# EDGAR Filing Document

**Accession Number:** 0001821985
**File Stem:** 0001104659-26-044695
**Filing Date:** 2026-4
**Character Count:** 287169
**Document Hash:** dea62dfc626b8f27385ced7e8adb263e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-044695.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001104659-26-044695

**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:** Protective COLI VUL
- **CENTRAL INDEX KEY:** 0001821985

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23604
- **FILM NUMBER:** 26869920

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 HIGHWAY 280 SOUTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223
- **BUSINESS PHONE:** 205-268-3109

**MAIL ADDRESS:**
- **STREET 1:** 2801 HIGHWAY 280 SOUTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223

## Series and Classes Contracts Data

### Protective COLI VUL (Series ID: S000069971)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000222824 | Protective Executive Benefits Registered VUL |  |

*Protective COLI VUL*

*Financial Statements* 

*Year Ended December 31, 2025* 

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Protective Life Insurance Company and Policy Owners of Protective COLI VUL:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise Protective COLI VUL (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 Protective Life Insurance Company Separate Accounts since 2019.

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.

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

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

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

DWS High Income VIP, Class A

DWS Small Cap Index 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 International Index Fund, Investor Class

Empower International Value Fund, Investor Class

Empower Large Cap Growth Fund, Investor 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 U.S. Government Securities Fund, Investor Class

Federated Hermes High Income Bond Fund II, Primary Shares

Fidelity VIP Emerging Markets Portfolio, Service Class 2

Fidelity VIP Extended Market Index Portfolio, Service Class 2

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP International Index Portfolio, Service Class 2

Fidelity VIP Investment Grade Bond Portfolio, Service Class 2

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

Invesco V.I. Global Real Estate 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 Technology and Innovation Portfolio, Institutional Shares

Lord Abbett Series Fund Total Return Portfolio, Class VC

LVIP American Century Capital Appreciation 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 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

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 Global Asset Allocation Fund, Class IA

Putnam VT High Yield Fund, Class IA

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

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

Vanguard VIF Global Bond Index Portfolio

Vanguard VIF Real Estate Index Portfolio

Vanguard VIF Total Bond Market 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 January 10, 2024 (date trading commenced) to December 31, 2024.

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

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 18, 2024 (date trading commenced) to December 31, 2024.

Empower Inflation-Protected Securities Fund, Investor Class

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 February 15, 2024 (date trading commenced) to December 31, 2024.

Putnam VT Sustainable Future Fund, Class IA

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 May 17, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Government Money Market 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 June 12, 2024 (date trading commenced) to December 31, 2024.

Goldman Sachs VIT Government Money Market Fund, Service Class

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 July 12, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Freedom 2030 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 September 23, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Freedom 2065 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 September 27, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Freedom 2055 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 October 18, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Freedom 2040 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 December 13, 2024 (date trading commenced) to December 31, 2024.

Invesco V.I. Diversified Dividend Fund, Series I

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 January 8, 2025 (date trading commenced) to December 31, 2025.

DWS Core Equity VIP, Class A

Fidelity VIP Freedom 2025 Portfolio, Service Class 2

Fidelity VIP Freedom 2035 Portfolio, Service Class 2

Fidelity VIP Freedom 2045 Portfolio, Service Class 2

Fidelity VIP Freedom 2050 Portfolio, Service Class 2

Fidelity VIP Freedom 2060 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 March 4, 2025 (date trading commenced) to December 31, 2025.

Putnam VT Income Fund, Class IB

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 March 31, 2025 (date trading commenced) to December 31, 2025.

Neuberger Berman AMT Quality Equity Portfolio, Class I

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 August 22, 2025 (date trading commenced) to December 31, 2025.

Empower Lifetime 2065 Fund, Investor Class

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 December 23, 2025 (date trading commenced) to December 31, 2025.

American Funds IS Capital World Bond Fund, Class 2

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

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

Putnam VT Focused International Equity Fund, Class IA

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Capital World<br> Bond Fund,<br> Class 2 | American<br> Funds IS<br> Capital World<br> Growth and<br> Income Fund,<br> Class 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 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $12011 | $113928 | $740208 | $6071056 | $278613 | $768730 | $2842338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 87 |  | 157 | 3487 | 724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 45 |  |  |  |  |  | 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12056 | 114015 | 740208 | 6071213 | 282100 | 769454 | 2852935 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 45 |  |  |  |  |  | 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 87 |  | 157 | 3487 | 724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | 3 | - | - | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 45 | 87 | - | 160 | 3487 | 724 | 10598 |
| NET ASSETS | $12011 | $113928 | $740208 | $6071053 | $278613 | $768730 | $2842337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $10.11 | $18.38 | $19.04 | $138.80 | $66.28 | $22.22 | $32.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1188 | 6198 | 38876 | 43740 | 4204 | 34596 | 88740 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $11988 | $108075 | $653334 | $5415151 | $270184 | $648886 | $2426314 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, Class 2 | BlackRock<br> 60/40<br> 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<br> Shares | ClearBridge<br> Variable Mid<br> Cap Portfolio,<br> Class I | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $581227 | $3473959 | $475918 | $2997022 | $1591103 | $461298 | $285595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 19 | 1206 |  |  | 1028 | 658 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 245 | 191 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | 15882 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 581246 | 3475165 | 476163 | 3013095 | 1592131 | 461956 | 286150 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 245 | 191 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 19 | 1206 |  |  | 1028 | 658 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 2 | - | 2 | 1 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 19 | 1208 | 245 | 193 | 1029 | 658 | 555 |
| NET ASSETS | $581227 | $3473957 | $475918 | $3012902 | $1591102 | $461298 | $285595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $17.79 | $14.86 | $17.64 | $7.04 | $87.15 | $23.80 | $28.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 32672 | 233779 | 26979 | 425713 | 18257 | 19382 | 10127 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $551220 | $3310861 | $463783 | $2956225 | $1420130 | $469590 | $288002 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Eaton Vance<br> VT<br> Floating-Rate<br> Income Fund,<br> Initial Class | Empower<br> Aggressive<br> Profile<br> Fund,<br> Investor<br> Class | Empower<br> Bond Index<br> Fund,<br> Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1397180 | $36095 | $124379 | $5957782 | $39427 | $559593 | $499541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 88 | 91 |  |  |  | 174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 684 |  |  | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1397268 | 36186 | 124379 | 5958466 | 39427 | 559767 | 501146 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 684 |  |  | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 88 | 91 |  |  |  | 174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 1 | - | - | 3 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 89 | 91 | - | 687 | - | 174 | 1605 |
| NET ASSETS | $1397179 | $36095 | $124379 | $5957779 | $39427 | $559593 | $499541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $9.27 | $14.05 | $5.74 | $15.02 | $8.37 | $6.04 | $13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 150721 | 2569 | 21669 | 396657 | 4711 | 92648 | 38367 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1407777 | $33076 | $120327 | $5651126 | $40105 | $528008 | $509307 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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> Inflation-Protected<br> Securities Fund,<br> Investor 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<br> Fund,<br> Investor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $374345 | $337918 | $22626 | $296139 | $8335881 | $2152225 | $2534898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 370 | 3 | 12 |  | 396 |  | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 374715 | 337921 | 22638 | 296139 | 8336277 | 2152252 | 2535574 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 370 | 3 | 12 |  | 396 |  | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | 4 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 370 | 3 | 12 | - | 400 | 28 | 677 |
| NET ASSETS | $374345 | $337918 | $22626 | $296139 | $8335877 | $2152224 | $2534897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $7.76 | $9.90 | $11.91 | $9.18 | $15.76 | $15.87 | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 48240 | 34133 | 1900 | 32259 | 528926 | 135616 | 243272 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $370306 | $341038 | $22350 | $300286 | $6950269 | $1683382 | $2546644 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $144749 | $671289 | $2364299 | $5363303 | $2831599 | $1989208 | $2270298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 1225 |  |  |  | 6291 | 453 | 4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 42 | 3492 | 1974 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 145974 | 671331 | 2367791 | 5365277 | 2837890 | 1989661 | 2274794 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 42 | 3492 | 1974 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 1225 |  |  |  | 6291 | 453 | 4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | 1 | 3 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1225 | 42 | 3493 | 1977 | 6292 | 454 | 4497 |
| NET ASSETS | $144749 | $671289 | $2364298 | $5363300 | $2831598 | $1989207 | $2270297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $13.76 | $10.84 | $14.69 | $11.35 | $15.11 | $11.71 | $15.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 10520 | 61927 | 160946 | 472538 | 187399 | 169873 | 144054 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $144483 | $660371 | $2287314 | $5080571 | $2746071 | $1882070 | $2106246 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br> Lifetime 2065<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 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1298224 | $1749331 | $262570 | $9433 | $315378 | $996914 | $271637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 174 | 1705 | 404 |  | 157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  | 1 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1298398 | 1751036 | 262974 | 9433 | 315535 | 996915 | 271753 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  | 1 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 174 | 1705 | 404 |  | 157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 1 | 1 | - | - | - | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 175 | 1706 | 404 | - | 157 | 2 | 116 |
| NET ASSETS | $1298223 | $1749330 | $262570 | $9433 | $315378 | $996913 | $271637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $12.52 | $20.88 | $11.81 | $11.70 | $14.07 | $6.56 | $7.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 103692 | 83780 | 22233 | 806 | 22415 | 151969 | 36412 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1229111 | $1544119 | $252229 | $9195 | $323185 | $1037716 | $265699 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Empower S&P<br> Mid Cap 400<br> Index Fund,<br> Investor Class | Empower S&P<br> Small 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 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $634297 | $362755 | $287650 | $5740363 | $1082891 | $1716195 | $460792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 731 | 586 | 2957 | 369 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 21 |  |  |  |  | 542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 634318 | 363486 | 288236 | 5743320 | 1083260 | 1716737 | 460948 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 21 |  |  |  |  | 542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 731 | 586 | 2957 | 369 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | 3 | 1 | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 21 | 731 | 586 | 2960 | 370 | 543 | 156 |
| NET ASSETS | $634297 | $362755 | $287650 | $5740360 | $1082890 | $1716194 | $460792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $8.38 | $13.54 | $12.22 | $21.07 | $12.91 | $10.49 | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 75692 | 26791 | 23539 | 272442 | 83880 | 163603 | 42236 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $614096 | $355488 | $286617 | $5752519 | $1098480 | $1705679 | $458463 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Federated<br> Hermes High<br> Income Bond<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Extended<br> Market Index<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2025<br> Portfolio,<br> Service <br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $598362 | $251754 | $1842289 | $1568430 | $548285 | $828650 | $14381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 360 | 505 |  |  | 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 33 |  | 37 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 598722 | 252259 | 1842289 | 1568463 | 548418 | 828687 | 14384 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 33 |  | 37 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 360 | 505 |  |  | 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | 1 | 1 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 360 | 505 | 1 | 34 | 133 | 37 | 3 |
| NET ASSETS | $598362 | $251754 | $1842288 | $1568429 | $548285 | $828650 | $14381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $39.82 | $38.14 | $11.12 | $5.78 | $15.85 | $15.86 | $17.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 15027 | 6601 | 165673 | 271355 | 34592 | 52248 | 843 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $575563 | $248065 | $1822855 | $1531566 | $421951 | $796795 | $13349 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom 2030<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2035<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2040<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2045<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2050<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2055<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2060<br> Portfolio,<br> Service<br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $685817 | $305912 | $99644 | $54549 | $45544 | $70900 | $8591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 41 | 28 | 8 | 10 | 11 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 685858 | 305940 | 99652 | 54559 | 45555 | 70907 | 8597 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 41 | 28 | 8 | 10 | 11 | 7 | 6 |
| &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 | 41 | 28 | 8 | 10 | 11 | 7 | 6 |
| NET ASSETS | $685817 | $305912 | $99644 | $54549 | $45544 | $70900 | $8591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $17.53 | $29.81 | $29.49 | $30.35 | $27.41 | $15.50 | $15.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 39122 | 10262 | 3379 | 1797 | 1662 | 4574 | 567 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $657155 | $277622 | $94997 | $47294 | $41187 | $67742 | $7897 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom 2065<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> Index 500<br> Portfolio,<br> Initial Class | 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 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market Fund<br> , Service Class | Invesco V.I.<br> Diversified<br> Dividend<br> Fund, Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $55564 | $16547659 | $42506205 | $4218524 | $82798 | $495271 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 112047 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 1 | 27655 |  | 495 |  | 2388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 55565 | 16575314 | 42618252 | 4219019 | 82798 | 497659 | - |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 1 | 27655 |  | 495 |  | 2388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 112047 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 9 | 22 | 2 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1 | 27664 | 112069 | 497 | - | 2388 | - |
| NET ASSETS | $55564 | $16547650 | $42506183 | $4218522 | $82798 | $495271 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $15.13 | $1.00 | $660.13 | $13.96 | $10.97 | $1.00 | $27.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 3672 | 16547659 | 64391 | 302187 | 7548 | 495271 |  |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $52265 | $16547659 | $37134836 | $3877593 | $83449 | $495271 | $- |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series I | Invesco V.I.<br> Global Real<br> Estate Fund,<br> 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> | $55837 | $16622 | $848664 | $2740411 | $3086633 | $6136058 | $1183725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 15 |  | 6981 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  | 4477 |  | 145027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 55837 | 16622 | 848679 | 2744888 | 3093614 | 6281085 | 1183745 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  | 4477 |  | 145027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 15 |  | 6981 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | 1 | 2 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | 15 | 4478 | 6983 | 145030 | 21 |
| NET ASSETS | $55837 | $16622 | $848664 | $2740410 | $3086631 | $6136055 | $1183724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $36.11 | $14.16 | $28.54 | $55.86 | $83.58 | $9.93 | $59.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1546 | 1174 | 29736 | 49059 | 36930 | 617931 | 19921 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $55546 | $15682 | $803227 | $2342120 | $3063687 | $6105860 | $1047397 |

---

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

(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation Portfolio,<br> Institutional<br> Shares | 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 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 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1964756 | $104914 | $80018 | $448168 | $322191 | $490733 | $538792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  | 1656 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 1423 | 790 |  | 1002 | 314 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1966179 | 105704 | 80018 | 449170 | 322505 | 492389 | 547372 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 1423 | 790 |  | 1002 | 314 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  | 1656 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 1 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1424 | 790 | - | 1002 | 314 | 1656 | 8580 |
| NET ASSETS | $1964755 | $104914 | $80018 | $448168 | $322191 | $490733 | $538792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $23.94 | $14.20 | $15.16 | $19.35 | $31.50 | $12.92 | $21.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 82070 | 7388 | 5278 | 23162 | 10230 | 37985 | 24551 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1568028 | $109872 | $78307 | $460601 | $315847 | $480332 | $511456 |

---

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL** 

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP <br> JPMorgan <br> U.S. Equity <br> Fund, <br> Standard Class | MFS VIT <br> Growth<br> Series, Initial <br> Class | 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 <br> Real Estate <br> Portfolio, <br> Initial<br> Class | MFS VIT III <br> Mid<br> Cap Value <br> Portfolio, <br> Initial Class | MFS VIT Mid <br> Cap <br> Growth Series, <br> Initial Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $- | $247366 | $1436708 | $30528 | $1807117 | $2963437 | $1177046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 5270 |  |  | 532 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 38 |  |  | 343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | - | 247404 | 1441978 | 30528 | 1807460 | 2963969 | 1177323 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 38 |  |  | 343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 5270 |  |  | 532 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | 1 | - | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 38 | 5271 | - | 344 | 534 | 278 |
| NET ASSETS | $- | $247366 | $1436707 | $30528 | $1807116 | $2963435 | $1177045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $49.37 | $67.85 | $17.94 | $9.77 | $12.69 | $10.11 | $7.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account |  | 3646 | 80084 | 3125 | 142405 | 293119 | 147499 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $- | $248865 | $1357147 | $29896 | $1787675 | $3066453 | $1265654 |

---

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL** 

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT New <br> Discovery <br> 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 Quality <br> Equity <br> Portfolio, <br> Class I | PIMCO VIT <br> CommodityRealReturn <br> Strategy<br> Portfolio, <br> Administrative Class | PIMCO VIT Global <br> Bond <br> Opportunities <br> Portfolio <br> (Unhedged), <br> Administrative <br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $45749 | $51509 | $6862268 | $1918143 | $14441 | $689901 | $499415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 156 |  | 28 | 214 |  |
| &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 | 45749 | 51509 | 6862424 | 1918143 | 14469 | 690115 | 499415 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 156 |  | 28 | 214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | 4 | 1 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | 160 | 1 | 28 | 214 | - |
| NET ASSETS | $45749 | $51509 | $6862264 | $1918142 | $14441 | $689901 | $499415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $15.60 | $30.49 | $11.78 | $22.26 | $42.76 | $6.29 | $9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2933 | 1689 | 582535 | 86170 | 338 | 109682 | 50142 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $40821 | $52761 | $6773939 | $1863803 | $14157 | $636986 | $479331 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL** 

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT <br> High<br> Yield <br> Portfolio, <br> Administrative <br> Class | PIMCO VIT <br> Income<br> Portfolio, <br> Institutional <br> Class | PIMCO VIT <br> International <br> Bond <br> Portfolio (U.S. <br> Dollar-Hedged), <br> Administrative <br> Class | 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> Global <br> Asset <br> Allocation <br> Fund, Class IA |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $204730 | $658826 | $85911 | $800447 | $3709288 | $462387 | $543324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  |  |  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 89 | 17 |  | 283 | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 204730 | 658915 | 85928 | 800447 | 3709571 | 462427 | 543486 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 89 | 17 |  | 283 | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  |  |  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | - | 2 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 89 | 17 | - | 285 | 40 | 162 |
| NET ASSETS | $204730 | $658826 | $85911 | $800447 | $3709286 | $462387 | $543324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $7.41 | $10.35 | $10.04 | $9.78 | $12.01 | $9.45 | $19.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 27629 | 63655 | 8557 | 81845 | 308850 | 48930 | 27906 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $200357 | $640529 | $84834 | $793444 | $3609455 | $448073 | $494256 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL** 

