# EDGAR Filing Document

**Accession Number:** 0000821051
**File Stem:** 0001193125-26-196740
**Filing Date:** 2026-4
**Character Count:** 801921
**Document Hash:** eda6a0de7a1212f8b1f8bfdde88ec116
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196740.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196740

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
- **CENTRAL INDEX KEY:** 0000821051

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05315
- **FILM NUMBER:** 26924157

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
- **CENTRAL INDEX KEY:** 0000821051

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-141878
- **FILM NUMBER:** 26924156

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I (Series ID: S000008822)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000049509 | Fidelity Growth and Guaranteed Income Annuity |  |

##### [**Table of Contents**](#toc)
**As filed with the SEC on April 30, 2026** 

**Registration No. 333-141878** 

**Registration No. 811-05315** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-4** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**Pre-Effective Amendment No.** 

---

| | |
|:---|:---|
| **Post-Effective Amendment No. 21** | ☒ |

---

**REGISTRATION STATEMENT** 

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

---

| | |
|:---|:---|
| **Amendment No. 145** | ☒ |

---

## FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
**(Exact Name of Registered Separate Account)** 

## FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
**(Name of Insurance Company)** 

**900 Salem Street** 

**Smithfield, Rhode Island 02917** 

**(Address of Insurance Company's Principal Executive Offices)** 

**Insurance Company's Telephone Number: (800) 544-8888** 

**ARI LINDNER** 

**President** 

**Fidelity Investments Life Insurance Company** 

**900 Salem Street** 

**Smithfield, Rhode Island 02917** 

**(Name and Address of Agent for Service)** 

***Copy to:***

**MICHAEL BERENSON** 

**MORGAN, LEWIS & BOCKIUS LLP** 

**1111 Pennsylvania Avenue, N.W.** 

**Washington, D.C. 20004** 

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

☒ immediately upon filing pursuant to paragraph (b) of rule 485

☐ on April 30, 2026, pursuant to paragraph (b) of rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of rule 485

☐ on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 ("Securities Act").

**If appropriate, check the following box:** 

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

------

##### [**Table of Contents**](#toc)
**PROSPECTUS** 

April 30, 2026

**Fidelity Growth and Guaranteed Income<sup>®</sup> Annuity** 

Issued by **Fidelity Investments Life Insurance Company** 

**("FILI")** 

**Introduction:** 

This prospectus describes an individual, single premium, deferred variable annuity contract with a guaranteed withdrawal for life benefit (the "Contract"). All guarantees described in the Contract are subject to the claims-paying ability of Fidelity Investments Life Insurance Company("FILI", "we", or "us"). We are a life insurance company that is one of the group of financial service companies known as Fidelity Investments. Money may be directed to one or both of the two available Subaccounts of **Fidelity Investments Variable Annuity Account I (the "Variable Account"),** each of which invests in a single mutual fund portfolio (a "Fund"). Information about the Funds is provided in ***Appendix A***.

Currently, we do not offer this Contract for sale to new investors.

You purchased your Contract (1) on a non-qualified basis, or (2) on a qualified basis as an Individual Retirement Annuity ("IRA") under Section 408(b) of the Internal Revenue Code of 1986, as amended in connection with the "rollover" of contributions from a 401(a) plan, a tax-sheltered annuity, a 403(b) plan, a governmental 457(b) plan or an IRA.

**Important Disclosures:** 

The Contract is a complex investment and involves risks, including risk of loss. It is not a short-term investment and is not suitable for an investor who needs ready access to cash. The taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.

FILI's obligations and guarantees under the Contract are subject to FILI's financial strength and claims-paying ability.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.** 

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

------

##### [**Table of Contents**](#toc)
**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [**Glossary**](#pro931089_1) | 4 |
| [**Overview of the Contract**](#pro931089_2) | 6 |
| [**Important Information You Should Consider About the Contract**](#pro931089_3) | 8 |
| [**Fee Tables**](#pro931089_4) | 12 |
| [**1. Principal Risks of Investing in the Contract**](#pro931089_5) | 14 |
| [**2. FILI, the Variable Account, the Funds, and the Distributors**](#pro931089_6) | 15 |
| [(a). FILI and the Variable Account](#pro931089_7) | 15 |
| [(b). The Funds](#pro931089_8) | 15 |
| [(c). Selling the Contracts](#pro931089_9) | 16 |
| [(d). Legal Proceedings](#pro931089_10) | 16 |
| [**3. Purchase Payment**](#pro931089_11) | 16 |
| [(a). Purchase of a Contract](#pro931089_12) | 16 |
| [(b). Investment Allocation of Your Purchase Payment](#pro931089_13) | 17 |
| [(c). Accumulation Units](#pro931089_14) | 17 |
| [**4. Benefits Available Under the Contract**](#pro931089_15) | 19 |
| [(a). Overview of Benefits](#pro931089_16) | 19 |
| [(b). Death Benefit](#pro931089_17) | 20 |
| [(c). Guaranteed Withdrawal Benefit for Life](#pro931089_18) | 22 |
| [(d). Systematic Withdrawal Program](#pro931089_19) | 26 |
| [**5. Making Exchanges Among Subaccounts**](#pro931089_20) | 28 |
| [(a). General Procedures for Making Exchanges](#pro931089_21) | 28 |
| [(b). Making Exchanges by Telephone or Internet](#pro931089_22) | 28 |
| [(c). Effective Date of Exchanges Among Subaccounts](#pro931089_23) | 28 |
| [(d). Market Timing](#pro931089_24) | 29 |
| [(e). Short-Term Trading Risk](#pro931089_25) | 29 |
| [(f). FILI Policies Regarding Frequent Trading](#pro931089_26) | 29 |
| [(g). Frequent Trading Monitoring and Restriction Procedures](#pro931089_27) | 30 |
| [**6. Making Withdrawals**](#pro931089_28) | 31 |
| [**7. Income Phase**](#pro931089_29) | 31 |
| [(a). Annuity Date](#pro931089_30) | 31 |
| [(b). Annuity Income](#pro931089_31) | 32 |
| [**8. Current Charges and Other Deductions**](#pro931089_32) | 34 |
| [(a). Base Contract Expenses](#pro931089_33) | 34 |
| [(b). Surrender Charges](#pro931089_34) | 34 |
| [(c). Premium Taxes](#pro931089_35) | 35 |
| [(d). Funds' Expenses](#pro931089_36) | 35 |
| [(e). Other Taxes](#pro931089_37) | 35 |
| [**9. Tax Considerations**](#pro931089_38) | 35 |
| [(a). Introduction](#pro931089_39) | 35 |
| [(b). Tax Deferral During Accumulation Period](#pro931089_40) | 35 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| [(c). Qualified Contracts](#pro931089_41) | 37 |
| [(d). Contract Values and Proceeds](#pro931089_42) | 37 |
| [(e). Other Tax Information](#pro931089_43) | 39 |
| [(f). Exchanges of Contracts](#pro931089_44) | 39 |
| [(g). FILI's Tax Status](#pro931089_45) | 39 |
| [**10. More Information about the Contract**](#pro931089_46) | 40 |
| [(a). Contract Rights](#pro931089_47) | 40 |
| [(b). Assignment](#pro931089_48) | 41 |
| [(c). Notification of Death](#pro931089_49) | 41 |
| [(d). Automatic Transfer to the Government Money Market Subaccount Upon Due Proof of Death](#pro931089_50) | 41 |
| [(e). Proof of Survival](#pro931089_51) | 41 |
| [(f). Abandoned Property](#pro931089_52) | 42 |
| [(g). Reports to Owners](#pro931089_53) | 42 |
| [(h). Signature Guarantee or Customer Authentication](#pro931089_54) | 42 |
| [(i). Non-Participating Contract](#pro931089_55) | 42 |
| [(j). Postponement of Payment](#pro931089_56) | 42 |
| [(k). Special Provisions for Sales Under Sponsored Arrangements](#pro931089_57) | 43 |
| [(l). Written Requests Received at the Company](#pro931089_58) | 43 |
| [**11. More Information about the Subaccounts and the Funds**](#pro931089_59) | 43 |
| [(a). Changes in Subaccounts](#pro931089_60) | 43 |
| [(b). Voting Rights](#pro931089_61) | 44 |
| [(c). Resolving Material Conflicts](#pro931089_62) | 44 |
| [**Appendix A: Funds Available Under the Contract**](#pro931089_63) | 45 |
| [**Appendix B: Guaranteed Withdrawal Benefit for Life Examples**](#pro931089_64) | 46 |

---

------

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

**Accumulation Phase –** The Accumulation Phase starts when you purchase your Contract and ends on the Annuity Date, when the Income Phase starts.

**Accumulation Unit –** A unit of measure used prior to the Annuity Date to calculate the value of your contract in a Subaccount.

**Accumulation Unit Value –** The value of a particular Accumulation Unit at a particular time.

**Annuitant or Annuitants –** The person(s) designated by the Owner(s) whose age and life determine eligibility for benefits under the Guaranteed Withdrawal Benefit For Life provision and the Annuity Income provisions.

**Annuity Date –** A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday.

**Base Contract Expenses –** Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.

**Beneficiary or Beneficiaries –** The person or persons who receive proceeds from the Contract if all the Owners and Annuitants die before the Annuity Date.

**Code –** The Internal Revenue Code of 1986, as amended.

**Contract –** The annuity contract described in this prospectus.

**Contract Anniversary –** The same month and day as the Contract Date in each later year.

**Contract Date –** The date your Contract becomes effective. We show this date in your Contract.

**Contract Value** – The total amount attributable to a Contract at any time before annuity income payments begin.

**Contract Year –** A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.

**Death Benefit –** A benefit equal to the Contract Value that is triggered if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date.

**Exchanges –** Transfers of values among the Subaccounts.

**Free Look Period –** The limited period of time after you purchased your Contract that you were allowed to cancel it and return it for a refund.

**Funds –** The mutual fund portfolios in which the Subaccount invests.

**Gross Withdrawal –** The amount by which a withdrawal reduces the Contract Value. Such amount may include a Surrender Charge and taxes.

**Guaranteed Withdrawal Benefit Amount ("GWB Amount") –** The amount you are eligible to withdraw each Contract Year after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>.

**Guaranteed Withdrawal Benefit Value ("GWB Value") –** The value we use to determine your GWB Amount.

------

##### [**Table of Contents**](#toc)
**Income Phase –** The Income Phase starts on the Annuity Date and represents the period of time the Contract makes annuity income payments.

**IRA –** Refers generally to both an Individual Retirement Account and an Individual Retirement Annuity as defined in sections 408(a) and (b) respectively, of the Code. When it is used to refer to a Qualified Contract, it means a Contract that qualifies as an Individual Retirement Annuity as defined in section 408(b) of the Code.

**Money Market Period –** The period of time during the Contract's Free Look Period where your Contract will be invested entirely in the Government Money Market Subaccount if your Contract is a Qualified Contract or if state law requires that we return at least the amount of your Purchase Payment.

**Non-qualified Contract –** An annuity contract that does not qualify as an individual retirement annuity under Section 408(b) of the Code. This type of Contract may be purchased with money from any source.

**Owner(s) – also "You" or "Your" –** The one or two persons who have the ownership rights and privileges under the Contract. Two people may purchase a Contract only if they are spouses.

**Purchase Payment** – The single premium amount you invest in a Contract before any deduction for premium taxes.

**Qualified Contract –** A Contract that qualifies as an Individual Retirement Annuity under Section 408(b) of the Code.

**Subaccounts –** The divisions of the Variable Account to which you may allocate your Contract Value. Each Subaccount invests exclusively in the shares of one Fund.

**Total Return –** A measure of the investment performance for a Subaccount from one Valuation Period to the next.

**Valuation Period –** The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business (normally 4 p.m. Eastern Time) each day that the New York Stock Exchange is open for trading.

**Variable Account –** Fidelity Investments Variable Annuity Account I.

**Withdrawal Percentage –** The percentage we use to determine the GWB Amount for your Contract each Contract Year. The first withdrawal you make after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> will determine the Withdrawal Percentage for the duration of your Contract.

**You, you or Your, your –** The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed. You may not remove an Owner.

------

##### [**Table of Contents**](#toc)
**<u>OVERVIEW OF THE CONTRACT</u>**

**What is this Contract designed to do and who could it be appropriate for?** 

We designed the Contract to provide assistance in meeting retirement income goals by providing a withdrawal feature that allows for guaranteed withdrawals that can begin when the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> and last for the life or lives of the Annuitant(s). The Contract may be appropriate if you are seeking to protect your income level at or before retirement while at the same time retaining the potential for tax deferred growth and some access to assets.

**What are the different phases of the Contract?** 

Your Contract has two phases: 1) an Accumulation Phase; and 2) an Income Phase, beginning on the Annuity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accumulation Phase** 

During this phase, you invest your money in one or both of the two Subaccounts available under the Contract. Each Subaccount invests exclusively in shares of one Fund. Values invested in the Subaccount(s) may increase, decrease, or stay the same. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in ***Appendix A: Funds Available Under the Contract***. During this phase and after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, Owners typically begin taking advantage of the Contract's Guaranteed Withdrawal Benefit for Life feature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income Phase** 

The Income Phase begins on the Annuity Date, a date you select, and lasts for the remainder of the Contract. During this phase, the Contract pays a stream of guaranteed income payments to the Owner(s). For a Contract issued to one Owner, we pay fixed annuity income to the Owner beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay fixed annuity income to the Owners if either (1) both the Owners are alive on the Annuity Date or (2) one Owner is still alive on the Annuity Date and the surviving Owner was the deceased Owner's spouse at the time of death and elected to continue the Contract as his or her own. The Contract offers two annuity income options.

**What are the primary features of the Contract?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Guaranteed Withdrawal Benefit For Life:** Under this benefit, when the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount ("GWB Amount"). The GWB Amount is
available for withdrawal each Contract Year during the Annuitant(s)' lifetime regardless of the amount of your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any
withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years. Withdrawals that exceed the GWB Amount or that are taken before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> may significantly reduce the value of this benefit. Other important conditions and limitations apply to this feature. See  ***4(c). Guaranteed Withdrawal Benefit for Life.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accessing your money:** During the Accumulation Phase, you have full access to your money. You can choose to
withdraw your Contract Value at any time (although certain withdrawals prior to age 59<sup>1</sup>⁄<sub>2</sub> may be subject to a tax penalty equal to 10% of the amount treated as
taxable income). Before making any withdrawal, you should first understand the impact it will have on your Contract's Guaranteed Withdrawal Benefit for Life feature.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tax treatment:** You can exchange money among the Subaccounts without tax implications. Under current law,
you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be
imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Death Benefit:** Your Contract includes a standard Death Benefit that will pay your designated Beneficiaries
the Contract Value if all the owners die during the Accumulation Phase. Please note poor investment performance and withdrawals can significantly reduce this benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Systematic Withdrawal Program:** At no additional charge, you may use our Systematic Withdrawal Program to
make withdrawals in an amount up to your eligible GWB Amount on a periodic basis. Systematic Withdrawals must be at least $50 on a monthly, quarterly, semi-annual, or annual basis. If your Contract is a Qualified Contract and you are subject to
required minimum distributions ("RMD") under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program.

------

##### [**Table of Contents**](#toc)
**<u>IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in**<br> **Prospectus**<br>|
| &nbsp;&nbsp;&nbsp;Are There Charges or Adjustments for Early Withdrawals? | We assess a 2% Surrender Charge (assessed against the amount withdrawn) on Withdrawals during the first five Contract Years unless a waiver applies. | We assess a 2% Surrender Charge (assessed against the amount withdrawn) on Withdrawals during the first five Contract Years unless a waiver applies. | We assess a 2% Surrender Charge (assessed against the amount withdrawn) on Withdrawals during the first five Contract Years unless a waiver applies. | We assess a 2% Surrender Charge (assessed against the amount withdrawn) on Withdrawals during the first five Contract Years unless a waiver applies. | Fee Tables |
| &nbsp;&nbsp;&nbsp;Are There Transaction Charges? | No | No | No | No |  |
| &nbsp;&nbsp;&nbsp;Are There Ongoing<br>Fees and Expenses? | Yes, the table below describes the fees and expenses that you may pay *each year,* depending on the investment options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. | Yes, the table below describes the fees and expenses that you may pay *each year,* depending on the investment options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. | Yes, the table below describes the fees and expenses that you may pay *each year,* depending on the investment options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. | Yes, the table below describes the fees and expenses that you may pay *each year,* depending on the investment options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. |  |
|  | **FOR CONTRACTS PURCHASED ON OR AFTER JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED ON OR AFTER JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED ON OR AFTER JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED ON OR AFTER JANUARY 1, 2009** |  |
|  | <br> **Annual Fee** | <br> **Minimum** | <br> **Minimum** | <br> **Maximum** | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Base Contract (with 1 Annuitant) | 1.25%<sup>1</sup> | 1.25%<sup>1</sup> | 1.25%<sup>1</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Base Contract (with 2 Annuitants) | 1.40%<sup>1</sup> | 1.40%<sup>1</sup> | 1.40%<sup>1</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Subaccounts (Fund fees and expenses) | 0.28%<sup>2</sup> | 0.28%<sup>2</sup> | 0.68%<sup>2</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. |  |
|  | **Lowest Annual Cost**<br> **$1,564** | **Lowest Annual Cost**<br> **$1,564** | **Highest Annual Cost**<br> **$1,840** | **Highest Annual Cost**<br> **$1,840** |  |
|  | Assumes | Assumes | Assumes | Assumes |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.25% and least expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.25% and least expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.40% and most expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.40% and most expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals |  |

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##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FOR CONTRACTS PURCHASED PRIOR TO JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED PRIOR TO JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED PRIOR TO JANUARY 1, 2009** | **FOR CONTRACTS PURCHASED PRIOR TO JANUARY 1, 2009** |  |
|  | **Annual Fee** | **Minimum** | **Minimum** | **Maximum** | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Base Contract (with 1 Annuitant) | 1.10%<sup>1</sup> | 1.10%<sup>1</sup> | 1.10%<sup>1</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Base Contract (with 2 Annuitants) | 1.25%<sup>1</sup> | 1.25%<sup>1</sup> | 1.25%<sup>1</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Subaccounts (Fund fees and expenses) | 0.28%<sup>2</sup> | 0.28%<sup>2</sup> | 0.68%<sup>2</sup> | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | <sup>1</sup> *As a percentage of the average Contract Value.* | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | <sup>2</sup> *As a percentage of the net assets of each Subaccount.* | Fee Tables<br>8. Current Charges and Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. |  |
|  | **Lowest Annual Cost**<br> **$1,439** | **Lowest Annual Cost**<br> **$1,439** | **Highest Annual Cost**<br> **$1,719** | **Highest Annual Cost**<br> **$1,719** |  |
|  | Assumes | Assumes | Assumes | Assumes |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.10% and least expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.10% and least expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.25% and most expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; • Investment of $100,000<br>• 5% annual appreciation<br>• Base Contract Expense of 1.25% and most expensive Fund fee<br>• No Sales Charge<br>• No transfers or withdrawals |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | **Location in Prospectus**<br>|
| &nbsp;&nbsp;&nbsp; Is There a<br> Risk of Loss from Poor Performance? | Yes, an investor can lose money by investing in the Contract. | Yes, an investor can lose money by investing in the Contract. | Yes, an investor can lose money by investing in the Contract. | Yes, an investor can lose money by investing in the Contract. | 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account<br>2(b). The Funds<br>|
| &nbsp;&nbsp;&nbsp;Is This a Short-Term Investment? | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because tax deferral and the Contract's Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.<br>Withdrawals may be subject to Surrender Charges, and certain withdrawals can significantly reduce the value of the Guaranteed Withdrawal Benefit for Life feature. | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because tax deferral and the Contract's Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.<br>Withdrawals may be subject to Surrender Charges, and certain withdrawals can significantly reduce the value of the Guaranteed Withdrawal Benefit for Life feature. | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because tax deferral and the Contract's Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.<br>Withdrawals may be subject to Surrender Charges, and certain withdrawals can significantly reduce the value of the Guaranteed Withdrawal Benefit for Life feature. | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because tax deferral and the Contract's Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.<br>Withdrawals may be subject to Surrender Charges, and certain withdrawals can significantly reduce the value of the Guaranteed Withdrawal Benefit for Life feature. | 1. Principal Risks of Investing in the Contract<br>4(c). Guaranteed Withdrawal Benefit for Life<br>6. Making Withdrawals |

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| &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RISKS** | **Location in**<br> **Prospectus**<br>|
| &nbsp;&nbsp;&nbsp;What Are the Risks Associated with the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; • An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).<br>• Performance will vary based on the performance of the Subaccount(s) you select.<br>• Each Subaccount will have its own unique risks.<br>• You should review each Fund's prospectus carefully before making an investment decision.<br>| 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account<br>2(b). The Funds<br>|
| &nbsp;&nbsp;&nbsp;What Are the Risks Related to the<br>Insurance Company? | The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company ("FILI, "we", or "us"). The obligations, guarantees, and benefits of the Contract are subject to FILI's claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of March 5, 2026. | 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **RESTRICTIONS** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **RESTRICTIONS** | **Location in**<br> **Prospectus**<br>|
| &nbsp;&nbsp;&nbsp;Are There Restrictions on the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; Yes, the following restrictions may apply:<br>• Additional Purchase Payments are not allowed.<br>• You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.<br>• Exchanges by telephone and/or Internet are limited to four days in each calendar year.<br>• Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase or Exchanges.<br>• We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new Fund for the Fund in which a Subaccount invests.<br>| 3(a). Purchase of a Contract<br>5. Making Exchanges among Subaccounts<br>5(f). FILI policies Regarding Frequent Trading<br>11(a). Changes in Subaccounts |
| &nbsp;&nbsp;&nbsp; Are There Any Restrictions<br> on Contract Benefits? | &nbsp;&nbsp;&nbsp;&nbsp; Yes, there are:<br>• We will not pay any Beneficiary their portion of the Death Benefit until we have determined the number of Beneficiaries entitled to receive payment and received all required forms in good order.<br>• Important conditions and limitations apply to the Guaranteed Withdrawal Benefit for Life feature, including: withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> may significantly reduce the GWB Amount in future Contract Years.<br>• We reserve the right modify or terminate certain benefits available under the Contract.<br>| 4. Benefits<br>Available Under<br>the Contract |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **TAXES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **TAXES** | **Location in**<br> **Prospectus**<br>|
| &nbsp;&nbsp;&nbsp;What Are the Contract's<br>Tax Implications? | &nbsp;&nbsp;&nbsp;&nbsp; • Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.<br>• If you purchased the Contract through a tax qualified plan or individual retirement account (IRA), you do not get any additional tax benefit from this Contract.<br>• Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>.<br>| Overview of the Contract<br>1. Principal Risks of Investing in the Contract<br>9. Tax<br>Considerations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | **Location in**<br> **Prospectus**<br>|
| &nbsp;&nbsp;&nbsp;How Are Investment Professionals Compensated? | Your investment professional may receive compensation for selling this Contract to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Contract over another investment. | 2(b). The Funds<br>2(c). Selling the Contracts |
| &nbsp;&nbsp;&nbsp; Should I<br> Exchange My Contract? | Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract. | *"Replacement of Contracts"* under<br> 3(a). Purchase of a Contract |

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**<u>FEE TABLES</u>**

**The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender, or make withdrawals from the Contract. State premium taxes may also be deducted.** 

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| &nbsp;&nbsp;&nbsp; **Transaction Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrender Charge<sup>1</sup><br> *(as a percentage of amount withdrawn during first 5 Contract Years)* | 2% |

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

**<u>Annual Contract Expenses</u>**

***Contracts purchased on or after January 1, 2009***

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|:---|:---|:---|
|  | **Contracts with 1 Annuitant**<br> On Contract Date | **Contracts with 2 Annuitants**<br> On Contract Date |
| &nbsp;&nbsp;&nbsp;&nbsp; Base Contract Expenses<sup>2</sup><br> *(As a percentage of the average Contract Value)* | 1.25% | 1.40% |

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***Contracts purchased prior to January 1, 2009***

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|:---|:---|:---|
|  | **Contracts with 1 Annuitant**<br> On Contract Date | **Contracts with 2 Annuitants**<br> On Contract Date |
| &nbsp;&nbsp;&nbsp;&nbsp; Base Contract Expenses<sup>2</sup><br> *(As a percentage of the average Contract Value)* | 1.10% | 1.25% |

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**The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Funds available under the Contract, including their annual expenses, may be found at the back of this document.** 

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| &nbsp;&nbsp;&nbsp; **Annual Portfolio Company Expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;**Minimum** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**Maximum** <br>|
| &nbsp;&nbsp;&nbsp; (expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)<br>| 0.28% | 0.68% |
| &nbsp;&nbsp;&nbsp; (expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers or expense reimbursements)<br>| 0.28% | 0.63%<sup>3</sup> |

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| <sup>1</sup> | *Surrender Charge will not apply to withdrawals of the GWB Amount, amounts withdrawn pursuant to our Systematic Withdrawal Program to meet required minimum distributions under the Code, or proceeds received as a required distribution following the death of an Owner.*  |

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| <sup>2</sup> | *Base Contract Expenses is the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as "Total Separate Account Annual Expenses".*  |

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<sup>3</sup> *This reflects temporary reductions to Fund expenses.* 

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**Examples** 

**These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other annuity contracts that offer variable options. These costs include annual transaction expenses, annual Contract expenses, and annual Fund expenses.** 

**These examples assume that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year, Base Contract Expenses assuming 2 Annuitants, and the maximum annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:** 

***Contracts purchased on or after January 1, 2009***

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|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 Years** |
| &nbsp;&nbsp;&nbsp; If you surrender Your Contract at the end of the applicable time period<sup>4</sup> | $4169 | $8698 | $13496 | $24104 |
| &nbsp;&nbsp;&nbsp; If you annuitize at the end of the applicable period or do not surrender your Contract | $2110 | $6518 | $11186 | $24104 |

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***Contracts purchased prior to January 1, 2009***

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|  | **1 year** | **3 years** | **5 years** | **10 Years** |
| &nbsp;&nbsp;&nbsp; If you surrender Your Contract at the end of the applicable time period<sup>4</sup> | $4021 | $8251 | $12745 | $22537 |
| &nbsp;&nbsp;&nbsp; If you annuitize at the end of the applicable period or do not surrender your Contract | $1960 | $6061 | $10418 | $22537 |

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| <sup>4</sup> | *During the 1,3, and 5 year periods, the entire amount surrendered is subject to the 2% surrender fee.*  |

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**<u>1. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT</u>**

***Risk of Loss:*** The value of the money you invest in any Subaccount will vary with the investment performance of the single Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Values may increase, decrease, or stay the same. You bear the investment risk. You should review each Fund's prospectus carefully before making an investment decision.

***Not A Short-Term Investment:*** The Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax deferral and the Contract's Guaranteed Withdrawal Benefit for Life feature are more advantageous to
investors with a long-time horizon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals that exceed the Guaranteed Withdrawal Benefit Amount or that are taken before the youngest Annuitant
reaches age 59<sup>1</sup>⁄<sub>2</sub> may significantly reduce the value of the Guaranteed Withdrawal Benefit for Life Feature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals during the first five Contract Years may be subject to a 2% Surrender Charge, which would reduce the
Contract Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse tax consequences may result from withdrawals prior to age
59<sup>1</sup>⁄<sub>2</sub> (see below).

***Possibility of Adverse Tax Consequences:*** A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>.

***Another Annuity Contract May Be More Appropriate:*** It is possible that other annuity contracts, including a contract with lower expenses, may be more appropriate for you. You should have only purchased this Contract for the Guaranteed Withdrawal Benefit for Life feature. If you are not currently using this benefit and do not plan to use it in the future, it is likely a less expensive annuity is more appropriate for you. Note exchanging from one annuity contract to another should only be done after a careful consideration of the benefits, features, and expenses of the existing and proposed annuity. **See *Replacement of Contracts*** in ***3(a)***.

***Potential Harmful Fund Transfer Activit***y***:*** Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund's performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long term shareholders in cases in which fluctuations in markets are not fully priced into the Fund's net asset value. FILI has adopted policies designed to discourage frequent trading. **See *5. Making Exchanges among Subaccounts*** for more information.

***Insurance Company Risks:*** The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company ("FILI", "we", or "us"). The obligations, guarantees, and benefits of the Contract are subject to FILI's claims-paying ability. If FILI experiences financial distress, it may not be able to meet its obligations to you – obligations under the Guaranteed Withdrawal Benefit for Life feature and annuity income payments could be especially at risk.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We reserve the right to limit exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new Fund for
the Fund in which a Subaccount invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may modify or terminate certain Contract features such as the systematic withdrawal program.

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**<u>2. FILI, THE VARIABLE ACCOUNT, THE FUNDS, AND THE DISTRIBUTORS</u>**

**<u>2(a). FILI and the Variable Account</u>**

***FILI:*** The Contract is issued by FILI. We are a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The lifetime annuity income payments and payments of GWB Amounts in excess of assets in the Variable Account made under the Contract are subject to our claims-paying ability and financial strength. We issue other annuity contracts and life insurance policies as well, and certain benefits and obligations under these products are also subject to our claims-paying ability and financial strength. We have an A+ Financial Strength Rating from AM Best as of March 5, 2026.<sup>1</sup> Our principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.

***The Variable Account****:* Fidelity Investments Variable Annuity Account I is a separate account used to support the Contract and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Account's own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Contracts. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all amounts promised to investors under the Contracts.

***Financial Statements:*** FILI's financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information.

<sup>1</sup> *Financial strength ratings are opinions from independent rating agencies of an insurer's financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change.*

**<u>2(b). The Funds</u>**

There are currently two available Subaccounts in the Variable Account. In addition, the Contract also provides for a Government Money Market Subaccount, which your Purchase Payment may be allocated to only during the Free Look Period or following the death of the last surviving Owner or Annuitant. Each Subaccount in the Variable Account invests exclusively in a single Fund. Each Fund is part of a trust that is registered with the SEC as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund's assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund. In addition, the names and investment objectives of the Funds may be similar to those of other funds available through the same investment advisor, however, the performance of such funds may differ significantly.

FILI or its insurance agency affiliate receives annual compensation of up to 0.40% of assets allocated to the Funds, for customer service, distribution and recordkeeping services with respect to those assets. This compensation is received from the Funds' advisors or their affiliates. These payments are not contract charges, and do not increase Fund or contract charges.

Investments by the Subaccounts in securities of foreign issuers may result in a foreign investment tax credit which we will claim on our federal income tax filings.

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***Where to Find More Information on the Funds:*** Information regarding each Fund including its name, investment objective, investment advisers, subadvisers, current expenses, and performance is available in ***Appendix A: Funds Available Under the Contract***. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 800-544-2442 or visiting www.dfinview.com/Fidelity/PUFT/FGGI.

**<u>2(c). Selling the Contracts</u>** 

Fidelity Brokerage Services LLC ("FBS") and Fidelity Insurance Agency, Inc. ("FIA") distribute the Contracts. FBS is the principal underwriter. Both FBS and FIA are affiliates of us and of FMR LLC, our parent company. Fidelity Distributors Company LLC ("FDC") is the distributor of the Fidelity family of funds. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917.

We pay FIA compensation of not more than 2% of Purchase Payments received in the first Contract Year for marketing and distribution. We also pay FIA renewal compensation in later years based on Contract Values and the persistency of the Contracts. Our renewal compensation payments for a Contract for a year will be approximately equal to 0.10% of the Contract Value at the end of the year.

**<u>2(d). Legal Proceedings</u>** 

Neither the Registrant, the Registrant's principal underwriter nor the Depositor is a party to any material pending legal proceedings.

**<u>3. PURCHASE PAYMENT</u>**

**<u>3(a). Purchase of a Contract</u>** 

Currently, we do not offer this Contract for sale to new investors. Also, additional purchase payments are not allowed for existing Contracts.

***Application and Initial Purchase Payment:*** You purchased your Contract (1) on a non-qualified basis ("Non-qualified Contract"), or (2) on a qualified basis ("Qualified Contract") as an Individual Retirement Annuity ("IRA") under Section 408(b) of the Code. Generally, we issued Qualified Contracts only with money transferred from a plan qualified under section 401(a) of the Code, a 403(b) mutual fund account or a 403(b) tax-sheltered annuity, a governmental 457(b) plan or an IRA.

To purchase a Contract, you were generally required to make a single Purchase payment of at least $25,000 and complete an application form. We also allowed a Contract to be purchased by exchanging one or more annuity contracts or life insurance policies, and a Contract's Purchase Payment to be paid from different sources (e.g., personal check and proceeds from a brokerage account).

We applied your Purchase Payment to the purchase of a Contract within two business days of receiving your payment and completed application in a form acceptable to us at our Annuity Service Center. The date that we credited your Purchase Payment and your Contract became effective is called the Contract Date.

***Contracts Owned by Trusts:*** We issued Contracts to revocable grantor trusts. There are special provisions that apply to these Contracts. The trust must be the Owner, and a second Owner cannot be added. At issue, the grantor(s) of the trust must be the Annuitant(s). If the trust has only a single grantor, the grantor's spouse may be named as a joint Annuitant. The Annuitant(s) may not be changed. At issue, the Annuity Date was the first day of the first calendar month after the oldest Annuitant's 95th birthday, or an earlier date chosen by the Owner. The

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trust must be the sole Beneficiary. Also, at issue, we required a representation from the grantor(s) that the trust is for the sole benefit of the grantor(s). This is to ensure that the Contract will be respected as an annuity for purposes of federal income tax law.

***Replacement of Contracts:*** You can generally exchange a non-qualified annuity contract for another in a "tax-free exchange" under Section 1035 of the Internal Revenue Code or transfer a qualified annuity contract directly to another life insurance company as a "trustee-to-trustee transfer". Before making an exchange or transfer, you should compare both annuities carefully. Remember that if you exchange or transfer one annuity for another annuity, then you may pay a surrender charge on your existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange or transfer one annuity for another unless you determine, after knowing all the facts, that the exchange or transfer is in your best interest and not just better for the person trying to sell you the new annuity contract (that person will generally be compensated if you buy the contract through an exchange, transfer or otherwise).

**<u>3(b). Investment Allocation of Your Purchase Payment</u>**

You choose how to allocate your Purchase Payment among the two available Subaccounts and the percentage to be allocated to each. As stated above, your Purchase Payment may have been invested in the Government Money Market Subaccount during part or for the entirety of the Free Look Period. Also, we will allocate the value of your Contract to the Government Money Market Subaccount for a limited time following the death of the last surviving Owner or Annuitant. **See *10(d) Automatic Transfer To The Government Money Market Subaccount Upon Due Proof Of Death***. You may not choose to allocate your Purchase Payment or Contract Value to the Government Money Market Subaccount at any time.

Instructions may be expressed in dollars or in percentages. All instructions must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment will be allocated to the Government Money Market Subaccount until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.

At the time your Purchase Payment is invested in a Subaccount, we credit a number of Accumulation Units to your Contract based on each Subaccount's current Accumulation Unit Value.

You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction you should notify the Annuity Service Center promptly. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.

**<u>3(c). Accumulation Units</u>** 

We credit your payments allocated to the Subaccounts in the form of Accumulation Units. The number of Accumulation Units credited to each Subaccount is determined by dividing the net payment allocated to that Subaccount by the Accumulation Unit Value for that Subaccount as of the end of the Valuation Period during which the Purchase Payment is received at our Annuity Service Center. Accumulation Units are adjusted for any exchanges or transfers into or out of a Subaccount.

For each Subaccount the Accumulation Unit Value for the first Valuation Period of the Subaccount was set at $10. The Accumulation Unit Value for each subsequent Valuation Period is the Net Investment Factor for that period, multiplied by the Accumulation Unit Value for the immediately preceding Valuation Period. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.

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Each Subaccount has a Net Investment Factor (also referred to as the "Total Return"). The Net Investment Factor is an index that measures the investment performance of a Subaccount from one Valuation Period to the next.

The Net Investment Factor for each Subaccount for a Valuation Period is determined by adding (a) and (b), subtracting (c) and then dividing the result by (a) where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the value of the assets of the Subaccount at the end of the preceding Valuation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is the investment income and capital gains, realized or unrealized, credited to the Subaccount during the
current Valuation Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The capital losses, realized or unrealized, charged during the current Valuation Period plus any amount charged
or set aside for taxes during the current Valuation Period;

PLUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The deduction from the Subaccount during the current Valuation Period representing a daily charge equivalent to
an effective annual rate of the Base Contract Expenses as shown in the Fee Tables.

The Net Investment Factor may be greater than or less than one. If it is greater than one, the Accumulation Unit Value will increase; if less than one, the Accumulation Unit Value will decrease.

Shares of the Funds are valued at their net asset values. Any dividends or capital gains distributions from a Fund are reinvested in that Fund.

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**<u>4. BENEFITS AVAILABLE UNDER THE CONTRACT</u>**

**<u>4(a). Overview of Benefits</u>**

The following table summarizes information about benefits available under the Contract. A detailed description of each benefit follows the tables.

**Standard Benefits** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of**<br> **Benefit** | **Purpose** | **Maximum<br>Fee** | **Brief Description of<br>Restrictions/Limitations** |
| &nbsp;&nbsp;&nbsp;Death Benefit | Upon death of an Owner (or Annuitant in the case of a trust owned contract) prior to the Annuity Date, provides a benefit equal to the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. |  | There is no guaranteed minimum death benefit. Poor investment performance and withdrawals can significantly reduce the benefit. We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. |
| &nbsp;&nbsp;&nbsp;Guaranteed Withdrawal Benefit for Life | Under this benefit, when the youngest Annuitant reaches age<br> 59<sup>1</sup>⁄<sub>2</sub> you are eligible to withdraw a specific amount each Contract Year called the GWB Amount. The GWB Amount is available for withdrawal each Contract Year during the Annuitant(s)' lifetime regardless of the amount of your Contract Value. The GWB Amount may change each Contract Year. |  | No benefit is payable until the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>.<br>Withdrawals, including withdrawals of the GWB Amount, will reduce the Contract Value.<br>Withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> may significantly reduce the GWB Amount in future Contract Years.<br>Unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of**<br> **Benefit** | <br> **Purpose** | **Maximum<br>Fee** | **Brief Description of<br>Restrictions/Limitations** |
| &nbsp;&nbsp;&nbsp;Systematic Withdrawal Program | Allows for withdrawals up to your eligible GWB Amount on a periodic basis. If your Contract is a Qualified Contract and you are subject to required minimum distributions ("RMD") under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program. |  | Systematic withdrawal must be at least $50.<br>If you make an additional withdrawal that is not part of a Systematic Withdrawal Program, we will terminate the program for the remainder of the Contract Year.<br>We reserve the right to modify or terminate this benefit. |

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**<u>4(b).</u><u> </u> <u>Death</u><u> </u><u>Benefit</u>** 

***What is the Death Benefit?***

The Death Benefit is a benefit that is triggered if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date. The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. The Contract does not guarantee your designated beneficiary(ies) will receive a minimum amount. Poor investment performance and withdrawals can significantly reduce this benefit.

For information on payments, if any, to Beneficiaries following the death of the last surviving Annuitant on or after the Annuity Date, **see *7. Income Phase.***

***Who has the right to the Death Benefit?***

If all the Owners die before the Annuity Date (or all Annuitants in the case of Contracts owned by a trust and Qualified Contracts), then the Beneficiary(ies) has the right to the Death Benefit. If a Contract has two Owners and one Owner dies, the surviving Owner, not the Beneficiary(ies), has the right to the Death Benefit. If the Contract is owned by a single Owner, a trust or is a Qualified Contract and there are two Annuitants and one Annuitant dies, the surviving Annuitant, not the Beneficiary(ies), has the right to the Death Benefit.

***What are the different options for receiving the Death Benefit?***

*The below discussion applies only to Non-qualified Contracts. For a description of the settlement options applicable to Qualified Contracts, please see the IRA Disclosure Statement that accompanies this prospectus.* 

The options for receiving the Contract's Death Benefit are driven primarily by federal tax law, which requires that if any Owner of an annuity contract dies before the Annuity Date, the entire interest in the contract must be distributed within five years after the Owner's death. If the contract is owned by a trust, then the death of an Annuitant is treated as a death of an Owner. However, there are exceptions to this requirement, which allow in certain circumstances for a Beneficiary / surviving Owner to annuitize or continue an annuity contract. The settlement options we make available for this Contract are described below. In the event a surviving Owner or a Beneficiary does not elect any of these options, a lump sum distribution of the Contract Value may be requested.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Settlement Option** | **Description** | **Restrictions** |
| &nbsp;&nbsp;&nbsp;5 Year Distribution | Entire interest in the Contract must be withdrawn no later than five years from the date of death.<br>In the event state escheatment laws require escheatment to the state before five years from the date of death, a Beneficiary may not have the full five-year distribution period to withdraw the Contract Value as described in the Contract. **See *10(f). Abandoned Property.***<br>| No restrictions |
| &nbsp;&nbsp;&nbsp;Annuitization | Entire interest in the Contract is payable over the Beneficiary's or surviving Owner's lifetime by electing annuitization within 60 days of the date of death, with distributions beginning within one year of the date of death. A Beneficiary who elects this option gives up future access to the Contract Value in exchange for a guaranteed stream of income.<br>| Beneficiary must be a natural person |
| &nbsp;&nbsp;&nbsp;Continuation of Contract *without* Guaranteed Withdrawal Benefit for Life | Continue the Contract, or their portion of the Contract, as the Owner. Note: since the Guaranteed Withdrawal Benefit for Life feature and any payments under it cease but the Contract's expenses continue, it may not be in a Beneficiary's best interest to continue the Contract for a significant length of time. | Only available upon the death of all Annuitants, and Beneficiary is spouse of the last surviving Annuitant at time of death.<br>Federal tax law does not allow a civil union partner to continue the Contract as his or her own. |
|  |  | Only available upon the death of all Annuitants, and Beneficiary is spouse of the last surviving Annuitant at time of death.<br>Federal tax law does not allow a civil union partner to continue the Contract as his or her own. |
| &nbsp;&nbsp;&nbsp;Continuation of Contract *with* Guaranteed Withdrawal Benefit for Life | Continue the Contract as the Owner with all terms and conditions of the Contract remaining in force. Will be treated as having been the sole Owner from the Contract Date. Allowed to change the Annuity Date to a date as late as first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday<br>Note: for Contracts with 2 Annuitants, the Contract defaults to this option upon the first death of an Annuitant before the Annuity Date.<br>| Applies to Contracts with 2 Annuitants upon first death of an Annuitant. Surviving Annuitant must be the spouse of deceased Annuitant at time of death.<br>Federal tax law does not allow a civil union partner to continue the Contract as his or her own. |

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***How are Beneficiaries designated in the Contract?***

The Owner(s) name(s) a Beneficiary or Beneficiaries in the application and can change Beneficiaries later. For a Contract owned by a trust, the trust must be named as the sole Beneficiary.

Owner(s) must indicate in percentages what portion of the Contract each Beneficiary is to receive. If the total does not equal 100%, each Beneficiary's share will be determined by using a fraction, the numerator of which is

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the stated percentage for that Beneficiary, and the denominator of which is the total of the percentages indicated by the Owner(s).

Beneficiary designations must be in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem unable to administer, which may include designations that contain contingencies that could delay payment or designations that would require us to refer to external documents or the outcome of legal proceedings.

***What is the process for claiming the Death Benefit?***

After the death of all the Owners and Annuitants, each Beneficiary has the right to withdraw their share of the Contract Value, as detailed below.

Before we make a payment to any Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner (or for the last surviving Annuitant if the Contract has one Owner and joint Annuitants) and any required tax withholding and other forms. We may seek to obtain a death certificate directly from the appropriate governmental body if we believe that any Owner may have died.

At the close of the Valuation Period in which we receive the death certificate(s), we will transfer any portion of the Contract Value that is in the Subaccounts to the Government Money Market Subaccount. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts.

We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.

Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will pay any Beneficiary who has provided us with required tax withholding and other forms. Such payment will be net of any applicable taxes and will be paid no later than allowed under the Investment Company Act of 1940 and any applicable state law. After making the payment, we will have no further obligations to that Beneficiary. If the Contract Value for any one Beneficiary is less than $5,000 when we have received all required documentation, then we will send that Beneficiary their entire portion of the Contract Value.

If a Beneficiary has been designated to receive a specified fraction of the Contract Value, we will pay that fraction as determined on the date of payment. For example, if there are two Beneficiaries and each is designated to receive 50%, the first Beneficiary to receive payment would receive 50% of the Contract Value on the date the payment is made, and the other Beneficiary would later receive the remainder, which might be worth more or less than what was paid to the first Beneficiary. All payments will be net any applicable taxes.

If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary's estate.

**<u>4(c). Guaranteed Withdrawal Benefit for Life</u>** 

***Introduction:*** When the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount ("GWB Amount"). The GWB Amount, described below, is available for withdrawal each Contract Year during the Annuitant(s)' lifetime regardless of the amount of your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.

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The GWB Amount is determined each Contract Year by multiplying the Guaranteed Withdrawal Benefit Value ("GWB Value"), described below, by the Withdrawal Percentage, also described below.

For Contracts not owned by a trust, Owner(s) must be Annuitant(s). Because the Code requires certain distributions following the death of an Owner, we limit joint Ownership to spouses only. If the Contract has a single Owner, that Owner may name a spouse as a joint Annuitant at time of application. In the case of a trust owned Contract, the grantor of the trust must be an Annuitant. The grantor's spouse may also be named as a joint Annuitant at time of application. Federal tax law does not extend the same continuation rights to civil union partners. **See *4(b). Death Benefit****.*

No benefit is payable until the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>. The Annuitant(s) will be shown on the Contract's Schedule page. The Annuitant(s) may not be changed after the Contract Date.

***GWB Amount:*** Your first withdrawal after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> will establish a Withdrawal Percentage from the table shown below. The initial GWB Amount is determined by multiplying the applicable Withdrawal Percentage by the GWB Value. Once the GWB Amount is determined for a Contract Year, it will not change for the rest of that Contract Year. On each subsequent Contract Anniversary, the GWB Amount may change as described below.

Before the youngest Annuitant reaches the age of 59<sup>1</sup>⁄<sub>2</sub>, the GWB Amount is zero.

**Once the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, your first withdrawal will establish a Withdrawal Percentage that will never change.** 

**If the Contract has two Annuitants on the Contract Date and one Annuitant dies before a Withdrawal Percentage is determined, the age of the surviving Annuitant will be used to determine the applicable Withdrawal Percentage from the Two Annuitants Withdrawal Percentages column shown in the table below.** 

If you delay taking a first withdrawal until the youngest Annuitant reaches one of the older ages shown below, the Withdrawal Percentage shown for that older age will be used to determine the GWB Amount each Contract Year for the duration of the Contract. If you never take a withdrawal before the latest possible Annuity Date, the Withdrawal Percentage shown for ages 80 and older will be used to establish your eligible GWB Amount on the latest possible Annuity Date.

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| | | |
|:---|:---|:---|
| **Youngest**<br> **Annuitant's Age**<br> **at First Withdrawal** | **One Annuitant Withdrawal<br>Percentage** | **Two Annuitants Withdrawal<br>Percentage** |
| 59 <sup>1</sup>⁄<sub>2</sub> - 64 | 5% | 4.5% |
| 65 - 69 | 5% | 5.0% |
| 70 - 79 | 6% | 5.5% |
| 80 and older | 7% | 6.5% |

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For example, assume there are two Annuitants. Once the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, you are eligible to make a withdrawal of the GWB Amount using a Withdrawal Percentage of 4.5%. If you make a withdrawal while the youngest Annuitant is 62, the withdrawal will be considered the first withdrawal and the Withdrawal Percentage of 4.5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract. However, if you choose to wait until the youngest Annuitant turns age 65 to make the first withdrawal, the Withdrawal Percentage of 5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract.

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On each Contract Anniversary, a new GWB Amount will be calculated by multiplying the Withdrawal Percentage established by your first withdrawal after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> by the GWB Value on that same Contract Anniversary.

Generally, your new GWB Amount will be equal to or greater than the first GWB Amount established following the first withdrawal after the youngest Annuitant reached 59<sup>1</sup>⁄<sub>2</sub> as long as total withdrawals in any Contract Year do not exceed the GWB Amount for that same Contract Year.

Each time you make a withdrawal, your Contract Value will be reduced by the amount of the withdrawal. In addition, if total withdrawals in any Contract Year exceed the GWB Amount for that same Contract Year, there will be a proportionate reduction in your GWB Value as described below which may result in a lower GWB Amount in future Contract Years.

See ***Appendix B*** for examples of how your GWB Amount is calculated.

***GWB Value***: The Contract has two related values; a Contract Value and a GWB Value. The Contract Value is determined by the method described in ***3(c). Accumulation Units.*** The GWB Value is a value that is used to determine the GWB Amount each Contract Year once you make your first withdrawal after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>. Your Contract will also have a GWB Value before the date the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, and during that time the GWB Value may increase or decrease as described below.

The GWB Value on the Contract Date is equal to the Purchase Payment. If you make withdrawals before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> the GWB Value will be reduced. **See *Withdrawals Before Youngest Annuitant Reaches Age 59<sup>1</sup>⁄<sub>2</sub> below***.

If you make withdrawals after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> and the total withdrawals in a Contract Year are greater than the GWB Amount for that Contract Year, then the GWB Value will be reduced. **See *Withdrawals in Excess of Annual GWB Amount*** below.

On each Contract Anniversary prior to the oldest Annuitant turning age 85, the GWB Value is compared to the Contract Value to determine whether the GWB Value should be increased. If the New York Stock Exchange is closed on a Contract Anniversary, the Contract Value as determined as of the end of the next day the New York Stock Exchange is open will be used. If the Contract has joint Annuitants and the oldest Annuitant dies before the Contract Anniversary that falls on or after his or her 85th birthday, the surviving Annuitant's age will be used. If the oldest Annuitant dies on or after the Contract Anniversary that falls on or after his or her 85th birthday, the GWB Value is not compared to the Contract Value and will not increase.

If the Contract Value is lower than the GWB Value, the GWB Value will not change.

If the Contract Value is greater than the GWB Value, the GWB Value will be automatically increased to equal the Contract Value. If you make a withdrawal on the Contract Anniversary, the withdrawal will be deducted from the Contract Value after it is compared to the GWB Value.

Any new GWB Value will be used to determine the GWB Amount for the rest of that Contract Year once the youngest Annuitant has reached age 59<sup>1</sup>⁄<sub>2</sub> and a Withdrawal Percentage has been established by your first withdrawal of a GWB Amount.

If you make any withdrawals before you are eligible to withdraw a GWB Amount or if you make total withdrawals in a Contract Year that exceed the GWB Amount for that Contract Year, the GWB Value will decrease as described below.

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***Withdrawals Before Youngest Annuitant Reaches Age 59 <sup>1</sup>⁄<sub>2</sub>***: You are not eligible to withdraw any part of the GWB Amount until the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>. If you make a withdrawal before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, the GWB Value is reduced by a percentage determined by dividing the Gross Withdrawal amount by the Contract Value at time of the withdrawal. We calculate the new GWB Value as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At the end of the Valuation Period in which you make the Gross Withdrawal, we divide the Gross Withdrawal by
what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal. The result is the percentage factor used to calculate the reduction in the GWB Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Multiply the percentage determined in (1) by the GWB Value immediately before the Gross Withdrawal. The
result is the amount by which the old GWB Value is reduced.

For example, assume your Contract has one Annuitant who is age 55 and you made a $25,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $25,000 for the whole Contract Year. Now assume that you make one $5,000 Gross Withdrawal ($4,900 of which would be paid to you after deduction of a $100 Surrender Charge) during the first Contract Year. If your Contract Value were $30,000 at time of the withdrawal, your GWB Value would be reduced by 16.67% ($5,000 Gross Withdrawal amount divided by $30,000 Contract Value). The result is a new GWB Value of $20,833 ($25,000 GWB Value minus [$25,000 multiplied by 16.67%]).

***Withdrawals in Excess of Annual GWB Amount***: If you withdraw more than the GWB Amount in any Contract Year after the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub>, the GWB Value is reduced by an amount equal to the percentage determined by dividing the portion of a Gross Withdrawal that is in excess of the GWB Amount for that Contract Year ("excess Gross Withdrawal") by the Contract Value at time of the excess Gross Withdrawal, as described below. The new GWB Value following an excess Gross Withdrawal is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Determine the portion of the most recent Gross Withdrawal in combination with the sum of all Gross Withdrawals
taken in the current Contract Year that exceeds the GWB Amount for that Contract Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Determine what the Contract Value would have been at the end of the Valuation Period had you not taken the
withdrawal less any portion of the most recent Gross Withdrawal that is eligible to be applied to the GWB Amount in that Contract Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Determine the percentage reduction in GWB Value by dividing the amount determined in (1) by the amount
determined in (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Multiply the percentage determined in (3) by the GWB Value prior to the withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Take the GWB Value prior to the Gross Withdrawal and reduce it by the amount determined in (4). This will
result in a new GWB Value.

For example, assume your Contract is in its sixth Contract Year, has one Annuitant who is age 60, a Contract Value of $30,000 and a GWB Value of $25,000. If you make a first Gross Withdrawal of $5,000 in the sixth Contract Year, you will establish a Withdrawal Percentage of 5% and be eligible to withdraw up to the GWB Amount of $1,250 ($25,000 multiplied by 5%) without causing a reduction in GWB Value. Because your first Gross Withdrawal is $5,000, $1,250 of the withdrawal is eligible to be applied to the GWB Amount for that Contract Year and $3,750 of the withdrawal is an excess Gross Withdrawal. For purposes of determining the impact on the GWB Value, the Contract Value is first reduced by the GWB Amount ($30,000 minus $1,250) resulting in a Contract Value of $28,750. The $3,750 excess Gross Withdrawal proportionally reduces the Contract Value by 13.04% ($3,750 divided by $28,750) which results in a new GWB Value of $21,740 ($25,000

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less [25,000 multiplied by 13.04%]). If there are no further withdrawals in that Contract Year and the GWB Value is not increased on the next Contract Anniversary, the GWB Amount for the next Contract Year will be $1,087 ($21,740 multiplied by 5%).

If the Contract is a Qualified Contract and you elect to receive your required minimum distributions under the Code through our Systematic Withdrawal Process described in ***4(d). Systematic Withdrawal Program***, the reference to GWB Amount in (1), (2) and (3) above shall mean "the greater of the GWB Amount or any required minimum distribution under the Code determined exclusively by us from the Contract Value." If you take a withdrawal to satisfy your required minimum distribution in a way other than through our Systematic Withdrawal Program and your required minimum distribution is in excess of your GWB Amount, the withdrawal may result in Surrender Charges and a reduction in your GWB Value.

Any Premium Tax amount that we deduct from your Contract Value will not be treated as a Withdrawal in Excess of Annual GWB Amount.

See Appendix B for additional examples of GWB Value increases and decreases.

***Conversion of GWB Amount Payments***: We include a provision in the Contracts that allows us to convert smaller Contracts before the Annuity Date if the Contract Value is reduced by a withdrawal to an amount equal to or below the lesser of $2,500 or the GWB Amount. If that happens, the Contract will convert on the first day of the calendar month on or after your next Contract Anniversary to an annuity option that will pay you and any joint Owner an annual amount equal to your GWB Amount, adjusted for any excess withdrawals made prior to the conversion for so long as any Annuitant is still alive. The Annuity Date will be deemed to be the first day of the calendar month on or after your next Contract Anniversary. Once a conversion occurs under this provision, the Contract will no longer have a Contract Value as of the Annuity Date. If you do not want your Contract to automatically convert to an annuity option, you must notify us within 30 days of the conversion and request a full withdrawal of your Contract Value. By doing this, your Contract will terminate and you will give up any future GWB Amounts that may be payable.

If you are receiving GWB Amount payments through our Systematic Withdrawal Program and a Systematic Withdrawal causes this provision to apply, we will continue to pay your GWB Amount as a GWB Amount Annuity Income payment on the same day of the month for the period you selected under the Systematic Withdrawal Program. However, if you have selected a period other than monthly, the GWB Amount annuity income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.

Your GWB Amount Annuity Income payment for the next Contract Year will not change unless your total withdrawals during the Contract Year and up through the date of conversion exceed your GWB Amount for that Contract Year. If your total withdrawals exceed your GWB Amount, your GWB Value will be reduced as described in ***Withdrawals in Excess of Annual GWB Amount*** above and a new GWB Amount will be determined. The resulting GWB Amount for future Contract Years will be paid in monthly annuity income payments as long as each monthly annuity income payment is at least $20. We reserve the right to pay the GWB Amount as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.

