 286 | 99 | 653 | 104 | 549 |
| Fidelity VIP Mid Cap Portfolio, Service Class 2 | 161 | 342 | (181) | 2516 | 4798 | (2282) |
| Goldman Sachs VIT Government Money Market Fund, Service Class | 126741 | 103701 | 23040 | 93176 | 48274 | 44902 |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class |  | 137 | (137) | 10 | 199 | (189) |
| Invesco V.I. Core Equity Fund, Series I | 22 | 41 | (19) |  | 73 | (73) |
| Invesco V.I. EQV International Equity Fund, Series I | 8632 | 14516 | (5884) | 14824 | 2999 | 11825 |
| Invesco V.I. Global Real Estate Fund, Series I | 3924 | 484 | 3440 | 5891 | 2737 | 3154 |
| Invesco V.I. Health Care Fund, Series I | 596 | 1991 | (1395) | 8577 | 9100 | (523) |
| Invesco V.I. Main Street Mid Cap Fund, Series I |  |  |  | 0 \* | 0 \* | 0 |
| Invesco V.I. Main Street Small Cap Fund, Series I | 3217 | 11142 | (7925) | 24462 | 10316 | 14146 |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares | 15390 | 40705 | (25315) | 30741 | 18995 | 11746 |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares | 4598 | 5470 | (872) | 3620 | 5168 | (1548) |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares | 12978 | 26193 | (13215) | 24403 | 14348 | 10055 |
| Janus Henderson VIT Forty Portfolio, Institutional Shares | 1786 | 11794 | (10008) | 9625 | 7312 | 2313 |
| Janus Henderson VIT Global Research Portfolio, Institutional Shares | 3750 | 18449 | (14699) | 15707 | 12667 | 3040 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 1831 | 11535 | (9704) | 2638 | 5701 | (3063) |
| Janus Henderson VIT Overseas Portfolio, Institutional Shares |  | 26 | (26) |  | 27 | (27) |
| Lord Abbett Series Fund Developing Growth Portfolio, Class VC |  | 417 | (417) |  | 18408 | (18408) |
| Lord Abbett Series Fund Total Return Portfolio, Class VC | 35961 | 13599 | 22362 | 14015 | 14051 | (36) |
| LVIP American Century Capital Appreciation Fund, Standard Class II |  | 19978 | (19978) |  | 255 | (255) |
| LVIP American Century Inflation Protection Fund, Service Class |  | 53339 | (53339) | 9950 | 84914 | (74964) |
| LVIP American Century International Fund, Standard Class II | 53 | 216 | (163) | 229 | 113 | 116 |
| LVIP American Century Mid Cap Value Fund, Standard Class II | 6746 | 72403 | (65657) | 14812 | 40036 | (25224) |
| LVIP American Century Ultra Fund, Standard Class II |  | 0 \* | (0) |  | 0 \* | (0) |
| LVIP American Century Value Fund, Standard Class II | 604 | 2055 | (1451) | 2160 | 2782 | (622) |
| LVIP JPMorgan Small Cap Core Fund, Standard Class |  | 0 \* | (0) |  | 0 \* | (0) |
| LVIP JPMorgan U.S. Equity Fund, Standard Class |  | 0 \* | (0) |  | 0 \* | (0) |
| MFS VIT Growth Series, Initial Class |  | 0 \* | (0) |  | 0 \* | (0) |
| MFS VIT II International Growth Portfolio, Initial Class | 8508 | 57466 | (48958) | 12167 | 33133 | (20966) |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class |  | 0 \* | (0) |  | 0 \* | (0) |
| MFS VIT III Global Real Estate Portfolio, Initial Class | 6326 | 9921 | (3595) | 2607 | 529 | 2078 |
| MFS VIT III Mid Cap Value Portfolio, Initial Class | 3648 | 15095 | (11447) | 35089 | 20970 | 14119 |
| MFS VIT Mid Cap Growth Series, Initial Class | 10091 | 14612 | (4521) | 7352 | 8479 | (1127) |
| MFS VIT Research Series, Initial Class |  | 0 \* | (0) |  | 0 \* | (0) |
| MFS VIT Total Return Bond Series, Initial Class | 386 | 7682 | (7296) | 2500 | 10984 | (8484) |
| MFS VIT Value Series, Initial Class | 27027 | 36482 | (9455) | 29448 | 9836 | 19612 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class I | 45 | 34 | 11 | 10 | 56 | (46) |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I |  |  |  |  |  |  |
| Neuberger Berman AMT Quality Equity Portfolio, Class I | 1527 | 2389 | (862) | 1863 | 2126 | (263) |
| Nomura VIP International Core Equity Series, Standard Class | 2265 | 27115 | (24850) | 39009 | 4697 | 34312 |
| Nomura VIP Small Cap Value Series, Service Class | 3346 | 6744 | (3398) | 8028 | 14643 | (6615) |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class |  | 46 | (46) |  | 55 | (55) |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class | 456 | 87882 | (87426) | 12468 | 35214 | (22746) |
| PIMCO VIT High Yield Portfolio, Administrative Class | 19565 | 15278 | 4287 | 14493 | 4446 | 10047 |
| PIMCO VIT Income Portfolio, Institutional Class | 533 | 1683 | (1150) | 632 | 1223 | (591) |
| PIMCO VIT Low Duration Portfolio, Administrative Class | 542 | 26361 | (25819) | 6450 | 18728 | (12278) |
| PIMCO VIT Real Return Portfolio, Administrative Class | 3813 | 15235 | (11422) | 4862 | 6965 | (2103) |
| PIMCO VIT Total Return Portfolio, Administrative Class | 35465 | 109874 | (74409) | 42129 | 49869 | (7740) |
| Putnam VT Focused International Equity Fund, Class IA |  | 0 \* | (0) |  | 648 | (648) |
| Putnam VT Global Asset Allocation Fund, Class IA |  | 0 \* | (0) |  | 0 \* | (0) |
| Putnam VT High Yield Fund, Class IA | 482 | 1163 | (681) | 339 | 2159 | (1820) |
| Putnam VT Income Fund, Class IB | 1595 | 24817 | (23222) | 25721 | 15154 | 10567 |
| Putnam VT International Value Fund, Class IA | 12070 | 11270 | 800 | 12939 | 17979 | (5040) |
| Putnam VT Large Cap Growth Fund, Class IA | 2408 | 1789 | 619 | 2710 | 2691 | 19 |
| Putnam VT Large Cap Value Fund, Class IA | 9315 | 9382 | (67) | 13531 | 11058 | 2473 |
| Putnam VT Research Fund, Class IA |  | 0 \* | (0) |  | 0 \* | (0) |
| Putnam VT Small Cap Value Fund, Class IA |  | 45 | (45) |  | 86 | (86) |
| Putnam VT Sustainable Future Fund, Class IA | 1527 | 1412 | 115 | 796 | 2949 | (2153) |
| Royce Capital Fund Small-Cap Portfolio, Service Class |  | 56 | (56) |  | 60 | (60) |
| T. Rowe Price Blue Chip Growth Portfolio, Class II | 41747 | 65845 | (24098) | 43426 | 36647 | 6779 |
| VanEck VIP Emerging Markets Fund, Initial Class | 0 \* | 16 | (16) |  | 16 | (16) |
| VanEck VIP Global Resources Fund, Initial Class | 1605 | 3798 | (2193) | 2890 | 1991 | 899 |
| Vanguard VIF Global Bond Index Portfolio | 2150 | 44925 | (42775) | 7690 | 17672 | (9982) |
| Vanguard VIF Real Estate Index Portfolio | 573 | 8056 | (7483) | 8553 | 722 | 7831 |
| Vanguard VIF Total Bond Market Index Portfolio | 58760 | 56682 | 2078 | 109858 | 158635 | (48777) |
| Victory RS Small Cap Growth Equity VIP Series, Class I | 6838 | 8494 | (1656) | 4588 | 2934 | 1654 |
| \* The Subaccount has units that round to less than one. | \* The Subaccount has units that round to less than one. |  |  |  |  |  |
| Note: Units may not appear to foot/crossfoot due to rounding. | Note: Units may not appear to foot/crossfoot due to rounding. |  |  |  |  |  |

---

5. EXPENSES AND RELATED PARTY TRANSACTIONS

The charges below are the current expenses deducted by Subaccount from the Policy as a redemption of units. Charges may vary based on factors such as face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Policies in accordance with the terms which govern each life insurance policy, as set forth in the Policy.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Expense Type** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;**Premium Expense Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for expenses incurred associated with the sales and distribution of the Policies. The charge is assessed on each premium payment received, deducted through a redemption of units, and recorded as Policy owners' net payments within the Statements of Changes in Net Assets. | &nbsp;&nbsp;not more than 10.0% of each premium payment received |
| &nbsp;&nbsp;**Service Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$7.50 - $10 per month |
| &nbsp;&nbsp;**Mortality and Expense Risk Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for assuming mortality and expense risks. The charge is deducted daily, assessed through a redemption of units and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | &nbsp;&nbsp;a daily charge amounting to a per annum aggregate of 0.10% - 0.90% of the average daily net assets of the Subaccounts |
| &nbsp;&nbsp;**Transfer Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$10 per transfer after the first 12 transfers in any calendar year |