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT <br> High <br> Yield Fund, <br> Class IA | Putnam VT <br> Income <br> Fund, Class IB | 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 <br> Fund, <br> Class IA | Putnam VT <br> Small <br> Cap Value <br> Fund, <br> Class IA |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $227153 | $607420 | $817016 | $2438309 | $7697164 | $1949264 | $440460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 2397 | 17310 | 18005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 227153 | 607420 | 819413 | 2455619 | 7715169 | 1949264 | 440564 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 2397 | 17310 | 18005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | - | - | 1 | 4 | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | - | 2397 | 17311 | 18009 | 1 | 104 |
| NET ASSETS | $227153 | $607420 | $817016 | $2438308 | $7697160 | $1949263 | $440460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $5.81 | $8.19 | $16.12 | $18.50 | $36.33 | $47.73 | $11.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 39097 | 74166 | 50683 | 131800 | 211868 | 40839 | 39681 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $215912 | $610365 | $681351 | $2194115 | $6994933 | $1224353 | $449907 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL** 

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT <br> Sustainable <br> Future <br> Fund, Class IA | T. Rowe Price <br> Blue <br> Chip Growth <br> Portfolio, <br> Class II | 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 |
| ASSETS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $39614 | $3908565 | $352023 | $86728 | $6363991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 4264 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from dividends | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 39614 | 3912829 | 352023 | 86733 | 6364141 |
| LIABILITIES: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 4264 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 2 | - | - | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 4266 | - | 5 | 153 |
| NET ASSETS | $39614 | $3908563 | $352023 | $86728 | $6363988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $14.97 | $60.72 | $18.83 | $11.57 | $10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2646 | 64370 | 18695 | 7496 | 589258 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $40559 | $3816775 | $346965 | $86876 | $6200202 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Concluded)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL**

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American <br> Funds IS <br> Capital World <br> Bond Fund, <br> Class 2 | American <br> Funds IS <br> Capital <br> World <br> Growth and <br> Income <br> Fund, Class 2 | American <br> Funds IS <br> Global Small <br> Capitalization <br> Fund, Class 2 | American <br> Funds IS <br> Growth <br> Fund, 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 <br> New World <br> Fund, Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $1300 | $2458 | $8408 | $2244 | $9114 | $28689 |
| TOTAL INVESTMENT INCOME | - | 1300 | 2458 | 8408 | 2244 | 9114 | 28689 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments |  | 2380 | 18569 | 308382 | 2178 | 57611 | 50040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 791 | 15437 | 429656 | 32319 | - | 103849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | - | 3171 | 34006 | 738038 | 34497 | 57611 | 153889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments |  |  |  |  |  |  |  |
|  | 23 | 5362 | 57986 | 328950 | (1839) | 92852 | 458921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  |  |  |  |  |  |  |
|  | 23 | 8533 | 91992 | 1066988 | 32658 | 150463 | 612810 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $23 | $9833 | $94450 | $1075396 | $34902 | $159577 | $641499 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL**

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American <br> Funds IS <br> Washington <br> Mutual <br> Investors <br> Fund, Class 2 | BlackRock <br> 60/40 <br> 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 <br> Shares | ClearBridge <br> Variable Mid <br> Cap <br> Portfolio, <br> Class I | ClearBridge <br> Variable <br> Small Cap <br> Growth <br> Portfolio, <br> Class I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $5403 | $78788 | $15373 | $178178 | $13163 | $1229 | $- |
| TOTAL INVESTMENT INCOME | 5403 | 78788 | 15373 | 178178 | 13163 | 1229 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 18258 | 222677 | 35398 | 13208 | 185075 | 28417 | 15142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 12359 | 125559 | 34989 | 6128 | 65421 | 27520 | 19464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 30617 | 348236 | 70387 | 19336 | 250496 | 55937 | 34606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 18192 | 42540 | (11204) | 38556 | (88648) | (41029) | (6880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 48809 | 390776 | 59183 | 57892 | 161848 | 14908 | 27726 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $54212 | $469564 | $74556 | $236070 | $175011 | $16137 | $27726 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL**

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Eaton Vance <br> VT <br> Floating-Rate <br> 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 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $53941 | $220 | $3384 | $76732 | $31880 | $9994 | $13330 |
| TOTAL INVESTMENT INCOME | 53941 | 220 | 3384 | 76732 | 31880 | 9994 | 13330 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 11319 | (878) | 122 | (25733) | (11006) | 18834 | (12556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 2845 | - | 327689 | - | 32260 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 11319 | 1967 | 122 | 301956 | (11006) | 51094 | (12556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 16442 | 3019 | 1783 | 298820 | (1610) | 16247 | 25866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 27761 | 4986 | 1905 | 600776 | (12616) | 67341 | 13310 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $81702 | $5206 | $5289 | $677508 | $19264 | $77335 | $26640 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL**

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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> Inflation-Protected <br> Securities Fund, <br> Investor 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 <br> Fund, <br> Investor <br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $9658 | $8881 | $193 | $10300 | $172299 | $31410 | $- |
| TOTAL INVESTMENT INCOME | 9658 | 8881 | 193 | 10300 | 172299 | 31410 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 4573 | (329) | 3943 | 2384 | 367012 | 276676 | 168292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 2837 | - | - | - | 86223 | 90561 | 296613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 7410 | (329) | 3943 | 2384 | 453235 | 367237 | 464905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3426 | (105) | 1302 | (3580) | 1610483 | 301965 | (154464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10836 | (434) | 5245 | (1196) | 2063718 | 669202 | 310441 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $20494 | $8447 | $5438 | $9104 | $2236017 | $700612 | $310441 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

**PROTECTIVE COLI VUL**

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower <br> Lifetime <br> 2015 Fund, <br> Investor <br> Class | Empower <br> Lifetime <br> 2020 Fund, <br> Investor <br> Class | 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 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $3576 | $17514 | $53980 | $132444 | $53774 | $40078 | $37147 |
| TOTAL INVESTMENT INCOME | 3576 | 17514 | 53980 | 132444 | 53774 | 40078 | 37147 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 1538 | 7543 | 18087 | 97283 | 4438 | 31105 | 73825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 917 | 9482 | 32565 | 94367 | 48705 | 48826 | 61693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2455 | 17025 | 50652 | 191650 | 53143 | 79931 | 135518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 543 | 23499 | 80121 | 223155 | 160113 | 105636 | 132602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2998 | 40524 | 130773 | 414805 | 213256 | 185567 | 268120 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $6574 | $58038 | $184753 | $547249 | $267030 | $225645 | $305267 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower Lifetime<br> 2050 Fund, Investor<br> Class | Empower Lifetime<br> 2055 Fund, Investor<br> Class | Empower Lifetime <br> 2060 Fund, Investor<br> Class | Empower Lifetime <br> 2065 Fund, Investor<br> Class | Empower Mid Cap <br> Value Fund,<br> Investor Class | Empower Moderate<br> Profile Fund,<br> Investor Class | Empower<br> Moderately<br> Aggressive Profile <br> Fund, Investor Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $25375 | $17157 | $4940 | $186 | $13592 | $22018 | $5512 |
| TOTAL INVESTMENT INCOME | 25375 | 17157 | 4940 | 186 | 13592 | 22018 | 5512 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 26511 | 20782 | 33141 |  | (4536) | 3482 | 24631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 34786 | 34061 | 15883 | 16 | 4939 | 50843 | 13233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 61297 | 54843 | 49024 | 16 | 403 | 54325 | 37864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 78385 | 197800 | (602) | 238 | 7923 | (41488) | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 139682 | 252643 | 48422 | 254 | 8326 | 12837 | 37662 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $165057 | $269800 | $53362 | $440 | $21918 | $34855 | $43174 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Moderately<br> Conservative Profile <br> Fund, Investor Class | Empower Multi-Sector<br> Bond Fund,<br> Investor Class | Empower Real<br> Estate Index Fund, <br> Investor Class | Empower S&P Mid<br> Cap 400 Index Fund,<br> Investor Class | Empower S&P <br> Small Cap 600 Index<br> Fund, Investor Class | Empower Short<br> Duration Bond <br> Fund, Investor Class | Empower Small Cap<br> Growth Fund,<br> Investor Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $14420 | $11466 | $4499 | $80573 | $23378 | $48322 | $1719 |
| TOTAL INVESTMENT INCOME | 14420 | 11466 | 4499 | 80573 | 23378 | 48322 | 1719 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 1439 | 22500 | 12284 | 110092 | 70504 | (1707) | 11252 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 17065 | - | 1336 | 271518 | 53537 | - | 19706 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 18504 | 22500 | 13620 | 381610 | 124041 | (1707) | 30958 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 22682 | 1509 | (9158) | (95471) | (89702) | 33880 | (1427) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 41186 | 24009 | 4462 | 286139 | 34339 | 32173 | 29531 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $55606 | $35475 | $8961 | $366712 | $57717 | $80495 | $31250 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower Small Cap<br> Value Fund, Investor<br> Class | Empower T. Rowe <br> Price Mid Cap<br> Growth Fund,<br> Investor Class | Empower U.S.<br> Government<br> Securities Fund, <br> Investor Class | Federated Hermes <br> High Income Bond <br> Fund II, Primary<br> Shares | Fidelity VIP<br> Emerging Markets<br> Portfolio, Service <br> Class 2 | Fidelity VIP<br> Extended Market<br> Index Portfolio,<br> Service Class 2 | Fidelity VIP<br> Freedom 2025<br> Portfolio, Service<br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $- | $- | $47377 | $79788 | $6441 | $6339 | $236 |
| TOTAL INVESTMENT INCOME | - | - | 47377 | 79788 | 6441 | 6339 | 236 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 26999 | (1648) | 4012 | 9443 | 51942 | 22018 | 18 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 2960 | 3792 | - | - | 3525 | - | 44 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 29959 | 2144 | 4012 | 9443 | 55467 | 22018 | 62 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (7984) | 4207 | 35547 | 5411 | 102686 | 13198 | 1032 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 21975 | 6351 | 39559 | 14854 | 158153 | 35216 | 1094 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $21975 | $6351 | $86936 | $94642 | $164594 | $41555 | $1330 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom 2030<br> Portfolio, Service<br> Class 2 | Fidelity VIP<br> Freedom 2035<br> Portfolio, Service<br> Class 2 | Fidelity VIP<br> Freedom 2040<br> Portfolio, Service<br> Class 2 | Fidelity VIP<br> Freedom 2045<br> Portfolio, Service <br> Class 2 | Fidelity VIP<br> Freedom 2050<br> Portfolio, Service <br> Class 2 | Fidelity VIP<br> Freedom 2055<br> Portfolio, Service<br> Class 2 | Fidelity VIP<br> Freedom 2060<br> Portfolio, Service <br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $10886 | $5272 | $1375 | $612 | $391 | $750 | $99 |
| TOTAL INVESTMENT INCOME | 10886 | 5272 | 1375 | 612 | 391 | 750 | 99 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (186) | 596 | 274 | 43 | 24 | (44) | 24 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 19241 | 1082 | 3071 | 477 | 603 | 2234 | 439 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 19055 | 1678 | 3345 | 520 | 627 | 2190 | 463 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 37272 | 28290 | 6339 | 7255 | 4357 | 4582 | 694 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 56327 | 29968 | 9684 | 7775 | 4984 | 6772 | 1157 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $67213 | $35240 | $11059 | $8387 | $5375 | $7522 | $1256 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom 2065<br> Portfolio, Service <br> Class 2 | Fidelity VIP<br> Government Money<br> Market Portfolio,<br> Service Class 2 | Fidelity VIP Index <br> 500 Portfolio, Initial <br> Class | Fidelity VIP<br> International Index<br> Portfolio, Service<br> Class 2 | Fidelity VIP<br> Investment Grade<br> Bond Portfolio,<br> Service Class 2 | Goldman Sachs VIT<br> Government Money<br> Market Fund,<br> Service Class | Invesco V.I.<br> Diversified Dividend<br> Fund, Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $611 | $541841 | $447793 | $85550 | $2580 | $20713 | $- |
| TOTAL INVESTMENT INCOME | 611 | 541841 | 447793 | 85550 | 2580 | 20713 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (1692) |  | 4190274 | 73443 | 77 |  | 1466 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 3422 | - | 208271 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1730 | - | 4398545 | 73443 | 77 | - | 1466 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4031 | - | 1825878 | 373578 | 795 | - | - |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5761 | - | 6224423 | 447021 | 872 | - | 1466 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $6372 | $541841 | $6672216 | $532571 | $3452 | $20713 | $1466 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I. EQV International Equity Fund, Series I | Invesco V.I. Global Real Estate 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 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $650 | $332 | $3637 | $51300 | $6030 | $270225 | $795 |
| TOTAL INVESTMENT INCOME | 650 | 332 | 3637 | 51300 | 6030 | 270225 | 795 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 114 | (7887) | 49208 | 6703 | 21178 | 26455 | 72739 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 2885 | - | 81630 | 79812 | 229222 | - | 131134 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2999 | (7887) | 130838 | 86515 | 250400 | 26455 | 203873 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3155 | 9000 | (71948) | 217297 | (29185) | 56185 | (13827) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6154 | 1113 | 58890 | 303812 | 221215 | 82640 | 190046 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $6804 | $1445 | $62527 | $355112 | $227245 | $352865 | $190841 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus Henderson<br> VIT Global<br> Technology and<br> Innovation Portfolio,<br> Institutional Shares | Lord Abbett Series<br> Fund Total Return<br> Portfolio, Class VC | LVIP American<br> Century Capital<br> Appreciation Fund, <br> Standard Class II | LVIP American<br> Century Mid Cap<br> Value Fund,<br> Standard Class II | LVIP American<br> Century Ultra Fund,<br> Standard Class II | LVIP American<br> Century Value Fund,<br> Standard Class II | LVIP JPMorgan<br> Small Cap Core<br> Fund, Standard<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $- | $4921 | $- | $8389 | $- | $7464 | $3149 |
| TOTAL INVESTMENT INCOME | - | 4921 | - | 8389 | - | 7464 | 3149 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 327534 | 262 | 826 | 4517 | 21696 | 7203 | 21449 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | 152984 | - | 12915 | 38160 | 25612 | 33790 | 45500 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 480518 | 262 | 13741 | 42677 | 47308 | 40993 | 66949 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (80259) | (4194) | (8791) | (12315) | (23587) | 17343 | (648) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 400259 | (3932) | 4950 | 30362 | 23721 | 58336 | 66301 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $400259 | $989 | $4950 | $38751 | $23721 | $65800 | $69450 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP JPMorgan<br> U.S. Equity Fund,<br> Standard Class | MFS VIT Growth <br> Series, Initial Class | MFS VIT II<br> International Growth<br> Portfolio, Initial <br> Class | MFS VIT III<br> Blended Research<br> Small Cap Equity<br> Portfolio, Initial<br> Class | MFS VIT III Global<br> Real Estate<br> Portfolio, Initial<br> Class | MFS VIT III Mid<br> Cap Value Portfolio,<br> Initial Class | MFS VIT Mid Cap<br> Growth Series,<br> Initial Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $- | $- | $9878 | $538 | $29384 | $31425 | $- |
| TOTAL INVESTMENT INCOME | - | - | 9878 | 538 | 29384 | 31425 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 2953 | 70235 | 127490 | 2104 | (5547) | (828) | 235027 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | - | 40543 | 58765 | 5319 | - | 273510 | 205523 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2953 | 110778 | 186255 | 7423 | (5547) | 272682 | 440550 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (3630) | (66308) | 5178 | (5363) | 29590 | (131069) | (398132) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (677) | 44470 | 191433 | 2060 | 24043 | 141613 | 42418 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(677) | $44470 | $201311 | $2598 | $53427 | $173038 | $42418 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT New<br> Discovery Series, <br> Initial Class | MFS VIT Research<br> Series, Initial Class | MFS VIT Total<br> Return Bond Series, <br> Initial Class | MFS VIT Value <br> Series, Initial Class | Neuberger Berman<br> AMT Quality Equity<br> Portfolio, Class I | PIMCO VIT<br> CommodityRealReturn<br> Strategy <br> Portfolio,<br> Administrative Class | PIMCO VIT Global<br> Bond Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $- | $291 | $221472 | $30680 | $- | $18706 | $22528 |
| TOTAL INVESTMENT INCOME | - | 291 | 221472 | 30680 | - | 18706 | 22528 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (2692) | 643 | 5445 | 32107 | 400 | 7849 | (1073) |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | - | 7127 | - | 142724 | 283 | - | - |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (2692) | 7770 | 5445 | 174831 | 683 | 7849 | (1073) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3892 | (3904) | 87643 | 20908 | 284 | 53771 | 42168 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1200 | 3866 | 93088 | 195739 | 967 | 61620 | 41095 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1200 | $4157 | $314560 | $226419 | $967 | $80326 | $63623 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT High <br> Yield Portfolio,<br> Administrative Class | PIMCO VIT Income<br> Portfolio,<br> Institutional Class | PIMCO VIT<br> International Bond <br> Portfolio (U.S.<br> Dollar-Hedged),<br> Administrative Class | PIMCO VIT Low<br> Duration Portfolio,<br> Administrative Class | PIMCO VIT Real<br> Return Portfolio,<br> Administrative Class | PIMCO VIT Total<br> Return Portfolio,<br> Administrative Class | Putnam VT Global<br> Asset Allocation<br> Fund, Class IA |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $9327 | $27806 | $1709 | $27105 | $104382 | $19832 | $11037 |
| TOTAL INVESTMENT INCOME | 9327 | 27806 | 1709 | 27105 | 104382 | 19832 | 11037 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 186 | 3629 | 33 | 1306 | 15276 | 4211 | 6566 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions | - | - | - | - | - | - | 53137 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 186 | 3629 | 33 | 1306 | 15276 | 4211 | 59703 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3520 | 19121 | 1046 | 5004 | 103013 | 17534 | (4563) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3706 | 22750 | 1079 | 6310 | 118289 | 21745 | 55140 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $13033 | $50556 | $2788 | $33415 | $222671 | $41577 | $66177 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $12342 | $28772 | $6807 | $- | $102791 | $16790 | $3381 |
| TOTAL INVESTMENT INCOME | 12342 | 28772 | 6807 | - | 102791 | 16790 | 3381 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 2657 | (330) | 30991 | 126690 | 121534 | 182379 | (915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | - | 4173 | 205818 | 429685 | 132808 | 32862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2657 | (330) | 35164 | 332508 | 551219 | 315187 | 31947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2182 | (2945) | 127549 | (10174) | 654115 | (14807) | (12893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4839 | (3275) | 162713 | 322334 | 1205334 | 300380 | 19054 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $17181 | $25497 | $169520 | $322334 | $1308125 | $317170 | $22435 |