**<u>4(d). Systematic Withdrawal Program</u>** 

You may use our Systematic Withdrawal Program form to make withdrawals in an amount up to your eligible GWB Amount on a periodic basis.

Systematic Withdrawals must be at least $50 on a monthly, quarterly, semi-annual or annual basis. Withdrawals under the program will be taken from the Subaccounts in accordance with FILI's administrative rules, which we

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may change from time to time. Currently, withdrawals under the program will be taken proportionately from all the Subaccounts. If you make an additional withdrawal that is not part of a Systematic Withdrawal Program, we will terminate the program for the remainder of the Contract Year.

Your Systematic Withdrawal Program transactions will take place on the 1st day of the month for the period you selected. If the New York Stock Exchange is not open on the scheduled day in a particular month, the withdrawal will take place on the next day the New York Stock Exchange is open for trading. You should expect to receive your scheduled payment in 3 to 5 days following the 1st day of the month for the period you selected to allow for mailing time.

If your Contract is a Qualified Contract and you are subject to required minimum distributions ("RMD") under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program so that we do not treat that part of your RMD that exceeds the GWB Amount as an excess Gross Withdrawal. **See *Withdrawals in Excess of Annual GWB Amount* in 4(c).** In order to receive the greater of your eligible GWB Amount or RMD, you must agree to the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You must elect to receive the greater of the GWB Amount and the RMD on a Systematic Withdrawal basis and you
authorize us to calculate the RMD for you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The RMD for a calendar year will be determined by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No RMD withdrawal may occur until after December 31st of the calendar year in which your Contract was issued
(i.e., Contract Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Contract was purchased prior to your reaching the age at which you are required to take your first RMD
(your "RMD Applicable Age"), your first RMD must be withdrawn in the calendar year in which you reach your Applicable Age even though the Code allows you to delay your first RMD until April 1st of the calendar year following the year you
reach your Applicable Age. We require this so that only one calendar year's RMD will qualify for the exception we allow for withdrawals in excess of the GWB Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If you make a withdrawal other than through this Systematic Withdrawal Program, you will no longer be eligible
to receive the greater of the RMD or GWB Amount and any withdrawals in excess of the GWB Amount will be considered excess Gross Withdrawals and could cause a reduction in GWB Value as described in  ***Withdrawals in Excess of Annual GWB Amount in 4(c).*** 

We reserve the right to limit or modify this Systematic Withdrawal Program if we determine that the program will cause us to distribute, in any Contract Year, an amount more than the greater of the GWB Amount or the RMD for any calendar year that overlaps with a Contract Year.

Each Systematic Withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. You may also be subject to a Surrender Charge, if applicable. We reserve the right to modify or discontinue the Systematic Withdrawal Program.

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**<u>5. MAKING EXCHANGES AMONG SUBACCOUNTS</u>**

**<u>5(a). General Procedures for Making Exchanges</u>** 

Before the Annuity Date, you may make transfers of money ("Exchanges") among the available Subaccounts by sending us instructions in writing, by calling us, or by using our Internet website. We do not accept instructions by fax or electronic mail. Firms or individuals making telephone exchange requests on behalf of multiple Contract Owners may be required to provide additional information about those requests by other means, including via fax or a website. It is recommended that you allow 90 days to pass before making a subsequent exchange to avoid triggering the restrictions described below in ***5(g). Frequent Trading Monitoring and Restriction Procedures.***

Excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund's expenses. We reserve the right to limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least four days each calendar year unless you have been blocked from trading into all other available Subaccounts as described below in ***5(g). Frequent Trading Monitoring and Restriction Procedures.***

Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Subaccount to another. You may also request a percentage reallocation among Subaccounts. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.

**<u>5(b). Making Exchanges by Telephone or Internet</u>**

Currently you may make Exchanges by telephone and/or Internet on up to four days in each calendar year. You may make Exchanges on additional days only by a letter to our Annuity Service Center.

We reserve the right to revise or terminate your ability to make Exchanges by telephone or through the Internet. We also reserve the right to limit the amount of any telephone or Internet Exchange or to reject any telephone or Internet Exchange.

We will not be responsible for any losses resulting from unauthorized telephone or Internet Exchanges if we follow reasonable procedures designed to verify the identity of the caller or Internet user. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Annuity Service Center immediately if you find any discrepancies. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.

**<u>5(c). Effective Date of Exchanges Among Subaccounts</u>**

Any redemption from a Subaccount that is part of an Exchange among Subaccounts will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center, or receive it by telephone or through the Internet. Generally, the purchase of Accumulation Units in other Subaccounts with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from a Subaccount that invests in an equity Fund that is in an illiquid position due to substantial redemptions or exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to a Subaccount that invests in a Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Subaccount. The delay will last until the Subaccount from which the Exchange is being made obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the illiquid Subaccount will be uninvested.

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**<u>5(d). Market Timing</u>**

Some Owners use firms or individuals who engage in market timing. Such firms or individuals usually obtain authorization from Owners to make Exchanges among the Subaccounts on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners.

To protect Owners not engaging in market timing, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one Owner. We also reserve the right to reject Exchange instructions we receive from anyone that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners.

**<u>5(e). Short-Term Trading Risk</u>**

Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund's performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund's net asset value.

The Funds are also available in products issued by other insurance companies. There is a significant risk that short-term trading in the Funds may go undetected. The Funds themselves generally cannot detect individual contract owner exchange activity, because they are owned primarily by insurance company separate accounts that aggregate exchange orders from owners of individual contracts. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by contract owners. As a result of the adoption of Rule 22c-2 of Investment Company Act of 1940, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.

As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the Funds' prospectuses for specific information about the Funds' short-term trading policies and risks.

**<u>5(f). FILI Policies Regarding Frequent Trading</u>**

FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent Exchanges as described below. If requested by a Fund, FILI will consider additional steps to discourage frequent Exchanges in that Fund, not inconsistent with the policies and procedures described below.

Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges in a Fund. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by FMR or one of its affiliates, may be subjected to temporary or permanent restrictions on purchases or exchanges in those funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Contract, at any time without notice to Owners.

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Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Subaccount at any time, Contract Owners may ordinarily comply with FILI's policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into a Subaccount before they withdraw or make an Exchange out of that Subaccount.

In addition, each Fund reserves the right to reject the Variable Account's entire purchase or exchange transaction at any time, which would make FILI unable to execute Contract Owner purchase, withdrawal or exchange transactions involving that Fund on that trading day. FILI's policies and procedures are separate and independent from any policies and procedures of the Funds, and do not guarantee that the Funds will not reject orders placed by the Variable Account.

**<u>5(g). Frequent Trading Monitoring and Restriction Procedures</u>**

FILI has adopted policies and procedures related to Exchanges among Subaccounts that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into a Subaccount followed by a withdrawal or Exchange out of the same Subaccount within 30 days. Owners are limited to one roundtrip transaction per Subaccount within any rolling 90-day period, subject to an overall limit of four roundtrip transactions in the Contract over a rolling 12-month period.

Owners with two or more roundtrip transactions in one Subaccount within a rolling 90-day period will be blocked from making additional allocations or exchanges into that Subaccount, through any means, for 85 days.

In addition, Owners who complete a fourth (or higher) roundtrip transaction within any rolling 12-month period, at least two of which are completed on different business days, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies they own that are issued by FILI or its affiliates. This rule will apply even if the four or more round trips occur in two or more different Subaccounts. This restriction will stay in effect for 12 months. If the Owner makes another round trip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is restarted and all purchase transactions will be permanently blocked in the violated Subaccount across all contracts with common ownership. "U.S. Mail-Only" for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.

FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Contract owned or controlled commonly with a Contract subject to the above restrictions, or in respect of any Contract owned or controlled commonly by a person who is the subject of a complex-wide block by the mutual funds managed by FMR or one of its affiliates.

<u>***Exceptions***</u>

FILI has approved the following exceptions to the frequent trading policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transactions in the Government Money Market Subaccount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Systematic Withdrawals up to the Guaranteed Withdrawal Benefit Amount and annuity payments will not count
toward a Subaccount's roundtrip limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during
periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.

No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.

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**<u>6. MAKING WITHDRAWALS</u>**

Any time before the Annuity Date, you may make a complete or partial withdrawal of your Contract Value. We will send you the requested withdrawal amount less any applicable Surrender Charge and taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once a complete withdrawal has been processed if the withdrawal causes the Guaranteed Withdrawal Benefit Value to reduce to zero. **See *4(c). Guaranteed Withdrawal Benefit For Life.***

If you request a partial withdrawal, you may choose the dollar amount or percentage to be withdrawn from each Subaccount. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Subaccounts.

*Partial withdrawals before the youngest Annuitant reaches age 59<sup>1</sup>⁄<sub>2</sub> or withdrawals that exceed the Guaranteed Withdrawal Benefit Amount allowed under the Guaranteed Withdrawal Benefit For Life feature may significantly impact the Guaranteed Withdrawal Benefit Amount by proportionally reducing the value upon which the benefit is determined.* **See** ***4(c). Guaranteed Withdrawal Benefit For Life****.* 

You may request partial withdrawals by sending a letter to the Annuity Service Center or calling us there. Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven-day period cannot total more than $500,000; and (3) if we have recorded an address change for an Owner during the past 10 days, the limits in (1) and (2) become $100,000. We reserve the right to change telephone withdrawal requirements or limitations.

For jointly owned Contracts, all checks will be made payable to both Owners. You may have the money transferred to your Fidelity Investments brokerage or mutual fund account. You may have the money transferred to your bank account if you provide us with the necessary information about the account. Any Contracts and accounts between which money will be transferred must have at least one owner's name in common.

The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>. **See *9. Tax Considerations***.

FILI reserves the right to restrict your Contract from withdrawals and/or exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Contract from withdrawals and/or exchanges if FILI is put on reasonable notice that the ownership of the Contract is in dispute.

Complete and partial withdrawals are calculated based on the next computed Accumulation Unit Value(s) after we receive the withdrawal request at the Annuity Service Center. We will normally pay you the net amount of any complete or partial withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any applicable Surrender Charge and taxes withheld.

We may defer payment from the Subaccounts for longer than seven days under certain limited circumstances. See ***10(j). Postponement of Payment.***

**<u>7. INCOME PHASE</u>**

**<u>7(a). Annuity Date</u>**

***In General:*** When your Contract was issued we set the Annuity Date to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday. You may change the Annuity Date to an earlier date by sending written notice to the Annuity Service Center. We must receive the notice at least 30 days before the Annuity Date you select. The earliest Annuity Date we will permit is the first day of the calendar month after the end of the Free Look Period. Any Annuity Date you choose must be the first day of a month.

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The Contract offers the following Annuity Income options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You may receive the greater of (a) or (b) where;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is your eligible GWB Amount that will be paid to you as annuity income until there is no longer any living
Annuitant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is the amount of annuity income that will be paid to you by applying your Contract Value as of the Annuity Date
to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant.

If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You may have the Contract Value applied to annuity purchase rates that will pay you monthly annuity income
until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer.

Annuity Income option (2) is available on any Annuity Date. If annuity option (2) is selected, benefits under the Guaranteed Withdrawal Benefit For Life feature will terminate.

Annuity Income option (1) is only available on the latest possible Annuity Date unless the Contract Value is reduced to an amount below the lesser of $2,500 or the GWB Amount and the Contract is converted to an annuity income option as described in ***Conversion of GWB Amount Payments*** in ***4(c)****.*

Unless you elect another annuity income option prior to the latest possible Annuity Date, the Contract will default to Annuity Income option (1).

***Qualified Contracts:*** If your Contract is a Qualified Contract, the Annuity Income options described above may be limited or modified to comply with requirements under the Code.

We reserve the right to limit the maximum period we will pay guaranteed income to a whole number of years or whole number of months.

The Uniform Lifetime Table may be found in federal income tax regulations section 1.401(a)(9)-9. We reserve the right to use any other life expectancy tables allowed by the Code and federal income tax regulations.

We reserve the right to add to, limit or modify these annuity income options to comply with the Code and offer any other annuity income options that are mutually agreeable to you and us.

**<u>7(b). Annuity Income</u>**

Annuity income payments begin on the Annuity Date if no Owner has died before then and the Contract Value or annual GWB Amount is sufficient to provide you with an initial monthly income payment of at least $20. Annuity income will also begin on the Annuity Date if an Owner dies before the Annuity Date if (1) the Contract was jointly owned by spouses at time of death, and (2) the surviving spouse/Annuitant elected to continue the Contract as his or her own. As long as the Owner's death occurs before the Annuity Date, a surviving spouse who elects to continue the Contract as his or her own may change the Annuity Date to be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday. If the Contract has been inactive and under applicable state law could be considered abandoned property, we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws.

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In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code described in ***What are the different distribution options for receiving the Death Benefit?*** under ***4(b)*.**

Under Annuity Income option (1) we will pay you Annuity Income in monthly installments starting on the Annuity Date for the life or lives of the Annuitant(s) and your Contract will no longer have a Contract Value. If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed. The first monthly annuity income payment will be made on the Annuity Date.

If you have been receiving GWB Amounts through our Systematic Withdrawal Program prior to the latest possible Annuity Date, you may continue to receive the greater of your GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) as an Annuity Income option on the same periodic basis that you selected under our Systematic Withdrawal Program. However, if you have selected a period other than monthly, the Annuity Income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.

You may make a partial withdrawal between the Contract Anniversary following the oldest Owner's 95th birthday and the Annuity Date as long as the Gross Withdrawal is equal to or less than the GWB Amount for that Contract Year. If you do this, we will accelerate your Annuity Date to the date of the withdrawal and pay you your entire GWB Amount for that Contract Year. In future Contract Years, we will pay Annuity Income on an annual basis according to the provisions of Annuity Income option (1) or any other Annuity Income option that enables the Contract to comply with the Code.

If you request a withdrawal in excess of the GWB Amount between the Contract Anniversary following the oldest Owner's 95th birthday and the Annuity Date, you are limited to a complete withdrawal, which will terminate any future GWB Amount payments or annuity income.

Under Annuity Income option (2), we will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed and applied to annuity purchase rates that are no less than the guaranteed annuity purchase rates set forth in the Contract and will be based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date.

All money used to support annuity income payments will be held in our general account thereafter. The first annuity income payment will be made on the Annuity Date and beginning on this date there will no longer be an ability to make withdrawals.

If the Contract Value on the Annuity Date is not enough to provide an initial monthly annuity income payment under Annuity Income Option (2) of at least $20, we reserve the right to pay you the Contract Value in a lump sum instead of providing monthly annuity income.

If the GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) on the Annuity Date is not enough to provide an initial monthly annuity income payment of at least $20, we reserve the right to pay you as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.

The Owner(s) may not change the Annuitant(s) at any time during the Contract.

The Owner's estate, or the Owner for contracts owned by trusts, will be responsible to notify us of the death of the last surviving Annuitant and to repay any Annuity Income payments we have made after that date and before we have been notified of the death of the last surviving Annuitant.

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Under Annuity Income option (1), if there is a refund due as a result of the death of the last surviving Annuitant, the refund will be paid to the Beneficiary or the last surviving Owner's estate.

Under Annuity Income option (2), if the surviving Annuitant dies before we have made all Annuity Income payments due under the Contract, any remaining Annuity Income will be paid to the Beneficiary or the last surviving Owner's estate. The Beneficiary or the estate may choose instead to receive the present value of the remaining Annuity Income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed Annuity Income payments, if any, at the interest rate that was used to determine the annuity income purchase rate on the Annuity Date.

Guarantees of annuity income payments are subject to our claims-paying ability and financial strength.

**<u>8. CURRENT CHARGES AND OTHER DEDUCTIONS</u>**

**<u>8(a). Base Contract Expenses</u>**

Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge.

***Mortality and Expense Risk Charge:*** We assess a daily charge against each Contract's assets at an effective annual rate of:

**Contracts purchased on or after January 1, 2009** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Contracts with 1 Annuitant<br> on Contract Date | Contracts with 2 Annuitants<br> on Contract Date |
| &nbsp;&nbsp;&nbsp;1.00% | 1.15% |

---

**Contracts purchased prior to January 1, 2009**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Contracts with 1 Annuitant<br> on Contract Date | Contracts with 2 Annuitants<br> on Contract Date |
| &nbsp;&nbsp;&nbsp;0.85% | 1.00% |

---

The risks we bear are mortality and expense risks. The mortality risk we bear is that the Annuitant(s), upon whose life or lives GWB Amount payments and annuity income payments are based, will live longer than we project. The expense risk we bear is the risk that the costs of issuing and administering the Contracts will be greater than we can collect through the Administrative Charge.

**Administrative Charge:** We make a daily charge against the assets of each Subaccount equivalent to an effective annual rate of 0.25%. The administrative charge compensates us for the expenses we incur in administering the Contracts. These expenses include the cost of issuing the Contract, making electronic funds transfers to your bank account or issuing checks, maintaining necessary systems and records, and providing reports. We guarantee this charge will never increase.

In the event a Beneficiary continues the Contract as their own or defers payment of the proceeds, the Base Contract Expenses will continue to be assessed.

**<u>8(b). Surrender Charges</u>**

We assess a 2% Surrender Charge on withdrawals during the first five Contract Years. The Surrender Charge is assessed against the withdrawal amount. No Surrender Charge will apply to (1) any eligible GWB Amount withdrawal, (2) withdrawals from a Qualified Contract that are necessary to comply with the required minimum

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distributions under the Code, and are taken as part of a Systematic Withdrawal Program offered by us, or (3) withdrawals that are required following the death of an Owner. A Surrender Charge will not be assessed on the Annuity Date.

**<u>8(c). Premium Taxes</u>**

We generally deduct a charge equal to any premium taxes that states require us to pay in connection with your Contract at the time we are required to pay it, which is either upon your Purchase Payment or upon commencement of annuity income payments. Note – In many states premium taxes are not imposed in connection with the Contracts. If a premium tax applies, the amount of the tax and when it will be deducted from your Contract depends on (i) the state your Contract was issued in, and (ii) whether it is a Non-qualified or Qualified Contract. As of the date of this prospectus, we deduct a charge equal to the premium tax for Contracts issued in the following states – California, Colorado, Maine, Nevada, South Dakota, and Wyoming. The current range of state premium taxes is 0% to 3.5%.

**<u>8(d). Funds' Expenses</u>**

The fees and expenses are deducted from and paid out of the assets of the Funds and are listed in Appendix A of this prospectus. These expenses may vary in amount from year to year and are described in the prospectuses for the Funds.

**<u>8(e). Other Taxes</u>**

We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay. **See *9(g). FILI's Tax Status***.

**<u>9. TAX CONSIDERATIONS</u>**

**<u>9(a). Introduction</u>**

We do not intend the following discussion to be tax advice. For tax advice you should consult a tax adviser. Although the following discussion is based on our understanding of federal income tax laws as currently interpreted, there is no guarantee that those laws or interpretations will not change.

This discussion does not address federal gift tax, state or local income tax, or other considerations which may be involved in the purchase, operation, or exercise of any rights or options under the Contract. Also, this discussion does not address estate tax issues that might arise due to the death of an Owner or Annuitant. The particular situation of each Owner, Annuitant, and Beneficiary will determine the federal estate taxes and the state and local estate, inheritance, and other taxes due. You should seek competent tax advice on such matters pertaining to you.

In addition, we make no guarantee regarding any tax treatment — federal, state, or local — of any Contract or of any transaction involving a Contract.

**<u>9(b). Tax Deferral During Accumulation Period</u>**

***In General:*** Under existing provisions of the Code, provided the below conditions are met, any increase in an Owner's Contract Value is generally not taxable to the Owner until received, either in the form of annuity income payments or in some other form of distribution. However, as discussed below, this rule applies only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the investments of the Variable Account are "adequately diversified" in accordance with Treasury
Department regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal
income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Owner is an individual (or an individual is treated as the Owner for tax purposes).

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***Diversification Requirements:*** The Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Subaccount of the Variable Account, are to be "adequately diversified." If the Variable Account fails to comply with these diversification standards, the Contract will not be treated as an annuity contract for federal income tax purposes and the Owner would generally be taxed currently on the excess of the Contract Value over the Purchase Payment paid for the Contract. The Subaccounts of the Variable Account intend to comply with the diversification requirements. In this regard, we have entered into agreements with the Funds under the Subaccounts that require the Funds to be "adequately diversified" in accordance with the Internal Revenue Code and Treasury Department regulations.

***Ownership Treatment***: In certain circumstances, variable annuity contract owners may be considered the owners, for federal income tax purposes of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners' gross income. The Internal Revenue Service (the "IRS") has stated in published rulings that a variable contract owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. As of the date of this Prospectus, no comprehensive guidance has been issued by the IRS clarifying the circumstances when such investment control by a variable contract owner would exist. As a result, your right to make Exchanges among the Subaccounts may cause you to be considered the owner of the assets of the Variable Account. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance such efforts would be successful.

We do not know what limits might be set forth in any guidance that the IRS may issue, or whether any such limits would apply to existing Contracts.

***Non-natural Owner***: As a general rule, Contracts held by "non-natural persons" such as a corporation, trust, or other similar entity, as opposed to a natural person, are not treated as annuity contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner of the Contract during the taxable year. There are several exceptions to this rule for non-natural Owners. Under one exception, a Contract will generally be treated as held by a natural person if the nominal owner is a trust or other entity that holds the Contract as an agent for a natural person. We do not intend to offer the Contracts to "non-natural" persons. However, we will offer the Contracts to revocable grantor trusts in cases where the grantor represents that the trust is for the benefit of the grantor annuitant (i.e., the Contract is held by the trust for the benefit of a natural person (an "individual")). The following discussion assumes that a Contract will be owned by an individual.

***Delayed Annuity Commencement Dates***: On the Contract Date, the Annuity Date is automatically set to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday. Federal income tax rules do not expressly identify a particular age by which annuity income payments must begin. However, if the Contract's Annuity Date occurs (or is scheduled to occur) at too advanced an age, it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in the Owner's income.

The following discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.

In addition, to qualify as an annuity for federal tax purposes, the Contract must satisfy certain requirements for distributions in the event of the death of the Owner of the Contract. The Contract contains such required distribution provisions. For further information on these requirements see ***What are the different distribution options for receiving the Death Benefit?*** under ***4(b).***

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**<u>9(c). Qualified Contracts</u>** 

You may use the Contract as an Individual Retirement Annuity. Under Section 408(b) of the Code, eligible individuals may contribute to an Individual Retirement Annuity ("IRA"). The Code permits certain "rollover" contributions to be made to an IRA. In particular, certain qualifying distributions from a 401(a) plan, a tax-sheltered annuity, a 403(b) plan, a Governmental 457(b) plan, or an IRA, may be received tax-free if rolled over to an IRA within 60 days of receipt. Because this Contract's minimum initial payment of $25,000 was greater than the maximum annual contribution permitted to an IRA, a Qualified Contract could be purchased only in connection with a "rollover" of the proceeds from a qualified plan, tax-sheltered annuity, or IRA.

In order to qualify as an IRA under Section 408(b) of the Code, a Contract must contain certain provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Owner of the Contract must be the Annuitant and, except for certain transfers incident to a divorce decree,
the Owner cannot be changed and the Contract cannot be transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Owner's interest in the Contract cannot be forfeitable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) annuity and payments following the death of an Owner must satisfy certain required minimum distributions.
Contracts issued on a qualified basis will conform to the requirements for an IRA and will be amended to conform to any future changes in the requirements for an IRA.

**<u>9(d). Contract Values and Proceeds</u>** 

***In General:*** Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution is taxed as ordinary income.

A distribution may occur in the form of a withdrawal, payments following the death of an Owner and payments under an Annuity Income Option.

The assignment or pledge of any portion of the value of a Contract may also be treated as a distribution, and, therefore, before doing so you should consult a tax advisor. In the case of a Qualified Contract, you may not receive or make any such pledge. Any such pledge will result in disqualification of the Contract as an IRA and inclusion of the value of the entire Contract in income.

Additionally, a transfer of a Non-qualified Contract for less than full and adequate consideration will result in a deemed distribution, unless the transfer is to your spouse (or to a former spouse pursuant to a divorce decree).

***Taxes on Surrender of the Contract Before Annuity Income Payments Begin:*** If you fully surrender your Contract before annuity income payments commence, you will be taxed on the portion of the distribution that exceeds your cost basis in your Contract. In addition, amounts received as the result of the death of the Owner or Annuitant that are in excess of your cost basis will also be taxed.

For Non-qualified Contracts, the cost basis is generally the amount of your Purchase Payment, and the taxable portion of the proceeds is taxed as ordinary income.

For Qualified Contracts, we will report the cost basis as zero, and the entire amount of the surrender payment is taxed as ordinary income. You may want to file an Internal Revenue Service form 8606 if any part of your Purchase Payment has been previously taxed.

***Taxes on Partial Withdrawals:*** Withdrawals of the GWB Amount and withdrawals received under the Systematic Withdrawal Program are treated as partial withdrawals.

Partial withdrawals under a Non-qualified Contract are treated for tax purposes as first being taxable withdrawals of investment income, rather than as return of your Purchase Payment, until all investment income has been

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withdrawn. You will be taxed on the amount withdrawn to the extent that your Contract Value at that time exceeds your payments. In the event your GWB Amount in a Contract Year exceeds your Contract Value, you will be taxed on the amount withdrawn to the extent that your GWB Amount exceeds your Purchase Payment.

Partial withdrawals under a Qualified Contract are prorated between taxable income and non-taxable return of investment. We will report the cost basis of a Qualified Contract as zero, and the partial withdrawal will be fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

Partial and complete withdrawals may be subject to a 10% penalty tax (see ***10% Penalty Tax on Early Withdrawals*** below). Partial and complete withdrawals also may be subject to federal income tax withholding requirements.

***Aggregation of Contracts***: In certain circumstances, the IRS may determine the amount of an annuity income payment or a withdrawal from a Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract offered by this Prospectus and also purchases at approximately the same time an immediate annuity issued by us, the IRS might in certain circumstances treat the two contracts as one contract. In addition, if a person purchases two or more deferred annuity contracts from the same insurance company (or its affiliates) during any calendar year, all such contracts will be treated as one contract for purposes of determining the portion of the distribution that is includible in income. The effects of such aggregation are not always clear; however, it could affect the amount of a withdrawal or an annuity income payment that is taxable and the amount which might be subject to the 10% penalty tax described above.

In the case of a Qualified Contract, the tax law requires for all post-1986 contributions and distributions that all individual retirement accounts and annuities be treated as one Contract.

***Taxes on Annuity Income Payments***: Although the tax consequences may vary depending on the form of annuity selected under the Contract, the recipient of Annuity Income payments under the Contract generally is taxed on the portion of such income payments that exceed the cost basis in the Contract. In the case of fixed income payments, like the Annuity Income payments provided under the Contract, the exclusion amount is determined by multiplying (1) the Annuity Income payment by (2) the ratio of the investment in the contract, adjusted for any period certain or refund feature, to the total expected amount of Annuity Income payments for the term of the Contract (as determined under Treasury Department regulations). Once the total amount of the investment in the contract is excluded, Annuity Income payments will be fully taxable. If Annuity Income payments cease because of the death of the Annuitant and before the total amount of the investment in the contract is recovered, the unrecovered amount generally will be allowed as a deduction. For Qualified Contracts, we report the cost basis as zero and each annuity income payment is fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

***3.8% Tax on Net Investment Income***: Federal tax law imposes a 3.8% Medicare tax on the lesser of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the taxpayer's "net investment income," (from Non-qualified Annuities, interest, dividends, etc., offset by specified allowable deductions), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the taxpayer's modified adjusted gross income in excess of a specified income threshold ($250,000 for
married couples filing jointly, $125,000 for married couples filing separately, and $200,000 otherwise).

"Net investment income" in item 1 does not include distributions from tax-qualified plans (i.e., IRAs, Roth IRAs, or arrangements described in Code Sections 401(a), 403(b), or 457(b)) but such income will increase "modified adjusted gross income" in item 2. You should consult your tax advisor regarding the applicability of this tax to income you would receive under this annuity contract.

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***10% Penalty Tax on Early Withdrawals or Distributions:*** A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions. The penalty tax is not imposed on distributions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Made to persons on or after age 59<sup>1</sup>⁄<sub>2</sub>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Made on or after the death of the Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Attributable to the taxpayer's becoming "disabled" within the meaning of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Which are part of a series of substantially equal periodic payments (not less frequently than annually) made
for the life (or life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of such taxpayer and a designated beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Made from a Qualified Contract that meet any of the Code's additional exceptions to this penalty tax
applicable to IRAs (this includes distributions received from the rollover of a Qualified Contract into another qualified contract or IRA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that satisfy another exception to this penalty tax.

We believe that systematic withdrawals under the Systematic Withdrawal Program would not satisfy the exception to the 10 percent penalty tax described in (4) above. You should consult your tax advisor before electing to take systematic withdrawals commencing prior to age 59<sup>1</sup>⁄<sub>2</sub>.

**<u>9(e). Other Tax Information</u>**

In the case of a Qualified Contract, an excise tax of up to 25% is imposed on the amount by which required minimum distributions exceed actual distributions. For taxable years prior to 2023, this excise tax is 50%.

We will withhold and remit to the U.S. Government a part of the taxable portion of each distribution made under the Contract, unless the Owner or Beneficiary files a written election prior to the distribution stating that he or she chooses not to have any amounts withheld. Such an election will not relieve you of the obligation to pay income taxes on the taxable portion of any distribution.

**<u>9(f). Exchanges of Contracts</u>**

We may issue the Contract in exchange for all or part of another annuity or life insurance contract that you own. Such an exchange will be tax free if certain requirements are satisfied. If the exchange is tax free, your investment in the contract immediately after the exchange will generally be the same as that of the contract exchanged. Your Contract Value immediately after the exchange may exceed your investment in the contract. That excess may be includable in income should amounts subsequently be withdrawn or distributed from the Contract (e.g., as a partial surrender, full surrender, annuity income payment or death benefit). If you exchange part of an existing contract for a Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. **See *Aggregation of Contracts*** above.

In addition, before the Annuity Date, you may exchange all or a portion of your Contract Value for another annuity contract we then offer. Such an exchange will be tax free if certain requirements are satisfied.

You should consult your tax advisor in connection with an exchange for or of a Contract.

**<u>9(g). FILI's Tax Status</u>**

FILI is taxed as a life insurance company under the Code. The earnings of the Variable Account are taxed as part of our operations, and thus the Variable Account is not separately taxed as a "regulated investment company"

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under the Code. Under the existing federal income tax laws, investment income and capital gains of the Variable Account are not taxed to the extent they are applied under a Contract. Therefore, we do not expect to incur federal income taxes on earnings of the Variable Account to the extent the earnings are credited under the Contracts. Based on this, no charge is being made currently to the Variable Account for our federal income taxes. We will periodically review the need for a charge to the Variable Account for company federal income taxes. If FILI is taxed on investment income or capital gains of the Variable Account, then FILI may impose a charge against the Variable Account in order to provide for such taxes.

Under current laws we may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant and are not charged against the Contracts or the Variable Account. If the amount of these taxes changes substantially, we may make charges for such taxes against the Variable Account.

**<u>10. MORE INFORMATION ABOUT THE CONTRACT</u>**

You should also be aware of the following important provisions of your Contract.

**<u>10(a). Contract Rights</u>**

***Owner(s):*** Owners have rights and privileges as specified in the Contract. Joint Owners must be spouses on the Contract Date. Owners own the Contract in accordance with all of its terms. The following forms of ownership, and others, are inconsistent with the terms of the Contract and will not be accepted: "joint tenants in common", "tenancy by the entirety", "joint tenants with rights of survivorship" and "joint Ownership by husband and wife".

Before the Contract is issued, the Owners have the right on the application to (a) name the Annuitant(s) and Beneficiary(ies); and (b) allocate the Purchase Payment among the Subaccounts.

You may not remove an Owner unless the removal is pursuant to a court order.

After the Contract Date, the Owners have the right to (a) cancel the Contract during the Free Look Period; (b) allocate the Purchase Payment among the Subaccounts; (c) reallocate the Contract Value among the Subaccounts; (d) make withdrawals, if the Contact has a Contract Value; (e) change Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary's consent); and (f) instruct us how to vote shares of the Funds attributable to the Contract.

For Contracts with two Owners, after the Contract Date and before annuity income payments begin, withdrawals, changes of the Annuity Date and changes of Beneficiaries can be made only by both Owners acting together. Either Owner may exercise any other right under the Contract.

***Annuitant(s):*** You must be the Annuitant(s). If the Contract is owned by a trust, the grantor of the trust must be an Annuitant. You may name a joint Annuitant as long as the joint Annuitant is the spouse of the Annuitant on the Contract Date.

You may not add or remove the Annuitant(s) after the Contract Date unless the removal is pursuant to a court order.

Your eligibility for benefits under the Guaranteed Withdrawal Benefit For Life feature is determined by the age of the Annuitant(s). The GWB Amount that is available once you are eligible under the Guaranteed Withdrawal Benefit For Life feature depends on a number of factors, including the number of Annuitants on the Contract Date and the age of the youngest Annuitant when your first withdrawal is made. If an Annuitant's age has been misstated we will adjust the GWB Amount to reflect the actual age. If we have previously overpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under

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 ***Conversion of GWB Amount Payments*** in ***4(c)***, we will suspend any future GWB Amounts until we have recovered the amount of the overpayment. If the Contract has terminated, we reserve the right to recover the amount of any overpayment from your estate. If we have previously underpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under ***Conversion of GWB Amount Payments*** in ***4(c)***, we will make a lump sum payment equal to the amount previously underpaid plus interest at 6% per annum, compounded annually. The previously underpaid GWB Amount will be deducted from the Contract Value.

If you choose to receive Annuity Income using the Contract Value and annuity purchase rates, the amount of monthly annuity income payments depends on a number of factors, including each Annuitant's age and, unless prohibited by applicable state law, sex. If an Annuitant's age or sex has been misstated we will adjust the amount of monthly Annuity Income to reflect the actual age and/or sex. If we have previously overpaid monthly Annuity Income, we will withhold monthly Annuity Income until we have recovered the amount of the overpayment. If Annuity Income payments have ended, we will recover the amount of any overpayment from the estate(s) of the Annuitant(s). If we have previously underpaid monthly Annuity Income, we will make a lump sum payment equal to the amount previously underpaid, plus interest at 6% per annum, compounded annually.

***Beneficiary(ies):* See 4(b). Death Benefit.** 

**<u>10(b). Assignment</u>** 

A Qualified Contract may not be assigned. A Non-qualified Contract may not be sold, gifted, transferred, or assigned, and any purported gift, transfer or assignment will be void, except as follows: (a) the Contract may be assigned to an insurance company, regulated as such under the insurance laws of one of the United States, solely for the purpose of effecting a tax-free exchange under section 1035 of the Code; (b) a Contract owned by a person may be transferred to a person's spouse; (c) a Contract owned by one or two individual(s) may be transferred to a trust of which the individual(s) is(are) the grantor(s) and (d) a Contract owned by a trust may be transferred to the trust's grantor(s) or a beneficiary of the trust. Assignments under (c) and (d) may result in a taxable distribution to the transferor. You should consult your tax advisor before making such a transfer.

**<u>10(c). Notification of Death</u>** 

If there are two Owners, each is responsible for notifying us of the death of the other Owner and the death of any Annuitant. If all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If we provide too many GWB Amount payments or annuity income payments because we are not notified of an Annuitant's death, we may take legal action to recover the overpayment.

**<u>10(d). Automatic Transfer to the Government Money Market Subaccount Upon Due Proof of Death</u>**

At the close of the Valuation Period in which we receive due proof of death of the last surviving Owner (or Annuitant in the case of a trust owned contract) of a Non-qualified Contract, or a last surviving Annuitant of a Qualified Contract, we will transfer to the Government Money Market Subaccount any portion of the Contract Value in the other Subaccounts. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts. If the Contract Value for any one Beneficiary is less than $5,000, then we will send that Beneficiary their entire portion of the Contract Value as soon as we have received all required documentation.

**<u>10(e). Proof of Survival</u>**

If any payment under this Contract depends on an Annuitant or other recipient being alive on a given date, we may require proof of survival before making the payment.

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**<u>10(f). Abandoned Property</u>**

State regulations, which can vary, require abandoned property to be escheated to state municipalities. Unclaimed property could come in the form of an outstanding check, unclaimed death benefit, or a matured Contract where the policyholder cannot be located. Please note that some state municipalities require unclaimed property to be escheated to the state within three to five years of the date of death of the Owner. To avoid escheatment we advise that you promptly respond to requests to contact the insurance company. In the event of the Owner's death we advise Beneficiaries to promptly contact the insurance company and provide whatever paperwork the insurance company requests. Beneficiaries who wait too long after the Owner's death to contact the insurance company run the risk of not having sufficient time to make a distribution election before the company is required to escheat the proceeds to the state municipality. In the event the state escheatment laws require escheatment before the end of the maximum distribution period. from date of death allowed by the Code, a Beneficiary may not have the entire distribution period as described in the Contract to withdraw the Contract Value.

**<u>10(g). Reports to Owners</u>**

Before the Annuity Date, we will send you a statement showing your Contract Value four times each year. Each quarterly statement will also contain a summary of all transactions in your Contract since the previous statement.

You should immediately verify the accuracy of the information contained in these statements, and in the confirmations you may receive for individual transactions. If you find a discrepancy with respect to any transaction, you should notify us at our Annuity Service Center immediately. We will not be responsible for losses after ten calendar days from the first time we mail any statement or confirmation containing details of the transaction.

Contract owners have access to their contract information online at www.dfinview.com/Fidelity/PUFT/FGGI.

**<u>10(h). Signature Guarantee or Customer Authentication</u>**

Certain requests may require a signature guarantee or customer authentication. A signature guarantee or customer authentication is designed to protect you and us from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Loss of account ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any circumstances where we deem it necessary for your protection.

You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.

**<u>10(i). Non-Participating Contract</u>**

The Contract is "non-participating", meaning there are no dividends. Investment results of the Subaccounts are reflected in the Contract Value and the other benefits under the Contract.

**<u>10(j). Postponement of Payment</u>**

In conformity with the Investment Company Act of 1940, we will generally pay any withdrawal within seven days after we receive the request. We may delay payment if (a) the disposal or valuation of the assets in a Subaccount is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or

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(b) the SEC by order permits the postponement of payment to protect our Owners.

We will generally send: (1) any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request: (2) each annuity income payment on the first business day after the Annuity Date; and (3) any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice.

**<u>10(k). Special Provisions for Sales Under Sponsored Arrangements</u>**

We may reduce the minimum Purchase Payment requirement for Contracts issued under sponsored arrangements. We determine the eligibility of a group for such reduced minimum Purchase Payment, and the minimum Purchase Payment amount for individuals in a particular group, by considering the following factors: (1) the size of the group; (2) the total amount of Purchase Payments we expect group members to make; (3) the nature of the group and the persistency we expect from the group; (4) the purpose for which the Contracts will be purchased; and (5) any other circumstances which we believe to be relevant in determining the level of expected administrative expenses we will incur.

**<u>10(l). Written Requests Received at the Company</u>**

Any request that is required to be submitted to the Company in writing must be in accordance with the Company's then current standards and shall not be effective until the date and time that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The original request is physically received at the Annuity Service Center; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An electronic image of the original request, which has been submitted by an agent of Fidelity, is received at
the Annuity Service Center.

All communications to us regarding your Contract should be sent to: Fidelity Investments Life Insurance Company, Annuity Service Center, PO Box 770001, Cincinnati, Ohio 45277-0050.

**<u>11. MORE INFORMATION ABOUT THE SUBACCOUNTS AND THE FUNDS</u>** 

**<u>11(a). Changes in Subaccounts</u>**

We may make additional Subaccounts available to you from time to time. These Subaccounts will invest in mutual funds that we find suitable for the Contracts.

We also have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests.

A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Contracts. This may happen due to a change in laws or regulations, a change in a Fund's investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain prior approval from the SEC and any other required approvals before making such a substitution.

We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required. We would obtain any required approval from the SEC before making such changes.

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**<u>11(b). Voting Rights</u>**

We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.

Before the Annuity Date, we calculate the number of shares that you may instruct us to vote by dividing your Contract Value in a Subaccount by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current federal regulations or interpretations of those regulations.

We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.

If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. This means that the voting instructions of a small number of Owners could determine the outcome of any proposal for all Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners. As a result of proportional voting, the vote of a small number of Owners could determine the outcome of a shareholder vote.

Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub-classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.

Under federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment advisor if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.

**<u>11(c). Resolving Material Conflicts</u>**

The Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish.

Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.

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**<u>APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT</u>**

The following is a list of Funds under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.dfinview.com/Fidelity/PUFT/FGGI. You can also request this information at no cost by calling

1-800-634-9361 or by sending an email request to filifunddocuments@fidelity.com.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total<br>Returns (as of 12/31/25)** | **Average Annual Total<br>Returns (as of 12/31/25)** | **Average Annual Total<br>Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year**  | **5 year**  | **10 year**  |
| &nbsp;&nbsp;&nbsp;Seeks income and capital growth consistent with reasonable risk | Fidelity<sup>®</sup> Variable Insurance Product ("VIP") Balanced Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.49% | 15.16% | 9.43% | 11.04% |
| &nbsp;&nbsp;&nbsp;Seeks high total return | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 60% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.63%\* | 15.71% | 6.67% | 8.19% |
| &nbsp;&nbsp;&nbsp;Seeks as high a level of current income as is consistent with preservation of capital and liquidity | Fidelity<sup>®</sup> VIP Government Money Market Portfolio<sup>1</sup><br>*Adviser:* Fidelity Management & Research Company LLC | 0.28% | 4.10% | 3.08% | 2.01% |

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<sup>1</sup> *You may not choose to allocate your Purchase Payment or Contract Value to the Money Market Subaccount at any time.* 

*\** *This Fund's current expenses reflect temporary fee reductions. See the Fund's prospectus for additional information.* 

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**<u>APPENDIX B: Guaranteed Withdrawal Benefit for Life Examples</u>**

**<u>Example 1</u>** 

Assume your Contract has one Annuitant who is age 65 and you made a $25,000 Purchase Payment on the Contract Date. Assume you make one withdrawal in the first Contract Year equal to your eligible GWB Amount ($1,250 = 5% Withdrawal Percentage multiplied by the $25,000 GWB Value). Your GWB Value would be $25,000 for the entire 1st Contract Year. If your Contract Value is $30,000 at time of the first Contract Anniversary, your GWB Value will be increased to $30,000 and your GWB Amount for the 2nd Contract Year would be increased to $1,500 to reflect the increased GWB Value.

In the same example, if the Contract Value was $20,000 at time of the first Contract Anniversary, the GWB Value would be unchanged on the Contract Anniversary and would remain at $25,000. Similarly, the GWB Amount would also be unchanged and remain $1,250.

**<u>Example 2</u>**

Assume your Contract has one Annuitant who is age 67 and you made a $100,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $100,000 for the whole Contract Year. Further assume that you make a $3,000 Gross Withdrawal during the first Contract Year. This withdrawal will establish the Withdrawal Percentage as 5% and the GWB Amount as $5,000. Because the withdrawal does not exceed your eligible GWB Amount, there are no Surrender Charges applicable to this withdrawal and there is no reduction to the GWB Value. Your Contract Value will be reduced by $3,000, the amount of the withdrawal.

Further assume that later in that first Contract Year, you make a second Gross Withdrawal, this time for $10,000. At the time of this $10,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $3,000. Therefore, $2,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($8,000) is treated as an excess withdrawal. Assume your Contract Value would have been $104,000 at the end of the Valuation Period had you not taken the withdrawal. Your GWB Value will be reduced by 7.84%. The 7.84% reduction is determined by dividing the $8,000 Excess Withdrawal by $102,000 ($104,000 – $2,000 determined above) resulting in a new GWB Value of $92,160 ($100,000 GWB Value minus [$100,000 multiplied by .0784]). Additionally, a $160 Surrender Charge is due on the $10,000 Gross Withdrawal (2% of the $8,000 excess withdrawal).

Further assume that you make a third withdrawal in the first Contract Year, this time for $5,000. At the time of this $5,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $13,000. Therefore, all $5,000 of the withdrawal is treated as an excess withdrawal. If your Contract Value would have been $90,000 at the end of the Valuation Period had you not taken the withdrawal, your GWB Value will reduce by 5.56% ($5,000 Excess Withdrawal divided by $90,000) resulting in a new GWB Value of $87,036 ($92,160 GWB Value minus [$92,160 multiplied by .0556]). A $100 Surrender Charge is due on the $5,000 Gross Withdrawal (2% of the $5,000 excess withdrawal).

**<u>Example 3</u>** 

Assume your Contract has one Annuitant who is currently age 84 and you made a $100,000 Purchase Payment 18 years ago. Assume also that your GWB Value is still $100,000 and your GWB Amount, which you have been withdrawing every year, is $5,000. Assume you take your first withdrawal of $5,000 in the current Contract Year and that your Contract Value would have been $6,000 at the end of the Valuation Period had you not taken the withdrawal. The Contract Value after the withdrawal is $1,000 which is below the amount which will trigger the conversion of your Contract on the first of the month following your next Contract Anniversary. Assuming you

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##### [**Table of Contents**](#toc)
make no further withdrawals prior to the conversion date, we will begin GWB Amount payments of $5,000 each year for so long as any Annuitant is alive.

*The Following examples are specific to Qualified Contracts and are provided to help illustrate the impact of required minimum distributions (RMD's) and the impact to the contract of taking the RMD's under various circumstances.* 

*Assumptions common to examples 4-6.* 

*Assume your Contract Date is 6 years in the past and your Contract has one Annuitant who is age 75. Also assume that your GWB Value is $100,000, your GWB Amount is $5,000 and your required minimum distribution, as computed exclusively by us, is $5,300 for the current calendar year. Assume further that you have not yet made any withdrawals from your Contract in the current Contract Year, nor have you made any withdrawals in the current calendar year. Also, assume that your next Contract Anniversary will occur in the following calendar year and that your GWB Value did not increase on your Contract Anniversary in the current calendar year.* 

**<u>Example 4</u>** 

To satisfy your RMD, you request a $5,300 withdrawal outside of our Systematic Withdrawal Program. At the time of this $5,300 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $0. Therefore, $5,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($300) is treated as an excess withdrawal. A reduction in your GWB Value will occur because you did not participate in the Systematic Withdrawal Program to receive this withdrawal and you did not meet all of the other criteria as stated under **<u>4(d).</u> *<u>Systematic Withdrawal Program</u>*** of this prospectus to receive the greater of your GWB Amount and your RMD. To demonstrate the reduction, assume your Contract Value would have been $103,000 at the end of the Valuation Period had you not taken the withdrawal. After your withdrawal is processed, your Contract Value will be $97,700 and your GWB Value will be reduced by 0.31%. The 0.31% reduction is determined by dividing the $300 excess withdrawal by $98,000 ($103,000 – $5,000 determined above) resulting in a new GWB Value of $99,690 ($100,000 GWB Value minus [$100,000 multiplied by .0031]).

**<u>Example 5</u>**

Alternatively, assume that at the beginning of the year, you had been signed up for a monthly systematic withdrawal of your GWB Amount. Each month we will pay an amount so that we will have paid the greater of your GWB Amount or RMD, in this case $5,300, by the end of the calendar year. Since the withdrawal to cover your RMD was taken through our SWP program, your GWB Value will still be $100,000. We have assumed that all of the conditions for receiving the greater of your GWB Amount and your RMD as shown under ***<u>4(d). Systematic Withdrawal Program</u>* **of this prospectus have been met.

**<u>Example 6</u>** 

Assume instead that you sign up for a systematic withdrawal of your GWB Amount in September. In order to meet your RMD requirements, you would need to elect an annual payment frequency from the SWP program so that we are able to pay a full year's worth of payments on a systematic basis prior to the end of the calendar year. Note that any frequency of payment other than annual in this case will not allow you to meet your RMD. After the withdrawal of $5,300, your GWB Value will still be $100,000 since the withdrawal to cover your RMD was taken through our SWP program. We have assumed that all of the conditions for receiving an RMD exception as shown under **<u>4(d).</u> *<u>Systematic Withdrawal Program</u>*** of the prospectus have been met.

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We have filed additional information about the Contract and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information ("SAI") dated April 30, 2026. The SAI is incorporated by reference in this prospectus and is available, without charge, on our website and upon request. To request the SAI, other information about the Contract, or to make investor inquiries, call us at 1-800-544-2442.

Reports and other information about the Variable Account are available on the Securities and Exchange Commission's website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Edgar Contract Identifier: C000049509

GMWB-PRO-0426

1.850778.120 48

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**FIDELITY GROWTH AND GUARANTEED INCOME<sup>®</sup> ANNUITY** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**April 30, 2026** 

This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts ("Contracts") offered by Fidelity Investments Life Insurance Company ("FILI" or the "Company") through Fidelity Investments Variable Annuity Account I (the "Variable Account"). You may obtain a copy of the Prospectus dated April 30, 2026, without charge by calling 1-800-544-2442.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.

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| | |
|:---|:---|
|  **Table of Contents** | **Table of Contents** |
|  | **PAGE** |
|  [General Information and History](#sai931089_1) | 2 |
|  [Non-Principal Risks of Investing in the Contract](#sai931089_2) | 2 |
|  [Unavailability of Annuity Income Options in Certain Circumstances](#sai931089_3) | 2 |
|  [Safekeeping of Variable Account Assets](#sai931089_4) | 3 |
|  [Distribution of the Contracts](#sai931089_5) | 3 |
|  [Underwriting Commissions](#sai931089_6) | 3 |
|  [State Regulation](#sai931089_7) | 3 |
|  [Legal Matters](#sai931089_8) | 3 |
|  [Experts](#sai931089_9) | 3 |
|  [Financial Statements](#sai931089_10) | 4 |
|  Variable Account (enclosed) |  |
|  Fidelity Investments Life Insurance Company (enclosed) |  |

---

GMWB-PTB-0426

1.850779.119 1

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**<u>GENERAL INFORMATION AND HISTORY</u>** 

**Fidelity Investments Life Insurance Company ("FILI")** 

FILI is a stock life insurance company that was established in 1981 and exists in accordance with the laws, rules and regulations of the State of Utah. FILI issues life insurance and annuity products in 49 states (not New York) and the District of Columbia; FILI's wholly-owned subsidiary Empire Fidelity Investments Life Insurance Company ("EFILI") issues life insurance and annuity products in New York. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.

**Fidelity Investments Variable Annuity Account I (the "Variable Account")** 

The Variable Account is a separate investment account of FILI established on July 22, 1987 and exists in accordance with the laws, rules and regulations of the State of Utah. It is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust under the Investment Company Act of 1940 ("1940 Act"). It is also a separate account as defined under the federal securities laws.

**<u>NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT</u>** 

**Considerations Regarding Cybersecurity** 

With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting FILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While FILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

Furthermore, FILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.

**<u>UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES</u>** 

We do not offer annuity income options to any corporate beneficiary, partnership or trustee; any assignee; or the executors or administrators of the Annuitant's estate.

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**<u>SAFEKEEPING OF VARIABLE ACCOUNT ASSETS</u>** 

The assets of the Variable Account are held by FILI. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.

**<u>DISTRIBUTION OF THE CONTRACTS</u>** 

As explained in the Prospectus, the Contract is distributed through Fidelity Brokerage Services LLC ("FBS") and Fidelity Insurance Agency, Inc. ("FIA"). FBS is the principal underwriter. FIA and FILI are wholly-owned, direct subsidiaries of FMR LLC; and FBS is a wholly-owned, indirect subsidiary of FMR LLC. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917. The offering of the Contract has been discontinued although you may continue to make exchanges among the Subaccounts.

**<u>UNDERWRITING COMMISSIONS</u>** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Year** | **Underwriting Commissions**<br> **Paid to FBS** | **Amount of Underwriting<br>Commissions Retained by FBS** |
| &nbsp;&nbsp;&nbsp; 2025 | $20992464 | $20992464 |
| &nbsp;&nbsp;&nbsp; 2024 | $14744837 | $14744837 |
| &nbsp;&nbsp;&nbsp; 2023 | $9846381 | $9846381 |

---

**<u>STATE REGULATION</u>** 

FILI is subject to regulation by the Department of Insurance of the State of Utah, which periodically examines our financial condition and operations. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The Contracts described in the Prospectus and Statement of Additional Information have been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.

We are required to submit annual statements of our operations, including financial statements, to the insurance departments of the various jurisdictions where we do business to determine solvency and compliance with applicable insurance laws and regulations.

**<u>LEGAL MATTERS</u>** 

The legal validity of the Contracts described in the Prospectus and Statement of Additional Information has been passed on by Lance A. Warrick, General Counsel of Fidelity Investments Life Insurance Company.

**<u>EXPERTS</u>** 

The consolidated financial statements of the Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, and the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2025 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.

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**<u>FINANCIAL STATEMENTS</u>** 

The consolidated financial statements of Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Contracts.