| &nbsp;&nbsp;**Withdrawal Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from withdrawals. The charge is deducted upon withdrawal, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$25 per withdrawal after the first partial withdrawal in the same Policy year |
| &nbsp;&nbsp;**Cost of Insurance Charge (COI)** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's monthly anniversary day, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$0.01 - $83.33 per $1,000 of net amount at risk per month |
| &nbsp;&nbsp;**Charge for Change of Death Benefit Option** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from a change of death benefit option. The charge is deducted upon each change request, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets. | &nbsp;&nbsp; maximum fee of $100 per change |

---

6. FINANCIAL HIGHLIGHTS

The Company sells one variable life product that is funded by the Separate Account. A summary of the units outstanding, unit fair values, net assets for variable life Policies, investment income ratios, and total returns for each of the five years or periods ended December 31, 2025 is as follows:

A summary of the units outstanding, unit fair values, net assets for variable life Policies, investment income ratios, excluding expenses of the underlying Subaccounts, and total returns for each of the five years or periods ended December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br>Return <sup>(b)</sup> |
| Alger Small Cap Growth Portfolio, Class I-2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2 | $278.12 | $568 | 0.00% | 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 262.59 | 478 | 0.40% | 8.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2 | 242.85 | 441 | 0.00% | 16.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 208.47 | 390 | 0.00% | (38.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 336.31 | 849 | 0.00% | (6.06)% |
| American Funds IS Global Small Capitalization Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | 25.06 | 31 | 0.10% | 14.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 12 | 21.86 | 252 | 1.17% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 5 | 21.36 | 104 | 0.27% | 16.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 3 | 18.39 | 56 | 0.00% | (29.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2 | 26.10 | 64 | 0.00% | 6.74% |
| American Funds IS Growth Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 36 | 91.05 | 3273 | 0.14% | 20.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 50 | 75.73 | 3796 | 0.34% | 31.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 61 | 57.54 | 3508 | 0.36% | 38.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 70 | 41.55 | 2896 | 0.32% | (29.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 74 | 59.30 | 4368 | 0.20% | 21.99% |
| American Funds IS Growth-Income Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 0 \* | 26.16 | 0 \* | 0.98% | 18.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 0 \* | 22.16 | 0 \* | 1.11% | 24.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 17.84 | 0 \* | 1.37% | 26.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 14.14 | 0 \* | 1.28% | (16.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 16.93 |  | 1.12% | 24.07% |
| American Funds IS International Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 50 | 20.77 | 1048 | 1.17% | 26.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 90 | 16.38 | 1482 | 1.19% | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 113 | 15.88 | 1791 | 1.30% | 15.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 113 | 13.71 | 1548 | 1.62% | (20.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 150 | 17.30 | 2593 | 2.67% | (1.50)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| American Funds IS New World Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 46 | $40.60 | $1886 | 1.14% | 28.30% |
| &nbsp;&nbsp;&nbsp;2024 | 50 | 31.64 | 1567 | 1.41% | 6.56% |
| &nbsp;&nbsp;&nbsp;2023 | 52 | 29.70 | 1542 | 1.43% | 16.00% |
| &nbsp;&nbsp;&nbsp;2022 | 54 | 25.60 | 1374 | 1.33% | (22.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 52 | 32.86 | 1722 | 0.77% | 4.92% |
| American Funds IS Washington Mutual Investors Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 16.23 | 26 | 4.09% | 8.17% |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 17.45 | 0 \* | 4.30% | 15.68% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 15.08 | 0 \* | 2.28% | 11.64% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 13.51 | 0 \* | 2.04% | 15.62% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 11.68 | 0 \* | 3.21% | (15.03)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 13.75 |  | 5.30% | 37.50% |
| BlackRock Global Allocation V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 64 | 20.65 | 1325 | 2.55% | 19.80% |
| &nbsp;&nbsp;&nbsp;2024 | 152 | 17.24 | 2614 | 1.38% | 9.23% |
| &nbsp;&nbsp;&nbsp;2023 | 175 | 15.78 | 2758 | 2.21% | 12.83% |
| &nbsp;&nbsp;&nbsp;2022 | 179 | 13.98 | 2503 | 0.00% | (15.86)% |
| &nbsp;&nbsp;&nbsp;2021 | 179 | 16.62 | 2983 | 0.98% | 6.67% |
| BlackRock High Yield V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 19 | 14.22 | 264 | 6.77% | 9.18% |
| &nbsp;&nbsp;&nbsp;2024 | 43 | 13.03 | 555 | 6.95% | 8.27% |
| &nbsp;&nbsp;&nbsp;2023 | 49 | 12.03 | 591 | 6.54% | 13.19% |
| &nbsp;&nbsp;&nbsp;2022 | 65 | 10.63 | 693 | 5.37% | (10.34)% |
| &nbsp;&nbsp;&nbsp;2021 | 47 | 11.86 | 555 | 4.53% | 5.32% |
| BNY Mellon Stock Index Fund, Inc., Initial Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 546 | 70.61 | 38546 | 1.03% | 17.53% |
| &nbsp;&nbsp;&nbsp;2024 | 575 | 60.08 | 34534 | 1.16% | 24.66% |
| &nbsp;&nbsp;&nbsp;2023 | 649 | 48.20 | 31264 | 1.44% | 25.93% |
| &nbsp;&nbsp;&nbsp;2022 | 642 | 38.27 | 24575 | 1.35% | (18.32)% |
| &nbsp;&nbsp;&nbsp;2021 | 669 | 46.86 | 31356 | 1.11% | 28.41% |
| ClearBridge Variable Mid Cap Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6 | 20.95 | 123 | 0.28% | 4.35% |
| &nbsp;&nbsp;&nbsp;2024 | 6 | 20.08 | 125 | 0.63% | 10.01% |
| &nbsp;&nbsp;&nbsp;2023 | 5 | 18.25 | 98 | 0.11% | 12.92% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 16.17 | 112 | 0.35% | (25.31)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | 21.64 | 123 | 0.02% | 28.71% |
| ClearBridge Variable Small Cap Growth Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 20 | 26.25 | 533 | 0.00% | 9.23% |
| &nbsp;&nbsp;&nbsp;2024 | 30 | 24.03 | 717 | 0.00% | 4.50% |
| &nbsp;&nbsp;&nbsp;2023 | 25 | 23.00 | 578 | 0.00% | 8.40% |
| &nbsp;&nbsp;&nbsp;2022 | 19 | 21.21 | 409 | 0.00% | (28.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 17 | 29.81 | 492 | 0.00% | 12.61% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Columbia VP Small Cap Value Fund, Class 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3 | $64.23 | $184 | 1.21% | 14.99% |
| &nbsp;&nbsp;&nbsp;2024 | 3 | 55.86 | 161 | 0.76% | 8.87% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 51.31 | 148 | 0.75% | 21.94% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 42.08 | 116 | 0.11% | (8.69)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | 46.08 | 281 | 0.68% | 29.19% |
| Davis Equity Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4 | 59.90 | 242 | 1.08% | 27.24% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 47.08 | 193 | 1.12% | 18.05% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | 39.88 | 166 | 1.39% | 32.63% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 30.07 | 127 | 1.29% | (20.13)% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 37.64 | 162 | 0.60% | 17.85% |
| Davis Financial Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8 | 59.60 | 461 | 1.71% | 29.12% |
| &nbsp;&nbsp;&nbsp;2024 | 8 | 46.16 | 349 | 1.39% | 29.50% |
| &nbsp;&nbsp;&nbsp;2023 | 11 | 35.64 | 402 | 2.64% | 15.29% |
| &nbsp;&nbsp;&nbsp;2022 | 10 | 30.92 | 321 | 2.27% | (8.53)% |
| &nbsp;&nbsp;&nbsp;2021 | 8 | 33.80 | 275 | 3.43% | 30.54% |
| Delaware VIP International Series, Standard Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 2.34% | 1.96% |