---

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.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT Sustainable Future Fund, Class IA | T. Rowe Price Blue Chip Growth Portfolio, Class II | Vanguard VIF Global Bond Index Portfolio | Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Victory RS Small Cap Growth Equity VIP Series, Class I |
| INVESTMENT INCOME: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $119 | $- | $10032 | $2046 | $210599 | $161 |
| TOTAL INVESTMENT INCOME | 119 | - | 10032 | 2046 | 210599 | 161 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (2131) | 659369 | 849 | 6743 | 53646 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 4848 | 345309 | 612 | 1310 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2717 | 1004678 | 1461 | 8053 | 53646 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1033) | (444442) | 2915 | (4960) | 103678 | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1684 | 560236 | 4376 | 3093 | 157324 | 3815 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1803 | $560236 | $14408 | $5139 | $367923 | $3976 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $1300 | $2458 | $8408 | $2244 | $9114 | $28689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | 3171 | 34006 | 738038 | 34497 | 57611 | 153889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 23 | 5362 | 57986 | 328950 | (1839) | 92852 | 458921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 23 | 9833 | 94450 | 1075396 | 34902 | 159577 | 641499 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 248 | 30821 | 107542 | 553923 | 58270 | 22884 | 266321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges |  | (1328) | (10725) | (64430) | (1503) | (9005) | (20199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (44351) | (559562) | (122) | (26477) | (258386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 11740 | 57298 | (83538) | (191973) | 15801 | 170118 | 64666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (96130) | (253567) | (84) | (198030) | (22117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 11988 | 86791 | (127202) | (515609) | 72362 | (40510) | 30285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 12011 | 96624 | (32752) | 559787 | 107264 | 119067 | 671784 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | - | 17304 | 772960 | 5511266 | 171349 | 649663 | 2170553 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $12011 | $113928 | $740208 | $6071053 | $278613 | $768730 | $2842337 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American Funds IS Washington Mutual Investors 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $5403 | $78788 | $15373 | $178178 | $13163 | $1229 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 30617 | 348236 | 70387 | 19336 | 250496 | 55937 | 34606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 18192 | 42540 | (11204) | 38556 | (88648) | (41029) | (6880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 54212 | 469564 | 74556 | 236070 | 175011 | 16137 | 27726 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 134501 | 758063 | 18077 | 91067 | 146788 | 83719 | 67814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (7779) | (54421) | (7202) | (13454) | (22703) | (5798) | (6252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (245088) | (92460) | (174736) | (7662) | (2256) | (9867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 264473 | (105903) | 87425 | 350828 | 203089 | (21485) | (100215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (297161) | (56604) | (37053) | (645165) | (1542) | (44269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 391195 | 55490 | (50764) | 216652 | (325653) | 52638 | (92789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 445407 | 525054 | 23792 | 452722 | (150642) | 68775 | (65063) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 135820 | 2948903 | 452126 | 2560180 | 1741744 | 392523 | 350658 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $581227 | $3473957 | $475918 | $3012902 | $1591102 | $461298 | $285595 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Eaton Vance VT Floating-Rate Income Fund, Initial Class | Empower Aggressive Profile Fund, Investor Class | Empower Bond Index Fund, Investor Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $53941 | $220 | $3384 | $76732 | $31880 | $9994 | $13330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 11319 | 1967 | 122 | 301956 | (11006) | 51094 | (12556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 16442 | 3019 | 1783 | 298820 | (1610) | 16247 | 25866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 81702 | 5206 | 5289 | 677508 | 19264 | 77335 | 26640 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 262319 | 23117 |  | 11150 | 124 | 159176 | 64801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (9091) | (547) | (698) | (20972) | (2292) | (7839) | (7265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (77250) |  |  | (501229) | (33329) | (18892) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 163795 | 8319 | 73686 | 113773 | (801480) | (45946) | 299936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (51040) | - | - | (278052) | (69) | (375) | (618187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 288733 | 30889 | 72988 | (675330) | (837046) | 86124 | (260715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 370435 | 36095 | 78277 | 2178 | (817782) | 163459 | (234075) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1026744 | - | 46102 | 5955601 | 857209 | 396134 | 733616 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1397179 | $36095 | $124379 | $5957779 | $39427 | $559593 | $499541 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower Conservative Profile Fund, Investor Class | Empower Core Bond Fund, Investor Class | Empower Emerging Markets Equity 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $9658 | $8881 | $193 | $10300 | $172299 | $31410 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 7410 | (329) | 3943 | 2384 | 453235 | 367237 | 464905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3426 | (105) | 1302 | (3580) | 1610483 | 301965 | (154464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 20494 | 8447 | 5438 | 9104 | 2236017 | 700612 | 310441 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 140938 | 14940 |  | 89882 | 230394 | 222122 | 556806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (4390) | (2165) | (117) | (1840) | (30562) | (50740) | (29857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  | (109) | (1268652) | (77204) | (293334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 59097 | 67467 | (1653) | 136204 | (214366) | (399730) | (385626) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (2030) | (74) | (12209) | (385650) | (341258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 195645 | 80242 | (3800) | 224063 | (1295395) | (691202) | (493269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 216139 | 88689 | 1638 | 233167 | 940622 | 9410 | (182828) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 158206 | 249229 | 20988 | 62972 | 7395255 | 2142814 | 2717725 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $374345 | $337918 | $22626 | $296139 | $8335877 | $2152224 | $2534897 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $3576 | $17514 | $53980 | $132444 | $53774 | $40078 | $37147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2455 | 17025 | 50652 | 191650 | 53143 | 79931 | 135518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 543 | 23499 | 80121 | 223155 | 160113 | 105636 | 132602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6574 | 58038 | 184753 | 547249 | 267030 | 225645 | 305267 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 17233 | 119794 | 459518 | 968581 | 1255399 | 550259 | 209286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (905) | (9438) | (35622) | (43228) | (22902) | (19884) | (18666) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  | (38503) | (44626) | (108068) | (97413) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 63408 | 15727 | 226089 | 306526 | (355642) | 195833 | 683523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (18539) | (26461) | (78) | (1634) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 79736 | 126083 | 631446 | 1166915 | 832151 | 616506 | 776730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 86310 | 184121 | 816199 | 1714164 | 1099181 | 842151 | 1081997 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 58439 | 487168 | 1548099 | 3649136 | 1732417 | 1147056 | 1188300 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $144749 | $671289 | $2364298 | $5363300 | $2831598 | $1989207 | $2270297 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $25375 | $17157 | $4940 | $186 | $13592 | $22018 | $5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 61297 | 54843 | 49024 | 16 | 403 | 54325 | 37864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 78385 | 197800 | (602) | 238 | 7923 | (41488) | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 165057 | 269800 | 53362 | 440 | 21918 | 34855 | 43174 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 298434 | 133670 | 3861 | 2627 |  | 928184 | 65683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (13828) | (11121) | (6882) | (23) | (3064) | (7587) | (4324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (28316) |  | (23710) |  |  |  | (3374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 87374 | 1084581 | (90545) | 6389 | 80857 | (20571) | (127131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (19357) | - | (16209) | - | - | - | (5226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 324307 | 1207130 | (133485) | 8993 | 77793 | 900026 | (74372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 489364 | 1476930 | (80123) | 9433 | 99711 | 934881 | (31198) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 808859 | 272400 | 342693 | - | 215667 | 62032 | 302835 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1298223 | $1749330 | $262570 | $9433 | $315378 | $996913 | $271637 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $14420 | $11466 | $4499 | $80573 | $23378 | $48322 | $1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 18504 | 22500 | 13620 | 381610 | 124041 | (1707) | 30958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 22682 | 1509 | (9158) | (95471) | (89702) | 33880 | (1427) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 55606 | 35475 | 8961 | 366712 | 57717 | 80495 | 31250 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 97574 | 44522 | 85365 | 362212 | 153004 | 162595 | 48992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (4835) | (5258) | (4944) | (30240) | (13140) | (7847) | (4758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (25915) | (36469) | (20473) | (491194) | (258339) | (97235) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (3114) | (105122) | 1697 | (333491) | (247077) | 85947 | (3553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (1221) | (88451) | (185874) | (97509) | (15633) | (1381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 63710 | (103548) | (26806) | (678587) | (463061) | 127827 | 39300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 119316 | (68073) | (17845) | (311875) | (405344) | 208322 | 70550 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 514981 | 430828 | 305495 | 6052235 | 1488234 | 1507872 | 390242 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $634297 | $362755 | $287650 | $5740360 | $1082890 | $1716194 | $460792 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | 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 | Fidelity VIP Emerging Markets Portfolio, Service Class 2 | Fidelity VIP Extended Market Index Portfolio, Service Class 2 | Fidelity VIP Freedom 2025 Portfolio, Service Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $- | $47377 | $79788 | $6441 | $6339 | $236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 29959 | 2144 | 4012 | 9443 | 55467 | 22018 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (7984) | 4207 | 35547 | 5411 | 102686 | 13198 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 21975 | 6351 | 86936 | 94642 | 164594 | 41555 | 1330 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 98990 | 89868 | 241427 | 46531 | 38005 | 106108 | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (8455) | (1992) | (18320) | (4535) | (7686) | (3137) | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (55930) | (18042) | (74657) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (71804) | 81742 | 362419 | 685583 | 49858 | 426660 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (2085) | - | (38234) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 16646 | 169618 | 491362 | 709537 | 5520 | 529631 | 13051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 38621 | 175969 | 578298 | 804179 | 170114 | 571186 | 14381 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 559741 | 75785 | 1263990 | 764250 | 378171 | 257464 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $598362 | $251754 | $1842288 | $1568429 | $548285 | $828650 | $14381 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> Freedom<br> 2030<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2035<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2040<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2045<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2050<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2055<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Freedom<br> 2060<br> Portfolio,<br> Service Class<br> 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $10886 | $5272 | $1375 | $612 | $391 | $750 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 19055 | 1678 | 3345 | 520 | 627 | 2190 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 37272 | 28290 | 6339 | 7255 | 4357 | 4582 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 67213 | 35240 | 11059 | 8387 | 5375 | 7522 | 1256 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 57165 | 192957 | 47041 | 43869 | 24916 | 36421 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (2961) | (4450) | (1033) | (737) | (390) | (698) | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 183086 | 82165 | 13166 | 3030 | 15643 | 1398 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 237290 | 270672 | 59174 | 46162 | 40169 | 37121 | 7335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 304503 | 305912 | 70233 | 54549 | 45544 | 44643 | 8591 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 381314 | - | 29411 | - | - | 26257 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $685817 | $305912 | $99644 | $54549 | $45544 | $70900 | $8591 |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> Freedom<br> 2065<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service Class<br> 2 | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class | Fidelity VIP<br> International<br> Index<br> Portfolio,<br> Service Class <br> 2 | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service Class<br> 2 | Goldman<br> Sachs VIT<br> Government<br> Money<br> Market<br> Fund,<br> Service Class | Invesco V.I.<br> Diversified<br> Dividend<br> Fund, Series<br> I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $611 | $541841 | $447793 | $85550 | $2580 | $20713 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1730 |  | 4398545 | 73443 | 77 |  | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4031 | - | 1825878 | 373578 | 795 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6372 | 541841 | 6672216 | 532571 | 3452 | 20713 | 1466 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 56464 | 7990548 | 4498143 | 267654 | 4948 | 9392073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (768) | (227890) | (276929) | (5824) | (1483) | (771649) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (801802) | (4385507) | (9577) |  | (6383) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (26078) | (4420717) | (2106001) | 2479226 | 31520 | (8378121) | (1383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (404424) | (280715) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 29618 | 2135715 | (2551009) | 2731479 | 34985 | 235920 | (1466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 35990 | 2677556 | 4121207 | 3264050 | 38437 | 256633 |  |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 19574 | 13870094 | 38384976 | 954472 | 44361 | 238638 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $55564 | $16547650 | $42506183 | $4218522 | $82798 | $495271 | $- |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> EQV<br> International<br> Equity Fund,<br> Series I | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series I | Invesco V.I.<br> Main Street<br> Small Cap<br> Fund, Series<br> 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $650 | $332 | $3637 | $51300 | $6030 | $270225 | $795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2999 | (7887) | 130838 | 86515 | 250400 | 26455 | 203873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3155 | 9000 | (71948) | 217297 | (29185) | 56185 | (13827) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6804 | 1445 | 62527 | 355112 | 227245 | 352865 | 190841 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 258 | 9400 | 94247 | 388128 | 232000 | 155414 | 252218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (9) | (611) | (21353) | (34777) | (12681) | (14670) | (12334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (21163) | (5982) | (157955) | (146639) | (14214) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 7308 |  | 29499 | 8973 | 77789 | 897734 | (106068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (57974) | (99270) | - | (3643) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 7557 | (49185) | (18040) | 356342 | 135510 | 891839 | 119602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 14361 | (47740) | 44487 | 711454 | 362755 | 1244704 | 310443 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 41476 | 64362 | 804177 | 2028956 | 2723876 | 4891351 | 873281 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $55837 | $16622 | $848664 | $2740410 | $3086631 | $6136055 | $1183724 |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | 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 Mid<br> Cap Value<br> Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Ultra Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Value Fund,<br> Standard<br> Class II | LVIP<br> JPMorgan<br> Small Cap<br> Core Fund,<br> Standard<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $4921 | $- | $8389 | $- | $7464 | $3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 480518 | 262 | 13741 | 42677 | 47308 | 40993 | 66949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (80259) | (4194) | (8791) | (12315) | (23587) | 17343 | (648) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 400259 | 989 | 4950 | 38751 | 23721 | 65800 | 69450 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 434021 | 7191 |  | 134042 | 18505 | 60742 | 194007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (33205) | (317) | (1227) | (4480) | (6523) | (5828) | (4652) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (745) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (56229) | 79034 | 282 | (61532) | (297623) | 2565 | (85292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (221290) | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 122552 | 85908 | (945) | 68030 | (285641) | 57479 | 104063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 522811 | 86897 | 4005 | 106781 | (261920) | 123279 | 173513 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1441944 | 18017 | 76013 | 341387 | 584111 | 367454 | 365279 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1964755 | $104914 | $80018 | $448168 | $322191 | $490733 | $538792 |

---

---

| |
|:---|
| 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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> JPMorgan<br> U.S. Equity<br> Fund,<br> Standard<br> Class | MFS VIT<br> Growth<br> 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 Real<br> Estate<br> Portfolio,<br> Initial Class | MFS VIT III<br> Mid Cap<br> Value<br> Portfolio,<br> Initial Class | MFS VIT<br> Mid Cap<br> Growth<br> Series,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $- | $9878 | $538 | $29384 | $31425 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2953 | 110778 | 186255 | 7423 | (5547) | 272682 | 440550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (3630) | (66308) | 5178 | (5363) | 29590 | (131069) | (398132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (677) | 44470 | 201311 | 2598 | 53427 | 173038 | 42418 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 92666 | 180343 |  | 131740 | 259712 | 135438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (63) | (5087) | (14542) | (542) | (6427) | (38545) | (28868) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (7229) |  | (42773) |  | (90134) | (218450) | (217139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (24981) | (472484) | 208016 | (30642) | 50657 | 50007 | (447858) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (4942) | - | (35483) | - | - | (184912) | (232928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (37215) | (384905) | 295561 | (31184) | 85836 | (132188) | (791355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (37892) | (340435) | 496872 | (28586) | 139263 | 40850 | (748937) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 37892 | 587801 | 939835 | 59114 | 1667853 | 2922585 | 1925982 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $- | $247366 | $1436707 | $30528 | $1807116 | $2963435 | $1177045 |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> New<br> Discovery<br> Series,<br> Initial Class | MFS VIT<br> Research<br> Series,<br> Initial Class | MFS VIT<br> Total<br> Return Bond<br> Series,<br> Initial Class | MFS VIT<br> Value Series,<br> Initial Class | Neuberger<br> Berman<br> AMT<br> Quality<br> Equity<br> Portfolio,<br> Class I | PIMCO VIT<br> CommodityRealReturn<br> Strategy Portfolio,<br> Administrative Class | PIMCO VIT<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $291 | $221472 | $30680 | $- | $18706 | $22528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (2692) | 7770 | 5445 | 174831 | 683 | 7849 | (1073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3892 | (3904) | 87643 | 20908 | 284 | 53771 | 42168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1200 | 4157 | 314560 | 226419 | 967 | 80326 | 63623 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 21372 |  | 2438 | 146133 | 3252 | 73542 | 103994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1000) | (923) | (9993) | (12678) | (154) | (6778) | (8639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (186195) | (5704) |  |  | (24665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1024 | 15823 | 2728974 | (140666) | 10376 | 407866 | (91217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | (3087) | - | - | (376864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 21396 | 14900 | 2535224 | (16002) | 13474 | 474630 | (397391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 22596 | 19057 | 2849784 | 210417 | 14441 | 554956 | (333768) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 23153 | 32452 | 4012480 | 1707725 | - | 134945 | 833183 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $45749 | $51509 | $6862264 | $1918142 | $14441 | $689901 | $499415 |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> High Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> International<br> Bond Portfolio<br> (U.S.<br> Dollar-Hedged),<br> Administrative<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> Global Asset<br> Allocation<br> Fund, Class<br> IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $9327 | $27806 | $1709 | $27105 | $104382 | $19832 | $11037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 186 | 3629 | 33 | 1306 | 15276 | 4211 | 59703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3520 | 19121 | 1046 | 5004 | 103013 | 17534 | (4563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 13033 | 50556 | 2788 | 33415 | 222671 | 41577 | 66177 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 141042 | 423001 | 4906 | 42 | 14340 | 885 | 86054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (2148) | (6403) | (150) | (7243) | (5480) | (7194) | (8343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (7478) | (74705) |  | (7181) | (46150) | (123890) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1) | 27075 | 76009 | 635322 | 1053680 | 61949 | (11541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | - | (9893) | (2309) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 131415 | 368968 | 80765 | 620940 | 1006497 | (70559) | 66170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 144448 | 419524 | 83553 | 654355 | 1229168 | (28982) | 132347 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 60282 | 239302 | 2358 | 146092 | 2480118 | 491369 | 410977 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $204730 | $658826 | $85911 | $800447 | $3709286 | $462387 | $543324 |