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![LOGO](g58295g63g05.jpg)

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*This report and the financial statements contained herein are submitted for the general information of Fidelity Investments Life Insurance Company variable annuity owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the annuities nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.* 

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**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities** 

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Government<br>Money<br>Market<br>Initial Class** | **VIP –<br>Government<br>Money<br>Market<br>Investor Class** | **VIP –<br>High Income<br>Initial Class** | **VIP –<br>High Income<br>Investor Class** | **VIP –<br>Equity-Income<br>Initial Class** | **VIP –<br>Equity-Income<br>Investor Class** | **VIP –<br>Growth<br>Initial Class** | **VIP –<br>Growth<br>Investor Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $243988 | $3556734 | $50430 | $338451 | $408863 | $735369 | $813212 | $1362940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 47 |  | 18 |  | 73 |  | 147 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $244035 | $3556734 | $50448 | $338451 | $408936 | $735369 | $813359 | $1362942 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  | 13 |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $244035 | $3556721 | $50448 | $338450 | $408936 | $735369 | $813359 | $1362942 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $236959 | $— | $41991 | $— | $374733 | $— | $765682 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 7076 |  | 8457 |  | 34203 |  | 47677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement |  | 3543207 |  | 338450 |  | 735369 |  | 1362942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  | 151 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  | 13363 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $244035 | $3556721 | $50448 | $338450 | $408936 | $735369 | $813359 | $1362942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 10031 |  | 582 |  | 1530 |  | 1474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $23.62 | $— | $72.23 | $— | $244.92 | $— | $519.23 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 315 |  | 123 |  | 147 |  | 96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $22.39 | $— | $68.46 | $— | $232.12 | $— | $492.09 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 280313 |  | 13916 |  | 14193 |  | 12562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $13.49 | $— | $34.02 | $— | $78.84 | $— | $158.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $11.83 | $— | $21.90 | $— | $47.75 | $— | $102.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 12 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $12.56 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 975 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $10.55 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $9.97 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 312 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $10.26 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $9.72 | $— | $— | $— | $— | $— | $— |

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*See accompanying notes which are an integral part of the financial statements.* 

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|:---|:---|
| **3** | ***Annual Report*** |

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**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Overseas<br>Initial Class** | **VIP –<br>Overseas<br>Investor Class** | **VIP –<br>Investment<br>Grade Bond<br>Initial Class** | **VIP –<br>Investment<br>Grade Bond<br>Investor Class** | **VIP –<br>Asset<br>Manager 50%<br>Initial Class <sup>(B)</sup>** | **VIP –<br>Asset<br>Manager 50%<br>Investor Class <sup>(B)</sup>** | **VIP –<br>Index 500**<br>**Initial Class** | **VIP –<br>Asset<br>Manager 70%<br>Initial Class <sup>(B)</sup>** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $66947 | $272585 | $100746 | $787746 | $157075 | $231502 | $7425715 | $62736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 22 |  | 1 |  | 149 |  | 154 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $66969 | $272585 | $100747 | $787746 | $157224 | $231502 | $7425869 | $62785 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $66969 | $272585 | $100747 | $787746 | $157224 | $231502 | $7425869 | $62785 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $62683 | $— | $85977 | $— | $142935 | $— | $706667 | $54650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 4286 |  | 14770 |  | 14289 |  | 57937 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement |  | 272585 |  | 787746 |  | 231502 | 6661265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $66969 | $272585 | $100747 | $787746 | $157224 | $231502 | $7425869 | $62785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 709 |  | 1769 |  | 1485 |  | 3143 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $88.41 | $— | $48.59 | $— | $96.17 | $— | $224.78 | $74.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 51 |  | 321 |  | 156 |  | 271 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $83.79 | $— | $46.05 | $— | $91.14 | $— | $213.03 | $71.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 8781 |  | 47670 |  | 7380 | 83350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $41.88 | $— | $19.16 | $— | $40.21 | $112.03 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $30.73 | $— | $14.99 | $— | $28.90 | $76.90 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

<sup>(B)</sup> Fund Name Change (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **4** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –**<br> **Asset<br>Manager 70%<br>Investor Class <sup>(B)</sup>** | **VIP –<br>Contrafund<br>Initial Class** | **VIP –<br>Contrafund<br>Investor Class** | **VIP –<br>Balanced<br>Initial Class** | **VIP –<br>Balanced<br>Investor Class** | **VIP –<br>Dynamic<br>Capital<br>Appreciation<br>Initial Class** | **VIP –<br>Dynamic<br>Capital<br>Appreciation<br>Investor Class** | **VIP –<br>Growth &<br>Income<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $201318 | $1385805 | $3348891 | $196953 | $4374767 | $26437 | $221116 | $150304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  |  | 1 | 93 |  | 26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $201318 | $1385805 | $3348892 | $197046 | $4374767 | $26463 | $221116 | $150304 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI | 1 | 186 |  |  |  |  |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $201317 | $1385619 | $3348892 | $197046 | $4374767 | $26463 | $221116 | $150269 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $1295272 | $— | $162918 | $— | $22988 | $— | $134455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 90347 |  | 34128 |  | 3475 |  | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 201317 |  | 3348892 |  | 3596783 |  | 221116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  | 777984 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $201317 | $1385619 | $3348892 | $197046 | $4374767 | $26463 | $221116 | $150269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 4365 |  | 2204 |  | 235 |  | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $296.85 | $— | $73.91 | $— | $97.65 | $— | $101.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 321 |  | 486 |  | 37 |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $281.33 | $— | $70.05 | $— | $93.37 | $— | $96.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 5182 |  | 39079 |  | 70293 |  | 2554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $52.80 | $— | $125.46 | $— | $74.75 | $— | $132.62 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $36.79 | $— | $83.48 | $— | $47.58 | $— | $84.79 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  | 11895 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $63.02 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $37.02 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  | 7807 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $61.40 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $36.00 | $— | $— | $— |

---

<sup>(B)</sup> Fund Name Change (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **5** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Growth &<br>Income<br>Investor Class** | **VIP –<br>Growth<br>Opportunities<br>Initial Class** | **VIP –<br>Growth<br>Opportunities<br>Investor Class** | **VIP –<br>Mid Cap<br>Initial Class** | **VIP –<br>Mid Cap<br>Investor Class** | **VIP – Value<br>Strategies<br>Initial Class** | **VIP – Value<br>Strategies<br>Investor Class** | **VIP –<br>Utilities<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $506129 | $224953 | $1415032 | $259805 | $711960 | $36512 | $156141 | $34006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  | 10 |  | 25 |  | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $506129 | $224963 | $1415032 | $259830 | $711960 | $36518 | $156141 | $34006 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $506129 | $224963 | $1415032 | $259830 | $711960 | $36518 | $156141 | $33936 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $201586 | $— | $228615 | $— | $30138 | $— | $30999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 23377 |  | 31215 |  | 6380 |  | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 506129 |  | 1415032 |  | 711960 |  | 156141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $506129 | $224963 | $1415032 | $259830 | $711960 | $36518 | $156141 | $33936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 1409 |  | 2442 |  | 513 |  | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $143.09 | $— | $93.62 | $— | $58.73 | $— | $59.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 173 |  | 351 |  | 114 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $135.61 | $— | $88.89 | $— | $56.15 | $— | $56.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 7106 |  | 10045 |  | 14366 |  | 3010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $99.01 | $— | $238.74 | $— | $79.56 | $— | $105.53 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $67.35 | $— | $128.93 | $— | $45.33 | $— | $50.46 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **6** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Utilities<br>Investor Class** | **VIP –<br>Technology<br>Initial Class** | **VIP –<br>Technology<br>Investor Class** | **VIP –<br>Energy<br>Initial Class** | **VIP –<br>Energy<br>Investor Class** | **VIP –<br>Health Care<br>Initial Class** | **VIP –<br>Health Care<br>Investor Class** | **VIP –<br>Financials<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $252261 | $334384 | $2500313 | $32417 | $173903 | $73988 | $594105 | $28819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  | 121 |  | 11 |  | 40 | 1 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $252261 | $334505 | $2500313 | $32428 | $173903 | $74028 | $594106 | $28834 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $252261 | $334505 | $2500313 | $32428 | $173903 | $74028 | $594106 | $28834 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $310308 | $— | $29120 | $— | $66547 | $— | $25923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 24197 |  | 3308 |  | 7481 |  | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 252261 |  | 2500313 |  | 173903 |  | 594106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $252261 | $334505 | $2500313 | $32428 | $173903 | $74028 | $594106 | $28834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 1734 |  | 703 |  | 783 |  | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $179.03 | $— | $41.42 | $— | $85.03 | $— | $39.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 141 |  | 84 |  | 91 |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $170.42 | $— | $39.43 | $— | $80.94 | $— | $37.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 4404 |  | 14145 |  | 6999 |  | 7500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $65.17 | $— | $374.12 | $— | $34.77 | $— | $112.25 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $53.07 | $— | $163.69 | $— | $23.72 | $— | $77.78 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **7** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –**<br>**Financials<br>Investor Class** | **VIP –<br>Industrials<br>Initial Class** | **VIP –<br>Industrials<br>Investor Class** | **VIP –<br>Consumer<br>Discretionary<br>Initial Class** | **VIP –<br>Consumer<br>Discretionary<br>Investor Class** | **VIP –<br>Real Estate<br>Initial Class** | **VIP –<br>Real Estate<br>Investor Class** | **VIP –<br>Strategic<br>Income<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $257348 | $38522 | $252276 | $15126 | $190550 | $15688 | $129787 | $37331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  | 16 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $257348 | $38538 | $252276 | $15126 | $190550 | $15688 | $129787 | $37331 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  | 12 |  | 19 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $257348 | $38538 | $252276 | $15114 | $190550 | $15669 | $129787 | $37303 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $33953 | $— | $13529 | $— | $14236 | $— | $33639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 4585 |  | 1585 |  | 1433 |  | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 257348 |  | 252276 |  | 190550 |  | 129787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $257348 | $38538 | $252276 | $15114 | $190550 | $15669 | $129787 | $37303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 307 |  | 182 |  | 320 |  | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $110.83 | $— | $74.08 | $— | $44.52 | $— | $25.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 43 |  | 22 |  | 34 |  | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $105.50 | $— | $70.52 | $— | $42.57 | $— | $24.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 5291 |  | 3486 |  | 2552 |  | 4468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $88.64 | $— | $116.08 | $— | $132.80 | $— | $65.20 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $35.31 | $— | $66.98 | $— | $73.46 | $— | $27.23 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **8** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Strategic<br>Income<br>Investor Class** | **VIP –<br>International<br>Capital<br>Appreciation<br>Initial Class** | **VIP –<br>International<br>Capital<br>Appreciation<br>Investor Class** | **VIP – Value<br>Initial Class** | **VIP – Value<br>Investor Class** | **VIP –<br>Freedom<br>Income<br>Initial Class** | **VIP –<br>Freedom<br>Income<br>Investor Class** |
|  **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $775145 | $21699 | $413779 | $27150 | $271927 | $11075 | $73195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  |  |  |  |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $775145 | $21699 | $413779 | $27150 | $271927 | $11087 | $73195 |
|  **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  | 20 | 1 | 24 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $775145 | $21679 | $413778 | $27126 | $271927 | $11087 | $73195 |
|  **Net Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $20238 | $— | $25230 | $— | $11087 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 1441 |  | 1896 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 775145 |  | 413778 |  | 271927 |  | 73195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $775145 | $21679 | $413778 | $27126 | $271927 | $11087 | $73195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 536 |  | 528 |  | 554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $37.71 | $— | $47.88 | $— | $19.98 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 40 |  | 42 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $36.18 | $— | $45.94 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 36379 |  | 10028 |  | 4936 |  | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $26.78 | $— | $78.90 | $— | $98.18 | $— | $22.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $18.72 | $— | $39.17 | $— | $50.73 | $— | $18.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **9** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>Freedom 2010<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2010<br>Investor Class** | **VIP** –**<br>Freedom 2015<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2015<br>Investor Class** | **VIP** –**<br>Freedom 2020<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2020<br>Investor Class** | **VIP** –**<br>Freedom 2025<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $4419 | $46335 | $13150 | $80183 | $14447 | $165459 | $18657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 1 |  | 1 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4420 | $46335 | $13151 | $80183 | $14448 | $165459 | $18658 |
|  **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $4420 | $46335 | $13151 | $80183 | $14448 | $165459 | $18658 |
|  **Net Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $4420 | $— | $13151 | $— | $14448 | $— | $18658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement |  | 46335 |  | 80183 |  | 165459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $4420 | $46335 | $13151 | $80183 | $14448 | $165459 | $18658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 171 |  | 457 |  | 464 |  | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $25.88 | $— | $28.76 | $— | $31.15 | $— | $34.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 1690 |  | 2641 |  | 5072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $33.66 | $— | $37.54 | $— | $43.49 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $24.58 | $— | $27.08 | $— | $30.19 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **10** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Investor<br>Freedom 2025<br>Investor Class** | **VIP** –**<br>Freedom 2030<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2030<br>Investor Class** | **VIP** –**<br>Freedom 2035<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2035<br>Investor Class** | **VIP** –**<br>Freedom 2040<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2040<br>Investor Class** | **VIP** –**<br>Freedom 2045<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $195749 | $22824 | $366942 | $1371 | $35304 | $699 | $21971 | $321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  |  | 1 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $195749 | $22824 | $366943 | $1371 | $35304 | $700 | $21971 | $321 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $195749 | $22824 | $366943 | $1371 | $35304 | $700 | $21971 | $321 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $22824 | $— | $1371 | $— | $700 | $— | $321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 195749 |  | 366943 |  | 35304 |  | 21971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $195749 | $22824 | $366943 | $1371 | $35304 | $700 | $21971 | $321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 614 |  | 100 |  | 48 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $37.17 | $— | $13.82 | $— | $14.49 | $— | $14.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 5367 |  | 9414 |  | 2517 |  | 1495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $49.30 | $— | $55.44 | $— | $14.06 | $— | $14.74 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $33.80 | $— | $37.35 | $— | $14.01 | $— | $14.68 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **11** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>Investor<br>Freedom 2045<br>Investor Class** | **VIP** –**<br>Freedom 2050<br>Initial Class** | **VIP** –**<br>Investor<br>Freedom 2050<br>Investor Class** | **VIP** –**<br>Freedom<br>Lifetime<br>Income I** | **VIP** –**<br>Freedom<br>Lifetime<br>Income II** | **VIP** –**<br>Freedom<br>Lifetime<br>Income III** | **VIP** –**<br>Disciplined<br>Small Cap<br>Initial Class** | **VIP** –**<br>Disciplined<br>Small Cap<br>Investor Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $7030 | $320 | $11892 | $7125 | $24611 | $27567 | $24891 | $377536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 1 |  |  | 26 | 53 | 37 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $7031 | $320 | $11892 | $7151 | $24664 | $27604 | $24896 | $377537 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $7031 | $320 | $11892 | $7151 | $24664 | $27604 | $24896 | $377537 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $320 | $— | $— | $— | $— | $22928 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  |  |  |  |  |  | 1968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 7031 |  | 11892 |  |  |  |  | 377537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  | 7151 | 24664 | 27604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $7031 | $320 | $11892 | $7151 | $24664 | $27604 | $24896 | $377537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 22 |  |  |  |  | 580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $14.75 | $— | $— | $— | $— | $39.53 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $37.99 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 470 |  | 795 |  |  |  |  | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $15.00 | $— | $15.00 | $— | $— | $— | $— | $80.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $14.94 | $— | $14.94 | $— | $— | $— | $— | $43.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  | 321 | 921 | 831 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $22.20 | $26.72 | $33.15 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **12** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities – continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>FundsManager<br>20%<br>Investor Class** | **VIP –<br>FundsManager<br>30%<br>Investor Class** | **VIP –<br>FundsManager<br>40%<br>Investor Class** | **VIP –<br>FundsManager<br>50%<br>Investor Class** | **VIP –<br>FundsManager<br>60%<br>Investor Class** | **VIP –<br>FundsManager<br>70%<br>Investor Class** | **VIP –<br>FundsManager<br>85%<br>Investor Class** | **VIP –<br>Consumer<br>Staples<br>Initial Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $624710 | $25967 | $50951 | $1749071 | $2196184 | $2400493 | $1045915 | $10584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 6 |  |  |  | 231 | 80 | 66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $624716 | $25967 | $50951 | $1749071 | $2196415 | $2400573 | $1045981 | $10584 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  | 284 |  |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $624716 | $25967 | $50951 | $1748787 | $2196415 | $2400573 | $1045981 | $10554 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $26482 | $1553 | $1747 | $54648 | $31285 | $38792 | $25600 | $9629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 3484 | 35 |  | 24367 | 11252 | 17677 | 7970 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 585826 | 24379 | 49204 | 1560556 | 1584592 | 2310311 | 998111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income | 8924 |  |  | 109216 | 130168 | 33793 | 14300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  | 439118 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $624716 | $25967 | $50951 | $1748787 | $2196415 | $2400573 | $1045981 | $10554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 1431 | 127 | 140 | 2048 | 1140 | 1203 | 704 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $18.53 | $12.16 | $12.54 | $26.67 | $27.44 | $32.21 | $36.36 | $35.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 195 | 3 |  | 962 | 422 | 568 | 227 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $17.81 | $12.10 | $— | $25.63 | $26.48 | $30.96 | $34.94 | $34.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 29506 | 1972 | 3858 | 52548 | 50164 | 62450 | 23284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $21.42 | $12.39 | $12.78 | $37.15 | $44.49 | $51.51 | $64.68 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $18.37 | $12.34 | $12.73 | $28.66 | $30.26 | $35.91 | $40.54 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 506 |  |  | 4311 | 4573 | 1101 | 411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $17.60 | $— | $— | $25.34 | $28.43 | $30.68 | $34.74 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  | 8685 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $37.51 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $25.58 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  | 6798 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $36.55 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $24.87 | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **13** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Consumer<br>Staples<br>Investor Class** | **VIP –<br>Materials<br>Initial Class** | **VIP –<br>Materials<br>Investor Class** | **VIP –<br>Communication<br>Services<br>Initial Class** | **VIP –<br>Communication<br>Services<br>Investor Class** | **VIP –<br>Hedged<br>Equity<br>Investor Class <sup>(C)</sup>** | **VIP –<br>Emerging<br>Markets<br>Initial Class** | **VIP –<br>Emerging<br>Markets<br>Investor Class** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $170106 | $6748 | $53769 | $33017 | $349744 | $8999 | $13848 | $231016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI |  | 4 |  |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $170106 | $6752 | $53769 | $33017 | $349744 | $8999 | $13850 | $231016 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  | 30 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $170106 | $6752 | $53769 | $32987 | $349744 | $8999 | $13850 | $231016 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $— | $6243 | $— | $28871 | $— | $— | $12722 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage |  | 509 |  | 4116 |  |  | 1128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 170106 |  | 53769 |  | 349744 | 8999 |  | 231016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $170106 | $6752 | $53769 | $32987 | $349744 | $8999 | $13850 | $231016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 203 |  | 561 |  |  | 658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $30.83 | $— | $51.45 | $— | $— | $19.35 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 16 |  | 83 |  |  | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $29.69 | $— | $49.55 | $— | $— | $18.67 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 4451 |  | 1632 |  | 5163 | 767 |  | 9209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $48.90 | $— | $68.22 | $— | $136.32 | $11.74 | $— | $56.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $37.15 | $— | $31.74 | $— | $56.20 | $11.73 | $— | $21.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

<sup>(C)</sup> New Fund (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **14** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Floating Rate<br>High Income<br>Initial Class** | **VIP –<br>Floating Rate<br>High Income<br>Investor Class** | **VIP –<br>Bond<br>Index**<br>**Initial Class** | **VIP –<br>Total<br>Market<br>Index**<br>**Initial Class** | **VIP –<br>Extended<br>Market<br>Index<br>Initial Class** | **VIP –<br>International<br>Index**<br>**Initial Class** | **VIF –<br>Emerging<br>Markets<br>Equity –**<br>**Class I** | **VIF –<br>Emerging<br>Markets Debt –**<br>**Class I** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $11024 | $283761 | $597216 | $982016 | $170619 | $570978 | $45747 | $75924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 3 |  | 2 | 3 | 4 | 1 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $11027 | $283761 | $597218 | $982019 | $170623 | $570979 | $45749 | $75924 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $11027 | $283761 | $597218 | $982019 | $170623 | $570979 | $45749 | $75924 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $10328 | $— | $22064 | $44101 | $4971 | $19243 | $14411 | $6965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 699 |  | 657 | 852 | 634 | 1018 | 1270 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement |  | 283761 | 574497 | 937066 | 165018 | 550718 | 30068 | 68183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $11027 | $283761 | $597218 | $982019 | $170623 | $570979 | $45749 | $75924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 671 |  | 2029 | 1783 | 290 | 1195 | 336 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $15.37 | $— | $10.87 | $24.74 | $17.13 | $16.10 | $42.92 | $42.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 46 |  | 61 | 35 | 38 | 65 | 31 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $15.01 | $— | $10.71 | $24.36 | $16.87 | $15.86 | $40.67 | $40.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  | 17175 | 50351 | 36067 | 9172 | 32576 | 1494 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $16.62 | $11.47 | $26.09 | $18.07 | $16.98 | $38.00 | $27.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $16.33 | $11.34 | $25.79 | $17.86 | $16.79 | $18.78 | $17.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **15** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIF –<br>Global<br>Strategist –<br>Class II** | **Lazard –<br>Retirement<br>Emerging<br>Markets**<br>**Portfolio –**<br>**Investor** | **Invesco –<br>VI Global**<br>**Core Equity**<br>**Series I** | **Allspring – VT<br>Discovery**<br>**SMID Cap<br>Growth**<br>**Class 2** | **Allspring – VT<br>Opportunity<br>Class 2** | **PVIT –**<br>**Commodity<br>Real Return<br>Portfolio –<br>Administrative** | **PVIT –<br>Low Duration<br>Portfolio –<br>Administrative** | **PVIT –<br>Real Return<br>Portfolio –<br>Administrative** |
|  **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $27598 | $137438 | $36107 | $21809 | $21917 | $28928 | $294373 | $150765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 11 | 4 | 5 | 12 | 11 | 1 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $27609 | $137442 | $36112 | $21821 | $21928 | $28929 | $294377 | $150765 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $27609 | $137442 | $36112 | $21821 | $21928 | $28929 | $294377 | $150765 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $5186 | $9514 | $7153 | $19756 | $20286 | $96 | $16182 | $6254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 1417 | 1050 | 1141 | 2065 | 1642 | 145 | 476 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 21006 | 126878 | 27818 |  |  | 28688 | 277719 | 143948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $27609 | $137442 | $36112 | $21821 | $21928 | $28929 | $294377 | $150765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 188 | 366 | 193 | 238 | 203 | 11 | 1334 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $27.49 | $25.98 | $37.17 | $83.03 | $99.84 | $8.91 | $12.12 | $14.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 54 | 41 | 32 | 26 | 18 | 17 | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $26.05 | $24.97 | $35.23 | $78.69 | $94.62 | $8.67 | $11.73 | $14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 836 | 5350 | 942 |  |  | 2947 | 21331 | 9315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $37.29 | $45.67 | $40.39 | $— | $— | $9.82 | $13.27 | $16.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $21.90 | $21.55 | $25.18 | $— | $— | $9.62 | $12.82 | $14.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **16** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Assets and Liabilities - continued** 

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands, except per unit data)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **PVIT –<br>Total Return<br>Portfolio –<br>Administrative** | **Blackrock –<br>Global<br>Allocation V.I.**<br>**Fund – Class I** | **FTVIP –<br>Templeton<br>Global Bond**<br>**Fund – Class 2** | **FTVIP –<br>Franklin<br>U.S. Government<br>Securities**<br>**Fund – Class 2** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $381339 | $169934 | $46400 | $57265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from FILI | 1 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $381340 | $169936 | $46400 | $57265 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to FILI |  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $381340 | $169935 | $46399 | $57265 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves | $15113 | $4260 | $1425 | $2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage | 558 | 527 | 147 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement | 365669 | 165148 | 44827 | 55044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $381340 | $169935 | $46399 | $57265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding and Unit Value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Retirement Reserves: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 1068 | 197 | 151 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $14.16 | $21.61 | $9.43 | $10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Income Advantage: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 41 | 25 | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $13.70 | $21.02 | $9.18 | $10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Personal Retirement: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 24440 | 7008 | 4351 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $15.49 | $23.81 | $10.39 | $11.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $14.48 | $23.32 | $10.18 | $11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Freedom Lifetime Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Single Annuitant): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Growth and Guaranteed Income (Joint Annuitant): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest Value | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest Value | $— | $— | $— | $— |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **17** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Government<br>Money<br>Market**<br>**Initial Class** | **VIP –<br>Government<br>Money<br>Market<br>Investor Class** | **VIP –**<br>**High Income<br>Initial Class** | **VIP –**<br>**High Income<br>Investor Class** | **VIP –<br>Equity-Income<br>Initial Class** | **VIP –<br>Equity-Income<br>Investor Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 9912 | 136739 | 3173 | 21245 | 6975 | 12156 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 1786 |  | 310 |  | 2696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 119 |  | 21 |  | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1905 |  | 331 |  | 2876 |  |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 56 |  | 65 |  | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 19 |  | 22 |  | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 75 |  | 87 |  | 337 |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 4087 |  | 365 |  | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 1696 |  | 160 |  | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 5783 |  | 525 |  | 1103 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 1 |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 109 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 31 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 140 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 1980 | 5924 | 418 | 525 | 3213 | 1103 |
|  **Net investment income (loss)** | 7932 | 130815 | 2755 | 20720 | 3762 | 11053 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares |  |  | (1342) | 1043 | 6256 | 12466 |
|  Realized gain distributions |  |  |  |  | 21641 | 38607 |
|  Net realized gain (loss) on investments |  |  | (1342) | 1043 | 27897 | 51073 |
|  Unrealized appreciation (depreciation) |  |  | 3062 | 9226 | 33544 | 54422 |
|  **Net increase (decrease) in net assets from operations** | 7932 | 130815 | 4475 | 30989 | 65203 | 116548 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **18** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Growth**<br>**Initial Class** | **VIP –<br>Growth<br>Investor Class** | **VIP –<br>Overseas<br>Initial Class** | **VIP –<br>Overseas<br>Investor Class** | **VIP –<br>Investment<br>Grade Bond<br>Initial Class** | **VIP –<br>Investment<br>Grade Bond<br>Investor Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2253 | 2955 | 1041 | 4065 | 3599 | 26959 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 5541 |  | 465 |  | 653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 369 |  | 31 |  | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5910 |  | 496 |  | 697 |  |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 357 |  | 35 |  | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 119 |  | 12 |  | 39 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 476 |  | 47 |  | 156 |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 1401 |  | 309 |  | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 651 |  | 132 |  | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 2052 |  | 441 |  | 1230 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 6386 | 2052 | 543 | 441 | 853 | 1230 |
|  **Net investment income (loss)** | (4133) | 903 | 498 | 3624 | 2746 | 25729 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 37426 | 48110 | 1342 | 11210 | (1121) | (858) |
|  Realized gain distributions | 100331 | 170114 | 5794 | 23509 |  |  |
|  Net realized gain (loss) on investments | 137757 | 218224 | 7136 | 34719 | (1121) | (858) |
|  Unrealized appreciation (depreciation) | (31081) | (39776) | 3806 | 6225 | 4650 | 24470 |
|  **Net increase (decrease) in net assets from operations** | 102543 | 179351 | 11440 | 44568 | 6275 | 49341 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **19** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –**<br>**Asset<br>Manager<br>50%**<br>**Initial Class <sup>(B)</sup>** | **VIP –<br>Asset<br>Manager<br>50%**<br>**Investor Class <sup>(B)</sup>** | **VIP –<br>Index 500<br>Initial Class** | **VIP –<br>Asset<br>Manager<br>70%**<br>**Initial Class <sup>(B)</sup>** | **VIP –<br>Asset<br>Manager<br>70%**<br>**Investor Class <sup>(B)</sup>** | **VIP –<br>Contrafund<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3789 | 5570 | 79385 | 1087 | 3551 | 1815 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 1051 |  | 5071 | 394 |  | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 70 |  | 338 | 26 |  | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1121 |  | 5409 | 420 |  | 9787 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 110 |  | 421 | 59 |  | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 37 |  | 140 | 20 |  | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 147 |  | 561 | 79 |  | 884 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 276 | 6490 |  | 238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 104 | 3039 |  | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 380 | 9529 |  | 320 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 1268 | 380 | 15499 | 499 | 320 | 10671 |
|  **Net investment income (loss)** | 2521 | 5190 | 63886 | 588 | 3231 | (8856) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 368 | 1518 | 393766 | 2169 | 3550 | 74621 |
|  Realized gain distributions | 7149 | 9280 | 35141 | 2013 | 4880 | 209100 |
|  Net realized gain (loss) on investments | 7517 | 10798 | 428907 | 4182 | 8430 | 283721 |
|  Unrealized appreciation (depreciation) | 10224 | 12490 | 622025 | 4839 | 15544 | (30283) |
|  **Net increase (decrease) in net assets from operations** | 20262 | 28478 | 1114818 | 9609 | 27205 | 244582 |

---

<sup>(B)</sup> Fund Name Change (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **20** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Contrafund<br>Investor Class** | **VIP –<br>Balanced<br>Initial Class** | **VIP –<br>Balanced<br>Investor Class** | **VIP –<br>Dynamic<br>Capital<br>Appreciation<br>Initial Class** | **VIP –<br>Dynamic<br>Capital<br>Appreciation<br>Investor Class** | **VIP –<br>Growth &<br>Income**<br>**Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2977 | 3264 | 69903 | 146 | 1041 | 2168 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 1191 |  | 166 |  | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 79 |  | 11 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 1270 |  | 177 |  | 1022 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 254 |  | 25 |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 85 |  | 8 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 339 |  | 33 |  | 156 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 3387 |  | 4426 |  | 226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 1520 |  | 1675 |  | 106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4907 |  | 6101 |  | 332 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  | 7155 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  | 1911 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  | 9066 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 4907 | 1609 | 15167 | 210 | 332 | 1178 |
|  **Net investment income (loss)** | (1930) | 1655 | 54736 | (64) | 709 | 990 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 126097 | 8678 | 129295 | 1030 | 9723 | 7371 |
|  Realized gain distributions | 501922 | 9608 | 204923 | 4628 | 38660 | 13154 |
|  Net realized gain (loss) on investments | 628019 | 18286 | 334218 | 5658 | 48383 | 20525 |
|  Unrealized appreciation (depreciation) | (37354) | 5756 | 180153 | (1433) | (13713) | 5290 |
|  **Net increase (decrease) in net assets from operations** | 588735 | 25697 | 569107 | 4161 | 35379 | 26805 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **21** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Growth &<br>Income<br>Investor Class** | **VIP –<br>Growth<br>Opportunities<br>Initial Class** | **VIP –<br>Growth<br>Opportunities<br>Investor Class** | **VIP –<br>Mid Cap<br>Initial Class** | **VIP –<br>Mid Cap<br>Investor Class** | **VIP – Value<br>Strategies<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7151 |  |  | 1070 | 2494 | 389 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 1440 |  | 1658 |  | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 96 |  | 111 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 1536 |  | 1769 |  | 247 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 167 |  | 233 |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 56 |  | 78 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 223 |  | 311 |  | 64 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 530 |  | 1327 |  | 741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 228 |  | 635 |  | 334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 758 |  | 1962 |  | 1075 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 758 | 1759 | 1962 | 2080 | 1075 | 311 |
|  **Net investment income (loss)** | 6393 | (1759) | (1962) | (1010) | 1419 | 78 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 20974 | 19008 | 76438 | 1824 | 2959 | (534) |
|  Realized gain distributions | 44488 | 3413 | 19635 | 28399 | 76396 | 1532 |
|  Net realized gain (loss) on investments | 65462 | 22421 | 96073 | 30223 | 79355 | 998 |
|  Unrealized appreciation (depreciation) | 16264 | 19975 | 152840 | (3851) | (7857) | 1043 |
|  **Net increase (decrease) in net assets from operations** | 88119 | 40637 | 246951 | 25362 | 72917 | 2119 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **22** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Value<br>Strategies<br>Investor Class** | **VIP –<br>Utilities**<br>**Initial Class** | **VIP –<br>Utilities<br>Investor Class** | **VIP –<br>Technology<br>Initial Class** | **VIP –<br>Technology<br>Investor Class** | **VIP –<br>Energy**<br>**Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1513 | 583 | 4243 |  |  | 711 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 221 |  | 2102 |  | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 15 |  | 140 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 236 |  | 2242 |  | 236 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 22 |  | 174 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 7 |  | 58 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 29 |  | 232 |  | 35 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 177 |  | 285 |  | 2175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 80 |  | 123 |  | 1097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 257 |  | 408 |  | 3272 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 257 | 265 | 408 | 2474 | 3272 | 271 |
|  **Net investment income (loss)** | 1256 | 318 | 3835 | (2474) | (3272) | 440 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | (3718) | 1733 | 14292 | 29254 | 156850 | (296) |
|  Realized gain distributions | 6726 | 1270 | 9964 | 23106 | 163886 |  |
|  Net realized gain (loss) on investments | 3008 | 3003 | 24256 | 52360 | 320736 | (296) |
|  Unrealized appreciation (depreciation) | 5645 | 698 | 3695 | 9750 | 135035 | 2822 |
|  **Net increase (decrease) in net assets from operations** | 9909 | 4019 | 31786 | 59636 | 452499 | 2966 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **23** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Energy<br>Investor Class** | **VIP –<br>Health Care<br>Initial Class** | **VIP –<br>Health Care<br>Investor Class** | **VIP –<br>Financials**<br>**Initial Class** | **VIP –<br>Financials<br>Investor Class** | **VIP –<br>Industrials<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3620 | 270 | 1730 | 485 | 4166 | 32 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 490 |  | 205 |  | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 33 |  | 14 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 523 |  | 219 |  | 250 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 54 |  | 21 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 18 |  | 7 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 72 |  | 28 |  | 41 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 206 |  | 617 |  | 251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 90 |  | 276 |  | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 296 |  | 893 |  | 376 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 296 | 595 | 893 | 247 | 376 | 291 |
|  **Net investment income (loss)** | 3324 | (325) | 837 | 238 | 3790 | (259) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 487 | 1778 | 10655 | 1839 | 12681 | 1548 |
|  Realized gain distributions |  | 5397 | 40593 | 1288 | 10554 | 1024 |
|  Net realized gain (loss) on investments | 487 | 7175 | 51248 | 3127 | 23235 | 2572 |
|  Unrealized appreciation (depreciation) | 12584 | 1774 | 19263 | 329 | 5994 | 4886 |
|  **Net increase (decrease) in net assets from operations** | 16395 | 8624 | 71348 | 3694 | 33019 | 7199 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **24** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Industrials<br>Investor Class** | **VIP –<br>Consumer<br>Discretionary<br>Initial Class** | **VIP –<br>Consumer<br>Discretionary<br>Investor Class** | **VIP –<br>Real Estate<br>Initial Class** | **VIP –<br>Real Estate<br>Investor Class** | **VIP –<br>Strategic<br>Income**<br>**Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 111 | 13 | 141 | 329 | 2672 | 1425 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 110 |  | 115 |  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 7 |  | 8 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 117 |  | 123 |  | 270 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 14 |  | 11 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 5 |  | 4 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 19 |  | 15 |  | 39 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 231 |  | 201 |  | 158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 111 |  | 95 |  | 66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 342 |  | 296 |  | 224 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 342 | 136 | 296 | 138 | 224 | 309 |
|  **Net investment income (loss)** | (231) | (123) | (155) | 191 | 2448 | 1116 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 11558 | 933 | 8670 | (714) | (935) | (142) |
|  Realized gain distributions | 6389 | 1982 | 23111 | 7 | 58 |  |
|  Net realized gain (loss) on investments | 17947 | 2915 | 31781 | (707) | (877) | (142) |
|  Unrealized appreciation (depreciation) | 26943 | (2056) | (21580) | 894 | 2203 | 1880 |
|  **Net increase (decrease) in net assets from operations** | 44659 | 736 | 10046 | 378 | 3774 | 2854 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **25** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Strategic<br>Income<br>Investor Class** | **VIP –<br>International<br>Capital<br>Appreciation<br>Initial Class** | **VIP –<br>International<br>Capital<br>Appreciation<br>Investor Class** | **VIP – Value<br>Initial Class** | **VIP – Value<br>Investor Class** | **VIP –<br>Freedom<br>Income**<br>**Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 28592 | 200 | 3715 | 365 | 3392 | 367 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 146 |  | 186 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 10 |  | 12 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 156 |  | 198 |  | 95 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 11 |  | 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 4 |  | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 15 |  | 19 |  |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 873 |  | 406 |  | 290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 373 |  | 190 |  | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1246 |  | 596 |  | 422 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 1246 | 171 | 596 | 217 | 422 | 95 |
|  **Net investment income (loss)** | 27346 | 29 | 3119 | 148 | 2970 | 272 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | (77) | 1215 | 13916 | 217 | 2036 | 122 |
|  Realized gain distributions |  | 94 | 1716 | 2132 | 21347 | 4 |
|  Net realized gain (loss) on investments | (77) | 1309 | 15632 | 2349 | 23383 | 126 |
|  Unrealized appreciation (depreciation) | 34256 | 1783 | 40132 | 65 | 820 | 605 |
|  **Net increase (decrease) in net assets from operations** | 61525 | 3121 | 58883 | 2562 | 27173 | 1003 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **26** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Freedom<br>Income<br>Investor Class** | **VIP –<br>Freedom 2010<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2010<br>Investor Class** | **VIP –<br>Freedom 2015<br>Initial Class** |
|  **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2463 | 145 | 1518 | 393 |
|  **Expenses:** |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 36 |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 2 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 38 |  | 108 |
|  Fidelity Income Advantage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |
|  Fidelity Personal Retirement |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 109 |  | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 36 |  | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 145 |  | 106 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 145 | 38 | 106 | 108 |
|  **Net investment income (loss)** | 2318 | 107 | 1412 | 285 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 383 | (109) | 229 | (65) |
|  Realized gain distributions | 31 | 67 | 102 | 523 |
|  Net realized gain (loss) on investments | 414 | (42) | 331 | 458 |
|  Unrealized appreciation (depreciation) | 3751 | 370 | 2936 | 673 |
|  **Net increase (decrease) in net assets from operations** | 6483 | 435 | 4679 | 1416 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **27** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Investor<br>Freedom 2015<br>Investor Class** | **VIP –<br>Freedom 2020<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2020<br>Investor Class** | **VIP –<br>Freedom 2025<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2025<br>Investor Class** | **VIP –<br>Freedom 2030<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2409 | 388 | 4394 | 470 | 4878 | 537 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 106 |  | 141 |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 7 |  | 9 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 113 |  | 150 |  | 182 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 130 |  | 253 |  | 310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 40 |  | 81 |  | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 170 |  | 334 |  | 407 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 170 | 113 | 334 | 150 | 407 | 182 |
|  **Net investment income (loss)** | 2239 | 275 | 4060 | 320 | 4471 | 355 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 344 | (22) | 1311 | 313 | 2630 | 748 |
|  Realized gain distributions | 2544 | 771 | 8311 | 654 | 12437 | 1044 |
|  Net realized gain (loss) on investments | 2888 | 749 | 9622 | 967 | 15067 | 1792 |
|  Unrealized appreciation (depreciation) | 3749 | 620 | 6122 | 1116 | 6125 | 971 |
|  **Net increase (decrease) in net assets from operations** | 8876 | 1644 | 19804 | 2403 | 25663 | 3118 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **28** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Investor<br>Freedom 2030<br>Investor Class** | **VIP –<br>Freedom 2035<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2035<br>Investor Class** | **VIP –<br>Freedom 2040<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2040<br>Investor Class** | **VIP –<br>Freedom 2045<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 8448 | 27 | 719 | 11 | 334 | 4 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 8 |  | 4 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 9 |  | 4 |  | 2 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 544 |  | 39 |  | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 176 |  | 14 |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 720 |  | 53 |  | 35 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 720 | 9 | 53 | 4 | 35 | 2 |
|  **Net investment income (loss)** | 7728 | 18 | 666 | 7 | 299 | 2 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 7142 | 39 | 724 | 88 | 612 | 1 |
|  Realized gain distributions | 14957 | 46 | 1287 | 33 | 887 | 7 |
|  Net realized gain (loss) on investments | 22099 | 85 | 2011 | 121 | 1499 | 8 |
|  Unrealized appreciation (depreciation) | 19862 | 49 | 1543 | (11) | 1151 | 24 |
|  **Net increase (decrease) in net assets from operations** | 49689 | 152 | 4220 | 117 | 2949 | 34 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **29** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Investor<br>Freedom 2045<br>Investor Class** | **VIP –<br>Freedom 2050<br>Initial Class** | **VIP –<br>Investor<br>Freedom 2050<br>Investor Class** | **VIP –<br>Freedom<br>Lifetime**<br>**Income I** | **VIP –<br>Freedom<br>Lifetime**<br>**Income II** | **VIP –<br>Freedom<br>Lifetime**<br>**Income III** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 89 | 4 | 144 | 243 | 775 | 722 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 1 |  |  |  |  |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 9 |  | 13 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 2 |  | 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11 |  | 17 |  |  |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  | 37 | 123 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  | 7 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  | 44 | 148 | 163 |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 11 | 1 | 17 | 44 | 148 | 163 |
|  **Net investment income (loss)** | 78 | 3 | 127 | 199 | 627 | 559 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 249 |  | 172 | (7) | 100 | 291 |
|  Realized gain distributions | 306 | 1 | 480 | 3 | 576 | 1220 |
|  Net realized gain (loss) on investments | 555 | 1 | 652 | (4) | 676 | 1511 |
|  Unrealized appreciation (depreciation) | 251 |  | 721 | 440 | 1074 | 1225 |
|  **Net increase (decrease) in net assets from operations** | 884 | 4 | 1500 | 635 | 2377 | 3295 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **30** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>Disciplined<br>Small Cap<br>Initial Class** | **VIP** –**<br>Disciplined<br>Small Cap<br>Investor Class** | **VIP** –**<br>FundsManager<br>20%<br>Investor Class** | **VIP** –**<br>FundsManager<br>30%<br>Investor Class** | **VIP** –**<br>FundsManager<br>40%<br>Investor Class** | **VIP** –**<br>FundsManager<br>50%<br>Investor Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 216 | 2847 | 22281 | 680 | 1059 | 44785 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 164 |  | 210 | 10 | 9 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 11 |  | 14 | 1 | 1 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 175 |  | 224 | 11 | 10 | 433 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 14 |  | 26 |  |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 5 |  | 9 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 19 |  | 35 |  |  | 247 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 378 | 863 | 28 | 43 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 171 | 288 | 9 | 15 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 549 | 1151 | 37 | 58 | 3005 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  | 44 |  |  | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  | 9 |  |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  | 53 |  |  | 638 |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 194 | 549 | 1463 | 48 | 68 | 4323 |
|  **Net investment income (loss)** | 22 | 2298 | 20818 | 632 | 991 | 40462 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 283 | 6969 | 687 | 472 | 967 | 15838 |
|  Realized gain distributions | 2013 | 27396 |  | 155 | 320 |  |
|  Net realized gain (loss) on investments | 2296 | 34365 | 687 | 627 | 1287 | 15838 |
|  Unrealized appreciation (depreciation) | 969 | 16882 | 30888 | 796 | 1543 | 162197 |
|  **Net increase (decrease) in net assets from operations** | 3287 | 53545 | 52393 | 2055 | 3821 | 218497 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **31** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>FundsManager<br>60%<br>Investor Class** | **VIP** –**<br>FundsManager<br>70%<br>Investor Class** | **VIP** –**<br>FundsManager<br>85%<br>Investor Class** | **VIP** –**<br>Consumer<br>Staples<br>Initial Class** | **VIP** –**<br>Consumer<br>Staples<br>Investor Class** | **VIP** –**<br>Materials<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 46687 | 42421 | 13695 | 222 | 3334 | 77 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 226 | 284 | 183 | 84 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 15 | 19 | 12 | 6 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 241 | 303 | 195 | 90 |  | 52 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 84 | 129 | 58 | 9 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 28 | 43 | 19 | 3 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 112 | 172 | 77 | 12 |  | 5 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 2200 | 3002 | 1223 |  | 218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 740 | 1054 | 434 |  | 91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2940 | 4056 | 1657 |  | 309 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 627 | 163 | 74 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 125 | 33 | 15 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 752 | 196 | 89 |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 4183 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 1083 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5266 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 9311 | 4727 | 2018 | 102 | 309 | 57 |
|  **Net investment income (loss)** | 37376 | 37694 | 11677 | 120 | 3025 | 20 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 18117 | 30339 | 17808 | (153) | (55) | (18) |
|  Realized gain distributions | 8595 | 20244 | 16131 | 793 | 11199 | 1143 |
|  Net realized gain (loss) on investments | 26712 | 50583 | 33939 | 640 | 11144 | 1125 |
|  Unrealized appreciation (depreciation) | 230754 | 257124 | 117594 | (1259) | (20203) | (465) |
|  **Net increase (decrease) in net assets from operations** | 294842 | 345401 | 163210 | (499) | (6034) | 680 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **32** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>Materials<br>Investor Class** | **VIP** –**<br>Communication<br>Services<br>Initial Class** | **VIP** –**<br>Communication<br>Services<br>Investor Class** | **VIP** –**<br>Hedged Equity<br>Investor Class <sup>(C)</sup>** | **VIP** –**<br>Emerging<br>Markets<br>Initial Class** | **VIP** –**<br>Emerging<br>Markets<br>Investor Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 575 |  |  | 34 | 224 | 3803 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 164 |  |  | 75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 11 |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 175 |  |  | 80 |  |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 28 |  |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 9 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 37 |  |  | 8 |  |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 56 |  | 255 | 3 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 25 |  | 129 | 1 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 81 |  | 384 | 4 |  | 248 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 81 | 212 | 384 | 4 | 88 | 248 |
|  **Net investment income (loss)** | 494 | (212) | (384) | 30 | 136 | 3555 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 113 | 2774 | 22084 | 71 | 452 | 2733 |
|  Realized gain distributions | 8041 | 2095 | 20761 |  | 86 | 1418 |
|  Net realized gain (loss) on investments | 8154 | 4869 | 42845 | 71 | 538 | 4151 |
|  Unrealized appreciation (depreciation) | (3418) | 2176 | 27577 | 100 | 2989 | 43448 |
|  **Net increase (decrease) in net assets from operations** | 5230 | 6833 | 70038 | 201 | 3663 | 51154 |

---

<sup>(C)</sup> New Fund (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **33** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP** –**<br>Floating Rate<br>High Income<br>Initial Class** | **VIP** –**<br>Floating Rate<br>High Income<br>Investor Class** | **VIP** –**<br>Bond<br>Index<br>Initial Class** | **VIP** –**<br>Total<br>Market<br>Index<br>Initial Class** | **VIP** –**<br>Extended<br>Market<br>Index<br>Initial Class** | **VIP** –**<br>International<br>Index<br>Initial Class** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 900 | 22197 | 18774 | 10060 | 1853 | 13409 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 93 |  | 157 | 301 | 33 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 6 |  | 10 | 20 | 2 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 99 |  | 167 | 321 | 35 | 123 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 5 |  | 5 | 7 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 2 |  | 2 | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7 |  | 7 | 9 | 4 | 7 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 300 | 608 | 925 | 156 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 146 | 254 | 431 | 74 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 446 | 862 | 1356 | 230 | 662 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 106 | 446 | 1036 | 1686 | 269 | 792 |
|  **Net investment income (loss)** | 794 | 21751 | 17738 | 8374 | 1584 | 12617 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 9 | (268) | 1169 | 55999 | 2871 | 11795 |
|  Realized gain distributions |  |  |  |  |  |  |
|  Net realized gain (loss) on investments | 9 | (268) | 1169 | 55999 | 2871 | 11795 |
|  Unrealized appreciation (depreciation) | (286) | (7555) | 15152 | 81240 | 13329 | 93685 |
|  **Net increase (decrease) in net assets from operations** | 517 | 13928 | 34059 | 145613 | 17784 | 118097 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **34** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIF** –**<br>Emerging<br>Markets Equity**<br> – **Class I** | **VIF** –**<br>Emerging<br>Markets Debt**<br> – **Class I** | **VIF** –**<br>Global<br>Strategist** –**<br>Class II** | **Lazard** –**<br>Retirement<br>Emerging<br>Markets<br>Portfolio** –**<br>Investor** | **Invesco** – **VI<br>Global<br>Core Equity<br>Series I** | **Allspring** –**<br>VT Discovery<br>SMID Cap<br>Growth<br>Class 2** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 160 | 9969 |  | 2741 | 480 |  |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 99 | 50 | 39 | 48 | 52 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 7 | 3 | 3 | 3 | 3 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 106 | 53 | 42 | 51 | 55 | 160 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 9 | 6 | 10 | 4 | 9 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 3 | 2 | 3 | 1 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12 | 8 | 13 | 5 | 12 | 21 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 28 | 71 | 21 | 84 | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 13 | 31 | 10 | 40 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 41 | 102 | 31 | 124 | 42 |  |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 159 | 163 | 86 | 180 | 109 | 181 |
|  **Net investment income (loss)** | 1 | 9806 | (86) | 2561 | 371 | (181) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | (1273) | (159) | 6 | 1365 | 733 | 534 |
|  Realized gain distributions | 1329 |  | 918 |  | 2377 | 159 |
|  Net realized gain (loss) on investments | 56 | (159) | 924 | 1365 | 3110 | 693 |
|  Unrealized appreciation (depreciation) | 11317 | 80 | 3277 | 26058 | 1451 | 409 |
|  **Net increase (decrease) in net assets from operations** | 11374 | 9727 | 4115 | 29984 | 4932 | 921 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **35** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **Allspring** –**<br>VT Opportunity<br>Class 2** | **PVIT** –**<br>Commodity<br>Real Return<br>Portfolio** –**<br>Administrative** | **PVIT** –**<br>Low Duration<br>Portfolio** –**<br>Administrative** | **PVIT** –**<br>Real Return<br>Portfolio** –**<br>Administrative** | **PVIT** –**<br>Total Return<br>Portfolio** –**<br>Administrative** | **Blackrock** –**<br>Global<br>Allocation V.I.<br>Fund** – **Class I** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 11 | 739 | 10696 | 4908 | 14859 | 5358 |
|  **Expenses:** |  |  |  |  |  |  |
|  Fidelity Retirement Reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 150 | 1 | 121 | 50 | 130 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 10 |  | 8 | 3 | 9 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 160 | 1 | 129 | 53 | 139 | 28 |
|  Fidelity Income Advantage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 13 | 2 | 3 | 5 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 4 | 1 | 1 | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17 | 3 | 4 | 7 | 5 | 5 |
|  Fidelity Personal Retirement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  | 31 | 316 | 161 | 441 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  | 13 | 128 | 70 | 172 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 44 | 444 | 231 | 613 | 270 |
|  Fidelity Freedom Lifetime Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** |  |  |  |  |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 177 | 48 | 577 | 291 | 757 | 303 |
|  **Net investment income (loss)** | (166) | 691 | 10119 | 4617 | 14102 | 5055 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |  |
|  Realized Gain (loss) on sale of fund shares | 60 | (311) | (230) | (452) | (2211) | 1243 |
|  Realized gain distributions | 2271 |  |  |  |  | 12846 |
|  Net realized gain (loss) on investments | 2331 | (311) | (230) | (452) | (2211) | 14089 |
|  Unrealized appreciation (depreciation) | (929) | 3613 | 4051 | 6438 | 18094 | 8780 |
|  **Net increase (decrease) in net assets from operations** | 1236 | 3993 | 13940 | 10603 | 29985 | 27924 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **36** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Operations - continued** 

For the year ended December 31, 2025

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **FTVIP** –**<br>Templeton<br>Global Bond<br>Fund** – **Class 2** | **FTVIP** –**<br>Franklin**<br>**U.S. Government<br>Securities<br>Fund** – **Class 2** |
|  **Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 1680 |
|  **Expenses:** |  |  |
|  Fidelity Retirement Reserves |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 13 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14 | 23 |
|  Fidelity Income Advantage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1 | 1 |
|  Fidelity Personal Retirement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 48 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges | 20 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 68 | 91 |
|  Fidelity Freedom Lifetime Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |
|  Fidelity Growth and Guaranteed Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative and other charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 83 | 115 |
|  **Net investment income (loss)** | (83) | 1565 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |
|  Realized Gain (loss) on sale of fund shares | (313) | 136 |
|  Realized gain distributions |  |  |
|  Net realized gain (loss) on investments | (313) | 136 |
|  Unrealized appreciation (depreciation) | 6227 | 1538 |
|  **Net increase (decrease) in net assets from operations** | 5831 | 3239 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **37** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Government<br>Money Market<br>Initial Class** | **VIP – Government<br>Money Market<br>Initial Class** | **VIP – Government<br>Money Market<br>Investor Class** | **VIP – Government<br>Money Market<br>Investor Class** | **VIP – High Income<br>Initial Class** | **VIP – High Income<br>Initial Class** | **VIP – High Income<br>Investor Class** | **VIP – High Income<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7932 | $9525 | $130815 | $138562 | $2755 | $2494 | $20720 | $17828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments |  |  |  |  | (1342) | (7995) | 1043 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) |  |  |  |  | 3062 | 9512 | 9226 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 7932 | 9525 | 130815 | 138562 | 4475 | 4011 | 30989 | 25348 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1081 | 1889 | 1417788 | 1347160 | 72 | 56 | 3443 | 7067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 49463 | 27133 | (285999) | (441110) | 469 | (2459) | 4583 | (7484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (6638) | (4579) | (237473) | (192253) | (1645) | (1970) | (36) | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (33744) | (41808) | (544772) | (518445) | (1837) | (3008) | (9156) | (10969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (47) | (46) |  |  | (5) | (6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 1 | (310) | (23) | (55) | (244) | (330) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from contract transactions | 10116 | (17721) | 349521 | 195297 | (3190) | (7717) | (1168) | (11480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 18048 | (8196) | 480336 | 333859 | 1285 | (3706) | 29821 | 13868 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 225987 | 234183 | 3076385 | 2742526 | 49163 | 52869 | 308629 | 294761 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $244035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076385 | $50448 | $49163 | $338450 | $308629 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Equity-Income<br>Initial Class** | **VIP – Equity-Income<br>Initial Class** | **VIP – Equity-Income<br>Investor Class** | **VIP – Equity-Income<br>Investor Class** | **VIP – Growth<br>Initial Class** | **VIP – Growth<br>Initial Class** | **VIP – Growth<br>Investor Class** | **VIP – Growth<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3762 | $3537 | $11053 | $9738 | $(4133) | $(6217) | $903 | $(1911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 27897 | 26633 | 51073 | 44176 | 137757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207740 | 218224 | 321952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 33544 | 21660 | 54422 | 25482 | (31081) | (11326) | (39776) | (28960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 65203 | 51830 | 116548 | 79396 | 102543 | 190197 | 179351 | 291081 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 229 | 125 | 4152 | 6013 | 577 | 736 | 8439 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (10447) | (10064) | 19580 | 18690 | (31990) | (16712) | (78356) | 80245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (10882) | (10786) | (782) | (66) | (13492) | (14420) | (478) | (4954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (16499) | (18907) | (28979) | (23167) | (34252) | (37748) | (34136) | (32042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (38) | (39) |  |  | (81) | (86) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (1255) | (943) | (6) | (7) | (583) | (1088) | 25 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from contract transactions | (38892) | (40614) | (6035) | 1463 | (79821) | (69318) | (104506) | 56646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 26311 | 11216 | 110513 | 80859 | 22722 | 120879 | 74845 | 347727 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 382625 | 371409 | 624856 | 543997 | 790637 | 669758 | 1288097 | 940370 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $408936 | $382625 | $735369 | $624856 | $813359 | $790637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288097 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **38** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Overseas<br>Initial Class** | **VIP – Overseas<br>Initial Class** | **VIP – Overseas<br>Investor Class** | **VIP – Overseas<br>Investor Class** | **VIP –<br>Investment Grade Bond<br>Initial Class** | **VIP –<br>Investment Grade Bond<br>Initial Class** | **VIP –<br>Investment Grade Bond<br>Investor Class** | **VIP –<br>Investment Grade Bond<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $498 | $501 | $3624 | $3096 | $2746 | $2809 | $25729 | $23238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136 | 3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34719 | 17202 | (1121) | (2279) | (858) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 3806 | (1297) | 6225 | (8810) | 4650 | 450 | 24470 | (13059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 11440 | 2991 | 44568 | 11488 | 6275 | 980 | 49341 | 10432 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 60 | 72 | 3136 | 452 | 163 | 290 | 5481 | 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (657) | (2601) | 20916 | (11175) | 458 | (1603) | 60974 | 43254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (1214) | (1523) | (428) | (1457) | (3916) | (3816) | (897) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (2388) | (4517) | (8630) | (9483) | (5059) | (7624) | (36094) | (34194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8) | (8) |  |  | (11) | (13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (109) | (87) | (24) | (4) | (524) | (440) | (21) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (4316) | (8664) | 14970 | (21667) | (8889) | (13206) | 29443 | 18861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 7124 | (5673) | 59538 | (10179) | (2614) | (12226) | 78784 | 29293 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 59845 | 65518 | 213047 | 223226 | 103361 | 115587 | 708962 | 679669 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $66969 | $59845 | $272585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213047 | $100747 | $103361 | $787746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708962 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Asset Manager<br>50% Initial Class <sup>(B)</sup>** | **VIP – Asset Manager<br>50% Initial Class <sup>(B)</sup>** | **VIP – Asset Manager<br>50% Investor Class <sup>(B)</sup>** | **VIP – Asset Manager<br>50% Investor Class <sup>(B)</sup>** | **VIP – Index 500**<br> **Initial Class** | **VIP – Index 500**<br> **Initial Class** | **VIP –<br>Asset Manager<br>70% Initial Class <sup>(B)</sup>** | **VIP –<br>Asset Manager<br>70% Initial Class <sup>(B)</sup>** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2521 | $2460 | $5190 | $4352 | $63886 | $63643 | $588 | $540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 7517 | 1003 | 10798 | 2663 | 428907 | 332771 | 4182 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 10224 | 8314 | 12490 | 9005 | 622025 | 889547 | 4839 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 20262 | 11777 | 28478 | 16020 | 1114818 | 1285961 | 9609 | 5639 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 390 | 526 | 3031 | 1227 | 50273 | 54239 | 144 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (2924) | (4305) | 8146 | (14131) | (65890) | 219769 | (779) | (1924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (5121) | (6321) | (621) | (3) | (21408) | (16789) | (2427) | (1436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (9407) | (7162) | (5819) | (10170) | (196767) | (173277) | (2414) | (2526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (18) | (20) |  |  | (79) | (82) | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (887) | (418) | 1 | 1 | (497) | (875) | (213) | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (17967) | (17700) | 4738 | (23076) | (234368) | 82985 | (5698) | (5979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 2295 | (5923) | 33216 | (7056) | 880450 | 1368946 | 3911 | (340) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 154929 | 160852 | 198286 | 205342 | 6545419 | 5176473 | 58874 | 59214 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $157224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154929 | $231502 | $198286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6545419 | $62785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58874 |

