# EDGAR Filing Document

**Accession Number:** 0000836687
**File Stem:** 0000836687-26-000096
**Filing Date:** 2026-3
**Character Count:** 643755
**Document Hash:** 6ebbeb6e3af34e984fb5f811dba52611
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000836687-26-000096.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000836687-26-000096

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEPARATE ACCOUNT B OF VENERABLE INSURANCE & ANNUITY Co
- **CENTRAL INDEX KEY:** 0000836687

**ORGANIZATION NAME:**
- **EIN:** 410991508
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05626
- **FILM NUMBER:** 26818107

**BUSINESS ADDRESS:**
- **STREET 1:** 699 WALNUT STREET
- **STREET 2:** SUITE 1350
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309-3942
- **BUSINESS PHONE:** 610-425-3400

**MAIL ADDRESS:**
- **STREET 1:** 699 WALNUT STREET
- **STREET 2:** SUITE 1350
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309-3942

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT B OF VOYA INSURANCE & ANNUITY Co
- **DATE OF NAME CHANGE:** 20140829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT B OF ING USA ANNUITY LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20031230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT B OF ING USA ANNUITY & LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20031230

## Series and Classes Contracts Data

### SEPARATE ACCOUNT B OF VENERABLE INSURANCE AND ANNUITY COMPANY (Series ID: S000000888)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000002506 | GOLDENSELECT ACCESS                  |  |
| C000002507 | WELLS FARGO LANDMARK                 |  |
| C000002508 | GOLDENSELECT LEGENDS                 |  |
| C000002509 | GOLDENSELECT PREMIUM PLUS            |  |
| C000002510 | SMARTDESIGN ADVANTAGE                |  |
| C000002511 | SMARTDESIGN VARIABLE ANNUITY         |  |
| C000002512 | SMARTDESIGN SIGNATURE                |  |
| C000002517 | GOLDENSELECT ACCESS ONE              |  |
| C000002518 | SIMPLICITY VARIABLE ANNUITY          |  |
| C000002519 | GOLDENSELECT DVA                     |  |
| C000002520 | GOLDENSELECT DVA PLUS                |  |
| C000002521 | GOLDENSELECT ESII                    |  |
| C000002522 | GOLDENSELECT GENERATIONS             |  |
| C000002523 | GOLDENSELECT OPPORTUNITIES           |  |
| C000002524 | WELLS FARGO OPPORTUNITIES            |  |
| C000002525 | GOLDENSELECT LANDMARK                |  |
| C000002530 | FOCUS VARIABLE ANNUITY               |  |
| C000002531 | ROLLOVER CHOICE VARIABLE ANNUITY     |  |
| C000002974 | GOLDENSELECT DVA SERIES 100          |  |
| C000002975 | GOLDENSELECT GRANITE PRIMELITE       |  |
| C000002976 | GOLDENSELECT FLEET PREMIUM PLUS      |  |
| C000002978 | GOLDENSELECT VALUE                   |  |
| C000023338 | GOLDENSELECT FUND FOR LIFE           |  |
| C000034749 | ARCHITECT VARIABLE ANNUITY           |  |
| C000144643 | POTENTIAL PLUS ANNUITY               |  |
| C000155038 | PREFERRED ADVANTAGE VARIABLE ANNUITY |  |

**FINANCIAL STATEMENTS**

**Venerable Insurance and Annuity Company<br>Separate Account B**

***For the year ended December 31, 2025<br>with Report of Independent Registered Public Accounting Firm***

![](fi862img002.jpg)

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Financial Statements** |
| **Year Ended December 31, 2025** |

---

**Contents**

---

| | |
|:---|:---|
| [Audited Financial Statements](#chapter_4_862) | [5](#chapter_4_862) |
| [Statements of Assets and Liabilities](#chapter_4-sect1_1_862) | [5](#chapter_4-sect1_1_862) |
| [Statements of Operations](#chapter_4-sect1_2_862) | [34](#chapter_4-sect1_2_862) |
| [Statements of Changes in Net Assets](#chapter_4-sect1_3_862) | [70](#chapter_4-sect1_3_862) |
| [Notes to Financial Statements](#chapter_5-sect1_1_862) | [120](#chapter_5-sect1_1_862) |

---

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![](fi862img006.jpg)

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![](fi862img003.jpg)

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![](fi862img005.jpg)

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![](fi862img004.jpg)

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Statements of Assets and Liabilities** |
| **December 31, 2025** |
| *(Dollars in thousands)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares** | **American Funds Insurance Series<sup>®</sup>** **-- Washington Mutual Investors Fund<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series<sup>®</sup>** **-- The Bond Fund of America<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series Capital Income Builder Fund - Class 4** | **American Funds Insurance Series Global Growth Fund - Class 4** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $134<br>| $3259<br>| $1542<br>| $2249<br>| $1826<br>|
| Total assets | 134<br>| 3259<br>| 1542<br>| 2249<br>| 1826<br>|
| Net assets | $134<br>| $3259<br>| $1542<br>| $2249<br>| $1826<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 134<br>| 3259<br>| 1542<br>| 2249<br>| 1826<br>|
| Total net assets | $134<br>| $3259<br>| $1542<br>| $2249<br>| $1826<br>|
| Total number of mutual fund shares | 15969<br>| 185681<br>| 165621<br>| 155502<br>| 48628<br>|
| Cost of mutual fund shares | $151<br>| $2488<br>| $1668<br>| $1770<br>| $1607<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 5

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American Funds Insurance** <br>**Series Growth** **Fund - Class 4** | **American Funds Insurance Series International Fund - Class 4** | **American Funds Insurance Series New World Fund - Class 4** | **BlackRock Equity Dividend V.I. Fund - Class III** | **BlackRock Global Allocation V.I. Fund - Class III** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $9529<br>| $1742<br>| $963<br>| $3455<br>| $1104<br>|
| Total assets | 9529<br>| 1742<br>| 963<br>| 3455<br>| 1104<br>|
| Net assets | $9529<br>| $1742<br>| $963<br>| $3455<br>| $1104<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 9529<br>| 1742<br>| 963<br>| 3455<br>| 1104<br>|
| Total net assets | $9529<br>| $1742<br>| $963<br>| $3455<br>| $1104<br>|
| Total number of mutual fund shares | 70903<br>| 79779<br>| 30373<br>| 301445<br>| 82775<br>|
| Cost of mutual fund shares | $6339<br>| $1515<br>| $783<br>| $3374<br>| $1163<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 6

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[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlackRock High Yield V.I. Fund - Class III** | **BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III** | **Columbia VP Seligman Global Technology Fund - Class 2** | **Columbia VP Large Cap Growth Fund - Class 1** | **DWS Alternative Asset Allocation VIP - Class B** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1080<br>| $333<br>| $4030<br>| $21<br>| $37<br>|
| Total assets | 1080<br>| 333<br>| 4030<br>| 21<br>| 37<br>|
| Net assets | $1080<br>| $333<br>| $4030<br>| $21<br>| $37<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1080<br>| 333<br>| 4030<br>| 21<br>| 37<br>|
| Total net assets | $1080<br>| $333<br>| $4030<br>| $21<br>| $37<br>|
| Total number of mutual fund shares | 152486<br>| 22672<br>| 118634<br>| 361<br>| 2733<br>|
| Cost of mutual fund shares | $1069<br>| $304<br>| $2751<br>| $6<br>| $35<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 7

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Eaton Vance VT Floating-Rate Income Fund - Initial Class** | **Federated Hermes High Income Bond Fund II - Service Shares** | **Federated Hermes Kaufmann Fund II - Service Shares** | **Fidelity<sup>®</sup>** **VIP Strategic Income Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP Disciplined Small Cap Portfolio - Service Class 2** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $2691<br>| $797<br>| $130<br>| $2421<br>| $244<br>|
| Total assets | 2691<br>| 797<br>| 130<br>| 2421<br>| 244<br>|
| Net assets | $2691<br>| $797<br>| $130<br>| $2421<br>| $244<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 2691<br>| 797<br>| 130<br>| 2421<br>| 244<br>|
| Total net assets | $2691<br>| $797<br>| $130<br>| $2421<br>| $244<br>|
| Total number of mutual fund shares | 321106<br>| 138559<br>| 7522<br>| 218655<br>| 12105<br>|
| Cost of mutual fund shares | $2813<br>| $779<br>| $137<br>| $2412<br>| $194<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 8

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup>** **VIP FundsManager 20% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 60% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 85% Portfolio - Service Class 2** | **Franklin Strategic Income VIP Fund - Class 2** | **Templeton Global Bond VIP Fund - Class 2** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $929<br>| $642<br>| $119<br>| $437<br>| $1895<br>|
| Total assets | 929<br>| 642<br>| 119<br>| 437<br>| 1895<br>|
| Net assets | $929<br>| $642<br>| $119<br>| $437<br>| $1895<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 929<br>| 642<br>| 119<br>| 437<br>| 1895<br>|
| Total net assets | $929<br>| $642<br>| $119<br>| $437<br>| $1895<br>|
| Total number of mutual fund shares | 83178<br>| 54909<br>| 7677<br>| 47836<br>| 143866<br>|
| Cost of mutual fund shares | $947<br>| $546<br>| $113<br>| $481<br>| $2098<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 9

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nomura VIP Asset Strategy Series - Service Class** | **Nomura VIP Balanced Series - Service Class** | **Nomura VIP Energy Series - Service Class** | **Nomura VIP High Income Series - Service Class** | **Nomura VIP International Core Equity Series - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $309<br>| $516<br>| $929<br>| $1005<br>| $37<br>|
| Total assets | 309<br>| 516<br>| 929<br>| 1005<br>| 37<br>|
| Net assets | $309<br>| $516<br>| $929<br>| $1005<br>| $37<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 309<br>| 516<br>| 929<br>| 1005<br>| 37<br>|
| Total net assets | $309<br>| $516<br>| $929<br>| $1005<br>| $37<br>|
| Total number of mutual fund shares | 30948<br>| 78989<br>| 179374<br>| 342842<br>| 1921<br>|
| Cost of mutual fund shares | $272<br>| $460<br>| $852<br>| $1101<br>| $32<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 10

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nomura VIP Mid Cap Growth Series - Service Class** | **Nomura VIP Science And Technology Series - Service Class** | **Nomura VIP Smid Cap Core Series - Service Class** | **Nomura VIP Small Cap Growth Series - Service Class** | **Janus Henderson Balanced Portfolio - Service Shares** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $252<br>| $1144<br>| $145<br>| $431<br>| $2737<br>|
| Total assets | 252<br>| 1144<br>| 145<br>| 431<br>| 2737<br>|
| Net assets | $252<br>| $1144<br>| $145<br>| $431<br>| $2737<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 252<br>| 1144<br>| 145<br>| 431<br>| 2737<br>|
| Total net assets | $252<br>| $1144<br>| $145<br>| $431<br>| $2737<br>|
| Total number of mutual fund shares | 32664<br>| 35030<br>| 10703<br>| 57828<br>| 46010<br>|
| Cost of mutual fund shares | $320<br>| $842<br>| $121<br>| $344<br>| $2004<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 11

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Janus Henderson Enterprise Portfolio - Service Shares** | **Janus Henderson Flexible Bond Portfolio - Service Shares** | **ClearBridge Variable Growth - Class II** | **ClearBridge Variable Mid Cap Portfolio - Class II** | **Western Asset Core Plus VIT Portfolio - Class I** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1465<br>| $424<br>| $31<br>| $130<br>| $5<br>|
| Total assets | 1465<br>| 424<br>| 31<br>| 130<br>| 5<br>|
| Net assets | $1465<br>| $424<br>| $31<br>| $130<br>| $5<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1465<br>| 424<br>| 31<br>| 130<br>| 5<br>|
| Total net assets | $1465<br>| $424<br>| $31<br>| $130<br>| $5<br>|
| Total number of mutual fund shares | 19974<br>| 38064<br>| 2365<br>| 5517<br>| 1100<br>|
| Cost of mutual fund shares | $1361<br>| $466<br>| $35<br>| $132<br>| $6<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 12

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[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MFS VIT II Income Portfolio - Service Class** | **MFS VIT Research Series Portfolio - Service Class** | **MFS VIT International Intrinsic Value Portfolio - Service Class** | **MFS VIT Value Series - Service Class** | **MFS VIT III Global Real Estate Portfolio - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $130<br>| $226<br>| $212<br>| $613<br>| $118<br>|
| Total assets | 130<br>| 226<br>| 212<br>| 613<br>| 118<br>|
| Net assets | $130<br>| $226<br>| $212<br>| $613<br>| $118<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 130<br>| 226<br>| 212<br>| 613<br>| 118<br>|
| Total net assets | $130<br>| $226<br>| $212<br>| $613<br>| $118<br>|
| Total number of mutual fund shares | 15415<br>| 7590<br>| 5878<br>| 28442<br>| 7604<br>|
| Cost of mutual fund shares | $130<br>| $224<br>| $174<br>| $597<br>| $127<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 13

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Main Street Fund - Series II** | **Invesco V.I. Core Plus Bond Fund - Series II** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series II** | **Invesco V.I. International Growth Fund - Series II** | **PIMCO All Asset Portfolio - Administrative Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $357<br>| $234<br>| $337<br>| $580<br>| $36<br>|
| Total assets | 357<br>| 234<br>| 337<br>| 580<br>| 36<br>|
| Net assets | $357<br>| $234<br>| $337<br>| $580<br>| $36<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 357<br>| 234<br>| 337<br>| 580<br>| 36<br>|
| Total net assets | $357<br>| $234<br>| $337<br>| $580<br>| $36<br>|
| Total number of mutual fund shares | 16627<br>| 40468<br>| 5313<br>| 280073<br>| 3782<br>|
| Cost of mutual fund shares | $291<br>| $234<br>| $346<br>| $592<br>| $34<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 14