---

---

| |
|:---|
| 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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> High Yield<br> Fund, Class<br> IA | Putnam VT<br> Income<br> Fund, Class<br> IB | Putnam VT<br> International<br> Value Fund,<br> Class IA | Putnam VT<br> Large Cap<br> Growth<br> Fund, Class<br> IA | Putnam VT<br> Large Cap<br> Value Fund,<br> Class IA | Putnam VT<br> Research<br> Fund, Class<br> IA | Putnam VT<br> Small Cap<br> Value Fund,<br> Class IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $12342 | $28772 | $6807 | $- | $102791 | $16790 | $3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2657 | (330) | 35164 | 332508 | 551219 | 315187 | 31947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2182 | (2945) | 127549 | (10174) | 654115 | (14807) | (12893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 17181 | 25497 | 169520 | 322334 | 1308125 | 317170 | 22435 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 81126 |  | 162135 | 490635 | 923492 | 85 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (4243) | (5646) | (6732) | (22834) | (52794) | (65310) | (2311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (11935) |  | (19465) | (1528) | (577648) |  | (12033) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (20737) | 587569 | 217569 | (291893) | 405362 | (537) | 57899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (201) | (1045) | (54596) | (401059) | (15436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 44211 | 581923 | 353306 | 173335 | 643816 | (466821) | 28458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 61392 | 607420 | 522826 | 495669 | 1951941 | (149651) | 50893 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 165761 | - | 294190 | 1942639 | 5745219 | 2098914 | 389567 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $227153 | $607420 | $817016 | $2438308 | $7697160 | $1949263 | $440460 |

---

---

| |
|:---|
| 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.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Sustainable<br> Future Fund,<br> Class IA | T. Rowe<br> Price Blue<br> Chip Growth<br> Portfolio,<br> Class II | Vanguard<br> VIF Global<br> Bond Index<br> Portfolio | Vanguard<br> VIF Real<br> Estate Index<br> Portfolio | Vanguard<br> VIF Total<br> Bond<br> Market<br> Index<br> Portfolio | Victory RS<br> Small Cap<br> Growth<br> Equity VIP<br> Series, Class<br> I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $119 | $- | $10032 | $2046 | $210599 | $161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2717 | 1004678 | 1461 | 8053 | 53646 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1033) | (444442) | 2915 | (4960) | 103678 | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1803 | 560236 | 14408 | 5139 | 367923 | 3976 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 19380 | 514144 | 33358 | 53865 | 3120 | 28200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (593) | (33112) | (4955) | (1382) | (16055) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (10622) | (44577) | (637034) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (2164) | 942726 | 219357 | 20214 | 2530005 | (33634) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (72390) | - | - | - | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 16623 | 1351368 | 237138 | 28120 | 1880036 | (6353) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 18426 | 1911604 | 251546 | 33259 | 2247959 | (2377) |
| NET ASSETS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 21188 | 1996959 | 100477 | 53469 | 4116029 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $39614 | $3908563 | $352023 | $86728 | $6363988 | $- |

---

---

| |
|:---|
| 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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Capital<br> World<br> Growth and<br> Income<br> Fund, Class<br> 2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, Class 2 | American<br> Funds IS<br> Growth<br> Fund, Class<br> 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<br> New World<br> Fund, Class<br> 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, Class<br> 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1255 | $7721 | $16269 | $1711 | $7791 | $26245 | $6623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 5967 | 38464 | 1437556 | 22399 | (13657) | 223755 | 110050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 342 | (30382) | (204302) | 3801 | 22310 | (186879) | (48850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7564 | 15803 | 1249523 | 27911 | 16444 | 63121 | 67823 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 6132 | 116761 | 332360 | 52451 | 36939 | 192488 | 6213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (538) | (11564) | (53124) | (1232) | (11179) | (13712) | (3208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (4) | (67800) |  |  | (27426) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 62049 | (45428) | 1393716 | (7597) | 83039 | 922232 | 87579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (60817) | (27094) | (435681) | - | (8821) | (101583) | (338954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 6826 | 32671 | 1169471 | 43622 | 99978 | 971999 | (248370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 14390 | 48474 | 2418994 | 71533 | 116422 | 1035120 | (180547) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2914 | 724486 | 3092272 | 99816 | 533241 | 1135433 | 316367 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $17304 | $772960 | $5511266 | $171349 | $649663 | $2170553 | $135820 |

---

---

| |
|:---|
| 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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Dimensional VIT<br> Inflation-Protected<br> Securities<br> Portfolio,<br> Institutional |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $65984 | $6066 | $128661 | $18016 | $2183 | $- | $28765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 236856 | 34652 | 80404 | 214846 | 17628 | 26788 | (2053) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (20020) | (5347) | (62073) | 111300 | 13864 | (9768) | (16715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 282820 | 35371 | 146992 | 344162 | 33675 | 17020 | 9997 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 524158 | 46182 | 52516 | 161740 | 85006 | 43132 | 255789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (54993) | (16264) | (10145) | (23808) | (5451) | (5205) | (7166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (22) | (37113) | (231869) | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 330324 | 65022 | 1058252 | 106116 | (15206) | 67689 | 223119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (246946) | (28632) | (22035) | (14027) | (9040) | (20775) | (68384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 552543 | 66286 | 1041475 | (1848) | 55308 | 84841 | 403357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 835363 | 101657 | 1188467 | 342314 | 88983 | 101861 | 413354 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2113540 | 350469 | 1371713 | 1399430 | 303540 | 248797 | 613390 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2948903 | $452126 | $2560180 | $1741744 | $392523 | $350658 | $1026744 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | DWS High<br> Income VIP,<br> Class A | DWS Small<br> Cap Index<br> VIP, Class A | Eaton Vance VT Floating-Rate<br> Income Fund,<br> Initial Class | Empower<br> Aggressive<br> Profile<br> Fund,<br> Investor<br> Class | Empower<br> Ariel Mid<br> Cap Value<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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $3202 | $39812 | $43266 | $12194 | $859 | $17348 | $4888 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (985) | 761871 | 4577 | 18284 | (41681) | (7072) | 2997 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1636 | (326808) | (5922) | 5184 | 42224 | (3399) | (1234) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3853 | 474875 | 41921 | 35662 | 1402 | 6877 | 6651 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  | 51229 | 20275 | 114078 |  | 75940 | 71642 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (612) | (11396) | (6495) | (8717) | (903) | (6285) | (4518) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (200118) | (12722) | (11347) |  | (506) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (9043) | 2392111 | 480942 | 2087 | (227677) | (2191) | (19065) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (188) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (9655) | 2231826 | 481812 | 96101 | (228580) | 66958 | 48059 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (5802) | 2706701 | 523733 | 131763 | (227178) | 73835 | 54710 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 51904 | 3248900 | 333476 | 264371 | 227178 | 659781 | 103496 |
| &nbsp;&nbsp;&nbsp;End of period | $46102 | $5955601 | $857209 | $396134 | $- | $733616 | $158206 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Empower<br> Core Bond<br> Fund,<br> Investor<br> Class | Empower<br> Emerging<br> Markets<br> Equity Fund,<br> Investor<br> Class | Empower<br> Government<br> Money<br> Market<br> Fund,<br> Investor<br> Class | Empower<br> Inflation-Protected<br> Securities Fund,<br> Investor 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<br> Fund,<br> Investor<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $7766 | $278 | $257895 | $2188 | $70582 | $34777 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 351 | 11898 |  | (46) | 741828 | 64936 | 319883 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (3954) | (9874) | - | (567) | (854947) | 1295 | 81104 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4163 | 2302 | 257895 | 1575 | (42537) | 101008 | 400987 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 7677 | 2785 | 3260320 | 7217 | 288427 | 117198 | 359640 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (2357) | (230) | (331908) | (476) | (15698) | (47703) | (23958) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (350983) |  | (104360) | (48) |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 73423 | (79632) | (14255437) | 54656 | 3170814 | 156251 | 1420075 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (223240) | - | (7962) | - | (628) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 78743 | (77077) | (11901248) | 61397 | 3331221 | 225698 | 1755129 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 82906 | (74775) | (11643353) | 62972 | 3288684 | 326706 | 2156116 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 166323 | 95763 | 11643353 | - | 4106571 | 1816108 | 561609 |
| &nbsp;&nbsp;&nbsp;End of period | $249229 | $20988 | $- | $62972 | $7395255 | $2142814 | $2717725 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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;Total investment income | $1527 | $13785 | $37787 | $100939 | $36453 | $28838 | $22442 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1298 | 20428 | 66320 | 189376 | 207794 | 166081 | 94273 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (467) | (14020) | (24898) | (39859) | (123687) | (41321) | (9362) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2358 | 20193 | 79209 | 250456 | 120560 | 153598 | 107353 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 4547 | 178226 | 312986 | 979540 | 1281953 | 701851 | 312737 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (491) | (6663) | (23684) | (38423) | (26015) | (19078) | (14880) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (24194) | (94390) | (12422) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 31606 | 4476 | 538900 | 127089 | (1357168) | (520514) | (257333) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (174751) | (459) | - | (16200) | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 35662 | 176039 | 629257 | 973357 | (113652) | 146059 | 40524 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 38020 | 196232 | 708466 | 1223813 | 6908 | 299657 | 147877 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 20419 | 290936 | 839633 | 2425323 | 1725509 | 847399 | 1040423 |
| &nbsp;&nbsp;&nbsp;End of period | $58439 | $487168 | $1548099 | $3649136 | $1732417 | $1147056 | $1188300 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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;Total investment income | $19567 | $3357 | $8190 | $15649 | $1891 | $9068 | $14990 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 70150 | 16103 | 16468 | 22352 | 1237 | (2748) | 7597 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (28912) | 5816 | 1155 | (19860) | 1558 | 14620 | 9350 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 60805 | 25276 | 25813 | 18141 | 4686 | 20940 | 31937 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 327136 | 130320 | 62710 |  | 4191 | 68594 | 71871 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (10048) | (4069) | (5097) | (1394) | (744) | (3950) | (5075) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (1623) |  | (14) |  |  | (15700) | (133225) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (15529) | 2834 | 34873 | 124429 | 1989 | (10210) | 2928 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 299936 | 129085 | 92472 | 123035 | 5436 | 38734 | (63501) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 360741 | 154361 | 118285 | 141176 | 10122 | 59674 | (31564) |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 448118 | 118039 | 224408 | 74491 | 51910 | 243161 | 546545 |
| &nbsp;&nbsp;&nbsp;End of period | $808859 | $272400 | $342693 | $215667 | $62032 | $302835 | $514981 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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<br> Class | Empower<br> Real Estate<br> Index Fund,<br> Investor<br> Class | Empower<br> 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $15220 | $7832 | $44608 | $10963 | $27464 | $1691 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 20330 | 26245 | 667522 | 70745 | 47838 | 33188 | 40861 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (13849) | (8489) | (202737) | 9094 | (38340) | (14004) | (1081) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 21701 | 25588 | 509393 | 90802 | 36962 | 20875 | 39780 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 19065 | 99226 | 327480 | 163493 | 132197 | 43591 | 83060 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (3922) | (8860) | (17649) | (13409) | (3935) | (4536) | (6224) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (35915) | (215243) | (73) | (13502) |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (69722) | (14700) | 1699672 | 301161 | 630121 | 129089 | 69086 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (15401) | (23160) | (26038) | (17001) | - | (16114) | (21970) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (69980) | 16591 | 1768222 | 434171 | 744881 | 152030 | 123952 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (48279) | 42179 | 2277615 | 524973 | 781843 | 172905 | 163732 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 479107 | 263316 | 3774620 | 963261 | 726029 | 217337 | 396009 |
| &nbsp;&nbsp;&nbsp;End of period | $430828 | $305495 | $6052235 | $1488234 | $1507872 | $390242 | $559741 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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 Price<br> Mid Cap<br> Growth Fund,<br> Investor Class | Empower U.S.<br> Government<br> Securities<br> Fund, Investor<br> Class | Federated<br> Hermes High<br> Income Bond<br> Fund II,<br> Primary<br> Shares | Fidelity VIP<br> Emerging<br> Markets<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Extended<br> Market Index<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2030<br> Portfolio,<br> Service<br> Class 2 | Fidelity VIP<br> Freedom 2040<br> Portfolio,<br> Service <br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $- | $33195 | $14131 | $4442 | $2745 | $5806 | $326 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3789 | (2649) | 248 | 5155 | 11115 | 740 | 95 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (518) | (25534) | 17622 | 17912 | 10827 | (8610) | (1692) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3271 | 5012 | 32001 | 27509 | 24687 | (2064) | (1271) |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 52644 | 247880 | 28946 | 50950 | 128183 | 15277 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (627) | (11602) | (2621) | (13691) | (3415) | (77) | (68) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (94337) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 20497 | 410805 | 448426 | 100028 | (22967) | 368178 | 30750 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (7912) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 72514 | 544834 | 474751 | 137287 | 101801 | 383378 | 30682 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 75785 | 549846 | 506752 | 164796 | 126488 | 381314 | 29411 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | 714144 | 257498 | 213375 | 130976 | - | - |
| &nbsp;&nbsp;&nbsp;End of period | $75785 | $1263990 | $764250 | $378171 | $257464 | $381314 | $29411 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> Freedom 2055<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Freedom 2065<br> Portfolio,<br> Service <br> Class 2 | Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio,<br> Service Class 2 | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class | 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 | 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 | $270 | $190 | $297037 | $406973 | $22902 | $1471 | $27911 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 99 | 64 |  | 4003153 | 6470 | 324 |  |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1423) | (732) | - | 1167240 | (40888) | (1863) | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1054) | (478) | 297037 | 5577366 | (11516) | (68) | 27911 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments |  |  | 3508805 | 4482427 | 27804 | 19740 | 35405655 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (91) | (68) | (112685) | (192596) | (744) | (573) | (388099) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  | (149342) | (203683) |  |  | (1258) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 27402 | 20120 | 10814018 | 10852419 | 685475 | 5027 | (34805571) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (487739) | (244915) | - | - | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 27311 | 20052 | 13573057 | 14693652 | 712535 | 24194 | 210727 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 26257 | 19574 | 13870094 | 20271018 | 701019 | 24126 | 238638 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | - | - | 18113958 | 253453 | 20235 | - |
| &nbsp;&nbsp;&nbsp;End of period | $26257 | $19574 | $13870094 | $38384976 | $954472 | $44361 | $238638 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Diversified<br> Dividend<br> Fund, <br> Series I | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series I | Invesco V.I.<br> Global Real<br> Estate 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $- | $652 | $1707 | $- | $39866 | $14277 | $174905 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (1) | 225 | (109) | 63855 | (1850) | 378493 | (43291) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | - | (2928) | (2750) | 30854 | 222088 | (106660) | (67570) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1) | (2051) | (1152) | 94709 | 260104 | 286110 | 64044 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 264 | 470 | 1447 | 61562 | 204467 | 215017 | 187602 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges |  | (15) | (469) | (20366) | (30127) | (7244) | (8829) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  | (86154) |  | (18322) | (53729) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (263) | 42111 | (1) | (10873) | 56751 | 896900 | 2314239 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | (10762) | (8085) | - | - |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 1 | 42566 | 977 | (66593) | 223006 | 1086351 | 2439283 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets |  | 40515 | (175) | 28116 | 483110 | 1372461 | 2503327 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | 961 | 64537 | 776061 | 1545846 | 1351415 | 2388024 |
| &nbsp;&nbsp;&nbsp;End of period | $- | $41476 | $64362 | $804177 | $2028956 | $2723876 | $4891351 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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 Forty<br> Portfolio,<br> Institutional<br> Shares | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | 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 Mid<br> Cap Value<br> Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Ultra Fund,<br> Standard<br> Class II | LVIP<br> American<br> Century<br> Value Fund,<br> Standard<br> Class II |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | $653 | $- | $838 | $- | $11316 | $- | $9987 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 55643 | 109230 | 118 | 17253 | 27168 | 453365 | 19133 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 84830 | 224850 | (390) | 1301 | 1137 | (247507) | (14868) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 141126 | 334080 | 566 | 18554 | 39621 | 205858 | 14252 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 119524 | 319302 | 3713 | 4465 | 170396 | 187047 | 53344 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (7147) | (26894) | (177) | (1234) | (5816) | (11914) | (3124) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (68641) |  |  |  | (5010) | (153) | (1) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 314139 | (97004) | 3289 | (43309) | (186096) | (1362102) | 103280 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | - | (71851) | (161) | (16583) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 357875 | 195404 | 6825 | (40078) | (98377) | (1187283) | 136916 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 499001 | 529484 | 7391 | (21524) | (58756) | (981425) | 151168 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 374280 | 912460 | 10626 | 97537 | 400143 | 1565536 | 216286 |
| &nbsp;&nbsp;&nbsp;End of period | $873281 | $1441944 | $18017 | $76013 | $341387 | $584111 | $367454 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | LVIP<br> JPMorgan<br> Small Cap<br> Core Fund,<br> Standard Class | LVIP<br> 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 Real<br> Estate<br> Portfolio,<br> Initial Class | MFS VIT III<br> Mid Cap Value<br> Portfolio,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $2855 | $188 | $- | $8513 | $708 | $29204 | $33024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 16053 | 26803 | 47471 | 44188 | (739) | (29478) | 346996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 11766 | (10656) | 61383 | 14487 | 3191 | (34810) | (97060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 30674 | 16335 | 108854 | 67188 | 3160 | (35084) | 282960 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 196625 |  | 62963 | 160622 |  | 148456 | 171671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (3883) | (932) | (4806) | (15130) | (835) | (4311) | (32229) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (4) |  | (12091) |  | (38780) | (31443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (18826) | (102093) | 372738 | 115319 | (26677) | 724829 | 870909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | (71973) | - | (8951) | (13964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 173916 | (103029) | 430895 | 176747 | (27512) | 821243 | 964944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 204590 | (86694) | 539749 | 243935 | (24352) | 786159 | 1247904 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 160689 | 124586 | 48052 | 695900 | 83466 | 881694 | 1674681 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $365279 | $37892 | $587801 | $939835 | $59114 | $1667853 | $2922585 |