| &nbsp;&nbsp;&nbsp;2023 | 26 | 10.22 | 270 | 1.37% | 13.58% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 8.99 | 60 | 0.88% | (17.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 18 | 10.88 | 191 | 0.91% | 6.87% |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | Dimensional VIT Inflation-Protected Securities Portfolio, Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 10 | 10.52 | 102 | 4.01% | 7.55% |
| &nbsp;&nbsp;&nbsp;2024 | 7 | 9.78 | 68 | 2.22% | 1.88% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | 9.60 | 54 | 1.74% | 4.02% |
| &nbsp;&nbsp;&nbsp;2022 | 17 | 9.23 | 157 | 12.34% | (7.71)% |
| &nbsp;&nbsp;&nbsp;2021 |  |  |  | 0.00% | 0.00% |
| DWS Core Equity VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 60.33 | 0 \* | 0.00% | 16.83% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 51.64 | 0 \* | 0.86% | 20.08% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 43.00 | 0 \* | 0.93% | 25.57% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 34.25 | 0 \* | 0.59% | (15.88)% |
| &nbsp;&nbsp;&nbsp;2021 |  |  |  | 0.00% | 0.00% |
| DWS High Income VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6 | 27.10 | 168 | 7.31% | 8.94% |
| &nbsp;&nbsp;&nbsp;2024 | 22 | 24.88 | 555 | 6.06% | 7.14% |
| &nbsp;&nbsp;&nbsp;2023 | 16 | 23.22 | 369 | 5.30% | 11.34% |
| &nbsp;&nbsp;&nbsp;2022 | 11 | 20.86 | 231 | 5.23% | (8.88)% |
| &nbsp;&nbsp;&nbsp;2021 | 10 | 22.89 | 233 | 3.47% | 4.00% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| DWS Small Cap Index VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 225 | $43.15 | $9715 | 1.39% | 12.64% |
| &nbsp;&nbsp;&nbsp;2024 | 246 | 38.31 | 9418 | 1.18% | 11.15% |
| &nbsp;&nbsp;&nbsp;2023 | 268 | 34.46 | 9240 | 1.13% | 16.76% |
| &nbsp;&nbsp;&nbsp;2022 | 258 | 29.52 | 7629 | 0.91% | (20.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 278 | 37.19 | 10326 | 0.86% | 14.50% |
| DWS Small Mid Cap Value VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 47 | 42.49 | 1980 | 1.01% | 18.21% |
| &nbsp;&nbsp;&nbsp;2024 | 46 | 35.95 | 1671 | 1.15% | 6.21% |
| &nbsp;&nbsp;&nbsp;2023 | 45 | 33.84 | 1527 | 1.15% | 14.95% |
| &nbsp;&nbsp;&nbsp;2022 | 45 | 29.44 | 1335 | 0.85% | (15.80)% |
| &nbsp;&nbsp;&nbsp;2021 | 45 | 34.97 | 1564 | 1.22% | 30.50% |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 45 | 14.92 | 671 | 6.80% | 3.95% |
| &nbsp;&nbsp;&nbsp;2024 | 102 | 14.35 | 1459 | 7.88% | 7.68% |
| &nbsp;&nbsp;&nbsp;2023 | 118 | 13.33 | 1567 | 8.21% | 11.21% |
| &nbsp;&nbsp;&nbsp;2022 | 115 | 11.98 | 1383 | 4.65% | (2.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 114 | 12.32 | 1405 | 2.89% | 3.61% |
| Empower Aggressive Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 22 | 22.24 | 492 | 1.72% | 17.42% |
| &nbsp;&nbsp;&nbsp;2024 | 28 | 18.94 | 526 | 3.31% | 11.94% |
| &nbsp;&nbsp;&nbsp;2023 | 25 | 16.92 | 426 | 2.88% | 16.94% |
| &nbsp;&nbsp;&nbsp;2022 | 38 | 14.47 | 556 | 1.31% | (15.17)% |
| &nbsp;&nbsp;&nbsp;2021 | 39 | 17.05 | 673 | 5.96% | 19.49% |
| Empower Ariel Mid Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 1.27% | 6.66% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 73.62 | 195 | 1.83% | 10.45% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 66.65 | 178 | 5.05% | (12.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 76.56 | 219 | 2.18% | 26.13% |
| Empower Bond Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 263 | 15.67 | 4120 | 3.07% | 6.62% |
| &nbsp;&nbsp;&nbsp;2024 | 244 | 14.70 | 3586 | 2.25% | 0.82% |
| &nbsp;&nbsp;&nbsp;2023 | 281 | 14.58 | 4090 | 2.05% | 5.02% |
| &nbsp;&nbsp;&nbsp;2022 | 249 | 13.88 | 3453 | 1.16% | (13.68)% |
| &nbsp;&nbsp;&nbsp;2021 | 236 | 16.08 | 3793 | 0.80% | (2.39)% |
| Empower Conservative Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 503 | 14.37 | 7227 | 3.14% | 8.19% |
| &nbsp;&nbsp;&nbsp;2024 | 433 | 13.28 | 5744 | 19.41% | 5.09% |
| &nbsp;&nbsp;&nbsp;2023 | 38 | 12.64 | 477 | 2.33% | 8.25% |
| &nbsp;&nbsp;&nbsp;2022 | 97 | 11.67 | 1134 | 1.97% | (9.93)% |
| &nbsp;&nbsp;&nbsp;2021 | 61 | 12.96 | 787 | 2.21% | 6.35% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Empower Core Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 45 | $16.41 | $735 | 6.62% | 6.75% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 15.37 | 61 | 2.90% | 1.53% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | 15.14 | 94 | 2.11% | 6.20% |
| &nbsp;&nbsp;&nbsp;2022 | 9 | 14.25 | 123 | 0.63% | (14.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 164 | 16.71 | 2744 | 0.78% | (1.55)% |
| Empower Emerging Markets Equity Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 14.24 | 0 \* | 0.00% | 32.78% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 10.73 | 0 \* | 1.29% | 9.85% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 9.76 | 0 \* | 1.34% | 9.67% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 8.90 | 61 | 0.76% | (22.34)% |
| &nbsp;&nbsp;&nbsp;2021 | 14 | 11.46 | 164 | 1.93% | (4.43)% |
| Empower Global Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 75 | 13.93 | 1046 | 3.12% | 7.54% |
| &nbsp;&nbsp;&nbsp;2024 | 71 | 12.95 | 917 | 2.42% | (0.87)% |
| &nbsp;&nbsp;&nbsp;2023 | 74 | 13.07 | 972 | 0.83% | 5.13% |
| &nbsp;&nbsp;&nbsp;2022 | 111 | 12.43 | 1386 | 0.80% | (14.65)% |
| &nbsp;&nbsp;&nbsp;2021 | 95 | 14.56 | 1386 | 0.80% | (6.46)% |
| Empower Government Money Market Fund, Investor Class | Empower Government Money Market Fund, Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 2.27% | 2.28% |
| &nbsp;&nbsp;&nbsp;2023 | 2268 | 14.30 | 31746 | 4.46% | 4.54% |
| &nbsp;&nbsp;&nbsp;2022 | 2396 | 13.68 | 32781 | 1.37% | 1.22% |
| &nbsp;&nbsp;&nbsp;2021 | 1526 | 13.52 | 20623 | 0.01% | 0.01.% |
| Empower Inflation-Protected Securities Fund, Investor Class | Empower Inflation-Protected Securities Fund, Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 12.49 | 0 \* | 5.27% | 6.75% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 11.71 | 0 \* | 3.39% | 2.80% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 11.39 | 0 \* | 4.12% | 4.76% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 10.87 | 0 \* | 0.00% | (8.92)% |
| &nbsp;&nbsp;&nbsp;2021 | 73 | 11.93 | 869 | 2.49% | 4.76% |
| Empower International Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 279 | 21.74 | 6058 | 2.35% | 30.92% |
| &nbsp;&nbsp;&nbsp;2024 | 319 | 16.60 | 5305 | 2.01% | 2.92% |
| &nbsp;&nbsp;&nbsp;2023 | 335 | 16.13 | 5403 | 2.35% | 17.52% |
| &nbsp;&nbsp;&nbsp;2022 | 330 | 13.73 | 4531 | 1.77% | (14.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 317 | 16.10 | 5105 | 2.21% | 10.75% |
| Empower International Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 228 | 25.33 | 5784 | 1.58% | 39.10% |
| &nbsp;&nbsp;&nbsp;2024 | 287 | 18.21 | 5224 | 1.72% | 5.46% |
| &nbsp;&nbsp;&nbsp;2023 | 255 | 17.27 | 4410 | 1.14% | 18.03% |
| &nbsp;&nbsp;&nbsp;2022 | 438 | 14.63 | 6403 | 1.21% | (15.18)% |
| &nbsp;&nbsp;&nbsp;2021 | 441 | 17.25 | 7603 | 2.06% | 10.83% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Empower Large Cap Growth Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 12 | $107.75 | $1241 | 0.00% | 13.98% |
| &nbsp;&nbsp;&nbsp;2024 | 12 | 94.53 | 1147 | 0.00% | 25.44% |
| &nbsp;&nbsp;&nbsp;2023 | 11 | 75.36 | 804 | 0.10% | 33.57% |
| &nbsp;&nbsp;&nbsp;2022 | 8 | 56.42 | 428 | 0.39% | (23.16)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | 73.42 | 341 | 1.00% | 20.84% |
| Empower Large Cap Value Fund, Investor II Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 301 | 20.60 | 6192 | 1.01% | 17.12% |
| &nbsp;&nbsp;&nbsp;2024 | 162 | 17.59 | 2848 | 0.75% | 15.51% |
| &nbsp;&nbsp;&nbsp;2023 | 177 | 15.23 | 2697 | 1.12% | 12.51% |
| &nbsp;&nbsp;&nbsp;2022 | 180 | 13.53 | 2438 | 1.67% | (3.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 200 | 14.01 | 2804 | 1.14% | 26.15% |
| Empower Lifetime 2015 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 43 | 17.43 | 742 | 2.76% | 10.14% |
| &nbsp;&nbsp;&nbsp;2024 | 38 | 15.83 | 606 | 2.54% | 6.43% |