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Low Duration Portfolio - Administrative Class** | **PIMCO Real Return Portfolio - Administrative Class** | **PIMCO Short-Term Portfolio - Administrative Class** | **PIMCO Total Return Portfolio - Administrative Class** | **ProFund VP Rising Rates Opportunity** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1663<br>| $2073<br>| $4248<br>| $3724<br>| $896<br>|
| Total assets | 1663<br>| 2073<br>| 4248<br>| 3724<br>| 896<br>|
| Net assets | $1663<br>| $2073<br>| $4248<br>| $3724<br>| $896<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1663<br>| 2073<br>| 4248<br>| 3724<br>| 896<br>|
| Total net assets | $1663<br>| $2073<br>| $4248<br>| $3724<br>| $896<br>|
| Total number of mutual fund shares | 170054<br>| 172567<br>| 411260<br>| 394093<br>| 34183<br>|
| Cost of mutual fund shares | $1710<br>| $2137<br>| $4210<br>| $4020<br>| $1077<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 15

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Putnam VT Income Fund - Class 1B** | **Putnam VT International Equity Fund - Class 1B** | **Putnam VT International Value Fund - Class 1B** | **Putnam VT Mortgage Securities Fund - Class 1B** | **Putnam VT Core Equity Fund - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $571<br>| $3<br>| $730<br>| $585<br>| $438<br>|
| Total assets | 571<br>| 3<br>| 730<br>| 585<br>| 438<br>|
| Net assets | $571<br>| $3<br>| $730<br>| $585<br>| $438<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 571<br>| 3<br>| 730<br>| 585<br>| 438<br>|
| Total net assets | $571<br>| $3<br>| $730<br>| $585<br>| $438<br>|
| Total number of mutual fund shares | 69659<br>| 161<br>| 46028<br>| 94430<br>| 18552<br>|
| Cost of mutual fund shares | $695<br>| $2<br>| $680<br>| $589<br>| $359<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 16

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Putnam VT Small Cap Value Fund - Class 1B** | **T. Rowe Price Blue Chip Growth Portfolio - II** | **T. Rowe Price Health Sciences Portfolio - II** | **MFS VIT Utilities Series Portfolio - Service Class** | **Voya Intermediate Bond Portfolio - Class A** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $167<br>| $5241<br>| $4023<br>| $834<br>| $2580<br>|
| Total assets | 167<br>| 5241<br>| 4023<br>| 834<br>| 2580<br>|
| Net assets | $167<br>| $5241<br>| $4023<br>| $834<br>| $2580<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 167<br>| 5241<br>| 4023<br>| 834<br>| 2580<br>|
| Total net assets | $167<br>| $5241<br>| $4023<br>| $834<br>| $2580<br>|
| Total number of mutual fund shares | 15432<br>| 86307<br>| 74459<br>| 22656<br>| 236256<br>|
| Cost of mutual fund shares | $156<br>| $3404<br>| $3596<br>| $789<br>| $2820<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 17

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Balanced Income Portfolio - Adviser Class** | **Voya Global Perspectives<sup>®</sup>** **Portfolio - Class A** | **Voya Government Liquid Assets Portfolio - Service Class** | **Voya Government Liquid Assets Portfolio - Service 2 Class** | **Voya High Yield Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1027<br>| $222<br>| $196380<br>| $10400<br>| $444<br>|
| Total assets | 1027<br>| 222<br>| 196380<br>| 10400<br>| 444<br>|
| Net assets | $1027<br>| $222<br>| $196380<br>| $10400<br>| $444<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1027<br>| 222<br>| 196380<br>| 10400<br>| 444<br>|
| Total net assets | $1027<br>| $222<br>| $196380<br>| $10400<br>| $444<br>|
| Total number of mutual fund shares | 105819<br>| 23495<br>| 196380057<br>| 10400218<br>| 50009<br>|
| Cost of mutual fund shares | $1030<br>| $213<br>| $196380<br>| $10400<br>| $440<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 18

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Large Cap Growth Portfolio - Adviser Class** | **Voya Large Cap Growth Portfolio - Institutional Class** | **Voya Limited Maturity Bond Portfolio - Service Class** | **Voya Retirement Conservative Portfolio - Adviser Class** | **Voya Retirement Aggressive Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $5818<br>| $111<br>| $7416<br>| $1464<br>| $148<br>|
| Total assets | 5818<br>| 111<br>| 7416<br>| 1464<br>| 148<br>|
| Net assets | $5818<br>| $111<br>| $7416<br>| $1464<br>| $148<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 5818<br>| 111<br>| 7416<br>| 1464<br>| 148<br>|
| Total net assets | $5818<br>| $111<br>| $7416<br>| $1464<br>| $148<br>|
| Total number of mutual fund shares | 417638<br>| 5892<br>| 767713<br>| 200018<br>| 13979<br>|
| Cost of mutual fund shares | $4788<br>| $92<br>| $7703<br>| $1690<br>| $157<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 19

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Retirement Moderately Aggressive Portfolio - Adviser Class** | **Voya Retirement Moderate Portfolio - Adviser Class** | **Voya Inflation Protected Bond Plus Portfolio - Class A** | **Voya Inflation Protected Bond Plus Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $869<br>| $1353<br>| $615<br>| $89677<br>| $83<br>|
| Total assets | 869<br>| 1353<br>| 615<br>| 89677<br>| 83<br>|
| Net assets | $869<br>| $1353<br>| $615<br>| $89677<br>| $83<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 869<br>| 1353<br>| 615<br>| 89677<br>| 83<br>|
| Total net assets | $869<br>| $1353<br>| $615<br>| $89677<br>| $83<br>|
| Total number of mutual fund shares | 86168<br>| 136098<br>| 69441<br>| 9758139<br>| 8262<br>|
| Cost of mutual fund shares | $912<br>| $1472<br>| $653<br>| $92925<br>| $83<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 20

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service Class** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service 2 Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Adviser Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service 2 Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $28033<br>| $135<br>| $451<br>| $51557<br>| $4693<br>|
| Total assets | 28033<br>| 135<br>| 451<br>| 51557<br>| 4693<br>|
| Net assets | $28033<br>| $135<br>| $451<br>| $51557<br>| $4693<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 28033<br>| 135<br>| 451<br>| 51557<br>| 4693<br>|
| Total net assets | $28033<br>| $135<br>| $451<br>| $51557<br>| $4693<br>|
| Total number of mutual fund shares | 2716370<br>| 12944<br>| 17681<br>| 1855243<br>| 170025<br>|
| Cost of mutual fund shares | $28468<br>| $132<br>| $519<br>| $53840<br>| $4916<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 21

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Small Cap Core Equity Portfolio - Adviser Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Adviser Class** | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1022<br>| $502<br>| $877<br>| $699<br>| $50074<br>|
| Total assets | 1022<br>| 502<br>| 877<br>| 699<br>| 50074<br>|
| Net assets | $1022<br>| $502<br>| $877<br>| $699<br>| $50074<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1022<br>| 502<br>| 877<br>| 699<br>| 50074<br>|
| Total net assets | $1022<br>| $502<br>| $877<br>| $699<br>| $50074<br>|
| Total number of mutual fund shares | 51899<br>| 42159<br>| 69605<br>| 75907<br>| 2030566<br>|
| Cost of mutual fund shares | $1012<br>| $532<br>| $954<br>| $889<br>| $51191<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 22

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Global Bond Portfolio - Advisor** | **Voya International High Dividend Low Volatility Portfolio - Adviser Class** | **Voya International High Dividend Low Volatility Portfolio - Service Class** | **Voya Solution 2035 Portfolio - Adviser Class** | **Voya Solution 2035 Portfolio - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $186<br>| $281<br>| $184217<br>| $101<br>| $7902<br>|
| Total assets | 186<br>| 281<br>| 184217<br>| 101<br>| 7902<br>|
| Net assets | $186<br>| $281<br>| $184217<br>| $101<br>| $7902<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 186<br>| 281<br>| 184217<br>| 101<br>| 7902<br>|
| Total net assets | $186<br>| $281<br>| $184217<br>| $101<br>| $7902<br>|
| Total number of mutual fund shares | 22736<br>| 21638<br>| 14051606<br>| 9053<br>| 687109<br>|
| Cost of mutual fund shares | $217<br>| $221<br>| $149376<br>| $94<br>| $7472<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 23

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Solution 2045 Portfolio - Adviser Class** | **Voya Solution 2045 Portfolio - Service Class** | **Voya Solution 2055 Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $397<br>| $776<br>| $3<br>| $1244<br>| $15456<br>|
| Total assets | 397<br>| 776<br>| 3<br>| 1244<br>| 15456<br>|
| Net assets | $397<br>| $776<br>| $3<br>| $1244<br>| $15456<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 397<br>| 776<br>| 3<br>| 1244<br>| 15456<br>|
| Total net assets | $397<br>| $776<br>| $3<br>| $1244<br>| $15456<br>|
| Total number of mutual fund shares | 34573<br>| 65916<br>| 202<br>| 114091<br>| 1387428<br>|
| Cost of mutual fund shares | $356<br>| $688<br>| $2<br>| $1218<br>| $14929<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 24

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio - Adviser Class** | **VY<sup>®</sup>** **Baron Growth Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Contrarian Core Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Adviser Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1366<br>| $902<br>| $1753<br>| $123<br>| $1393<br>|
| Total assets | 1366<br>| 902<br>| 1753<br>| 123<br>| 1393<br>|
| Net assets | $1366<br>| $902<br>| $1753<br>| $123<br>| $1393<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 1366<br>| 902<br>| 1753<br>| 123<br>| 1393<br>|
| Total net assets | $1366<br>| $902<br>| $1753<br>| $123<br>| $1393<br>|
| Total number of mutual fund shares | 139640<br>| 66553<br>| 114524<br>| 9496<br>| 43344<br>|
| Cost of mutual fund shares | $1519<br>| $1265<br>| $1601<br>| $146<br>| $1708<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 25

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Initial Class** | **Voya Global Insights Portfolio - Adviser Class** | **Voya Global Insights Portfolio - Initial Class** | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Adviser Class** | **VY<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $553<br>| $753<br>| $2795<br>| $958<br>| $179<br>|
| Total assets | 553<br>| 753<br>| 2795<br>| 958<br>| 179<br>|
| Net assets | $553<br>| $753<br>| $2795<br>| $958<br>| $179<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 553<br>| 753<br>| 2795<br>| 958<br>| 179<br>|
| Total net assets | $553<br>| $753<br>| $2795<br>| $958<br>| $179<br>|
| Total number of mutual fund shares | 16518<br>| 89483<br>| 259260<br>| 70978<br>| 22958<br>|
| Cost of mutual fund shares | $659<br>| $879<br>| $3334<br>| $1089<br>| $177<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 26

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Global High Dividend Low Volatility Portfolio - Class A** | **Voya International Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class I** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $31<br>| $1839<br>| $8467<br>| $5364<br>| $1009<br>|
| Total assets | 31<br>| 1839<br>| 8467<br>| 5364<br>| 1009<br>|
| Net assets | $31<br>| $1839<br>| $8467<br>| $5364<br>| $1009<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 31<br>| 1839<br>| 8467<br>| 5364<br>| 1009<br>|
| Total net assets | $31<br>| $1839<br>| $8467<br>| $5364<br>| $1009<br>|
| Total number of mutual fund shares | 2542<br>| 132463<br>| 99000<br>| 115856<br>| 21134<br>|
| Cost of mutual fund shares | $26<br>| $1318<br>| $5411<br>| $3097<br>| $672<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 27

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class A** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $7<br>| $5787<br>| $1316<br>| $2815<br>| $2291<br>|
| Total assets | 7<br>| 5787<br>| 1316<br>| 2815<br>| 2291<br>|
| Net assets | $7<br>| $5787<br>| $1316<br>| $2815<br>| $2291<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 7<br>| 5787<br>| 1316<br>| 2815<br>| 2291<br>|
| Total net assets | $7<br>| $5787<br>| $1316<br>| $2815<br>| $2291<br>|
| Total number of mutual fund shares | 271<br>| 208182<br>| 29265<br>| 278690<br>| 175715<br>|
| Cost of mutual fund shares | $6<br>| $5054<br>| $1282<br>| $3004<br>| $2229<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 28

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Small Company Portfolio - Class A** | **Voya SmallCap Opportunities Portfolio - Class A** | **Allspring VT Discovery All Cap Growth Fund - 2** | **Allspring VT Index Asset Allocation Fund - Class 2** | **Allspring VT Small Cap Growth Fund - Class 2** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $40<br>| $1163<br>| $377<br>| $577<br>| $72<br>|
| Total assets | 40<br>| 1163<br>| 377<br>| 577<br>| 72<br>|
| Net assets | $40<br>| $1163<br>| $377<br>| $577<br>| $72<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 40<br>| 1163<br>| 377<br>| 577<br>| 72<br>|
| Total net assets | $40<br>| $1163<br>| $377<br>| $577<br>| $72<br>|
| Total number of mutual fund shares | 3121<br>| 57146<br>| 18052<br>| 28845<br>| 7522<br>|
| Cost of mutual fund shares | $36<br>| $966<br>| $441<br>| $513<br>| $78<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 29

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** | **Venerable Large Cap Index Fund - Class V** | **Venerable Strategic Bond Fund - Class V** | **Venerable US Large Cap Strategic Equity Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $109595<br>| $2151505<br>| $3223382<br>| $1184907<br>| $2160219<br>|
| Total assets | 109595<br>| 2151505<br>| 3223382<br>| 1184907<br>| 2160219<br>|
| Net assets | $109595<br>| $2151505<br>| $3223382<br>| $1184907<br>| $2160219<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 109595<br>| 2151505<br>| 3223382<br>| 1184907<br>| 2160219<br>|
| Total net assets | $109595<br>| $2151505<br>| $3223382<br>| $1184907<br>| $2160219<br>|
| Total number of mutual fund shares | 10818846<br>| 185474558<br>| 254611542<br>| 120785658<br>| 175058240<br>|
| Cost of mutual fund shares | $108153<br>| $1859601<br>| $2556067<br>| $1204769<br>| $1757045<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 30