---

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.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT Mid<br> Cap Growth<br> Series, <br> Initial Class | MFS VIT New<br> Discovery<br> Series, <br> Initial Class | MFS VIT<br> Research<br> Series, <br> Initial Class | MFS VIT<br> Total Return<br> Bond Series,<br> Initial Class | MFS VIT<br> Value Series,<br> Initial Class | PIMCO VIT<br> CommodityRealReturn<br> Strategy Portfolio,<br> Administrative Class | PIMCO VIT<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged),<br> Administrative<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $- | $86 | $172861 | $26422 | $3930 | $28413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 97845 | 2640 | 1009 | (27248) | 122775 | (11326) | (26421) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 142251 | 50 | 1662 | (56992) | (22345) | 13106 | (5115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 240096 | 2690 | 2757 | 88621 | 126852 | 5710 | (3123) |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 60964 | 7644 |  | 954 | 80233 | 72870 | 142799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (31902) | (769) | (389) | (3354) | (9599) | (1726) | (15587) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (113) |  |  | (48358) | (22061) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 162924 | 31633 | 17215 | 2548196 | 627962 | 15112 | 30651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (71061) | (28690) | - | (1968) | (3383) | (68753) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 120812 | 9818 | 16826 | 2495470 | 673152 | 17503 | 157863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 360908 | 12508 | 19583 | 2584091 | 800004 | 23213 | 154740 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1565074 | 10645 | 12869 | 1428389 | 907721 | 111732 | 678443 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1925982 | $23153 | $32452 | $4012480 | $1707725 | $134945 | $833183 |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> High Yield<br> Portfolio,<br> Administrative<br> Class | PIMCO VIT<br> Income<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> International<br> Bond Portfolio<br> (U.S.<br> Dollar-Hedged),<br> Administrative<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 | $3335 | $12737 | $67 | $5347 | $37076 | $18307 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 122 | 1422 | 43 | 276 | 8463 | 2848 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 695 | (1996) | (3) | 136 | (16108) | (11312) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4152 | 12163 | 107 | 5759 | 29431 | 9843 | (1) |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 55061 | 200193 | 1109 | 8061 | 19157 | 61656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (3166) | (3490) | (70) | (2846) | (4727) | (16769) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  |  |  | (15986) | (24421) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts |  | 3437 | (224) | 8928 | 1411434 | 18662 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | - | - | - | (38384) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 51895 | 200140 | 815 | (1843) | 1401443 | 25165 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 56047 | 212303 | 922 | 3916 | 1430874 | 35008 |  |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 4235 | 26999 | 1436 | 142176 | 1049244 | 456361 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $60282 | $239302 | $2358 | $146092 | $2480118 | $491369 | $- |

---

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.

---

| |
|:---|
| **PROTECTIVE COLI VUL** |
| 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> Global Asset<br> Allocation<br> Fund, Class IA | Putnam VT<br> High Yield<br> Fund, Class IA | 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 | Putnam VT<br> Small Cap<br> Value Fund,<br> Class IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $7127 | $7116 | $8432 | $1142 | $47753 | $12794 | $3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 11326 | 325 | 16124 | 175078 | 792927 | 132213 | 42773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 29746 | 3746 | (5524) | 188834 | (200859) | 338813 | (34483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 48199 | 11187 | 19032 | 365054 | 639821 | 483820 | 11827 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 131640 | 64560 | 77282 | 462385 | 824180 | 1109 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (8011) | (4463) | (4528) | (16971) | (40601) | (62735) | (2136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (2538) |  | (4623) | (9953) | (73407) | (233376) | (10536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (61566) | 713 | 2668 | 606269 | 1281233 | (100064) | 64867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (783) | - | (181) | (1998) | (38743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 59525 | 60810 | 70016 | 1041730 | 1991224 | (397064) | 19038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 107724 | 71997 | 89048 | 1406784 | 2631045 | 86756 | 30865 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 303253 | 93764 | 205142 | 535855 | 3114174 | 2012158 | 358702 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $410977 | $165761 | $294190 | $1942639 | $5745219 | $2098914 | $389567 |

---

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.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Putnam VT<br> Sustainable<br> Future Fund,<br> Class IA | T. Rowe Price<br> Blue Chip<br> Growth<br> Portfolio,<br> Class II | Vanguard VIF<br> Global Bond<br> Index<br> Portfolio | 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 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $- | $- | $1861 | $667 | $65792 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 498 | 450232 | 70 | 1086 | 9122 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 88 | 101443 | 735 | 2503 | (36964) | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 586 | 551675 | 2666 | 4256 | 37950 | 279 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 5278 | 171488 | 38939 | 39896 | 45483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (241) | (18899) | (4881) | (723) | (6386) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (8926) |  |  | (9293) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 15565 | (296348) | 21552 | (1619) | 1725686 | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (155210) | - | - | (20534) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 20602 | (307895) | 55610 | 37554 | 1734956 | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 21188 | 243780 | 58276 | 41810 | 1772906 | 30 |
| NET ASSETS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | - | 1753179 | 42201 | 11659 | 2343123 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $21188 | $1996959 | $100477 | $53469 | $4116029 | $2377 |

---

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.

PROTECTIVE COLI VUL

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

1. ORGANIZATION

The Protective COLI VUL (the "Separate Account"), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Protective Life Insurance Company ("PLICO" or the "Company") on June 14, 2021, and exists in accordance with the regulations of the Nebraska Department of Insurance. The Company is a wholly owned subsidiary of Protective Life Corporation ("PLC"). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a *godo kaisha* organized under the laws of Japan.

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.

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:

Protective Executive Benefits Registered VUL

For the years or periods ended December 31, 2025 and 2024, the Separate Account offered up to 131 available Subaccount investment options, as follows:

American Funds IS Capital World Bond Fund, Class 2 <sup>(a)</sup>

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

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

Davis Financial Portfolio \*

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

DWS Core Equity VIP, Class A <sup>(a)</sup>

DWS High Income VIP, Class A

DWS Small Cap Index 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 \* <sup>(a)</sup>

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

Empower Inflation-Protected Securities Fund, Investor Class <sup>(a)</sup>

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 \* <sup>(a)</sup>

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 <sup>(a)</sup>

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 <sup>(a)</sup>

Empower U.S. Government Securities Fund, Investor Class

Federated Hermes High Income Bond Fund II, Primary Shares

Fidelity VIP Emerging Markets Portfolio, Service Class 2

Fidelity VIP Extended Market Index Portfolio, Service Class 2

Fidelity VIP Freedom 2025 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2030 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2035 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2040 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2045 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2050 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2055 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2060 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2065 Portfolio, Service Class 2 <sup>(a)</sup>

Fidelity VIP Freedom 2070 Portfolio, Service Class 2 \*

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

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP International Index Portfolio, Service Class 2

Fidelity VIP Investment Grade Bond Portfolio, Service Class 2

Fidelity VIP Mid Cap Portfolio, Service Class 2 \* <sup>(a)</sup>

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

Invesco V.I. Diversified Dividend Fund, Series I <sup>(a)</sup>

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

Invesco V.I. Global Real Estate 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 Sustainable Equity Portfolio, Institutional Shares \* <sup>(a)</sup>

Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares

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 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 Intrinsic Value Portfolio, Class I \* <sup>(a)</sup>

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

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 <sup>(a)</sup>

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

VanEck VIP Global Resources Fund, Initial Class \* <sup>(a)</sup>

Vanguard VIF Global Bond Index Portfolio

Vanguard VIF Real Estate Index Portfolio

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 tables below

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

During 2025 and 2024, the following Subaccounts commenced trading:

---

| | |
|:---|:---|
| Subaccount Name | Date Trading Commenced |
| American Funds IS Capital World Bond Fund, Class 2 | December 23, 2025 |
| DWS Core Equity VIP, Class A | January 8, 2025 |
| Empower Inflation-Protected Securities Fund, Investor Class | January 18, 2024 |
| Empower Lifetime 2065 Fund, Investor Class | August 22, 2025 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | January 10, 2024 |
| Fidelity VIP Freedom 2025 Portfolio, Service Class 2 | January 8, 2025 |
| Fidelity VIP Freedom 2030 Portfolio, Service Class 2 | July 12, 2024 |
| Fidelity VIP Freedom 2035 Portfolio, Service Class 2 | January 8, 2025 |
| Fidelity VIP Freedom 2040 Portfolio, Service Class 2 | October 18, 2024 |
| Fidelity VIP Freedom 2045 Portfolio, Service Class 2 | January 8, 2025 |
| Fidelity VIP Freedom 2050 Portfolio, Service Class 2 | January 8, 2025 |
| Fidelity VIP Freedom 2055 Portfolio, Service Class 2 | September 27, 2024 |
| Fidelity VIP Freedom 2060 Portfolio, Service Class 2 | January 8, 2025 |
| Fidelity VIP Freedom 2065 Portfolio, Service Class 2 | September 23, 2024 |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | May 17, 2024 |
| Goldman Sachs VIT Government Money Market Fund, Service Class | June 12, 2024 |
| Invesco V.I. Diversified Dividend Fund, Series I | December 13, 2024 |
| Neuberger Berman AMT Quality Equity Portfolio, Class I | March 31, 2025 |
| Putnam VT Income Fund, Class IB | March 4, 2025 |
| Putnam VT Sustainable Future Fund, Class IA | February 15, 2024 |

---

Subaccount Change: Merger

During 2024, the following Subaccount was merged:

Original Subaccount Merged Into Date of Merger <br> Empower Ariel Mid Cap Value Fund, Investor Class Empower Mid Cap Value Fund, Investor Class October 25, 2024

<u>Subaccount Changes: Liquidations</u>

During 2025 and 2024, the following Subaccounts were liquidated:

---

| | |
|:---|:---|
| Subaccount Name | Date of Liquidation |
| Empower Global Bond Fund, Investor Class | September 19, 2025 |
| Empower Government Money Market Fund, Investor Class | June 14, 2024 |
| Empower Large Cap Value Fund, Investor II Class | September 19, 2025 |
| Fidelity VIP Mid Cap Portfolio, Service Class 2 | September 19, 2025 |
| Janus Henderson VIT Global Sustainable Equity Portfolio, Institutional Shares | April 30, 2025 |
| LVIP American Century Inflation Protection Fund, Service Class | September 19, 2025 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I | September 19, 2025 |
| VanEck VIP Global Resources Fund, Initial Class | September 19, 2025 |
| Victory RS Small Cap Growth Equity VIP Series, Class I | August 28, 2025 |

---

Subaccount Changes: Reorganizations

During 2024, the following Subaccounts were reorganized:

---

| | | |
|:---|:---|:---|
| Previous Name | New Name | <u>Date of</u> <u><br> 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 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 |

---

Subaccount Change: Name Change

During 2025, the following Subaccount changed its name:

Previous Name New Name Date of Change <br> Neuberger Berman AMT Sustainable Equity Portfolio, Class I Neuberger Berman AMT Quality Equity Portfolio, Class I July 28, 2025