| &nbsp;&nbsp;&nbsp;2023 | 42 | 14.87 | 617 | 2.95% | 10.33% |
| &nbsp;&nbsp;&nbsp;2022 | 42 | 13.48 | 566 | 1.39% | (12.27)% |
| &nbsp;&nbsp;&nbsp;2021 | 78 | 15.36 | 1204 | 1.84% | 8.48% |
| Empower Lifetime 2020 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 40 | 18.13 | 725 | 2.87% | 10.69% |
| &nbsp;&nbsp;&nbsp;2024 | 36 | 16.38 | 594 | 2.81% | 6.95% |
| &nbsp;&nbsp;&nbsp;2023 | 43 | 15.31 | 652 | 2.72% | 10.97% |
| &nbsp;&nbsp;&nbsp;2022 | 46 | 13.80 | 640 | 2.06% | (12.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 46 | 15.85 | 722 | 2.29% | 9.17% |
| Empower Lifetime 2025 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 409 | 19.07 | 7791 | 2.31% | 11.70% |
| &nbsp;&nbsp;&nbsp;2024 | 439 | 17.07 | 7490 | 2.37% | 7.33% |
| &nbsp;&nbsp;&nbsp;2023 | 500 | 15.91 | 7959 | 2.37% | 11.91% |
| &nbsp;&nbsp;&nbsp;2022 | 536 | 14.21 | 7624 | 1.83% | (13.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 347 | 16.49 | 5724 | 2.29% | 10.16% |
| Empower Lifetime 2030 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 462 | 20.43 | 9431 | 2.66% | 12.97% |
| &nbsp;&nbsp;&nbsp;2024 | 429 | 18.09 | 7758 | 2.88% | 8.06% |
| &nbsp;&nbsp;&nbsp;2023 | 217 | 16.74 | 3637 | 2.73% | 13.07% |
| &nbsp;&nbsp;&nbsp;2022 | 192 | 14.80 | 2839 | 1.94% | (14.62)% |
| &nbsp;&nbsp;&nbsp;2021 | 170 | 17.34 | 2942 | 2.57% | 11.60% |
| Empower Lifetime 2035 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 208 | 21.87 | 4558 | 2.31% | 14.35% |
| &nbsp;&nbsp;&nbsp;2024 | 165 | 19.13 | 3158 | 2.34% | 9.19% |
| &nbsp;&nbsp;&nbsp;2023 | 158 | 17.52 | 2760 | 2.04% | 14.40% |
| &nbsp;&nbsp;&nbsp;2022 | 142 | 15.31 | 2169 | 1.59% | (15.62)% |
| &nbsp;&nbsp;&nbsp;2021 | 114 | 18.15 | 2074 | 2.39% | 13.46% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Empower Lifetime 2040 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 49 | $23.35 | $1147 | 2.48% | 15.68% |
| &nbsp;&nbsp;&nbsp;2024 | 49 | 20.18 | 989 | 1.32% | 10.19% |
| &nbsp;&nbsp;&nbsp;2023 | 109 | 18.32 | 2002 | 2.40% | 15.73% |
| &nbsp;&nbsp;&nbsp;2022 | 108 | 15.83 | 1710 | 1.78% | (16.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 91 | 18.91 | 1725 | 2.95% | 15.11% |
| Empower Lifetime 2045 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 52 | 23.99 | 1249 | 1.66% | 16.71% |
| &nbsp;&nbsp;&nbsp;2024 | 59 | 20.55 | 1221 | 1.98% | 10.82% |
| &nbsp;&nbsp;&nbsp;2023 | 55 | 18.54 | 1022 | 1.82% | 16.73% |
| &nbsp;&nbsp;&nbsp;2022 | 55 | 15.89 | 874 | 1.29% | (16.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 55 | 19.10 | 1058 | 2.37% | 16.02% |
| Empower Lifetime 2050 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 10 | 24.47 | 235 | 1.53% | 17.26% |
| &nbsp;&nbsp;&nbsp;2024 | 14 | 20.87 | 294 | 1.82% | 11.14% |
| &nbsp;&nbsp;&nbsp;2023 | 21 | 18.77 | 397 | 1.86% | 17.05% |
| &nbsp;&nbsp;&nbsp;2022 | 29 | 16.04 | 464 | 1.76% | (16.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 25 | 19.31 | 487 | 3.05% | 16.15% |
| Empower Lifetime 2055 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 25 | 24.23 | 617 | 1.12% | 17.71% |
| &nbsp;&nbsp;&nbsp;2024 | 24 | 20.59 | 497 | 1.22% | 11.10% |
| &nbsp;&nbsp;&nbsp;2023 | 31 | 18.53 | 572 | 1.28% | 17.06% |
| &nbsp;&nbsp;&nbsp;2022 | 35 | 15.83 | 556 | 1.12% | (17.13)% |
| &nbsp;&nbsp;&nbsp;2021 | 23 | 19.10 | 435 | 2.17% | 16.10% |
| Empower Lifetime 2060 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 18.03 | 7 | 4.26% | 17.97% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 15.28 | 4 | 3.69% | 10.90% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 13.78 | 1 | 4.67% | 16.97% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 11.78 | 0 \* | 2.92% | (17.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 0 \* | 14.21 | 0 \* | 9.41% | 0.00% |
| Empower Mid Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 36 | 23.06 | 839 | 4.14% | 8.32% |
| &nbsp;&nbsp;&nbsp;2024 | 48 | 21.28 | 1025 | 10.39% | 15.68% |
| &nbsp;&nbsp;&nbsp;2023 | 25 | 18.40 | 468 | 0.51% | 15.15% |
| &nbsp;&nbsp;&nbsp;2022 | 25 | 15.98 | 392 | 0.61% | (11.76)% |
| &nbsp;&nbsp;&nbsp;2021 | 19 | 18.11 | 345 | 27.50% | 30.17% |
| Empower Moderate Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 13 | 17.63 | 231 | 1.98% | 11.96% |
| &nbsp;&nbsp;&nbsp;2024 | 19 | 15.74 | 306 | 3.45% | 7.95% |
| &nbsp;&nbsp;&nbsp;2023 | 17 | 14.58 | 244 | 3.83% | 11.93% |
| &nbsp;&nbsp;&nbsp;2022 | 12 | 13.03 | 159 | 1.31% | (12.02)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | 14.81 | 93 | 3.03% | 11.98% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Empower Moderately Aggressive Profile Fund, Investor Class | Empower Moderately Aggressive Profile Fund, Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 10 | $19.09 | $189 | 1.34% | 13.79% |
| &nbsp;&nbsp;&nbsp;2024 | 18 | 16.78 | 296 | 2.54% | 9.34% |
| &nbsp;&nbsp;&nbsp;2023 | 9 | 15.34 | 132 | 2.63% | 13.60% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 13.51 | 96 | 0.92% | (13.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | 15.54 | 30 | 4.87% | 14.25% |
| Empower Moderately Conservative Profile Fund, Investor Class | Empower Moderately Conservative Profile Fund, Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4 | 15.87 | 63 | 2.38% | 10.03% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 14.43 | 52 | 0.05% | 6.45% |
| &nbsp;&nbsp;&nbsp;2023 | 238 | 13.55 | 3223 | 3.45% | 9.90% |
| &nbsp;&nbsp;&nbsp;2022 | 204 | 12.33 | 2518 | 1.74% | (10.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 151 | 13.83 | 2094 | 3.77% | 9.13% |
| Empower Multi-Sector Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3 | 50.72 | 130 | 1.97% | 7.98% |
| &nbsp;&nbsp;&nbsp;2024 | 10 | 46.97 | 455 | 1.39% | 5.14% |
| &nbsp;&nbsp;&nbsp;2023 | 36 | 44.67 | 1610 | 5.39% | 7.88% |
| &nbsp;&nbsp;&nbsp;2022 | 6 | 41.41 | 236 | 2.31% | (11.42)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | 46.74 | 281 | 2.24% | 0.89% |
| Empower Real Estate Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 42 | 18.06 | 752 | 1.23% | 3.16% |
| &nbsp;&nbsp;&nbsp;2024 | 80 | 17.51 | 1396 | 2.39% | 7.54% |
| &nbsp;&nbsp;&nbsp;2023 | 109 | 16.28 | 1782 | 1.82% | 13.31% |
| &nbsp;&nbsp;&nbsp;2022 | 108 | 14.37 | 1551 | 1.75% | (26.40)% |
| &nbsp;&nbsp;&nbsp;2021 | 97 | 19.53 | 1899 | 0.66% | 44.31% |
| Empower S&P Mid Cap 400 Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 367 | 32.95 | 12083 | 1.44% | 6.94% |
| &nbsp;&nbsp;&nbsp;2024 | 392 | 30.81 | 12076 | 1.12% | 13.27% |
| &nbsp;&nbsp;&nbsp;2023 | 381 | 27.20 | 10377 | 0.46% | 15.76% |
| &nbsp;&nbsp;&nbsp;2022 | 388 | 23.50 | 9110 | 0.43% | (13.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 428 | 27.18 | 11622 | 1.51% | 24.01% |
| Empower S&P Small Cap 600 Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 37 | 25.58 | 943 | 2.15% | 5.55% |
| &nbsp;&nbsp;&nbsp;2024 | 41 | 24.23 | 1004 | 0.72% | 7.94% |
| &nbsp;&nbsp;&nbsp;2023 | 49 | 22.45 | 1089 | 0.55% | 15.47% |
| &nbsp;&nbsp;&nbsp;2022 | 45 | 19.44 | 866 | 0.52% | (16.51)% |
| &nbsp;&nbsp;&nbsp;2021 | 38 | 23.29 | 886 | 2.61% | 25.94% |
| Empower Short Duration Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 195 | 17.26 | 3373 | 2.76% | 5.29% |
| &nbsp;&nbsp;&nbsp;2024 | 247 | 16.40 | 4053 | 5.13% | 4.24% |
| &nbsp;&nbsp;&nbsp;2023 | 215 | 15.73 | 3376 | 2.34% | 5.67% |
| &nbsp;&nbsp;&nbsp;2022 | 227 | 14.89 | 3384 | 1.28% | (4.25)% |
| &nbsp;&nbsp;&nbsp;2021 | 425 | 15.55 | 6603 | 1.04% | (0.03)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Empower Small Cap Growth Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | $27.49 | $0 \* | 0.00% | 7.81% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 25.49 | 0 \* | 0.44% | 10.49% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 23.07 | 0 \* | 0.00% | 15.76% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 19.93 | 0 \* | 0.33% | (25.36)% |
| &nbsp;&nbsp;&nbsp;2021 | 0 \* |  | 0 \* | 20.96% | 0.00% |
| Empower Small Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 19 | 70.45 | 1308 | 0.00% | 4.08% |
| &nbsp;&nbsp;&nbsp;2024 | 18 | 67.69 | 1201 | 0.00% | 8.21% |
| &nbsp;&nbsp;&nbsp;2023 | 18 | 62.55 | 1103 | 0.05% | 17.81% |