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable Emerging Markets Equity Fund - Class V** | **Venerable World Equity Fund - Class V** | **Venerable International Index Fund - Class V** | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $138736<br>| $543114<br>| $413950<br>| $1025967<br>| $234758<br>|
| Total assets | 138736<br>| 543114<br>| 413950<br>| 1025967<br>| 234758<br>|
| Net assets | $138736<br>| $543114<br>| $413950<br>| $1025967<br>| $234758<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 138736<br>| 543114<br>| 413950<br>| 1025967<br>| 234758<br>|
| Total net assets | $138736<br>| $543114<br>| $413950<br>| $1025967<br>| $234758<br>|
| Total number of mutual fund shares | 13125442<br>| 51044516<br>| 39015074<br>| 102494172<br>| 22638177<br>|
| Cost of mutual fund shares | $131344<br>| $516602<br>| $394129<br>| $1024942<br>| $226421<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 31

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable World Moderate Allocation Fund - Class V** | **Venerable World Appreciation Allocation Fund - Class V** | **Venerable US Small Cap Fund - Class V** | **Venerable Bond Index Fund - Class V** | **Venerable World Conservative Allocation Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $379795<br>| $379949<br>| $141080<br>| $121255<br>| $149048<br>|
| Total assets | 379795<br>| 379949<br>| 141080<br>| 121255<br>| 149048<br>|
| Net assets | $379795<br>| $379949<br>| $141080<br>| $121255<br>| $149048<br>|
| **Net assets** |  |  |  |  |  |
| Accumulation units | 379795<br>| 379949<br>| 141080<br>| 121255<br>| 149048<br>|
| Total net assets | $379795<br>| $379949<br>| $141080<br>| $121255<br>| $149048<br>|
| Total number of mutual fund shares | 36413740<br>| 36185586<br>| 13763922<br>| 12113351<br>| 14400737<br>|
| Cost of mutual fund shares | $364145<br>| $361867<br>| $137672<br>| $121494<br>| $144051<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 32

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable Conservative Appreciation Allocation Fund - Class V** | **Venerable Conservative Allocation Fund - Class V** | **Venerable Moderate Appreciation Allocation Fund - Class V** | **Venerable Appreciation Allocation Fund - Class V** |
| **Assets** |  |  |  |  |
| Investments in mutual funds at fair value | $482322<br>| $158655<br>| $1007731<br>| $1569729<br>|
| Total assets | 482322<br>| 158655<br>| 1007731<br>| 1569729<br>|
| Net assets | $482322<br>| $158655<br>| $1007731<br>| $1569729<br>|
| **Net assets** |  |  |  |  |
| Accumulation units | 482322<br>| 158655<br>| 1007731<br>| 1569729<br>|
| Total net assets | $482322<br>| $158655<br>| $1007731<br>| $1569729<br>|
| Total number of mutual fund shares | 46872872<br>| 15539184<br>| 96990453<br>| 150069732<br>|
| Cost of mutual fund shares | $468756<br>| $155432<br>| $969994<br>| $1500753<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 33

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Statements of Operations** |
| **For the Year Ended December 31, 2025** |
| *(Dollars in thousands)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares** | **American Funds Insurance Series<sup>®</sup>** **-- Washington Mutual Investors Fund<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series<sup>®</sup>** **-- The Bond Fund of America<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series Capital Income Builder Fund - Class 4** | **American Funds Insurance Series Global Growth Fund - Class 4** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $9<br>| $39<br>| $63<br>| $56<br>| $21<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 33<br>| 15<br>| 19<br>| 13<br>|
| Total expenses | 1<br>| 33<br>| 15<br>| 19<br>| 13<br>|
| Net investment income (loss) | 8<br>| 6<br>| 48<br>| 37<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (1)<br>| 194<br>| (75)<br>| 49<br>| 19<br>|
| Capital gains distributions | —<br>| 215<br>| —<br>| —<br>| 217<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (1)<br>| 409<br>| (75)<br>| 49<br>| 236<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 3<br>| 45<br>| 127<br>| 260<br>| 80<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 2<br>| 454<br>| 52<br>| 309<br>| 316<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $10<br>| $460<br>| $100<br>| $346<br>| $324<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 34

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American Funds Insurance** <br>**Series Growth<br>Fund - Class 4** | **American Funds Insurance Series International Fund - Class 4** | **American Funds Insurance Series New World Fund - Class 4** | **BlackRock Equity Dividend V.I. Fund - Class III** | **BlackRock Global Allocation V.I. Fund - Class III** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $12<br>| $20<br>| $8<br>| $64<br>| $44<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 81<br>| 12<br>| 8<br>| 24<br>| 3937<br>|
| Total expenses | 81<br>| 12<br>| 8<br>| 24<br>| 3937<br>|
| Net investment income (loss) | (69)<br>| 8<br>| —<br>| 40<br>| (3893)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 601<br>| (1)<br>| 15<br>| (16)<br>| 2364<br>|
| Capital gains distributions | 731<br>| —<br>| 40<br>| 281<br>| 2980<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1332<br>| (1)<br>| 55<br>| 265<br>| 5344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 233<br>| 372<br>| 168<br>| 294<br>| 35827<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 1565<br>| 371<br>| 223<br>| 559<br>| 41171<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $1496<br>| $379<br>| $223<br>| $599<br>| $37278<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 35

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlackRock High Yield V.I. Fund - Class III** | **BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III** | **Columbia VP Seligman Global Technology Fund - Class 2** | **Columbia Small Cap Value Fund, Variable Series - Class 2** | **Columbia Small Company Growth Fund, Variable Series - Class 1** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $76<br>| $7<br>| $—<br>| $377<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 10<br>| 3<br>| 30<br>| 491<br>| —<br>|
| Total expenses | 10<br>| 3<br>| 30<br>| 491<br>| —<br>|
| Net investment income (loss) | 66<br>| 4<br>| (30)<br>| (114)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (13)<br>| —<br>| 60<br>| (2749)<br>| —<br>|
| Capital gains distributions | 2<br>| 12<br>| 357<br>| 6497<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (11)<br>| 12<br>| 417<br>| 3748<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 37<br>| 25<br>| 631<br>| (979)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 26<br>| 37<br>| 1048<br>| 2769<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $92<br>| $41<br>| $1018<br>| $2655<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 36

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Columbia VP Large Cap Growth Fund - Class 1** | **DWS Alternative Asset Allocation VIP - Class B** | **Eaton Vance VT Floating-Rate Income Fund - Initial Class** | **Federated Hermes High Income Bond Fund II - Service Shares** | **Federated Hermes Kaufmann Fund II - Service Shares** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $1<br>| $200<br>| $13<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | —<br>| —<br>| 26<br>| 5<br>| 1<br>|
| Total expenses | —<br>| —<br>| 26<br>| 5<br>| 1<br>|
| Net investment income (loss) | —<br>| 1<br>| 174<br>| 8<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| —<br>| (44)<br>| (3)<br>| (4)<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | —<br>| —<br>| (44)<br>| (3)<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 3<br>| 2<br>| (38)<br>| 25<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 3<br>| 2<br>| (82)<br>| 22<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $3<br>| $3<br>| $92<br>| $30<br>| $14<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 37

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup>** **VIP Strategic Income Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP Disciplined Small Cap Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 20% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 60% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 85% Portfolio - Service Class 2** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $86<br>| $2<br>| $32<br>| $13<br>| $1<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 19<br>| 2<br>| 10<br>| 6<br>| —<br>|
| Total expenses | 19<br>| 2<br>| 10<br>| 6<br>| —<br>|
| Net investment income (loss) | 67<br>| —<br>| 22<br>| 7<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (20)<br>| 1<br>| (1)<br>| (1)<br>| —<br>|
| Capital gains distributions | —<br>| 19<br>| —<br>| 2<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (20)<br>| 20<br>| (1)<br>| 1<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 130<br>| 16<br>| 49<br>| 69<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 110<br>| 36<br>| 48<br>| 70<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $177<br>| $36<br>| $70<br>| $77<br>| $10<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 38

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin Small Cap Value VIP Fund - Class 2** | **Franklin Strategic Income VIP Fund - Class 2** | **Templeton Global Bond VIP Fund - Class 2** | **Nomura VIP Asset Strategy Series - Service Class** | **Nomura VIP Balanced Series - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $60<br>| $20<br>| $—<br>| $4<br>| $7<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 42<br>| 3<br>| 15<br>| 2<br>| 5<br>|
| Total expenses | 42<br>| 3<br>| 15<br>| 2<br>| 5<br>|
| Net investment income (loss) | 18<br>| 17<br>| (15)<br>| 2<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (171)<br>| (5)<br>| (51)<br>| 2<br>| (1)<br>|
| Capital gains distributions | 466<br>| —<br>| —<br>| 20<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 295<br>| (5)<br>| (51)<br>| 22<br>| 19<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (93)<br>| 14<br>| 324<br>| 19<br>| 33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 202<br>| 9<br>| 273<br>| 41<br>| 52<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $220<br>| $26<br>| $258<br>| $43<br>| $54<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 39

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nomura VIP Energy Series - Service Class** | **Nomura VIP High Income Series - Service Class** | **Nomura VIP International Core Equity Series - Service Class** | **Nomura VIP Mid Cap Growth Series - Service Class** | **Nomura VIP Science And Technology Series - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $5<br>| $61<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 8<br>| 7<br>| —<br>| 2<br>| 7<br>|
| Total expenses | 8<br>| 7<br>| —<br>| 2<br>| 7<br>|
| Net investment income (loss) | (3)<br>| 54<br>| —<br>| (2)<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 15<br>| (13)<br>| 1<br>| (23)<br>| 13<br>|
| Capital gains distributions | —<br>| —<br>| 1<br>| 57<br>| 152<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 15<br>| (13)<br>| 2<br>| 34<br>| 165<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 61<br>| 18<br>| 4<br>| (38)<br>| 136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 76<br>| 5<br>| 6<br>| (4)<br>| 301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $73<br>| $59<br>| $6<br>| $(6)<br>| $294<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 40

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nomura VIP Smid Cap Core Series - Service Class** | **Nomura VIP Small Cap Growth Series - Service Class** | **Janus Henderson Balanced Portfolio - Service Shares** | **Janus Henderson Enterprise Portfolio - Service Shares** | **Janus Henderson Flexible Bond Portfolio - Service Shares** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>| $44<br>| $1<br>| $18<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 4<br>| 21<br>| 13<br>| 3<br>|
| Total expenses | 1<br>| 4<br>| 21<br>| 13<br>| 3<br>|
| Net investment income (loss) | (1)<br>| (4)<br>| 23<br>| (12)<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 3<br>| —<br>| 149<br>| (1)<br>| (6)<br>|
| Capital gains distributions | 5<br>| —<br>| 77<br>| 126<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 8<br>| —<br>| 226<br>| 125<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 2<br>| 64<br>| 67<br>| (21)<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 10<br>| 64<br>| 293<br>| 104<br>| 10<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $9<br>| $60<br>| $316<br>| $92<br>| $25<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 41

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Growth - Class II** | **ClearBridge Variable Mid Cap Portfolio - Class II** | **Western Asset Core Plus VIT Portfolio - Class I** | **MFS VIT II Income Portfolio - Service Class** | **MFS VIT Research Series Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>| $—<br>| $5<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | —<br>| 1<br>| —<br>| 1<br>| 2<br>|
| Total expenses | —<br>| 1<br>| —<br>| 1<br>| 2<br>|
| Net investment income (loss) | —<br>| (1)<br>| —<br>| 4<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| (5)<br>| —<br>| (11)<br>| 5<br>|
| Capital gains distributions | 5<br>| 11<br>| —<br>| —<br>| 54<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 5<br>| 6<br>| —<br>| (11)<br>| 59<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (1)<br>| —<br>| —<br>| 16<br>| (33)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 4<br>| 6<br>| —<br>| 5<br>| 26<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $4<br>| $5<br>| $—<br>| $9<br>| $24<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 42

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MFS VIT International Intrinsic Value Portfolio - Service Class** | **MFS VIT Value Series - Service Class** | **MFS VIT III Global Real Estate Portfolio - Service Class** | **Invesco V.I. Main Street Fund - Series II** | **Invesco V.I. Main Street Small Cap Fund - Series II** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $3<br>| $9<br>| $1<br>| $1<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 2<br>| 5<br>| 1<br>| 4<br>| 6<br>|
| Total expenses | 2<br>| 5<br>| 1<br>| 4<br>| 6<br>|
| Net investment income (loss) | 1<br>| 4<br>| —<br>| (3)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 12<br>| 10<br>| (7)<br>| 7<br>| 185<br>|
| Capital gains distributions | 11<br>| 49<br>| —<br>| 22<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 23<br>| 59<br>| (7)<br>| 29<br>| 185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 31<br>| 5<br>| 10<br>| 20<br>| (146)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 54<br>| 64<br>| 3<br>| 49<br>| 39<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $55<br>| $68<br>| $3<br>| $46<br>| $33<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 43

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Core Plus Bond Fund - Series II** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series II** | **Invesco V.I. International Growth Fund - Series II** | **PIMCO All Asset Portfolio - Administrative Class** | **PIMCO Low Duration Portfolio - Administrative Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $9<br>| $—<br>| $—<br>| $2<br>| $67<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 3<br>| 5<br>| —<br>| 12<br>|
| Total expenses | 1<br>| 3<br>| 5<br>| —<br>| 12<br>|
| Net investment income (loss) | 8<br>| (3)<br>| (5)<br>| 2<br>| 55<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| (1)<br>| (35)<br>| —<br>| (8)<br>|
| Capital gains distributions | —<br>| 34<br>| 50<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | —<br>| 33<br>| 15<br>| —<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 6<br>| (37)<br>| 68<br>| 3<br>| 33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 6<br>| (4)<br>| 83<br>| 3<br>| 25<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $14<br>| $(7)<br>| $78<br>| $5<br>| $80<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 44