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 pending claims payouts and 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 |
| American Funds IS Capital World Bond Fund, Class 2 | $12088 | $100 |
| American Funds IS Capital World Growth and Income Fund, Class 2 | 109235 | 20352 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 164191 | 273497 |
| American Funds IS Growth Fund, Class 2 | 1651304 | 1728847 |
| American Funds IS Growth-Income Fund, Class 2 | 257137 | 150212 |
| American Funds IS International Fund, Class 2 | 354909 | 386305 |
| American Funds IS New World Fund, Class 2 | 679600 | 516777 |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 639773 | 230815 |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I | 1890287 | 1630448 |
| BlackRock Global Allocation V.I. Fund, Class I | 207462 | 207863 |
| BlackRock High Yield V.I. Fund, Class I | 1704279 | 1306579 |
| BNY Mellon Stock Index Fund, Inc., Initial Shares | 791565 | 1038633 |
| ClearBridge Variable Mid Cap Portfolio, Class I | 322080 | 240693 |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 270969 | 344294 |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 1310775 | 968101 |
| DWS Core Equity VIP, Class A | 46085 | 12131 |
| DWS High Income VIP, Class A | 80582 | 4210 |
| DWS Small Cap Index VIP, Class A | 1483062 | 1753968 |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class | 32015 | 837181 |
| Empower Aggressive Profile Fund, Investor Class | 267178 | 138800 |
| Empower Bond Index Fund, Investor Class | 623236 | 870620 |
| Empower Conservative Profile Fund, Investor Class | 289155 | 81016 |
| Empower Core Bond Fund, Investor Class | 280976 | 191854 |
| Empower Emerging Markets Equity Fund, Investor Class | 51178 | 54785 |
| Empower Inflation-Protected Securities Fund, Investor Class | 283167 | 48804 |
| Empower International Index Fund, Investor Class | 1689486 | 2726354 |
| Empower International Value Fund, Investor Class | 547693 | 1116923 |
| Empower Large Cap Growth Fund, Investor Class | 2366208 | 2562864 |
| Empower Lifetime 2015 Fund, Investor Class | 130277 | 46048 |
| Empower Lifetime 2020 Fund, Investor Class | 393355 | 240275 |
| Empower Lifetime 2025 Fund, Investor Class | 972188 | 254195 |
| Empower Lifetime 2030 Fund, Investor Class | 2759290 | 1365562 |
| Empower Lifetime 2035 Fund, Investor Class | 3017821 | 2083190 |
| Empower Lifetime 2040 Fund, Investor Class | 2308891 | 1603480 |
| Empower Lifetime 2045 Fund, Investor Class | 1633535 | 757964 |
| Empower Lifetime 2050 Fund, Investor Class | 731550 | 347081 |
| Empower Lifetime 2055 Fund, Investor Class | 1497735 | 239386 |
| Empower Lifetime 2060 Fund, Investor Class | 161657 | 274319 |
| Empower Lifetime 2065 Fund, Investor Class | 9217 | 23 |
| Empower Mid Cap Value Fund, Investor Class | 190268 | 93943 |
| Empower Moderate Profile Fund, Investor Class | 1010161 | 37273 |
| Empower Moderately Aggressive Profile Fund, Investor Class | 137242 | 192869 |
| Empower Moderately Conservative Profile Fund, Investor Class | 142208 | 47013 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| Empower Multi-Sector Bond Fund, Investor Class | $206104 | $298186 |
| Empower Real Estate Index Fund, Investor Class | 190380 | 211351 |
| Empower S&P Mid Cap 400 Index Fund, Investor Class | 2454024 | 2780517 |
| Empower S&P Small Cap 600 Index Fund, Investor Class | 628529 | 1014673 |
| Empower Short Duration Bond Fund, Investor Class | 585887 | 409737 |
| Empower Small Cap Growth Fund, Investor Class | 253835 | 193111 |
| Empower Small Cap Value Fund, Investor Class | 318758 | 299152 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | 274381 | 100971 |
| Empower U.S. Government Securities Fund, Investor Class | 800440 | 261700 |
| Federated Hermes High Income Bond Fund II, Primary Shares | 1569843 | 780517 |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 | 253028 | 237542 |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 | 696269 | 160298 |
| Fidelity VIP Freedom 2025 Portfolio, Service Class 2 | 14110 | 779 |
| Fidelity VIP Freedom 2030 Portfolio, Service Class 2 | 325575 | 58158 |
| Fidelity VIP Freedom 2035 Portfolio, Service Class 2 | 294434 | 17408 |
| Fidelity VIP Freedom 2040 Portfolio, Service Class 2 | 84578 | 20958 |
| Fidelity VIP Freedom 2045 Portfolio, Service Class 2 | 49258 | 2006 |
| Fidelity VIP Freedom 2050 Portfolio, Service Class 2 | 43157 | 1994 |
| Fidelity VIP Freedom 2055 Portfolio, Service Class 2 | 43074 | 2970 |
| Fidelity VIP Freedom 2060 Portfolio, Service Class 2 | 9534 | 1660 |
| Fidelity VIP Freedom 2065 Portfolio, Service Class 2 | 66637 | 32986 |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | 14284256 | 11752020 |
| Fidelity VIP Index 500 Portfolio, Initial Class | 16505365 | 18400289 |
| Fidelity VIP International Index Portfolio, Service Class 2 | 3526120 | 709089 |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 | 39403 | 1838 |
| Goldman Sachs VIT Government Money Market Fund, Service Class | 30837467 | 30580834 |
| Invesco V.I. Diversified Dividend Fund, Series I | 91596 | 93063 |
| Invesco V.I. EQV International Equity Fund, Series I | 12003 | 910 |
| Invesco V.I. Global Real Estate Fund, Series I | 9717 | 58570 |
| Invesco V.I. Main Street Small Cap Fund, Series I | 359766 | 292541 |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares | 577003 | 89547 |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares | 964861 | 594097 |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares | 3273690 | 2111622 |
| Janus Henderson VIT Forty Portfolio, Institutional Shares | 453648 | 202115 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 908967 | 633430 |
| Lord Abbett Series Fund Total Return Portfolio, Class VC | 131835 | 41006 |
| LVIP American Century Capital Appreciation Fund, Standard Class II | 15122 | 3153 |
| LVIP American Century Mid Cap Value Fund, Standard Class II | 332569 | 217990 |
| LVIP American Century Ultra Fund, Standard Class II | 340505 | 600534 |
| LVIP American Century Value Fund, Standard Class II | 194512 | 95780 |
| LVIP JPMorgan Small Cap Core Fund, Standard Class | 413000 | 260289 |
| LVIP JPMorgan U.S. Equity Fund, Standard Class | 0 \* | 37215 |
| MFS VIT Growth Series, Initial Class | 206852 | 551214 |
| MFS VIT II International Growth Portfolio, Initial Class | 965103 | 600898 |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class | 12963 | 38290 |
| MFS VIT III Global Real Estate Portfolio, Initial Class | 569600 | 454379 |
| MFS VIT III Mid Cap Value Portfolio, Initial Class | 996208 | 823460 |
| MFS VIT Mid Cap Growth Series, Initial Class | 585554 | 1171387 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| MFS VIT New Discovery Series, Initial Class | $63691 | $42294 |
| MFS VIT Research Series, Initial Class | 27131 | 4813 |
| MFS VIT Total Return Bond Series, Initial Class | 3445834 | 689135 |
| MFS VIT Value Series, Initial Class | 449945 | 292542 |
| Neuberger Berman AMT Quality Equity Portfolio, Class I | 19258 | 5501 |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class | 583084 | 89749 |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class | 180926 | 555789 |
| PIMCO VIT High Yield Portfolio, Administrative Class | 150291 | 9548 |
| PIMCO VIT Income Portfolio, Institutional Class | 567574 | 170799 |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Administrative Class | 86780 | 4306 |
| PIMCO VIT Low Duration Portfolio, Administrative Class | 692943 | 44898 |
| PIMCO VIT Real Return Portfolio, Administrative Class | 1945531 | 834649 |
| PIMCO VIT Total Return Portfolio, Administrative Class | 134301 | 185028 |
| Putnam VT Global Asset Allocation Fund, Class IA | 168123 | 37779 |
| Putnam VT High Yield Fund, Class IA | 103967 | 47414 |
| Putnam VT Income Fund, Class IB | 631756 | 21061 |
| Putnam VT International Value Fund, Class IA | 572671 | 208385 |
| Putnam VT Large Cap Growth Fund, Class IA | 1685144 | 1305990 |
| Putnam VT Large Cap Value Fund, Class IA | 3095510 | 1919214 |
| Putnam VT Research Fund, Class IA | 239592 | 556815 |
| Putnam VT Small Cap Value Fund, Class IA | 172349 | 107648 |
| Putnam VT Sustainable Future Fund, Class IA | 37607 | 16018 |
| T. Rowe Price Blue Chip Growth Portfolio, Class II | 3750322 | 2053643 |
| Vanguard VIF Global Bond Index Portfolio | 286108 | 38326 |
| Vanguard VIF Real Estate Index Portfolio | 149053 | 117578 |
| Vanguard VIF Total Bond Market Index Portfolio | 6196130 | 4105493 |
| Victory RS Small Cap Growth Equity VIP Series, Class I | 28520 | 34711 |
| \* 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) |
| American Funds IS Capital World Bond Fund, Class 2 | 1122 | 9 | 1113 |  |  |  |
| American Funds IS Capital World Growth and Income Fund, Class 2 | 6878 | 1345 | 5533 | 5782 | 4736 | 1046 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 14863 | 28283 | (13420) | 22150 | 18819 | 3331 |
| American Funds IS Growth Fund, Class 2 | 73822 | 102721 | (28899) | 426039 | 335845 | 90194 |
| American Funds IS Growth-Income Fund, Class 2 | 12648 | 8720 | 3928 | 9601 | 6723 | 2878 |
| American Funds IS International Fund, Class 2 | 31843 | 36292 | (4449) | 18733 | 8488 | 10245 |
| American Funds IS New World Fund, Class 2 | 45615 | 41340 | 4275 | 316142 | 224704 | 91438 |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 41148 | 15149 | 25999 | 7374 | 24784 | (17410) |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I | 128383 | 124061 | 4322 | 88117 | 40992 | 47125 |
| BlackRock Global Allocation V.I. Fund, Class I | 12366 | 17196 | (4830) | 12153 | 6052 | 6101 |
| BlackRock High Yield V.I. Fund, Class I | 123979 | 106907 | 17072 | 309816 | 217732 | 92084 |
| BNY Mellon Stock Index Fund, Inc., Initial Shares | 38930 | 62071 | (23141) | 41907 | 42074 | (167) |
| ClearBridge Variable Mid Cap Portfolio, Class I | 22965 | 18971 | 3994 | 13799 | 9076 | 4723 |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 25080 | 34418 | (9338) | 26375 | 16884 | 9491 |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 123167 | 95319 | 27848 | 65572 | 24484 | 41088 |
| DWS Core Equity VIP, Class A | 2604 | 713 | 1891 |  |  |  |
| DWS High Income VIP, Class A | 6326 | 353 | 5973 | 832 | 1666 | (834) |
| DWS Small Cap Index VIP, Class A | 84376 | 138425 | (54049) | 734994 | 544782 | 190212 |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class | 11 | 67534 | (67523) | 134626 | 93573 | 41053 |
| Empower Aggressive Profile Fund, Investor Class | 15686 | 9758 | 5928 | 10889 | 3505 | 7384 |
| Empower Ariel Mid Cap Value Fund, Investor Class |  |  |  | 1016 | 19267 | (18251) |
| Empower Bond Index Fund, Investor Class | 64922 | 94542 | (29620) | 14983 | 7340 | 7643 |
| Empower Conservative Profile Fund, Investor Class | 24156 | 7086 | 17070 | 6919 | 2425 | 4494 |
| Empower Core Bond Fund, Investor Class | 28352 | 20947 | 7405 | 11012 | 2173 | 8839 |
| Empower Emerging Markets Equity Fund, Investor Class | 4786 | 5217 | (431) | 4180 | 13373 | (9193) |
| Empower Government Money Market Fund, Investor Class |  |  |  | 2252449 | 3352681 | (1100232) |
| Empower Inflation-Protected Securities Fund, Investor Class | 25149 | 4442 | 20707 | 11119 | 5039 | 6080 |
| Empower International Index Fund, Investor Class | 99011 | 186577 | (87566) | 929421 | 659490 | 269931 |
| Empower International Value Fund, Investor Class | 30279 | 79823 | (49544) | 27169 | 8244 | 18925 |
| Empower Large Cap Growth Fund, Investor Class | 127866 | 158857 | (30991) | 144086 | 17715 | 126371 |
| Empower Lifetime 2015 Fund, Investor Class | 10389 | 3945 | 6444 | 4399 | 1157 | 3242 |
| Empower Lifetime 2020 Fund, Investor Class | 30627 | 20202 | 10425 | 41703 | 26323 | 15380 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 Lifetime 2025 Fund, Investor Class | 70420 | 21336 | 49084 | 110106 | 54257 | 55849 |
| Empower Lifetime 2030 Fund, Investor Class | 204925 | 112286 | 92639 | 153648 | 66920 | 86728 |
| Empower Lifetime 2035 Fund, Investor Class | 223674 | 162726 | 60948 | 169989 | 182422 | (12433) |
| Empower Lifetime 2040 Fund, Investor Class | 169404 | 123822 | 45582 | 83162 | 66174 | 16988 |
| Empower Lifetime 2045 Fund, Investor Class | 115919 | 56668 | 59251 | 52025 | 49262 | 2763 |
| Empower Lifetime 2050 Fund, Investor Class | 48931 | 25733 | 23198 | 51829 | 27656 | 24173 |
| Empower Lifetime 2055 Fund, Investor Class | 112367 | 17678 | 94689 | 18125 | 7105 | 11020 |
| Empower Lifetime 2060 Fund, Investor Class | 10407 | 19815 | (9408) | 12938 | 5590 | 7348 |
| Empower Lifetime 2065 Fund, Investor Class | 800 | 2 | 798 |  |  |  |
| Empower Mid Cap Value Fund, Investor Class | 10702 | 5874 | 4828 | 17767 | 9485 | 8282 |
| Empower Moderate Profile Fund, Investor Class | 71419 | 2813 | 68606 | 1671 | 1174 | 497 |
| Empower Moderately Aggressive Profile Fund, Investor Class | 8762 | 13871 | (5109) | 8457 | 5513 | 2944 |
| Empower Moderately Conservative Profile Fund, Investor Class | 9186 | 3851 | 5335 | 7132 | 12928 | (5796) |
| Empower Multi-Sector Bond Fund, Investor Class | 18470 | 27755 | (9285) | 19807 | 26942 | (7135) |
| Empower Real Estate Index Fund, Investor Class | 14106 | 16156 | (2050) | 15115 | 13398 | 1717 |
| Empower S&P Mid Cap 400 Index Fund, Investor Class | 145190 | 192363 | (47173) | 437225 | 314738 | 122487 |
| Empower S&P Small Cap 600 Index Fund, Investor Class | 42011 | 76047 | (34036) | 50180 | 17162 | 33018 |
| Empower Short Duration Bond Fund, Investor Class | 49016 | 37476 | 11540 | 218655 | 147630 | 71025 |
| Empower Small Cap Growth Fund, Investor Class | 20207 | 17013 | 3194 | 18738 | 5837 | 12901 |
| Empower Small Cap Value Fund, Investor Class | 20680 | 19693 | 987 | 36200 | 27665 | 8535 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | 22704 | 8559 | 14145 | 7481 | 1125 | 6356 |
| Empower U.S. Government Securities Fund, Investor Class | 79372 | 28178 | 51194 | 89645 | 29608 | 60037 |
| Federated Hermes High Income Bond Fund II, Primary Shares | 129005 | 67668 | 61337 | 45571 | 1636 | 43935 |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 | 22421 | 21264 | 1157 | 19742 | 4934 | 14808 |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 | 51878 | 12637 | 39241 | 16717 | 7705 | 9012 |
| Fidelity VIP Freedom 2025 Portfolio, Service Class 2 | 1253 | 69 | 1184 |  |  |  |
| Fidelity VIP Freedom 2030 Portfolio, Service Class 2 | 25192 | 5101 | 20091 | 35772 | 5 | 35767 |
| Fidelity VIP Freedom 2035 Portfolio, Service Class 2 | 26053 | 1524 | 24529 |  |  |  |
| Fidelity VIP Freedom 2040 Portfolio, Service Class 2 | 6772 | 1695 | 5077 | 2735 | 6 | 2729 |
| Fidelity VIP Freedom 2045 Portfolio, Service Class 2 | 4394 | 169 | 4225 |  |  |  |
| Fidelity VIP Freedom 2050 Portfolio, Service Class 2 | 3697 | 169 | 3528 |  |  |  |
| Fidelity VIP Freedom 2055 Portfolio, Service Class 2 | 3307 | 248 | 3059 | 2446 | 16 | 2430 |
| Fidelity VIP Freedom 2060 Portfolio, Service Class 2 | 805 | 140 | 665 |  |  |  |
| Fidelity VIP Freedom 2065 Portfolio, Service Class 2 | 5436 | 2945 | 2491 | 1824 | 12 | 1812 |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 | 1307405 | 1121585 | 185820 | 1663959 | 305041 | 1358918 |
| Fidelity VIP Index 500 Portfolio, Initial Class | 1020674 | 1175865 | (155191) | 2068546 | 1002371 | 1066175 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 International Index Portfolio, Service Class 2 | 243977 | 53241 | 190736 | 65004 | 5866 | 59138 |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class 2 | 3361 | 170 | 3191 | 5092 | 2794 | 2298 |
| Goldman Sachs VIT Government Money Market Fund, Service Class | 2912565 | 2889520 | 23045 | 7726089 | 7702965 | 23124 |
| Invesco V.I. Diversified Dividend Fund, Series I | 7477 | 7477 |  | 21 | 21 |  |
| Invesco V.I. EQV International Equity Fund, Series I | 686 | 77 | 609 | 3860 | 40 | 3820 |
| Invesco V.I. Global Real Estate Fund, Series I | 908 | 5697 | (4789) | 142 | 45 | 97 |
| Invesco V.I. Main Street Small Cap Fund, Series I | 19051 | 20695 | (1644) | 12322 | 17257 | (4935) |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares | 32840 | 6300 | 26540 | 25869 | 7415 | 18454 |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares | 51981 | 41602 | 10379 | 252054 | 167648 | 84406 |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares | 306812 | 218061 | 88751 | 857881 | 592612 | 265269 |
| Janus Henderson VIT Forty Portfolio, Institutional Shares | 20287 | 11740 | 8547 | 33771 | 7704 | 26067 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 45939 | 37712 | 8227 | 31295 | 16082 | 15213 |
| Lord Abbett Series Fund Total Return Portfolio, Class VC | 12676 | 4196 | 8480 | 3004 | 2249 | 755 |
| LVIP American Century Capital Appreciation Fund, Standard Class II | 168 | 250 | (82) | 3893 | 7544 | (3651) |
| LVIP American Century Mid Cap Value Fund, Standard Class II | 19776 | 14841 | 4935 | 23529 | 30152 | (6623) |
| LVIP American Century Ultra Fund, Standard Class II | 19509 | 38312 | (18803) | 105923 | 196117 | (90194) |
| LVIP American Century Value Fund, Standard Class II | 9681 | 5987 | 3694 | 29513 | 20820 | 8693 |
| LVIP JPMorgan Small Cap Core Fund, Standard Class | 29849 | 20171 | 9678 | 20391 | 5813 | 14578 |
| LVIP JPMorgan U.S. Equity Fund, Standard Class | 0 \* | 2236 | (2236) | 2159 | 9038 | (6879) |
| MFS VIT Growth Series, Initial Class | 10844 | 34697 | (23853) | 37391 | 3323 | 34068 |
| MFS VIT II International Growth Portfolio, Initial Class | 65513 | 44836 | 20677 | 29243 | 14029 | 15214 |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class | 521 | 2744 | (2223) | 719 | 2812 | (2093) |
| MFS VIT III Global Real Estate Portfolio, Initial Class | 49712 | 42352 | 7360 | 269328 | 192623 | 76705 |
| MFS VIT III Mid Cap Value Portfolio, Initial Class | 43787 | 51868 | (8081) | 207989 | 142875 | 65114 |
| MFS VIT Mid Cap Growth Series, Initial Class | 31626 | 97954 | (66328) | 28289 | 17340 | 10949 |
| MFS VIT New Discovery Series, Initial Class | 5511 | 3969 | 1542 | 3694 | 2646 | 1048 |
| MFS VIT Research Series, Initial Class | 1171 | 309 | 862 | 1202 | 81 | 1121 |
| MFS VIT Total Return Bond Series, Initial Class | 320739 | 68040 | 252699 | 791288 | 521986 | 269302 |
| MFS VIT Value Series, Initial Class | 18164 | 18889 | (725) | 55476 | 7252 | 48224 |
| Neuberger Berman AMT Quality Equity Portfolio, Class I | 1088 | 315 | 773 |  |  |  |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class | 35661 | 5486 | 30175 | 7603 | 6347 | 1256 |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged), Administrative Class | 16092 | 59177 | (43085) | 35222 | 17765 | 17457 |
| PIMCO VIT High Yield Portfolio, Administrative Class | 12202 | 837 | 11365 | 5245 | 280 | 4965 |
| PIMCO VIT Income Portfolio, Institutional Class | 45740 | 14284 | 31456 | 23530 | 4992 | 18538 |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Administrative Class | 7694 | 386 | 7308 | 273 | 196 | 77 |
| PIMCO VIT Low Duration Portfolio, Administrative Class | 63921 | 4215 | 59706 | 2681 | 2922 | (241) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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) |
| PIMCO VIT Real Return Portfolio, Administrative Class | 176593 | 80274 | 96319 | 346241 | 204809 | 141432 |
| PIMCO VIT Total Return Portfolio, Administrative Class | 11914 | 19140 | (7226) | 24723 | 22184 | 2539 |
| Putnam VT Focused International Equity Fund, Class IA |  |  |  | 68 | 68 |  |
| Putnam VT Global Asset Allocation Fund, Class IA | 7261 | 2586 | 4675 | 11168 | 6902 | 4266 |
| Putnam VT High Yield Fund, Class IA | 7854 | 4090 | 3764 | 7458 | 1816 | 5642 |
| Putnam VT Income Fund, Class IB | 66306 | 2242 | 64064 |  |  |  |
| Putnam VT International Value Fund, Class IA | 36158 | 13529 | 22629 | 14178 | 8505 | 5673 |
| Putnam VT Large Cap Growth Fund, Class IA | 86273 | 75362 | 10911 | 104705 | 32543 | 72162 |
| Putnam VT Large Cap Value Fund, Class IA | 138103 | 101511 | 36592 | 409861 | 292943 | 116918 |
| Putnam VT Research Fund, Class IA | 5498 | 31618 | (26120) | 1601 | 27683 | (26082) |
| Putnam VT Small Cap Value Fund, Class IA | 8075 | 6408 | 1667 | 19314 | 18861 | 453 |
| Putnam VT Sustainable Future Fund, Class IA | 3027 | 1430 | 1597 | 3437 | 1484 | 1953 |
| T. Rowe Price Blue Chip Growth Portfolio, Class II | 221240 | 132022 | 89218 | 57039 | 82562 | (25523) |
| Vanguard VIF Global Bond Index Portfolio | 28421 | 3960 | 24461 | 6953 | 915 | 6038 |
| Vanguard VIF Real Estate Index Portfolio | 12466 | 9793 | 2673 | 3787 | 189 | 3598 |
| Vanguard VIF Total Bond Market Index Portfolio | 620848 | 424809 | 196039 | 267485 | 81202 | 186283 |
| Victory RS Small Cap Growth Equity VIP Series, Class I | 4233 | 4531 | (298) | 115 | 146 | (31) |

---

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

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;**Policy Expense Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for sales expenses, underwriting and issue expenses, and the average premium tax expense incurred when issuing Policies. The charge is assessed on each premium payment received; this deduction in turn reduces Policy owners' net payments on the Statements of Changes in Net Assets. | &nbsp;&nbsp;6.0% - 10.0% of each premium payment |
| &nbsp;&nbsp;**Monthly Standard Administrative 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 - $10.00 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 monthly, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | &nbsp;&nbsp;a monthly charge amounting to a per annum aggregate of 0.10% - 0.90% 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 maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$10 per transfer after the first 12 transfers in any Policy year |
| &nbsp;&nbsp;**Withdrawal Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from withdrawals. The charge is deducted annually, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$25 for any Policy year that had two or more partial withdrawals |
| &nbsp;&nbsp;**Charge for Optional Benefits** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs and risks stemming from optional living and/or death benefits elected by the Policy owner. 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;$0.01 - $83.33 per $1,000 of net amount at risk |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Expense Type** | &nbsp;&nbsp;**Range** |
| &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 maintenance charges 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 Invoking the Terminal Illness Accelerated Death Benefit Endorsement** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from invoking the Terminal Illness Accelerated Death Benefit Endorsement. The charge is deducted upon invocation, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$150 upon invocation |
| &nbsp;&nbsp;**Change of Insured Endorsement Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from a change of insured endorsement. The charge is deducted upon each change request, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$400 per change |
| &nbsp;&nbsp;**Change of Death Benefit Option Charge** |  |
| &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 maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$100 per change |
| &nbsp;&nbsp;**Loan Interest Rate Spread** |  |
| &nbsp;&nbsp;The loan interest rate spread is the difference between the amount of interest charged on outstanding loan balances and the amount of interest credited to amounts held in the guaranteed account that secures the loans. The deduction is withdrawn annually, assessed through a redemption of units, and recorded as net Policy loan repayments (withdrawals) within the Statements of Changes in Net Assets. | &nbsp;&nbsp;0.90% - 1.50% of the loan balance |

---

The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy's value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.