---

<sup>(B)</sup> Fund Name Change (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **39** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –**<br> **Asset Manager 70%**<br> **Investor Class <sup>(B)</sup>** | **VIP –**<br> **Asset Manager 70%**<br> **Investor Class <sup>(B)</sup>** | **VIP – Contrafund<br>Initial Class** | **VIP – Contrafund<br>Initial Class** | **VIP – Contrafund<br>Investor Class** | **VIP – Contrafund<br>Investor Class** | **VIP – Balanced<br>Initial Class** | **VIP – Balanced<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3231 | $2104 | $(8856) | $(7750) | $(1930) | $(643) | $1655 | $1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 8430 | 4755 | 283721 | 206110 | 628019 | 430452 | 18286 | 12139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 15544 | 6551 | (30283) | 137394 | (37354) | 269271 | 5756 | 11856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 27205 | 13410 | 244582 | 335754 | 588735 | 699080 | 25697 | 25862 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 3773 | 1934 | 1047 | 997 | 22062 | 17378 | 148 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 34812 | 1062 | (50823) | (26751) | 11898 | 129957 | (5463) | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits |  | (9) | (26810) | (25695) | (1031) | (102) | (7586) | (5997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (3884) | (3937) | (61287) | (59677) | (99705) | (75387) | (8483) | (7619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (131) | (133) |  |  | (17) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (1) |  | (4092) | (2928) | 47 | (4) | (740) | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 34700 | (950) | (142096) | (114187) | (66729) | 71842 | (22141) | (10961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 61905 | 12460 | 102486 | 221567 | 522006 | 770922 | 3556 | 14901 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 139412 | 126952 | 1283133 | 1061566 | 2826886 | 2055964 | 193490 | 178589 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $201317 | $139412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385619 | $1283133 | $3348892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193490 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Balanced<br>Investor Class** | **VIP – Balanced<br>Investor Class** | **VIP – Dynamic Capital<br>Appreciation<br>Initial Class** | **VIP – Dynamic Capital<br>Appreciation<br>Initial Class** | **VIP – Dynamic Capital<br>Appreciation<br>Investor Class** | **VIP – Dynamic Capital<br>Appreciation<br>Investor Class** | **VIP – Growth & Income<br>Initial Class** | **VIP – Growth & Income<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $54736 | $55342 | $(64) | $(154) | $709 | $(13) | $990 | $812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 334218 | 233406 | 5658 | 2087 | 48383 | 17490 | 20525 | 15453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 180153 | 259554 | (1433) | 3397 | (13713) | 26294 | 5290 | 9584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 569107 | 548302 | 4161 | 5330 | 35379 | 43771 | 26805 | 25849 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 26131 | 37223 | 14 | 34 | 1207 | 2137 | 165 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (43913) | 32763 | (1165) | (415) | (20091) | 3782 | (4356) | (5141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (2735) | (2086) | (743) | (718) | (229) | (4) | (3975) | (3472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (205541) | (216326) | (1507) | (985) | (9311) | (8042) | (5267) | (5670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (2) | (2) |  |  | (18) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 2 | (40) | (17) | 14 | 1 | 4 | (890) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (226056) | (148466) | (3420) | (2072) | (28423) | (2123) | (14341) | (14532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 343051 | 399836 | 741 | 3258 | 6956 | 41648 | 12464 | 11317 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4031716 | 3631880 | 25722 | 22464 | 214160 | 172512 | 137805 | 126488 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031716 | $26463 | $25722 | $221116 | $214160 | $150269 | $137805 |

---

<sup>(B)</sup> Fund Name Change (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **40** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Growth & Income<br>Investor Class** | **VIP – Growth & Income<br>Investor Class** | **VIP –<br>Growth Opportunities<br>Initial Class** | **VIP –<br>Growth Opportunities<br>Initial Class** | **VIP –<br>Growth Opportunities<br>Investor Class** | **VIP –<br>Growth Opportunities<br>Investor Class** | **VIP – Mid Cap<br>Initial Class** | **VIP – Mid Cap<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6393 | $4971 | $(1759) | $(1594) | $(1962) | $(1713) | $(1010) | $(814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 65462 | 43725 | 22421 | 10765 | 96073 | 53318 | 30223 | 39219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 16264 | 25715 | 19975 | 51296 | 152840 | 287817 | (3851) | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 88119 | 74411 | 40637 | 60467 | 246951 | 339422 | 25362 | 40653 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 4874 | 2782 | 131 | 161 | 10392 | 8625 | 109 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 14575 | 8876 | (10477) | (1802) | (9204) | (10701) | (13161) | (10563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (3892) | (336) | (5562) | (7003) | (615) | (487) | (6769) | (8542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (12944) | (12449) | (12404) | (7290) | (45466) | (30068) | (8263) | (15595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (24) | (24) |  |  | (28) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (3) | (1) | (228) | (141) | (10) | 4 | (1001) | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 2610 | (1128) | (28564) | (16099) | (44903) | (32627) | (29113) | (35399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 90729 | 73283 | 12073 | 44368 | 202048 | 306795 | (3751) | 5254 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 415400 | 342117 | 212890 | 168522 | 1212984 | 906189 | 263581 | 258327 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $506129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415400 | $224963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212984 | $259830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263581 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Mid Cap<br>Investor Class** | **VIP – Mid Cap<br>Investor Class** | **VIP –<br>Value Strategies<br>Initial Class** | **VIP –<br>Value Strategies<br>Initial Class** | **VIP –<br>Value Strategies<br>Investor Class** | **VIP –<br>Value Strategies<br>Investor Class** | **VIP – Utilities<br>Initial Class** | **VIP – Utilities<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1419 | $2162 | $78 | $70 | $1256 | $1566 | $318 | $331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 79355 | 93149 | 998 | 6866 | 3008 | 30216 | 3003 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (7857) | 3423 | 1043 | (3322) | 5645 | (14673) | 698 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 72917 | 98734 | 2119 | 3614 | 9909 | 17109 | 4019 | 5998 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 3529 | 4725 | 36 | 62 | 376 | 1207 | 22 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (17639) | 2987 | (5286) | (1215) | (32948) | (23191) | 1588 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (234) | (17) | (1196) | (1351) | (114) | (542) | (932) | (545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (20167) | (16974) | (1298) | (2132) | (6069) | (6252) | (953) | (1589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (4) | (5) |  |  | (5) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (1) | (5) | (225) | (39) | 1 | (2) | (205) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (34512) | (9284) | (7973) | (4680) | (38754) | (28780) | (485) | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 38405 | 89450 | (5854) | (1066) | (28845) | (11671) | 3534 | 6721 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 673555 | 584105 | 42372 | 43438 | 184986 | 196657 | 30402 | 23681 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673555 | $36518 | $42372 | $156141 | $184986 | $33936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30402 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **41** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Utilities<br>Investor Class** | **VIP – Utilities<br>Investor Class** | **VIP – Technology<br>Initial Class** | **VIP – Technology<br>Initial Class** | **VIP – Technology<br>Investor Class** | **VIP – Technology<br>Investor Class** | **VIP – Energy<br>Initial Class** | **VIP – Energy<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3835 | $3874 | $(2474) | $(2438) | $(3272) | $(2947) | $440 | $573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 24256 | 14758 | 52360 | 36705 | 320736 | 211653 | (296) | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 3695 | 22536 | 9750 | 51431 | 135035 | 344415 | 2822 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 31786 | 41168 | 59636 | 85698 | 452499 | 553121 | 2966 | 1462 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1504 | 2294 | 131 | 309 | 14324 | 11999 | 17 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (21599) | 52173 | (23373) | (13961) | (30712) | 74114 | (3537) | (8236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (21) | (45) | (5320) | (9745) | (1285) | (436) | (1040) | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (7525) | (6010) | (11015) | (10587) | (71877) | (61978) | (1118) | (1658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (33) | (35) |  |  | (6) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 2 | (5) | (214) | (276) | (10) | (2) | (21) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (27639) | 48407 | (39824) | (34295) | (89560) | 23697 | (5705) | (10845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 4147 | 89575 | 19812 | 51403 | 362939 | 576818 | (2739) | (9383) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 248114 | 158539 | 314693 | 263290 | 2137374 | 1560556 | 35167 | 44550 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $252261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248114 | $334505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137374 | $32428 | $35167 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Energy<br>Investor Class** | **VIP – Energy<br>Investor Class** | **VIP – Health Care<br>Initial Class** | **VIP – Health Care<br>Initial Class** | **VIP – Health Care<br>Investor Class** | **VIP – Health Care<br>Investor Class** | **VIP –<br>Financials<br>Initial Class** | **VIP –<br>Financials<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3324 | $4276 | $(325) | $(768) | $837 | $(1100) | $238 | $265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 487 | 6979 | 7175 | 4268 | 51248 | 29535 | 3127 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 12584 | (1589) | 1774 | 886 | 19263 | 6771 | 329 | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 16395 | 9666 | 8624 | 4386 | 71348 | 35206 | 3694 | 6202 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 680 | 1308 | 30 | 78 | 1492 | 2808 | 32 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (24042) | (57194) | (11620) | (8277) | (56275) | (102324) | (4053) | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (113) | (82) | (2174) | (2246) | (295) | (206) | (585) | (606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (6354) | (6944) | (2673) | (5750) | (15456) | (18726) | (956) | (415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (9) | (11) |  |  | (6) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 2 | (8) | (279) | (243) | 2 | (8) | (72) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (29827) | (62920) | (16725) | (16449) | (70532) | (118456) | (5640) | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (13432) | (53254) | (8101) | (12063) | 816 | (83250) | (1946) | 9240 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 187335 | 240589 | 82129 | 94192 | 593290 | 676540 | 30780 | 21540 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $173903 | $187335 | $74028 | $82129 | $594106 | $593290 | $28834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30780 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **42** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Financials <br>Investor Class** | **VIP –<br>Financials <br>Investor Class** | **VIP – Industrials<br>Initial Class** | **VIP – Industrials<br>Initial Class** | **VIP – Industrials<br>Investor Class** | **VIP – Industrials<br>Investor Class** | **VIP – Consumer<br>Discretionary<br>Initial Class** | **VIP – Consumer<br>Discretionary<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3790 | $3169 | $(259) | $(36) | $(231) | $875 | $(123) | $(143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 23235 | 10937 | 2572 | 2595 | 17947 | 15835 | 2915 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 5994 | 36125 | 4886 | 2930 | 26943 | 13743 | (2056) | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 33019 | 50231 | 7199 | 5489 | 44659 | 30453 | 736 | 3830 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1081 | 1882 | 22 | 81 | 1387 | 1462 | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (5382) | 28962 | 3008 | 1767 | 29848 | 16098 | (2814) | (3160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (90) | (40) | (1044) | (632) | (146) |  | (598) | (711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (6865) | (5602) | (1642) | (1349) | (6068) | (3708) | (989) | (1199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (3) | (3) |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 4 | (3) | (209) | 19 | 5 |  | (280) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (11252) | 25199 | 132 | (117) | 25026 | 13852 | (4673) | (5155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 21767 | 75430 | 7331 | 5372 | 69685 | 44305 | (3937) | (1325) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 235581 | 160151 | 31207 | 25835 | 182591 | 138286 | 19051 | 20376 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $257348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235581 | $38538 | $31207 | $252276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182591 | $15114 | $19051 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Consumer<br>Discretionary<br>Investor Class** | **VIP – Consumer<br>Discretionary<br>Investor Class** | **VIP – Real Estate<br>Initial Class** | **VIP – Real Estate<br>Initial Class** | **VIP – Real Estate<br>Investor Class** | **VIP – Real Estate<br>Investor Class** | **VIP – Strategic Income**<br> **Initial Class** | **VIP – Strategic Income**<br> **Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(155) | $(227) | $191 | $584 | $2448 | $5229 | $1116 | $1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 31781 | 13304 | (707) | (930) | (877) | (1770) | (142) | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (21580) | 28470 | 894 | 1287 | 2203 | 4436 | 1880 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 10046 | 41547 | 378 | 941 | 3774 | 7895 | 2854 | 2043 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 483 | 1326 | 23 | 26 | 629 | 815 | 26 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (26266) | (32680) | (1319) | (662) | (4854) | (5915) | 220 | (1181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (61) | (14) | (578) | (678) | (9) | (51) | (881) | (1409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (6585) | (5633) | (958) | (1078) | (4244) | (5719) | (2807) | (2534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (3) | (4) |  |  | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (2) | (4) | (38) | 5 | 1 | (2) | (157) | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (32431) | (37005) | (2873) | (2391) | (8477) | (10872) | (3602) | (5390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (22385) | 4542 | (2495) | (1450) | (4703) | (2977) | (748) | (3347) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 212935 | 208393 | 18164 | 19614 | 134490 | 137467 | 38051 | 41398 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $190550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212935 | $15669 | $18164 | $129787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134490 | $37303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38051 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **43** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Strategic Income<br>Investor Class** | **VIP – Strategic Income<br>Investor Class** | **VIP –<br>International Capital<br>Appreciation<br>Initial Class** | **VIP –<br>International Capital<br>Appreciation<br>Initial Class** | **VIP – International<br>Capital Appreciation<br>Investor Class** | **VIP – International<br>Capital Appreciation<br>Investor Class** | **VIP – Value**<br> **Initial Class** | **VIP – Value**<br> **Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $27346 | $25436 | $29 | $(1) | $3119 | $1654 | $148 | $114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (77) | (116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | 783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15632 | 11404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 34256 | 15753 | 1783 | 421 | 40132 | 11681 | 65 | (732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 61525 | 41073 | 3121 | 1203 | 58883 | 24739 | 2562 | 2810 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 6814 | 7888 | 17 | 9 | 4132 | 1872 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 3838 | (9073) | 1482 | 374 | 46840 | (5611) | 13 | (1811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (34) | (78) | (260) | (370) | (23) | (8) | (456) | (580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (30753) | (34441) | (715) | (573) | (13885) | (11634) | (1438) | (1144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (2) | (1) |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (1) | (7) | (7) | (132) | 1 | (1) | (11) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (20136) | (35711) | 515 | (693) | 37065 | (15382) | (1883) | (3528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 41389 | 5362 | 3636 | 510 | 95948 | 9357 | 679 | (718) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 733756 | 728394 | 18043 | 17533 | 317830 | 308473 | 26447 | 27165 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $775145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733756 | $21679 | $18043 | $413778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317830 | $27126 | $26447 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Value<br>Investor Class** | **VIP – Value<br>Investor Class** | **VIP – Freedom Income<br>Initial Class <sup>(A)</sup>** | **VIP – Freedom Income<br>Initial Class <sup>(A)</sup>** | **VIP –<br>Freedom Income<br>Investor Class <sup>(A)</sup>** | **VIP –<br>Freedom Income<br>Investor Class <sup>(A)</sup>** | |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **VIP –<br>Freedom 2005<br>Initial Class <sup>(A)</sup>**<br>**12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2970 | $2862 | $272 | $330 | $2318 | $2476 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23383 | 37229 | 126 | 36 | 414 | (71) | (487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 820 | (9402) | 605 | 26 | 3751 | 246 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 27173 | 30689 | 1003 | 392 | 6483 | 2651 | 69 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1039 | 1733 | 2 | 3 | 209 | 292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (27133) | (14024) | (79) | 4114 | (1222) | 11051 | (4518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (202) | (17) | (321) | (683) | (13) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (6823) | (9556) | (1344) | (1030) | (3923) | (2879) | (595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (1) | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 3 | (5) | 60 | 59 | 2 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (33116) | (21869) | (1683) | 2462 | (4947) | 8465 | (5112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (5943) | 8820 | (680) | 2854 | 1536 | 11116 | (5043) |
|  **Net Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 277870 | 269050 | 11767 | 8913 | 71659 | 60543 | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $271927 | $277870 | $11087 | $11767 | $73195 | $71659 | $— |

---

<sup>(A)</sup> Fund Merged (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **44** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | | **VIP – Freedom 2010<br>Initial Class** | **VIP – Freedom 2010<br>Initial Class** | **VIP – Investor<br>Freedom 2010<br>Investor Class** | **VIP – Investor<br>Freedom 2010<br>Investor Class** | **VIP – Freedom 2015<br>Initial Class** | **VIP – Freedom 2015<br>Initial Class** |
|  | **VIP – Investor<br>Freedom 2005<br>Investor Class <sup>(A)</sup>**<br>**12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $174 | $107 | $153 | $1412 | $1649 | $285 | $344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2355) | (42) | (108) | 331 | 167 | 458 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 2489 | 370 | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 | 720 | 673 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 308 | 435 | 269 | 4679 | 2536 | 1416 | 814 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 104 | 1 | 1 | 169 | 116 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (16683) | (533) | (796) | (4447) | (4899) | (1145) | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits |  | (249) | (165) |  | (41) | (211) | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (329) | (567) | (588) | (2279) | (1693) | (833) | (547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  | (1) | (1) |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net |  | 3 |  | (1) |  | 5 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (16908) | (1346) | (1549) | (6558) | (6517) | (2186) | (1600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (16600) | (911) | (1280) | (1879) | (3981) | (770) | (786) |
|  **Net Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 16600 | 5331 | 6611 | 48214 | 52195 | 13921 | 14707 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $— | $4420 | $5331 | $46335 | $48214 | $13151 | $13921 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Investor<br>Freedom 2015<br>Investor Class** | **VIP – Investor<br>Freedom 2015<br>Investor Class** | **VIP – Freedom 2020<br>Initial Class** | **VIP – Freedom 2020<br>Initial Class** | **VIP – Investor<br>Freedom 2020<br>Investor Class** | **VIP – Investor<br>Freedom 2020<br>Investor Class** | **VIP – Freedom 2025<br>Initial Class** | **VIP – Freedom 2025<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2239 | $2405 | $275 | $296 | $4060 | $4284 | $320 | $310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | 623 | 749 | 356 | 9622 | 3193 | 967 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 3749 | 1865 | 620 | 434 | 6122 | 4703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 8876 | 4893 | 1644 | 1086 | 19804 | 12180 | 2403 | 1457 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 175 | 805 | 5 | 10 | 460 | 971 | 6 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (3849) | (3986) | (647) | (1909) | (4142) | (19785) | (1301) | (713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (6) | (12) | (130) | (766) | (21) | (30) | (31) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (5047) | (3234) | (624) | (1035) | (7314) | (10337) | (357) | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (2) | (2) |  |  | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (2) | (2) | 7 | 3 | 2 | (2) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (8729) | (6429) | (1391) | (3699) | (11015) | (29183) | (1690) | (2496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 147 | (1536) | 253 | (2613) | 8789 | (17003) | 713 | (1039) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 80036 | 81572 | 14195 | 16808 | 156670 | 173673 | 17945 | 18984 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $80183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80036 | $14448 | $14195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156670 | $18658 | $17945 |

---

<sup>(A)</sup> Fund Merged (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **45** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets – continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Investor<br>Freedom 2025<br>Investor Class** | **VIP – Investor<br>Freedom 2025<br>Investor Class** | **VIP – Freedom 2030<br>Initial Class** | **VIP – Freedom 2030<br>Initial Class** | **VIP – Investor<br>Freedom 2030<br>Investor Class** | **VIP – Investor<br>Freedom 2030<br>Investor Class** | **VIP –**<br> **Freedom 2035**<br> **Initial Class**  | **VIP –**<br> **Freedom 2035**<br> **Initial Class**  |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4471 | $4452 | $355 | $343 | $7728 | $6826 | $18 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15067 | 5614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22099 | 9030 | 85 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 6125 | 6225 | 971 | 1082 | 19862 | 14319 | 49 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 25663 | 16291 | 3118 | 1808 | 49689 | 30175 | 152 | 30 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 842 | 1226 | 2 | 52 | 4182 | 5409 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (9732) | (22380) | (2545) | 689 | (6677) | (14393) | 347 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (68) | (141) | (158) | (61) | (163) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (9662) | (14871) | (1044) | (712) | (14654) | (15917) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (4) | (6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 2 | (3) | (1) | 3 | 1 | (5) | 1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (18618) | (36169) | (3750) | (35) | (17311) | (24906) | 340 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 7045 | (19878) | (632) | 1773 | 32378 | 5269 | 492 | 804 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 188704 | 208582 | 23456 | 21683 | 334565 | 329296 | 879 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188704 | $22824 | $23456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334565 | $1371 | $879 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Investor**<br> **Freedom 2035**<br> **Investor Class**  | **VIP – Investor**<br> **Freedom 2035**<br> **Investor Class**  | **VIP – Freedom 2040**<br> **Initial Class**  | **VIP – Freedom 2040**<br> **Initial Class**  | **VIP – Investor**<br> **Freedom 2040<br>Investor Class**  | **VIP – Investor**<br> **Freedom 2040<br>Investor Class**  | **VIP –<br>Freedom 2045**<br> **Initial Class**  | **VIP –<br>Freedom 2045**<br> **Initial Class**  |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $666 | $308 | $7 | $3 | $299 | $127 | $2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net relized gain (loss) on investments | 2011 | 544 | 121 | 9 | 1499 | 317 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 1543 | (34) | (11) | 22 | 1151 | 299 | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 4220 | 818 | 117 | 34 | 2949 | 743 | 34 | 4 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1514 | 915 | 30 | 32 | 1179 | 1250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 10346 | 12719 | 87 | 328 | 6569 | 4175 | 285 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits |  |  | (5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (245) | (15) | (1) |  | (104) | (251) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net |  |  | 3 | (8) | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 11615 | 13619 | 114 | 352 | 7645 | 5175 | 285 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 15835 | 14437 | 231 | 386 | 10594 | 5918 | 319 |  |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 19469 | 5032 | 469 | 83 | 11377 | 5459 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $35304 | $19469 | $700 | $469 | $21971 | $11377 | $321 | $2 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **46** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Investor**<br> **Freedom 2045**<br> **Investor Class** | **VIP – Investor**<br> **Freedom 2045**<br> **Investor Class** | **VIP –**<br> **Freedom 2050**<br> **Initial Class** | **VIP –**<br> **Freedom 2050**<br> **Initial Class** | **VIP – Investor**<br> **Freedom 2050**<br> **Investor Class** | **VIP – Investor**<br> **Freedom 2050**<br> **Investor Class** | **VIP – Freedom Lifetime<br>Income I** | **VIP – Freedom Lifetime<br>Income I** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $78 | $35 | $3 | $1 | $127 | $56 | $199 | $247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 555 | 151 | 1 | 8 | 652 | 275 | (4) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 251 | 90 |  | (2) | 721 | (21) | 440 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 884 | 276 | 4 | 7 | 1500 | 310 | 635 | 281 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 347 | 80 | 5 |  | 405 | 186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 2419 | 1462 | 266 | 35 | 4381 | 3537 | (87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits |  |  |  |  |  |  | (681) | (679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (52) | (3) |  | (13) | (196) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 1 | (1) | 2 | (1) | (1) | (2) | (195) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 2715 | 1538 | 273 | 21 | 4589 | 3721 | (963) | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 3599 | 1814 | 277 | 28 | 6089 | 4031 | (328) | (403) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3432 | 1618 | 43 | 15 | 5803 | 1772 | 7479 | 7882 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7031 | $3432 | $320 | $43 | $11892 | $5803 | $7151 | $7479 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP – Freedom Lifetime<br>Income II** | **VIP – Freedom Lifetime<br>Income II** | **VIP – Freedom Lifetime<br>Income III** | **VIP – Freedom Lifetime<br>Income III** | **VIP –<br>Disciplined Small Cap<br>Initial Class** | **VIP –<br>Disciplined Small Cap<br>Initial Class** | **VIP –<br>Disciplined Small Cap<br>Investor Class** | **VIP –<br>Disciplined Small Cap<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $627 | $705 | $559 | $569 | $22 | $72 | $2298 | $2888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 676 | 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34365 | 8894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | 397 | 1225 | 760 | 969 | 2623 | 16882 | 34755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 2377 | 1228 | 3295 | 1851 | 3287 | 3315 | 53545 | 46537 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  |  |  | 7 | 82 | 1474 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (22) |  | (26) | 50 | (3910) | 2680 | (19541) | 24381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (2201) | (2232) | (1932) | (1863) | (462) | (371) | (244) | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations |  |  | (224) | (54) | (741) | (1095) | (11297) | (10965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  |  |  | (3) | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 38 | 1 | (45) | 178 | (121) | 28 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (2185) | (2231) | (2227) | (1689) | (5230) | 1321 | (29608) | 17992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 192 | (1003) | 1068 | 162 | (1943) | 4636 | 23937 | 64529 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 24472 | 25475 | 26536 | 26374 | 26839 | 22203 | 353600 | 289071 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $24664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24472 | $27604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26536 | $24896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26839 | $377537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353600 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **47** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>FundsManager 20%<br>Investor Class** | **VIP –<br>FundsManager 20%<br>Investor Class** | **VIP –<br>FundsManager 30%<br>Investor Class** | **VIP –<br>FundsManager 30%<br>Investor Class** | **VIP –<br>FundsManager 40%<br>Investor Class** | **VIP –<br>FundsManager 40%<br>Investor Class** | **VIP –<br>FundsManager 50%<br>Investor Class** | **VIP –<br>FundsManager 50%<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20818 | $20714 | $632 | $325 | $991 | $515 | $40462 | $35780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 687 | (2749) | 627 | 172 | 1287 | 304 | 15838 | 8617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 30888 | 15417 | 796 | 16 | 1543 | 204 | 162197 | 88872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 52393 | 33382 | 2055 | 513 | 3821 | 1023 | 218497 | 133269 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 2860 | 3954 | 838 | 149 | 1165 | 311 | 11576 | 12168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (7820) | (45648) | 11039 | 8292 | 25867 | 10489 | (44621) | (52138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (2588) | (2427) | (5) |  | (1) |  | (14014) | (13520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (34616) | (50941) | (1189) | (906) | (2674) | (978) | (84490) | (85220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (4) | (5) |  |  |  |  | (6) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 104 | 72 | 1 |  | (4) | (1) | (2060) | (752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (42064) | (94995) | 10684 | 7535 | 24353 | 9821 | (133615) | (139469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 10329 | (61613) | 12739 | 8048 | 28174 | 10844 | 84882 | (6200) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 614387 | 676000 | 13228 | 5180 | 22777 | 11933 | 1663905 | 1670105 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $624716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614387 | $25967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13228 | $50951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663905 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>FundsManager 60%<br>Investor Class** | **VIP –<br>FundsManager 60%<br>Investor Class** | **VIP –<br>FundsManager 70%<br>Investor Class** | **VIP –<br>FundsManager 70%<br>Investor Class** | **VIP –<br>FundsManager 85%<br>Investor Class** | **VIP –<br>FundsManager 85%<br>Investor Class** | **VIP –<br>Consumer Staples<br>Initial Class** | **VIP –<br>Consumer Staples<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $37376 | $32174 | $37694 | $31245 | $11677 | $9151 | $120 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 26712 | 8113 | 50583 | 21881 | 33939 | 7915 | 640 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 230754 | 133928 | 257124 | 142260 | 117594 | 68316 | (1259) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 294842 | 174215 | 345401 | 195386 | 163210 | 85382 | (499) | 727 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 13528 | 19826 | 20106 | 27491 | 12511 | 12275 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (16846) | (23814) | 79602 | 71804 | 88252 | 70115 | (1182) | (2244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (14010) | (12181) | (8070) | (6700) | (2889) | (2931) | (653) | (378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (99688) | (128952) | (83540) | (90542) | (36029) | (24309) | (757) | (802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (5) | (5) | (6) | (6) | (3) | (4) | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (522) | (257) | (191) | (477) | (2059) | 183 | (293) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (117543) | (145383) | 7901 | 1570 | 59783 | 55329 | (2886) | (3395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 177299 | 28832 | 353302 | 196956 | 222993 | 140711 | (3385) | (2668) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2019116 | 1990284 | 2047271 | 1850315 | 822988 | 682277 | 13939 | 16607 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13939 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **48** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Consumer Staples<br>Investor Class** | **VIP –<br>Consumer Staples<br>Investor Class** | **VIP – Materials<br>Initial Class** | **VIP – Materials<br>Initial Class** | **VIP – Materials<br>Investor Class** | **VIP – Materials<br>Investor Class** | **VIP –<br>Communication<br>Services<br>Initial Class** | **VIP –<br>Communication<br>Services<br>Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **DOperations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3025 | $4013 | $20 | $29 | $494 | $539 | $(212) | $(178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 11144 | 7235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 | 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (20203) | (373) | (465) | (269) | (3418) | (2261) | 2176 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | (6034) | 10875 | 680 | (142) | 5230 | (1188) | 6833 | 5997 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 670 | 806 | 1 | 25 | 313 | 210 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (15433) | (27673) | (912) | (1277) | 1219 | (11398) | 7521 | (2833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (64) | (10) | (198) | (151) |  | (11) | (662) | (638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (5097) | (7073) | (188) | (2100) | (2499) | (1413) | (2501) | (697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (3) | (4) |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 6 | (2) | 17 | (39) | (1) | 1 | (22) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (19918) | (33952) | (1283) | (3546) | (968) | (12611) | 4349 | (4025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (25952) | (23077) | (603) | (3688) | 4262 | (13799) | 11182 | 1972 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 196058 | 219135 | 7355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11043 | 49507 | 63306 | 21805 | 19833 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $170106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196058 | $6752 | $7355 | $53769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49507 | $32987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21805 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Communication<br>Services<br>Investor Class** | **VIP –<br>Communication<br>Services<br>Investor Class** | **VIP –<br>Hedged Equity<br>Investor Class <sup>(C)</sup>** | **VIP –<br>Hedged Equity<br>Investor Class <sup>(C)</sup>** | **VIP –<br>Emerging<br>Markets<br>Initial Class** | **VIP –<br>Emerging<br>Markets<br>Initial Class** | **VIP –<br>Emerging<br>Markets<br>Investor Class** | **VIP –<br>Emerging<br>Markets<br>Investor Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(384) | $(281) | $30 |  | $136 | $49 | $3555 | $1316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42845 | 21678 | 71 |  | 538 | (84) | 4151 | (1065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | 27577 | 28705 | 100 |  | 2989 | 754 | 43448 | 9259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 70038 | 50102 | 201 |  | 3663 | 719 | 51154 | 9510 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 2207 | 897 | 89 |  | 10 | 4 | 2595 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 89645 | (9588) | 8709 |  | 2717 | (551) | 72437 | (2920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (278) | (2) |  |  | (278) | (138) | (20) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (7703) | (4626) | (1) |  | (396) | (303) | (5806) | (4355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  |  |  | (2) | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 7 | 5 | 1 |  | 26 | (121) | 1 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 83878 | (13314) | 8798 |  | 2077 | (1110) | 69207 | (6461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 153916 | 36788 | 8999 |  | 5740 | (391) | 120361 | 3049 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 195828 | 159040 |  |  | 8110 | 8501 | 110655 | 107606 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $349744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195828 | $8999 |  | $13850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110 | $231016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110655 |

---

<sup>(C)</sup> New Fund (Note 1)

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **49** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Floating Rate<br>High Income<br>Initial Class** | **VIP –<br>Floating Rate<br>High Income<br>Initial Class** | **VIP –<br>Floating Rate<br>High Income<br>Investor Class** | **VIP –<br>Floating Rate<br>High Income<br>Investor Class** | **VIP –<br>Bond<br>Index**<br> **Initial Class** | **VIP –<br>Bond<br>Index**<br> **Initial Class** | **VIP –<br>Total<br>Market<br>Index**<br> **Initial Class** | **VIP –<br>Total<br>Market<br>Index**<br> **Initial Class** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $794 | $886 | $21751 | $20688 | $17738 | $13349 | $8374 | $8772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 9 | 145 | (268) | 1513 | 1169 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55999 | 35258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (286) |  | (7555) | (151) | 15152 | (10441) | 81240 | 110435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 517 | 1031 | 13928 | 22050 | 34059 | 4068 | 145613 | 154465 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 133 | 175 | 3052 | 11496 | 10537 | 7185 | 8442 | 9738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (2795) | 154 | (32590) | 28143 | 74664 | 78289 | 11775 | 77167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (102) | (162) | (81) | (112) | (955) | (268) | (1487) | (969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (895) | (1207) | (8423) | (11305) | (20948) | (24968) | (32865) | (25244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (2) | (2) |  |  | (3) | (3) | (2) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 16 | 2 | (2) | (1) | 22 | 14 | (20) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (3645) | (1040) | (38044) | 28221 | 63317 | 60249 | (14157) | 60722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (3128) | (9) | (24116) | 50271 | 97376 | 64317 | 131456 | 215187 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 14155 | 14164 | 307877 | 257606 | 499842 | 435525 | 850563 | 635376 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11027 | $14155 | $283761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307877 | $597218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499842 | $982019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850563 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIP –<br>Extended<br>Market<br>Index**<br> **Initial Class** | **VIP –<br>Extended<br>Market<br>Index**<br> **Initial Class** | **VIP –<br>International<br>Index**<br> **Initial Class** | **VIP –<br>International<br>Index**<br> **Initial Class** | **VIF –<br>Emerging Markets Equity**<br> **Class I** | **VIF –<br>Emerging Markets Equity**<br> **Class I** | **VIF –<br>Emerging Markets Debt**<br> **Class I** | **VIF –<br>Emerging Markets Debt**<br> **Class I** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1584 | $1678 | $12617 | $8564 | $1 | $363 | $9806 | $6776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 2871 | 3880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795 | 4889 | 56 | (3732) | (159) | (1938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13329 | 9415 | 93685 | 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11317 | 6056 | 80 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 17784 | 14973 | 118097 | 13958 | 11374 | 2687 | 9727 | 7033 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 1462 | 1504 | 7846 | 2321 | 223 | 164 | 349 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 10797 | 1126 | 152453 | 20032 | (1363) | (1421) | 1116 | (4468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (69) | (68) | (371) | (362) | (249) | (538) | (125) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (3214) | (5461) | (16272) | (10209) | (1053) | (2101) | (2064) | (3504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1) | (1) | (2) | (1) | (2) | (3) | (2) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | 18 | 10 | 3 | 9 | (162) | (54) | (51) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | 8993 | (2890) | 143657 | 11790 | (2606) | (3953) | (777) | (7911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 26777 | 12083 | 261754 | 25748 | 8768 | (1266) | 8950 | (878) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 143846 | 131763 | 309225 | 283477 | 36981 | 38247 | 66974 | 67852 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $170623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143846 | $570979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309225 | $45749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36981 | $75924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66974 |

---

*See accompanying notes which are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **50** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **VIF –<br>Global<br>Strategist –<br>Class II** | **VIF –<br>Global<br>Strategist –<br>Class II** | **Lazard – Retirement<br>Emerging Markets**<br> **Portfolio – Investor** | **Lazard – Retirement<br>Emerging Markets**<br> **Portfolio – Investor** | **Invesco – V.I.<br>Global<br>Core Equity**<br> **Series I** | **Invesco – V.I.<br>Global<br>Core Equity**<br> **Series I** | **Allspring –<br>VT Discovery**<br> **SMID Cap Growth**<br> **Class 2**  | **Allspring –<br>VT Discovery**<br> **SMID Cap Growth**<br> **Class 2**  |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(86) | $(82) | $2561 | $2217 | 371 | $211 | $(181) | $(192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 924 | (471) | 1365 | (1077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | 1005 | 693 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | 2145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26058 | 3769 | 1451 | 2755 | 409 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 4115 | 1592 | 29984 | 4909 | 4932 | 3971 | 921 | 3676 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 94 | 105 | 931 | 103 | 36 | 91 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 486 | 1047 | 46893 | (4591) | (727) | 7183 | (1141) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (190) | (305) | (181) | (70) | (249) | (399) | (440) | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (712) | (1086) | (2376) | (3906) | (1256) | (1801) | (1019) | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1) | (1) | (1) | (1) | (1) | (1) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (6) | (6) | (4) | (3) | (32) | (7) | (50) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (329) | (246) | 45262 | (8468) | (2229) | 5066 | (2654) | (2404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 3786 | 1346 | 75246 | (3559) | 2703 | 9037 | (1733) | 1272 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 23823 | 22477 | 62196 | 65755 | 33409 | 24372 | 23554 | 22282 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23823 | $137442 | $62196 | 36112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33409 | 21821 | $23554 |
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **Allspring –<br>VT Opportunity**<br> **Class 2** | **Allspring –<br>VT Opportunity**<br> **Class 2** | **PVIT –<br>Commodity Real Return –**<br> **Strategy Portfolio –<br>Administrative** | **PVIT –<br>Commodity Real Return –**<br> **Strategy Portfolio –<br>Administrative** | **PVIT –<br>Low Duration**<br> **Portfolio – Administrative** | **PVIT –<br>Low Duration**<br> **Portfolio – Administrative** | **PVIT –<br>Real Return**<br> **Portfolio – Administrative** | **PVIT –<br>Real Return**<br> **Portfolio – Administrative** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(166) | $(172) | $691 | $493 | $10119 | $10047 | $4617 | $3525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 2331 | 2528 | (311) | (7381) | (230) | (2214) | (452) | (4594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | (929) | 538 | 3613 | 7901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | 3258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 1236 | 2894 | 3993 | 1013 | 13940 | 11091 | 10603 | 2807 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  | 96 | 58 | 587 | 1380 | 2980 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | (232) | (498) | 4762 | (8687) | 44248 | (11454) | 9373 | (14666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (410) | (786) | (207) | (48) | (375) | (7216) | (197) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (747) | (1093) | (1480) | (2041) | (15319) | (14884) | (9906) | (8532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (2) | (2) |  |  | (1) | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (69) | (16) | (4) | 2 | 10 | (10) | (90) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (1460) | (2395) | 3167 | (10716) | 29150 | (32185) | 2159 | (22892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (224) | 499 | 7160 | (9703) | 43090 | (21094) | 12762 | (20085) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 22152 | 21653 | 21769 | 31472 | 251287 | 272381 | 138003 | 158088 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $21928 | $22152 | $28929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21769 | $294377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251287 | $150765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138003 |

---

*See accompanying notes which are an integral part of the financial statements.* 

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| **51** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Fidelity Investments Variable Annuity Account I** 

**Statements of Changes in Net Assets - continued** 

For the years ended December 31, 2025 and 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** | **Subaccounts Investing In:** |
|  | **PVIT –<br>Total Return**<br> **Portfolio – Administrative** | **PVIT –<br>Total Return**<br> **Portfolio – Administrative** | **Blackrock –<br>Global Allocation<br>V.I.**<br> **Fund – Class I** | **Blackrock –<br>Global Allocation<br>V.I.**<br> **Fund – Class I** | **FTVIP – Templeton<br>Global Bond**<br> **Fund – Class 2** | **FTVIP – Templeton<br>Global Bond**<br> **Fund – Class 2** | **FTVIP – Franklin US<br>Government Securities**<br> **Fund – Class 2** | **FTVIP – Franklin US<br>Government Securities**<br> **Fund – Class 2** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
|  **Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14102 | $13849 | $5055 | $1503 | $(83) | $(76) | $1565 | $1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2211) | (4231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 | 9273 | (313) | (1884) | 136 | (627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18094 | (1541) | 8780 | 1948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | (2777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from operations | 29985 | 8077 | 27924 | 12724 | 5831 | (4737) | 3239 | 386 |
|  **Contract Transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 2996 | 2389 | 290 | 258 | 225 | 144 | 332 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between sub-accounts<br>and the fixed account, net | 11387 | (7402) | 1175 | (7446) | 6623 | (1159) | 9174 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract benefits | (295) | (167) | (68) | (131) | (17) | (20) | (62) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract terminations | (15984) | (20108) | (7391) | (6847) | (1827) | (1240) | (3633) | (3119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1) | (1) |  | (1) | (1) | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transfers (to) from FILI, net | (15) | (21) |  | 14 | (5) | (3) | 195 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets<br>from contract transactions | (1912) | (25310) | (5994) | (14153) | 4998 | (2279) | 6006 | (2081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 28073 | (17233) | 21930 | (1429) | 10829 | (7016) | 9245 | (1695) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 353267 | 370500 | 148005 | 149434 | 35570 | 42586 | 48020 | 49715 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $381340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353267 | $169935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148005 | $46399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35570 | $57265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48020 |

---

*See accompanying notes which are an integral part of the financial statements.* 

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| **52** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements** 

**Fidelity Investments Variable Annuity Account I** 

**1. Organization** 

Fidelity Investments Variable Annuity Account I (the "Account"), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Fidelity Investments Life Insurance Company ("FILI") on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. FILI is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle of individual Fidelity Retirement Reserves, Fidelity Personal Retirement Annuity, Fidelity Growth and Guaranteed Income, Fidelity Income Advantage and Fidelity Freedom Lifetime Income variable annuity contracts. Fidelity Retirement Reserves, Fidelity Growth and Guaranteed Income, which offered a guaranteed minimum withdrawal benefit, Fidelity Income Advantage, and Fidelity Freedom Lifetime Income were closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of FILI. The Account cannot be charged with liabilities arising out of any other business of FILI.

Each subaccount invests exclusively in one of the Funds ("Underlying Funds") that are part of the following fund groups:

**Fund Groups** 

Fidelity Variable Insurance Product Funds (Initial Class) ("VIP - Initial Class")

Fidelity Variable Insurance Product Funds (Investor Class) ("VIP - Investor Class")

Morgan Stanley Variable Insurance Funds, Inc. (Class I) ("VIF")

Morgan Stanley Variable Insurance Funds, Inc. (Class II) ("VIF") ("VIF - Class II")

Allspring Variable Trust Funds (Class 2) ("Allspring")

Lazard Retirement Series, Inc. (Investor Class) ("Lazard")

PIMCO Variable Insurance Trust Funds (Administrative Class) ("PVIT")

Invesco Advisers, Inc. (Series I) ("Invesco")

Franklin Templeton Variable Insurance Products Trust Funds (Class 2) ("FTVIP")

Blackrock Variable Series Funds (Class I) ("Blackrock")

The VIP Freedom 2005 Initial Class and VIP Freedom Income Initial Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Freedom 2005 Initial Class fund in exchange for shares of the VIP Freedom Income Initial Class fund effective June 7, 2024. The VIP Investor Freedom 2005 Investor Class and VIP Investor Freedom Income Investor Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Investor Freedom 2005 Investor Class fund in exchange for shares of the VIP Investor Freedom Income Investor Class fund effective June 7, 2024.

During 2025, the following underlying funds were renamed:

---

| | |
|:---|:---|
| ***Old Name*** | ***New Name*** |
| *VIP - Asset Manager Initial Class* | *VIP - Asset Manager 50% Initial Class* |
| *VIP - Asset Manager Investor Class* | *VIP - Asset Manager 50% Investor Class* |
| *VIP - Asset Manager Growth Initial Class* | *VIP - Asset Manager 70% Initial Class* |
| *VIP - Asset Manager Growth Investor Class* | *VIP - Asset Manager 70% Investor Class* |

---

During 2025, the following underlying funds were added and commenced operations effective May 1, 2025:

VIP - Hedged Equity Investor Class

As of December 31, 2025, the net assets and units of Fidelity Retirement Reserve contracts that have annuitized were $69,294,000 and 872,000 respectively.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Financial Accounting Standards Board ("FASB") established the FASB Accounting Standards Codification ("the Codification") as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.

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| **53** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**2. Significant Accounting Policies - continued** 

**Investments** 

Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends and realized capital gain distributions are recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.

**Receivable from/Payable to FILI** 

Receivable from/payable to FILI represents adjustments for contract guarantees, which are the responsibility of FILI, and accruals for daily charges deducted from the net assets of the Account.

**Contract Transactions** 

Other transfers (to) from FILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.

**Federal Income Taxes** 

The operations of the Account are included in the federal income tax return of FILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code ("the Code").

Under the current provisions of the Code, FILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. FILI incurs federal income taxes on the difference between the financial statement carrying value of reserves for contracts in the income stage and those reserves held for federal income tax purposes. The tax effect of this temporary difference is expected to be recovered by FILI when the difference reverses. As such, no charge is being made currently to the Account for federal income taxes. FILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Under the provisions of Section 817(h) of the Code, a variable annuity contract will not be treated as an annuity contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. FILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.

**Estimates** 

The preparation of the Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**Fair Value Measurements** 

The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels ("Level 1, 2, and 3").

The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance's three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

• Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for
identical assets and liabilities in an active market (e.g., active exchange-traded equities).

• Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar
assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

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| **54** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**2. Significant Accounting Policies - continued** 

**Fair Value Measurements - continued** 

• Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques
that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are
based on the best available information, some of which is internally developed.

All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2025 or 2024. The Account had no Level 3 activity during 2025 or 2024.

**Operating Segments** 

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") provides segment reporting guidance for public companies.

The Account operates as a funding vehicle for variable life contracts. The Account's products constitute a single operating segment and therefore, a single reportable segment. The Account is comprised of subaccounts which invest in corresponding Funds. The Account is structured with the sole purpose to record and report the invested funds and activities and performance chosen by variable annuity contract holders. Investment performance of funds may vary based on the underlying fund's investment objectives as specified in the fund prospectuses.

The chief operating decision maker ("CODM") is represented by FILI's management which includes the Head of Operations and Business Development. The CODM oversees the products and the performance of the underlying funds to evaluate the results of the business and make operational decisions. Detailed financial information for the Account and underlying subaccounts are disclosed within these financial statements. The Account generates revenues from investment income on the invested funds and expenses from product charges for mortality and expense risk and administrative and other charges which are reported separately on the Statements of Operations. The measure of segment profit or loss is reported on the Statements of Operations as "Net increase (decrease) in net assets from operations" and the measure of segment assets is reported as "Total net assets" on the Statements of Assets and Liabilities. The accounting policies of the Accounts are consistent with those described in the Notes to the Financial Statements.

**3. Expenses and Related Party Transactions** 

FILI deducts a daily charge, through a reduction in unit values, from the net assets of the Account for the assumption of mortality and expense risks and for administrative charges. FILI also deducts an annual maintenance charge, through a redemption of units, for the Fidelity Retirement Reserves. The maintenance charge, which is waived on certain contracts, is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

FILI previously offered Fidelity Retirement Reserves contract holders the opportunity to elect a death benefit rider. The rider allowed the contract holder to lock in their death benefit at the highest contract value at any contract anniversary date before the annuitant reached age 80. Effective January 1, 2003, the rider was no longer available to new contracts. For those contract holders who had elected the rider, FILI continues to deduct a quarterly charge, through a redemption of units. There will be no charges made once the annuitants reach their 85th birthday. The death benefit rider is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

The annual mortality and expense and administrative charge for certain contract holders in Fidelity Personal Retirement Annuity is .20% and .05%, respectively. In addition, certain Fidelity Personal Retirement Annuity contract holders are eligible for a lower annual mortality and expense and administrative charge of .05% and .05%, respectively, with an initial purchase or contract value of $1 million or greater.

Effective January 1, 2009, the annual mortality and expense and administrative charges for new contract holders in Fidelity Growth and Guaranteed Income is 1.00% and .25%, respectively for single annuitants and 1.15% and .25%, respectively for joint annuitants. The annual mortality and expense and administrative charge for contract holders in Fidelity Growth and Guaranteed Income prior to January 1, 2009 is .85% and .25%, respectively for single annuitants and 1.00% and .25%, respectively for joint annuitants.

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| **55** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**3. Expenses and Related Party Transactions - continued** 

The annual rates of mortality and expense risk fees, administrative expense fees, death benefit fees, and the maximum dollar amount of the contract fee for the year ended December 31, 2025 are displayed in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity<br>Retirement<br>Reserves** | **Fidelity<br>Income<br>Advantage** | **Fidelity<br>Personal<br>Retirement** | **Fidelity<br>Freedom Lifetime<br>Income** | **Fidelity<br>Growth and Guaranteed<br>Income** |
|  Variable Account Deductions: |  |  |  |  |  |
|  Mortality and Expense Risk (Annual Rate) | 0.75% | 0.75% | 0.05%-0.20% | 0.50% | 0.85%-1.15% |
|  Administrative Expense (Annual Rate) | 0.05% | 0.25% | 0.05% | 0.10% | 0.25% |
|  Contract Deductions: |  |  |  |  |  |
|  Death Benefit Fees (Annual Rate) | 0.20% |  |  |  |  |
|  Annual Maintenance Charge (Maximum) | $30 |  |  |  |  |

---

The disclosures above include charges currently assessed to the policyholder. There are certain other additional charges, such as exchange charges and other taxes which may be assessed in accordance with the terms of the contract in future periods.

FILI charges an amount equal to the state premium taxes it pays, ranging from 0-3.5%, pursuant to provisions in the contracts it issues.

The contracts are distributed through Fidelity Brokerage Services LLC ("FBS"), Fidelity Insurance Agency, Inc. ("FIA"), and Fidelity Investments Institutional Services Company, Inc. ("FIIS"), all of which are subsidiaries of FMR LLC. FBS, FIA, and FIIS are the distributors and FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, Inc. ("FIIOC"), a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP and VIP Investor Class portfolios.

Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP and VIP Investor Class mutual fund portfolios. The total management fees, as a percentage of a fund's average net assets, for the year ended December 31, 2025 were .045% to .910% depending on the fund.