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Real Return Portfolio - Administrative Class** | **PIMCO Short-Term Portfolio - Administrative Class** | **PIMCO Total Return Portfolio - Administrative Class** | **ProFund VP Europe 30** | **ProFund VP Rising Rates Opportunity** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $75<br>| $212<br>| $158<br>| $23<br>| $37<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 23<br>| 35<br>| 33<br>| 12<br>| 17<br>|
| Total expenses | 23<br>| 35<br>| 33<br>| 12<br>| 17<br>|
| Net investment income (loss) | 52<br>| 177<br>| 125<br>| 11<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (57)<br>| 7<br>| (139)<br>| 246<br>| (126)<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| 33<br>| 64<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (57)<br>| 7<br>| (139)<br>| 279<br>| (62)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 156<br>| (4)<br>| 309<br>| (132)<br>| 35<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 99<br>| 3<br>| 170<br>| 147<br>| (27)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $151<br>| $180<br>| $295<br>| $158<br>| $(7)<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 45

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Putnam VT Income Fund - Class 1B** | **Putnam VT International Equity Fund - Class 1B** | **Putnam VT International Value Fund - Class 1B** | **Putnam VT Mortgage Securities Fund - Class 1B** | **Putnam VT Core Equity Fund - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $27<br>| $—<br>| $2<br>| $47<br>| $2<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 5<br>| —<br>| 2<br>| 4<br>| 4<br>|
| Total expenses | 5<br>| —<br>| 2<br>| 4<br>| 4<br>|
| Net investment income (loss) | 22<br>| —<br>| —<br>| 43<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (14)<br>| —<br>| 2<br>| (160)<br>| 14<br>|
| Capital gains distributions | —<br>| —<br>| 1<br>| —<br>| 36<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (14)<br>| —<br>| 3<br>| (160)<br>| 50<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 26<br>| 1<br>| 51<br>| 179<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 12<br>| 1<br>| 54<br>| 19<br>| 66<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $34<br>| $1<br>| $54<br>| $62<br>| $64<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 46

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Putnam VT Small Cap Value Fund - Class 1B** | **T. Rowe Price Blue Chip Growth Portfolio - II** | **T. Rowe Price Health Sciences Portfolio - II** | **MFS VIT Utilities Series Portfolio - Service Class** | **Voya Intermediate Bond Portfolio - Class A** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1<br>| $—<br>| $—<br>| $20<br>| $108<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 34<br>| 29<br>| 7<br>| 19<br>|
| Total expenses | 1<br>| 34<br>| 29<br>| 7<br>| 19<br>|
| Net investment income (loss) | —<br>| (34)<br>| (29)<br>| 13<br>| 89<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (17)<br>| 237<br>| 18<br>| 5<br>| (54)<br>|
| Capital gains distributions | 20<br>| 460<br>| 147<br>| 10<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 3<br>| 697<br>| 165<br>| 15<br>| (54)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (4)<br>| 132<br>| 440<br>| 66<br>| 125<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | (1)<br>| 829<br>| 605<br>| 81<br>| 71<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $(1)<br>| $795<br>| $576<br>| $94<br>| $160<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 47

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Balanced Income Portfolio - Adviser Class** | **Voya Balanced Income Portfolio - Service Class** | **Voya Balanced Income Portfolio - Service 2 Class** | **Voya Global Perspectives<sup>®</sup>** **Portfolio - Class A** | **Voya Government Liquid Assets Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $41<br>| $6647<br>| $94<br>| $2621<br>| $7597<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 10<br>| 1833<br>| 30<br>| 580<br>| 3492<br>|
| Total expenses | 10<br>| 1833<br>| 30<br>| 580<br>| 3492<br>|
| Net investment income (loss) | 31<br>| 4814<br>| 64<br>| 2041<br>| 4105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (13)<br>| 275<br>| 15<br>| (4484)<br>| —<br>|
| Capital gains distributions | 50<br>| 6949<br>| 107<br>| —<br>| 142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 37<br>| 7224<br>| 122<br>| (4484)<br>| 142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 33<br>| (384)<br>| (13)<br>| 6915<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 70<br>| 6840<br>| 109<br>| 2431<br>| 142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $101<br>| $11654<br>| $173<br>| $4472<br>| $4247<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 48

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Government Liquid Assets Portfolio - Service 2 Class** | **Voya High Yield Portfolio - Adviser Class** | **Voya Large Cap Growth Portfolio - Adviser Class** | **Voya Large Cap Growth Portfolio - Institutional Class** | **Voya Limited Maturity Bond Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $370<br>| $26<br>| $—<br>| $—<br>| $333<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 135<br>| 4<br>| 29<br>| 1<br>| 128<br>|
| Total expenses | 135<br>| 4<br>| 29<br>| 1<br>| 128<br>|
| Net investment income (loss) | 235<br>| 22<br>| (29)<br>| (1)<br>| 205<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| (1)<br>| (73)<br>| —<br>| (93)<br>|
| Capital gains distributions | 7<br>| —<br>| 513<br>| 11<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 7<br>| (1)<br>| 440<br>| 11<br>| (93)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | —<br>| 10<br>| 109<br>| 4<br>| 175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 7<br>| 9<br>| 549<br>| 15<br>| 82<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $242<br>| $31<br>| $520<br>| $14<br>| $287<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 49

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Retirement Conservative Portfolio - Adviser Class** | **Voya Retirement Aggressive Portfolio - Adviser Class** | **Voya Retirement Moderately Aggressive Portfolio - Adviser Class** | **Voya Retirement Moderate Portfolio - Adviser Class** | **Voya Inflation Protected Bond Plus Portfolio - Class A** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $8845<br>| $38075<br>| $30971<br>| $22653<br>| $25<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 2009<br>| 18658<br>| 12127<br>| 5889<br>| 4<br>|
| Total expenses | 2009<br>| 18658<br>| 12127<br>| 5889<br>| 4<br>|
| Net investment income (loss) | 6836<br>| 19417<br>| 18844<br>| 16764<br>| 21<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (27405)<br>| (176436)<br>| (143486)<br>| (56331)<br>| (7)<br>|
| Capital gains distributions | 16863<br>| 356523<br>| 169812<br>| 29075<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (10542)<br>| 180087<br>| 26326<br>| (27256)<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 12908<br>| (57529)<br>| 36670<br>| 45194<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 2366<br>| 122558<br>| 62996<br>| 17938<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $9202<br>| $141975<br>| $81840<br>| $34702<br>| $36<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 50

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Inflation Protected Bond Plus Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Adviser Class** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service Class** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service 2 Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Adviser Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $3934<br>| $2<br>| $793<br>| $3<br>| $11<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1644<br>| 1<br>| 496<br>| 3<br>| 3<br>|
| Total expenses | 1644<br>| 1<br>| 496<br>| 3<br>| 3<br>|
| Net investment income (loss) | 2290<br>| 1<br>| 297<br>| —<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (1945)<br>| (4)<br>| (412)<br>| —<br>| (5)<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (1945)<br>| (4)<br>| (412)<br>| —<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 4453<br>| 8<br>| 1479<br>| 5<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 2508<br>| 4<br>| 1067<br>| 5<br>| (13)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $4798<br>| $5<br>| $1364<br>| $5<br>| $(5)<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 51

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service 2 Class** | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1479<br>| $127<br>| $30<br>| $2<br>| $959<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 974<br>| 92<br>| 8<br>| 4<br>| 1559<br>|
| Total expenses | 974<br>| 92<br>| 8<br>| 4<br>| 1559<br>|
| Net investment income (loss) | 505<br>| 35<br>| 22<br>| (2)<br>| (600)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (1039)<br>| (103)<br>| 5<br>| (13)<br>| (19328)<br>|
| Capital gains distributions | —<br>| —<br>| 195<br>| 113<br>| 29227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (1039)<br>| (103)<br>| 200<br>| 100<br>| 9899<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (482)<br>| (30)<br>| (79)<br>| 44<br>| 20777<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | (1521)<br>| (133)<br>| 121<br>| 144<br>| 30676<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $(1016)<br>| $(98)<br>| $143<br>| $142<br>| $30076<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 52

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service 2 Class** | **VY<sup>®</sup>** **JPMorgan Small Cap Core Equity Portfolio - Adviser Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Adviser Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service 2 Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $24<br>| $—<br>| $—<br>| $521<br>| $53<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 49<br>| 7<br>| 8<br>| 1958<br>| 340<br>|
| Total expenses | 49<br>| 7<br>| 8<br>| 1958<br>| 340<br>|
| Net investment income (loss) | (25)<br>| (7)<br>| (8)<br>| (1437)<br>| (287)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (497)<br>| (31)<br>| (363)<br>| (44745)<br>| (7646)<br>|
| Capital gains distributions | 900<br>| 132<br>| 479<br>| 46861<br>| 7897<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 403<br>| 101<br>| 116<br>| 2116<br>| 251<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 525<br>| (75)<br>| (97)<br>| 4264<br>| 789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 928<br>| 26<br>| 19<br>| 6380<br>| 1040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $903<br>| $19<br>| $11<br>| $4943<br>| $753<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 53

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Adviser Class** | **Voya Global Bond Portfolio - Adviser Class** | **Voya International High Dividend Low Volatility Portfolio - Adviser Class** | **Voya International High Dividend Low Volatility Portfolio - Service Class** | **Voya Solution 2025 Portfolio - Adviser Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $931<br>| $8<br>| $9<br>| $6774<br>| $19<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 364<br>| 2<br>| 2<br>| 3225<br>| 2<br>|
| Total expenses | 364<br>| 2<br>| 2<br>| 3225<br>| 2<br>|
| Net investment income (loss) | 567<br>| 6<br>| 7<br>| 3549<br>| 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (116)<br>| (20)<br>| 13<br>| 4505<br>| (19)<br>|
| Capital gains distributions | 7164<br>| —<br>| 5<br>| 3219<br>| 25<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 7048<br>| (20)<br>| 18<br>| 7724<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (2628)<br>| 30<br>| 45<br>| 41775<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 4420<br>| 10<br>| 63<br>| 49499<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $4987<br>| $16<br>| $70<br>| $53048<br>| $28<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 54

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Solution 2025 Portfolio - Service Class** | **Voya Solution 2035 Portfolio - Adviser Class** | **Voya Solution 2035 Portfolio - Service Class** | **Voya Solution 2045 Portfolio - Adviser Class** | **Voya Solution 2045 Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $397<br>| $2<br>| $166<br>| $6<br>| $14<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 55<br>| 1<br>| 74<br>| 4<br>| 9<br>|
| Total expenses | 55<br>| 1<br>| 74<br>| 4<br>| 9<br>|
| Net investment income (loss) | 342<br>| 1<br>| 92<br>| 2<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (1047)<br>| —<br>| (41)<br>| —<br>| (1)<br>|
| Capital gains distributions | 474<br>| 3<br>| 248<br>| 15<br>| 30<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (573)<br>| 3<br>| 207<br>| 15<br>| 29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 796<br>| 9<br>| 708<br>| 42<br>| 86<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 223<br>| 12<br>| 915<br>| 57<br>| 115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $565<br>| $13<br>| $1007<br>| $59<br>| $120<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 55

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Solution 2055 Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Service Class** | **Voya Solution Moderately Aggressive Portfolio - Service Class** | **VY<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio - Adviser Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $25<br>| $266<br>| $9862<br>| $23<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | —<br>| 6<br>| 111<br>| 4323<br>| 10<br>|
| Total expenses | —<br>| 6<br>| 111<br>| 4323<br>| 10<br>|
| Net investment income (loss) | —<br>| 19<br>| 155<br>| 5539<br>| 13<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (1)<br>| —<br>| (100)<br>| (24503)<br>| (16)<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| 78415<br>| 103<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (1)<br>| —<br>| (100)<br>| 53912<br>| 87<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 2<br>| 64<br>| 914<br>| (27158)<br>| (46)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 1<br>| 64<br>| 814<br>| 26754<br>| 41<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $1<br>| $83<br>| $969<br>| $32293<br>| $54<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 56

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio - Service Class** | **VY<sup>®</sup>** **Baron Growth Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Contrarian Core Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $29<br>| $1<br>| $2<br>| $2<br>| $678<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 11<br>| 6<br>| 12<br>| 1<br>| 502<br>|
| Total expenses | 11<br>| 6<br>| 12<br>| 1<br>| 502<br>|
| Net investment income (loss) | 18<br>| (5)<br>| (10)<br>| 1<br>| 176<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (200)<br>| (15)<br>| (37)<br>| (5)<br>| (3175)<br>|
| Capital gains distributions | 110<br>| 219<br>| 145<br>| 26<br>| 8714<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (90)<br>| 204<br>| 108<br>| 21<br>| 5539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 141<br>| (313)<br>| 140<br>| (17)<br>| (3791)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 51<br>| (109)<br>| 248<br>| 4<br>| 1748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $69<br>| $(114)<br>| $238<br>| $5<br>| $1924<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 57

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Adviser Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Initial Class** | **Voya Global Insights Portfolio - Adviser Class** | **Voya Global Insights Portfolio - Initial Class** | **Voya Global Insights Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $21<br>| $10<br>| $—<br>| $10<br>| $147<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 11<br>| 4<br>| 5<br>| 30<br>| 913<br>|
| Total expenses | 11<br>| 4<br>| 5<br>| 30<br>| 913<br>|
| Net investment income (loss) | 10<br>| 6<br>| (5)<br>| (20)<br>| (766)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (33)<br>| (3)<br>| (136)<br>| (150)<br>| (31270)<br>|
| Capital gains distributions | 387<br>| 148<br>| 63<br>| 187<br>| 6750<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 354<br>| 145<br>| (73)<br>| 37<br>| (24520)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (218)<br>| (92)<br>| 220<br>| 523<br>| 37998<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 136<br>| 53<br>| 147<br>| 560<br>| 13478<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $146<br>| $59<br>| $142<br>| $540<br>| $12712<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 58

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class** | **VY<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio - Adviser Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $7<br>| $9<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 8<br>| 621<br>| 2<br>| 41<br>| 20<br>|
| Total expenses | 8<br>| 621<br>| 2<br>| 41<br>| 20<br>|
| Net investment income (loss) | (1)<br>| (612)<br>| (2)<br>| (41)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (25)<br>| (7766)<br>| 1<br>| 216<br>| (814)<br>|
| Capital gains distributions | 141<br>| 7139<br>| 33<br>| 816<br>| 1499<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 116<br>| (627)<br>| 34<br>| 1032<br>| 685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (88)<br>| 2211<br>| (18)<br>| (264)<br>| (259)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 28<br>| 1584<br>| 16<br>| 768<br>| 426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $27<br>| $972<br>| $14<br>| $727<br>| $406<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 59