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 Policies, investment income ratios, 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> |
| American Funds IS Capital World Bond Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | $10.80 | $12 | 0.00% | 0.20% |
| American Funds IS Capital World Growth and Income Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 7 | 16.69 | 114 | 2.60% | 24.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1 | 13.37 | 17 | 1.97% | 14.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 11.73 | 3 | 0.00% | 4.94% |
| American Funds IS Global Small Capitalization Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 68 | 10.87 | 740 | 0.34% | 14.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 82 | 9.48 | 773 | 1.04% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 78 | 9.27 | 724 | 0.27% | 16.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 44 | 7.98 | 352 | 0.00% | (29.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 27 | 11.32 | 309 | 0.00% | (1.38)% |
| American Funds IS Growth Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 316 | 19.21 | 6071 | 0.15% | 20.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 345 | 15.98 | 5511 | 0.35% | 31.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 255 | 12.14 | 3092 | 0.41% | 38.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 168 | 8.77 | 1474 | 0.42% | (29.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 19 | 12.51 | 242 | 0.26% | 7.10% |
| American Funds IS Growth-Income Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 14 | 19.43 | 279 | 1.07% | 18.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 10 | 16.46 | 171 | 1.30% | 24.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 8 | 13.25 | 100 | 1.65% | 26.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 4 | 10.50 | 41 | 3.11% | (4.16)% |
| American Funds IS International Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 62 | 12.32 | 769 | 1.34% | 26.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 67 | 9.72 | 650 | 1.22% | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 57 | 9.42 | 533 | 1.57% | 15.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 34 | 8.13 | 272 | 3.00% | (20.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.27 | 15 | 5.29% | (3.48)% |
| American Funds IS New World Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 211 | 13.48 | 2842 | 1.13% | 28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 207 | 10.51 | 2171 | 1.57% | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 115 | 9.86 | 1135 | 1.59% | 16.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 85 | 8.50 | 720 | 1.50% | (22.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.91 | 14 | 2.19% | 0.48% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Washington Mutual Investors Fund, Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 36 | $16.23 | $581 | 1.47% | 17.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 10 | 13.85 | 136 | 1.65% | 19.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 27 | 11.62 | 316 | 1.96% | 17.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 26 | 9.91 | 258 | 4.66% | 11.56% |
| BlackRock 60/40 Target Allocation ETF V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 240 | 14.47 | 3474 | 2.65% | 15.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 236 | 12.51 | 2949 | 2.50% | 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 189 | 11.20 | 2114 | 2.70% | 15.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 94 | 9.69 | 914 | 3.58% | (14.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 16 | 11.38 | 177 | 3.69% | 4.38% |
| BlackRock Global Allocation V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 35 | 13.61 | 476 | 3.71% | 19.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 40 | 11.36 | 452 | 1.43% | 9.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 34 | 10.40 | 350 | 2.58% | 12.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 20 | 9.22 | 187 | 0.00% | (15.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 5 | 10.95 | 55 | 1.06% | 0.16% |
| BlackRock High Yield V.I. Fund, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 236 | 12.75 | 3013 | 6.73% | 9.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 219 | 11.67 | 2560 | 6.88% | 8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 127 | 10.78 | 1372 | 6.56% | 13.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 118 | 9.53 | 1121 | 3.26% | (10.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 21 | 10.63 | 219 | 1.95% | 1.93% |
| BNY Mellon Stock Index Fund, Inc., Initial Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 81 | 19.70 | 1591 | 0.96% | 17.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 104 | 16.77 | 1742 | 1.14% | 24.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 104 | 13.45 | 1399 | 1.52% | 25.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 59 | 10.68 | 635 | 2.10% | (18.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 6 | 13.07 | 83 | 0.68% | 12.90% |
| ClearBridge Variable Mid Cap Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 36 | 12.95 | 461 | 0.29% | 4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 32 | 12.41 | 393 | 0.64% | 10.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 27 | 11.28 | 304 | 0.15% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 13 | 9.99 | 133 | 0.58% | (25.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 13.38 | 40 | 0.00% | 7.95% |
| ClearBridge Variable Small Cap Growth Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 27 | 10.43 | 286 | 0.00% | 9.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 37 | 9.55 | 351 | 0.00% | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 27 | 9.14 | 249 | 0.00% | 8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 18 | 8.43 | 154 | 0.00% | (28.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 5 | 11.85 | 62 | 0.00% | (7.17)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 133 | $10.52 | $1397 | 4.51% | 7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 105 | 9.78 | 1027 | 3.72% | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 64 | 9.60 | 613 | 5.21% | 4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 19 | 9.23 | 179 | 16.19% | (12.45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.54 | 2 | 6.04% | 2.50% |
| DWS Core Equity VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2 | 19.08 | 36 | 0.76% | 15.74% |
| DWS High Income VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 10 | 12.41 | 124 | 5.43% | 8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4 | 11.40 | 46 | 6.09% | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 5 | 10.64 | 52 | 5.68% | 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 5 | 9.55 | 51 | 6.77% | (8.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 11 | 10.48 | 119 | 0.00% | 0.82% |
| DWS Small Cap Index VIP, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 429 | 13.88 | 5958 | 1.35% | 12.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 483 | 12.33 | 5956 | 0.93% | 11.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 293 | 11.09 | 3249 | 1.07% | 16.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 217 | 9.50 | 2064 | 0.22% | (20.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 9 | 11.97 | 105 | 0.00% | 1.64% |
| Eaton Vance VT Floating-Rate Income Fund, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3 | 12.61 | 39 | 7.09% | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 71 | 12.13 | 857 | 7.67% | 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 30 | 11.27 | 333 | 8.20% | 11.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 23 | 10.13 | 237 | 3.08% | (2.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.42 | 0 \* | 214.38% | 1.43% |
| Empower Aggressive Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 35 | 15.93 | 560 | 2.26% | 17.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 29 | 13.57 | 396 | 3.57% | 11.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 22 | 12.12 | 264 | 3.92% | 16.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 10 | 10.37 | 99 | 2.36% | (15.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 12.22 | 10 | 16.29% | 2.46% |
| Empower Ariel Mid Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  | 1.05% | 6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 18 | 12.45 | 227 | 2.58% | 10.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 9 | 11.27 | 100 | 3.92% | (12.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 13 | 12.95 | 165 | 0.00% | (1.28)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Bond Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 52 | $9.54 | $500 | 3.74% | 6.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 82 | 8.95 | 734 | 2.40% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 74 | 8.88 | 660 | 1.93% | 5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 50 | 8.45 | 425 | 2.42% | (13.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 9.79 | 0 \* | 52.26% | (1.80)% |
| Empower Conservative Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 31 | 11.90 | 374 | 3.71% | 8.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 14 | 11.00 | 158 | 3.63% | 5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 10 | 10.47 | 103 | 3.69% | 8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 4 | 9.67 | 43 | 2.06% | (9.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.74 | 9 | 6.22% | 1.90% |
| Empower Core Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 35 | 9.71 | 338 | 5.93% | 6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 27 | 9.09 | 249 | 3.51% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 19 | 8.96 | 166 | 2.04% | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 10 | 8.43 | 88 | 1.34% | (14.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 9.89 | 33 | 0.36% | (0.84)% |
| Empower Emerging Markets Equity Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2 | 12.16 | 23 | 0.93% | 32.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 9.16 | 21 | 1.00% | 9.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 11 | 8.34 | 96 | 2.22% | 9.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 9 | 7.60 | 71 | 2.71% | (22.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 9.79 | 0 \* | 6.32% | (4.00)% |
| Empower Government Money Market Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  | 2.27% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1100 | 10.58 | 11643 | 4.51% | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 574 | 10.12 | 5809 | 1.78% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 152 | 10.00 | 1519 | 0.01% | 0.01% |
| Empower Inflation-Protected Securities Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 27 | 11.06 | 296 | 6.17% | 6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 6 | 10.36 | 63 | 4.11% | 2.80% |
| Empower International Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 542 | 15.37 | 8336 | 2.02% | 30.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 630 | 11.74 | 7395 | 1.34% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 360 | 11.41 | 4107 | 2.25% | 17.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 326 | 9.71 | 3164 | 3.38% | (14.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 11.38 | 14 | 3.91% | 2.16% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 International Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 129 | $16.72 | $2152 | 1.49% | 39.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 178 | 12.02 | 2143 | 1.68% | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 159 | 11.40 | 1816 | 1.51% | 18.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 156 | 9.66 | 1508 | 1.67% | (15.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 42 | 11.39 | 480 | 2.80% | (0.73)% |
| Empower Large Cap Growth Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 140 | 18.16 | 2535 | 0.00% | 13.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 171 | 15.93 | 2718 | 0.00% | 25.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 44 | 12.70 | 562 | 0.10% | 33.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 17 | 9.51 | 164 | 0.59% | (23.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 12.37 | 14 | 0.51% | 7.14% |
| Empower Lifetime 2015 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 12 | 12.47 | 145 | 5.15% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 5 | 11.33 | 58 | 3.56% | 6.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2 | 10.64 | 20 | 3.17% | 10.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1 | 9.64 | 10 | 3.13% | (12.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.99 | 1 | 3.16% | 2.29% |
| Empower Lifetime 2020 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 53 | 12.67 | 671 | 3.06% | 10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 43 | 11.44 | 487 | 3.65% | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 27 | 10.70 | 291 | 6.43% | 10.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.64 | 0 \* | 1.90% | (10.51)% |
| Empower Lifetime 2025 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 183 | 12.94 | 2364 | 3.16% | 11.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 134 | 11.58 | 1548 | 3.14% | 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 78 | 10.79 | 840 | 2.21% | 11.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 36 | 9.64 | 343 | 1.73% | (13.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 30 | 11.19 | 334 | 3.77% | 2.68% |
| Empower Lifetime 2030 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 400 | 13.39 | 5363 | 2.98% | 12.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 308 | 11.86 | 3649 | 3.08% | 8.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 221 | 10.97 | 2425 | 2.84% | 13.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 160 | 9.70 | 1550 | 2.44% | (14.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 15 | 11.37 | 176 | 3.90% | 3.04% |
| Empower Lifetime 2035 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 203 | 13.96 | 2832 | 2.58% | 14.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 142 | 12.20 | 1732 | 2.31% | 9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 154 | 11.18 | 1726 | 3.27% | 14.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 58 | 9.77 | 567 | 1.23% | (15.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 96 | 11.58 | 1114 | 4.09% | 3.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;&nbsp;2025 | 137 | $14.53 | $1989 | 2.44% | 15.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 91 | 12.56 | 1147 | 2.10% | 10.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 74 | 11.40 | 847 | 2.77% | 15.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 43 | 9.85 | 424 | 2.44% | (16.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 4 | 11.77 | 41 | 5.47% | 3.78% |
| Empower Lifetime 2045 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 152 | 14.91 | 2270 | 1.87% | 16.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 93 | 12.77 | 1188 | 2.05% | 10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 90 | 11.53 | 1040 | 2.44% | 16.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 17 | 9.88 | 166 | 2.06% | (16.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 11.87 | 41 | 4.27% | 3.28% |
| Empower Lifetime 2050 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 86 | 15.08 | 1298 | 2.44% | 17.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 63 | 12.86 | 809 | 2.96% | 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 39 | 11.57 | 448 | 3.15% | 17.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 12 | 9.88 | 121 | 2.72% | (16.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 11.90 | 12 | 5.89% | 3.86% |
| Empower Lifetime 2055 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 116 | 15.09 | 1749 | 1.27% | 17.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 21 | 12.82 | 272 | 1.35% | 11.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 10 | 11.54 | 118 | 2.25% | 17.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.86 | 0 \* | 1.15% | (5.64)% |
| Empower Lifetime 2060 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 17 | 15.06 | 263 | 1.51% | 17.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 27 | 12.77 | 343 | 2.86% | 10.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 19 | 11.51 | 224 | 4.49% | 16.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 9.84 | 22 | 2.61% | (17.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 11.87 | 6 | 29.19% | 0.45% |
| Empower Lifetime 2065 Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | 11.82 | 9 | 7.10% | 4.67% |
| Empower Mid Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 19 | 16.94 | 315 | 4.74% | 8.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 14 | 15.64 | 216 | 11.27% | 15.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 6 | 13.52 | 74 | 0.53% | 15.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 3 | 11.74 | 32 | 1.01% | (11.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 13.30 | 2 | 34.76% | 8.12% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> |
| Empower Moderate Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 74 | $13.52 | $997 | 5.47% | 11.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 5 | 12.07 | 62 | 3.13% | 7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 5 | 11.19 | 52 | 4.24% | 11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 9.99 | 22 | 2.89% | (12.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 11.36 | 13 | 16.54% | (0.14)% |
| Empower Moderately Aggressive Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 19 | 14.29 | 272 | 1.69% | 13.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 24 | 12.55 | 303 | 3.43% | 9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 21 | 11.48 | 243 | 2.76% | 13.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 15 | 10.11 | 148 | 1.49% | (13.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 7 | 11.63 | 78 | 7.41% | 3.37% |
| Empower Moderately Conservative Profile Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 50 | 12.68 | 634 | 2.51% | 10.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 45 | 11.53 | 515 | 2.98% | 6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 50 | 10.83 | 547 | 3.28% | 9.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 45 | 9.85 | 443 | 3.35% | (10.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 11.05 | 2 | 9.04% | 1.39% |
| Empower Multi-Sector Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 33 | 11.04 | 363 | 2.56% | 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 42 | 10.22 | 431 | 3.39% | 5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 49 | 9.72 | 479 | 3.41% | 7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 36 | 9.01 | 328 | 2.56% | (11.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.17 | 14 | 2.30% | 0.23% |
| Empower Real Estate Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 21 | 13.41 | 288 | 1.65% | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 23 | 13.00 | 305 | 2.60% | 7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 22 | 12.09 | 263 | 1.93% | 13.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 9 | 10.67 | 96 | 2.63% | (26.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 14.50 | 4 | 0.00% | 12.43% |
| Empower S&P Mid Cap 400 Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 370 | 15.51 | 5740 | 1.39% | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 417 | 14.50 | 6052 | 0.97% | 13.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 295 | 12.81 | 3775 | 0.48% | 15.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 210 | 11.06 | 2326 | 0.42% | (13.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 12 | 12.80 | 147 | 2.13% | 4.71% |
| Empower S&P Small Cap 600 Index Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 76 | 14.34 | 1083 | 2.03% | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 110 | 13.58 | 1488 | 0.90% | 7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 77 | 12.58 | 963 | 0.56% | 15.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 67 | 10.90 | 734 | 0.48% | (16.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 17 | 13.05 | 216 | 3.49% | 5.52% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Short Duration Bond Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 154 | $11.13 | $1716 | 3.10% | 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 143 | 10.57 | 1508 | 3.01% | 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 72 | 10.15 | 726 | 2.42% | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 119 | 9.60 | 1143 | 0.97% | (4.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 19 | 10.03 | 190 | 1.24% | (0.61)% |
| Empower Small Cap Growth Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 37 | 12.54 | 461 | 0.40% | 7.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 34 | 11.63 | 390 | 0.60% | 10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 21 | 10.53 | 217 | 0.00% | 15.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 9 | 9.10 | 82 | 0.68% | (25.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 12.19 | 2 | 10.16% | 3.42% |
| Empower Small Cap Value Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 37 | 16.00 | 598 | 0.00% | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 36 | 15.37 | 560 | 0.00% | 8.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 28 | 14.21 | 396 | 0.05% | 17.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 13 | 12.06 | 155 | 0.05% | (10.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 10 | 13.40 | 132 | 10.60% | (3.12)% |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 21 | 12.28 | 252 | 0.00% | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 6 | 11.92 | 76 | 0.00% | 9.82% |
| Empower U.S. Government Securities Fund, Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 191 | 9.67 | 1842 | 3.50% | 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 139 | 9.07 | 1264 | 3.73% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 79 | 9.00 | 714 | 2.55% | 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 48 | 8.62 | 410 | 1.48% | (12.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 18 | 9.80 | 175 | 0.45% | (0.36)% |
| Federated Hermes High Income Bond Fund II, Primary Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 130 | 12.09 | 1568 | 6.89% | 8.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 68 | 11.17 | 764 | 2.91% | 6.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 25 | 10.51 | 257 | 3.02% | 12.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 4 | 9.32 | 40 | 7.06% | (11.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 8 | 10.57 | 86 | 0.00% | 0.31% |
| Fidelity VIP Emerging Markets Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 40 | 13.70 | 548 | 1.36% | 40.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 39 | 9.73 | 378 | 1.35% | 9.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 24 | 8.87 | 213 | 2.30% | 9.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 12 | 8.10 | 101 | 2.82% | (20.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.17 | 12 | 3.13% | (6.61)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> |