**4. Investments** 

**Purchases and Sales** 

The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Purchases<br>(000s)** | **Sales** <br>**(000s)** |
|  VIP - Government Money Market Initial Class | 109491 | 91472 |
|  VIP - Government Money Market Investor Class | 1220046 | 739707 |
|  VIP - High Income Initial Class | 9300 | 9779 |
|  VIP - High Income Investor Class | 84096 | 64544 |
|  VIP - Equity-Income Initial Class | 33657 | 47300 |
|  VIP - Equity-Income Investor Class | 124922 | 81297 |
|  VIP - Growth Initial Class | 105269 | 89233 |
|  VIP - Growth Investor Class | 262524 | 196013 |
|  VIP - Overseas Initial Class | 13185 | 11242 |
|  VIP - Overseas Investor Class | 100479 | 58376 |
|  VIP - Investment Grade Bond Initial Class | 10139 | 16329 |
|  VIP - Investment Grade Bond Investor Class | 139836 | 84664 |
|  VIP - Asset Manager 50% Initial Class <sup>(B)</sup> | 13239 | 21720 |
|  VIP - Asset Manager 50% Investor Class <sup>(B)</sup> | 49998 | 30790 |
|  VIP - Index 500 Initial Class | 482515 | 618069 |
|  VIP - Asset Manager 70% Initial Class <sup>(B)</sup> | 4471 | 7687 |
|  VIP - Asset Manager 70% Investor Class <sup>(B)</sup> | 61038 | 18226 |
|  VIP - Contrafund Initial Class | 215060 | 157101 |
|  VIP - Contrafund Investor Class | 720765 | 287504 |
|  VIP - Balanced Initial Class | 16991 | 27885 |
|  VIP - Balanced Investor Class | 459315 | 425713 |
|  VIP - Dynamic Capital Appreciation Initial Class | 5198 | 4067 |
|  VIP - Dynamic Capital Appreciation Investor Class | 53600 | 42654 |
|  VIP - Growth & Income Initial Class | 17478 | 17650 |

---

<sup>(B)</sup> Fund Name Change (Note 1)

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| **56** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**4. Investments - continued** 

**Purchases and Sales - continued** 

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| | | |
|:---|:---|:---|
|  | **Purchases<br>(000s)** | **Sales** <br>**(000s)** |
|  VIP - Growth & Income Investor Class | 122571 | 69081 |
|  VIP - Growth Opportunities Initial Class | 16005 | 42948 |
|  VIP - Growth Opportunities Investor Class | 169870 | 197100 |
|  VIP - Mid Cap Initial Class | 31121 | 33044 |
|  VIP - Mid Cap Investor Class | 129944 | 86641 |
|  VIP - Value Strategies Initial Class | 2328 | 8810 |
|  VIP - Value Strategies Investor Class | 16925 | 47698 |
|  VIP - Utilities Initial Class | 9167 | 8004 |
|  VIP - Utilities Investor Class | 65680 | 79518 |
|  VIP - Technology Initial Class | 59764 | 79120 |
|  VIP - Technology Investor Class | 417763 | 346709 |
|  VIP - Energy Initial Class | 4594 | 9870 |
|  VIP - Energy Investor Class | 29933 | 56436 |
|  VIP - Health Care Initial Class | 7497 | 19194 |
|  VIP - Health Care Investor Class | 87185 | 116287 |
|  VIP - Financials Initial Class | 7022 | 11142 |
|  VIP - Financials Investor Class | 69617 | 66526 |
|  VIP - Industrials Initial Class | 8019 | 7175 |
|  VIP - Industrials Investor Class | 89252 | 58069 |
|  VIP - Consumer Discretionary Initial Class | 3307 | 6128 |
|  VIP - Consumer Discretionary Investor Class | 43567 | 53042 |
|  VIP - Real Estate Initial Class | 1329 | 3986 |
|  VIP - Real Estate Investor Class | 17503 | 23474 |
|  VIP - Strategic Income Initial Class | 3474 | 5974 |
|  VIP - Strategic Income Investor Class | 90325 | 83114 |
|  VIP - International Capital Appreciation Initial Class | 5386 | 4725 |
|  VIP - International Capital Appreciation Investor Class | 87909 | 46008 |
|  VIP - Value Initial Class | 5572 | 5144 |
|  VIP - Value Investor Class | 41988 | 50786 |
|  VIP - Freedom Income Initial Class | 937 | 2350 |
|  VIP - Freedom Income Investor Class | 7026 | 9624 |
|  VIP - Freedom 2010 Initial Class | 356 | 1529 |
|  VIP - Investor Freedom 2010 Investor Class | 3936 | 8980 |
|  VIP - Freedom 2015 Initial Class | 1133 | 2511 |
|  VIP - Investor Freedom 2015 Investor Class | 7056 | 11002 |
|  VIP - Freedom 2020 Initial Class | 1602 | 1948 |
|  VIP - Investor Freedom 2020 Investor Class | 22690 | 21335 |
|  VIP - Freedom 2025 Initial Class | 1751 | 2469 |
|  VIP - Investor Freedom 2025 Investor Class | 26342 | 28052 |
|  VIP - Freedom 2030 Initial Class | 2541 | 4892 |
|  VIP - Investor Freedom 2030 Investor Class | 45417 | 40044 |
|  VIP - Freedom 2035 Initial Class | 754 | 350 |
|  VIP - Investor Freedom 2035 Investor Class | 19514 | 5946 |
|  VIP - Freedom 2040 Initial Class | 942 | 788 |
|  VIP - Investor Freedom 2040 Investor Class | 12036 | 3205 |
|  VIP - Freedom 2045 Initial Class | 325 | 31 |
|  VIP - Investor Freedom 2045 Investor Class | 4757 | 1659 |
|  VIP - Freedom 2050 Initial Class | 333 | 57 |
|  VIP - Investor Freedom 2050 Investor Class | 6587 | 1391 |

---

---

| | |
|:---|:---|
| **57** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**4. Investments - continued** 

**Purchases and Sales - continued** 

---

| | | |
|:---|:---|:---|
|  | **Purchases<br>(000s)** | **Sales** <br>**(000s)** |
|  VIP - Freedom Lifetime Income I | 245 | 1021 |
|  VIP - Freedom Lifetime Income II | 1507 | 2520 |
|  VIP - Freedom Lifetime Income III | 1961 | 2430 |
|  VIP - Disciplined Small Cap Initial Class | 4108 | 7301 |
|  VIP - Disciplined Small Cap Investor Class | 68504 | 68419 |
|  VIP - FundsManager 20% Investor Class | 56090 | 77327 |
|  VIP - FundsManager 30% Investor Class | 17665 | 6194 |
|  VIP - FundsManager 40% Investor Class | 34702 | 9038 |
|  VIP - FundsManager 50% Investor Class | 119413 | 212580 |
|  VIP - FundsManager 60% Investor Class | 166110 | 237846 |
|  VIP - FundsManager 70% Investor Class | 249479 | 183665 |
|  VIP - FundsManager 85% Investor Class | 191536 | 103983 |
|  VIP - Consumer Staples Initial Class | 2433 | 4372 |
|  VIP - Consumer Staples Investor Class | 29314 | 35007 |
|  VIP - Materials Initial Class | 1602 | 1725 |
|  VIP - Materials Investor Class | 21096 | 13530 |
|  VIP - Communication Services Initial Class | 15548 | 9297 |
|  VIP - Communication Services Investor Class | 177066 | 72812 |
|  VIP - Hedged Equity Investor Class <sup>(c)</sup> | 9573 | 745 |
|  VIP - Emerging Markets Initial Class | 5973 | 3675 |
|  VIP - Emerging Markets Investor Class | 109877 | 35697 |
|  VIP - Floating Rate High Income Initial Class | 4677 | 7530 |
|  VIP - Floating Rate High Income Investor Class | 82047 | 98340 |
|  VIP - Bond Index Initial Class | 174063 | 93017 |
|  VIP - Total Market Index Initial Class | 146182 | 151964 |
|  VIP - Extended Market Index Initial Class | 36626 | 26052 |
|  VIP - International Index Initial Class | 209159 | 52885 |
|  VIF - Emerging Markets Equity - Class I | 7501 | 8797 |
|  VIF - Emerging Markets Debt - Class I | 21732 | 12703 |
|  VIF - Global Strategist - Class II | 4872 | 4383 |
|  Lazard - Retirement Emerging Markets Portfolio - Investor | 65202 | 17386 |
|  Invesco - VI Global Core Equity Series I | 5142 | 4633 |
|  Allspring - VT Discovery SMID Cap Growth Class 2 | 209 | 2890 |
|  Allspring - VT Opportunity Class 2 | 2334 | 1695 |
|  PVIT - Commodity Real Return Portfolio - Administrative | 19852 | 15994 |
|  PVIT - Low Duration Portfolio - Administrative | 79883 | 40619 |
|  PVIT - Real Return Portfolio - Administrative | 36514 | 29737 |
|  PVIT - Total Return Portfolio - Administrative | 61458 | 49269 |
|  Blackrock - Global Allocation V.I. Fund - Class I | 34850 | 22945 |
|  FTVIP - Templeton Global Bond Fund - Class 2 | 19938 | 15022 |
|  FTVIP - Franklin U.S. Government Securities Fund - Class 2 | 26972 | 19401 |

---

<sup>(C)</sup> New Fund (Note 1)

---

| | |
|:---|:---|
| **58** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**4. Investments - continued** 

**Shares, Aggregate Cost and Net Asset Value** 

The following table shows the number of shares owned, aggregate cost and net asset value per share of each portfolio at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Shares (000s)** | **Aggregate<br>Cost (000s)** | **Net Asset Value<br>per Share** |
|  VIP - Government Money Market Initial Class | 243988 | 243988 | $1.00 |
|  VIP - Government Money Market Investor Class | 3556734 | 3556734 | 1.00 |
|  VIP - High Income Initial Class | 10334 | 127331 | 4.88 |
|  VIP - High Income Investor Class | 69928 | 408770 | 4.84 |
|  VIP - Equity-Income Initial Class | 13893 | 362962 | 29.43 |
|  VIP - Equity-Income Investor Class | 25236 | 668974 | 29.14 |
|  VIP - Growth Initial Class | 8322 | 723369 | 97.72 |
|  VIP - Growth Investor Class | 14127 | 1370858 | 96.48 |
|  VIP - Overseas Initial Class | 2433 | 65443 | 27.52 |
|  VIP - Overseas Investor Class | 9952 | 269164 | 27.39 |
|  VIP - Investment Grade Bond Initial Class | 8869 | 121424 | 11.36 |
|  VIP - Investment Grade Bond Investor Class | 69712 | 918064 | 11.30 |
|  VIP - Asset Manager 50% Initial Class <sup>(B)</sup> | 8915 | 152870 | 17.62 |
|  VIP - Asset Manager 50% Investor Class <sup>(B)</sup> | 13274 | 226134 | 17.44 |
|  VIP - Index 500 Initial Class | 11249 | 4199331 | 660.13 |
|  VIP - Asset Manager 70% Initial Class <sup>(B)</sup> | 2425 | 47952 | 25.87 |
|  VIP - Asset Manager 70% Investor Class <sup>(B)</sup> | 7858 | 175820 | 25.62 |
|  VIP - Contrafund Initial Class | 23139 | 1022805 | 59.89 |
|  VIP - Contrafund Investor Class | 56617 | 2789299 | 59.15 |
|  VIP - Balanced Initial Class | 7429 | 156890 | 26.51 |
|  VIP - Balanced Investor Class | 167231 | 3511543 | 26.16 |
|  VIP - Dynamic Capital Appreciation Initial Class | 1343 | 22283 | 19.68 |
|  VIP - Dynamic Capital Appreciation Investor Class | 11293 | 197202 | 19.58 |
|  VIP - Growth & Income Initial Class | 4507 | 109384 | 33.35 |
|  VIP - Growth & Income Investor Class | 15296 | 431188 | 33.09 |
|  VIP - Growth Opportunities Initial Class | 2257 | 155785 | 99.69 |
|  VIP - Growth Opportunities Investor Class | 14376 | 1040760 | 98.43 |
|  VIP - Mid Cap Initial Class | 6926 | 260225 | 37.51 |
|  VIP - Mid Cap Investor Class | 19216 | 739835 | 37.05 |
|  VIP - Value Strategies Initial Class | 2292 | 37844 | 15.93 |
|  VIP - Value Strategies Investor Class | 9920 | 165724 | 15.74 |
|  VIP - Utilities Initial Class | 1307 | 30521 | 26.01 |
|  VIP - Utilities Investor Class | 9789 | 231859 | 25.77 |
|  VIP - Technology Initial Class | 7034 | 234998 | 47.54 |
|  VIP - Technology Investor Class | 53851 | 1768348 | 46.43 |
|  VIP - Energy Initial Class | 1188 | 34369 | 27.28 |
|  VIP - Energy Investor Class | 6389 | 174069 | 27.22 |
|  VIP - Health Care Initial Class | 1931 | 67673 | 38.31 |
|  VIP - Health Care Investor Class | 15734 | 550720 | 37.76 |
|  VIP - Financials Initial Class | 1406 | 25286 | 20.50 |
|  VIP - Financials Investor Class | 12646 | 223845 | 20.35 |
|  VIP - Industrials Initial Class | 1262 | 30552 | 30.53 |
|  VIP - Industrials Investor Class | 8376 | 213030 | 30.12 |
|  VIP - Consumer Discretionary Initial Class | 382 | 13866 | 39.61 |
|  VIP - Consumer Discretionary Investor Class | 4847 | 175286 | 39.31 |
|  VIP - Real Estate Initial Class | 879 | 22078 | 17.84 |
|  VIP - Real Estate Investor Class | 7337 | 160250 | 17.69 |
|  VIP - Strategic Income Initial Class | 3324 | 39534 | 11.23 |
|  VIP - Strategic Income Investor Class | 69333 | 818090 | 11.18 |

---

<sup>(B)</sup> Fund Name Change (Note 1)

---

| | |
|:---|:---|
| **59** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**4. Investments - continued** 

**Shares, Aggregate Cost and Net Asset Value - continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Shares (000s)** | **Aggregate<br>Cost (000s)** | **Net Asset Value<br>per Share** |
|  VIP - International Capital Appreciation Initial Class | 815 | 18621 | $26.63 |
|  VIP - International Capital Appreciation Investor Class | 15697 | 344643 | 26.36 |
|  VIP - Value Initial Class | 1408 | 26832 | 19.28 |
|  VIP - Value Investor Class | 14148 | 269499 | 19.22 |
|  VIP - Freedom Income Initial Class | 947 | 11161 | 11.69 |
|  VIP - Freedom Income Investor Class | 6348 | 76429 | 11.53 |
|  VIP - Freedom 2010 Initial Class | 364 | 4942 | 12.15 |
|  VIP - Investor Freedom 2010 Investor Class | 3614 | 47699 | 12.82 |
|  VIP - Freedom 2015 Initial Class | 1098 | 14537 | 11.98 |
|  VIP - Investor Freedom 2015 Investor Class | 6274 | 81435 | 12.78 |
|  VIP - Freedom 2020 Initial Class | 1090 | 15312 | 13.26 |
|  VIP - Investor Freedom 2020 Investor Class | 12348 | 165918 | 13.40 |
|  VIP - Freedom 2025 Initial Class | 1082 | 17393 | 17.25 |
|  VIP - Investor Freedom 2025 Investor Class | 12769 | 190026 | 15.33 |
|  VIP - Freedom 2030 Initial Class | 1291 | 20681 | 17.68 |
|  VIP - Investor Freedom 2030 Investor Class | 22293 | 335079 | 16.46 |
|  VIP - Freedom 2035 Initial Class | 45 | 1309 | 30.16 |
|  VIP - Investor Freedom 2035 Investor Class | 2849 | 33566 | 12.39 |
|  VIP - Freedom 2040 Initial Class | 23 | 685 | 29.78 |
|  VIP - Investor Freedom 2040 Investor Class | 1697 | 20222 | 12.95 |
|  VIP - Freedom 2045 Initial Class | 10 | 297 | 30.68 |
|  VIP - Investor Freedom 2045 Investor Class | 533 | 6609 | 13.18 |
|  VIP - Freedom 2050 Initial Class | 12 | 321 | 27.68 |
|  VIP - Investor Freedom 2050 Investor Class | 898 | 11096 | 13.24 |
|  VIP - Freedom Lifetime Income I | 654 | 7384 | 10.89 |
|  VIP - Freedom Lifetime Income II | 1978 | 24413 | 12.44 |
|  VIP - Freedom Lifetime Income III | 1979 | 25422 | 13.93 |
|  VIP - Disciplined Small Cap Initial Class | 1233 | 23847 | 20.19 |
|  VIP - Disciplined Small Cap Investor Class | 18830 | 345832 | 20.05 |
|  VIP - FundsManager 20% Investor Class | 55778 | 646941 | 11.20 |
|  VIP - FundsManager 30% Investor Class | 2282 | 24981 | 11.38 |
|  VIP - FundsManager 40% Investor Class | 4292 | 48814 | 11.87 |
|  VIP - FundsManager 50% Investor Class | 130625 | 1657402 | 13.39 |
|  VIP - FundsManager 60% Investor Class | 187069 | 2132728 | 11.74 |
|  VIP - FundsManager 70% Investor Class | 158763 | 2082856 | 15.12 |
|  VIP - FundsManager 85% Investor Class | 66874 | 900362 | 15.64 |
|  VIP - Consumer Staples Initial Class | 607 | 12243 | 17.43 |
|  VIP - Consumer Staples Investor Class | 9821 | 194225 | 17.32 |
|  VIP - Materials Initial Class | 439 | 7951 | 15.38 |
|  VIP - Materials Investor Class | 3503 | 62074 | 15.35 |
|  VIP - Communication Services Initial Class | 1139 | 26494 | 29.00 |
|  VIP - Communication Services Investor Class | 12225 | 285798 | 28.61 |
|  VIP - Hedged Equity Investor Class <sup>(C)</sup> | 807 | 8899 | 11.15 |
|  VIP - Emerging Markets Initial Class | 875 | 12939 | 15.83 |
|  VIP - Emerging Markets Investor Class | 14696 | 213339 | 15.72 |
|  VIP - Floating Rate High Income Initial Class | 1142 | 11582 | 9.65 |
|  VIP - Floating Rate High Income Investor Class | 29375 | 296838 | 9.66 |
|  VIP - Bond Index Initial Class | 60693 | 646635 | 9.84 |
|  VIP - Total Market Index Initial Class | 40197 | 711674 | 24.43 |
|  VIP - Extended Market Index Initial Class | 10704 | 155521 | 15.94 |
|  VIP - International Index Initial Class | 40639 | 475337 | 14.05 |

---

<sup>(C)</sup> New Fund (Note 1)

---

| | |
|:---|:---|
| **60** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**4. Investments - continued** 

**Shares, Aggregate Cost and Net Asset Value - continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Shares (000s)** | **Aggregate<br>Cost (000s)** | **Net Asset Value<br>per Share** |
|  VIF - Emerging Markets Equity - Class I | 2604 | 57173 | $17.57 |
|  VIF - Emerging Markets Debt - Class I | 14034 | 118238 | 5.41 |
|  VIF - Global Strategist - Class II | 2643 | 33749 | 10.44 |
|  Lazard - Retirement Emerging Markets Portfolio - Investor | 4657 | 122632 | 29.51 |
|  Invesco - VI Global Core Equity Series I | 3063 | 33992 | 11.79 |
|  Allspring - VT Discovery SMID Cap Growth Class 2 | 862 | 28735 | 25.29 |
|  Allspring - VT Opportunity Class 2 | 853 | 23569 | 25.70 |
|  PVIT - Commodity Real Return Portfolio - Administrative | 4599 | 49700 | 6.29 |
|  PVIT - Low Duration Portfolio - Administrative | 30099 | 317970 | 9.78 |
|  PVIT - Real Return Portfolio - Administrative | 12553 | 181424 | 12.01 |
|  PVIT - Total Return Portfolio - Administrative | 40353 | 461227 | 9.45 |
|  Blackrock - Global Allocation V.I. Fund - Class I | 9722 | 177148 | 17.48 |
|  FTVIP - Templeton Global Bond Fund - Class 2 | 3523 | 66035 | 13.17 |
|  FTVIP - Franklin U.S. Government Securities Fund - Class 2 | 5454 | 68139 | 10.50 |

---

**5. Changes in Units Outstanding** 

The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Government Money Market Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 7118 | 4924 | 52 | 41 |  |  |  |  |
|  Units Redeemed | (6641) | (5672) | (82) | (89) |  |  |  |  |
|  Net Increase (Decrease) | 477 | (748) | (30) | (48) |  |  |  |  |
|  **VIP - Government Money Market Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 309275 | 274964 |  |  |
|  Units Redeemed |  |  |  |  | (281052) | (258324) | (1) | (9) |
|  Net Increase (Decrease) |  |  |  |  | 28223 | 16640 | (1) | (9) |
|  **VIP - High Income Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 111 | 38 | 2 | 13 |  |  |  |  |
|  Units Redeemed | (137) | (134) | (24) | (37) |  |  |  |  |
|  Net Increase (Decrease) | (26) | (96) | (22) | (24) |  |  |  |  |
|  **VIP - High Income Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 3604 | 2533 |  |  |
|  Units Redeemed |  |  |  |  | (3607) | (2932) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (3) | (399) |  |  |
|  **VIP - Equity-Income Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 47 | 32 | 1 | 2 |  |  |  |  |
|  Units Redeemed | (196) | (207) | (28) | (33) |  |  |  |  |
|  Net Increase (Decrease) | (149) | (175) | (27) | (31) |  |  |  |  |
|  **VIP - Equity-Income Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 2717 | 2802 |  |  |
|  Units Redeemed |  |  |  |  | (2865) | (2875) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (148) | (73) |  |  |

---

---

| | |
|:---|:---|
| **61** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Growth Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 34 | 49 |  | 4 |  |  |  |  |
|  Units Redeemed | (187) | (199) | (19) | (20) |  |  |  |  |
|  Net Increase (Decrease) | (153) | (150) | (19) | (16) |  |  |  |  |
|  **VIP - Growth Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1815 | 3852 |  |  |
|  Units Redeemed |  |  |  |  | (2887) | (3207) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (1072) | 645 |  |  |
|  **VIP - Overseas Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 81 | 12 | 16 |  |  |  |  |  |
|  Units Redeemed | (124) | (117) | (24) | (10) |  |  |  |  |
|  Net Increase (Decrease) | (43) | (105) | (8) | (10) |  |  |  |  |
|  **VIP - Overseas Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 3493 | 1050 |  |  |
|  Units Redeemed |  |  |  |  | (2952) | (1857) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 541 | (807) |  |  |
|  **VIP - Investment Grade Bond Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 205 | 220 | 2 | 2 |  |  |  |  |
|  Units Redeemed | (337) | (451) | (62) | (65) |  |  |  |  |
|  Net Increase (Decrease) | (132) | (231) | (60) | (63) |  |  |  |  |
|  **VIP - Investment Grade Bond Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 11419 | 10985 |  |  |
|  Units Redeemed |  |  |  |  | (9371) | (9390) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 2048 | 1595 |  |  |
|  **VIP - Asset Manager 50% Initial Class <sup>(B)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued | 38 | 25 |  |  |  |  |  |  |
|  Units Redeemed | (207) | (205) | (38) | (37) |  |  |  |  |
|  Net Increase (Decrease) | (169) | (180) | (38) | (37) |  |  |  |  |
|  **VIP - Asset Manager 50% Investor Class <sup>(B)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1334 | 611 |  |  |
|  Units Redeemed |  |  |  |  | (1177) | (1425) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 157 | (814) |  |  |
|  **VIP - Index 500 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 173 | 215 | 2 | 3 | 12842 | 17724 |  |  |
|  Units Redeemed | (552) | (475) | (46) | (54) | (15003) | (15478) |  |  |
|  Net Increase (Decrease) | (379) | (260) | (44) | (51) | (2161) | 2246 |  |  |
|  **VIP - Asset Manager 70% Initial Class <sup>(B)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued | 27 | 14 |  | 1 |  |  |  |  |
|  Units Redeemed | (94) | (90) | (19) | (20) |  |  |  |  |
|  Net Increase (Decrease) | (67) | (76) | (19) | (19) |  |  |  |  |
|  **VIP - Asset Manager 70% Investor Class <sup>(B)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1700 | 684 |  |  |
|  Units Redeemed |  |  |  |  | (738) | (704) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 962 | (20) |  |  |

---

<sup>(B)</sup> Fund Name Change (Note 1)

---

| | |
|:---|:---|
| **62** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Contrafund Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 101 | 165 | 2 | 14 |  |  |  |  |
|  Units Redeemed | (576) | (614) | (70) | (76) |  |  |  |  |
|  Net Increase (Decrease) | (475) | (449) | (68) | (62) |  |  |  |  |
|  **VIP - Contrafund Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 5766 | 8595 |  |  |
|  Units Redeemed |  |  |  |  | (6565) | (7192) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (799) | 1403 |  |  |
|  **VIP - Balanced Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 97 | 137 | 1 | 77 |  |  |  |  |
|  Units Redeemed | (342) | (320) | (85) | (76) |  |  |  |  |
|  Net Increase (Decrease) | (245) | (183) | (84) | 1 |  |  |  |  |
|  **VIP - Balanced Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 7656 | 9825 |  |  |
|  Units Redeemed |  |  |  |  | (10213) | (10226) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (2557) | (401) |  |  |
|  **VIP - Dynamic Capital Appreciation Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 6 | 22 |  | 1 |  |  |  |  |
|  Units Redeemed | (40) | (43) | (7) | (8) |  |  |  |  |
|  Net Increase (Decrease) | (34) | (21) | (7) | (7) |  |  |  |  |
|  **VIP - Dynamic Capital Appreciation Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 280 | 612 |  |  |
|  Units Redeemed |  |  |  |  | (653) | (629) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (373) | (17) |  |  |
|  **VIP - Growth & Income Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 51 | 38 | 4 | 1 |  |  |  |  |
|  Units Redeemed | (175) | (189) | (37) | (35) |  |  |  |  |
|  Net Increase (Decrease) | (124) | (151) | (33) | (34) |  |  |  |  |
|  **VIP - Growth & Income Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1615 | 1521 |  |  |
|  Units Redeemed |  |  |  |  | (1573) | (1575) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 42 | (54) |  |  |
|  **VIP - Growth Opportunities Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 169 | 151 | 9 | 11 |  |  |  |  |
|  Units Redeemed | (366) | (286) | (39) | (40) |  |  |  |  |
|  Net Increase (Decrease) | (197) | (135) | (30) | (29) |  |  |  |  |
|  **VIP - Growth Opportunities Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 2177 | 2178 |  |  |
|  Units Redeemed |  |  |  |  | (2632) | (2577) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (455) | (399) |  |  |
|  **VIP - Mid Cap Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 66 | 58 | 5 | 1 |  |  |  |  |
|  Units Redeemed | (347) | (431) | (73) | (71) |  |  |  |  |
|  Net Increase (Decrease) | (281) | (373) | (68) | (70) |  |  |  |  |

---

---

| | |
|:---|:---|
| **63** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Mid Cap Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 2010 | 2357 |  |  |
|  Units Redeemed |  |  |  |  | (2678) | (2413) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (668) | (56) |  |  |
|  **VIP - Value Strategies Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 12 | 53 | 2 | 4 |  |  |  |  |
|  Units Redeemed | (139) | (118) | (29) | (24) |  |  |  |  |
|  Net Increase (Decrease) | (127) | (65) | (27) | (20) |  |  |  |  |
|  **VIP - Value Strategies Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 303 | 719 |  |  |
|  Units Redeemed |  |  |  |  | (1130) | (1336) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (827) | (617) |  |  |
|  **VIP - Utilities Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 146 | 143 | 19 | 19 |  |  |  |  |
|  Units Redeemed | (152) | (144) | (20) | (16) |  |  |  |  |
|  Net Increase (Decrease) | (6) | (1) | (1) | 3 |  |  |  |  |
|  **VIP - Utilities Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1692 | 2685 |  |  |
|  Units Redeemed |  |  |  |  | (2227) | (1733) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (535) | 952 |  |  |
|  **VIP - Technology Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 367 | 257 | 4 | 17 |  |  |  |  |
|  Units Redeemed | (603) | (493) | (42) | (49) |  |  |  |  |
|  Net Increase (Decrease) | (236) | (236) | (38) | (32) |  |  |  |  |
|  **VIP - Technology Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 3416 | 4430 |  |  |
|  Units Redeemed |  |  |  |  | (3950) | (4021) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (534) | 409 |  |  |
|  **VIP - Energy Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 120 | 201 | 15 | 6 |  |  |  |  |
|  Units Redeemed | (256) | (465) | (28) | (34) |  |  |  |  |
|  Net Increase (Decrease) | (136) | (264) | (13) | (280) |  |  |  |  |
|  **VIP - Energy Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 2141 | 2925 |  |  |
|  Units Redeemed |  |  |  |  | (3440) | (5681) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (1299) | (2756) |  |  |
|  **VIP - Health Care Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 41 | 82 | 2 | 3 |  |  |  |  |
|  Units Redeemed | (250) | (274) | (20) | (26) |  |  |  |  |
|  Net Increase (Decrease) | (209) | (192) | (18) | (23) |  |  |  |  |
|  **VIP - Health Care Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1161 | 1039 |  |  |
|  Units Redeemed |  |  |  |  | (2194) | (2685) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (1033) | (1646) |  |  |

---

---

| | |
|:---|:---|
| **64** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Financials Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 196 | 270 | 19 | 28 |  |  |  |  |
|  Units Redeemed | (354) | (197) | (21) | (29) |  |  |  |  |
|  Net Increase (Decrease) | (158) | 73 | (2) | (1) |  |  |  |  |
|  **VIP - Financials Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 2122 | 2320 |  |  |
|  Units Redeemed |  |  |  |  | (2436) | (1906) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (314) | 414 |  |  |
|  **VIP - Industrials Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 76 | 57 | 12 | 5 |  |  |  |  |
|  Units Redeemed | (77) | (59) | (11) | (9) |  |  |  |  |
|  Net Increase (Decrease) | (1) | (2) | 1 | (4) |  |  |  |  |
|  **VIP - Industrials Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1725 | 1316 |  |  |
|  Units Redeemed |  |  |  |  | (1357) | (1082) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 368 | 234 |  |  |
|  **VIP - Consumer Discretionary Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 22 | 22 | 2 | 1 |  |  |  |  |
|  Units Redeemed | (77) | (98) | (17) | (13) |  |  |  |  |
|  Net Increase (Decrease) | (55) | (76) | (15) | (12) |  |  |  |  |
|  **VIP - Consumer Discretionary Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 502 | 616 |  |  |
|  Units Redeemed |  |  |  |  | (982) | (1271) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (480) | (655) |  |  |
|  **VIP - Real Estate Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 26 | 30 | 1 | 1 |  |  |  |  |
|  Units Redeemed | (87) | (83) | (5) | (7) |  |  |  |  |
|  Net Increase (Decrease) | (61) | (53) | (4) | (6) |  |  |  |  |
|  **VIP - Real Estate Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 767 | 1007 |  |  |
|  Units Redeemed |  |  |  |  | (1041) | (1379) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (274) | (372) |  |  |
|  **VIP - Strategic Income Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 116 | 109 | 1 | 2 |  |  |  |  |
|  Units Redeemed | (232) | (304) | (34) | (38) |  |  |  |  |
|  Net Increase (Decrease) | (116) | (195) | (33) | (36) |  |  |  |  |
|  **VIP - Strategic Income Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 5090 | 5386 |  |  |
|  Units Redeemed |  |  |  |  | (5922) | (6839) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (832) | (1453) |  |  |
|  **VIP - International Capital Appreciation Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 152 | 96 | 7 | 1 |  |  |  |  |
|  Units Redeemed | (134) | (109) | (14) | (12) |  |  |  |  |
|  Net Increase (Decrease) | 18 | (13) | (7) | (11) |  |  |  |  |

---

---

| | |
|:---|:---|
| **65** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - International Capital Appreciation Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 3011 | 1350 |  |  |
|  Units Redeemed |  |  |  |  | (2099) | (1798) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 912 | (448) |  |  |
|  **VIP - Value Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 79 | 72 |  | 3 |  |  |  |  |
|  Units Redeemed | (114) | (147) | (7) | (11) |  |  |  |  |
|  Net Increase (Decrease) | (35) | (75) | (7) | (8) |  |  |  |  |
|  **VIP - Value Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 600 | 1243 |  |  |
|  Units Redeemed |  |  |  |  | (1271) | (1673) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (671) | (430) |  |  |
|  **VIP - Freedom Income Initial Class <sup>(A)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued | 33 | 254 |  |  |  |  |  |  |
|  Units Redeemed | (119) | (115) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (86) | 139 |  |  |  |  |  |  |
|  **VIP - Freedom Income Investor Class <sup>(A)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 278 | 1068 |  |  |
|  Units Redeemed |  |  |  |  | (522) | (646) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (244) | 422 |  |  |
|  **VIP - Freedom 2005 Initial Class <sup>(A)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  |  |  |  |  |
|  Units Redeemed |  | (253) |  |  |  |  |  |  |
|  Net Increase (Decrease) |  | (253) |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2005 Investor Class <sup>(A)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  |  | 18 |  |  |
|  Units Redeemed |  |  |  |  |  | (806) |  |  |
|  Net Increase (Decrease) |  |  |  |  |  | (788) |  |  |
|  **VIP - Freedom 2010 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 10 | 11 |  |  |  |  |  |  |
|  Units Redeemed | (65) | (78) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (55) | (67) |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2010 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 100 | 16 |  |  |
|  Units Redeemed |  |  |  |  | (351) | (273) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (251) | (257) |  |  |
|  **VIP - Freedom 2015 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 26 |  |  |  |  |  |  |  |
|  Units Redeemed | (106) | (62) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (80) | (62) |  |  |  |  |  |  |

---

<sup>(A)</sup> Fund Merged (Note 1)

---

| | |
|:---|:---|
| **66** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Investor Freedom 2015 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 82 | 172 |  |  |
|  Units Redeemed |  |  |  |  | (404) | (398) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (322) | (226) |  |  |
|  **VIP - Freedom 2020 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 19 | 4 |  |  |  |  |  |  |
|  Units Redeemed | (67) | (139) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (48) | (135) |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2020 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 369 | 410 |  |  |
|  Units Redeemed |  |  |  |  | (708) | (1447) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (339) | (1037) |  |  |
|  **VIP - Freedom 2025 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 18 | 31 |  |  |  |  |  |  |
|  Units Redeemed | (68) | (112) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (50) | (81) |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2025 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 348 | 310 |  |  |
|  Units Redeemed |  |  |  |  | (871) | (1474) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (523) | (1164) |  |  |
|  **VIP - Freedom 2030 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 30 | 71 |  |  |  |  |  |  |
|  Units Redeemed | (139) | (73) |  |  |  |  |  |  |
|  Net Increase (Decrease) | (109) | (2) |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2030 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 808 | 1007 |  |  |
|  Units Redeemed |  |  |  |  | (1248) | (1726) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (440) | (719) |  |  |
|  **VIP - Freedom 2035 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 52 | 66 |  |  |  |  |  |  |
|  Units Redeemed | (26) |  |  |  |  |  |  |  |
|  Net Increase (Decrease) | 26 | 66 |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2035 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1390 | 1389 |  |  |
|  Units Redeemed |  |  |  |  | (488) | (236) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 902 | 1153 |  |  |
|  **VIP - Freedom 2040 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 68 | 35 |  |  |  |  |  |  |
|  Units Redeemed | (58) | (3) |  |  |  |  |  |  |
|  Net Increase (Decrease) | 10 | 32 |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **67** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Investor Freedom 2040 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 827 | 515 |  |  |
|  Units Redeemed |  |  |  |  | (249) | (94) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 578 | 421 |  |  |
|  **VIP - Freedom 2045 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 24 | 5 |  |  |  |  |  |  |
|  Units Redeemed | (2) | (5) |  |  |  |  |  |  |
|  Net Increase (Decrease) | 22 |  |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2045 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 319 | 183 |  |  |
|  Units Redeemed |  |  |  |  | (123) | (56) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 196 | 127 |  |  |
|  **VIP - Freedom 2050 Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 23 | 11 |  |  |  |  |  |  |
|  Units Redeemed | (4) | (9) |  |  |  |  |  |  |
|  Net Increase (Decrease) | 19 | 2 |  |  |  |  |  |  |
|  **VIP - Investor Freedom 2050 Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 437 | 428 |  |  |
|  Units Redeemed |  |  |  |  | (105) | (125) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 332 | 303 |  |  |
|  **VIP - Freedom Lifetime Income I** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  |  |  |  |  |
|  Units Redeemed |  |  |  |  |  |  | (46) | (34) |
|  Net Increase (Decrease) |  |  |  |  |  |  | (46) | (34) |
|  **VIP - Freedom Lifetime Income II** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  |  |  |  |  |
|  Units Redeemed |  |  |  |  |  |  | (87) | (93) |
|  Net Increase (Decrease) |  |  |  |  |  |  | (87) | (93) |
|  **VIP - Freedom Lifetime Income III** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  |  |  |  | 10 |
|  Units Redeemed |  |  |  |  |  |  | (72) | (68) |
|  Net Increase (Decrease) |  |  |  |  |  |  | (72) | (58) |
|  **VIP - Disciplined Small Cap Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 73 | 256 | 5 | 12 |  |  |  |  |
|  Units Redeemed | (221) | (212) | (19) | (25) |  |  |  |  |
|  Net Increase (Decrease) | (148) | 44 | (14) | (13) |  |  |  |  |
|  **VIP - Disciplined Small CapInvestor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 1484 | 2741 |  |  |
|  Units Redeemed |  |  |  |  | (2253) | (2412) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (769) | 329 |  |  |
|  **VIP - FundsManager 20% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 95 | 55 | 2 | 5 | 2306 | 1578 | 28 | 20 |
|  Units Redeemed | (345) | (307) | (29) | (163) | (4175) | (6527) | (56) | (62) |
|  Net Increase (Decrease) | (250) | (252) | (27) | (158) | (1869) | (4949) | (28) | (42) |

---

---

| | |
|:---|:---|
| **68** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - FundsManager 30% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 48 | 85 | 3 |  | 1425 | 760 |  |  |
|  Units Redeemed | (6) |  |  | 1 | (553) | (152) |  |  |
|  Net Increase (Decrease) | 42 | 85 | 3 | 1 | 872 | 608 |  |  |
|  **VIP - FundsManager 40% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 71 | 47 |  |  | 2792 | 1023 |  |  |
|  Units Redeemed | (62) | (33) |  |  | (809) | (159) |  |  |
|  Net Increase (Decrease) | 9 | 14 |  |  | 1983 | 864 |  |  |
|  **VIP - FundsManager 50% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 30 | 41 | 39 |  | 3923 | 4075 | 13 |  |
|  Units Redeemed | (312) | (343) | (172) | (283) | (8000) | (8683) | (407) | (374) |
|  Net Increase (Decrease) | (282) | (302) | (133) | (283) | (4077) | (4608) | (394) | (374) |
|  **VIP - FundsManager 60% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 50 | 77 |  | 5 | 5350 | 6129 | 4 | 9 |
|  Units Redeemed | (220) | (238) | (90) | (81) | (7150) | (8246) | (422) | (447) |
|  Net Increase (Decrease) | (170) | (161) | (90) | (76) | (1800) | (2117) | (418) | (438) |
|  **VIP - FundsManager 70% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 76 | 49 | 9 | 4 | 7988 | 9746 | 9 | 14 |
|  Units Redeemed | (256) | (190) | (91) | (104) | (7416) | (9435) | (129) | (92) |
|  Net Increase (Decrease) | (180) | (141) | (82) | (100) | 572 | 311 | (120) | (78) |
|  **VIP - FundsManager 85% Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 40 | 3 | 1 |  | 4928 | 4406 | 3 | 14 |
|  Units Redeemed | (96) | (50) | (38) | (46) | (3302) | (2734) | (110) | (54) |
|  Net Increase (Decrease) | (56) | (47) | (37) | (46) | 1626 | 1672 | (107) | (40) |
|  **VIP - Consumer Staples Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 50 | 21 | 3 | 1 |  |  |  |  |
|  Units Redeemed | (114) | (106) | (17) | (10) |  |  |  |  |
|  Net Increase (Decrease) | (64) | (85) | (14) | (9) |  |  |  |  |
|  **VIP - Consumer Staples Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 621 | 644 |  |  |
|  Units Redeemed |  |  |  |  | (1132) | (1509) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (511) | (865) |  |  |
|  **VIP - Materials Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 18 | 24 | 1 |  |  |  |  |  |
|  Units Redeemed | (61) | (133) | (3) | (11) |  |  |  |  |
|  Net Increase (Decrease) | (43) | (109) | (2) | (11) |  |  |  |  |
|  **VIP - Materials Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 521 | 463 |  |  |
|  Units Redeemed |  |  |  |  | (550) | (864) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (29) | (401) |  |  |
|  **VIP - Communication Services Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 317 | 138 | 28 | 12 |  |  |  |  |
|  Units Redeemed | (231) | (230) | (38) | (38) |  |  |  |  |
|  Net Increase (Decrease) | 86 | (92) | (10) | (26) |  |  |  |  |

---

---

| | |
|:---|:---|
| **69** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIP - Communication Services Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 3518 | 1561 |  |  |
|  Units Redeemed |  |  |  |  | (2247) | (1934) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 1271 | (373) |  |  |
|  **VIP - Hedged Equity Investor Class <sup>(C)</sup>** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 767 |  |  |  |
|  Units Redeemed |  |  |  |  |  |  |  |  |
|  Net Increase (Decrease) |  |  |  |  | 767 |  |  |  |
|  **VIP - Emerging Markets Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 340 | 117 | 60 | 3 |  |  |  |  |
|  Units Redeemed | (243) | (186) | (28) | (20) |  |  |  |  |
|  Net Increase (Decrease) | 97 | (69) | 32 | (17) |  |  |  |  |
|  **VIP - Emerging Markets Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 5864 | 1646 |  |  |
|  Units Redeemed |  |  |  |  | (2999) | (2095) |  |  |
|  Net Increase (Decrease) |  |  |  |  | 2865 | (449) |  |  |
|  **VIP - Floating Rate High Income Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 309 | 371 | 7 | 25 |  |  |  |  |
|  Units Redeemed | (542) | (454) | (20) | (15) |  |  |  |  |
|  Net Increase (Decrease) | (233) | (83) | (13) | 10 |  |  |  |  |
|  **VIP - Floating Rate High Income Investor Class** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  |  |  | 5545 | 7543 |  |  |
|  Units Redeemed |  |  |  |  | (7973) | (5699) |  |  |
|  Net Increase (Decrease) |  |  |  |  | (2428) | 1844 |  |  |
|  **VIP - Bond Index Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 1218 | 839 | 6 | 9 | 17852 | 17641 |  |  |
|  Units Redeemed | (1205) | (878) | (14) | (21) | (12294) | (11988) |  |  |
|  Net Increase (Decrease) | 13 | (39) | (8) | (12) | 5558 | 5653 |  |  |
|  **VIP - Total Market Index Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 475 | 520 | 3 | 9 | 9185 | 11240 |  |  |
|  Units Redeemed | (549) | (512) | (23) | (9) | (9576) | (8282) |  |  |
|  Net Increase (Decrease) | (74) | 8 | (20) |  | (391) | 2958 |  |  |
|  **VIF - Extended Market Index Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 90 | 57 | 29 | 1 | 2495 | 2664 |  |  |
|  Units Redeemed | (53) | (88) | (5) | (3) | (2037) | (2875) |  |  |
|  Net Increase (Decrease) | 37 | (31) | 24 | (2) | 458 | (211) |  |  |
|  **VIF - International Index Initial Class** |  |  |  |  |  |  |  |  |
|  Units Issued | 768 | 155 | 56 | 2 | 16530 | 5307 |  |  |
|  Units Redeemed | (488) | (208) | (28) | (3) | (7368) | (4328) |  |  |
|  Net Increase (Decrease) | 280 | (53) | 28 | (1) | 9162 | 979 |  |  |

---

<sup>(C)</sup> New Fund (Note 1)

---

| | |
|:---|:---|
| **70** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **VIF - Emerging Markets Equity Class I** |  |  |  |  |  |  |  |  |
|  Units Issued | 18 | 8 |  |  | 388 | 363 |  |  |
|  Units Redeemed | (78) | (84) | (10) | (6) | (392) | (435) |  |  |
|  Net Increase (Decrease) | (60) | (76) | (10) | (6) | (4) | (72) |  |  |
|  **VIF - Emerging Markets Debt Class I** |  |  |  |  |  |  |  |  |
|  Units Issued | 28 | 27 | 7 |  | 635 | 417 |  |  |
|  Units Redeemed | (40) | (99) | (7) | (3) | (644) | (679) |  |  |
|  Net Increase (Decrease) | (12) | (72) |  | (3) | (9) | (262) |  |  |
|  **VIF - Global Strategist - Class II** |  |  |  |  |  |  |  |  |
|  Units Issued | 31 | 1 |  |  | 139 | 146 |  |  |
|  Units Redeemed | (42) | (31) | (8) | (8) | (134) | (128) |  |  |
|  Net Increase (Decrease) | (11) | (30) | (8) | (8) | 5 | 18 |  |  |
|  **Lazard - Retirement Emerging Markets Portfolio - Investor** |  |  |  |  |  |  |  |  |
|  Units Issued | 178 | 9 | 39 |  | 3124 | 380 |  |  |
|  Units Redeemed | (82) | (41) | (15) | (4) | (1111) | (154) |  |  |
|  Net Increase (Decrease) | 96 | (32) | 24 | (4) | 2013 | 226 |  |  |
|  **Invesco - VI Global Core Equity Series I** |  |  |  |  |  |  |  |  |
|  Units Issued | 3 | 2 |  |  | 92 |  |  |  |
|  Units Redeemed | (17) | (30) | (6) | (5) | (146) |  |  |  |
|  Net Increase (Decrease) | (14) | (28) | (6) | (5) | (54) |  |  |  |
|  **Allspring - VT Discovery SMID Cap Growth Class 2** |  |  |  |  |  |  |  |  |
|  Units Issued | 1 | 1 |  |  |  |  |  |  |
|  Units Redeemed | (31) | (25) | (4) | (3) |  |  |  |  |
|  Net Increase (Decrease) | (30) | (24) | (4) | (3) |  |  |  |  |
|  **Allspring - VT Opportunity Class 2** |  |  |  |  |  |  |  |  |
|  Units Issued | 1 | 17 |  |  |  | 348 |  |  |
|  Units Redeemed | (13) | (154) | (3) | (5) |  | (629) |  |  |
|  Net Increase (Decrease) | (12) | (137) | (3) | (5) |  | (281) |  |  |
|  **PVIT - Commodity Real Return Portfolio - Administrative** |  |  |  |  |  |  |  |  |
|  Units Issued |  |  | 29 |  | 2272 | 524 |  |  |
|  Units Redeemed |  |  | (49) | (17) | (1936) | (1842) |  |  |
|  Net Increase (Decrease) |  |  | (20) | (17) | 336 | (1318) |  |  |
|  **PVIT - Low Duration Portfolio - Administrative** |  |  |  |  |  |  |  |  |
|  Units Issued | 224 | 255 | 21 | 2 | 6781 | 4662 |  |  |
|  Units Redeemed | (423) | (840) | (9) | (7) | (4279) | (6736) |  |  |
|  Net Increase (Decrease) | (199) | (585) | 12 | (5) | 2502 | (2074) |  |  |
|  **PVIT - Real Return Portfolio - Administrative** |  |  |  |  |  |  |  |  |
|  Units Issued | 110 | 40 | 4 | 3 | 2388 | 640 |  |  |
|  Units Redeemed | (154) | (111) | (10) | (6) | (2170) | (2159) |  |  |
|  Net Increase (Decrease) | (44) | (71) | (6) | (3) | 218 | (1519) |  |  |

---

---

| | |
|:---|:---|
| **71** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**5. Changes in Units Outstanding - continued** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity</u>** | **<u>Fidelity Freedom</u>** | **<u>Fidelity Freedom</u>** |
|  | **<u>Retirement Reserves</u>** | **<u>Retirement Reserves</u>** | **<u>Income Advantage</u>** | **<u>Income Advantage</u>** | **<u>Personal Retirement</u>** | **<u>Personal Retirement</u>** | **<u>Lifetime Income</u>** | **<u>Lifetime Income</u>** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **PVIT - Total Return Portfolio - Administrative** |  |  |  |  |  |  |  |  |
|  Units Issued | 140 | 69 | 8 | 4 | 4186 | 3515 |  |  |
|  Units Redeemed | (471) | (161) | (5) | (13) | (3988) | (5245) |  |  |
|  Net Increase (Decrease) | (331) | (92) | 3 | (9) | 198 | (1730) |  |  |
|  **Blackrock - Global Allocation V.I. Fund - Class I** |  |  |  |  |  |  |  |  |
|  Units Issued | 77 | 18 | 1 | 1 | 881 | 515 |  |  |
|  Units Redeemed | (49) | (55) | (4) | (4) | (1189) | (1228) |  |  |
|  Net Increase (Decrease) | 28 | (37) | (3) | (3) | (308) | (713) |  |  |
|  **FTVIP - Templeton Global Bond Fund - Class 2** |  |  |  |  |  |  |  |  |
|  Units Issued | 173 | 21 | 1 |  | 2180 | 450 |  |  |
|  Units Redeemed | (159) | (36) | (4) | (3) | (1678) | (673) |  |  |
|  Net Increase (Decrease) | 14 | (15) | (3) | (3) | 502 | (223) |  |  |
|  **FTVIP - Franklin U.S. Government Securities Fund - Class 2** |  |  |  |  |  |  |  |  |
|  Units Issued | 296 | 159 | 6 | 1 | 2429 | 1480 |  |  |
|  Units Redeemed | (321) | (204) | (2) | (7) | (1870) | (1646) |  |  |
|  Net Increase (Decrease) | (25) | (45) | 4 | (6) | 559 | (166) |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Fidelity Growth and Guaranteed Income** | **Fidelity Growth and Guaranteed Income** |
| **(in thousands)** | **2025** | **2024** |
|  **VIP - Government Money Market Investor Class** |  |  |
|  Units Issued | 3708 | 3540 |
|  Units Redeemed | (3652) | (3548) |
|  Net Increase (Decrease) | 56 | (8) |
|  **VIP - Balanced Investor Class** |  |  |
|  Units Issued | 69 | 47 |
|  Units Redeemed | (2528) | (3473) |
|  Net Increase (Decrease) | (2459) | (3426) |
|  **VIP - FundsManager 60% Investor Class** |  |  |
|  Units Issued | 13 | 7 |
|  Units Redeemed | (1991) | (3164) |
|  Net Increase (Decrease) | (1978) | (3157) |

---

**6. Unit Values** 

A summary of unit values, units outstanding, income and expense ratios, investment income, and total return for each sub account, for each of the five years in the period ended December 31:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Government Money Market Initial Class | VIP - Government Money Market Initial Class | VIP - Government Money Market Initial Class | VIP - Government Money Market Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.39 | $244035 | 0.80% | 1.00% | 4.06% | 3.28% | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9899 | $22.87 | $21.72 | $225987 | 0.80% | 1.00% | 4.99% | 4.26% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10694 | $21.93 | $20.87 | $234183 | 0.80% | 1.00% | 4.78% | 4.05% | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12621 | $21.08 | $20.10 | $265606 | 0.80% | 1.00% | 1.52% | 0.64% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10312 | $20.95 | $20.01 | $215555 | 0.80% | 1.00% | 0.01% | (0.79%) | (1.00%) |

---

---

| | |
|:---|:---|
| **72** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Government Money Market Investor Class | VIP - Government Money Market Investor Class | VIP - Government Money Market Investor Class | VIP - Government Money Market Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 281612 | $12.06 | $9.72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556721 | 0.10% | 1.40% | 4.02% | 4.06% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 253334 | $11.59 | $9.47 | $3076385 | 0.10% | 1.40% | 4.95% | 4.97% | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 236066 | $11.04 | $9.14 | $2742526 | 0.10% | 1.40% | 4.78% | 4.78% | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 209547 | $10.54 | $9.03 | $2325405 | 0.10% | 1.40% | 1.52% | 1.31% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 159019 | $10.40 | $9.01 | $1739232 | 0.10% | 1.40% | 0.01% | (0.09%) | (1.24%) |
|  VIP - High Income Initial Class | VIP - High Income Initial Class | VIP - High Income Initial Class | VIP - High Income Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 705 | $72.23 | $68.46 | $50448 | 0.80% | 1.00% | 6.37% | 9.47% | 9.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 753 | $65.98 | $62.71 | $49163 | 0.80% | 1.00% | 5.68% | 8.10% | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 874 | $61.04 | $58.08 | $52869 | 0.80% | 1.00% | 5.51% | 9.60% | 9.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 977 | $55.69 | $53.10 | $53866 | 0.80% | 1.00% | 4.87% | (12.09%) | (12.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1122 | $63.35 | $60.52 | $70393 | 0.80% | 1.00% | 5.28% | 3.58% | 3.37% |
|  VIP - High Income Investor Class | VIP - High Income Investor Class | VIP - High Income Investor Class | VIP - High Income Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13916 | $21.90 | $28.44 | $338450 | 0.10% | 0.25% | 6.66% | 10.38% | 10.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13919 | $19.84 | $25.81 | $308629 | 0.10% | 0.25% | 6.13% | 8.94% | 8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14318 | $18.22 | $28.39 | $294761 | 0.10% | 0.25% | 5.58% | 10.20% | 10.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15578 | $16.53 | $25.80 | $291924 | 0.10% | 0.25% | 5.01% | (11.56%) | (11.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17810 | $18.69 | $29.22 | $377064 | 0.10% | 0.25% | 5.32% | 4.52% | 4.36% |
|  VIP - Equity-Income Initial Class | VIP - Equity-Income Initial Class | VIP - Equity-Income Initial Class | VIP - Equity-Income Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244.92 | $232.12 | $408936 | 0.80% | 1.00% | 1.78% | 18.07% | 17.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1853 | $207.44 | $197.10 | $382625 | 0.80% | 1.00% | 1.73% | 14.42% | 14.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2059 | $181.30 | $172.57 | $371409 | 0.80% | 1.00% | 1.89% | 9.76% | 9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2268 | $165.17 | $157.48 | $372789 | 0.80% | 1.00% | 1.85% | (5.72%) | (5.91%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2466 | $175.18 | $167.37 | $429819 | 0.80% | 1.00% | 1.89% | 23.89% | 23.65% |
|  VIP - Equity-Income Investor Class | VIP - Equity-Income Investor Class | VIP - Equity-Income Investor Class | VIP - Equity-Income Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14193 | $54.06 | $47.75 | $735369 | 0.10% | 0.25% | 1.80% | 18.81% | 18.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14341 | $45.50 | $40.25 | $624856 | 0.10% | 0.25% | 1.81% | 15.14% | 14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14414 | $39.52 | $57.80 | $543997 | 0.10% | 0.25% | 1.88% | 10.45% | 10.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14707 | $35.78 | $52.41 | $502741 | 0.10% | 0.25% | 1.89% | (5.11%) | (5.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13949 | $37.71 | $55.32 | $503315 | 0.10% | 0.25% | 1.89% | 24.71% | 24.52% |
|  VIP - Growth Initial Class | VIP - Growth Initial Class | VIP - Growth Initial Class | VIP - Growth Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1570 | $519.23 | $492.09 | $813359 | 0.80% | 1.00% | 0.29% | 13.98% | 13.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1742 | $455.56 | $432.77 | $790637 | 0.80% | 1.00% |  | 29.34% | 29.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1908 | $352.21 | $335.14 | $669758 | 0.80% | 1.00% | 0.13% | 35.15% | 34.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2039 | $260.60 | $248.48 | $529694 | 0.80% | 1.00% | 0.62% | (25.06%) | (25.21%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2209 | $347.74 | $332.23 | $765572 | 0.80% | 1.00% |  | 22.23% | 21.98% |
|  VIP - Growth Investor Class | VIP - Growth Investor Class | VIP - Growth Investor Class | VIP - Growth Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12562 | $111.10 | $102.25 | $1362942 | 0.10% | 0.25% | 0.23% | 14.70% | 14.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13634 | $96.86 | $89.28 | $1288097 | 0.10% | 0.25% |  | 30.17% | 29.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12989 | $74.41 | $106.29 | $940370 | 0.10% | 0.25% | 0.07% | 35.99% | 35.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11867 | $54.72 | $78.28 | $632484 | 0.10% | 0.25% | 0.53% | (24.59%) | (24.70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12313 | $72.56 | $103.96 | $871206 | 0.10% | 0.25% |  | 23.00% | 22.82% |
|  VIP - Overseas Initial Class | VIP - Overseas Initial Class | VIP - Overseas Initial Class | VIP - Overseas Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 760 | $88.41 | $83.79 | $66969 | 0.80% | 1.00% | 1.57% | 19.41% | 19.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 811 | $74.04 | $70.30 | $59845 | 0.80% | 1.00% | 1.58% | 4.21% | 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 926 | $71.05 | $67.59 | $65518 | 0.80% | 1.00% | 1.02% | 19.57% | 19.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1008 | $59.42 | $56.66 | $59715 | 0.80% | 1.00% | 1.04% | (25.09%) | (25.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1107 | $79.32 | $75.78 | $87478 | 0.80% | 1.00% | 0.52% | 18.74% | 18.50% |
|  VIP - Overseas Investor Class | VIP - Overseas Investor Class | VIP - Overseas Investor Class | VIP - Overseas Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8781 | $30.73 | $30.79 | $272585 | 0.10% | 0.25% | 1.54% | 20.18% | 20.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8240 | $25.57 | $25.65 | $213047 | 0.10% | 0.25% | 1.50% | 4.87% | 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9047 | $24.38 | $33.33 | $223226 | 0.10% | 0.25% | 0.97% | 20.29% | 20.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9282 | $20.27 | $27.75 | $190729 | 0.10% | 0.25% | 0.99% | (24.62%) | (24.73%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9733 | $26.89 | $36.87 | $265667 | 0.10% | 0.25% | 0.48% | 19.51% | 19.33% |
|  VIP - Investment Grade Bond Initial Class | VIP - Investment Grade Bond Initial Class | VIP - Investment Grade Bond Initial Class | VIP - Investment Grade Bond Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2090 | $48.59 | $46.05 | $100747 | 0.80% | 1.00% | 3.52% | 6.37% | 6.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2282 | $45.68 | $43.40 | $103361 | 0.80% | 1.00% | 3.42% | 0.97% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2576 | $45.25 | $43.05 | $115587 | 0.80% | 1.00% | 2.52% | 5.34% | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2851 | $42.95 | $40.95 | $121340 | 0.80% | 1.00% | 2.10% | (13.65%) | (13.82%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3369 | $49.74 | $47.52 | $166332 | 0.80% | 1.00% | 1.99% | (1.40%) | (1.60%) |

---

---

| | |
|:---|:---|
| **73** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Investment Grade Bond Investor Class | VIP - Investment Grade Bond Investor Class | VIP - Investment Grade Bond Investor Class | VIP - Investment Grade Bond Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47670 | $14.99 | $18.96 | $787746 | 0.10% | 0.25% | 3.66% | 7.07% | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 45622 | $14.00 | $17.73 | $708962 | 0.10% | 0.25% | 3.51% | 1.64% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44022 | $13.77 | $17.47 | $679669 | 0.10% | 0.25% | 2.54% | 6.02% | 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45579 | $12.99 | $16.51 | $665825 | 0.10% | 0.25% | 2.11% | (13.06%) | (13.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 53000 | $14.94 | $19.01 | $894402 | 0.10% | 0.25% | 2.01% | (0.74%) | (0.89%) |
|  VIP - Asset Manager 50% Initial Class(B) | VIP - Asset Manager 50% Initial Class(B) | VIP - Asset Manager 50% Initial Class(B) | VIP - Asset Manager 50% Initial Class(B) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1641 | $96.17 | $91.14 | $157224 | 0.80% | 1.00% | 2.46% | 14.07% | 13.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1848 | $84.31 | $80.10 | $154929 | 0.80% | 1.00% | 2.36% | 7.62% | 7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2064 | $78.34 | $74.57 | $160852 | 0.80% | 1.00% | 2.28% | 12.04% | 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2311 | $69.92 | $66.66 | $160703 | 0.80% | 1.00% | 1.99% | (15.61%) | (15.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2570 | $82.85 | $79.16 | $211820 | 0.80% | 1.00% | 1.59% | 9.04% | 8.82% |
|  VIP - Asset Manager 50% Investor Class(B) | VIP - Asset Manager 50% Investor Class(B) | VIP - Asset Manager 50% Investor Class(B) | VIP - Asset Manager 50% Investor Class(B) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7380 | $28.90 | $33.34 | $231502 | 0.10% | 0.25% | 2.68% | 14.77% | 14.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7223 | $25.18 | $29.09 | $198286 | 0.10% | 0.25% | 2.33% | 8.25% | 8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8037 | $23.26 | $32.46 | $205342 | 0.10% | 0.25% | 2.22% | 12.80% | 12.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8886 | $20.62 | $28.82 | $201369 | 0.10% | 0.25% | 1.99% | (15.10%) | (15.22%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9594 | $24.29 | $34.00 | $256967 | 0.10% | 0.25% | 1.59% | 9.74% | 9.58% |
|  VIP - Index 500 Initial Class | VIP - Index 500 Initial Class | VIP - Index 500 Initial Class | VIP - Index 500 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 86764 | $81.00 | $213.03 | $7425869 | 0.10% | 1.00% | 1.17% | 17.66% | 16.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 89348 | $68.84 | $182.87 | $6545419 | 0.10% | 1.00% | 1.30% | 24.77% | 23.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 87411 | $55.17 | $147.86 | $5176473 | 0.10% | 1.00% | 1.50% | 26.08% | 25.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 85283 | $43.76 | $118.27 | $4041574 | 0.10% | 1.00% | 1.48% | (18.30%) | (19.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 84374 | $53.56 | $146.07 | $4944733 | 0.10% | 1.00% | 1.29% | 28.45% | 27.29% |
|  VIP - Asset Manager 70% Initial Class(B) | VIP - Asset Manager 70% Initial Class(B) | VIP - Asset Manager 70% Initial Class(B) | VIP - Asset Manager 70% Initial Class(B) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 843 | $74.92 | $71.00 | $62785 | 0.80% | 1.00% | 1.80% | 17.30% | 17.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 929 | $63.87 | $60.66 | $58874 | 0.80% | 1.00% | 1.74% | 9.92% | 9.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1026 | $58.11 | $55.29 | $59214 | 0.80% | 1.00% | 1.76% | 15.43% | 15.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1154 | $50.34 | $48.00 | $57709 | 0.80% | 1.00% | 1.79% | (17.54%) | (17.70%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1243 | $61.05 | $58.32 | $75337 | 0.80% | 1.00% | 1.40% | 13.05% | 12.82% |
|  VIP - Asset Manager 70% Investor Class(B) | VIP - Asset Manager 70% Investor Class(B) | VIP - Asset Manager 70% Investor Class(B) | VIP - Asset Manager 70% Investor Class(B) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5182 | $36.79 | $39.67 | $201317 | 0.10% | 0.25% | 2.18% | 18.07% | 17.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4220 | $31.16 | $33.66 | $139412 | 0.10% | 0.25% | 1.74% | 10.62% | 10.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4240 | $28.17 | $40.56 | $126952 | 0.10% | 0.25% | 1.78% | 16.13% | 15.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4513 | $24.26 | $34.97 | $116332 | 0.10% | 0.25% | 1.79% | (17.01%) | (17.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4547 | $29.23 | $42.21 | $141408 | 0.10% | 0.25% | 1.41% | 13.77% | 13.60% |
|  VIP - Contrafund Initial Class | VIP - Contrafund Initial Class | VIP - Contrafund Initial Class | VIP - Contrafund Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4686 | $296.85 | $281.33 | $1385619 | 0.80% | 1.00% | 0.14% | 20.51% | 20.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5229 | $246.33 | $234.12 | $1283133 | 0.80% | 1.00% | 0.19% | 32.72% | 32.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5742 | $185.61 | $176.74 | $1061566 | 0.80% | 1.00% | 0.49% | 32.39% | 32.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6239 | $140.20 | $133.68 | $871487 | 0.80% | 1.00% | 0.50% | (26.90%) | (27.05%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6806 | $191.79 | $183.24 | $1300199 | 0.80% | 1.00% | 0.06% | 26.81% | 26.56% |
|  VIP - Contrafund Investor Class | VIP - Contrafund Investor Class | VIP - Contrafund Investor Class | VIP - Contrafund Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 39079 | $83.48 | $87.08 | $3348892 | 0.10% | 0.25% | 0.10% | 21.27% | 20.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 39878 | $68.84 | $71.98 | $2826886 | 0.10% | 0.25% | 0.14% | 33.57% | 33.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 38487 | $51.54 | $77.69 | $2055964 | 0.10% | 0.25% | 0.44% | 33.22% | 33.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 39889 | $38.69 | $58.40 | $1601868 | 0.10% | 0.25% | 0.43% | (26.45%) | (26.57%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 42408 | $52.60 | $79.53 | $2317809 | 0.10% | 0.25% | 0.05% | 27.62% | 27.42% |
|  VIP - Balanced Initial Class | VIP - Balanced Initial Class | VIP - Balanced Initial Class | VIP - Balanced Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2690 | $73.91 | $70.05 | $197046 | 0.80% | 1.00% | 1.70% | 14.27% | 14.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3019 | $64.68 | $61.41 | $193490 | 0.80% | 1.00% | 1.83% | 14.99% | 14.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3201 | $56.25 | $53.51 | $178589 | 0.80% | 1.00% | 1.71% | 20.57% | 20.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3502 | $46.65 | $44.48 | $162029 | 0.80% | 1.00% | 1.25% | (18.60%) | (18.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3893 | $57.31 | $54.75 | $221126 | 0.80% | 1.00% | 0.94% | 17.32% | 17.08% |
|  VIP - Balanced Investor Class | VIP - Balanced Investor Class | VIP - Balanced Investor Class | VIP - Balanced Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 89995 | $47.58 | $61.40 | $4374767 | 0.10% | 1.40% | 1.70% | 15.07% | 13.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95011 | $41.35 | $54.07 | $4031716 | 0.10% | 1.40% | 1.81% | 15.72% | 14.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 98873 | $35.74 | $47.35 | $3631880 | 0.10% | 1.40% | 1.67% | 21.31% | 19.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 104644 | $29.46 | $39.55 | $3169282 | 0.10% | 1.40% | 1.19% | (18.12%) | (19.17%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112027 | $35.98 | $48.93 | $4141613 | 0.10% | 1.40% | 0.88% | 18.06% | 16.52% |