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Global High Dividend Low Volatility Portfolio - Class A** | **Voya Global High Dividend Low Volatility Portfolio - Class S** | **Voya Index Plus MidCap Portfolio - Class S** | **Voya Index Plus SmallCap Portfolio - Class S** | **Voya International Index Portfolio - Class A** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1<br>| $5103<br>| $150<br>| $108<br>| $6687<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | —<br>| 3676<br>| 409<br>| 297<br>| 3958<br>|
| Total expenses | —<br>| 3676<br>| 409<br>| 297<br>| 3958<br>|
| Net investment income (loss) | 1<br>| 1427<br>| (259)<br>| (189)<br>| 2729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| 47150<br>| 4022<br>| 2943<br>| 93529<br>|
| Capital gains distributions | 3<br>| 36022<br>| 2548<br>| 1354<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 3<br>| 83172<br>| 6570<br>| 4297<br>| 93529<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 1<br>| (41490)<br>| (4799)<br>| (3365)<br>| (30631)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 4<br>| 41682<br>| 1771<br>| 932<br>| 62898<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $5<br>| $43109<br>| $1512<br>| $743<br>| $65627<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 60

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya International Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1892<br>| $5<br>| $59<br>| $15<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1020<br>| 50<br>| 36<br>| 13<br>| —<br>|
| Total expenses | 1020<br>| 50<br>| 36<br>| 13<br>| —<br>|
| Net investment income (loss) | 872<br>| (45)<br>| 23<br>| 2<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 27131<br>| 221<br>| 78<br>| 30<br>| —<br>|
| Capital gains distributions | —<br>| 623<br>| 121<br>| 22<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 27131<br>| 844<br>| 199<br>| 52<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (10894)<br>| 242<br>| 573<br>| 93<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 16237<br>| 1086<br>| 772<br>| 145<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $17109<br>| $1041<br>| $795<br>| $147<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 61

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class A** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $294<br>| $64<br>| $21<br>| $1224<br>| $22<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 38<br>| 10226<br>| 20<br>| 1647<br>| 16<br>|
| Total expenses | 38<br>| 10226<br>| 20<br>| 1647<br>| 16<br>|
| Net investment income (loss) | 256<br>| (10162)<br>| 1<br>| (423)<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 57<br>| 122033<br>| (62)<br>| (6048)<br>| (20)<br>|
| Capital gains distributions | 971<br>| 102749<br>| 333<br>| 14967<br>| 233<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1028<br>| 224782<br>| 271<br>| 8919<br>| 213<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (424)<br>| (117239)<br>| (38)<br>| 1846<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 604<br>| 107543<br>| 233<br>| 10765<br>| 216<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $860<br>| $97381<br>| $234<br>| $10342<br>| $222<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 62

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class S** | **Voya Small Company Portfolio - Class A** | **Voya Small Company Portfolio - Class S** | **Voya U.S. Bond Index Portfolio - Class S** | **Voya SmallCap Opportunities Portfolio - Class A** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $2644<br>| $—<br>| $316<br>| $4657<br>| $23<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 2572<br>| —<br>| 500<br>| 2194<br>| 9<br>|
| Total expenses | 2572<br>| —<br>| 500<br>| 2194<br>| 9<br>|
| Net investment income (loss) | 72<br>| —<br>| (184)<br>| 2463<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 2985<br>| (2)<br>| (1878)<br>| (8684)<br>| (34)<br>|
| Capital gains distributions | 22580<br>| 7<br>| 6022<br>| —<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 25565<br>| 5<br>| 4144<br>| (8684)<br>| (27)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (12920)<br>| (2)<br>| (2139)<br>| 14074<br>| 153<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 12645<br>| 3<br>| 2005<br>| 5390<br>| 126<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $12717<br>| $3<br>| $1821<br>| $7853<br>| $140<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 63

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya SmallCap Opportunities Portfolio - Class S** | **Allspring VT Discovery All Cap Growth Fund - 2** | **Allspring VT Index Asset Allocation Fund - Class 2** | **Allspring VT Small Cap Growth Fund - Class 2** | **Voya Solution Aggressive Portfolio - Class S** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $328<br>| $—<br>| $7<br>| $—<br>| $5<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 185<br>| 7<br>| 10<br>| 1<br>| 2<br>|
| Total expenses | 185<br>| 7<br>| 10<br>| 1<br>| 2<br>|
| Net investment income (loss) | 143<br>| (7)<br>| (3)<br>| (1)<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 1087<br>| (3)<br>| 27<br>| (1)<br>| 15<br>|
| Capital gains distributions | 95<br>| 125<br>| 36<br>| 4<br>| 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1182<br>| 122<br>| 63<br>| 3<br>| 32<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (820)<br>| (71)<br>| (20)<br>| 3<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 362<br>| 51<br>| 43<br>| 6<br>| 24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $505<br>| $44<br>| $40<br>| $5<br>| $27<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 64

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Solution Balanced Portfolio - Class S** | **Voya Solution Conservative Portfolio - Class S** | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** | **Venerable Large Cap Index Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $31<br>| $44<br>| $6974<br>| $9246<br>| $9239<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 10<br>| 12<br>| 2005<br>| 38272<br>| 56301<br>|
| Total expenses | 10<br>| 12<br>| 2005<br>| 38272<br>| 56301<br>|
| Net investment income (loss) | 21<br>| 32<br>| 4969<br>| (29026)<br>| (47062)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | 69<br>| 84<br>| (94)<br>| 33731<br>| 80816<br>|
| Capital gains distributions | 43<br>| —<br>| —<br>| 11421<br>| 23765<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 112<br>| 84<br>| (94)<br>| 45152<br>| 104581<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (25)<br>| (22)<br>| 2278<br>| 205862<br>| 396901<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 87<br>| 62<br>| 2184<br>| 251014<br>| 501482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $108<br>| $94<br>| $7153<br>| $221988<br>| $454420<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 65

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable Strategic Bond Fund - Class V** | **Venerable US Large Cap Strategic Equity Fund - Class V** | **Venerable Emerging Markets Equity Fund - Class V** | **Venerable World Equity Fund - Class V** | **Venerable International Index Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $49883<br>| $4028<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 21314<br>| 37672<br>| 744<br>| 2905<br>| 2213<br>|
| Total expenses | 21314<br>| 37672<br>| 744<br>| 2905<br>| 2213<br>|
| Net investment income (loss) | 28569<br>| (33644)<br>| (744)<br>| (2905)<br>| (2213)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (7118)<br>| 47703<br>| 365<br>| 1078<br>| 793<br>|
| Capital gains distributions | —<br>| 26792<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (7118)<br>| 74495<br>| 365<br>| 1078<br>| 793<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 41044<br>| 246441<br>| 7392<br>| 26511<br>| 19821<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 33926<br>| 320936<br>| 7757<br>| 27589<br>| 20614<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $62495<br>| $287292<br>| $7013<br>| $24684<br>| $18401<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 66

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** | **Venerable World Moderate Allocation Fund - Class V** | **Venerable World Appreciation Allocation Fund - Class V** | **Venerable US Small Cap Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 5536<br>| 1289<br>| 2133<br>| 2092<br>| 756<br>|
| Total expenses | 5536<br>| 1289<br>| 2133<br>| 2092<br>| 756<br>|
| Net investment income (loss) | (5536)<br>| (1289)<br>| (2133)<br>| (2092)<br>| (756)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (257)<br>| 514<br>| 514<br>| 562<br>| 226<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (257)<br>| 514<br>| 514<br>| 562<br>| 226<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 1025<br>| 8337<br>| 15650<br>| 18082<br>| 3408<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 768<br>| 8851<br>| 16164<br>| 18644<br>| 3634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $(4768)<br>| $7562<br>| $14031<br>| $16552<br>| $2878<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 67

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable Bond Index Fund - Class V** | **Venerable World Conservative Allocation Fund - Class V** | **Venerable Conservative Appreciation Allocation Fund - Class V** | **Venerable Conservative Allocation Fund - Class V** | **Venerable Moderate Appreciation Allocation Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1109<br>| $—<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 801<br>| 865<br>| 2740<br>| 919<br>| 5724<br>|
| Total expenses | 801<br>| 865<br>| 2740<br>| 919<br>| 5724<br>|
| Net investment income (loss) | 308<br>| (865)<br>| (2740)<br>| (919)<br>| (5724)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |  |  |  |  |
| Net realized gain (loss) on investments | (27)<br>| 225<br>| 622<br>| 144<br>| 1464<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (27)<br>| 225<br>| 622<br>| 144<br>| 1464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (240)<br>| 4997<br>| 13566<br>| 3223<br>| 37736<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | (267)<br>| 5222<br>| 14188<br>| 3367<br>| 39200<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $41<br>| $4357<br>| $11448<br>| $2448<br>| $33476<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 68

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | |
|:---|:---|
|  | **Venerable Appreciation Allocation Fund - Class V** |
| **Net investment income (loss)** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>|
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 8956<br>|
| Total expenses | 8956<br>|
| Net investment income (loss) | (8956)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) on** <br>**investments** |  |
| Net realized gain (loss) on investments | 2753<br>|
| Capital gains distributions | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 2753<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 68976<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 71729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $62773<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 69

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Statements of Changes in Net Assets** |
| **For the Years Ended December 31, 2025 and 2024** |
| *(Dollars in thousands)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares** | **American Funds Insurance Series<sup>®</sup>** **-- Washington Mutual Investors Fund<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series<sup>®</sup>** **-- The Bond Fund of America<sup>SM</sup>** **- Class 4** | **American Funds Insurance Series Capital Income Builder Fund - Class 4** |
| **Net assets at January 1, 2024** | $116<br>| $3764<br>| $1388<br>| $1862<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6<br>| 17<br>| 52<br>| 39<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 127<br>| (29)<br>| 41<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (3)<br>| 509<br>| (25)<br>| 71<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3<br>| 653<br>| (2)<br>| 151<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 4<br>| (7)<br>| 40<br>| 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (87)<br>| (9)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (420)<br>| (75)<br>| (80)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| 31<br>| 340<br>| (141)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 4<br>| (483)<br>| 296<br>| (204)<br>|
| Total increase (decrease) in net assets | 7<br>| 170<br>| 294<br>| (53)<br>|
| **Net assets at December 31, 2024** | $123<br>| $3934<br>| $1682<br>| $1809<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8<br>| 6<br>| 48<br>| 37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (1)<br>| 409<br>| (75)<br>| 49<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 3<br>| 45<br>| 127<br>| 260<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 10<br>| 460<br>| 100<br>| 346<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| 41<br>| 36<br>| 30<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (52)<br>| (10)<br>| (19)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3)<br>| (1037)<br>| (259)<br>| (137)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2<br>| (87)<br>| (7)<br>| 220<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1<br>| (1135)<br>| (240)<br>| 94<br>|
| Total increase (decrease) in net assets | 11<br>| (675)<br>| (140)<br>| 440<br>|
| **Net assets at December 31, 2025** | $134<br>| $3259<br>| $1542<br>| $2249<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 70

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **American Funds Insurance Series Global Growth Fund - Class 4** | **American Funds Insurance Series Growth Fund - Class 4** | **American Funds Insurance Series International Fund - Class 4** | **American Funds Insurance Series New World Fund - Class 4** |
| **Net assets at January 1, 2024** | $1996<br>| $8998<br>| $1391<br>| $933<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 10<br>| (69)<br>| 4<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 123<br>| 622<br>| (5)<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 111<br>| 1945<br>| 36<br>| 44<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 244<br>| 2498<br>| 35<br>| 53<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (27)<br>| (608)<br>| 166<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (36)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (425)<br>| (824)<br>| (46)<br>| (84)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (124)<br>| (211)<br>| (1)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (576)<br>| (1679)<br>| 119<br>| (70)<br>|
| Total increase (decrease) in net assets | (332)<br>| 819<br>| 154<br>| (17)<br>|
| **Net assets at December 31, 2024** | $1664<br>| $9817<br>| $1545<br>| $916<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8<br>| (69)<br>| 8<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 236<br>| 1332<br>| (1)<br>| 55<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 80<br>| 233<br>| 372<br>| 168<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 324<br>| 1496<br>| 379<br>| 223<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 4<br>| 85<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (3)<br>| (35)<br>| (21)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (104)<br>| (1690)<br>| (77)<br>| (127)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (59)<br>| (144)<br>| (84)<br>| (49)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (162)<br>| (1784)<br>| (182)<br>| (176)<br>|
| Total increase (decrease) in net assets | 162<br>| (288)<br>| 197<br>| 47<br>|
| **Net assets at December 31, 2025** | $1826<br>| $9529<br>| $1742<br>| $963<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 71

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlackRock Equity Dividend V.I. Fund - Class III** | **BlackRock Global Allocation V.I. Fund - Class III** | **BlackRock High Yield V.I. Fund - Class III** | **BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III** |
| **Net assets at January 1, 2024** | $3240<br>| $367397<br>| $1302<br>| $266<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 50<br>| (1293)<br>| 76<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 220<br>| 22551<br>| (13)<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 19<br>| 3871<br>| 25<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 289<br>| 25129<br>| 88<br>| 26<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 68<br>| 1781<br>| 24<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (77)<br>| (8579)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (352)<br>| (44026)<br>| (179)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (3647)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (42)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (41)<br>| (2212)<br>| (13)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (402)<br>| (56725)<br>| (168)<br>| 2<br>|
| Total increase (decrease) in net assets | (113)<br>| (31596)<br>| (80)<br>| 28<br>|
| **Net assets at December 31, 2024** | $3127<br>| $335801<br>| $1222<br>| $294<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 40<br>| (3893)<br>| 66<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 265<br>| 5344<br>| (11)<br>| 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 294<br>| 35827<br>| 37<br>| 25<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 599<br>| 37278<br>| 92<br>| 41<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 13<br>| 2491<br>| 19<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (102)<br>| (10121)<br>| (34)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (330)<br>| (29542)<br>| (147)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (2307)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (27)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 148<br>| (332469)<br>| (72)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (271)<br>| (371975)<br>| (234)<br>| (2)<br>|
| Total increase (decrease) in net assets | 328<br>| (334697)<br>| (142)<br>| 39<br>|
| **Net assets at December 31, 2025** | $3455<br>| $1104<br>| $1080<br>| $333<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 72