| &nbsp;&nbsp;&nbsp;2022 | 19 | 53.09 | 1030 | 0.06% | (10.03)% |
| &nbsp;&nbsp;&nbsp;2021 | 21 | 59.01 | 1215 | 3.35% | 30.67% |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 30 | 82.54 | 2483 | 0.00% | 2.99% |
| &nbsp;&nbsp;&nbsp;2024 | 32 | 80.15 | 2593 | 0.00% | 9.05% |
| &nbsp;&nbsp;&nbsp;2023 | 33 | 73.49 | 2437 | 0.00% | 19.92% |
| &nbsp;&nbsp;&nbsp;2022 | 33 | 61.29 | 2052 | 0.02% | (22.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 36 | 79.38 | 2860 | 0.18% | 14.83% |
| Empower U.S. Government Securities Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 152 | 24.01 | 3641 | 2.55% | 6.60% |
| &nbsp;&nbsp;&nbsp;2024 | 160 | 22.52 | 3603 | 3.79% | 0.76% |
| &nbsp;&nbsp;&nbsp;2023 | 27 | 22.35 | 605 | 2.46% | 4.44% |
| &nbsp;&nbsp;&nbsp;2022 | 28 | 21.40 | 599 | 0.70% | (12.08)% |
| &nbsp;&nbsp;&nbsp;2021 | 159 | 24.34 | 3859 | 0.66% | (2.15)% |
| Federated Hermes High Income Bond Fund II, Primary Shares | Federated Hermes High Income Bond Fund II, Primary Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 42.86 | 0 \* | 4.71% | 8.23% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 39.60 | 0 \* | 5.52% | 6.27% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 37.27 | 0 \* | 24.56% | 12.71% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | 33.06 | 154 | 5.56% | (11.78)% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 37.48 | 158 | 4.00% | 274.79% |
| Federated Hermes Kaufmann Fund II, Primary Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 49.51 | 55 | 0.00% | 11.52% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 44.40 | 166 | 0.89% | 17.05% |
| &nbsp;&nbsp;&nbsp;2023 | 8 | 37.93 | 290 | 0.00% | 15.23% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | 32.92 | 162 | 0.00% | (30.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 47.09 | 201 | 0.00% | 2.51% |
| Fidelity VIP Contrafund Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 113.08 | 202 | 0.00% | 21.19% |
| &nbsp;&nbsp;&nbsp;2024 | 24 | 93.30 | 2229 | 0.03% | 33.45% |
| &nbsp;&nbsp;&nbsp;2023 | 26 | 69.92 | 1814 | 0.27% | 33.12% |
| &nbsp;&nbsp;&nbsp;2022 | 25 | 52.52 | 1328 | 0.29% | (26.49)% |
| &nbsp;&nbsp;&nbsp;2021 | 25 | 71.45 | 1766 | 0.03% | 27.51% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 55 | $18.52 | $1012 | 1.02% | 40.79% |
| &nbsp;&nbsp;&nbsp;2024 | 130 | 13.15 | 1706 | 1.24% | 9.71% |
| &nbsp;&nbsp;&nbsp;2023 | 148 | 11.99 | 1777 | 1.97% | 9.49% |
| &nbsp;&nbsp;&nbsp;2022 | 147 | 10.95 | 1612 | 1.56% | (20.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 143 | 13.75 | 1970 | 2.11% | (2.41)% |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 | Fidelity VIP Extended Market Index Portfolio, Service Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 0.00% | 7.83% |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | Fidelity VIP Government Money Market Portfolio, Service Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2647 | 10.71 | 28355 | 3.79% | 3.86% |
| &nbsp;&nbsp;&nbsp;2024 | 2502 | 10.31 | 25808 | 3.39% | 2.90% |
| Fidelity VIP Growth Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 83.67 | 48 | 0.05% | 14.61% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 73.00 | 44 | 0.00% | 30.07% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | 56.12 | 40 | 0.00% | 35.89% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 41.30 | 34 | 0.33% | (24.63)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 54.80 | 53 | 0.00% | 22.88% |
| Fidelity VIP Index 500 Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 531 | 17.41 | 9242 | 1.02% | 17.78% |
| &nbsp;&nbsp;&nbsp;2024 | 907 | 14.78 | 13402 | 1.38% | 24.90% |
| &nbsp;&nbsp;&nbsp;2023 | 681 | 11.84 | 8057 | 1.49% | 26.19% |
| &nbsp;&nbsp;&nbsp;2022 | 601 | 9.38 | 5638 | 1.49% | (18.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 522 | 11.47 | 5988 | 0.00% | 14.68% |
| Fidelity VIP International Index Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8 | 15.47 | 128 | 2.29% | 32.82% |
| &nbsp;&nbsp;&nbsp;2024 | 7 | 11.65 | 80 | 2.53% | 7.68% |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 | Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9 | 25.46 | 224 | 3.51% | 6.93% |
| &nbsp;&nbsp;&nbsp;2024 | 9 | 23.81 | 207 | 3.38% | 1.50% |
| &nbsp;&nbsp;&nbsp;2023 | 8 | 23.46 | 191 | 2.56% | 6.00% |
| &nbsp;&nbsp;&nbsp;2022 | 8 | 22.13 | 173 | 2.04% | (13.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 11 | 25.50 | 282 | 1.82% | (0.90)% |
| Fidelity VIP Mid Cap Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 108.95 | 97 | 0.21% | 11.49% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 97.73 | 105 | 0.19% | 17.18% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 83.40 | 280 | 0.36% | 14.80% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 72.65 | 308 | 0.26% | (14.97)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | 85.44 | 406 | 0.37% | 25.31% |
| Goldman Sachs VIT Government Money Market Fund, Service Class | Goldman Sachs VIT Government Money Market Fund, Service Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 68 | 10.73 | 729 | 3.86% | 3.94% |
| &nbsp;&nbsp;&nbsp;2024 | 45 | 10.32 | 463 | 5.01% | 1.94% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | $31.57 | $15 | 1.19% | 9.39% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 28.86 | 18 | 1.02% | 12.40% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | 25.68 | 21 | 0.30% | 11.42% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 23.05 | 89 | 0.71% | (9.99)% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 25.60 | 98 | 0.49% | 30.95% |
| Invesco V.I. Core Equity Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 57.27 | 21 | 0.64% | 16.17% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 49.30 | 19 | 0.69% | 25.61% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 39.25 | 18 | 0.72% | 23.36% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 31.82 | 16 | 0.96% | (20.54)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 40.04 | 26 | 0.64% | 27.74% |
| Invesco V.I. EQV International Equity Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 128 | 26.76 | 3432 | 1.48% | 16.50% |
| &nbsp;&nbsp;&nbsp;2024 | 134 | 22.97 | 3081 | 1.80% | 0.62% |
| &nbsp;&nbsp;&nbsp;2023 | 122 | 22.83 | 2792 | 0.20% | 18.15% |
| &nbsp;&nbsp;&nbsp;2022 | 131 | 19.32 | 2537 | 1.76% | (18.31)% |
| &nbsp;&nbsp;&nbsp;2021 | 135 | 23.65 | 3201 | 1.14% | 5.89% |
| Invesco V.I. Global Real Estate Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 34 | 43.41 | 1492 | 2.14% | 7.85% |
| &nbsp;&nbsp;&nbsp;2024 | 31 | 40.25 | 1245 | 2.53% | (1.80)% |
| &nbsp;&nbsp;&nbsp;2023 | 28 | 40.99 | 1139 | 1.55% | 9.05% |
| &nbsp;&nbsp;&nbsp;2022 | 27 | 37.59 | 1002 | 2.93% | (24.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 27 | 50.08 | 1364 | 2.38% | 25.71% |
| Invesco V.I. Health Care Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 56.16 | 28 | 0.00% | 15.33% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 48.69 | 92 | 0.00% | 4.17% |
| &nbsp;&nbsp;&nbsp;2023 | 2 | 46.75 | 113 | 0.00% | 3.02% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 45.37 | 39 | 0.00% | (13.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 52.34 | 47 | 0.24% | 12.28% |
| Invesco V.I. Main Street Mid Cap Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;2023 |  |  |  | 0.00% | 14.47% |
| &nbsp;&nbsp;&nbsp;2022 |  |  | 0 \* | 0.00% | (14.26)% |
| &nbsp;&nbsp;&nbsp;2021 | 14 | 38.00 | 515 | 0.46% | 23.24% |
| Invesco V.I. Main Street Small Cap Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 37 | 25.59 | 936 | 0.44% | 8.70% |
| &nbsp;&nbsp;&nbsp;2024 | 45 | 23.54 | 1048 | 0.00% | 12.68% |
| &nbsp;&nbsp;&nbsp;2023 | 30 | 20.89 | 634 | 1.25% | 18.13% |
| &nbsp;&nbsp;&nbsp;2022 | 29 | 17.68 | 515 | 0.53% | (15.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 28 | 21.01 | 586 | 0.34% | 22.55% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 48 | $65.11 | $3116 | 1.92% | 15.11% |
| &nbsp;&nbsp;&nbsp;2024 | 73 | 56.56 | 4139 | 2.15% | 15.43% |