---

---

| | |
|:---|:---|
| **74** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Dynamic Capital Appreciation Initial Class | VIP - Dynamic Capital Appreciation Initial Class | VIP - Dynamic Capital Appreciation Initial Class | VIP - Dynamic Capital Appreciation Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 272 | $97.65 | $93.37 | $26463 | 0.80% | 1.00% | 0.58% | 17.84% | 17.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 313 | $82.87 | $79.39 | $25722 | 0.80% | 1.00% | 0.22% | 24.52% | 24.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 340 | $66.55 | $63.89 | $22464 | 0.80% | 1.00% | 0.36% | 28.04% | 27.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 363 | $51.98 | $50.00 | $18780 | 0.80% | 1.00% | 0.30% | (21.50%) | (21.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 419 | $66.22 | $63.82 | $27569 | 0.80% | 1.00% | 0.41% | 23.63% | 23.38% |
|  VIP - Dynamic Capital Appreciation Investor Class | VIP - Dynamic Capital Appreciation Investor Class | VIP - Dynamic Capital Appreciation Investor Class | VIP - Dynamic Capital Appreciation Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2554 | $84.79 | $87.79 | $221116 | 0.10% | 0.25% | 0.49% | 18.55% | 18.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2927 | $71.52 | $74.16 | $214160 | 0.10% | 0.25% | 0.16% | 25.30% | 25.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2944 | $57.08 | $89.56 | $172512 | 0.10% | 0.25% | 0.29% | 28.80% | 28.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2940 | $44.32 | $69.64 | $133970 | 0.10% | 0.25% | 0.24% | (20.97%) | (21.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3241 | $56.08 | $88.25 | $186787 | 0.10% | 0.25% | 0.34% | 24.33% | 24.15% |
|  VIP - Growth & Income Initial Class | VIP - Growth & Income Initial Class | VIP - Growth & Income Initial Class | VIP - Growth & Income Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1488 | $101.62 | $96.31 | $150269 | 0.80% | 1.00% | 1.52% | 20.53% | 20.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1645 | $84.31 | $80.13 | $137805 | 0.80% | 1.00% | 1.42% | 21.23% | 21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1829 | $69.54 | $66.22 | $126488 | 0.80% | 1.00% | 1.64% | 17.77% | 17.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1987 | $59.05 | $56.30 | $116648 | 0.80% | 1.00% | 1.62% | (5.71%) | (5.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2139 | $62.62 | $59.83 | $133106 | 0.80% | 1.00% | 2.40% | 24.94% | 24.69% |
|  VIP - Growth & Income Investor Class | VIP - Growth & Income Investor Class | VIP - Growth & Income Investor Class | VIP - Growth & Income Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7106 | $73.28 | $67.35 | $506129 | 0.10% | 0.25% | 1.57% | 21.26% | 21.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7064 | $60.43 | $55.62 | $415400 | 0.10% | 0.25% | 1.45% | 22.05% | 21.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7118 | $49.51 | $67.10 | $342117 | 0.10% | 0.25% | 1.62% | 18.50% | 18.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7234 | $41.78 | $56.71 | $293370 | 0.10% | 0.25% | 1.70% | (5.10%) | (5.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6293 | $44.03 | $59.85 | $269306 | 0.10% | 0.25% | 2.48% | 25.67% | 25.48% |
|  VIP - Growth Opportunities Initial Class | VIP - Growth Opportunities Initial Class | VIP - Growth Opportunities Initial Class | VIP - Growth Opportunities Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1582 | $143.09 | $135.61 | $224963 | 0.80% | 1.00% |  | 20.96% | 20.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1809 | $118.30 | $112.36 | $212890 | 0.80% | 1.00% |  | 37.77% | 37.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1974 | $85.87 | $81.70 | $168522 | 0.80% | 1.00% |  | 44.51% | 44.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2103 | $59.42 | $56.66 | $124260 | 0.80% | 1.00% |  | (38.64%) | (38.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2566 | $96.85 | $92.53 | $247094 | 0.80% | 1.00% |  | 11.05% | 10.82% |
|  VIP - Growth Opportunities Investor Class | VIP - Growth Opportunities Investor Class | VIP - Growth Opportunities Investor Class | VIP - Growth Opportunities Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10045 | $146.19 | $128.93 | $1415032 | 0.10% | 0.25% |  | 21.73% | 21.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10500 | $120.09 | $106.07 | $1212984 | 0.10% | 0.25% |  | 38.65% | 38.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10899 | $86.62 | $141.88 | $906189 | 0.10% | 0.25% |  | 45.43% | 45.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11088 | $59.56 | $97.71 | $633823 | 0.10% | 0.25% |  | (38.27%) | (38.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13573 | $96.48 | $158.51 | $1258355 | 0.10% | 0.25% |  | 11.75% | 11.59% |
|  VIP - Mid Cap Initial Class | VIP - Mid Cap Initial Class | VIP - Mid Cap Initial Class | VIP - Mid Cap Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2793 | $93.62 | $88.89 | $259830 | 0.80% | 1.00% | 0.43% | 10.79% | 10.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3142 | $84.50 | $80.40 | $263581 | 0.80% | 1.00% | 0.53% | 16.56% | 16.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3587 | $72.50 | $69.12 | $258327 | 0.80% | 1.00% | 0.59% | 14.22% | 13.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4016 | $63.47 | $60.64 | $253251 | 0.80% | 1.00% | 0.49% | (15.43%) | (15.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4322 | $75.05 | $71.84 | $322312 | 0.80% | 1.00% | 0.60% | 24.60% | 24.35% |
|  VIP - Mid Cap Investor Class | VIP - Mid Cap Investor Class | VIP - Mid Cap Investor Class | VIP - Mid Cap Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14366 | $45.33 | $57.00 | $711960 | 0.10% | 0.25% | 0.37% | 11.57% | 11.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15034 | $40.63 | $51.16 | $673555 | 0.10% | 0.25% | 0.50% | 17.29% | 17.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 15090 | $34.64 | $60.99 | $584105 | 0.10% | 0.25% | 0.51% | 14.90% | 14.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16866 | $30.15 | $53.16 | $567814 | 0.10% | 0.25% | 0.46% | (14.92%) | (15.04%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16577 | $35.44 | $62.57 | $658078 | 0.10% | 0.25% | 0.55% | 25.41% | 25.23% |
|  VIP - Value Strategies Initial Class | VIP - Value Strategies Initial Class | VIP - Value Strategies Initial Class | VIP - Value Strategies Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 627 | $58.73 | $56.15 | $36518 | 0.80% | 1.00% | 1.04% | 7.11% | 6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 781 | $54.83 | $52.53 | $42372 | 0.80% | 1.00% | 1.00% | 8.52% | 8.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 866 | $50.52 | $48.50 | $43438 | 0.80% | 1.00% | 1.11% | 19.89% | 19.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1025 | $42.14 | $40.54 | $42935 | 0.80% | 1.00% | 1.01% | (7.77%) | (7.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1215 | $45.69 | $44.04 | $55174 | 0.80% | 1.00% | 1.51% | 32.53% | 32.26% |
|  VIP - Value Strategies Investor Class | VIP - Value Strategies Investor Class | VIP - Value Strategies Investor Class | VIP - Value Strategies Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3010 | $51.77 | $50.46 | $156141 | 0.10% | 0.25% | 0.94% | 7.79% | 7.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3837 | $48.03 | $46.89 | $184987 | 0.10% | 0.25% | 0.96% | 9.26% | 9.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4454 | $43.96 | $89.88 | $196657 | 0.10% | 0.25% | 1.05% | 20.61% | 20.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5141 | $36.45 | $74.63 | $188676 | 0.10% | 0.25% | 0.94% | (7.19%) | (7.33%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5968 | $39.27 | $80.54 | $236505 | 0.10% | 0.25% | 1.54% | 33.35% | 33.15% |

---

---

| | |
|:---|:---|
| **75** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Utilities Initial Class | VIP - Utilities Initial Class | VIP - Utilities Initial Class | VIP - Utilities Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 579 | $59.03 | $56.19 | $33936 | 0.80% | 1.00% | 1.81% | 13.19% | 12.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 586 | $52.15 | $49.74 | $30402 | 0.80% | 1.00% | 2.09% | 27.96% | 27.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 584 | $40.75 | $38.95 | $23681 | 0.80% | 1.00% | 2.08% | (1.83%) | (2.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 833 | $41.51 | $39.75 | $34384 | 0.80% | 1.00% | 1.64% | 4.59% | 4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 651 | $39.69 | $38.09 | $25765 | 0.80% | 1.00% | 1.85% | 16.56% | 16.32% |
|  VIP - Utilities Investor Class | VIP - Utilities Investor Class | VIP - Utilities Investor Class | VIP - Utilities Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4404 | $53.07 | $63.97 | $252261 | 0.10% | 0.25% | 1.72% | 13.91% | 13.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4939 | $46.59 | $56.24 | $248114 | 0.10% | 0.25% | 2.26% | 28.76% | 28.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3987 | $36.18 | $44.57 | $158539 | 0.10% | 0.25% | 2.04% | (1.23%) | (1.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5431 | $36.63 | $45.18 | $218566 | 0.10% | 0.25% | 1.57% | 5.29% | 5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4028 | $34.79 | $42.98 | $154428 | 0.10% | 0.25% | 1.83% | 17.25% | 17.08% |
|  VIP - Technology Initial Class | VIP - Technology Initial Class | VIP - Technology Initial Class | VIP - Technology Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1875 | $179.03 | $170.42 | $334505 | 0.80% | 1.00% |  | 21.79% | 21.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2149 | $147.00 | $140.22 | $314693 | 0.80% | 1.00% |  | 34.50% | 34.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2419 | $109.29 | $104.46 | $263290 | 0.80% | 1.00% | 0.14% | 57.05% | 56.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2055 | $69.59 | $66.65 | $142551 | 0.80% | 1.00% |  | (36.37%) | (36.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2666 | $109.36 | $104.95 | $290330 | 0.80% | 1.00% |  | 27.14% | 26.88% |
|  VIP - Technology Investor Class | VIP - Technology Investor Class | VIP - Technology Investor Class | VIP - Technology Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14145 | $163.69 | $209.73 | $2500313 | 0.10% | 0.25% |  | 22.58% | 22.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14679 | $133.54 | $171.36 | $2137374 | 0.10% | 0.25% |  | 35.35% | 35.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14270 | $98.66 | $226.18 | $1560556 | 0.10% | 0.25% | 0.07% | 57.99% | 57.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12400 | $62.45 | $143.38 | $861708 | 0.10% | 0.25% |  | (35.94%) | (36.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14315 | $97.48 | $224.15 | $1554980 | 0.10% | 0.25% |  | 27.94% | 27.74% |
|  VIP - Energy Initial Class | VIP - Energy Initial Class | VIP - Energy Initial Class | VIP - Energy Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 787 | $41.42 | $39.43 | $32428 | 0.80% | 1.00% | 2.18% | 9.69% | 9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 936 | $37.76 | $36.02 | $35167 | 0.80% | 1.00% | 2.19% | 3.46% | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1226 | $36.50 | $34.88 | $44550 | 0.80% | 1.00% | 2.33% | 0.19% | (0.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2549 | $36.43 | $34.89 | $92462 | 0.80% | 1.00% | 2.75% | 61.87% | 61.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1244 | $22.51 | $21.60 | $27847 | 0.80% | 1.00% | 3.28% | 54.11% | 53.80% |
|  VIP - Energy Investor Class | VIP - Energy Investor Class | VIP - Energy Investor Class | VIP - Energy Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6999 | $23.72 | $26.12 | $173903 | 0.10% | 0.25% | 2.02% | 10.38% | 10.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8298 | $21.49 | $23.69 | $187335 | 0.10% | 0.25% | 2.07% | 4.10% | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11055 | $20.65 | $30.35 | $240589 | 0.10% | 0.25% | 2.52% | 0.81% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18072 | $20.48 | $30.15 | $388304 | 0.10% | 0.25% | 2.55% | 62.96% | 62.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11233 | $12.57 | $18.53 | $148929 | 0.10% | 0.25% | 2.65% | 55.00% | 54.77% |
|  VIP - Health Care Initial Class | VIP - Health Care Initial Class | VIP - Health Care Initial Class | VIP - Health Care Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 874 | $85.03 | $80.94 | $74028 | 0.80% | 1.00% | 0.37% | 13.48% | 13.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1101 | $74.93 | $71.47 | $82129 | 0.80% | 1.00% |  | 4.29% | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1317 | $71.85 | $68.67 | $94192 | 0.80% | 1.00% |  | 3.42% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1580 | $69.47 | $66.53 | $109365 | 0.80% | 1.00% |  | (13.10%) | (13.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1811 | $79.94 | $76.72 | $144136 | 0.80% | 1.00% | 0.09% | 10.84% | 10.62% |
|  VIP - Health Care Investor Class | VIP - Health Care Investor Class | VIP - Health Care Investor Class | VIP - Health Care Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7500 | $77.78 | $80.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594106 | 0.10% | 0.25% | 0.31% | 14.15% | 13.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8533 | $68.14 | $70.22 | $593290 | 0.10% | 0.25% |  | 4.95% | 4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10179 | $64.93 | $93.97 | $676540 | 0.10% | 0.25% |  | 4.11% | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11741 | $62.36 | $90.40 | $750486 | 0.10% | 0.25% |  | (12.58%) | (12.71%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12270 | $71.33 | $103.56 | $897989 | 0.10% | 0.25% | 0.08% | 11.54% | 11.38% |
|  VIP - Financials Initial Class (6) | VIP - Financials Initial Class (6) | VIP - Financials Initial Class (6) | VIP - Financials Initial Class (6) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 735 | $39.45 | $37.56 | $28834 | 0.80% | 1.00% | 1.61% | 14.25% | 14.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 895 | $34.53 | $32.94 | $30780 | 0.80% | 1.00% | 1.93% | 31.66% | 31.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 825 | $26.23 | $25.07 | $21540 | 0.80% | 1.00% | 2.57% | 13.83% | 13.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1175 | $23.04 | $22.07 | $26949 | 0.80% | 1.00% | 1.85% | (9.07%) | (9.24%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1283 | $25.34 | $24.32 | $32377 | 0.80% | 1.00% | 1.82% | 32.13% | 31.86% |
|  VIP - Financials Investor Class (6) | VIP - Financials Investor Class (6) | VIP - Financials Investor Class (6) | VIP - Financials Investor Class (6) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5291 | $57.38 | $35.31 | $257348 | 0.10% | 0.25% | 1.67% | 14.97% | 14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5605 | $49.91 | $30.76 | $235581 | 0.10% | 0.25% | 1.88% | 32.61% | 32.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5190 | $37.64 | $58.32 | $160151 | 0.10% | 0.25% | 2.50% | 14.44% | 14.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6695 | $32.89 | $51.03 | $180435 | 0.10% | 0.25% | 1.87% | (8.46%) | (8.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7535 | $35.93 | $55.83 | $221585 | 0.10% | 0.25% | 1.78% | 33.00% | 32.80% |

---

---

| | |
|:---|:---|
| **76** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Industrials Initial Class | VIP - Industrials Initial Class | VIP - Industrials Initial Class | VIP - Industrials Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.50 | $38538 | 0.80% | 1.00% | 0.09% | 23.53% | 23.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 350 | $89.72 | $85.58 | $31207 | 0.80% | 1.00% | 0.70% | 22.64% | 22.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 355 | $73.16 | $69.92 | $25835 | 0.80% | 1.00% | 0.31% | 22.28% | 22.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 389 | $59.83 | $57.30 | $23128 | 0.80% | 1.00% | 0.17% | (11.02%) | (11.20%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 428 | $67.24 | $64.53 | $28598 | 0.80% | 1.00% |  | 16.15% | 15.92% |
|  VIP - Industrials Investor Class | VIP - Industrials Investor Class | VIP - Industrials Investor Class | VIP - Industrials Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3486 | $66.98 | $83.68 | $252276 | 0.10% | 0.25% | 0.05% | 24.29% | 24.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3118 | $53.89 | $67.42 | $182592 | 0.10% | 0.25% | 0.70% | 23.41% | 23.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2885 | $43.67 | $75.90 | $138286 | 0.10% | 0.25% | 0.24% | 23.07% | 22.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2894 | $35.48 | $61.76 | $112871 | 0.10% | 0.25% | 0.12% | (10.50%) | (10.64%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2968 | $39.64 | $69.11 | $129664 | 0.10% | 0.25% |  | 16.91% | 16.74% |
|  VIP - Consumer Discretionary Initial Class | VIP - Consumer Discretionary Initial Class | VIP - Consumer Discretionary Initial Class | VIP - Consumer Discretionary Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 204 | $74.08 | $70.52 | $15114 | 0.80% | 1.00% | 0.08% | 5.95% | 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 274 | $69.92 | $66.69 | $19051 | 0.80% | 1.00% | 0.05% | 23.71% | 23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 362 | $56.52 | $54.02 | $20376 | 0.80% | 1.00% | 0.08% | 40.88% | 40.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 372 | $40.12 | $38.43 | $14887 | 0.80% | 1.00% |  | (35.16%) | (35.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 478 | $61.88 | $59.38 | $29441 | 0.80% | 1.00% |  | 18.45% | 18.21% |
|  VIP - Consumer Discretionary Investor Class | VIP - Consumer Discretionary Investor Class | VIP - Consumer Discretionary Investor Class | VIP - Consumer Discretionary Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2552 | $74.18 | $73.46 | $190550 | 0.10% | 0.25% | 0.07% | 6.60% | 6.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3032 | $69.59 | $69.01 | $212935 | 0.10% | 0.25% | 0.04% | 24.50% | 24.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3687 | $55.89 | $100.37 | $208393 | 0.10% | 0.25% | 0.01% | 41.79% | 41.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3563 | $39.42 | $70.90 | $142151 | 0.10% | 0.25% |  | (34.77%) | (34.86%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4353 | $60.43 | $108.85 | $266806 | 0.10% | 0.25% |  | 19.20% | 19.02% |
|  VIP - Real Estate Initial Class | VIP - Real Estate Initial Class | VIP - Real Estate Initial Class | VIP - Real Estate Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 354 | $44.52 | $42.57 | $15669 | 0.80% | 1.00% | 1.96% | 2.27% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 419 | $43.53 | $41.70 | $18164 | 0.80% | 1.00% | 4.01% | 5.67% | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 478 | $41.20 | $39.55 | $19614 | 0.80% | 1.00% | 2.36% | 10.30% | 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 559 | $37.35 | $35.92 | $20813 | 0.80% | 1.00% | 1.22% | (28.09%) | (28.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 664 | $51.94 | $50.06 | $34346 | 0.80% | 1.00% | 1.16% | 37.88% | 37.60% |
|  VIP - Real Estate Investor Class | VIP - Real Estate Investor Class | VIP - Real Estate Investor Class | VIP - Real Estate Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4468 | $27.23 | $30.57 | $129787 | 0.10% | 0.25% | 2.00% | 2.95% | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4742 | $26.45 | $29.74 | $134490 | 0.10% | 0.25% | 4.07% | 6.29% | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5113 | $24.89 | $59.76 | $137467 | 0.10% | 0.25% | 2.31% | 11.00% | 10.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5814 | $22.42 | $53.92 | $140732 | 0.10% | 0.25% | 1.20% | (27.65%) | (27.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6610 | $30.99 | $74.64 | $221152 | 0.10% | 0.25% | 1.16% | 38.78% | 38.57% |
|  VIP - Strategic Income Initial Class | VIP - Strategic Income Initial Class | VIP - Strategic Income Initial Class | VIP - Strategic Income Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1455 | $25.77 | $24.66 | $37303 | 0.80% | 1.00% | 3.80% | 8.01% | 7.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1604 | $23.86 | $22.89 | $38051 | 0.80% | 1.00% | 3.49% | 5.22% | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1833 | $22.68 | $21.80 | $41398 | 0.80% | 1.00% | 4.28% | 8.56% | 8.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2119 | $20.89 | $20.12 | $44074 | 0.80% | 1.00% | 3.52% | (11.98%) | (12.15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2376 | $23.73 | $22.90 | $56157 | 0.80% | 1.00% | 2.62% | 2.91% | 2.70% |
|  VIP - Strategic Income Investor Class | VIP - Strategic Income Investor Class | VIP - Strategic Income Investor Class | VIP - Strategic Income Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 36379 | $18.72 | $25.90 | $775145 | 0.10% | 0.25% | 3.84% | 8.71% | 8.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 37211 | $17.22 | $23.86 | $733756 | 0.10% | 0.25% | 3.64% | 5.86% | 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 38664 | $16.26 | $23.34 | $728394 | 0.10% | 0.25% | 4.31% | 9.29% | 9.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43114 | $14.88 | $21.38 | $743828 | 0.10% | 0.25% | 3.51% | (11.40%) | (11.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47126 | $16.80 | $24.18 | $919681 | 0.10% | 0.25% | 2.64% | 3.62% | 3.46% |
|  VIP - International Capital Appreciation Initial Class | VIP - International Capital Appreciation Initial Class | VIP - International Capital Appreciation Initial Class | VIP - International Capital Appreciation Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 576 | $37.71 | $36.18 | $21679 | 0.80% | 1.00% | 0.96% | 17.73% | 17.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 565 | $32.03 | $30.79 | $18043 | 0.80% | 1.00% | 0.81% | 7.32% | 7.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 589 | $29.84 | $28.75 | $17533 | 0.80% | 1.00% | 0.40% | 26.51% | 26.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 573 | $23.59 | $22.78 | $13459 | 0.80% | 1.00% | 0.24% | (27.00%) | (27.12%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 701 | $32.31 | $31.26 | $22607 | 0.80% | 1.00% |  | 11.44% | 11.22% |
|  VIP - International Capital Appreciation Investor Class | VIP - International Capital Appreciation Investor Class | VIP - International Capital Appreciation Investor Class | VIP - International Capital Appreciation Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10028 | $41.96 | $39.17 | $413778 | 0.10% | 0.25% | 0.98% | 18.43% | 18.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9116 | $35.43 | $33.11 | $317830 | 0.10% | 0.25% | 0.66% | 8.02% | 7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9562 | $32.80 | $61.86 | $308473 | 0.10% | 0.25% | 0.31% | 27.27% | 27.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9819 | $25.77 | $48.67 | $249396 | 0.10% | 0.25% | 0.18% | (26.51%) | (26.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11161 | $35.07 | $66.34 | $386152 | 0.10% | 0.25% |  | 12.13% | 11.96% |

---

---

| | |
|:---|:---|
| **77** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Value Initial Class | VIP - Value Initial Class | VIP - Value Initial Class | VIP - Value Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 570 | $47.88 | $45.94 | $27126 | 0.80% | 1.00% | 1.37% | 10.35% | 10.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 612 | $43.39 | $41.72 | $26447 | 0.80% | 1.00% | 1.23% | 10.48% | 10.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 693 | $39.28 | $37.84 | $27165 | 0.80% | 1.00% | 1.22% | 18.84% | 18.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 848 | $33.05 | $31.91 | $27953 | 0.80% | 1.00% | 1.30% | (4.89%) | (5.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 775 | $34.75 | $33.61 | $26844 | 0.80% | 1.00% | 1.70% | 29.11% | 28.85% |
|  VIP - Value Investor Class | VIP - Value Investor Class | VIP - Value Investor Class | VIP - Value Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4936 | $56.96 | $50.73 | $271927 | 0.10% | 0.25% | 1.28% | 11.05% | 10.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5607 | $51.29 | $45.75 | $277870 | 0.10% | 0.25% | 1.19% | 11.14% | 10.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6036 | $46.15 | $79.79 | $269050 | 0.10% | 0.25% | 1.15% | 19.56% | 19.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7008 | $38.60 | $66.83 | $261518 | 0.10% | 0.25% | 1.30% | (4.22%) | (4.37%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5595 | $40.30 | $69.89 | $218149 | 0.10% | 0.25% | 1.67% | 29.85% | 29.66% |
|  VIP - Freedom Income Initial Class (A) | VIP - Freedom Income Initial Class (A) | VIP - Freedom Income Initial Class (A) | VIP - Freedom Income Initial Class (A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 554 | $19.98 | $19.98 | $11087 | 0.80% | 0.80% | 3.13% | 8.76% | 8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 640 | $18.37 | $18.37 | $11767 | 0.80% | 0.80% | 3.89% | 3.61% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 502 | $17.73 | $17.73 | $8913 | 0.80% | 0.80% | 4.28% | 7.07% | 7.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 542 | $16.56 | $16.56 | $8983 | 0.80% | 0.80% | 2.28% | (12.76%) | (12.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 597 | $18.98 | $18.98 | $11333 | 0.80% | 0.80% | 0.99% | 2.52% | 2.52% |
|  VIP - Investor Freedom Income Investor Class (A) | VIP - Investor Freedom Income Investor Class (A) | VIP - Investor Freedom Income Investor Class (A) | VIP - Investor Freedom Income Investor Class (A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3544 | $18.54 | $21.90 | $73195 | 0.10% | 0.25% | 3.41% | 9.51% | 9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3788 | $16.93 | $20.03 | $71659 | 0.10% | 0.25% | 3.90% | 4.21% | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3366 | $16.25 | $19.75 | $60543 | 0.10% | 0.25% | 4.32% | 7.74% | 7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4200 | $15.08 | $18.35 | $69838 | 0.10% | 0.25% | 2.21% | (12.09%) | (12.26%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5115 | $17.15 | $20.91 | $97092 | 0.10% | 0.25% | 1.01% | 3.18% | 3.03% |
|  VIP - Freedom 2005 Initial Class (A) | VIP - Freedom 2005 Initial Class (A) | VIP - Freedom 2005 Initial Class (A) | VIP - Freedom 2005 Initial Class (A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | $— | 0.80% | 0.80% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | $— | $— | $— | 0.80% | 0.80% | 2.64% | (100.00%) | (100.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 253 | $19.93 | $19.93 | $5043 | 0.80% | 0.80% | 4.05% | 7.17% | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 360 | $18.60 | $18.60 | $6694 | 0.80% | 0.80% | 2.26% | (13.09%) | (13.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 409 | $21.40 | $21.40 | $8759 | 0.80% | 0.80% | 1.07% | 3.26% | 3.26% |
|  VIP - Investor Freedom 2005 Investor Class (A) | VIP - Investor Freedom 2005 Investor Class (A) | VIP - Investor Freedom 2005 Investor Class (A) | VIP - Investor Freedom 2005 Investor Class (A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | $— | 0.10% | 0.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | $— | $— | $— | 0.10% | 0.25% | 2.68% | (100.00%) | (100.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 787 | $18.72 | $25.23 | $16600 | 0.10% | 0.25% | 4.29% | 7.81% | 7.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1017 | $17.36 | $23.44 | $19685 | 0.10% | 0.25% | 2.15% | (12.49%) | (12.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1257 | $19.84 | $26.82 | $27935 | 0.10% | 0.25% | 0.92% | 3.99% | 3.83% |
|  VIP - Freedom 2010 Initial Class | VIP - Freedom 2010 Initial Class | VIP - Freedom 2010 Initial Class | VIP - Freedom 2010 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 171 | $25.88 | $25.88 | $4420 | 0.80% | 0.80% | 3.04% | 9.66% | 9.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 226 | $23.60 | $23.60 | $5331 | 0.80% | 0.80% | 3.38% | 4.53% | 4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 293 | $22.58 | $22.58 | $6611 | 0.80% | 0.80% | 3.71% | 8.62% | 8.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 387 | $20.79 | $20.79 | $8050 | 0.80% | 0.80% | 2.15% | (14.23%) | (14.23%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 433 | $24.24 | $24.24 | $10491 | 0.80% | 0.80% | 1.05% | 5.04% | 5.04% |
|  VIP - Investor Freedom 2010 Investor Class | VIP - Investor Freedom 2010 Investor Class | VIP - Investor Freedom 2010 Investor Class | VIP - Investor Freedom 2010 Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1690 | $24.58 | $27.89 | $46335 | 0.10% | 0.25% | 3.18% | 10.37% | 10.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1941 | $22.27 | $25.30 | $48214 | 0.10% | 0.25% | 3.46% | 5.16% | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2198 | $21.18 | $29.08 | $52195 | 0.10% | 0.25% | 3.88% | 9.27% | 9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2651 | $19.38 | $26.65 | $57721 | 0.10% | 0.25% | 2.14% | (13.57%) | (13.72%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3142 | $22.42 | $30.89 | $78980 | 0.10% | 0.25% | 1.06% | 5.70% | 5.54% |
|  VIP - Freedom 2015 Initial Class | VIP - Freedom 2015 Initial Class | VIP - Freedom 2015 Initial Class | VIP - Freedom 2015 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 457 | $28.76 | $28.76 | $13151 | 0.80% | 0.80% | 2.92% | 11.00% | 11.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 537 | $25.91 | $25.91 | $13921 | 0.80% | 0.80% | 3.18% | 5.66% | 5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 600 | $24.52 | $24.52 | $14707 | 0.80% | 0.80% | 3.51% | 10.07% | 10.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 684 | $22.28 | $22.28 | $15948 | 0.80% | 0.80% | 2.16% | (15.28%) | (15.28%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 900 | $26.30 | $26.30 | $23673 | 0.80% | 0.80% | 1.09% | 6.83% | 6.83% |
|  VIP - Investor Freedom 2015 Investor Class | VIP - Investor Freedom 2015 Investor Class | VIP - Investor Freedom 2015 Investor Class | VIP - Investor Freedom 2015 Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2641 | $27.08 | $30.84 | $80183 | 0.10% | 0.25% | 2.99% | 11.76% | 11.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2963 | $24.23 | $27.63 | $80036 | 0.10% | 0.25% | 3.15% | 6.32% | 6.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3188 | $22.79 | $31.69 | $81572 | 0.10% | 0.25% | 3.50% | 10.86% | 10.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3875 | $20.56 | $28.63 | $89652 | 0.10% | 0.25% | 2.05% | (14.76%) | (14.87%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4165 | $24.12 | $33.63 | $113650 | 0.10% | 0.25% | 1.04% | 7.53% | 7.37% |

---

---

| | |
|:---|:---|
| **78** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Freedom 2020 Initial Class | VIP - Freedom 2020 Initial Class | VIP - Freedom 2020 Initial Class | VIP - Freedom 2020 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 464 | $31.15 | $31.15 | $14448 | 0.80% | 0.80% | 2.75% | 12.41% | 12.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 512 | $27.71 | $27.71 | $14195 | 0.80% | 0.80% | 2.70% | 6.85% | 6.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 648 | $25.94 | $25.94 | $16808 | 0.80% | 0.80% | 3.16% | 11.51% | 11.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 736 | $23.26 | $23.26 | $17117 | 0.80% | 0.80% | 2.05% | (16.36%) | (16.36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 891 | $27.81 | $27.81 | $24784 | 0.80% | 0.80% | 1.01% | 8.60% | 8.60% |
|  VIP - Investor Freedom 2020 Investor Class | VIP - Investor Freedom 2020 Investor Class | VIP - Investor Freedom 2020 Investor Class | VIP - Investor Freedom 2020 Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5072 | $30.19 | $33.20 | $165459 | 0.10% | 0.25% | 2.72% | 13.16% | 13.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5411 | $26.68 | $29.37 | $156670 | 0.10% | 0.25% | 2.77% | 7.54% | 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6447 | $24.81 | $35.84 | $173673 | 0.10% | 0.25% | 3.15% | 12.30% | 12.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7254 | $22.09 | $31.97 | $174304 | 0.10% | 0.25% | 2.03% | (15.93%) | (16.03%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8072 | $26.27 | $38.08 | $230961 | 0.10% | 0.25% | 1.08% | 9.43% | 9.26% |
|  VIP - Freedom 2025 Initial Class | VIP - Freedom 2025 Initial Class | VIP - Freedom 2025 Initial Class | VIP - Freedom 2025 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 537 | $34.75 | $34.75 | $18658 | 0.80% | 0.80% | 2.51% | 13.67% | 13.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 587 | $30.57 | $30.57 | $17945 | 0.80% | 0.80% | 2.41% | 7.59% | 7.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 668 | $28.41 | $28.41 | $18984 | 0.80% | 0.80% | 2.84% | 12.71% | 12.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 749 | $25.21 | $25.21 | $18872 | 0.80% | 0.80% | 2.02% | (17.09%) | (17.09%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 842 | $30.41 | $30.41 | $25612 | 0.80% | 0.80% | 1.09% | 9.95% | 9.95% |
|  VIP- Investor Freedom 2025 Investor Class | VIP- Investor Freedom 2025 Investor Class | VIP- Investor Freedom 2025 Investor Class | VIP- Investor Freedom 2025 Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5367 | $33.80 | $36.84 | $195749 | 0.10% | 0.25% | 2.53% | 14.34% | 14.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5890 | $29.56 | $32.27 | $188704 | 0.10% | 0.25% | 2.42% | 8.35% | 8.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7054 | $27.29 | $39.92 | $208582 | 0.10% | 0.25% | 2.78% | 13.46% | 13.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8281 | $24.05 | $35.24 | $215949 | 0.10% | 0.25% | 1.95% | (16.55%) | (16.66%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9299 | $28.82 | $42.29 | $290411 | 0.10% | 0.25% | 1.08% | 10.67% | 10.51% |
|  VIP - Freedom 2030 Initial Class | VIP - Freedom 2030 Initial Class | VIP - Freedom 2030 Initial Class | VIP - Freedom 2030 Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 614 | $37.17 | $37.17 | $22824 | 0.80% | 0.80% | 2.37% | 14.58% | 14.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 723 | $32.44 | $32.44 | $23456 | 0.80% | 0.80% | 2.31% | 8.53% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 725 | $29.89 | $29.89 | $21683 | 0.80% | 0.80% | 2.44% | 13.77% | 13.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 805 | $26.27 | $26.27 | $21148 | 0.80% | 0.80% | 1.95% | (17.53%) | (17.53%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 835 | $31.85 | $31.85 | $26611 | 0.80% | 0.80% | 1.11% | 11.47% | 11.47% |
|  VIP - Investor Freedom 2030 Investor Class | VIP - Investor Freedom 2030 Investor Class | VIP - Investor Freedom 2030 Investor Class | VIP - Investor Freedom 2030 Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9414 | $37.35 | $39.24 | $366943 | 0.10% | 0.25% | 2.40% | 15.24% | 15.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9854 | $32.41 | $34.10 | $334565 | 0.10% | 0.25% | 2.21% | 9.29% | 9.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10573 | $29.65 | $44.14 | $329296 | 0.10% | 0.25% | 2.43% | 14.54% | 14.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11719 | $25.89 | $38.60 | $319483 | 0.10% | 0.25% | 1.91% | (17.00%) | (17.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11894 | $31.19 | $46.58 | $390824 | 0.10% | 0.25% | 1.12% | 12.14% | 11.97% |
|  VIP - Freedom 2035 Initial Class (7) | VIP - Freedom 2035 Initial Class (7) | VIP - Freedom 2035 Initial Class (7) | VIP - Freedom 2035 Initial Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 100 | $13.82 | $13.82 | $1371 | 0.80% | 0.80% | 2.60% | 15.75% | 15.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 74 | $11.94 | $11.94 | $879 | 0.80% | 0.80% | 2.78% | 10.14% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8 | $10.84 | $10.84 | $75 | 0.80% | 0.80% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Investor Freedom 2035 Investor Class (7) | VIP - Investor Freedom 2035 Investor Class (7) | VIP - Investor Freedom 2035 Investor Class (7) | VIP - Investor Freedom 2035 Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2517 | $14.06 | $14.01 | $35304 | 0.10% | 0.25% | 2.61% | 16.49% | 16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1615 | $12.07 | $12.04 | $19469 | 0.10% | 0.25% | 2.56% | 10.83% | 10.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 462 | $10.89 | $10.88 | $5032 | 0.10% | 0.25% | 3.40% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Freedom 2040 Initial Class (7) | VIP - Freedom 2040 Initial Class (7) | VIP - Freedom 2040 Initial Class (7) | VIP - Freedom 2040 Initial Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 48 | $14.49 | $14.49 | $700 | 0.80% | 0.80% | 1.96% | 17.90% | 17.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38 | $12.29 | $12.29 | $469 | 0.80% | 0.80% | 1.70% | 12.19% | 12.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7 | $10.96 | $10.96 | $83 | 0.80% | 0.80% | 3.68% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Investor Freedom 2040 Investor Class (7) | VIP - Investor Freedom 2040 Investor Class (7) | VIP - Investor Freedom 2040 Investor Class (7) | VIP - Investor Freedom 2040 Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1495 | $14.74 | $14.68 | $21971 | 0.10% | 0.25% | 1.91% | 18.58% | 18.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 917 | $12.43 | $12.40 | $11377 | 0.10% | 0.25% | 1.71% | 12.82% | 12.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 496 | $11.02 | $11.00 | $5459 | 0.10% | 0.25% | 3.28% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **79** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Freedom 2045 Initial Class (7) | VIP - Freedom 2045 Initial Class (7) | VIP - Freedom 2045 Initial Class (7) | VIP - Freedom 2045 Initial Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22 | $14.76 | $14.76 | $321 | 0.80% | 0.80% | 2.11% | 18.94% | 18.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | $12.41 | $12.41 | $2 | 0.80% | 0.80% | 0.07% | 12.92% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | $10.99 | $10.99 | $2 | 0.80% | 0.80% | 9.84% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Investor Freedom 2045 Investor Class (7) | VIP - Investor Freedom 2045 Investor Class (7) | VIP - Investor Freedom 2045 Investor Class (7) | VIP - Investor Freedom 2045 Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 470 | $15.00 | $14.94 | $7031 | 0.10% | 0.25% | 1.74% | 19.52% | 19.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 274 | $12.55 | $12.52 | $3432 | 0.10% | 0.25% | 1.48% | 13.62% | 13.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 147 | $11.04 | $11.03 | $1618 | 0.10% | 0.25% | 3.92% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Freedom 2050 Initial Class (7) | VIP - Freedom 2050 Initial Class (7) | VIP - Freedom 2050 Initial Class (7) | VIP - Freedom 2050 Initial Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22 | $14.75 | $14.75 | $320 | 0.80% | 0.80% | 5.66% | 18.76% | 18.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3 | $12.42 | $12.42 | $43 | 0.80% | 0.80% | 1.18% | 12.92% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1 | $11.00 | $11.00 | $15 | 0.80% | 0.80% | 1.17% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Investor Freedom 2050 Investor Class (7) | VIP - Investor Freedom 2050 Investor Class (7) | VIP - Investor Freedom 2050 Investor Class (7) | VIP - Investor Freedom 2050 Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 795 | $15.00 | $14.94 | $11892 | 0.10% | 0.25% | 1.69% |  | 19.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 463 | $12.54 | $12.51 | $5803 | 0.10% | 0.25% | 1.66% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - Freedom Lifetime Income I | VIP - Freedom Lifetime Income I | VIP - Freedom Lifetime Income I | VIP - Freedom Lifetime Income I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 321 | $22.20 | $22.20 | $7151 | 0.60% | 0.60% | 3.33% | 9.04% | 9.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 367 | $20.36 | $20.36 | $7479 | 0.60% | 0.60% | 3.80% | 3.67% | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 400 | $19.64 | $19.64 | $7882 | 0.60% | 0.60% | 4.27% | 7.26% | 7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 449 | $18.31 | $18.31 | $8213 | 0.60% | 0.60% | 2.25% | (12.54%) | (12.54%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 497 | $20.94 | $20.94 | $10144 | 0.60% | 0.60% | 1.01% | 2.64% | 2.64% |
|  VIP - Freedom Lifetime Income II | VIP - Freedom Lifetime Income II | VIP - Freedom Lifetime Income II | VIP - Freedom Lifetime Income II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 921 | $26.72 | $26.72 | $24664 | 0.60% | 0.60% | 3.15% | 10.14% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1008 | $24.26 | $24.26 | $24472 | 0.60% | 0.60% | 3.40% | 4.93% | 4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1101 | $23.12 | $23.12 | $25475 | 0.60% | 0.60% | 3.78% | 9.16% | 9.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1200 | $21.18 | $21.18 | $25424 | 0.60% | 0.60% | 2.13% | (14.34%) | (14.34%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1301 | $24.73 | $24.73 | $32207 | 0.60% | 0.60% | 1.03% | 5.63% | 5.63% |
|  VIP - Freedom Lifetime Income III | VIP - Freedom Lifetime Income III | VIP - Freedom Lifetime Income III | VIP - Freedom Lifetime Income III |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 831 | $33.15 | $33.15 | $27604 | 0.60% | 0.60% | 2.66% | 12.91% | 12.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 903 | $29.36 | $29.36 | $26536 | 0.60% | 0.60% | 2.72% | 7.15% | 7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 962 | $27.40 | $27.40 | $26374 | 0.60% | 0.60% | 3.04% | 12.07% | 12.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1048 | $24.45 | $24.45 | $25630 | 0.60% | 0.60% | 2.01% | (16.54%) | (16.54%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1141 | $29.30 | $29.30 | $33391 | 0.60% | 0.60% | 1.05% | 9.12% | 9.12% |
|  VIP - Disciplined Small Cap Initial Class | VIP - Disciplined Small Cap Initial Class | VIP - Disciplined Small Cap Initial Class | VIP - Disciplined Small Cap Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 631 | $39.53 | $37.99 | $24896 | 0.80% | 1.00% | 0.92% | 16.47% | 16.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 793 | $33.94 | $32.69 | $26839 | 0.80% | 1.00% | 1.12% | 15.93% | 15.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 762 | $29.28 | $28.25 | $22203 | 0.80% | 1.00% | 1.06% | 20.00% | 19.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 789 | $24.40 | $23.59 | $19171 | 0.80% | 1.00% | 0.85% | (18.89%) | (19.06%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 885 | $30.08 | $29.15 | $26481 | 0.80% | 1.00% | 0.37% | 19.69% | 19.45% |
|  VIP - Disciplined Small Cap Investor Class | VIP - Disciplined Small Cap Investor Class | VIP - Disciplined Small Cap Investor Class | VIP - Disciplined Small Cap Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7439 | $55.38 | $43.38 | $377537 | 0.10% | 0.25% | 0.84% | 17.18% | 17.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8208 | $47.26 | $37.07 | $353600 | 0.10% | 0.25% | 1.07% | 16.70% | 16.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7878 | $40.50 | $59.03 | $289071 | 0.10% | 0.25% | 0.98% | 20.71% | 20.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7979 | $33.55 | $48.97 | $242903 | 0.10% | 0.25% | 0.77% | (18.36%) | (18.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8731 | $41.10 | $60.08 | $326811 | 0.10% | 0.25% | 0.33% | 20.50% | 20.32% |
|  VIP - FundsManager 20% Investor Class | VIP - FundsManager 20% Investor Class | VIP - FundsManager 20% Investor Class | VIP - FundsManager 20% Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 31638 | $18.37 | $17.81 | $624716 | 0.10% | 1.00% | 3.62% | 9.09% | 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33812 | $16.84 | $16.49 | $614387 | 0.10% | 1.00% | 3.45% | 5.42% | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 39212 | $15.98 | $15.78 | $676000 | 0.10% | 1.00% | 3.55% | 8.04% | 7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46239 | $14.79 | $14.74 | $739367 | 0.10% | 1.00% | 2.24% | (9.68%) | (10.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51375 | $16.38 | $16.47 | $910064 | 0.10% | 1.00% | 1.05% | 3.55% | 2.62% |

---

---

| | |
|:---|:---|
| **80** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - FundManager 30% Investor Class (7) | VIP - FundManager 30% Investor Class (7) | VIP - FundManager 30% Investor Class (7) | VIP - FundManager 30% Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | $25967 | 0.10% | 0.80% | 3.34% | 10.72% | 9.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1185 | $11.19 | $11.06 | $13228 | 0.10% | 0.80% | 3.66% | 6.31% | 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 492 | $10.53 | $10.48 | $5180 | 0.10% | 0.80% | 5.87% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - FundsManager 40% Investor Class (7) | VIP - FundsManager 40% Investor Class (7) | VIP - FundsManager 40% Investor Class (7) | VIP - FundsManager 40% Investor Class (7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3998 | $12.78 | $12.54 | $50951 | 0.10% | 0.80% | 3.29% | 12.30% | 11.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2006 | $11.38 | $11.25 | $22777 | 0.10% | 0.80% | 3.34% | 7.36% | 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1127 | $10.60 | $10.55 | $11933 | 0.10% | 0.80% | 6.28% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | $— | $— | $— |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | $— | $— | $— |  |  |  |  |  |
|  VIP - FundsManager 50% Investor Class | VIP - FundsManager 50% Investor Class | VIP - FundsManager 50% Investor Class | VIP - FundsManager 50% Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 59869 | $28.66 | $25.63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748787 | 0.10% | 1.00% | 2.66% | 14.05% | 12.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 64755 | $25.13 | $22.69 | $1663905 | 0.10% | 1.00% | 2.38% | 8.40% | 7.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 70321 | $23.19 | $21.12 | $1670105 | 0.10% | 1.00% | 2.53% | 12.83% | 11.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 76745 | $20.55 | $18.89 | $1616880 | 0.10% | 1.00% | 1.99% | (14.01%) | (14.78%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 80254 | $23.90 | $22.17 | $1969415 | 0.10% | 1.00% | 1.15% | 9.91% | 8.92% |
|  VIP - FundsManager 60% Investor Class | VIP - FundsManager 60% Investor Class | VIP - FundsManager 60% Investor Class | VIP - FundsManager 60% Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 71782 | $33.01 | $36.55 | $2196415 | 0.10% | 1.40% | 2.25% | 15.62% | 14.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 76238 | $28.55 | $32.03 | $2019116 | 0.10% | 1.40% | 2.06% | 9.47% | 8.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 82187 | $26.08 | $29.65 | $1990284 | 0.10% | 1.40% | 2.31% | 14.05% | 12.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 87935 | $22.87 | $26.34 | $1873698 | 0.10% | 1.40% | 1.79% | (15.14%) | (16.25%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 92505 | $26.95 | $31.45 | $2330241 | 0.10% | 1.40% | 1.12% | 12.23% | 10.77% |
|  VIP - FundsManager 70% Investor Class | VIP - FundsManager 70% Investor Class | VIP - FundsManager 70% Investor Class | VIP - FundsManager 70% Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 65322 | $37.61 | $30.96 | $2400573 | 0.10% | 1.00% | 1.93% | 17.02% | 15.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 65132 | $32.14 | $26.70 | $2047271 | 0.10% | 1.00% | 1.81% | 10.77% | 9.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 65140 | $29.02 | $24.32 | $1850315 | 0.10% | 1.00% | 2.03% | 15.61% | 14.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 67188 | $25.10 | $21.23 | $1653954 | 0.10% | 1.00% | 1.61% | (15.75%) | (16.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 67644 | $29.79 | $25.43 | $1979722 | 0.10% | 1.00% | 1.06% | 14.41% | 13.38% |
|  VIP - FundsManager 85% Investor Class | VIP - FundsManager 85% Investor Class | VIP - FundsManager 85% Investor Class | VIP - FundsManager 85% Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 24626 | $45.03 | $34.94 | $1045981 | 0.10% | 1.00% | 1.50% | 19.35% | 18.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 23200 | $37.73 | $29.55 | $822988 | 0.10% | 1.00% | 1.42% | 12.39% | 11.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21661 | $33.57 | $26.53 | $682277 | 0.10% | 1.00% | 1.64% | 17.55% | 16.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21544 | $28.56 | $22.77 | $577654 | 0.10% | 1.00% | 1.11% | (17.15%) | (17.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21204 | $34.47 | $27.74 | $686925 | 0.10% | 1.00% | 0.99% | 17.71% | 16.65% |
|  VIP - Consumer Staples Initial Class | VIP - Consumer Staples Initial Class | VIP - Consumer Staples Initial Class | VIP - Consumer Staples Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 299 | $35.76 | $34.44 | $10554 | 0.80% | 1.00% | 1.80% | (3.77%) | (3.96%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 377 | $37.16 | $35.86 | $13939 | 0.80% | 1.00% | 2.14% | 4.72% | 4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 469 | $35.48 | $34.31 | $16607 | 0.80% | 1.00% | 1.83% | 2.31% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 627 | $34.68 | $33.60 | $21674 | 0.80% | 1.00% | 1.77% | (1.41%) | (1.61%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 554 | $35.17 | $34.15 | $19382 | 0.80% | 1.00% | 1.90% | 13.33% | 13.10% |
|  VIP - Consumer Staples Investor Class | VIP - Consumer Staples Investor Class | VIP - Consumer Staples Investor Class | VIP - Consumer Staples Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4451 | $37.15 | $39.07 | $170106 | 0.10% | 0.25% | 1.84% | (3.15%) | (3.29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4962 | $38.36 | $40.40 | $196058 | 0.10% | 0.25% | 2.10% | 5.35% | 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5828 | $36.41 | $48.06 | $219135 | 0.10% | 0.25% | 1.84% | 2.97% | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6691 | $35.36 | $46.74 | $244656 | 0.10% | 0.25% | 1.75% | (0.78%) | (0.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5911 | $35.64 | $47.18 | $218322 | 0.10% | 0.25% | 1.81% | 13.99% | 13.82% |
|  VIP - Materials Initial Class | VIP - Materials Initial Class | VIP - Materials Initial Class | VIP - Materials Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 219 | $30.83 | $29.69 | $6752 | 0.80% | 1.00% | 1.10% | 10.50% | 10.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 264 | $27.90 | $26.92 | $7355 | 0.80% | 1.00% | 1.11% | (3.22%) | (3.44%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 384 | $28.83 | $27.88 | $11043 | 0.80% | 1.00% | 1.26% | 6.73% | 6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 498 | $27.01 | $26.17 | $13443 | 0.80% | 1.00% | 1.06% | (10.50%) | (10.69%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 610 | $30.18 | $29.30 | $18354 | 0.80% | 1.00% | 0.78% | 32.36% | 32.09% |
|  VIP - Materials Investor Class | VIP - Materials Investor Class | VIP - Materials Investor Class | VIP - Materials Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1632 | $31.74 | $33.65 | $53769 | 0.10% | 0.25% | 1.15% | 11.13% | 10.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1661 | $28.56 | $30.33 | $49507 | 0.10% | 0.25% | 1.07% | (2.64%) | (2.79%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2063 | $29.34 | $63.25 | $63306 | 0.10% | 0.25% | 1.21% | 7.46% | 7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2616 | $27.30 | $58.94 | $74749 | 0.10% | 0.25% | 1.01% | (10.00%) | (10.13%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2748 | $30.33 | $65.59 | $87337 | 0.10% | 0.25% | 0.62% | 33.26% | 33.06% |

---

---

| | |
|:---|:---|
| **81** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - Communication Services Initial Class | VIP - Communication Services Initial Class | VIP - Communication Services Initial Class | VIP - Communication Services Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 644 | $51.45 | $49.55 | $32987 | 0.80% | 1.00% |  | 33.32% | 33.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 568 | $38.59 | $37.24 | $21805 | 0.80% | 1.00% |  | 32.96% | 32.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 687 | $29.02 | $28.07 | $19833 | 0.80% | 1.00% |  | 56.13% | 55.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 381 | $18.59 | $18.01 | $7049 | 0.80% | 1.00% |  | (38.63%) | (38.76%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 534 | $30.29 | $29.41 | $16122 | 0.80% | 1.00% |  | 14.72% | 14.49% |
|  VIP - Communication Services Investor Class | VIP - Communication Services Investor Class | VIP - Communication Services Investor Class | VIP - Communication Services Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5163 | $73.18 | $56.20 | $349744 | 0.10% | 0.25% |  | 34.15% | 33.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3892 | $54.55 | $41.96 | $195828 | 0.10% | 0.25% |  | 33.76% | 33.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4265 | $40.78 | $76.20 | $159040 | 0.10% | 0.25% |  | 57.10% | 56.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2598 | $25.96 | $48.58 | $61385 | 0.10% | 0.25% |  | (38.24%) | (38.32%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3256 | $42.03 | $78.76 | $124109 | 0.10% | 0.25% |  | 15.48% | 15.31% |
|  VIP - Hedged Equity Investor Class(C) | VIP - Hedged Equity Investor Class(C) | VIP - Hedged Equity Investor Class(C) | VIP - Hedged Equity Investor Class(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 767 | $11.74 | $11.73 | $8999 | 0.10% | 0.25% | 1.62% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |  |  |  |
|  VIP - Emerging Markets Initial Class | VIP - Emerging Markets Initial Class | VIP - Emerging Markets Initial Class | VIP - Emerging Markets Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 717 | $19.35 | $18.67 | $13850 | 0.80% | 1.00% | 2.08% | 40.12% | 39.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 588 | $13.81 | $13.36 | $8110 | 0.80% | 1.00% | 1.38% | 9.15% | 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 673 | $12.66 | $12.26 | $8501 | 0.80% | 1.00% | 2.07% | 8.82% | 8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 752 | $11.63 | $11.29 | $8731 | 0.80% | 1.00% | 1.72% | (20.77%) | (20.94%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 812 | $14.68 | $14.28 | $11899 | 0.80% | 1.00% | 1.80% | (3.02%) | (3.22%) |
|  VIP - Emerging Markets Investor Class | VIP - Emerging Markets Investor Class | VIP - Emerging Markets Investor Class | VIP - Emerging Markets Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9209 | $27.36 | $21.04 | $231016 | 0.10% | 0.25% | 2.50% | 40.96% | 40.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6344 | $19.41 | $14.95 | $110655 | 0.10% | 0.25% | 1.36% | 9.79% | 9.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6793 | $17.68 | $36.38 | $107606 | 0.10% | 0.25% | 2.08% | 9.50% | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7379 | $16.15 | $33.28 | $107372 | 0.10% | 0.25% | 1.63% | (20.27%) | (20.39%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7768 | $20.26 | $41.80 | $142609 | 0.10% | 0.25% | 1.97% | (2.37%) | (2.52%) |
|  VIP - Floating Rate High Income Initial Class | VIP - Floating Rate High Income Initial Class | VIP - Floating Rate High Income Initial Class | VIP - Floating Rate High Income Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 717 | $15.37 | $15.01 | $11027 | 0.80% | 1.00% | 6.92% | 4.49% | 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 963 | $14.71 | $14.40 | $14155 | 0.80% | 1.00% | 7.06% | 7.63% | 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1036 | $13.67 | $13.41 | $14164 | 0.80% | 1.00% | 8.15% | 11.32% | 11.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 680 | $12.28 | $12.07 | $8343 | 0.80% | 1.00% | 3.93% | (1.34%) | (1.52%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 662 | $12.45 | $12.26 | $8228 | 0.80% | 1.00% | 2.65% | 4.36% | 4.15% |
|  VIP - Floating Rate High Income Investor Class | VIP - Floating Rate High Income Investor Class | VIP - Floating Rate High Income Investor Class | VIP - Floating Rate High Income Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17175 | $16.62 | $16.33 | $283761 | 0.10% | 0.25% | 7.57% | 5.26% | 5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19603 | $15.79 | $15.54 | $307877 | 0.10% | 0.25% | 7.52% | 8.25% | 8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17759 | $14.59 | $14.38 | $257606 | 0.10% | 0.25% | 7.54% | 12.15% | 11.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16083 | $13.01 | $12.84 | $208260 | 0.10% | 0.25% | 4.11% | (0.68%) | (0.85%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15963 | $13.10 | $12.95 | $208166 | 0.10% | 0.25% | 2.87% | 4.97% | 4.82% |
|  VIP - Bond Index Initial Class | VIP - Bond Index Initial Class | VIP - Bond Index Initial Class | VIP - Bond Index Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52441 | $11.47 | $10.71 | $597218 | 0.10% | 1.00% | 3.54% | 6.90% | 5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46878 | $10.73 | $10.11 | $499842 | 0.10% | 1.00% | 3.03% | 1.11% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 41272 | $10.61 | $10.09 | $435525 | 0.10% | 1.00% | 2.53% | 5.39% | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 36405 | $10.07 | $9.66 | $364893 | 0.10% | 1.00% | 1.78% | (13.30%) | (14.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36022 | $11.61 | $11.25 | $416868 | 0.10% | 1.00% | 0.96% | (2.05%) | (2.93%) |
|  VIP - Total Market Index Initial Class | VIP - Total Market Index Initial Class | VIP - Total Market Index Initial Class | VIP - Total Market Index Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982019 | 0.10% | 1.00% | 1.11% | 17.00% | 15.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38370 | $22.30 | $21.01 | $850563 | 0.10% | 1.00% | 1.37% | 23.57% | 22.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 35404 | $18.05 | $17.16 | $635376 | 0.10% | 1.00% | 1.11% | 25.94% | 24.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 31807 | $14.33 | $13.75 | $453695 | 0.10% | 1.00% | 1.44% | (19.30%) | (20.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 27617 | $17.76 | $17.19 | $488620 | 0.10% | 1.00% | 1.18% | 25.56% | 24.43% |
|  VIP - Extended Market Index Initial Class | VIP - Extended Market Index Initial Class | VIP - Extended Market Index Initial Class | VIP - Extended Market Index Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9500 | $18.07 | $16.87 | $170623 | 0.10% | 1.00% | 1.22% | 12.24% | 11.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8981 | $16.10 | $15.17 | $143846 | 0.10% | 1.00% | 1.40% | 12.19% | 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9226 | $14.35 | $13.65 | $131763 | 0.10% | 1.00% | 1.74% | 17.35% | 16.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9739 | $12.23 | $11.74 | $118665 | 0.10% | 1.00% | 1.43% | (18.23%) | (18.93%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9437 | $14.96 | $14.48 | $140720 | 0.10% | 1.00% | 1.30% | 21.12% | 20.03% |