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Columbia VP Seligman Global Technology Fund - Class 2** | **Columbia Small Cap Value Fund, Variable Series - Class 2** | **Columbia Small Company Growth Fund, Variable Series - Class 1** | **Columbia VP Large Cap Growth Fund - Class 1** |
| **Net assets at January 1, 2024** | $2805<br>| $45979<br>| $2<br>| $14<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (27)<br>| (551)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 372<br>| (366)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 335<br>| 3663<br>| —<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 680<br>| 2746<br>| —<br>| 4<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (15)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (49)<br>| (1238)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (545)<br>| (5817)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (257)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (8)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 183<br>| (64)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (426)<br>| (7384)<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | 254<br>| (4638)<br>| —<br>| 4<br>|
| **Net assets at December 31, 2024** | $3059<br>| $41341<br>| $2<br>| $18<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (30)<br>| (114)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 417<br>| 3748<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 631<br>| (979)<br>| —<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1018<br>| 2655<br>| —<br>| 3<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 11<br>| 22<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (873)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (57)<br>| (2937)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (153)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (5)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| (40050)<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (47)<br>| (43996)<br>| (2)<br>| —<br>|
| Total increase (decrease) in net assets | 971<br>| (41341)<br>| (2)<br>| 3<br>|
| **Net assets at December 31, 2025** | $4030<br>| $—<br>| $—<br>| $21<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 73

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DWS Core Equity VIP - Class B** | **DWS Alternative Asset Allocation VIP - Class B** | **DWS High Income VIP - Class B** | **Eaton Vance VT Floating-Rate Income Fund - Initial Class** |
| **Net assets at January 1, 2024** | $214<br>| $33<br>| $121<br>| $3091<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 1<br>| 6<br>| 222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 54<br>| —<br>| (14)<br>| (37)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (25)<br>| 1<br>| 10<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 29<br>| 2<br>| 2<br>| 205<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (4)<br>| 1<br>| 7<br>| 69<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (43)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5)<br>| (1)<br>| —<br>| (138)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (234)<br>| —<br>| (130)<br>| 46<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (243)<br>| —<br>| (123)<br>| (66)<br>|
| Total increase (decrease) in net assets | (214)<br>| 2<br>| (121)<br>| 139<br>|
| **Net assets at December 31, 2024** | $—<br>| $35<br>| $—<br>| $3230<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 1<br>| —<br>| 174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| (44)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 2<br>| —<br>| (38)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 3<br>| —<br>| 92<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| 43<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (21)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (1)<br>| —<br>| (154)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| —<br>| (499)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (1)<br>| —<br>| (631)<br>|
| Total increase (decrease) in net assets | —<br>| 2<br>| —<br>| (539)<br>|
| **Net assets at December 31, 2025** | $—<br>| $37<br>| $—<br>| $2691<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 74

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federated Hermes High Income Bond Fund II - Service Shares** | **Federated Hermes Kaufmann Fund II - Service Shares** | **Fidelity<sup>®</sup>** **VIP Strategic Income Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP Disciplined Small Cap Portfolio - Service Class 2** |
| **Net assets at January 1, 2024** | $242<br>| $176<br>| $2424<br>| $242<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 11<br>| —<br>| 65<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (7)<br>| (17)<br>| (30)<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 8<br>| 40<br>| 92<br>| 29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 12<br>| 23<br>| 127<br>| 35<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 5<br>| 1<br>| 119<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (7)<br>| (11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (44)<br>| (14)<br>| (287)<br>| (22)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 15<br>| (56)<br>| 89<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (24)<br>| (69)<br>| (86)<br>| (38)<br>|
| Total increase (decrease) in net assets | (12)<br>| (46)<br>| 41<br>| (3)<br>|
| **Net assets at December 31, 2024** | $230<br>| $130<br>| $2465<br>| $239<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8<br>| (1)<br>| 67<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (3)<br>| 11<br>| (20)<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 25<br>| 4<br>| 130<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 30<br>| 14<br>| 177<br>| 36<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 44<br>| 1<br>| 7<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (10)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (3)<br>| (236)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 503<br>| (12)<br>| 8<br>| (27)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 537<br>| (14)<br>| (221)<br>| (31)<br>|
| Total increase (decrease) in net assets | 567<br>| —<br>| (44)<br>| 5<br>|
| **Net assets at December 31, 2025** | $797<br>| $130<br>| $2421<br>| $244<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 75

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup>** **VIP FundsManager 20% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 60% Portfolio - Service Class 2** | **Fidelity<sup>®</sup>** **VIP FundsManager 85% Portfolio - Service Class 2** | **Franklin Small Cap Value VIP Fund - Class 2** |
| **Net assets at January 1, 2024** | $866<br>| $711<br>| $44<br>| $6366<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 21<br>| 5<br>| 1<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (1)<br>| (24)<br>| —<br>| (30)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 16<br>| 62<br>| 5<br>| 650<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 36<br>| 43<br>| 6<br>| 610<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6<br>| 34<br>| —<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (236)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6)<br>| (214)<br>| —<br>| (573)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| (31)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| —<br>| (1)<br>| (120)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1)<br>| (180)<br>| (1)<br>| (955)<br>|
| Total increase (decrease) in net assets | 35<br>| (137)<br>| 5<br>| (345)<br>|
| **Net assets at December 31, 2024** | $901<br>| $574<br>| $49<br>| $6021<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 22<br>| 7<br>| 1<br>| 18<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (1)<br>| 1<br>| 1<br>| 295<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 49<br>| 69<br>| 8<br>| (93)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 70<br>| 77<br>| 10<br>| 220<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6<br>| 33<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (163)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (48)<br>| (48)<br>| —<br>| (418)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| (19)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| 6<br>| 60<br>| (5641)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (42)<br>| (9)<br>| 60<br>| (6241)<br>|
| Total increase (decrease) in net assets | 28<br>| 68<br>| 70<br>| (6021)<br>|
| **Net assets at December 31, 2025** | $929<br>| $642<br>| $119<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 76

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin Strategic Income VIP Fund - Class 2** | **Templeton Global Bond VIP Fund - Class 2** | **Delaware VIP Real Estate Securities - Class II** | **Nomura VIP Asset Strategy Series - Service Class** |
| **Net assets at January 1, 2024** | $467<br>| $1985<br>| $110<br>| $267<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 16<br>| (15)<br>| 3<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (12)<br>| (79)<br>| (30)<br>| 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 10<br>| (134)<br>| 18<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14<br>| (228)<br>| (9)<br>| 30<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 13<br>| 238<br>| 2<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (28)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (56)<br>| (210)<br>| (2)<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (13)<br>| (37)<br>| (101)<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (56)<br>| (37)<br>| (101)<br>| (12)<br>|
| Total increase (decrease) in net assets | (42)<br>| (265)<br>| (110)<br>| 18<br>|
| **Net assets at December 31, 2024** | $425<br>| $1720<br>| $—<br>| $285<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 17<br>| (15)<br>| —<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (5)<br>| (51)<br>| —<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 14<br>| 324<br>| —<br>| 19<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 26<br>| 258<br>| —<br>| 43<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 35<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (26)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (16)<br>| (107)<br>| —<br>| (16)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2<br>| 15<br>| —<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (14)<br>| (83)<br>| —<br>| (19)<br>|
| Total increase (decrease) in net assets | 12<br>| 175<br>| —<br>| 24<br>|
| **Net assets at December 31, 2025** | $437<br>| $1895<br>| $—<br>| $309<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 77

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nomura VIP Balanced Series - Service Class** | **Nomura VIP Energy Series - Service Class** | **Nomura VIP High Income Series - Service Class** | **Nomura VIP International Core Equity Series - Service Class** |
| **Net assets at January 1, 2024** | $447<br>| $658<br>| $921<br>| $23<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2<br>| 13<br>| 54<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (15)<br>| 78<br>| (21)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 81<br>| (143)<br>| 16<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 68<br>| (52)<br>| 49<br>| 1<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (5)<br>| 37<br>| 72<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (63)<br>| (28)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (55)<br>| (19)<br>| (72)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 55<br>| 157<br>| 1<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (5)<br>| 112<br>| (27)<br>| 7<br>|
| Total increase (decrease) in net assets | 63<br>| 60<br>| 22<br>| 8<br>|
| **Net assets at December 31, 2024** | $510<br>| $718<br>| $943<br>| $31<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2<br>| (3)<br>| 54<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 19<br>| 15<br>| (13)<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 33<br>| 61<br>| 18<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 54<br>| 73<br>| 59<br>| 6<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| —<br>| 2<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (6)<br>| (5)<br>| (3)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (28)<br>| (10)<br>| (53)<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (17)<br>| 153<br>| 57<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (48)<br>| 138<br>| 3<br>| —<br>|
| Total increase (decrease) in net assets | 6<br>| 211<br>| 62<br>| 6<br>|
| **Net assets at December 31, 2025** | $516<br>| $929<br>| $1005<br>| $37<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 78

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nomura VIP Mid Cap Growth Series - Service Class** | **Nomura VIP Science And Technology Series - Service Class** | **Nomura VIP Smid Cap Core Series - Service Class** | **Nomura VIP Small Cap Growth Series - Service Class** |
| **Net assets at January 1, 2024** | $322<br>| $882<br>| $178<br>| $710<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2)<br>| (7)<br>| —<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 8<br>| 30<br>| 3<br>| (79)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 221<br>| 23<br>| 182<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6<br>| 244<br>| 26<br>| 97<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| (53)<br>| 1<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (9)<br>| (118)<br>| (67)<br>| (267)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| (1)<br>| (8)<br>| (49)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (8)<br>| (172)<br>| (74)<br>| (308)<br>|
| Total increase (decrease) in net assets | (2)<br>| 72<br>| (48)<br>| (211)<br>|
| **Net assets at December 31, 2024** | $320<br>| $954<br>| $130<br>| $499<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2)<br>| (7)<br>| (1)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 34<br>| 165<br>| 8<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (38)<br>| 136<br>| 2<br>| 64<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (6)<br>| 294<br>| 9<br>| 60<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 3<br>| 32<br>| 33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (23)<br>| (10)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (64)<br>| (37)<br>| (11)<br>| (137)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2<br>| (47)<br>| (5)<br>| (24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (62)<br>| (104)<br>| 6<br>| (128)<br>|
| Total increase (decrease) in net assets | (68)<br>| 190<br>| 15<br>| (68)<br>|
| **Net assets at December 31, 2025** | $252<br>| $1144<br>| $145<br>| $431<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 79

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson Balanced Portfolio - Service Shares** | **Janus Henderson Enterprise Portfolio - Service Shares** | **Janus Henderson Flexible Bond Portfolio - Service Shares** | **ClearBridge Variable Growth - Class II** |
| **Net assets at January 1, 2024** | $3270<br>| $1527<br>| $435<br>| $59<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 28<br>| (4)<br>| 14<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 262<br>| 61<br>| (10)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 159<br>| 143<br>| —<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 449<br>| 200<br>| 4<br>| 5<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| (3)<br>| 22<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (37)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (681)<br>| (250)<br>| (49)<br>| (34)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (172)<br>| (29)<br>| (16)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (888)<br>| (282)<br>| (43)<br>| (36)<br>|
| Total increase (decrease) in net assets | (439)<br>| (82)<br>| (39)<br>| (31)<br>|
| **Net assets at December 31, 2024** | $2831<br>| $1445<br>| $396<br>| $28<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 23<br>| (12)<br>| 15<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 226<br>| 125<br>| (6)<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 67<br>| (21)<br>| 16<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 316<br>| 92<br>| 25<br>| 4<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 9<br>| 64<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (28)<br>| (3)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (483)<br>| (71)<br>| (29)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 64<br>| (37)<br>| 35<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (410)<br>| (72)<br>| 3<br>| (1)<br>|
| Total increase (decrease) in net assets | (94)<br>| 20<br>| 28<br>| 3<br>|
| **Net assets at December 31, 2025** | $2737<br>| $1465<br>| $424<br>| $31<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 80

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Mid Cap Portfolio - Class II** | **Western Asset Core Plus VIT Portfolio - Class I** | **MFS VIT II Income Portfolio - Service Class** | **MFS VIT Research Series Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $158<br>| $5<br>| $183<br>| $469<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| 7<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1<br>| —<br>| (14)<br>| 58<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 13<br>| —<br>| 10<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14<br>| —<br>| 3<br>| 61<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| —<br>| 2<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (6)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6)<br>| —<br>| (77)<br>| (184)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 24<br>| —<br>| 108<br>| (96)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 15<br>| —<br>| 33<br>| (283)<br>|
| Total increase (decrease) in net assets | 29<br>| —<br>| 36<br>| (222)<br>|
| **Net assets at December 31, 2024** | $187<br>| $5<br>| $219<br>| $247<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| —<br>| 4<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 6<br>| —<br>| (11)<br>| 59<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| 16<br>| (33)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5<br>| —<br>| 9<br>| 24<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| —<br>| —<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (6)<br>| —<br>| —<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (9)<br>| —<br>| (41)<br>| (37)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (49)<br>| —<br>| (57)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (62)<br>| —<br>| (98)<br>| (45)<br>|
| Total increase (decrease) in net assets | (57)<br>| —<br>| (89)<br>| (21)<br>|
| **Net assets at December 31, 2025** | $130<br>| $5<br>| $130<br>| $226<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 81