| Fidelity VIP Extended Market Index Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 60 | $13.77 | $829 | 1.86% | 12.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 21 | 12.29 | 257 | 1.41% | 12.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 12 | 10.97 | 131 | 4.07% | 9.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.37 |  | (172.55)% | (1.45)% |
| Fidelity VIP Freedom 2025 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | 12.14 | 14 | 2.58% | 13.95% |
| Fidelity VIP Freedom 2030 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 56 | 12.28 | 686 | 2.24% | 15.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 36 | 10.66 | 381 | 3.64% | (0.73)% |
| Fidelity VIP Freedom 2035 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 25 | 12.47 | 306 | 2.63% | 15.83% |
| Fidelity VIP Freedom 2040 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 8 | 12.77 | 100 | 2.02% | 18.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3 | 10.78 | 29 | 12.00% | (4.14)% |
| Fidelity VIP Freedom 2045 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4 | 12.91 | 55 | 1.62% | 18.62% |
| Fidelity VIP Freedom 2050 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4 | 12.91 | 46 | 1.48% | 18.59% |
| Fidelity VIP Freedom 2055 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 5 | 12.92 | 71 | 1.65% | 19.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 10.81 | 26 | 6.77% | (3.86)% |
| Fidelity VIP Freedom 2060 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | 12.92 | 9 | 1.46% | 18.58% |
| Fidelity VIP Freedom 2065 Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4 | 12.91 | 56 | 1.39% | 19.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 10.81 | 20 | 5.88% | (2.39)% |
| Fidelity VIP Government Money Market Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1545 | 10.71 | 16548 | 3.78% | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1359 | 10.31 | 13870 | 3.37% | 2.90% |
| Fidelity VIP Index 500 Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2441 | 17.41 | 42506 | 1.12% | 17.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2597 | 14.78 | 38385 | 1.44% | 24.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1530 | 11.84 | 18114 | 1.61% | 26.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1014 | 9.38 | 9510 | 2.24% | (18.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 71 | 11.47 | 811 | 1.21% | 12.99% |
| Fidelity VIP International Index Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 273 | 15.47 | 4219 | 4.32% | 32.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 82 | 11.65 | 954 | 3.88% | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 23 | 11.11 | 253 | 10.86% | 15.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 9.59 | 15 | 5.14% | 9.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Investment Grade Bond Portfolio, Service Class 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 7 | $11.08 | $83 | 4.56% | 6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4 | 10.36 | 44 | 5.64% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2 | 10.21 | 20 | 2.52% | 4.11% |
| Goldman Sachs VIT Government Money Market Fund, Service Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 46 | 10.73 | 495 | 4.30% | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 23 | 10.32 | 239 | 4.23% | 2.61% |
| Invesco V.I. Diversified Dividend Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  | 0.00% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 0 \* |  |  | 0.00% | 0.00% |
| Invesco V.I. EQV International Equity Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 5 | 12.35 | 56 | 1.44% | 16.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4 | 10.61 | 41 | 3.63% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 10.54 | 1 | 0.00% | 18.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 8.92 | 0 \* | 0.00% | 6.63% |
| Invesco V.I. Global Real Estate Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2 | 11.03 | 17 | 1.22% | 7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 6 | 10.22 | 64 | 2.61% | (1.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 6 | 10.41 | 65 | 2.10% | 9.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 4 | 9.55 | 38 | 3.41% | (21.07)% |
| Invesco V.I. Main Street Small Cap Fund, Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 55 | 15.49 | 849 | 0.44% | 8.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 56 | 14.25 | 804 | 0.00% | 12.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 61 | 12.65 | 776 | 1.27% | 18.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 47 | 10.71 | 502 | 0.44% | (15.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 12.72 | 32 | 0.23% | 3.88% |
| Janus Henderson VIT Balanced Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 180 | 15.26 | 2740 | 2.11% | 15.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 153 | 13.26 | 2029 | 2.15% | 15.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 135 | 11.48 | 1546 | 2.19% | 15.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 113 | 9.95 | 1124 | 1.30% | (16.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 93 | 11.90 | 1110 | 1.59% | 7.01% |
| Janus Henderson VIT Enterprise Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 208 | 14.82 | 3087 | 0.21% | 7.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 198 | 13.76 | 2724 | 0.69% | 15.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 114 | 11.90 | 1351 | 0.17% | 18.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 91 | 10.08 | 915 | 0.00% | (15.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 11.99 | 3 | 0.00% | (0.35)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> |
| Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 617 | $9.95 | $6136 | 5.48% | 7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 528 | 9.26 | 4891 | 5.01% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 263 | 9.08 | 2388 | 4.56% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 195 | 8.61 | 1679 | 2.28% | (13.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 11 | 9.97 | 107 | 1.71% | 0.39% |
| Janus Henderson VIT Forty Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 67 | 17.79 | 1184 | 0.07% | 18.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 58 | 15.06 | 873 | 0.10% | 28.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 32 | 11.72 | 374 | 0.22% | 39.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 25 | 8.37 | 213 | 0.40% | (33.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 12.60 | 5 | 0.00% | (1.44)% |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 101 | 19.46 | 1965 | 0.00% | 25.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 93 | 15.55 | 1442 | 0.00% | 32.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 78 | 11.77 | 912 | 0.00% | 54.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 69 | 7.62 | 522 | 0.00% | (36.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 3 | 12.08 | 41 | 0.00% | 5.06% |
| Lord Abbett Series Fund Total Return Portfolio, Class VC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 10 | 10.09 | 105 | 14.34% | 7.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 9.42 | 18 | 5.17% | 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1 | 9.17 | 11 | 3.49% | 0.77% |
| LVIP American Century Capital Appreciation Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 6 | 13.41 | 80 | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 6 | 12.57 | 76 | 0.00% | 24.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 10 | 10.06 | 98 | 0.00% | 20.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 4 | 8.33 | 36 | 0.00% | (1.75)% |
| LVIP American Century Mid Cap Value Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 29 | 15.42 | 448 | 1.93% | 8.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 24 | 14.14 | 341 | 2.50% | 8.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 31 | 13.01 | 400 | 2.61% | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 16 | 12.26 | 197 | 1.62% | (1.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 12.40 | 10 | 0.75% | 6.87% |
| LVIP American Century Ultra Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 18 | 17.92 | 322 | 0.00% | 12.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 37 | 15.88 | 584 | 0.00% | 28.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 127 | 12.33 | 1566 | 0.00% | 43.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 105 | 8.59 | 906 | 0.00% | (32.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 45 | 12.70 | 577 | 0.00% | 14.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> |
| LVIP American Century Value Fund, Standard Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 28 | $17.44 | $491 | 1.74% | 16.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 24 | 15.03 | 367 | 4.11% | 9.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 16 | 13.73 | 216 | 2.71% | 9.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 5 | 12.58 | 60 | 1.86% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 5 | 12.52 | 66 | 3.06% | (0.06)% |
| LVIP JPMorgan Small Cap Core Fund, Standard Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 38 | 14.05 | 539 | 0.62% | 10.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 29 | 12.74 | 365 | 0.93% | 11.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 14 | 11.41 | 161 | 1.82% | 13.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 10.09 | 21 | 0.00% | (6.17)% |
| LVIP JPMorgan U.S. Equity Fund, Standard Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  | 0.00% | (2.87)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 16.95 | 38 | 0.26% | 23.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 9 | 13.67 | 125 | 1.75% | 27.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 5 | 10.75 | 53 | 0.27% | (18.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2 | 13.22 | 29 | 0.00% | 11.01% |
| MFS VIT Growth Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 14 | 17.28 | 247 | 0.00% | 12.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 38 | 15.40 | 588 | 0.00% | 31.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 4 | 11.71 | 48 | 0.00% | 35.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2 | 8.62 | 15 | 0.00% | (31.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 12.61 | 0 \* | 0.00% | (0.73)% |
| MFS VIT II International Growth Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 100 | 14.43 | 1437 | 0.91% | 21.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 79 | 11.92 | 940 | 1.02% | 9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 64 | 10.93 | 696 | 1.26% | 14.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 34 | 9.53 | 324 | 0.11% | (14.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 11.21 | 2 | 0.14% | 1.04% |
| MFS VIT III Blended Research Small Cap Equity Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2 | 14.39 | 31 | 1.12% | 5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4 | 13.61 | 59 | 1.00% | 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 6 | 12.97 | 83 | 0.93% | 18.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 10 | 10.90 | 109 | 0.81% | (18.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 8 | 13.36 | 109 | 0.00% | (3.11)% |
| MFS VIT III Global Real Estate Portfolio, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 165 | 10.93 | 1807 | 1.75% | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 158 | 10.56 | 1668 | 2.59% | (2.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 81 | 10.85 | 882 | 1.03% | 11.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 13 | 9.73 | 125 | 1.95% | (26.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2 | 13.32 | 32 | 0.00% | 11.82% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;&nbsp;2025 | 179 | $16.56 | $2963 | 1.05% | 5.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 187 | 15.63 | 2923 | 1.43% | 13.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 122 | 13.74 | 1675 | 1.83% | 12.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 104 | 12.19 | 1273 | 0.44% | (8.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 15 | 13.36 | 195 | 0.00% | 8.30% |
| MFS VIT Mid Cap Growth Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 95 | 12.36 | 1177 | 0.00% | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 162 | 11.92 | 1926 | 0.00% | 14.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 151 | 10.39 | 1565 | 0.00% | 21.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 140 | 8.56 | 1200 | 0.00% | (28.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 31 | 12.01 | 370 | 0.00% | 6.76% |
| MFS VIT New Discovery Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4 | 12.70 | 46 | 0.00% | 12.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 11.25 | 23 | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1 | 10.54 | 11 | 0.00% | 11.74% |
| MFS VIT Research Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3 | 17.28 | 52 | 0.83% | 12.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 15.31 | 32 | 0.47% | 18.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1 | 12.88 | 13 | 0.00% | 7.07% |
| MFS VIT Total Return Bond Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 677 | 10.14 | 6862 | 4.69% | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 424 | 9.46 | 4012 | 6.19% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 155 | 9.23 | 1428 | 3.19% | 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 120 | 8.59 | 1029 | 0.37% | (13.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 8 | 9.98 | 83 | 0.00% | 0.07% |
| MFS VIT Value Series, Initial Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 118 | 16.28 | 1918 | 1.67% | 13.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 119 | 14.40 | 1708 | 1.98% | 11.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 70 | 12.90 | 908 | 1.63% | 7.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 62 | 11.96 | 737 | 0.68% | (5.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 10 | 12.71 | 130 | 0.00% | 4.52% |
| Neuberger Berman AMT Quality Equity Portfolio, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 1 | 18.69 | 14 | 0.00% | 16.96% |
| PIMCO VIT CommodityRealReturn Strategy Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 39 | 17.55 | 690 | 3.28% | 18.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 9 | 14.77 | 135 | 2.34% | 4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 8 | 14.18 | 112 | 13.44% | (7.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 6 | 15.39 | 86 | 3.08% | 8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 14.17 | 1 | 2.27% | (3.81)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Global Bond Opportunities Portfolio (Unhedged), Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 49 | $10.21 | $499 | 4.48% | 12.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 92 | 9.06 | 833 | 3.56% | (0.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 75 | 9.10 | 678 | 2.26% | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 42 | 8.65 | 363 | 2.51% | (11.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2 | 9.72 | 15 | 0.61% | (2.00)% |
| PIMCO VIT High Yield Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 17 | 12.24 | 205 | 6.26% | 8.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 5 | 11.23 | 60 | 5.85% | 6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 10.51 | 4 | 5.64% | 12.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.36 | 0 \* | 1726.79% | (10.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.44 | 0 \* | 203.86% | 1.04% |
| PIMCO VIT Income Portfolio, Institutional Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 53 | 12.55 | 659 | 5.32% | 10.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 21 | 11.37 | 239 | 6.03% | 5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 3 | 10.77 | 27 | 2.98% | 4.79% |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 8 | 11.42 | 86 | 3.35% | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 0 \* | 10.99 | 2 | 3.62% | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 10.42 | 1 | 1.05% | 6.44% |
| PIMCO VIT Low Duration Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 74 | 10.82 | 800 | 3.95% | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 14 | 10.26 | 146 | 3.98% | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 14 | 9.82 | 142 | 3.62% | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 10 | 9.35 | 92 | 1.38% | (5.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 9.92 | 0 \* | 20.68% | (0.89)% |
| PIMCO VIT Real Return Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 345 | 10.74 | 3709 | 3.36% | 7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 249 | 9.96 | 2480 | 2.24% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 108 | 9.75 | 1049 | 2.93% | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 74 | 9.41 | 692 | 2.16% | (11.90)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 8 | 10.68 | 88 | 1.89% | 1.14% |
| PIMCO VIT Total Return Portfolio, Administrative Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 46 | 10.06 | 462 | 4.11% | 8.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 53 | 9.23 | 491 | 4.04% | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 51 | 9.01 | 456 | 3.57% | 5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 25 | 8.50 | 215 | 1.29% | (14.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 9.92 | 0 \* | 165.93% | (1.23)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Focused International Equity Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | $- | $- | 0.00% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  | 0.00% | 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 9.49 |  | 2.25% | (17.99)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 11.57 | 3 | 0.00% | (0.09)% |
| Putnam VT Global Asset Allocation Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 35 | 15.40 | 543 | 2.33% | 14.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 31 | 13.43 | 411 | 2.15% | 16.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 26 | 11.51 | 303 | 1.56% | 17.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 15 | 9.77 | 143 | 0.64% | (15.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2 | 11.61 | 25 | 0.00% | 4.05% |
| Putnam VT High Yield Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 18 | 12.41 | 227 | 6.17% | 8.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 15 | 11.40 | 166 | 5.18% | 8.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 9 | 10.54 | 94 | 4.50% | 12.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 5 | 9.38 | 45 | 0.00% | (11.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.59 |  | 0.00% | 1.12% |
| Putnam VT Income Fund, Class IB |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 64 | 9.48 | 607 | 6.85% | 4.26% |
| Putnam VT International Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 44 | 18.55 | 817 | 1.13% | 35.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 21 | 13.73 | 294 | 2.76% | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 16 | 13.02 | 205 | 1.19% | 19.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 7 | 10.94 | 73 | 2.83% | (6.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 11.72 | 10 | 0.00% | 1.32% |
| Putnam VT Large Cap Growth Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 125 | 19.47 | 2438 | 0.00% | 14.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 114 | 16.99 | 1943 | 0.08% | 33.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 42 | 12.71 | 536 | 0.00% | 44.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 8 | 8.77 | 67 | 0.00% | (30.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 12.60 | 4 | 0.00% | 9.77% |
| Putnam VT Large Cap Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 368 | 20.90 | 7697 | 1.54% | 20.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 332 | 17.32 | 5745 | 1.09% | 19.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 215 | 14.50 | 3114 | 1.97% | 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 160 | 12.51 | 1995 | 0.55% | (2.87)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 18 | 12.88 | 228 | 0.00% | 7.89% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 Research Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 96 | $20.33 | $1949 | 0.86% | 18.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 122 | 17.20 | 2099 | 0.62% | 26.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 148 | 13.59 | 2012 | 1.01% | 29.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 150 | 10.52 | 1576 | 0.05% | (17.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 5 | 12.68 | 66 | 0.00% | 8.92% |
| Putnam VT Small Cap Value Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 25 | 17.78 | 440 | 0.87% | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 23 | 16.86 | 390 | 0.89% | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 23 | 15.83 | 359 | 0.45% | 24.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 19 | 12.75 | 238 | 0.15% | (12.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 4 | 14.63 | 57 | 0.00% | 1.51% |
| Putnam VT Sustainable Future Fund, Class IA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4 | 11.16 | 40 | 0.39% | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 10.85 | 21 | 0.00% | 7.95% |
| T. Rowe Price Blue Chip Growth Portfolio, Class II |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 226 | 17.30 | 3909 | 0.00% | 18.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 137 | 14.61 | 1997 | 0.00% | 35.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 162 | 10.81 | 1753 | 0.00% | 48.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 109 | 7.25 | 793 | 0.00% | (38.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 14 | 11.83 | 170 | 0.00% | 3.89% |
| Vanguard VIF Global Bond Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 35 | 10.05 | 352 | 3.32% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 11 | 9.51 | 100 | 2.20% | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 5 | 9.32 | 42 | 1.02% | 6.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1 | 8.75 | 10 | 0.31% | (13.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0 \* | 10.07 | 0 \* | 0.00% | (0.56)% |
| Vanguard VIF Real Estate Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 7 | 11.82 | 87 | 2.63% | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 5 | 11.47 | 53 | 1.59% | 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1 | 10.95 | 12 | 0.00% | 23.40% |
| Vanguard VIF Total Bond Market Index Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 636 | 10.01 | 6364 | 3.60% | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 440 | 9.36 | 4116 | 2.15% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 253 | 9.25 | 2343 | 2.29% | 5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 206 | 8.76 | 1802 | 0.00% | (13.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1 | 10.09 | 9 | 0.00% | (0.81)% |
| Victory RS Small Cap Growth Equity VIP Series, Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  | 0.71% | (3.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 0 \* | 7.98 | 2 | 0.00% | 11.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 0 \* | 7.14 | 2 | 0.00% | 20.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0 \* | 5.93 | 2 | 0.00% | (28.16)% |

---

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

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.