---

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| | |
|:---|:---|
| **82** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  VIP - International Index Initial Class | VIP - International Index Initial Class | VIP - International Index Initial Class | VIP - International Index Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 33836 | $16.98 | $15.86 | $570979 | 0.10% | 1.00% | 3.14% | 32.97% | 31.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24366 | $12.77 | $12.03 | $309225 | 0.10% | 1.00% | 2.99% | 5.00% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23442 | $12.16 | $11.56 | $283477 | 0.10% | 1.00% | 2.95% | 16.01% | 15.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21570 | $10.48 | $10.05 | $224978 | 0.10% | 1.00% | 2.36% | (16.08%) | (16.88%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19348 | $12.49 | $12.09 | $240814 | 0.10% | 1.00% | 2.83% | 7.61% | 6.64% |
|  VIF - Emerging Markets Equity Class I | VIF - Emerging Markets Equity Class I | VIF - Emerging Markets Equity Class I | VIF - Emerging Markets Equity Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1861 | $18.78 | $40.67 | $45749 | 0.10% | 1.00% | 0.40% | 32.81% | 31.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1935 | $14.14 | $30.90 | $36981 | 0.10% | 1.00% | 1.36% | 7.71% | 6.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2089 | $13.13 | $28.95 | $38247 | 0.10% | 1.00% | 1.63% | 11.82% | 10.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2371 | $11.74 | $26.11 | $38859 | 0.10% | 1.00% | 0.43% | (25.13%) | (25.84%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2801 | $15.68 | $35.21 | $60655 | 0.10% | 1.00% | 0.85% | 2.88% | 1.96% |
|  VIF - Emerging Markets Debt Class I | VIF - Emerging Markets Debt Class I | VIF - Emerging Markets Debt Class I | VIF - Emerging Markets Debt Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3577 | $17.76 | $40.64 | $75924 | 0.10% | 1.00% | 14.12% | 15.25% | 14.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3598 | $15.41 | $35.59 | $66974 | 0.10% | 1.00% | 10.26% | 11.12% | 10.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3936 | $13.87 | $32.32 | $67852 | 0.10% | 1.00% | 8.67% | 11.76% | 10.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4370 | $12.41 | $29.19 | $66543 | 0.10% | 1.00% | 7.48% | (18.84%) | (19.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5026 | $15.29 | $36.29 | $94360 | 0.10% | 1.00% | 5.09% | (2.12%) | (3.00%) |
|  VIF - Global Strategist - Class II | VIF - Global Strategist - Class II | VIF - Global Strategist - Class II | VIF - Global Strategist - Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1078 | $26.22 | $26.05 | $27609 | 0.10% | 1.00% |  | 17.32% | 16.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1092 | $22.35 | $22.44 | $23823 | 0.10% | 1.00% |  | 7.36% | 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1109 | $20.82 | $21.07 | $22477 | 0.10% | 1.00% | 1.68% | 13.96% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1194 | $18.27 | $18.66 | $21321 | 0.10% | 1.00% |  | (17.03%) | (17.75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1298 | $22.02 | $22.69 | $28012 | 0.10% | 1.00% | 1.86% | 8.26% | 7.28% |
|  Lazard - Retirement Emerging Markets Portfolio - Investor | Lazard - Retirement Emerging Markets Portfolio - Investor | Lazard - Retirement Emerging Markets Portfolio - Investor | Lazard - Retirement Emerging Markets Portfolio - Investor |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137442 | 0.10% | 1.00% | 3.18% | 41.96% | 40.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3624 | $15.18 | $17.76 | $62196 | 0.10% | 1.00% | 3.57% | 7.57% | 6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4049 | $14.11 | $16.65 | $65755 | 0.10% | 1.00% | 5.13% | 22.49% | 21.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4349 | $11.52 | $13.71 | $57667 | 0.10% | 1.00% | 3.60% | (15.04%) | (15.84%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4501 | $13.56 | $16.29 | $70888 | 0.10% | 1.00% | 2.13% | 5.69% | 4.74% |
|  Invesco - V.I. Global Core Equity Series I | Invesco - V.I. Global Core Equity Series I | Invesco - V.I. Global Core Equity Series I | Invesco - V.I. Global Core Equity Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1167 | $32.21 | $35.23 | $36112 | 0.10% | 1.00% | 1.38% | 15.45% | 14.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1241 | $27.90 | $30.83 | $33409 | 0.10% | 1.00% | 1.14% | 16.73% | 15.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1053 | $23.90 | $26.62 | $24372 | 0.10% | 1.00% | 0.58% | 21.58% | 20.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1095 | $19.66 | $22.09 | $20821 | 0.10% | 1.00% | 0.35% | (21.94%) | (22.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1100 | $25.19 | $28.56 | $26966 | 0.10% | 1.00% | 0.99% | 15.86% | 14.81% |
|  Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6) | Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6) | Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6) | Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 264 | $83.03 | $78.69 | $21821 | 0.80% | 1.00% |  | 4.55% | 4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 298 | $79.42 | $75.53 | $23554 | 0.80% | 1.00% |  | 17.18% | 17.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 330 | $67.78 | $64.49 | $22282 | 0.80% | 1.00% |  | 19.18% | 18.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 380 | $56.87 | $54.22 | $21547 | 0.80% | 1.00% |  | (38.35%) | (38.47%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 422 | $92.24 | $88.12 | $38705 | 0.80% | 1.00% |  | (5.80%) | (5.99%) |
|  Allspring - VT Opportunity Class 2 (5) | Allspring - VT Opportunity Class 2 (5) | Allspring - VT Opportunity Class 2 (5) | Allspring - VT Opportunity Class 2 (5) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 221 | $99.84 | $94.62 | $21928 | 0.80% | 1.00% | 0.05% | 5.85% | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 236 | $94.32 | $89.57 | $22152 | 0.80% | 1.00% | 0.05% | 14.12% | 13.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 263 | $82.64 | $78.64 | $21653 | 0.80% | 1.00% |  | 25.49% | 25.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 281 | $65.86 | $62.79 | $18446 | 0.80% | 1.00% |  | (21.44%) | (21.60%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 309 | $83.83 | $80.09 | $25802 | 0.80% | 1.00% | 0.04% | 23.78% | 23.53% |
|  PVIT - Commodity Real Return - Strategy Portfolio - Administrative | PVIT - Commodity Real Return - Strategy Portfolio - Administrative | PVIT - Commodity Real Return - Strategy Portfolio - Administrative | PVIT - Commodity Real Return - Strategy Portfolio - Administrative |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2975 | $9.82 | $8.67 | $28929 | 0.10% | 1.00% | 2.81% | 18.60% | 17.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2659 | $8.28 | $7.37 | $21769 | 0.10% | 1.00% | 2.10% | 4.06% | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3995 | $7.95 | $7.15 | $31472 | 0.10% | 1.00% | 17.79% | (7.95%) | (8.80%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8773 | $8.64 | $7.84 | $75099 | 0.10% | 1.00% | 23.16% | 8.52% | 7.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5037 | $7.96 | $7.29 | $39782 | 0.10% | 1.00% | 4.54% | 33.21% | 32.01% |
|  PVIT - Low Duration Portfolio - Administrative | PVIT - Low Duration Portfolio - Administrative | PVIT - Low Duration Portfolio - Administrative | PVIT - Low Duration Portfolio - Administrative |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22705 | $12.82 | $11.73 | $294377 | 0.10% | 1.00% | 3.94% | 5.43% | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20390 | $12.16 | $11.23 | $251287 | 0.10% | 1.00% | 3.99% | 4.39% | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23054 | $11.65 | $10.86 | $272381 | 0.10% | 1.00% | 3.59% | 4.88% | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 27687 | $11.11 | $10.45 | $312292 | 0.10% | 1.00% | 1.66% | (5.85%) | (6.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30927 | $11.80 | $11.19 | $371025 | 0.10% | 1.00% | 0.52% | (1.03%) | (1.92%) |

---

---

| | |
|:---|:---|
| **83** | ***Annual Report*** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit value (4)** | **Unit value (4)** | | **Expense ratio (1)(4)** | **Expense ratio (1)(4)** | | **Total Return (3)(4)** | **Total Return (3)(4)** |
|  |<br>**Units<br>(000s)** | **Highest** | **Lowest** |<br>**Net assets<br>(000s)** | **Lowest** | **Highest** |<br>**Investment<br>income ratio (2)** | **Highest** | **Lowest** |
|  PVIT - Real Return Portfolio - Administrative | PVIT - Real Return Portfolio - Administrative | PVIT - Real Return Portfolio - Administrative | PVIT - Real Return Portfolio - Administrative |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9776 | $14.96 | $14.35 | $150765 | 0.10% | 1.00% | 3.34% | 7.70% | 6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9608 | $13.89 | $13.44 | $138003 | 0.10% | 1.00% | 2.61% | 2.03% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11201 | $13.61 | $13.29 | $158088 | 0.10% | 1.00% | 2.99% | 3.57% | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13406 | $13.14 | $12.95 | $182717 | 0.10% | 1.00% | 7.06% | (12.00%) | (12.78%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15686 | $14.93 | $14.85 | $243177 | 0.10% | 1.00% | 4.97% | 5.48% | 4.53% |
|  PVIT - Total Return Portfolio - Administrative | PVIT - Total Return Portfolio - Administrative | PVIT - Total Return Portfolio - Administrative | PVIT - Total Return Portfolio - Administrative |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25549 | $14.48 | $13.70 | $381340 | 0.10% | 1.00% | 4.10% | 8.79% | 7.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25679 | $13.31 | $12.71 | $353267 | 0.10% | 1.00% | 4.04% | 2.43% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27508 | $13.00 | $12.52 | $370500 | 0.10% | 1.00% | 3.56% | 5.84% | 4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30305 | $12.28 | $11.94 | $386121 | 0.10% | 1.00% | 2.60% | (14.39%) | (15.14%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34594 | $14.34 | $14.07 | $515196 | 0.10% | 1.00% | 1.82% | (1.37%) | (2.25%) |
|  Blackrock - Global Allocation V.I. Fund - Class I | Blackrock - Global Allocation V.I. Fund - Class I | Blackrock - Global Allocation V.I. Fund - Class I | Blackrock - Global Allocation V.I. Fund - Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7230 | $23.81 | $21.02 | $169935 | 0.10% | 1.00% | 3.40% | 19.41% | 18.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7513 | $19.94 | $17.76 | $148005 | 0.10% | 1.00% | 1.20% | 11.19% | 10.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8264 | $17.93 | $16.12 | $149434 | 0.10% | 1.00% | 2.01% | 10.22% | 9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9256 | $16.27 | $14.76 | $148964 | 0.10% | 1.00% |  | (16.05%) | (16.81%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10006 | $19.38 | $17.74 | $192033 | 0.10% | 1.00% | 0.77% | 6.44% | 5.48% |
|  FTVIP - Templeton Global Bond Fund - Class 2 | FTVIP - Templeton Global Bond Fund - Class 2 | FTVIP - Templeton Global Bond Fund - Class 2 | FTVIP - Templeton Global Bond Fund - Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4518 | $10.39 | $9.18 | $46399 | 0.10% | 1.00% |  | 15.57% | 14.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4005 | $8.99 | $8.01 | $35570 | 0.10% | 1.00% |  | (11.46%) | (12.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4245 | $10.15 | $9.13 | $42586 | 0.10% | 1.00% |  | 2.77% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4665 | $9.88 | $8.96 | $45582 | 0.10% | 1.00% |  | (5.04%) | (5.90%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5309 | $10.40 | $9.52 | $54714 | 0.10% | 1.00% |  | (5.09%) | (5.94%) |
|  FTVIP - Franklin U.S. Government Securities Fund - Class 2 | FTVIP - Franklin U.S. Government Securities Fund - Class 2 | FTVIP - Franklin U.S. Government Securities Fund - Class 2 | FTVIP - Franklin U.S. Government Securities Fund - Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5097 | $11.40 | $10.06 | $57265 | 0.10% | 1.00% | 3.20% | 6.64% | 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4559 | $10.69 | $9.53 | $48021 | 0.10% | 1.00% | 2.91% | 1.27% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4776 | $10.56 | $9.50 | $49715 | 0.10% | 1.00% | 2.70% | 4.36% | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4982 | $10.12 | $9.18 | $49703 | 0.10% | 1.00% | 2.22% | (9.84%) | (10.49%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7244 | $11.22 | $10.28 | $80278 | 0.10% | 1.00% | 2.39% | (1.92%) | (2.81%) |

---

(1) *These amounts represent annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.* 

(2) *These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.* 

(3) *These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period.* 

(4) *The unit value and total return columns labeled "Highest" correspond with the product with the lowest expense ratio. The unit value and total return columns labeled "Lowest" correspond with the product with the highest expense ratio. Please see Footnote 3 for additional information regarding total return.* 

(5) *During 2021, the following underlying funds were renamed:* 

---

| | |
|:---|:---|
| ***Old Name*** | **New Name** |
| *Wells Fargo VT Discovery Fund* | *Allspring VT Discovery Fund* |
| *Wells Fargo VT Opportunity Fund* | *Allspring VT Opportunity Fund* |

---

*(6)* *During 2023, the following underlying funds were renamed:* 

---

| | |
|:---|:---|
| ***Old Name*** | ***New Name*** |
| *Allspring VT Discovery Fund* | *Allspring - VT Discovery SMID Cap Growth Class 2* |
| *VIP Financial Services Initial Class* | *VIP - Financials Initial Class* |
| *VIP Financial Services Investor Class* | *VIP - Financials Investor Class* |

---

---

| | |
|:---|:---|
| **84** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements - continued** 

**Fidelity Investments Variable Annuity Account I** 

**6. Unit Values - continued** 

*(7)* *During 2023, the following underlying funds were added and commenced operations effective May 1, 2023:* 

---

| | |
|:---|:---|
| *VIP - Freedom 2035 Initial Class* | *VIP - Investor Freedom 2035 Investor Class* |
| *VIP - Freedom 2040 Initial Class* | *VIP - Investor Freedom 2040 Investor Class* |
| *VIP - Freedom 2045 Initial Class* | *VIP - Investor Freedom 2045 Investor Class* |
| *VIP - Freedom 2050 Initial Class* | *VIP - Investor Freedom 2050 Investor Class* |
| *VIP - FundsManager 30% Investor Class* | *VIP - FundsManager 40% Investor Class* |

---

*(A)* *Fund Merged. See Note 1* 

*(B)* *Fund Name Change. See Note 1* 

*(C)* *New Fund. See Note 1* 

**7. Subsequent Events** 

Effective April 30, 2026, the VIP Freedom Income Initial Class will be renamed to VIP Freedom Retirement Initial Class.

Effective April 30, 2026, the VIP Freedom Income Investor Class will be renamed to VIP Freedom Retirement Investor Class.

The Invesco V.I. Global Core Equity and Invesco V.I. Global funds approved a Plan of Reorganization Agreement to transfer of all the net assets of the Invesco V.I. Global Core Equity fund in exchange for shares of the Invesco V.I. Global fund effective April 24, 2026.

The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have occurred that would require disclosure.

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| | |
|:---|:---|
| **85** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Fidelity Investments Life Insurance Company and the Contract Owners of Fidelity Investments Variable Annuity Account I

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Investments Variable Annuity Account I indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than the subaccounts denoted with footnote (2), which only includes a statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)), including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Fidelity Investments Variable Annuity Account I (other than the subaccounts denoted with footnote (2)) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fidelity VIP Government Money Market - Initial Class (1) | Fidelity VIP Government Money Market - Investor Class (1) | Fidelity VIP High Income - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP High Income - Investor Class (1) | Fidelity VIP Equity-Income - Initial Class (1) | Fidelity VIP Equity-Income - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Growth - Initial Class (1) | Fidelity VIP Growth - Investor Class (1) | Fidelity VIP Overseas - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Overseas - Investor Class (1) | Fidelity VIP Investment Grade Bond - Initial Class (1) | Fidelity VIP Investment Grade Bond - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Asset Manager 50% - Initial Class (1) | Fidelity VIP Asset Manager 50% - Investor Class (1) | Fidelity VIP Index 500 - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Asset Manager 70% - Initial Class (1) | Fidelity VIP Asset Manager 70% - Investor Class (1) | Fidelity VIP Contrafund - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Contrafund - Investor Class (1) | Fidelity VIP Balanced - Initial Class (1) | Fidelity VIP Balanced - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Dynamic Capital Appreciation - Initial Class (1) | Fidelity VIP Dynamic Capital Appreciation<br> - Investor Class (1) | Fidelity VIP Growth & Income - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Growth & Income - Investor Class (1) | Fidelity VIP Growth Opportunities - Initial Class (1) | Fidelity VIP Growth Opportunities - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Mid Cap - Initial Class (1) | Fidelity VIP Mid Cap - Investor Class (1) | Fidelity VIP Value Strategies - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Value Strategies - Investor Class (1) | Fidelity VIP Utilities - Initial Class (1) | Fidelity VIP Utilities - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Technology - Initial Class (1) | Fidelity VIP Technology - Investor Class (1) | Fidelity VIP Energy - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Energy - Investor Class (1) | Fidelity VIP Health Care - Initial Class (1) | Fidelity VIP Health Care - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Financials - Initial Class (1) | Fidelity VIP Financials - Investor Class (1) | Fidelity VIP Industrials - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Industrials - Investor Class (1) | Fidelity VIP Consumer Discretionary - Initial Class (1) | Fidelity VIP Consumer Discretionary - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Real Estate - Initial Class (1) | Fidelity VIP Real Estate - Investor Class (1) | Fidelity VIP Strategic Income - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Strategic Income - Investor Class (1) | Fidelity VIP International Capital Appreciation - Initial Class (1) | Fidelity VIP International Capital Appreciation - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Value - Initial Class (1) | Fidelity VIP Value - Investor Class (1) | Fidelity VIP Freedom Income - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Freedom Income - Investor Class (1) | Fidelity VIP Freedom 2005 - Initial Class (2) | Fidelity VIP Investor Freedom 2005 - Investor Class (2) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Freedom 2010 - Initial Class (1) | Fidelity VIP Investor Freedom 2010 - Investor Class (1) | Fidelity VIP Freedom 2015 - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Investor Freedom 2015 - Investor Class (1) | Fidelity VIP Freedom 2020 - Initial Class (1) | Fidelity VIP Investor Freedom 2020 - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Freedom 2025 - Initial Class (1) | Fidelity VIP Investor Freedom 2025 - Investor Class (1) | Fidelity VIP Freedom 2030 - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Investor Freedom 2030 - Investor Class (1) | Fidelity VIP Freedom 2035 - Initial Class (1) | Fidelity VIP Investor Freedom 2035 - Investor Class (1) |

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|:---|:---|
| **86** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fidelity VIP Freedom 2040 – Initial Class (1) | Fidelity VIP Investor Freedom 2040 - Investor Class (1) | Fidelity VIP Freedom 2045 - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Investor Freedom 2045 - Investor Class (1) | Fidelity VIP Freedom 2050 - Initial Class (1) | Fidelity VIP Investor Freedom 2050 - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Freedom Lifetime Income I (1) | Fidelity VIP Freedom Lifetime Income II (1) | Fidelity VIP Freedom Lifetime Income III (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Disciplined Small Cap - Initial Class (1) | Fidelity VIP Disciplined Small Cap - Investor Class (1) | Fidelity VIP FundsManager 20% - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP FundsManager 30% - Investor Class (1) | Fidelity VIP FundsManager 40% - Investor Class (1) | Fidelity VIP FundsManager 50% - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP FundsManager 60% - Investor Class (1) | Fidelity VIP FundsManager 70% - Investor Class (1) | Fidelity VIP FundsManager 85% - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Consumer Staples - Initial Class (1) | Fidelity VIP Consumer Staples - Investor Class (1) | Fidelity VIP Materials - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Materials - Investor Class (1) | Fidelity VIP Communication Services - Initial Class (1) | Fidelity VIP Communication Services - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Hedged Equity - Investor Class (3) | Fidelity VIP Emerging Markets - Initial Class (1) | Fidelity VIP Emerging Markets - Investor Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Floating Rate High Income - Initial Class (1) | Fidelity VIP Floating Rate High Income - Investor Class (1) | Fidelity VIP Bond Index - Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Total Market Index – Initial Class (1) | Fidelity VIP Extended Market Index - Initial Class (1) | Fidelity VIP International Index – Initial Class (1) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VIF Emerging Markets Equity Portfolio - Class I (1) | Morgan Stanley VIF Emerging Markets Debt Portfolio – Class I (1) | Morgan Stanley VIF Global Strategist Portfolio - Class II (1) |
| &nbsp;&nbsp;&nbsp;Lazard Retirement Emerging Markets Equity Portfolio – Investor (1) | Invesco V.I. Global Core Equity Fund - Series I (1) | Allspring VT Discovery SMID Cap Growth - Class 2 (1) |
| &nbsp;&nbsp;&nbsp;Allspring VT Opportunity Fund - Class 2 (1) | PIMCO Commodity Real Return Strategy Portfolio – Administrative (1) | PIMCO Low Duration Portfolio - Administrative (1) |
| &nbsp;&nbsp;&nbsp;PIMCO Real Return Portfolio - Administrative (1) | PIMCO Total Return Portfolio - Administrative (1) | Blackrock Global Allocation V.I. Fund - Class I (1) |
| &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 (1) | Franklin U.S. Government Securities VIP Fund - Class 2 (1) |  |
| &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024<br> (2) Statement of operations for the period January 1, 2024 to June 7, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)<br> (3) Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024<br> (2) Statement of operations for the period January 1, 2024 to June 7, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)<br> (3) Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024<br> (2) Statement of operations for the period January 1, 2024 to June 7, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)<br> (3) Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025 |

---

***Basis for Opinions***

These financial statements are the responsibility of the Fidelity Investments Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I 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 each of the subaccounts of Fidelity Investments Variable Annuity Account I 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our 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. Our procedures included

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| **87** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
confirmation of investments owned as of December 31, 2025 by correspondence with the custodians or the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 30, 2026

We have served as the auditor of one or more of the subaccounts of Fidelity Investments Variable Annuity Account I since 1987.

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|:---|:---|
| **88** | ***Annual Report*** |

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##### [**Table of Contents**](#toc)
![LOGO](g58295g05m84.jpg)

Fidelity Retirement Reserves, Fidelity Income Advantage, Fidelity Personal Retirement, Fidelity Freedom Lifetime Income and Fidelity Growth and Guaranteed Income are issued by Fidelity Investments Life Insurance Company.

Fidelity Brokerage Services LLC, member NYSE, SIPC, Fidelity Insurance Agency, Inc.,

and Fidelity Investments Institutional Services Company, Inc. are the distributors.

900 Salem Street, Smithfield, RI 02917

N. NRR/FIA-ANN-0221

1. xxxxxx.xxx

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023** 

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**CONSOLIDATED FINANCIAL STATEMENTS** 

*for the years ended December 31, 2025, 2024 and 2023* 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **PAGE** |
|  [Report of Independent Auditors](#ifc47363_1) | 1 |
|  [Consolidated Balance Sheets](#ifc47363_2) | 3 |
|  [Consolidated Statements of Comprehensive Income](#ifc47363_3) | 4 |
|  [Consolidated Statements of Stockholder's Equity](#ifc47363_4) | 5 |
|  [Consolidated Statements of Cash Flows](#ifc47363_5) | 6 |
|  [Notes to Consolidated Financial Statements](#ifc47363_6) | 7 |

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##### [**Table of Contents**](#toc)
**Report of Independent Auditors** 

To the Management and Board of Directors of Fidelity Investments Life Insurance Company

***Opinion*** 

We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company and its subsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of stockholder's equity and of cash flows for the years then ended, including the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion*** 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Emphasis of Matter***

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance and annuity contracts in 2025.

***Responsibilities of Management for the Consolidated Financial Statements*** 

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

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

***Auditors' Responsibilities for the Audit of the Consolidated Financial Statements*** 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with US GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 30, 2026

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##### [**Table of Contents**](#toc)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED BALANCE SHEETS

*(in thousands, except share data)*

---

| | | |
|:---|:---|:---|
|  |  ***December 31, 2025*** | ***December 31, 2024 (As<br>Restated)*** |
|  **ASSETS** |  |  |
|  Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities, available-for-sale, at fair value (amortized cost of $2,052,202 in 2025 and $1,534,304 in 2024) | $2066803 | $1488171 |
|  Equity securities | 85 | 99 |
|  Other invested assets | 1882 |  |
|  Other investments |  | 106 |
|  Policy loans | 1191 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 2069961 | 1489681 |
|  Cash and cash equivalents | 246524 | 205897 |
|  Restricted cash and cash equivalents |  | 34742 |
|  Accrued investment income | 25207 | 17873 |
|  Reinsurance deposit and receivables | 1345686 | 797065 |
|  Income taxes receivable | 11647 | 15439 |
|  Other assets | 17224 | 17123 |
|  Net deferred tax asset | 71060 | 64231 |
|  Deferred policy acquisition costs | 65505 | 66420 |
|  Market risk benefit asset | 47519 | 45017 |
|  Separate account assets | 55424671 | 49277696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59325004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52031184 |
|  **LIABILITIES** |  |  |
|  Liability for future policy benefits | $787790 | $829458 |
|  Contract holder deposit funds | 773293 | 184017 |
|  Market risk benefit liability | 47633 | 58394 |
|  Funds withheld payable | 987553 | 406882 |
|  Other liabilities and accrued expenses | 70020 | 91730 |
|  Payable to parent and affiliates, net | 14378 | 16471 |
|  Separate account liabilities | 55424671 | 49277696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 58105338 | 50864648 |
|  **Commitments and contingencies (Note 16)** |  |  |
|  **STOCKHOLDER'S EQUITY** |  |  |
| Common stock, par value $10 per share - 1,000,000 shares authorized; 300,000 shares issued and outstanding | 3000 | 3000 |
|  Additional paid-in capital | 71378 | 71378 |
|  Accumulated other comprehensive income | 11744 | (34475) |
|  Retained earnings | 1133544 | 1126505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fidelity Investments Life Insurance Company Stockholder's Equity | 1219666 | 1166408 |
|  Noncontrolling interest |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholder's equity | 1219666 | 1166536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Stockholder's Equity | $59325004 | $52031184 |

---

*The accompanying notes are an integral part of the consolidated financial statements* 

------

##### [**Table of Contents**](#toc)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | ***2025*** | ***2024 (As<br>Restated)*** | ***2023 (As<br>Restated)*** |
|  **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees charged to contract holders | $147282 | $141622 | $126024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 51495 | 51504 | 54931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees <sup>(1)</sup>  | 61624 | 62249 | 56475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and other, net | 25642 | 7497 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment (losses) gains: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment (losses) on sales <sup>(2)</sup>  | (4354) | (4888) | (28306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (losses) on funds withheld embedded derivative | (17630) | 4359 | (28731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized investment (losses) gains | (21984) | (529) | (57037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $264059 | $262343 | $185665 |
|  **Benefits and expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting, acquisition and insurance expenses <sup>(1)</sup>  | 153230 | 111482 | 97716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract and policy benefits and expenses <sup>(2)</sup>  | 8272 | 18347 | 51476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits remeasurement (gain) | (6658) | (10779) | (26846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit remeasurement loss (gain) | 461 | 3145 | (2687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 262 | 421 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 155567 | 122616 | 120081 |
|  Income before income taxes | 108492 | 139727 | 65584 |
|  Income tax expense | (3440) | (21460) | 5213 |
|  Net Income | 111932 | 161187 | 60371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net (loss) gain attributable to noncontrolling interest | (107) | (5) | 53 |
| Net income attributable to Fidelity Investments Life Insurance Company | $112039 | $161192 | $60318 |
|  Other comprehensive income (loss), before tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized holding gains (losses) during the period | $56391 | $390 | $60042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustment for net realized losses included in net income | 4341 | 4843 | 28306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the discount rate on the liability for future policy benefits | (3716) | (1186) | (1369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in credit risk on market risk benefits | 1664 | 1703 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes related to items of other comprehensive income (loss) | (12462) | (1209) | (19487) |
|  Other comprehensive income (loss), net of tax | 46218 | 4541 | 72345 |
|  Comprehensive income (loss) | 158150 | 165728 | 132716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Comprehensive loss attributable to noncontrolling interest | (107) | (5) | 53 |
| Comprehensive income attributable to Fidelity Investments Life Insurance Company | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132663 |

---

<sup>(1)</sup> Includes affiliated company transactions (Note 13)

<sup>(2)</sup> Includes affiliated company reinsurance transactions (Note 15)

*The accompanying notes are an integral part of the consolidated financial statements* 

------

##### [**Table of Contents**](#toc)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY

*(in thousands)*

*For the years ended December 31, 2025, 2024, and 2023*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Income** | **Retained<br>Earnings** | **Noncontrolling<br>Interest** | **Total<br>Stockholder's<br>Equity** |
| Balance at December 31, 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107744) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074536 | $80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041250 |
| Cumulative effect of adoption of accounting changes |  |  | (3615) | 5459 |  | 1844 |
| Balance at December 31, 2022 (Restated) | $3000 | $71378 | $(111359) | $1079995 | $80 | $1043094 |
| Comprehensive income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income |  |  |  | 60318 | 53 | 60371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive income |  |  | 68859 |  |  | 68859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in discount rate on the liability for future policy benefits |  |  | (1369) |  |  | (1369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in credit risk on market risk benefits |  |  | 4853 |  |  | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend paid to parent |  |  |  | (75000) |  | (75000) |
| Balance at December 31, 2023 (Restated) | $3000 | $71378 | $(39016) | $1065313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $1100808 |
| Comprehensive income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income |  |  |  | 161192 | (5) | 161187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive income |  |  | 4024 |  |  | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in discount rate on the liability for future policy benefits |  |  | (1186) |  |  | (1186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in credit risk on market risk benefits |  |  | 1703 |  |  | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend paid to parent |  |  |  | (100000) |  | (100000) |
| Balance at December 31, 2024 (Restated) | $3000 | $71378 | $(34475) | $1126505 | $128 | $1166536 |
| Comprehensive income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income |  |  |  | 112039 | (107) | 111932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive income |  |  | 48271 |  |  | 48271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in discount rate on the liability for future policy benefits |  |  | (3716) |  |  | (3716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in credit risk on market risk benefits |  |  | 1664 |  |  | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend paid to parent |  |  |  | (105000) |  | (105000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other distributions |  |  |  |  | (21) | (21) |
| Balance at December 31, 2025 | $3000 | $71378 | $11744 | $1133544 | $— | $1219666 |

---

*The accompanying notes are an integral part of the consolidated financial statements* 

------

##### [**Table of Contents**](#toc)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF CASH FLOWS

*(in thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2025** | **2024 (As<br>Restated)** | **2023 (As<br>Restated)** |
| Cash flows provided by (used in) operating activities: |  |  |  |
| Net income | $111932 | $161187 | $60371 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | 908 | 1966 | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment losses | 4354 | 4888 | 28306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment losses (gains) on funds withheld embedded derivative | 17630 | (4359) | 28731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Benefit)/provision for deferred taxes | (19291) | (2586) | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, net | 915 | 1076 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity loss from investee company | 107 | 72 | 105 |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investment income | (7334) | (233) | (1079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld | 562614 | 13177 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits, net | (11600) | 7892 | (74362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits, net | 43749 | 37524 | 46546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deposit and receivables | 36075 | 55894 | 95402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to parent and affiliates, net | (2094) | 10104 | (3473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 3796 | (54320) | (14449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets and other liabilities, net | (21833) | 11687 | 3679 |
| Net cash provided by operating activities | 719928 | 243969 | 184820 |
| Cash flows provided by (used for) investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of debt securities | (1086901) | (399049) | (616294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of equity securities | (28) | (52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of debt securities | 432997 | 348425 | 575513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from maturities and calls of debt securities | 131209 | 89685 | 76637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in policy loans | 114 | 196 | 211 |
| Net cash (used for) provided by investing activities | (522609) | 39205 | 36067 |
| Cash flows provided by (used for) financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits credited to fixed and variable annuity contracts | 1814451 | 1795510 | 1326591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | 1164984 | 1102891 | 1440092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals from variable annuity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3064903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2943043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2822566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals from fixed annuity contracts | (966) | (81076) | (81336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend paid to parent | (105000) | (100000) | (75000) |
| Net cash provided by (used for) financing activities | (191434) | (225718) | (212219) |
| Net increase in cash and cash equivalents | 5885 | 57456 | 8668 |
| Cash and cash equivalents: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 240639 | 183183 | 174515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental disclosure of cash flow for non-cash transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets deposited for funds withheld account | $— | $— | $(384544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deposit and receivables under funds withheld | $— | $— | $375535 |

---

*The accompanying notes are an integral part of the consolidated financial statements* 

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>1. ORGANIZATION AND NATURE OF OPERATIONS:</u>** 

The consolidated financial statements include the accounts of Fidelity Investments Life Insurance Company ("FILI"), a Utah domiciled insurance company, and Empire Fidelity Investments Life Insurance Company ("EFILI"), FILI's wholly-owned insurance company subsidiary operating exclusively in the State of New York (collectively, the "Company"). In addition, the accounts also include Feedstock Investments VII, LLC ("Feedstock"), a special purpose entity ("SPE") that makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code ("IRC 45"). FILI is a wholly-owned subsidiary of Fidelity Management Research LLC ("FMR LLC").

The Company issues and services certain variable and fixed annuity contracts and variable universal life ("VUL") policies. Amounts invested in the fixed option of the annuity contracts and VUL contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds (Initial Class), the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring Variable Trust Funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios.

The Company offers a term life insurance product with level premium paying periods from ten to thirty years.

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</u>** 

**Basis of Presentation** 

The accompanying consolidated financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America ("GAAP").

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Effective January 1, 2025, the Company adopted Accounting Standard Update ("ASU") 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI") which provides new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and requires additional disclosures including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement.

**Adoption of Long Duration Targeted Improvements** 

The Company adopted LDTI effective January 1, 2025 with a transition date of January 1, 2023. The Company elected the modified retrospective basis for the liability for future policy benefits, deferred acquisition costs and related balances where permitted, and market risk benefits applied a retrospective transition approach as required. As a result of applying the guidance, results for 2024 and 2023 have been restated under the LDTI guidance.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

The Company recorded a cumulative effect adjustment of $5,459 as an increase to retained earnings and a cumulative effect adjustment of $3,615 as a decrease to accumulated other comprehensive income ("AOCI") as of January 1, 2023, as shown below.

---

| | | |
|:---|:---|:---|
|  | **Retained<br>Earnings** | **Accumulated Other <br>Comprehensive<br>Income (AOCI)** |
|  **Deferred Acquisition Costs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment for unrealized gains and other | $(7919) | $(2949) |
|  **Reinsurance Receivables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment under the modified retrospective approach | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Effect of remeasurement using current discount rate |  | 41144 |
|  **Liability for Future Policy Benefits** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment under the modified retrospective approach | (8743) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Effect of remeasurement using current discount rate |  | (30715) |
|  **Market Risk Benefits** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment under the retrospective approach | (74349) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment for own credit risk |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12056) |
|  **Other Assets** | (1092) |  |
|  Sub-total | 7877 | (4576) |
|  Tax | 1326 | (961) |
|  Total | $6551 | $(3615) |

---

The following details the transition adjustment to reconcile the ending asset or liability balances as of December 31, 2022, to the opening balance as of January 1, 2023 which is the earliest period presented within the financial statements for those balances impacted by LDTI with the associated disaggregated disclosure requirements.

**<u>Deferred Acquisition Costs</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Variable Annuities** | **Term and Other** | **Total** |
|  Balance as of December 31, 2022 | $71639 | $8457 | $80096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment for unrealized gains and other | (4779) | (6088) | (10867) |
|  Balance as of January 1, 2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69229 |

---

Upon the adoption of LDTI for deferred acquisition costs, an adjustment to the opening balance of AOCI was recorded related to the reversal of unrealized gains and losses on investments and an adjustment to the opening balance of retained earnings for legacy balances.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**<u>Reinsurance Deposit and Receivables</u>**

---

| | |
|:---|:---|
|  | **Total** |
|  Balance as of December 31, 2022 | $397772 |
|  Adjustment for modified retrospective approach | 16697 |
|  Effect of remeasurement at the current discount rate | 41144 |
|  Adjustment for reinsured market risk benefits | 82191 |
|  Balance as of January 1, 2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537804 |

---

Reinsurance receivables are measured in a manner consistent with the underlying reinsured contracts. Reinsurance receivables was updated to reflect certain cash flow assumptions updates as an adjustment to the opening balance of retained earnings upon adoption of LDTI. Remeasurement of the reinsurance receivable at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. The valuation of reinsured market risk benefits was reflected as an adjustment to the opening balance of retained earnings.

**<u>Liability for Future Policy Benefits</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Payout Annuities** | **Term and Other** | **Total** |
| Balance as of December 31, 2022 | $512426 | $50807 | $563233 |
| Adjustment for modified retrospective approach | (70978) | (12695) | $(83673) |
| Reclassification from contract holder deposit funds | 367122 |  | $367122 |
| Effect of remeasurement at the current discount rate | 31376 | (660) | $30716 |
| Balance as of January 1, 2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877398 |
| Reconciling Items: |  |  |  |
| Deferred profit liability | $92416 | $— | $92416 |
| Balance as of January 1, 2023 | $932362 | $37452 | $969814 |

---

The impact of updating certain cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. In addition, the Company reclassified the fixed portion of certain life contingent income annuity products that was previously included in contract holder deposit funds to the Liability for future policy benefits upon adoption of LDTI.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**<u>Market Risk Benefits ("MRB")</u>**

---

| | |
|:---|:---|
|  | **Variable Annuities** |
|  Balance as of December 31, 2022 | $— |
|  Adjustments for credit risk | 12056 |
|  Adjustment for remeasurement as MRB | 74349 |
|  Balance as of January 1, 2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86405 |

---

The valuation of contracts as MRBs was reflected as an adjustment to the opening balance of retained earnings (exclusive of credit risk changes). The cumulative effect of changes in the Company's own credit risk between the original contract issue date and the transition date was recorded as an adjustment to AOCI.

The following tables presents amounts previously reported in 2024 and 2023, the effect on the amounts from adopting LDTI and the restated amounts for impacted line items reflected in the consolidated financial statements.

**<u>Consolidated Balance Sheets</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| (Impacted Lines Only) | **As Originally<br>Reported** | **Effect of Adopting LDTI** | **As Restated** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs | $79281 | $(12861) | $66420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deposit and receivables | 741199 | 55866 | 797065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax asset | 63813 | 401 | 64214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes receivable | 12654 | 2785 | 15439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit asset |  | 45017 | 45017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 19171 | (2046) | 17125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $51942007 | $89177 | $52031184 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits | $487110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342348 | $829458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract holder deposit funds | 496937 | (312920) | 184017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit liability |  | 58394 | 58394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $50776826 | $87822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50864648 |
|  **Stockholder's Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income | $(35564) | $1089 | $(34475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 1126239 | 266 | 1126505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Stockholder's Equity | 1165179 | 1357 | 1166536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Stockholder's equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51942007 | $89177 | $52031184 |

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**<u>Statements of Comprehensive Income</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| (Impacted Lines Only) | **As<br>Originally<br>Reported** | **Effect of<br>Adopting<br>LDTI** | **As<br>Restated** | **As<br>Originally<br>Reported** | **Effect of<br>Adopting<br>LDTI** | **As<br>Restated** |
|  Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on reinsurance deposit | $13360 | $(13360) | $— | $13327 | $(13327) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums and other, net | 5206 | 2291 | 7497 | 4051 | 1221 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $273412 | $(11069) | $262343 | $197771 | $(12106) | $185665 |
|  Benefits and Expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting, acquisition and insurance expenses | 109769 | 1713 | 111482 | 95480 | 2236 | 97716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract and policy benefits and expenses | 19571 | (1224) | 18347 | 30194 | 21282 | 51476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits remeasurement (gain) loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10779) | (10779) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26846) | (26846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit remeasurement (gain) loss |  | 3145 | 3145 |  | (2687) | (2687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 129761 | (7145) | 122616 | 126098 | (6017) | 120081 |
| Income before income taxes | 143651 | (3924) | 139727 | 71673 | (6089) | 65584 |
| Income tax expense | (17884) | (3576) | (21460) | 6457 | (1244) | 5213 |
| Net Income | $161535 | $(348) | $161187 | $65216 | $(4845) | $60371 |
| Other comprehensive (loss) income, before tax: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized investment (losses) gains during the period | $(63) | $453 | $390 | $58539 | $1503 | $60042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in discount rate on the liability for future policy benefits |  | (1186) | (1186) |  | (1369) | (1369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in credit risk on market risk benefits |  | 1703 | 1703 |  | (4853) | (4853) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes related to items of other comprehensive (loss) income | (1005) | (204) | (1209) | (18440) | (1047) | (19487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net of tax | 3770 | 766 | 4536 | 68405 | 3940 | 72345 |
| Comprehensive Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165310 | $418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133568 | $(852) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132716 |

---

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**<u>Statements of Cash Flows</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| (Impacted Lines Only) | **As<br>Originally<br>Reported\*** | **Effect of<br>Adopting<br>LDTI** | **As<br>Restated** | **As<br>Originally<br>Reported** | **Effect of<br>Adopting<br>LDTI** | **As<br>Restated** |
| Cash flows provided by (used for) operating activities: |  |  |  |  |  |  |
| Net Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161535 | $(348) | $161187 | $65216 | $(4845) | $60371 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision (benefit) for deferred taxes | (1785) | (801) | (2586) | 7874 | (1234) | 6640 |
| Change in assets and liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, net of amortization | (635) | 1711 | 1076 | (505) | 2237 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits remeasurement gain or loss, net |  | 7892 | 7892 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74362) | (74362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits, net | 39579 |  | 37524 | 47054 | (508) | 46546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deposit and receivables | 60035 | (4141) | 55894 | 17118 | 78284 | 95402 |
| Income taxes payable | (51543) | (2777) | (54320) | (14442) | (7) | (14449) |
| Other assets and other liabilities, net | 16165 | 519 | 16684 | 3244 | 435 | 3679 |
| Net cash provided by operating activities | $243969 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184820 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184820 |

---

\* Certain prior year balances have been reclassified to conform to the current year presentation.

**Investments** 

Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt securities are obtained from independent pricing sources. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.

The Company evaluates available-for-sale investments that experience declines in fair value for impairment. Impairment related to credit losses on available-for-sale investments is recorded in the consolidated

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Investments (continued):** 

statements of comprehensive income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of AOCI. The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings). If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company writes down the amortized cost to fair value and records an impairment loss in earnings.

Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.

Equity securities include common stock which is reported at fair value where changes in fair value is reflected in net realized investment gains and (losses).

**Cash and Cash Equivalents** 

The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $224,057 and $166,361 at December 31, 2025, and 2024, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $11,416 and $14,355 at December 31, 2025, and 2024, respectively.

**Other Invested Assets** 

Other invested assets includes interests in a limited partnership which is accounted for using the equity method where the Company records its share of income or loss as indicated by the NAV in the financial statements of the investment fund.

**Other Investment** 

Other investment includes an investment in which the Company has the ability to influence (but not control) the financial or operating policies of the investee entity and is accounted for using the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee. The Company reports its share of the equity method investee earnings and losses in Other expenses in the consolidated statements of comprehensive income.

**Separate Accounts** 

Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value ("NAV") of the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Revenue Recognition** 

Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders, and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers and recordkeeping fees earned by the Company for administering a third party insurance product. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenues over the premium-paying period. Reinsurance expense allowances are recognized when earned.

**Liability for Future Policy Benefits** 

The liability for future policy benefits ("LFPB") represents the present value of expected future benefit payments to policyholders and related expenses less the present value of the net premiums for fixed income annuities with life contingency (limited-payment contracts or payout annuities) and term life insurance. Net premiums represent the net portion of gross premiums required to fund future benefit payments and are calculated using a net premium ratio. The reserves are computed using certain assumptions related to the discount rate and policyholder behavior including mortality and lapse which are based on the Company's experience, industry results, emerging trends and future expectations. For purposes of the liability measurement, contracts are grouped into cohorts based primarily on issue year and product type.

Cash flow assumptions are established at contract issuance and incorporated in the calculation of the cohort's net premium ratio. The net premium ratio and liability for future policy benefits are updated retrospectively for actual experience, whereas future cash flow assumptions are reviewed annually and updated if required or more frequently if actual experience suggests a revision is necessary. The Company locks in expense assumptions at issuance for each cohort.

The updated net premium ratio is used to compute a revised liability for future policy benefits at the beginning of the period, discounted using the same rate at contract issuance, and is then compared to the carrying amount of the liability as of that same date to determine the current period remeasurement gain or loss. The remeasurement gain or loss is recorded through current period earnings in "Liability for future policy benefits remeasurement gains (losses)" in the consolidated statements of comprehensive income.

If net premiums exceed gross premiums, the net premium ratio is capped at 100% by increasing the corresponding liability and recording a loss in the consolidated statements of comprehensive income. In addition, the liability is never recorded at an amount less than zero for the cohort.

The discount rate is based on the assumed investment yield for contracts issued prior to January 1, 2023, unless there was a historical loss recognition that required premium deficiency reserves to be established with an updated discount rate. For contracts issued after January 1, 2023, the discount rate is based on the upper-medium grade fixed income instrument yield for which the Company used a corporate single A rate matched to the underlying duration of the insurance liability and has maximized the use of observable market data where available. The definition of upper-medium grade is based on Moody's definition which includes the spectrum of A (i.e., A- to A+). The discount rate for each cohort is locked-in for the purposes of interest accretion expense. However, the liability is remeasured using the current single A rate at each reporting period with the effect on the liability resulting from the update recorded in "Changes in discount rate on the liability for future policy benefits" as a component of AOCI.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Liability for Future Policy Benefits (continued):** 

In addition, for limited-payment contracts, the liability for future policy benefits also includes a deferred profit liability ("DPL") representing gross premiums received in excess of net premiums. The DPL is recognized in the liability for future policy benefits and is amortized into income in relation to benefit payments for annuity contracts. When the premium ratio for the corresponding liability for future policy benefits liability is revised, the DPL is retrospectively recalculated from contract issuance to the current reporting period with the revised DPL at the beginning of the period recorded through "Liability for future policy benefits liability remeasurement gains and (losses)" in the consolidated statements of comprehensive income.

**Market Risk Benefits** 

Market risk benefits ("MRB") represents contracts or contract features that provide protection to the contract holder and exposes the Company to other than nominal capital market risk. The Company provides guaranteed minimum death and withdrawal benefit guarantees contained in variable annuity contracts. These benefits are accounted for using a fair value measurement framework. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contract holders less the present value of expected future fees attributable to the market risk benefits. Changes in the fair value of market risk benefits are recorded in net income, in "Market risk benefit remeasurement gain or (loss)," in the Consolidated Statements of Comprehensive Income except for the portion of the change attributable to changes in the Company's credit risk which is recorded in AOCI.

**Contract Holder Deposit Funds** 

Contract holder deposits consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, fixed deferred annuity and for fixed income annuities with no life contingencies. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.

**Reinsurance Deposit and Receivables** 

The Company reinsures a substantial portion of its life insurance and annuity product risks with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company records reinsurance receivables in a manner consistent with the direct contract.

For limited-payment contracts and term life insurance, the Company applies a net premium ratio to measure the reinsurance receivables and groups cohorts consistent with the underlying reinsured contracts. The reinsurance receivable is remeasured using the current single A rate at each reporting period with the effect on the reinsurance receivable resulting from the update recorded in "Changes in discount rate on the liability for future policy benefits" as a component of AOCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset related to the direct DPL which is recognized in "Reinsurance deposit and receivables" in the consolidated balance sheets and is amortized into income using the same methodology and assumptions to amortize the direct DPL.

The Company reinsures certain guaranteed minimum death benefit and guaranteed minimum withdrawal benefit guarantees contained in variable annuity contracts which are MRBs. Reinsurance receivables for MRBs are recognized in a manner consistent with the underlying direct liabilities and measured at fair value which is

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Reinsurance Deposit and Receivables (continued):** 

recorded in net income in "Market risk benefits remeasurement gain or loss," in the consolidated statements of comprehensive income inclusive the portion of the change attributable to changes in the reinsurer's credit risk.

The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The largest reinsurance counterparty exposure is partially held in collateral accounts which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of a reinsurer. The Company is subject to concentration of risk with respect to these reinsurance agreements.

Reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents management's estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default ("PD") / loss-given-default ("LGD") models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on management's estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurer's default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Company's consolidated statements of comprehensive income.

**Funds Withheld** 

The Company entered into a coinsurance with funds withheld reinsurance agreement under which the Company withholds the funds rather than transferring the underlying investments to the reinsurer. The funds withheld liability represents the amount of assets withheld by the Company in accordance with the terms of the reinsurance agreement. The assets in the funds withheld account are required to remain at a value sufficient to support the policy benefit liabilities reinsured on a statutory basis. While the Company legally owns the assets in the funds withheld account and managed in accordance with guidelines to ensure investment risk is appropriately managed, the economic benefits of the funds withheld assets are transferred to the reinsurer.

**Embedded Derivative** 

The funds withheld payable contains an embedded derivative that is considered a total return swap as the Company is obligated to pay the total return on the funds withheld assets. The embedded derivative is carried at fair value which is based on the fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of comprehensive income. The fair value of the embedded derivative is classified based on valuation methods used for the assets held supporting the reinsurance agreement.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Deferred Policy Acquisition Costs** 

Costs that vary with and are primarily associated with acquiring new and renewal business are deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 13 – Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting.

The Company amortizes deferred policy acquisition costs ("DAC") by grouping contracts into cohorts based on issue year and product type consistent with the groupings used in estimating the related liabilities for contracts and amortize on a constant-level basis over the expected lifetime of the policy. The Company uses a measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. Life insurance contracts are amortized in proportion to the face amount in-force. Fixed deferred annuities are amortized in proportion to the initial premium deposit. Variable deferred and variable payout annuities are amortized in proportion to policy count. Fixed payout annuities are amortized in proportion to the benefit payments.

If actual contract terminations differ from expectations, the amortization pattern is adjusted on a prospective basis. The Company uses various assumptions, estimates and judgments about the future which could impact inforce policies and policy counts. The primary assumptions are mortality, and contract cancellations (i.e., lapses, withdrawals, internal replacements and surrenders) which are consistent with those used in estimating the liability for future policy benefits. These assumptions are reviewed on a regular basis and are generally based on the Company's past experience, industry studies, and judgments about the future.

An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that result in a permanent contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Company's definition of internal replacements or changes in product benefits, features, rights or coverage during 2025, 2024, or 2023.

**Property and Equipment** 

Property, equipment, and computer software are stated at cost less accumulated depreciation or amortization. Software includes certain costs incurred for purchasing and developing software for internal use. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.

**Income taxes** 

The Company files a consolidated federal income tax return with its subsidiary, EFILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):</u>** 

**Income taxes (continued):** 

basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the current enacted tax rates.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in management's assessment of the amount of the deferred tax assets that are more likely than not to be realized.

The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.

**Adoption of Accounting Pronouncements** 

The FASB issued new guidance that improves income tax disclosures primarily related to a company's effect tax rate reconciliation and income taxes paid. The Company adopted the guidance effective January 1, 2025 using the prospective method. Adoption resulted in additional disclosures in the Notes to the consolidated financial statements.

**Reclassifications** 

Certain prior year balances have been reclassified to conform to the current year presentation.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>3. LIABILITY FOR FUTURE POLICY BENEFITS:</u>** 

The balances and changes in the present value for expected future policy benefits for payout annuities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Present value of expected future policy benefits |  |  |  |
|  Beginning balance | $709098 | $796906 | $841762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | (24980) | (49021) | (31376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning balance at original discount rate | 684118 | 747885 | 810386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions | (10538) | (1772) | (2154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual experience to expected experience | (4146) | (5387) | (774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted balance | 669434 | 740726 | 807459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 5444 | 2319 | 3617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 35980 | 38292 | 40314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (92670) | (97219) | (103504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending balance at original discount rate | 618188 | 684118 | 747885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | 39104 | 24980 | 49021 |
| Ending balance | $657292 | $709098 | $796906 |
| Net liability for future policy benefits | 657292 | 709098 | 796906 |
| Less: Reinsurance recoverable | 572352 | 621074 | 699031 |
| Net liability for future policy benefits after reinsurance recoverable | $84940 | $88024 | $97875 |
| Weighted-average liability duration (in years) | 5.7 | 5.9 | 6.3 |
| Weighted-average interest accretion rate | 5.7% | 5.5% | 5.3% |
| Weighted-average current discount rate | 5.0% | 5.4% | 4.9% |
|  | **For Years ended December 31,** | **For Years ended December 31,** | **For Years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Expected future benefit payments - undiscounted | $920010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140549 |
| Expected future gross premiums - undiscounted |  |  |  |
| Expected future benefit payments - discounted (current) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657292 | $709098 | $796906 |
| Expected future gross premiums - discounted (current) |  |  |  |

---

The Company updated actuarial assumptions during 2025, 2024 and 2023, respectively. The impact of changes in cash flow assumptions and actual versus expected experience resulted in a $14,684 decrease, $7,159 decrease, and $2,928 decrease in the LFPB for 2025, 2024 and 2023, respectively due to favorable updates to mortality assumptions.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>3. LIABILITY FOR FUTURE POLICY BENEFITS (CONTINUED):</u>** 

The amount of gross premiums or assessments and interest expense was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Premiums or Assessments** | **Gross Premiums or Assessments** | **Gross Premiums or Assessments** | **Interest Expense** | **Interest Expense** | **Interest Expense** |
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2025 | 2024 | 2023 |
|  Payout Annuities | $5444 | $2319 | $3617 | $35980 | $38292 | $40314 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40314 |

---

The following summarizes the liability for future policy benefits reported in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Payout Annuities | $657292 | $709098 |
|  Reconciling items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred profit liability | 92088 | 87904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life insurance and Other | 38410 | 32456 |
|  Liability for Future Policy Benefits | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829458 |

---

**<u>4. CONTRACT HOLDER DEPOSIT FUNDS:</u>** 

Contract holder deposit funds include policyholder account balances related to contracts without significant insurance risk and investment contracts.