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS VIT International Intrinsic Value Portfolio - Service Class** | **MFS VIT Value Series - Service Class** | **MFS VIT III Global Real Estate Portfolio - Service Class** | **Invesco V.I. Main Street Fund - Series II** |
| **Net assets at January 1, 2024** | $174<br>| $695<br>| $176<br>| $248<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 4<br>| 1<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 10<br>| 87<br>| —<br>| 37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1)<br>| (18)<br>| (7)<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 10<br>| 73<br>| (6)<br>| 56<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1<br>| 8<br>| 1<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (7)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (30)<br>| (207)<br>| (2)<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 10<br>| 9<br>| 1<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (19)<br>| (197)<br>| —<br>| (5)<br>|
| Total increase (decrease) in net assets | (9)<br>| (124)<br>| (6)<br>| 51<br>|
| **Net assets at December 31, 2024** | $165<br>| $571<br>| $170<br>| $299<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 4<br>| —<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 23<br>| 59<br>| (7)<br>| 29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 31<br>| 5<br>| 10<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 55<br>| 68<br>| 3<br>| 46<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 3<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (5)<br>| (9)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5)<br>| (18)<br>| (57)<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2<br>| (2)<br>| 2<br>| 24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (8)<br>| (26)<br>| (55)<br>| 12<br>|
| Total increase (decrease) in net assets | 47<br>| 42<br>| (52)<br>| 58<br>|
| **Net assets at December 31, 2025** | $212<br>| $613<br>| $118<br>| $357<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 82

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Main Street Small Cap Fund - Series II** | **Invesco V.I. Core Plus Bond Fund - Series II** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series II** | **Invesco V.I. International Growth Fund - Series II** |
| **Net assets at January 1, 2024** | $1048<br>| $724<br>| $338<br>| $706<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (10)<br>| 3<br>| (3)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 81<br>| 11<br>| (22)<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 33<br>| —<br>| 102<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 104<br>| 14<br>| 77<br>| (8)<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6<br>| 5<br>| (17)<br>| 23<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (19)<br>| —<br>| (6)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (151)<br>| (500)<br>| (25)<br>| (123)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (6)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (48)<br>| (26)<br>| (2)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (218)<br>| (521)<br>| (50)<br>| (103)<br>|
| Total increase (decrease) in net assets | (114)<br>| (507)<br>| 27<br>| (111)<br>|
| **Net assets at December 31, 2024** | $934<br>| $217<br>| $365<br>| $595<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (6)<br>| 8<br>| (3)<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 185<br>| —<br>| 33<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (146)<br>| 6<br>| (37)<br>| 68<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 33<br>| 14<br>| (7)<br>| 78<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 5<br>| —<br>| 11<br>| 38<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (1)<br>| —<br>| (13)<br>| (41)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (132)<br>| (6)<br>| (60)<br>| (21)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (4)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (835)<br>| 9<br>| 41<br>| (69)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (967)<br>| 3<br>| (21)<br>| (93)<br>|
| Total increase (decrease) in net assets | (934)<br>| 17<br>| (28)<br>| (15)<br>|
| **Net assets at December 31, 2025** | $—<br>| $234<br>| $337<br>| $580<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 83

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO All Asset Portfolio - Administrative Class** | **PIMCO Low Duration Portfolio - Administrative Class** | **PIMCO Real Return Portfolio - Administrative Class** | **PIMCO Short-Term Portfolio - Administrative Class** |
| **Net assets at January 1, 2024** | $55<br>| $1711<br>| $2827<br>| $4421<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 3<br>| 54<br>| 41<br>| 194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2)<br>| (11)<br>| (77)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| 17<br>| 64<br>| 43<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2<br>| 60<br>| 28<br>| 234<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 31<br>| —<br>| 21<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (55)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (9)<br>| (92)<br>| (364)<br>| (307)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (10)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (6)<br>| (41)<br>| (46)<br>| 487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (15)<br>| (102)<br>| (475)<br>| 201<br>|
| Total increase (decrease) in net assets | (13)<br>| (42)<br>| (447)<br>| 435<br>|
| **Net assets at December 31, 2024** | $42<br>| $1669<br>| $2380<br>| $4856<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2<br>| 55<br>| 52<br>| 177<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| (8)<br>| (57)<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 3<br>| 33<br>| 156<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5<br>| 80<br>| 151<br>| 180<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 1<br>| 1<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (29)<br>| (130)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (57)<br>| (365)<br>| (1041)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (8)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (11)<br>| (1)<br>| 44<br>| 255<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (11)<br>| (86)<br>| (458)<br>| (788)<br>|
| Total increase (decrease) in net assets | (6)<br>| (6)<br>| (307)<br>| (608)<br>|
| **Net assets at December 31, 2025** | $36<br>| $1663<br>| $2073<br>| $4248<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 84

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO Total Return Portfolio - Administrative Class** | **ProFund VP Europe 30** | **ProFund VP Rising Rates Opportunity** | **Putnam VT Income Fund - Class 1B** |
| **Net assets at January 1, 2024** | $4008<br>| $1093<br>| $951<br>| $609<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 127<br>| 1<br>| 28<br>| 26<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (89)<br>| 70<br>| 490<br>| (25)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 29<br>| (41)<br>| (338)<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 67<br>| 30<br>| 180<br>| 8<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 230<br>| —<br>| —<br>| 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (4)<br>| (25)<br>| (26)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (339)<br>| (116)<br>| (91)<br>| (63)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (6)<br>| (7)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 8<br>| (9)<br>| 111<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (105)<br>| (156)<br>| (13)<br>| (57)<br>|
| Total increase (decrease) in net assets | (38)<br>| (126)<br>| 167<br>| (49)<br>|
| **Net assets at December 31, 2024** | $3970<br>| $967<br>| $1118<br>| $560<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 125<br>| 11<br>| 20<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (139)<br>| 279<br>| (62)<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 309<br>| (132)<br>| 35<br>| 26<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 295<br>| 158<br>| (7)<br>| 34<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 29<br>| —<br>| —<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (28)<br>| (12)<br>| (80)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (197)<br>| (102)<br>| (206)<br>| (31)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (4)<br>| (6)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (345)<br>| (1007)<br>| 77<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (541)<br>| (1125)<br>| (215)<br>| (23)<br>|
| Total increase (decrease) in net assets | (246)<br>| (967)<br>| (222)<br>| 11<br>|
| **Net assets at December 31, 2025** | $3724<br>| $—<br>| $896<br>| $571<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 85

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Putnam VT International Equity Fund - Class 1B** | **Putnam VT International Value Fund - Class 1B** | **Putnam VT Mortgage Securities Fund - Class 1B** | **Putnam VT Core Equity Fund - Class IB** |
| **Net assets at January 1, 2024** | $2<br>| $11<br>| $544<br>| $566<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| 33<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| (12)<br>| 67<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| (3)<br>| —<br>| 73<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| (3)<br>| 21<br>| 139<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 2<br>| 8<br>| (13)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (94)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (18)<br>| (241)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1<br>| 94<br>| 27<br>| 26<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1<br>| 96<br>| 17<br>| (322)<br>|
| Total increase (decrease) in net assets | 1<br>| 93<br>| 38<br>| (183)<br>|
| **Net assets at December 31, 2024** | $3<br>| $104<br>| $582<br>| $383<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| 43<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 3<br>| (160)<br>| 50<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| 51<br>| 179<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1<br>| 54<br>| 62<br>| 64<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| (1)<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (565)<br>| (62)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| 572<br>| 507<br>| 50<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1)<br>| 572<br>| (59)<br>| (9)<br>|
| Total increase (decrease) in net assets | —<br>| 626<br>| 3<br>| 55<br>|
| **Net assets at December 31, 2025** | $3<br>| $730<br>| $585<br>| $438<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 86

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Putnam VT Small Cap Value Fund - Class 1B** | **T. Rowe Price Blue Chip Growth Portfolio - II** | **T. Rowe Price Health Sciences Portfolio - II** | **MFS VIT Utilities Series Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $327<br>| $5249<br>| $3673<br>| $697<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| (40)<br>| (30)<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 24<br>| 849<br>| 405<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (7)<br>| 744<br>| (317)<br>| 43<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 18<br>| 1553<br>| 58<br>| 72<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (1)<br>| (386)<br>| 168<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (6)<br>| —<br>| (25)<br>| (16)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (94)<br>| (1058)<br>| (467)<br>| (363)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 9<br>| (531)<br>| (28)<br>| 218<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (92)<br>| (1975)<br>| (352)<br>| (152)<br>|
| Total increase (decrease) in net assets | (74)<br>| (422)<br>| (294)<br>| (80)<br>|
| **Net assets at December 31, 2024** | $253<br>| $4827<br>| $3379<br>| $617<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| (34)<br>| (29)<br>| 13<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 3<br>| 697<br>| 165<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (4)<br>| 132<br>| 440<br>| 66<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1)<br>| 795<br>| 576<br>| 94<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 78<br>| 46<br>| 31<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (40)<br>| (15)<br>| (38)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (82)<br>| (330)<br>| (235)<br>| (55)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (3)<br>| (89)<br>| 272<br>| 185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (85)<br>| (381)<br>| 68<br>| 123<br>|
| Total increase (decrease) in net assets | (86)<br>| 414<br>| 644<br>| 217<br>|
| **Net assets at December 31, 2025** | $167<br>| $5241<br>| $4023<br>| $834<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 87

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced Portfolio - Class S** | **Voya Intermediate Bond Portfolio - Class A** | **Voya Intermediate Bond Portfolio - Class S** | **Voya Balanced Income Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $1778<br>| $2608<br>| $1333895<br>| $1111<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 37<br>| 89<br>| 24192<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 154<br>| (78)<br>| (170879)<br>| (32)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (53)<br>| 36<br>| 202998<br>| 149<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 138<br>| 47<br>| 56311<br>| 116<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 31<br>| 101<br>| 2887<br>| 28<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (33)<br>| (12)<br>| (24779)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (190)<br>| (231)<br>| (108440)<br>| (183)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| —<br>| (7910)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (108)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1722)<br>| 26<br>| (1251856)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1916)<br>| (116)<br>| (1390206)<br>| (155)<br>|
| Total increase (decrease) in net assets | (1778)<br>| (69)<br>| (1333895)<br>| (39)<br>|
| **Net assets at December 31, 2024** | $—<br>| $2539<br>| $—<br>| $1072<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 89<br>| —<br>| 31<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| (54)<br>| —<br>| 37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 125<br>| —<br>| 33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 160<br>| —<br>| 101<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 4<br>| —<br>| 58<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (36)<br>| —<br>| (63)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (189)<br>| —<br>| (136)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| 102<br>| —<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (119)<br>| —<br>| (146)<br>|
| Total increase (decrease) in net assets | —<br>| 41<br>| —<br>| (45)<br>|
| **Net assets at December 31, 2025** | $—<br>| $2580<br>| $—<br>| $1027<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 88

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Balanced Income Portfolio - Service Class** | **Voya Balanced Income Portfolio - Service 2 Class** | **Voya Global Perspectives<sup>®</sup>** **Portfolio - Class A** | **Voya Government Liquid Assets Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $163281<br>| $2409<br>| $57918<br>| $245603<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (931)<br>| (20)<br>| 691<br>| 6762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (4049)<br>| (36)<br>| (2620)<br>| 82<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 21529<br>| 316<br>| 4741<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 16549<br>| 260<br>| 2812<br>| 6844<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1065<br>| —<br>| 129<br>| 2319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (6400)<br>| (19)<br>| (1286)<br>| (9514)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (20430)<br>| (1461)<br>| (6873)<br>| (107754)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1116)<br>| (22)<br>| (586)<br>| (1689)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (22)<br>| —<br>| (8)<br>| (64)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2025<br>| 1435<br>| (284)<br>| 85276<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (24878)<br>| (67)<br>| (8908)<br>| (31426)<br>|
| Total increase (decrease) in net assets | (8329)<br>| 193<br>| (6096)<br>| (24582)<br>|
| **Net assets at December 31, 2024** | $154952<br>| $2602<br>| $51822<br>| $221021<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 4814<br>| 64<br>| 2041<br>| 4105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 7224<br>| 122<br>| (4484)<br>| 142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (384)<br>| (13)<br>| 6915<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 11654<br>| 173<br>| 4472<br>| 4247<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 581<br>| —<br>| 66<br>| 10791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (5585)<br>| (238)<br>| (801)<br>| (21607)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (12017)<br>| (224)<br>| (4318)<br>| (80123)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (702)<br>| (13)<br>| (365)<br>| (1328)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (14)<br>| —<br>| (5)<br>| (55)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (148869)<br>| (2300)<br>| (50649)<br>| 63434<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (166606)<br>| (2775)<br>| (56072)<br>| (28888)<br>|
| Total increase (decrease) in net assets | (154952)<br>| (2602)<br>| (51600)<br>| (24641)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $222<br>| $196380<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 89

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Government Liquid Assets Portfolio - Service 2 Class** | **Voya High Yield Portfolio - Adviser Class** | **Voya High Yield Portfolio - Service Class** | **Voya Large Cap Growth Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $10805<br>| $697<br>| $142912<br>| $1145134<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 334<br>| 30<br>| 4432<br>| (14521)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 4<br>| (17)<br>| (13085)<br>| 1943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 22<br>| 14370<br>| 168351<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 338<br>| 35<br>| 5717<br>| 155773<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1348<br>| 23<br>| 298<br>| 3727<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (32)<br>| —<br>| (3120)<br>| (24900)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5027)<br>| (232)<br>| (10879)<br>| (102911)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (20)<br>| —<br>| (528)<br>| (5346)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| —<br>| (14)<br>| (81)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 3279<br>| (71)<br>| (134386)<br>| (1167653)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (453)<br>| (280)<br>| (148629)<br>| (1297164)<br>|
| Total increase (decrease) in net assets | (115)<br>| (245)<br>| (142912)<br>| (1141391)<br>|
| **Net assets at December 31, 2024** | $10690<br>| $452<br>| $—<br>| $3743<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 235<br>| 22<br>| —<br>| (29)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 7<br>| (1)<br>| —<br>| 440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 10<br>| —<br>| 109<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 242<br>| 31<br>| —<br>| 520<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 157<br>| 1<br>| —<br>| 140<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (68)<br>| —<br>| —<br>| (41)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (2494)<br>| (49)<br>| —<br>| (368)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (18)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1892<br>| 9<br>| —<br>| 1824<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (532)<br>| (39)<br>| —<br>| 1555<br>|
| Total increase (decrease) in net assets | (290)<br>| (8)<br>| —<br>| 2075<br>|
| **Net assets at December 31, 2025** | $10400<br>| $444<br>| $—<br>| $5818<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 90