| &nbsp;&nbsp;&nbsp;2023 | 61 | 49.00 | 3010 | 2.05% | 15.41% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | 42.46 | 2787 | 1.29% | (16.40)% |
| &nbsp;&nbsp;&nbsp;2021 | 61 | 50.79 | 3082 | 0.87% | 17.20% |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 23 | 27.15 | 612 | 0.21% | 7.67% |
| &nbsp;&nbsp;&nbsp;2024 | 23 | 25.21 | 590 | 0.74% | 15.61% |
| &nbsp;&nbsp;&nbsp;2023 | 25 | 21.81 | 544 | 0.15% | 18.07% |
| &nbsp;&nbsp;&nbsp;2022 | 33 | 18.47 | 602 | 0.18% | (15.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 33 | 21.98 | 725 | 0.36% | 16.83% |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares | Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 57 | 31.52 | 1791 | 5.11% | 7.40% |
| &nbsp;&nbsp;&nbsp;2024 | 70 | 29.35 | 2055 | 5.03% | 1.96% |
| &nbsp;&nbsp;&nbsp;2023 | 60 | 28.78 | 1726 | 4.24% | 5.50% |
| &nbsp;&nbsp;&nbsp;2022 | 89 | 27.28 | 2430 | 2.44% | (13.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 93 | 31.60 | 2936 | 2.00% | (0.90)% |
| Janus Henderson VIT Forty Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 12 | 151.01 | 1789 | 0.09% | 18.14% |
| &nbsp;&nbsp;&nbsp;2024 | 22 | 127.82 | 2794 | 0.11% | 28.47% |
| &nbsp;&nbsp;&nbsp;2023 | 20 | 99.50 | 1945 | 0.22% | 39.96% |
| &nbsp;&nbsp;&nbsp;2022 | 18 | 71.09 | 1262 | 0.19% | (33.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 17 | 106.99 | 1823 | 0.00% | 22.90% |
| Janus Henderson VIT Global Research Portfolio, Institutional Shares | Janus Henderson VIT Global Research Portfolio, Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6 | 36.11 | 216 | 0.63% | 20.92% |
| &nbsp;&nbsp;&nbsp;2024 | 21 | 29.86 | 618 | 0.83% | 23.58% |
| &nbsp;&nbsp;&nbsp;2023 | 18 | 24.16 | 426 | 1.21% | 26.78% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 19.06 | 124 | 1.05% | (19.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 7 | 23.65 | 171 | 0.41% | 18.09% |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11 | 175.62 | 2017 | 0.00% | 25.15% |
| &nbsp;&nbsp;&nbsp;2024 | 21 | 140.32 | 2973 | 0.00% | 32.10% |
| &nbsp;&nbsp;&nbsp;2023 | 24 | 106.22 | 2576 | 0.00% | 54.55% |
| &nbsp;&nbsp;&nbsp;2022 | 25 | 68.73 | 1698 | 0.00% | (36.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 27 | 109.01 | 2989 | 0.22% | 18.01% |
| Janus Henderson VIT Overseas Portfolio, Institutional Shares | Janus Henderson VIT Overseas Portfolio, Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 57.34 | 102 | 1.45% | 28.87% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 44.49 | 80 | 1.38% | 5.84% |
| &nbsp;&nbsp;&nbsp;2023 | 2 | 42.04 | 77 | 1.53% | 10.87% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | 37.91 | 71 | 1.78% | (8.60)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | 41.48 | 79 | 1.16% | 13.58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Lord Abbett Series Fund Developing Growth Portfolio, Class VC | Lord Abbett Series Fund Developing Growth Portfolio, Class VC | Lord Abbett Series Fund Developing Growth Portfolio, Class VC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 1 | $24.96 | $37 | 0.19% | 14.59% |
| &nbsp;&nbsp;&nbsp;2024 |  | 2 | 21.78 | 41 | 0.10% | 22.18% |
| &nbsp;&nbsp;&nbsp;2023 |  | 20 | 17.83 | 362 | 0.00% | 8.17% |
| &nbsp;&nbsp;&nbsp;2022 |  | 8 | 16.48 | 126 | 0.00% | (35.98)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 9 | 25.75 | 242 | 0.00% | (2.75)% |
| Lord Abbett Series Fund Total Return Portfolio, Class VC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 28 | 11.81 | 331 | 10.39% | 7.19% |
| &nbsp;&nbsp;&nbsp;2024 |  | 6 | 11.02 | 63 | 4.68% | 2.66% |
| &nbsp;&nbsp;&nbsp;2023 |  | 6 | 10.73 | 61 | 4.45% | 6.34% |
| &nbsp;&nbsp;&nbsp;2022 |  | 5 | 10.10 | 54 | 2.55% | (14.05)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 2 | 11.75 | 20 | 1.97% | (0.24)% |
| LVIP American Century Capital Appreciation Fund, Standard Class II | LVIP American Century Capital Appreciation Fund, Standard Class II | LVIP American Century Capital Appreciation Fund, Standard Class II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 0 \* | 32.90 | 0 \* | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;2024 |  | 20 | 30.83 | 616 | 0.00% | 24.98% |
| &nbsp;&nbsp;&nbsp;2023 |  | 20 | 24.67 | 499 | 0.00% | 20.69% |
| &nbsp;&nbsp;&nbsp;2022 |  | 21 | 20.44 | 422 | 0.00% | (28.11)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 19 | 28.43 | 532 | 0.00% | 11.16% |
| LVIP American Century Inflation Protection Fund, Service Class | LVIP American Century Inflation Protection Fund, Service Class | LVIP American Century Inflation Protection Fund, Service Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 189 | 12.46 | 2358 | 7.23% | 6.33% |
| &nbsp;&nbsp;&nbsp;2024 |  | 243 | 11.72 | 2843 | 3.72% | 1.54% |
| &nbsp;&nbsp;&nbsp;2023 |  | 318 | 11.54 | 3665 | 3.31% | 3.40% |
| &nbsp;&nbsp;&nbsp;2022 |  | 318 | 11.16 | 3548 | 5.04% | (13.08)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 287 | 12.84 | 3681 | 3.11% | 6.27% |
| LVIP American Century International Fund, Standard Class II | LVIP American Century International Fund, Standard Class II | LVIP American Century International Fund, Standard Class II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 3 | 21.71 | 56 | 1.21% | 15.98% |
| &nbsp;&nbsp;&nbsp;2024 |  | 3 | 18.72 | 51 | 1.62% | 2.61% |
| &nbsp;&nbsp;&nbsp;2023 |  | 3 | 18.24 | 48 | 1.34% | 12.57% |
| &nbsp;&nbsp;&nbsp;2022 |  | 3 | 16.20 | 43 | 1.38% | (24.75)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 3 | 21.54 | 71 | 0.16% | 8.75% |
| LVIP American Century Mid Cap Value Fund, Standard Class II | LVIP American Century Mid Cap Value Fund, Standard Class II | LVIP American Century Mid Cap Value Fund, Standard Class II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 21 | 18.87 | 404 | 0.98% | 8.99% |
| &nbsp;&nbsp;&nbsp;2024 |  | 87 | 17.31 | 1507 | 2.44% | 8.73% |
| &nbsp;&nbsp;&nbsp;2023 |  | 112 | 15.92 | 1788 | 2.35% | 6.13% |
| &nbsp;&nbsp;&nbsp;2022 |  | 102 | 15.00 | 1526 | 2.23% | (1.19)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 111 | 15.19 | 1689 | 1.11% | 23.20% |
| LVIP American Century Ultra Fund, Standard Class II | LVIP American Century Ultra Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  | 0 \* | 107.53 | 0 \* | 0.00% | 12.84% |
| &nbsp;&nbsp;&nbsp;2024 |  | 0 \* | 95.29 | 0 \* | 0.00% | 28.80% |
| &nbsp;&nbsp;&nbsp;2023 |  | 0 \* | 73.99 | 0 \* | 0.00% | 43.51% |
| &nbsp;&nbsp;&nbsp;2022 |  | 3 | 51.55 | 167 | 0.00% | (32.38)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 3 | 76.24 | 241 | 0.00% | 662.37% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| LVIP American Century Value Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 12 | $88.70 | $1055 | 1.58% | 16.02% |
| &nbsp;&nbsp;&nbsp;2024 | 13 | 76.45 | 1020 | 2.93% | 9.48% |
| &nbsp;&nbsp;&nbsp;2023 | 14 | 69.83 | 975 | 2.39% | 9.10% |
| &nbsp;&nbsp;&nbsp;2022 | 15 | 64.01 | 937 | 2.02% | 0.54% |
| &nbsp;&nbsp;&nbsp;2021 | 24 | 63.66 | 1544 | 1.74% | 24.51% |
| LVIP JPMorgan Small Cap Core Fund, Standard Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 21.86 | 0 \* | 0.00% | 10.27% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 19.82 | 0 \* | 0.79% | 11.71% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 17.74 | 0 \* | 1.38% | 13.10% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 15.69 | 0 \* | 0.31% | (20.28)% |
| LVIP JPMorgan U.S. Equity Fund, Standard Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 33.22 | 0 \* | 0.00% | 14.54% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 29.00 | 0 \* | 0.50% | 23.99% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 23.39 | 0 \* | 1.55% | 27.16% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 18.40 | 0 \* | 0.37% | (19.19)% |
| MFS VIT Growth Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 29.87 | 0 \* | 0.00% | 12.19% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 26.62 | 0 \* | 0.00% | 31.47% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 20.25 | 0 \* | 0.00% | 35.86% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 14.90 | 8 | 0.00% | (31.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 21.80 | 21 | 0.00% | 23.53% |