The balances and changes in contract holder deposit funds for deferred annuities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Beginning balance | $181183 | $159939 | $186426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuances and premiums | 585062 | 39528 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders and withdrawals | (12407) | (14251) | (25826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Payments | (2664) | (3293) | (2861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers from (to) separate account, other | (1907) | (5721) | (3643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest credited | 22185 | 4981 | 5781 |
|  Ending Balance | $771452 | $181183 | $159939 |
|  Weighted-average credited rate | 4.5% | 3.6% | 3.4% |
|  Net amount at risk | $157104 | $168189 | $185802 |
|  Cash Surrender Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159939 |

---

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>4. CONTRACT HOLDER DEPOSIT FUNDS (CONTINUED):</u>** 

The account balances by range of guaranteed minimum interest crediting rate ("GMIR") and the related range of difference between the rates credited to policyholders and the respective GMIR for deferred annuities were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Range of**<br> **guaranteed**<br> **minimum crediting**<br> **rate** | **At guaranteed<br>minimum** | **1 to 50 basis<br>points above** | **51 to 150 basis<br>points above** | **Greater than<br>150 basis points<br>above** | **Total** |
|  Less than 2% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $75 | $1 | $— | $76 |
|  2% to 4% | 124431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771376 |
|  Greater than 4% |  |  |  |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 | $13722 | $626897 | $771452 |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Range of**<br> **guaranteed<br>minimum crediting**<br> **rate** | **At guaranteed<br>minimum** | **1 to 50 basis<br>points above** | **51 to 150 basis<br>points above** | **Greater than<br>150 basis points<br>above** | **Total** |
|  Less than 2% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $94 | $2 | $— | $96 |
|  2% to 4% | 134813 | 6732 | 843 | 38699 | 181087 |
|  Greater than 4% |  |  |  |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181183 |

---

The following tables summarize the amounts reported in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2025** | **2024** |
|  Deferred annuities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181183 |
|  Reconciling item: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1841 | 2834 |
| Contract holder deposit funds | $773293 | $184017 |

---

**<u>5. MARKET RISK BENEFITS:</u>** 

The Company has certain variable annuity contracts with a guaranteed minimum death benefit ("GMDB") feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Company's current variable annuity contract does not offer a GMDB feature.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>5. MARKET RISK BENEFITS (CONTINUED):</u>** 

The Company issued a variable annuity contract with a guaranteed minimum withdrawal benefit ("GMWB") feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 59<sup>1</sup>⁄<sub>2</sub> for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit ("GWB") value as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitant's 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 59<sup>1</sup>⁄<sub>2</sub> or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 59<sup>1</sup>⁄<sub>2</sub>.

Contracts or contract features such as GMDB and GMWB that provide protection to the policyholder from and expose the Company to other-than-nominal capital market risk are classified as MRB. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The Company uses a non-option valuation model for calculating the fair value of the MRBs where key assumptions are market assumptions such as equity market returns, interest rate levels, market volatility, mortality and policyholder behavior assumptions such as lapse, rider utilization and withdrawal patterns. Risk margins are included in the mortality and policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment.

MRBs are valued using models that incorporate a spread reflecting the Company's own credit risk (i.e. non-performance risk). The assumption for the Company's own credit risk for MRBs is based on a standard index for credit default swaps ("CDX) as the basis for calculating the instrument specific credit risk which is an observable input as the Company has no debt in the market. The Company may adjust the CDX spreads based on actuarial judgement and analysis, such as benchmarking to a group of peer companies' spreads to the CDX. Increases (decreases) in the Company's own credit risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs. The Company uses risk-neutral scenarios to project the change in the value of the associated account value and the discount rate used in the discounted future cash flows valuation. Changes in various assumptions such as the amount of claims, market volatility, mortality rates, lapse rates or utilization rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>5. MARKET RISK BENEFITS (CONTINUED):</u>** 

The balances and changes in the net market risk benefit liability were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Beginning balance | $13377 | $7189 | $86404 |
|  Effect of changes in own credit risk | (5499) | (7202) | (12055) |
|  Beginning balance before changes in own credit risk | 7878 | (13) | 74349 |
|  Interest accrual | 663 | 201 | 4733 |
|  Benefit payments | 12635 | 13316 | 12219 |
|  Effect of changes in interest rates and equity markets | (22841) | 604 | (85977) |
|  Effect of changes in other future expected assumptions | (2057) | (6230) | (5337) |
|  Ending balance before changes in own credit risk | (3722) | 7878 | (13) |
|  Effect of changes in own credit risk | 3836 | 5499 | 7202 |
|  Ending balance | 114 | 13377 | 7189 |
|  Less reinsurance recoverable | 3201 | 15262 | 10516 |
|  Ending balance, net of reinsurance recoverable | $(3087) | $(1885) | $(3327) |
|  Net amount at risk <sup>1</sup>  |  |  |  |
|  GMWB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996184 |
|  GMDB | 75706 | 81482 | 105009 |
|  Attained Age <sup>2</sup>  |  |  |  |
|  GMWB | 82 | 81 | 80 |
|  GMDB | 74 | 74 | 73 |

---

<sup>1</sup> For GMWB, defined as the GMWB Benefit Base less the Account Value, floored at 0

For GMDB, defined as the GMDB Benefit (ROP or Ratchet) less the Account Value, floored at 0 

<sup>2</sup> Weighted average attained age of contract holders in years, weighted by account value

The following table summarizes the MRB amounts reported in the consolidated balance sheets as of December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Asset** | **Liability** | **Net Asset<br>(Liability)** | **Asset** | **Liability** | **Net Asset<br>(Liability)** |
|  Variable Annuities | $47519 | $47633 | $(114) | $45017 | $58394 | $(13377) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13377) |

---

Market risk benefits are measured at fair value on a recurring basis and reflected in Level 3 as either an asset or liability. The key assumptions for calculating MRBs include market, discount rate and policyholder behavior. The assumptions are based on a combination of historical data and actuarial assumptions. Risk margins are included in mortality and policyholder behavior assumptions. In addition, MRBs reflect a spread to reflect the Company's own credit-risk.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>5. MARKET RISK BENEFITS (CONTINUED):</u>** 

The fair value measurement of MRBs uses certain significant unobservable inputs as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Range of Inputs** | **Weighted Average** | **Range of Inputs** | **Weighted Average** |
|  Equity market volatility <sup>(1)</sup>  | 13.4% - 33.7% | 22.2% | 11.5% - 37.9% | 22.0% |
|  Discount rate <sup>(2)</sup>  | (2.8%) - 17.6% | 5.9% | (2.3%) - 26.9% | 5.7% |
|  Own credit risk | 0.7% | 0.7% | 0.7% | 0.7% |
|  Lapse rate | 3.8% - 5.4% | 4.9% | 4.4% - 6.0% | 5.5% |
|  Mortality rate | .01% - 27.2% | 3.0% | .02% - 22.3% | 2.4% |

---

*<sup>(1)</sup> Equity market volatility represents the estimated annualized variability of equity returns based on risk-neutral scenarios. For each equity index, scenario-level average annualized volatilities are calculated over projection horizon across the full set risk-neutral scenarios. Index-level ranges reflect the minimum and maximum of these scenario-level averages, and index-level weighted averages represent the simple average across scenarios. The final disclosed ranges and weighted-average equity volatility are determined by aggregating the index-level results across equity indices, weighted by the associated account value exposure.*

*<sup>(2)</sup> Discount rate assumptions represent risk-free interest rates derived from risk-neutral scenarios. The range of inputs reflects the minimum and maximum of scenario-level average annual discount rates across the full set of risk-neutral scenarios over the projection horizon. The weighted-average discount rate represents the simple average of the scenario-level average annual rates.*

**<u>6. SEPARATE ACCOUNTS:</u>** 

The balances and changes in variable annuities separate account liabilities for the years ended December 31, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Beginning balance | $49227835 | $43179351 | $37744847 |
|  Premiums and deposits | 1816531 | 1796348 | 1326142 |
|  Policy charges | (146290) | (140687) | (124231) |
|  Surrenders and withdrawals | (2504712) | (2477813) | (2402950) |
|  Benefit payments | (472568) | (422227) | (363224) |
|  Investment performance | 7482674 | 7300930 | 7008133 |
|  Net transfers (to) general account and other | (35303) | (8067) | (9366) |
|  Ending balance | $55368167 | $49227835 | $43179625 |
|  Cash Surrender Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54545651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48418904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42402941 |

---

There were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded for the years ended December 31, 2025, 2024, and 2023.

The Company has certain variable annuity products with guaranteed minimum death benefit or guaranteed minimum withdrawal benefit feature that is classified as MRB. The MRB is valued and presented separately from the related separate accounts balances. Refer to Note 5, Market Risk Benefits.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>6. SEPARATE ACCOUNTS (CONTINUED):</u>** 

The following table summarizes the separate account amounts reported in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
|  Variable Annuities | $55368167 | $49227835 |
|  Reconciling item: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Life | 56504 | 49861 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55424671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49277696 |

---

The aggregate fair value of assets, by investment asset category, supporting the variable annuities separate accounts is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
|  Mutual Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | $36983100 | $32755358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 4318181 | 3965322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation | 9981691 | 8951975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market | 4085195 | 3555180 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55368167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49227835 |

---

**<u>7. DEFERRED ACQUISITION COSTS:</u>** 

The balances and changes in variable annuities DAC were as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Beginning balance | $62798 | $64612 | $66860 |
|  Capitalization | 2958 | 3364 | 2935 |
|  Amortization | (5224) | (5178) | (5183) |
|  Ending Balance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64612 |

---

The following table summarizes the DAC amounts reported in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Variable Annuities | $60532 | $62798 |
|  Reconciling items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term and other | 4973 | 3622 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66420 |

---

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>8. INVESTMENTS:</u>** 

The components of net investment income were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Debt securities | $49810 | $47383 | $52784 |
|  Cash and cash equivalents | 8137 | 5469 | 4540 |
|  Other invested assets | 127 |  |  |
|  Other income | (1325) | 725 | 1205 |
|  Total investment income | 56749 | 53577 | 58529 |
|  Less: investment expenses | 5254 | 2073 | 3598 |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54931 |

---

Gross realized gains and losses from sales of debt securities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross realized gains | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 | $636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross realized losses | (8135) | (8461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28942) |
|  Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross realized gains (losses) | (1) |  |  |
|  Total realized investment gains | (4342) | (4843) | (28306) |

---

Gross realized losses from changes in fair value of equity securities was ($12), ($45), and $0 for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company recorded realized investment losses as a result of impairments of $0, $0, and $231 for 2025, 2024 and 2023, respectively. The Company recorded debt securities of $0, $0, and $16 that were non-income producing for 2025, 2024 and 2023, respectively. Interest foregone by non-income producing securities was $0, $0, and $16 for 2025, 2024, and 2023, respectively.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>8. INVESTMENTS (CONTINUED):</u>** 

Debt securities, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |
|  | Less than twelve months | Less than twelve months | Less than twelve months | Twelve months or more | Twelve months or more | Twelve months or more | Total | Total | Total |
|  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br> Securities  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br> Securities  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br> Securities  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| **Investment grade debt securities:** |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | $33401 | $(119) | 7 | $38183 | $(1529) | 7 | $71584 | $(1648) | 14 |
| State and political subdivisions |  |  |  | 1263 | (202) | 5 | 1263 | (202) | 5 |
| Corporate debt securities | 89267 | (1024) | 43 | 410151 | (20248) | 294 | 499418 | (21272) | 337 |
| Mortgage and asset backed securities | 27787 | (57) | 14 | 29 | (3) | 1 | 27816 | (60) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $150455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200) | 64 | $449626 | $(21982) | 307 | $600081 | $(23182) | 371 |
| Below Investment grade debt securities: |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| State and political subdivisions | $— | $— |  | $— | $— |  | $— | $— |  |
| Corporate debt securities | 6284 | (520) | 57 | 11695 | (492) | 84 | 17979 | (1012) | 141 |
| Mortgage and asset backed securities | 1004 | (2) | 1 |  |  |  | 1004 | (2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $7288 | $(522) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $11695 | $(492) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $18983 | $(1014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |

---

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2025. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 96% of amortized cost at December 31, 2025. Investments in below investment grade securities have an average fair value of 95% of amortized cost as of December 31, 2025.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>8. INVESTMENTS (CONTINUED):</u>** 

Debt securities that have been in a continuous unrealized loss position as of December 31, 2024, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
|  | Less than twelve months | Less than twelve months | Less than twelve months | Twelve months or more | Twelve months or more | Twelve months or more | | Total | |
|  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br>Securities  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br>Securities  | Estimated<br> Fair Value | Gross<br>Unrealized<br>Losses | Number<br> of<br>Securities  |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| **Investment grade debt securities:** |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | $181959 | $(4400) | 22 | $47704 | $(4654) | 9 | $229663 | $(9054) | 31 |
| State and political subdivisions |  |  |  | 1234 | (249) | 5 | 1234 | (249) | 5 |
| Corporate debt securities | 159293 | (2591) | 95 | 563933 | (44656) | 412 | 723226 | (47247) | 507 |
| Mortgage and asset backed securities | 11183 | (189) | 12 | 30 | (4) | 1 | 11213 | (193) | 13 |
|  Total | $352435 | $(7180) | 129 | $612901 | $(49563) | 427 | $965336 | $(56743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| **Below Investment grade debt securities:** |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | $— | $— |  | $— | $— |  | $— | $— |  |
| State and political subdivisions |  |  |  |  |  |  |  |  |  |
| Corporate debt securities | 14551 | (206) | 91 | 36343 | (2741) | 183 | 50894 | (2947) | 274 |
| Mortgage and asset backed securities |  |  |  |  |  |  |  |  |  |
|  Total | $14551 | $(206) | $91 | $36343 | $(2741) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $50894 | $(2947) | $274 |

---

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2024. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 94% of amortized cost at December 31, 2024. Investments in below investment grade securities have an average fair value 94% of amortized cost as of December 31, 2024.

The allowance for credit losses was zero as of December 31, 2025 and 2024, respectively. There were no additions, write offs, and recoveries to the allowance for credit losses during 2025 and 2024.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>8. INVESTMENTS (CONTINUED):</u>** 

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** |
|  | **Amortized Cost** | **Gross<br> Unrealized <br>Gains** | **Gross<br> Unrealized <br>Losses** | **Gross<br>Unrealized<br> Losses - OTTI** | **Estimated Fair<br>Value** |
|  Debt securities: |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | $284597 | $2322 | $(1696) | $— | $285223 |
| State and political subdivisions | 1464 |  | (202) |  | 1262 |
| Corporate and other debt securities | 1537641 | 32982 | (22191) |  | 1548432 |
| Mortgage and asset backed securities | 228500 | 3493 | (107) |  | 231886 |
|  Total debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24196) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066803 |
| The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: | The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: | The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: | The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: | The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: | The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows: |
|  | **<u>December 31, 2024</u>** | **<u>December 31, 2024</u>** | **<u>December 31, 2024</u>** | **<u>December 31, 2024</u>** | **<u>December 31, 2024</u>** |
|  | **Amortized Cost** | **Gross<br> Unrealized <br>Gains** | **Gross<br> Unrealized <br>Losses** | **Gross<br>Unrealized<br>Losses - OTTI** | **Estimated Fair<br>Value** |
|  Debt securities: |  |  |  |  |  |
| U.S. Treasury and U.S. Government agency securities | $266199 | $160 | $(9054) | $— | $257305 |
| State and political subdivisions | 1483 |  | (249) |  | 1234 |
| Corporate and other debt securities | 1186093 | 11760 | (50194) |  | 1147659 |
| Mortgage and asset backed securities | 80529 | 1637 | (193) |  | 81973 |
|  Total debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59690) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488171 |

---

During 2025 and 2024, the Company recorded no impairments for the portion of non credit related losses in AOCI.

Proceeds from the sales of available-for-sale investments (excluding proceeds for calls and maturities) were $432,997, $348,425, and $575,513 for 2025, 2024, and 2023, respectively.

The amortized cost and fair value of debt securities at December 31, 2025, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Estimated Fair Value** |
|  Due in 1 year or less | $93893 | $93463 |
|  Due after 1 year through 5 years | 971856 | 980535 |
|  Due after 5 years through 10 years | 556945 | 559861 |
|  Due after 10 years | 201008 | 201058 |
|  Mortgage and asset backed securities | 228500 | 231886 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066803 |

---

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>8. INVESTMENTS (CONTINUED):</u>** 

At December 31, 2025, there were contractual investment commitments of $40,250. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities and the financial services industry.

At December 31, 2025, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,960 and $2,970 respectively. At December 31, 2024, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,845 and $2,863 respectively.

**<u>9. VARIABLE INTEREST ENTITIES:</u>** 

Effective April 1, 2014, FMR LLC contributed a 100% wholly owned subsidiary, Feedstock, to the Company at its carrying value of $1,796. Feedstock makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code. IRC 45 provides a tax credit for the production of certain refined energy resources at a qualified facility during a ten year period beginning on the date the facility was originally placed in service and the refined energy is sold to an unrelated party.

Feedstock entered into certain operating agreements to provide operational funding of a qualified energy facility through 2021. Feedstock is required to provide 90% of these operational fundings to LRC Holdings LLC ("LRCH") through a membership interest agreement. LRCH ultimately funds the qualified facility through a 60% membership interest agreement. These funding obligations are tied to the production of the qualified energy resource and eligibility to receive the expected tax credit pursuant to the operating agreements. The Company is expected to make funding payments on behalf of Feedstock and receive the benefits of the tax credits generated. The Company did not provided cash funding payments for the years ended December 31, 2025, 2024, and 2023.

FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstock's eligibility to receive the expected tax credits. FMR LLC continues to provide such guarantees subsequent to its contribution of Feedstock to the Company.

Feedstock and LRCH are deemed to be variable interest entities ("VIEs"). A VIE is an entity that either (i) has equity investors that lack controlling financial interest or (ii) does not have sufficient equity to finance its own activities without financial support provided by another entity. If the Company determines that it is the VIE's "primary beneficiary," it consolidates the VIE. The primary beneficiary has the power to direct the activities of a VIE that most significantly impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the entity that could be potentially significant to the VIE.

The Company determined that its interest in Feedstock and in turn Feedstock's 90% membership interest in LRCH qualifies as a variable interest, and that Feedstock and LRCH are both VIEs. The Company has determined that it is the primary beneficiary as it has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE as a result of the operational funding provided and the return in the form of income tax credits. Accordingly, the Company consolidates Feedstock and LRCH. The consolidated balances include restricted cash and cash equivalents of $0 and $34,742 as of December 31, 2025 and 2024, respectively. These balances are restricted for withdrawal or use under the terms of certain contractual agreements and are recorded as restricted cash and cash equivalents in the consolidated balance sheets.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>9. VARIABLE INTEREST ENTITIES (CONTINUED):</u>** 

The following is the incremental impact of consolidating LRCH in the Company's consolidated financial statements at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | **<u>December 31,</u>** | **<u>December 31,</u>** |
|  | **2025** | **2024** |
|  Total Assets | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |
|  Total Liabilities |  | 3406 |
|  Non controlling equity interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $133 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Total Revenues | $21 | $1538 | $995 |
|  Total Expenses | (128) | (1543) | (942) |
|  Net Loss | (107) | (5) | 53 |
|  Income tax expense |  |  |  |
|  Net Loss | (107) | (5) | 53 |
| Less: net loss attributable to non controlling interest | (107) | (5) | 53 |
| Net income attributable to Fidelity Investments Life Insurance Company | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Noncontrolling interest represents ownership interests in LRCH that is not attributable to the Company.

**<u>10. FAIR VALUE MEASUREMENTS:</u>** 

The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Company's financial statements: debt securities, cash equivalents such as money market funds, market risk benefits and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Management's assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical
assets and liabilities in an active market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and
liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that
require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management's judgment about the assumptions that a market participant would use in pricing the asset or
liability and are based on the best available information, some of which is internally developed.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>10. FAIR VALUE MEASUREMENTS (CONTINUED):</u>** 

The Company's available-for-sale debt securities generally use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. For debt securities where there are no prices from third party pricing vendors, the Company may utilize internal or 3rd party pricing models which may reflect observable market information if available, and significant unobservable inputs. These securities are in Level 3 in the fair value hierarchy. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately management's responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.

Equity securities are reported at fair value on a recurring basis. Fair value is obtained from public quotations which are reflected in Level 1.

Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1. Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.

Other invested assets includes an investment in a limited partnership whose fair value is measured using NAV as a practical expedient and is not classified in the fair value hierarchy. The underlying investments of the investment fund may have significant unobservable points.

Market risk benefits are measured at fair value and reflected in Level 3 as either an asset or liability. The significant inputs to the far value measurement is described in Note 5, Market Risk Benefits.

Separate accounts are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Accounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value of the measurement as Level 1.

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments which is reflected in Level 2. Refer to Note 15 on the embedded derivative.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>10. FAIR VALUE MEASUREMENTS (CONTINUED):</u>** 

The following fair value hierarchy table presents information about the Company's assets measured at fair value on a recurring basis as of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Quoted**<br> **Market**<br> **Prices in** <br> **Active**<br> **Markets**<br> **(Level 1)** | **Pricing**<br> **Methods**<br> **with**<br> **Significant**<br> **Observable**<br> **Market**<br> **Inputs<br>(Level 2)** | **Pricing**<br> **Methods with** <br> **Significant**<br> **Unobservable**<br> **Market Inputs**<br> **(Level 3)** | **Net Asset**<br> **Value (NAV)**  | **Total**<br> **Estimated** <br> **Fair Value** |
|  **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale debt securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury and U.S Government Agency securities | $285223 | $— | $— | $— | $285223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions |  | 1262 |  |  | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and other debt securities |  | 1531955 | 16477 |  | 1548432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage and asset backed securities |  | 231886 |  |  | 231886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total available-for-sale debt securities | 285223 | 1765103 | 16477 |  | 2066803 |
|  Equity securities | 85 |  |  |  | 85 |
|  Market risk benefit asset |  |  | 47519 |  | 47519 |
|  Other invested assets |  |  |  | 1882 | 1882 |
|  Cash equivalents | 224057 |  |  |  | 224057 |
|  Separate account assets | 55424671 |  |  |  | 55424671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $55934036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | $57765017 |
|  **Liabilities:** |  |  |  |  |  |
|  Funds withheld payable |  | 987553 |  |  | $987553 |
|  Market risk benefit liability |  |  | 47633 |  | $47633 |
|  Total | $— | $987553 | $47633 | $— | $1035186 |

---

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>10. FAIR VALUE MEASUREMENTS (CONTINUED):</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Quoted Market** <br> **Prices in Active**<br> **Markets**<br> **(Level 1)** | **Pricing**<br> **Methods with** <br> **Significant**<br> **Observable**<br> **Market Inputs**<br> **(Level 2)** | **Pricing**<br> **Methods with** <br> **Significant**<br> **Unobservable**<br> **Market Inputs**<br> **(Level 3)** | **Total Estimated** <br> **Fair Value** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury and U.S Government Agency securities | $257305 | $— | $— | $257305 |
| &nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions |  | 1234 |  | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and other debt securities |  | 1147659 |  | 1147659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage and asset backed securities |  | 81973 |  | 81973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total available-for-sale debt securities | 257305 | 1230866 |  | 1488171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 99 |  |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit assets |  |  | 45017 | 45017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents | 166361 |  |  | 166361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted cash equivalents | 34742 |  |  | 34742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 49277696 |  |  | 49277696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $49736203 | $1230866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45017 | $51012086 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds withheld payable |  | 406882 |  | 406882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit liability |  |  | 58394 | 58394 |
|  Total | $— | $406882 | $58394 | $465276 |

---

The changes in assets measured at fair value using Level 3 significant unobservable inputs were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** | **Years Ended December 31, 2025** |
|  | | **Realized and unrealized gains** | **Realized and unrealized gains** | | | | |
|  | Beginning<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;balance as <br> of January 1,<br> 2025 | Included in net<br>income | Included in<br>AOCI | Net<br>purchases<br>and (sales) | Transfers<br>into Level 3 | Transfers<br>out of<br>Level 3 | Ending<br> balance<br> as of<br> December 31,<br>2025 |
|  **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale debt securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and other debt securities | $— | $— | $— | $10205 | $6272 | $— | $16477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16477 |

---

During 2025, certain debt securities were transferred from Level 2 into Level 3 as the Company was unable to obtain pricing from its third party pricing vendor using market observable information. The significant unobservable inputs includes the discount rate used in discounted cash flow analysis to determine fair value within Level 3. Using a higher or lower discount rate may cause the fair value of such assets to increase or decrease.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>10. FAIR VALUE MEASUREMENTS (CONTINUED):</u>** 

There were no Level 3 assets held by the Company during 2024. There were no transfers into or out of Level 3 during 2024.

**Financial Instruments Not Carried at Fair Value** 

Certain financial instruments are not required to be measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values.

The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** | **<u>December 31, 2024</u>** | **<u>December 31, 2024</u>** |
|  | **Carrying**<br> **Amount** | **Estimated Fair<br>Value** | **Carrying<br>Amount** | **Estimated<br>Fair Value** |
|  Financial Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investment | $— | $— | $106 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 1191 | 1191 | 1305 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deposit and receivables | 1345686 | 1345686 | 797065 | 797065 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798476 |
|  Financial Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract holder deposit funds | $773293 | $773293 | $184017 | $184017 |

---

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

**Other Investment** 

Fair value for the other investment is based on the Company's share of the investee based on the underlying financial statements of the investee.

**Policy Loans** 

Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.

**Reinsurance Deposit and Receivables** 

Fair values for certain of the Company's reinsurance deposits for the fixed deferred annuities contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>10. FAIR VALUE MEASUREMENTS (CONTINUED):</u>** 

**Contract Holder Deposit Funds** 

Fair value for the fixed portion of the variable annuity contracts in payout and the fixed deferred annuities are estimated using discounted cash flow calculations based on expected current offering interest and mortality rates versus contract rates. The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract, and consequently the account value is considered to be a reasonable estimate of the fair value of the contract.

**<u>11. INCOME TAXES:</u>** 

The components of the provision for income taxes attributable to operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $15533 | $(19143) | $(1775) |
| &nbsp;&nbsp;&nbsp;&nbsp; State | 278 | 268 | 349 |
|  | $15811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18875) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1426) |
|  Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $(18759) | $(2571) | $6497 |
| &nbsp;&nbsp;&nbsp;&nbsp; State | (492) | (14) | 142 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19251) | $(2585) | $6639 |
|  Income tax expense | $(3440) | $(21460) | $5213 |

---

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for EFILI, as EFILI believes that the reversal of temporary differences will have no impact on the state income tax that EFILI will pay in the future. State deferred taxes are recorded for FILI for the impact of its reversing temporary differences on its future state income tax liability.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>11. INCOME TAXES (CONTINUED):</u>** 

Significant components of the Company's net deferred tax asset were as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  Deferred income tax assets (liabilities): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs | $33821 | $29766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract holder reserves | 35940 | 34484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract holder reserves - TCJA Transition Adjustment |  | (1471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (516) | (592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains on available-for-sale securities | (3120) | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred compensation and retirement benefit plans | 541 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward | 7616 | 6819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embedded Derivative | 3183 | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net | 1558 | 2289 |
|  Net deferred tax asset before valuation allowance | $79023 | $80854 |
|  Valuation allowance | (7963) | (16623) |
|  Net deferred tax asset after valuation allowance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64231 |

---

The Company recorded a deferred tax asset of $7,963 and $16,623 related to net unrealized losses on available-for-sale securities and capital loss carryforwards as of December 31, 2025 and 2024, respectively. The capital loss carryforwards can be used to offset taxable capital gains income in the future but will expire if they are not used within certain prescribed periods. The Company concluded that it was more likely than not that it will not have sufficient taxable capital gains income in the future to realize the net unrealized losses on available-for-sale securities and capital loss carryforwards. Accordingly, the Company recorded a valuation allowance of $7,963 and $16,623 as of December 31, 2025 and 2024, respectively.

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Tax provision at U.S. Federal statutory rate | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13784 |
|  Unrecognized tax benefits |  | (27961) | (27711) |
|  Dividends received deduction | (16588) | (16449) | (3854) |
| (Decrease) Increase in valuation allowance | (8691) | 70 | 16565 |
|  Return provision | (1766) | (8737) | 6147 |
|  Other, net | 470 | 2253 | 282 |
|  | $(3440) | $(21460) | $5213 |

---

The Company paid net federal income taxes of $12,000, $35,338, and $12,968 in 2025, 2024, and 2023, respectively.

The Company paid net state income taxes of $264, $108, and $57 in 2025, 2024, and 2023, respectively.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>11. INCOME TAXES (CONTINUED):</u>** 

Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2022. The Company is not currently under examination for the income tax filings in any other jurisdictions.

The Inflation Reduction Act of 2022 ("IRA") was enacted by the U.S. Government on August 16, 2022 and includes a new corporate alternative minimum tax ("CAMT") effective January 1, 2023. The CAMT applies to corporations based on their affiliated group basis and requires computing the U.S. federal income tax liability under the regular corporate tax system and the CAMT. The Company did not have any CAMT liability as of December 31, 2025.

In 2017, an affiliate received notification from the Internal Revenue Service ("IRS") that challenged its eligibility to claim certain tax credits under Internal Revenue Code Section 45, and certain operating losses, for tax years 2011 and 2012. During 2023, the statute of limitations expired for certain tax years under the IRS challenge. In 2024, the IRS completed its review and closed its challenge of the remaining years. Accordingly, the Company decreased its liability for unrecognized tax benefits by $29,210 and $28,300 for the years ended December 31, 2024 and 2023, respectively. The Company classifies all interest and penalties as income tax expense.

The changes in the liability for unrecognized tax benefits was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  Beginning balance | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57498 |
|  Increases |  |  |  |
|  Decreases |  | (29211) | (28287) |
|  Ending balance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $29211 |

---

**<u>12. STOCKHOLDER'S EQUITY AND DIVIDEND RESTRICTIONS:</u>** 

Generally, the net assets of the Company available for payment as dividends to FMR LLC are limited to the excess of FILI's net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under the Insurance Code of the State of Utah for FILI and New York State Insurance Laws for EFILI, dividends to shareholders are limited to the lesser of the Company's net gain from operations for the year ended on the preceding December 31, or 10% of the Company's surplus held for policyholders as of the preceding December 31. The Company paid cash dividends to FMR LLC of $105,000, $100,000, and $75,000 in 2025, 2024, and 2023, respectively.

The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the applicable state insurance department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC, recognition of deferred income tax assets are limited, bonds are generally carried at amortized cost, insurance liabilities are presented net of reinsurance assets, a wholly-owned insurance subsidiary is reported at statutory equity and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>12. STOCKHOLDER'S EQUITY AND DIVIDEND RESTRICTIONS (CONTINUED):</u>** 

Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **<u>(Unaudited)</u>** | **<u>(Audited)</u>** | **<u>(Audited)</u>** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
|  **FILI** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory net income | $106378 | $148122 | $112731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory surplus | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007887 |
|  **EFILI** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory net income | $18600 | $14547 | $9151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory surplus | $121450 | $113866 | $108769 |

---

**<u>13. AFFILIATED COMPANY TRANSACTIONS:</u>** 

The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity Variable Insurance Product Funds. The Company earned fees of $49,965, $50,223 and $43,524 in 2025, 2024, and 2023, respectively, under these agreements. These fees are included in Fund administration fees in the consolidated statements of comprehensive income.

The Company's insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. ("FIA"), and Fidelity Distributors Company LLC, all of which are wholly-owned subsidiaries of FMR LLC. The Company has agreements with FIA under which FILI pays FIA sales compensation in accordance with the terms of the agreement. The Company compensated FIA in the amount of $69,639, $49,099, and $40,878 in 2025, 2024, and 2023, respectively.

The Company has an administrative services agreement with FIA whereby the Company provides and receives certain administrative and accounting functions. The Company was charged $16,511 in 2025 and reimbursed $40,962, and $35,354 in 2024, and 2023, respectively, for such services. The reimbursements are accounted for as a direct reduction of the Company's expenses. The Company entered into agreements with FIAM LLC whereby investment and managerial advice is provided to the Company. The Company incurred expenses of $1,681, $1,728, and $2,426 in 2025, 2024 and 2023, respectively for such services. During 2023, the Company entered into an agreement with Soteria Reinsurance Holdings LLC to provide investment and managerial advice for the assets supporting the Funds withheld account. The Company incurred charges of $280, $330, and $56 in 2025, 2024, and 2023, respectively, for such services.

The Company has an administrative services agreement with FMR LLC and its subsidiaries whereby certain administrative and other services are provided for the Company. The Company incurred charges from FMR LLC and its subsidiaries of $38,012, $30,655, and $27,188 in 2025, 2024, and 2023, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled in accordance with the terms of the respective agreements.

FMR LLC sponsors a Profit-Sharing Plan covering substantially all eligible Company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLC's policy is to fund all costs

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>13. AFFILIATED COMPANY TRANSACTIONS (CONTINUED):</u>** 

accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $1,320, $2,513 and $2,877 in 2025, 2024, and 2023, respectively.

The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLC's Net Asset

Value per share (as defined) over their respective terms. All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $2,725, $5,852, and $6,074 in 2025, 2024 and 2023, respectively.

The Company participates in FMR LLC's Retiree Health Account ("RHA"), a health reimbursement arrangement covering eligible employees and has established the Fidelity Welfare Benefit Plans VEBA Trust (the "Trust") to provide a funding vehicle for certain benefits related to FMR LLC's benefit plans, including the RHA. FMR LLC accrued a benefit to participants under the RHA based on awards to employees that are subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHA are at the discretion of FMR LLC. Participant contributions are not permitted. The Company is allocated an expense from FMR LLC associated with the actuarial derived annual cost of providing these benefits to the Company's employees. For the years ended December 31, 2025, 2024, and 2023, compensation expense related to the RHRP was $60, $305 and $175, respectively.

The Company issued a $300 million unsecured revolving line of credit facility ("LOC Agreement") to FMR LLC which matures on March 14, 2026. The LOC Agreement may be extended for successive one year periods by mutual agreement of the parties and prior notice to and a lack of objection by the Utah Insurance Department. Under the terms of the LOC Agreement, the Company receives a facility fee per year based on the unused amounts. In addition, the Company receives annual interest on any advances made under the LOC Agreement where the spread may change from time to time based on the terms of the LOC Agreement. There were no amounts advanced by the Company as of December 31, 2024. The Company earned interest of $0 and facility fees of $122 for each of the years ended December 31, 2025, 2024, and 2023 respectively. Effective March 15, 2026, the Company and FMR LLC extended the LOC Agreement for one year.

**<u>14. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:</u>** 

Underwriting, acquisition and insurance expenses were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
|  Underwriting, acquisition and insurance expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions, gross | $69639 | $49099 | $40878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 31692 | 26241 | 21819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, net | 987 | 1077 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent expense | 1258 | 1075 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes, licenses and fees | 3837 | 2429 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp; General insurance expenses | 45817 | 31561 | 29913 |
|  Total underwriting, acquisition and insurance expenses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97716 |

---

------

##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>15. REINSURANCE:</u>** 

The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009, and 90% for business issued in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.

The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the consolidated balance sheets. Under this reinsurance agreement, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.30% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.

The Company is subject to concentration risk related to this coinsurance agreement. Financial information related to the coinsurance agreement for the years ended December 31 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** |
|  Reinsurance deposits and receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Insurance Company | $346219 | $318444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future contract and policy benefits | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318444 |
|  Reinsurance expense allowance | $1155 | $1271 |
|  Contract and policy benefits and expenses | $10578 | $10576 |

---

The Company's deposit assets under the reinsurance agreements with Principal Life Insurance Company are partially secured by investments held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of the reinsurer.

Revenue from the reinsurance agreement and benefit expense from the underlying annuity contracts has been recognized over the lives of the underlying contracts.

Effective July 1, 2023, the Company entered into a 100% coinsurance with funds withheld reinsurance agreement ("Funds Withheld Agreement") with an affiliate, Soteria Reinsurance, Ltd. ("Soteria Re"), to reinsure the fixed guaranteed income annuity product previously recaptured from GLIC. Soteria Re is a Bermuda based reinsurer who is wholly-owned by Soteria Reinsurance Holdings LLC ("Soteria Holdings") who in turn is wholly-owned by FMR LLC. In connection with the Funds Withheld Agreement, the Company entered into an investment management agreement with Soteria Holdings to provide investment and managerial advice for the assets supporting the reinsured liabilities. Effective October 21, 2024, the Funds Withheld Agreement was amended to reinsure a fixed deferred annuity on a flows basis. Under the Funds Withheld Agreement, the

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>15. REINSURANCE (CONTINUED):</u>** 

Company receives a ceding expense allowance and an upfront distribution allowance. The Company recorded total reinsurance allowances of $18,337 and $1,636 for the years ended December 31, 2025 and 2024, respectively.

The Company recorded a cost of reinsurance asset at the inception of the Funds Withheld Agreement, which is reported in Reinsurance Deposit and Receivables. The cost of reinsurance asset represents the difference between the assets transferred and liabilities reinsured and is amortized over the expected life of the reinsured policies. As of December 31, 2025 and 2024, the cost of reinsurance asset was $4,510 and $5,095, respectively. Accretion for the cost of reinsurance asset was $584 and $516 for the years ended December 31, 2025 and 2024, respectively.

The Company established a funds withheld account, which is recorded in funds withheld payable, equal to the associated assets at fair value to support the policy liabilities reinsured on a statutory basis. The assets in the funds withheld account are trued up on a quarterly basis to the policy liabilities on a statutory basis.

The Company held the following assets under the coinsurance under the Funds Withheld Agreement, which are reported in the line items shown on the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
|  Debt securities, available-for-sale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and other debt securities | $667814 | $286956 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLO, mortgage and asset-backed securities | 229961 | 81685 |
|  Total Debt Securities | 897775 | 368641 |
|  Cash equivalents | 104151 | 26919 |
|  Accrued investment income | 11372 | 5556 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401116 |

---

Certain assets in the funds withheld payable are reported at fair value. As of December 31, 2025, the funds withheld payable balance included a derivative liability of $14,718. As of December 31, 2024, the funds withheld payable balance included a derivative asset of $2,912. The change in fair value of the embedded derivative was a loss of ($17,630) and a gain of $4,359 for the years ended December 31, 2025 and 2024, respectively and is reported as Net Realized Investment Losses on Funds Withheld Embedded Derivative on the consolidated statements of comprehensive income.

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>15. REINSURANCE (CONTINUED):</u>** 

The net investment income and net realized capital gains (losses) related to the assets under the coinsurance with funds withheld agreement are reported net of the amounts in the line items shown on the consolidated statements of comprehensive income. The following are the components of net investment income and net realized capital gains (losses) on the funds withheld assets that were transferred to Soteria Re:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  Debt securities | $37542 | $20171 |
|  Cash equivalents | 2605 | 1149 |
|  Total investment income | 40147 | 21320 |
|  Less: investment expenses | (280) | (298) |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21022 |
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  Debt securities | $427 | $(638) |
|  Net realized investment (losses) | $427 | $(638) |

---

The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2025 and 2024 , respectively.

Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
|  Direct life premiums | $16013 | $13662 | $11429 |
|  Reinsurance ceded, net of ceding expense allowance | 9629 | (6165) | (6157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net premiums | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 |
|  Direct contract and policy benefits | $29007 | $66147 | $38139 |
|  Reinsurance ceded benefits incurred | (40988) | (72103) | (29101) |
|  Reinsurance costs | 13595 | 13524 | 15592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net contract and policy benefits | $1614 | $7568 | $24630 |
|  Direct change in market risk benefits | $(11600) | $7891 | $(74362) |
|  Reinsurance ceded | 12061 | (4746) | 71675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in market risk benefits | $461 | $3145 | $(2687) |

---

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##### [**Table of Contents**](#toc)
**FIDELITY INVESTMENTS LIFE INSURANCE COMPANY** 

**(A Wholly-Owned Subsidiary of FMR LLC)** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(Dollars in thousands)** 

**<u>16. COMMITMENTS AND CONTINGENCIES:</u>** 

The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholder's equity or net income.

**Regulatory Matters** 

Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.

**<u>17. SUBSEQUENT EVENTS:</u>** 

The Company has evaluated subsequent events from the balance sheet date through April 30, 2026 and did not identify any events that would require adjustments to, or disclosure in, the consolidated financial statements.

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##### [**Table of Contents**](#toc)
**PART C** 

**OTHER INFORMATION** 

**Item 27. <u>Exhibits</u>** 

(a) *Board of Directors Resolution* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Resolution of Board of Directors of Fidelity Investments Life Insurance Company ("Fidelity Investments Life") establishing the Fidelity Investments Variable Annuity Account I.](http://www.sec.gov/Archives/edgar/data/821051/0000878467-97-000005.txt) Incorporated by reference from Post-Effective Amendment No. 10 to Registration
Statement, Reg. No 33-24400, filed on April 25, 1997.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Board of Directors Resolution incorporated by reference from Post-Effective Amendment No. 17 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/821051/000119312522133308/d350282dex99p.htm)

(b) *Custodian Agreements* - Not Applicable

(c) *Underwriting Contracts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Distribution Agreement between Fidelity Investments Life, Fidelity Insurance Agency and Fidelity Brokerage Services LLC. Incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement, Reg. No 33-24400, filed on April 25, 1997.](http://www.sec.gov/Archives/edgar/data/821051/0000878467-97-000006.txt)

(d) *Contracts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Variable Annuity Policy. Incorporated by reference from the Initial Registration Statement on Form N-4 (No. 811-05315), filed electronically on July 6, 2007.](http://www.sec.gov/Archives/edgar/data/821051/000082105107000024/ex4.htm)

(e) *Applications* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Application for Deferred Variable Annuity. Incorporated by reference from the Initial Registration Statement on Form N-4 (No. 811-05315), filed electronically on July 6, 2007.](http://www.sec.gov/Archives/edgar/data/821051/000082105107000024/ex5.htm)

(f) *Insurance Company's Certification of Incorporation and By-Laws* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Articles of Domestication of Fidelity Investments Life. Incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement, Reg. No 33-24400, filed on April 25, 1997.](http://www.sec.gov/Archives/edgar/data/821051/0000878467-97-000006.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amended Bylaws of Fidelity Investments Life. Incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement, Reg. No 33-24400, filed on April 25, 1997.](http://www.sec.gov/Archives/edgar/data/821051/0000878467-97-000006.txt)

(g) *Reinsurance Contracts* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Incorporated by reference from the Initial Registration Statement on Form N-4 (No. 811-05315), filed electronically on July 6, 2007.](http://www.sec.gov/Archives/edgar/data/821051/000082105107000024/ex7.htm)

(h) *Participation Agreements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Participation Agreement between Fidelity Investments Life Insurance Company and Fidelity Distributors Corporation and each of Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV, and Variable Insurance Products Fund V incorporated by reference from Post-Effective Amendment No. 17 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/821051/000119312522133308/d350282dex99h1.htm)

(i) *Administrative Contracts* - Not Applicable

(j) *Other Material Contracts* - Not Applicable

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##### [**Table of Contents**](#toc)
(k) *Legal Opinion* 

[Legal opinion and consent of Lance A. Warrick filed herein as Exhibit (k)](d931089dex99k.htm)

(l) *Other Opinions* 

[Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit (l)](d931089dex99l.htm)

(m) *Omitted Financial Statements* - Not Applicable

(n) *Initial Capital Agreements* - Not Applicable

(o) *Form of Initial Summary Prospectuses* - Not Applicable

(p) *Power of Attorney* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Power of Attorney for **William J. Johnson, Jr.** incorporated by reference from Post-Effective Amendment No. 11 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.](http://www.sec.gov/Archives/edgar/data/821051/000110465916115676/a16-7526_1485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney for **Miles Mei** incorporated by reference from Post-Effective Amendment No. 11 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.](http://www.sec.gov/Archives/edgar/data/821051/000110465916115676/a16-7526_1485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Power of Attorney for **Nancy D. Prior** incorporated by reference from Post-Effective Amendment No. 13 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 27, 2018.](http://www.sec.gov/Archives/edgar/data/821051/000110465918027431/a18-5925_1ex99d14l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Power of Attorney for **David J. Vargo** incorporated by reference from Post-Effective Amendment No. 15 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 30, 2020.](http://www.sec.gov/Archives/edgar/data/821051/000110465920054113/a20-3794_1ex99d14l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Power of Attorney for **Kathryn A. Dunn** incorporated by reference from Post-Effective Amendment No. 18 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023.](http://www.sec.gov/Archives/edgar/data/821051/000119312523126697/d443402dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Power of Attorney for **Robert W. Litle** incorporated by reference from Post-Effective Amendment No. 18 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023. <u> </u>](http://www.sec.gov/Archives/edgar/data/821051/000119312523126697/d443402dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Power of Attorney for **Ari Lindner** incorporated by reference from Post-Effective Amendment No. 20 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/821051/000119312525103950/d933674dex99p7.htm) <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Power of Attorney for **Thomas J. Tesauro** incorporated by reference from Post-Effective Amendment No. 20 to Registration Statement on Form N-4, Reg. No. 333-141878, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/821051/000119312525103950/d933674dex99p8.htm) <u> </u> 

(q) *Letter Regarding Change in Certifying Account* - Not Applicable

(r) *Historical Current Limits on Index Gains* - Not Applicable

**Item 28. <u>Directors and Officers of the Insurance Company</u>** 

---

| | |
|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Insurance Company** |
| Ari Lindner | Director and President |
| Kathryn A. Dunn | Director |
| William J. Johnson, Jr. | Director |
| Robert W. Litle | Director |
| Nancy D. Prior | Director |
| Thomas J. Tesauro | Director |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| David J. Vargo | Director |
| James F. Andrea, Jr. | Head of Client Services & Operations |
| Kerri Bellantoni | Vice President, Human Resources |
| Jason Heath | Chief Investment Officer |
| Maxine Hensel | Chief Operating Officer |
| Andrew McIntosh | Illustration Actuary |
| Sara Liane Latham | Appointed Actuary |
| Brian N. Leary | Vice President, Consumer Services Officer & Chief Compliance Officer |
| Miles Mei | Chief Financial Officer and Treasurer |
| Robert G. Regan | Chief Risk Officer |
| Jeffrey Scobee | Head of Technology Vice President, Technology Management |
| Lance A. Warrick | Vice President, General Counsel and Secretary |

---

The principal business address for each person named in Item 28 is 900 Salem Street, Smithfield, Rhode Island 02917.

**Item 29. <u>Persons Controlled By or Under Common Control with the Insurance Company or the Registered Separate Account</u>** 

The Depositor, Fidelity Investments Life Insurance Company, a Utah Corporation, is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Brokerage Services LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Distributors Company LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Workplace Investing LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Insurance Agency, Inc., a Massachusetts Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the
Fidelity Funds including the Variable Insurance Product Funds named in the prospectus)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Digital Brokerage Services, LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Prime Financing LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Green Pier Fintech LLC, a Delaware limited liability Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National Financial Services LLC, a Delaware limited liability Company

**Item 30. <u>Indemnification</u>** 

FMR LLC and its subsidiaries own a directors' and officers' liability reimbursement contract (the "Policies"), issued by National Union Fire Insurance Company, that provides coverage for "Loss" (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgements, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.

There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.

A $100 million limit (policy aggregate limit) and a $500,000 deductible apply to Loss for which the directors and officers are indemnified by Fidelity Investments Life Insurance Company. A $10 million limit (policy aggregate) and a $0 deductible apply to Loss for which the directors and officers are not indemnified by Fidelity Investments Life Insurance Company.

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##### [**Table of Contents**](#toc)
Utah law (Revised Business Corporation Act §16-10a-901 et seq.) provides, in substance, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

The Text of Article XIV of Fidelity Investments Life Insurance Company's By-Laws, which relates to indemnification of the directors and officers, is as follows:

INDEMNIFICATION OF DIRECTORS, OFFICERS AND PERSONS

ADMINISTERING EMPLOYEE BENEFIT PLANS

Each officer or Director or former officer or Director of the Corporation, and each person who shall, at the Corporation's request, have served as an officer or Director of another corporation or as trustee, partner or officer of a trust, partnership or association, and each person who shall, at the Corporation's request, have served in any capacity with respect to any employee benefit plan, whether or not then in office or then serving with respect to such employee benefit plan, and the heirs, executors, administrators, successors and assigns of each of them, shall be indemnified by the Corporation against all liabilities, costs and expenses, including amounts paid in satisfaction of judgments, in compromise and or as fines or reasonably incurred by him or them in connection with or arising out of any action, suit, or proceeding, civil or criminal, in which he or they may be involved, or incurred in anticipation of any action, suit or proceeding, by reason of his being or having any alleged act or omission by him in such capacity or in serving with respect to an employee benefit plan, including the cost of reasonable settlements (other than amounts paid to the Corporation itself) made with a view to curtailment of costs of litigation.

The Corporation shall not, however, indemnify any such person, or his heirs, executors, administrators, successors, or assigns, with respect to any matter as to which his conduct shall be finally adjudged in any such action, suit, or proceeding to constitute willful misconduct or recklessness or to the extent that such matter relates to service with respect to an employee benefit plan, to be not in the best interests of the participants or beneficiaries of such employee benefit plan.

Such indemnification may include payment by the Corporation of expenses incurred in defending any such action, suit, or proceeding in advance of the final disposition thereof, upon receipt of an undertaking by or on behalf of the person indemnified to repay such payment if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation. Such undertaking may be accepted by the Corporation without reference to the financial ability of such person to make repayment.

The foregoing rights of indemnification shall not be exclusive of other rights to which any such Director, officer, trustee, partner or person serving with respect to an employee benefit plan may be entitled as a matter of law. These indemnity provisions shall be separable, and if any portion thereof shall be finally adjudged to be invalid, such invalidity shall not affect any other portion which can be given effect.

The Board of Directors may purchase and maintain insurance on behalf of any persons who is or was a Director, officer, trustee, partner, employee or other agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, trustee, partner, employee or other agent of another corporation, association, trust or partnership, against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director or officer, or controlling persons of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. <u>Principal Underwriters</u>** 

(a) Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts
registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company.

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##### [**Table of Contents**](#toc)
(b) Management

---

| | |
|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** |
| Robert R. Mascialino | Director, Chief Executive Officer, and President |
| Lisa D. Krieser | Assistant Secretary |
| Kevin M. McLaughlin | Chief Financial Officer |
| Gail R. Merken | Chief Compliance Officer |
| Michael Shulman | Assistant Treasurer |
| Charles Sturdy | Secretary and Chief Legal Officer |

---

The address for each person named in Item 31(b) is 900 Salem Street, Smithfield, Rhode Island 02917.

(c) Compensation to the Distributor:

The following aggregate amount of commissions and other compensation was received by the principal underwriter, directly or indirectly, from the Registrant for this and other variable annuity contracts issued by the Depositor, during the Registrant's last fiscal year:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1)<br> Name of Principal<br> Underwriter | (2)<br>Net Underwriting<br>Discounts and<br>Commissions | (3)<br>Compensation on<br>Redemption | (4)<br>Brokerage<br>Commissions | (5)<br>Other<br>Compensation |
|  Fidelity Brokerage Services LLC | $20992464 | $0 | $0 | $0 |

---

**Item 31A. <u>Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment</u>** 

(a) For any Contract with Index-Linked Options and/or Fixed Options subject to a Contract Adjustment offered
through this registration statement, provide the information required by the following table as of December 31 of the prior calendar year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of<br> Contract | Number of<br>Contracts<br>outstanding | Total value<br>attributable to<br> the Index-<br> Linked Option<br> and/or Fixed<br> Option subject<br> to a Contract<br>Adjustment | Number of Contracts<br>sold during the prior<br>calendar year | Gross<br> premiums<br> received during<br> the prior<br> calendar year | Amount of<br> Contract value<br>redeemed<br> during the prior<br>calendar year | Combination Contract<br> (Yes/No) |
|  Not Applicable | Not Applicable | Not Appliable | Not Applicable | Not Applicable | Not Applicable | Not Applicable |

---

**Item 32. <u>Location of Accounts and Records</u>** 

The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 900 Salem Street, Smithfield, Rhode Island 02917.

**Item 33. <u>Management Services</u>** 

Not Applicable

**Item 34. <u>Fee Representation and Undertakings</u>** 

Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable annuity policy ("the contract") offered by Fidelity Investments Life Insurance Company, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.

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

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Fidelity Investments Variable Annuity Account I, certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 30th day of April, 2026.

<u>FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I</u> 

(Registered Separate Account)

<u>By: FIDELITY INVESTMENTS LIFE INSURANCE COMPANY</u> 

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ \* | Attest: | /s/ Lance A. Warrick |
|  | Ari Lindner |  | Lance A. Warrick |
|  | President |  | Secretary |

---

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Insurance Company)

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ \* | Attest: | /s/ Lance A. Warrick |
|  | Ari Lindner |  | Lance A. Warrick |
|  | President |  | Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on this 30th day of April 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Signature** | **Title** | **Date** |  |  |
| /s/ \* |  |  |  |  |
| Ari Lindner | President and Director | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| Miles Mei | Treasurer | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| Kathryn A. Dunn | Director | April 30, 2026 | By: | /s/ Lance A. Warrick |
| /s/ \* |  |  |  | Lance A. Warrick<br> (Attorney-in-Fact)\* |
| William J. Johnson, Jr. | Director | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| Robert W. Litle | Director | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| Nancy D. Prior | Director | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| Thomas J. Tesauro | Director | April 30, 2026 |  |  |
| /s/ \* |  |  |  |  |
| David J. Vargo | Director | April 30, 2026 |  |  |

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## Ex-99.(K)

**Exhibit (k)** 

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| | |
|:---|:---|
| ![LOGO](g931089g0417084017128.jpg) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMR LLC<br> 245 Summer Street<br> Boston, MA 02210<br> 617-563-7000 |

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April 30, 2026

Board of Directors

Fidelity Investments Life Insurance Company

900 Salem Street

Smithfield, RI 02917

Ladies and Gentlemen:

In my capacity as General Counsel of Fidelity Investments Life Insurance Company ("Fidelity Life"), I have provided legal advice to Fidelity Life with respect to the existence of Fidelity Investments Variable Annuity Account I (the "Account") pursuant to Section 31A-5-217.5 of the Utah Insurance Code. The Account was established by Fidelity Life on July 22, 1987, for the investment of assets held under certain variable annuity contracts (the "Contracts"). I have participated in the preparation and review of Post-Effective Amendment No. 21 to the Registration Statement on Form N-4 for the registration of the Contracts with the Securities and Exchange Commission under the Securities Act of 1933, as amended, Reg. No. 333-141878, and the registration of the Account under the Investment Company Act of 1940, as amended.

I am of the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fidelity Life is duly organized and validly existing under the laws of the State of Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Account is duly organized and validly existing as a separate account of Fidelity Life under the laws of the
State of Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The portion of the assets to be held in the Account equal to the reserve and other liabilities for variable
benefits under the Contracts is not chargeable with liabilities arising out of any other business Fidelity Life may conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Contracts, when issued as set forth in the Registration Statement, will be legal and binding obligations of
Fidelity Life in accordance with their terms.

In arriving at the foregoing opinion, I have made such examination of law and examined such records and other documents as I judged to be necessary or appropriate.

I hereby consent to the filing of this opinion as an Exhibit to the Registration Statement, and to the reference to my name under the heading "Legal Matters" in the Statement of Additional Information.

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| |
|:---|
|  Very truly yours, |
| /s/ Lance A. Warrick |
|  Lance A. Warrick |
|  General Counsel |

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## Ex-99.(L)

**Exhibit (l)** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 21 to the Registration Statement on Form N-4 (No. 333-141878) (the "Registration Statement") of our report dated April 30, 2026 relating to the financial statements of Fidelity Investments Life Insurance Company and consent to the use in the Registration Statement of our report dated April 30, 2026 relating to the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I indicated in our report. We also consent to the references to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 30, 2026