| MFS VIT II International Growth Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 110 | 17.56 | 1926 | 0.83% | 21.12% |
| &nbsp;&nbsp;&nbsp;2024 | 159 | 14.50 | 2300 | 0.99% | 9.00% |
| &nbsp;&nbsp;&nbsp;2023 | 180 | 13.30 | 2389 | 1.10% | 14.72% |
| &nbsp;&nbsp;&nbsp;2022 | 173 | 11.60 | 2009 | 0.62% | (14.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 169 | 13.64 | 2305 | 0.48% | 9.27% |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class | MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 19.01 | 0 \* | 0.00% | 5.76% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 17.97 | 0 \* | 0.97% | 4.95% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 17.13 | 0 \* | 0.01% | 18.96% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 14.40 | 9 | 0.78% | (18.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 17.64 | 14 | 0.84% | 29.64% |
| MFS VIT III Global Real Estate Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 21 | 14.44 | 300 | 2.00% | 3.53% |
| &nbsp;&nbsp;&nbsp;2024 | 24 | 13.94 | 340 | 2.12% | (2.69)% |
| &nbsp;&nbsp;&nbsp;2023 | 22 | 14.33 | 320 | 0.86% | 11.46% |
| &nbsp;&nbsp;&nbsp;2022 | 18 | 12.86 | 228 | 1.64% | (26.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 13 | 17.60 | 232 | 0.91% | 30.12% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| MFS VIT III Mid Cap Value Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7 | $21.51 | $147 | 1.10% | 5.98% |
| &nbsp;&nbsp;&nbsp;2024 | 18 | 20.29 | 371 | 1.53% | 13.75% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | 17.84 | 74 | 1.60% | 12.73% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 15.83 | 61 | 1.03% | (8.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 17.35 | 54 | 0.88% | 30.99% |
| MFS VIT Mid Cap Growth Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9 | 25.95 | 234 | 0.00% | 3.66% |
| &nbsp;&nbsp;&nbsp;2024 | 14 | 25.04 | 339 | 0.00% | 14.72% |
| &nbsp;&nbsp;&nbsp;2023 | 15 | 21.82 | 320 | 0.00% | 21.32% |
| &nbsp;&nbsp;&nbsp;2022 | 26 | 17.99 | 465 | 0.00% | (28.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 38 | 25.23 | 954 | 0.00% | 14.11% |
| MFS VIT Research Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 32.94 | 0 \* | 0.00% | 12.85% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 29.19 | 0 \* | 0.62% | 18.87% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 24.55 | 0 \* | 0.00% | 22.42% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | 20.06 | 36 | 0.52% | (17.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 24.23 | 76 | 0.54% | 24.80% |
| MFS VIT Total Return Bond Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 246 | 12.20 | 3006 | 4.43% | 7.17% |
| &nbsp;&nbsp;&nbsp;2024 | 254 | 11.38 | 2888 | 4.26% | 2.55% |
| &nbsp;&nbsp;&nbsp;2023 | 262 | 11.10 | 2910 | 3.20% | 7.38% |
| &nbsp;&nbsp;&nbsp;2022 | 266 | 10.34 | 2749 | 2.77% | (13.93)% |
| &nbsp;&nbsp;&nbsp;2021 | 272 | 12.01 | 3266 | 2.23% | (0.81)% |
| MFS VIT Value Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 84 | 25.36 | 2132 | 1.53% | 13.01% |
| &nbsp;&nbsp;&nbsp;2024 | 94 | 22.44 | 2098 | 1.72% | 11.61% |
| &nbsp;&nbsp;&nbsp;2023 | 74 | 20.10 | 1486 | 1.81% | 7.93% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | 18.63 | 1228 | 1.31% | (5.91)% |
| &nbsp;&nbsp;&nbsp;2021 | 78 | 19.80 | 1548 | 1.28% | 25.45% |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 52.12 | 14 | 0.00% | 5.45% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 49.43 | 12 | 0.00% | 24.02% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 39.85 | 12 | 0.00% | 18.15% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 33.73 | 11 | 0.00% | (28.73)% |
| &nbsp;&nbsp;&nbsp;2021 | 0 \* | 47.33 | 18 | 0.00% | 12.99% |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I | Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  |  | 0 \* | 0.00% | 11.56% |
| &nbsp;&nbsp;&nbsp;2024 |  |  | 0 \* | 1.32% | 8.82% |
| &nbsp;&nbsp;&nbsp;2023 |  | 33.44 | 0 \* | 1.52% | 11.00% |
| &nbsp;&nbsp;&nbsp;2022 |  | 30.13 | 0 \* | 0.00% | (9.75)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | 33.38 | 78 | 0.61% | 32.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Neuberger Berman AMT Quality Equity Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3 | $86.42 | $277 | 0.00% | 13.74% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 75.98 | 309 | 0.23% | 25.84% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | 60.38 | 261 | 0.35% | 26.90% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | 47.58 | 76 | 0.43% | (18.45)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | 58.35 | 88 | 0.42% | 23.48% |
| Nomura VIP International Core Equity Series, Standard Class | Nomura VIP International Core Equity Series, Standard Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9 | 12.55 | 119 | 1.40% | 24.55% |
| &nbsp;&nbsp;&nbsp;2024 | 34 | 10.07 | 346 | 1.29% | 0.73% |
| Nomura VIP Small Cap Value Series, Service Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 22 | 22.76 | 493 | 0.97% | 7.83% |
| &nbsp;&nbsp;&nbsp;2024 | 25 | 21.11 | 529 | 0.93% | 11.02% |
| &nbsp;&nbsp;&nbsp;2023 | 32 | 19.01 | 602 | 0.65% | 9.10% |
| &nbsp;&nbsp;&nbsp;2022 | 30 | 17.43 | 522 | 0.44% | (12.36)% |
| &nbsp;&nbsp;&nbsp;2021 | 35 | 19.88 | 700 | 0.59% | 34.01% |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class | PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6 | 16.97 | 97 | 2.89% | 18.79% |
| &nbsp;&nbsp;&nbsp;2024 | 6 | 14.29 | 82 | 2.22% | 4.16% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | 13.72 | 80 | 16.06% | (7.85)% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | 14.89 | 73 | 20.97% | 8.61% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 13.71 | 51 | 3.15% | 37.05% |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class | PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 68 | 11.84 | 804 | 4.50% | 12.75% |
| &nbsp;&nbsp;&nbsp;2024 | 155 | 10.50 | 1631 | 3.54% | (0.50)% |
| &nbsp;&nbsp;&nbsp;2023 | 178 | 10.55 | 1879 | 2.26% | 5.26% |
| &nbsp;&nbsp;&nbsp;2022 | 174 | 10.02 | 1743 | 1.49% | (11.00)% |
| &nbsp;&nbsp;&nbsp;2021 | 190 | 11.26 | 2136 | 5.18% | (4.16)% |
| PIMCO VIT High Yield Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 62 | 34.54 | 2128 | 6.29% | 8.95% |
| &nbsp;&nbsp;&nbsp;2024 | 57 | 31.70 | 1817 | 5.86% | 6.89% |
| &nbsp;&nbsp;&nbsp;2023 | 47 | 29.66 | 1402 | 5.67% | 12.22% |
| &nbsp;&nbsp;&nbsp;2022 | 37 | 26.43 | 979 | 5.06% | (10.28)% |
| &nbsp;&nbsp;&nbsp;2021 | 38 | 29.46 | 1114 | 4.48% | 3.63% |
| PIMCO VIT Income Portfolio, Institutional Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 12.55 | 16 | 5.35% | 10.36% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 11.37 | 27 | 6.02% | 5.57% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 10.77 | 32 | 5.58% | 6.50% |
| PIMCO VIT Low Duration Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 186 | 17.57 | 3265 | 3.95% | 5.52% |
| &nbsp;&nbsp;&nbsp;2024 | 212 | 16.65 | 3524 | 3.99% | 4.50% |
| &nbsp;&nbsp;&nbsp;2023 | 224 | 15.94 | 3568 | 3.57% | 4.97% |
| &nbsp;&nbsp;&nbsp;2022 | 291 | 15.18 | 4423 | 1.52% | (5.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 532 | 16.11 | 8568 | 0.52% | (0.93)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| PIMCO VIT Real Return Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 40 | $22.20 | $877 | 3.31% | 7.85% |
| &nbsp;&nbsp;&nbsp;2024 | 51 | 20.59 | 1049 | 2.63% | 2.13% |
| &nbsp;&nbsp;&nbsp;2023 | 53 | 20.16 | 1069 | 2.99% | 3.67% |
| &nbsp;&nbsp;&nbsp;2022 | 46 | 19.44 | 898 | 7.05% | (11.90)% |
| &nbsp;&nbsp;&nbsp;2021 | 55 | 22.07 | 1224 | 5.08% | 5.59% |
| PIMCO VIT Total Return Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 314 | 23.02 | 7234 | 4.10% | 8.89% |
| &nbsp;&nbsp;&nbsp;2024 | 389 | 21.14 | 8216 | 4.04% | 2.53% |
| &nbsp;&nbsp;&nbsp;2023 | 396 | 20.62 | 8173 | 3.57% | 5.93% |
| &nbsp;&nbsp;&nbsp;2022 | 366 | 19.47 | 7134 | 2.62% | (14.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 367 | 22.72 | 8347 | 1.83% | (1.27)% |
| Putnam VT Focused International Equity Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 23.05 | 0 \* | 4.02% | 36.75% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 16.86 | 0 \* | 2.32% | 3.63% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | 16.27 | 11 | 0.21% | 19.56% |
| &nbsp;&nbsp;&nbsp;2022 | 10 | 13.60 | 142 | 2.04% | (17.99)% |
| &nbsp;&nbsp;&nbsp;2021 | 12 | 16.59 | 198 | 1.05% | 12.84% |
| Putnam VT Global Asset Allocation Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 22.25 | 0 \* | 4.14% | 14.69% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 19.40 | 0 \* | 2.39% | 16.63% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 16.63 | 0 \* | 0.03% | 17.78% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 14.12 | 6 | 1.78% | (15.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 16.78 | 15 | 0.92% | 14.25% |
| Putnam VT High Yield Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 33.56 | 22 | 8.78% | 8.86% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 30.83 | 41 | 5.51% | 8.19% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 28.49 | 90 | 5.34% | 12.29% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 25.37 | 93 | 5.58% | (11.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | 28.63 | 134 | 6.92% | 5.20% |
| Putnam VT Income Fund, Class IB |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 9 | 11.89 | 106 | 4.58% | 7.25% |
| &nbsp;&nbsp;&nbsp;2024 | 32 | 11.08 | 357 | 3.74% | 2.32% |
| &nbsp;&nbsp;&nbsp;2023 | 22 | 10.83 | 234 | 5.63% | 4.69% |
| &nbsp;&nbsp;&nbsp;2022 | 6 | 10.35 | 66 | 5.48% | (13.81)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | 12.00 | 66 | 1.54% | (4.59)% |
| Putnam VT International Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 64 | 24.09 | 1543 | 1.35% | 35.07% |
| &nbsp;&nbsp;&nbsp;2024 | 63 | 17.84 | 1128 | 2.67% | 5.44% |
| &nbsp;&nbsp;&nbsp;2023 | 68 | 16.92 | 1155 | 1.51% | 19.08% |
| &nbsp;&nbsp;&nbsp;2022 | 59 | 14.21 | 840 | 2.24% | (6.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 39 | 15.22 | 595 | 1.26% | 15.28% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Putnam VT Large Cap Growth Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 13 | $50.94 | $637 | 0.00% | 14.58% |
| &nbsp;&nbsp;&nbsp;2024 | 12 | 44.46 | 528 | 0.08% | 33.71% |
| &nbsp;&nbsp;&nbsp;2023 | 12 | 33.25 | 394 | 0.00% | 44.89% |
| &nbsp;&nbsp;&nbsp;2022 | 10 | 22.95 | 240 | 0.00% | (30.36)% |
| &nbsp;&nbsp;&nbsp;2021 | 31 | 32.96 | 1016 | 0.00% | 23.00% |
| Putnam VT Large Cap Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 32 | 94.42 | 3050 | 1.66% | 20.66% |
| &nbsp;&nbsp;&nbsp;2024 | 32 | 78.25 | 2533 | 1.28% | 19.46% |
| &nbsp;&nbsp;&nbsp;2023 | 30 | 65.51 | 1958 | 2.21% | 15.92% |
| &nbsp;&nbsp;&nbsp;2022 | 28 | 56.51 | 1558 | 1.72% | (2.87)% |
| &nbsp;&nbsp;&nbsp;2021 | 19 | 58.18 | 1100 | 1.28% | 27.62% |
| Putnam VT Research Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 39.75 | 0 \* | 0.00% | 18.16% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 33.64 | 0 \* | 0.57% | 26.61% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 26.57 | 0 \* | 0.00% | 29.21% |
| &nbsp;&nbsp;&nbsp;2022 | 30 | 20.56 | 627 | 0.81% | (17.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 27 | 24.80 | 658 | 0.30% | 24.46% |
| Putnam VT Small Cap Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 22.99 | 1 | 0.95% | 5.46% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 21.80 | 2 | 1.36% | 6.48% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 20.48 | 4 | 0.37% | 24.13% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 16.50 | 6 | 0.38% | (12.80)% |
| &nbsp;&nbsp;&nbsp;2021 |  | 18.92 | 5 | 0.87% | 40.23% |
| Putnam VT Sustainable Future Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 72.74 | 168 | 0.43% | 2.87% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 70.71 | 155 | 0.00% | 15.23% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | 61.37 | 267 | 0.00% | 28.83% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | 47.64 | 202 | 0.00% | (33.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 4 | 72.01 | 285 | 0.00% | 6.33% |
| Royce Capital Fund Small-Cap Portfolio, Service Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3 | 32.66 | 89 | 1.85% | 8.73% |
| &nbsp;&nbsp;&nbsp;2024 | 3 | 30.04 | 83 | 1.00% | 3.26% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 29.09 | 83 | 0.70% | 25.53% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 23.17 | 67 | 0.08% | (9.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 25.58 | 76 | 1.07% | 28.44% |
| T. Rowe Price Blue Chip Growth Portfolio, Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 105 | 43.01 | 4536 | 0.00% | 18.43% |
| &nbsp;&nbsp;&nbsp;2024 | 130 | 36.31 | 4705 | 0.00% | 35.17% |
| &nbsp;&nbsp;&nbsp;2023 | 123 | 26.87 | 3298 | 0.00% | 48.96% |
| &nbsp;&nbsp;&nbsp;2022 | 113 | 18.04 | 2032 | 0.00% | (38.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 128 | 29.40 | 3776 | 0.00% | 17.33% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended <br> December 31 | For the period ended <br> December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net <br> Assets <br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| VanEck VIP Emerging Markets Fund, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | $59.89 | $56 | 0.73% | 29.92% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 46.10 | 44 | 1.68% | 1.21% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | 45.55 | 44 | 3.59% | 9.77% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 41.49 | 41 | 0.28% | (24.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 54.87 | 55 | 0.93% | (11.87)% |
| VanEck VIP Global Resources Fund, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 22 | 88.19 | 1906 | 2.57% | 36.48% |
| &nbsp;&nbsp;&nbsp;2024 | 24 | 64.61 | 1539 | 2.58% | (2.83)% |
| &nbsp;&nbsp;&nbsp;2023 | 23 | 66.50 | 1524 | 2.90% | (3.58)% |
| &nbsp;&nbsp;&nbsp;2022 | 19 | 68.97 | 1340 | 1.60% | 8.39% |
| &nbsp;&nbsp;&nbsp;2021 | 22 | 63.63 | 1381 | 0.36% | 18.92% |
| Vanguard VIF Global Bond Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 33 | 10.05 | 332 | 3.95% | 5.69% |
| &nbsp;&nbsp;&nbsp;2024 | 76 | 9.51 | 721 | 2.72% | 2.03% |
| &nbsp;&nbsp;&nbsp;2023 | 86 | 9.32 | 799 | 1.84% | 6.52% |
| &nbsp;&nbsp;&nbsp;2022 | 83 | 8.75 | 729 | 2.45% | (13.13)% |
| &nbsp;&nbsp;&nbsp;2021 | 81 | 10.07 | 819 | 0.00% | 0.71% |
| Vanguard VIF Real Estate Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 11.82 | 4 | 4.74% | 3.11% |
| &nbsp;&nbsp;&nbsp;2024 | 8 | 11.47 | 90 | 0.00% | 14.42% |
| Vanguard VIF Total Bond Market Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 253 | 10.01 | 2531 | 3.48% | 6.94% |
| &nbsp;&nbsp;&nbsp;2024 | 251 | 9.36 | 2347 | 2.51% | 1.24% |
| &nbsp;&nbsp;&nbsp;2023 | 300 | 9.25 | 2769 | 2.02% | 5.58% |
| &nbsp;&nbsp;&nbsp;2022 | 188 | 8.76 | 1643 | 2.09% | (13.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 81 | 10.09 | 820 | 0.00% | 0.91% |
| Victory RS Small Cap Growth Equity VIP Series, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 |  |  |  | 0.64% | (3.92)% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 12.80 | 21 | 0.00% | 11.82% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 11.44 | 0 \* | 0.00% | 20.40% |
| &nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.51 | 0 \* | 0.00% | (36.36)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 14.94 | 12 | 0.00% | (10.43)% |

---

\* The Subaccount has units and/or dollars that round to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) These amounts represent the total return for the periods indicated, and include changes in the value of the underlying mutual fund. These amounts are not annualized and represent each Subaccount's total return for the periods during which the Subaccount held investment balances. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.

7. SUBSEQUENT EVENTS

The Separate Account has evaluated the effects of events subsequent to December 31, 2025, and through April 16, 2026, the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.