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large Cap Growth Portfolio - Institutional Class** | **Voya Large Cap Growth Portfolio - Service Class** | **Voya Large Cap Growth Portfolio - Service 2 Class** | **Voya Limited Maturity Bond Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $76<br>| $920741<br>| $10687<br>| $9523<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| (11413)<br>| (146)<br>| 272<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 40827<br>| 373<br>| (117)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 27<br>| 98987<br>| 1224<br>| 124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 26<br>| 128401<br>| 1451<br>| 279<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (2)<br>| 122<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (20340)<br>| (310)<br>| (516)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (80949)<br>| (788)<br>| (1036)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (3786)<br>| (51)<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (94)<br>| (1)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| (944095)<br>| (10988)<br>| 160<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (2)<br>| (1049142)<br>| (12138)<br>| (1402)<br>|
| Total increase (decrease) in net assets | 24<br>| (920741)<br>| (10687)<br>| (1123)<br>|
| **Net assets at December 31, 2024** | $100<br>| $—<br>| $—<br>| $8400<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| —<br>| —<br>| 205<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 11<br>| —<br>| —<br>| (93)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 4<br>| —<br>| —<br>| 175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14<br>| —<br>| —<br>| 287<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (423)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3)<br>| —<br>| —<br>| (886)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| —<br>| 46<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (3)<br>| —<br>| —<br>| (1271)<br>|
| Total increase (decrease) in net assets | 11<br>| —<br>| —<br>| (984)<br>|
| **Net assets at December 31, 2025** | $111<br>| $—<br>| $—<br>| $7416<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 91

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement Conservative Portfolio - Adviser Class** | **Voya Retirement Aggressive Portfolio - Adviser Class** | **Voya Retirement Moderately Aggressive Portfolio - Adviser Class** | **Voya Retirement Moderate Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $209968<br>| $1708088<br>| $1126811<br>| $576840<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2628<br>| 3715<br>| 4776<br>| 5878<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (5965)<br>| 93468<br>| 29685<br>| (2201)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 10754<br>| 103228<br>| 74886<br>| 28751<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7417<br>| 200411<br>| 109347<br>| 32428<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1268<br>| 6423<br>| 7025<br>| 3901<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (19176)<br>| (44021)<br>| (43305)<br>| (26866)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (26808)<br>| (233111)<br>| (133888)<br>| (65140)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1997)<br>| (15376)<br>| (9442)<br>| (5106)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (34)<br>| (329)<br>| (183)<br>| (106)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 2817<br>| (9138)<br>| 1586<br>| 3856<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (43930)<br>| (295552)<br>| (178207)<br>| (89461)<br>|
| Total increase (decrease) in net assets | (36513)<br>| (95141)<br>| (68860)<br>| (57033)<br>|
| **Net assets at December 31, 2024** | $173455<br>| $1612947<br>| $1057951<br>| $519807<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6836<br>| 19417<br>| 18844<br>| 16764<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (10542)<br>| 180087<br>| 26326<br>| (27256)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 12908<br>| (57529)<br>| 36670<br>| 45194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 9202<br>| 141975<br>| 81840<br>| 34702<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 668<br>| 4918<br>| 3214<br>| 2474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (4118)<br>| (26438)<br>| (27070)<br>| (14392)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (12728)<br>| (125387)<br>| (79143)<br>| (39738)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1223)<br>| (9464)<br>| (5862)<br>| (3183)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (20)<br>| (202)<br>| (108)<br>| (63)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (163772)<br>| (1598201)<br>| (1029953)<br>| (498254)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (181193)<br>| (1754774)<br>| (1138922)<br>| (553156)<br>|
| Total increase (decrease) in net assets | (171991)<br>| (1612799)<br>| (1057082)<br>| (518454)<br>|
| **Net assets at December 31, 2025** | $1464<br>| $148<br>| $869<br>| $1353<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 92

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya U.S. Stock Index Portfolio - Service Class** | **Voya Inflation Protected Bond Plus Portfolio - Class A** | **Voya Inflation Protected Bond Plus Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $214808<br>| $1279<br>| $106319<br>| $142<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2515)<br>| 28<br>| 1832<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 36960<br>| (71)<br>| (2221)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (8036)<br>| 57<br>| 522<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 26409<br>| 14<br>| 133<br>| 1<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 712<br>| 15<br>| 741<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (4502)<br>| (35)<br>| (3519)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (15922)<br>| (171)<br>| (14196)<br>| (32)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1083)<br>| —<br>| (864)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (11)<br>| —<br>| (12)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (220411)<br>| (469)<br>| 6163<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (241217)<br>| (660)<br>| (11687)<br>| (23)<br>|
| Total increase (decrease) in net assets | (214808)<br>| (646)<br>| (11554)<br>| (22)<br>|
| **Net assets at December 31, 2024** | $—<br>| $633<br>| $94765<br>| $120<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 21<br>| 2290<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| (7)<br>| (1945)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 22<br>| 4453<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 36<br>| 4798<br>| 5<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 4<br>| 1018<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (3953)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (8)<br>| (13322)<br>| (26)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (800)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (10)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| (50)<br>| 7181<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (54)<br>| (9886)<br>| (42)<br>|
| Total increase (decrease) in net assets | —<br>| (18)<br>| (5088)<br>| (37)<br>|
| **Net assets at December 31, 2025** | $—<br>| $615<br>| $89677<br>| $83<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 93

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service Class** | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Service 2 Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Adviser Class** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $35651<br>| $469<br>| $500<br>| $68742<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 387<br>| 4<br>| 9<br>| 475<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (483)<br>| 14<br>| (14)<br>| (963)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (328)<br>| —<br>| 23<br>| 2160<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (424)<br>| 18<br>| 18<br>| 1672<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1<br>| —<br>| 4<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (730)<br>| —<br>| —<br>| (1813)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3801)<br>| (339)<br>| (20)<br>| (7886)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (250)<br>| (4)<br>| —<br>| (297)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (4)<br>| —<br>| —<br>| (16)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 289<br>| 2<br>| (42)<br>| 402<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (4495)<br>| (341)<br>| (58)<br>| (9606)<br>|
| Total increase (decrease) in net assets | (4919)<br>| (323)<br>| (40)<br>| (7934)<br>|
| **Net assets at December 31, 2024** | $30732<br>| $146<br>| $460<br>| $60808<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 297<br>| —<br>| 8<br>| 505<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (412)<br>| —<br>| (5)<br>| (1039)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1479<br>| 5<br>| (8)<br>| (482)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1364<br>| 5<br>| (5)<br>| (1016)<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 47<br>| —<br>| —<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (1027)<br>| —<br>| —<br>| (1917)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3241)<br>| (19)<br>| (17)<br>| (6986)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (217)<br>| (1)<br>| —<br>| (245)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (3)<br>| —<br>| —<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 378<br>| 4<br>| 13<br>| 918<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (4063)<br>| (16)<br>| (4)<br>| (8235)<br>|
| Total increase (decrease) in net assets | (2699)<br>| (11)<br>| (9)<br>| (9251)<br>|
| **Net assets at December 31, 2025** | $28033<br>| $135<br>| $451<br>| $51557<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 94

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Service 2 Class** | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Adviser Class** | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Service Class** | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Service 2 Class** |
| **Net assets at January 1, 2024** | $6088<br>| $935<br>| $209759<br>| $18459<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 31<br>| 3<br>| 108<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (122)<br>| 124<br>| 13677<br>| 1511<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 244<br>| 17<br>| 3220<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 153<br>| 144<br>| 17005<br>| 1506<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| 17<br>| 507<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (106)<br>| —<br>| (5335)<br>| (163)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (801)<br>| (22)<br>| (17491)<br>| (1129)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (44)<br>| —<br>| (653)<br>| (79)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| —<br>| (22)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (27)<br>| (57)<br>| (203770)<br>| (18594)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (976)<br>| (62)<br>| (226764)<br>| (19965)<br>|
| Total increase (decrease) in net assets | (823)<br>| 82<br>| (209759)<br>| (18459)<br>|
| **Net assets at December 31, 2024** | $5265<br>| $1017<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 35<br>| 22<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (103)<br>| 200<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (30)<br>| (79)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (98)<br>| 143<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | (5)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (156)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (345)<br>| (32)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (36)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 68<br>| (106)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (474)<br>| (138)<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | (572)<br>| 5<br>| —<br>| —<br>|
| **Net assets at December 31, 2025** | $4693<br>| $1022<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 95

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service 2 Class** | **VY<sup>®</sup>** **JPMorgan Small Cap Core Equity Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $520<br>| $145747<br>| $4411<br>| $1010<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2)<br>| (1317)<br>| (49)<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (53)<br>| (15961)<br>| (506)<br>| (36)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 61<br>| 18033<br>| 575<br>| 129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6<br>| 755<br>| 20<br>| 85<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 19<br>| 258<br>| —<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (4202)<br>| (292)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (55)<br>| (17733)<br>| (560)<br>| (124)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (1058)<br>| (32)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (20)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (29)<br>| (1029)<br>| 86<br>| (35)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (65)<br>| (23784)<br>| (798)<br>| (154)<br>|
| Total increase (decrease) in net assets | (59)<br>| (23029)<br>| (778)<br>| (69)<br>|
| **Net assets at December 31, 2024** | $461<br>| $122718<br>| $3633<br>| $941<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2)<br>| (600)<br>| (25)<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 100<br>| 9899<br>| 403<br>| 101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 44<br>| 20777<br>| 525<br>| (75)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 142<br>| 30076<br>| 903<br>| 19<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| 533<br>| (5)<br>| 13<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (4)<br>| (2755)<br>| (88)<br>| (26)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (68)<br>| (11504)<br>| (127)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (666)<br>| (19)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (13)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (32)<br>| (138389)<br>| (4297)<br>| (50)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (101)<br>| (152794)<br>| (4536)<br>| (83)<br>|
| Total increase (decrease) in net assets | 41<br>| (122718)<br>| (3633)<br>| (64)<br>|
| **Net assets at December 31, 2025** | $502<br>| $—<br>| $—<br>| $877<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 96

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Adviser Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service 2 Class** | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $1362<br>| $178824<br>| $27075<br>| $46829<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (5)<br>| (2169)<br>| (401)<br>| 306<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 117<br>| 14152<br>| 2269<br>| 480<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (8)<br>| (438)<br>| (180)<br>| 4395<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 104<br>| 11545<br>| 1688<br>| 5181<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 4<br>| 578<br>| 224<br>| 468<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (8)<br>| (4504)<br>| (458)<br>| (271)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (131)<br>| (21852)<br>| (2799)<br>| (4080)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (1172)<br>| (179)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (19)<br>| (2)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (52)<br>| (3415)<br>| 38<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (187)<br>| (30384)<br>| (3176)<br>| (3880)<br>|
| Total increase (decrease) in net assets | (83)<br>| (18839)<br>| (1488)<br>| 1301<br>|
| **Net assets at December 31, 2024** | $1279<br>| $159985<br>| $25587<br>| $48130<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (8)<br>| (1437)<br>| (287)<br>| 567<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 116<br>| 2116<br>| 251<br>| 7048<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (97)<br>| 4264<br>| 789<br>| (2628)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 11<br>| 4943<br>| 753<br>| 4987<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 49<br>| 1221<br>| 146<br>| 884<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (8)<br>| (2562)<br>| (336)<br>| (1642)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (30)<br>| (15156)<br>| (1358)<br>| (2190)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (734)<br>| (113)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (11)<br>| (1)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (602)<br>| (147686)<br>| (24678)<br>| (94)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (591)<br>| (164928)<br>| (26340)<br>| (3043)<br>|
| Total increase (decrease) in net assets | (580)<br>| (159985)<br>| (25587)<br>| 1944<br>|
| **Net assets at December 31, 2025** | $699<br>| $—<br>| $—<br>| $50074<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 97

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Service 2 Class** | **Voya Global Bond Portfolio - Adviser Class** | **Voya Global Bond Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $1967387<br>| $41683<br>| $286<br>| $1868<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (14566)<br>| (338)<br>| 8<br>| 37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 91376<br>| 1515<br>| (26)<br>| (484)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 51847<br>| 1475<br>| 13<br>| 498<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 128657<br>| 2652<br>| (5)<br>| 51<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3904<br>| 231<br>| (62)<br>| 75<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (34263)<br>| (614)<br>| —<br>| (36)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (165121)<br>| (2442)<br>| —<br>| (219)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (8909)<br>| (186)<br>| —<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (134)<br>| (3)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1891521)<br>| (41321)<br>| —<br>| (1731)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (2096044)<br>| (44335)<br>| (62)<br>| (1919)<br>|
| Total increase (decrease) in net assets | (1967387)<br>| (41683)<br>| (67)<br>| (1868)<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $219<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| 6<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| (20)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| 30<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| 16<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (34)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| (15)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| (49)<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| (33)<br>| —<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $186<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 98

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya International High Dividend Low Volatility Portfolio - Adviser Class** | **Voya International High Dividend Low Volatility Portfolio - Service Class** | **Voya Solution 2025 Portfolio - Adviser Class** | **Voya Solution 2025 Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $277<br>| $184801<br>| $589<br>| $9760<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 10<br>| 4554<br>| 7<br>| 116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 5<br>| (2991)<br>| (60)<br>| (305)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 5<br>| 7948<br>| 97<br>| 897<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 20<br>| 9511<br>| 44<br>| 708<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 11<br>| 770<br>| 10<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (8)<br>| (5498)<br>| —<br>| (176)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (71)<br>| (22522)<br>| (17)<br>| (1265)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (1240)<br>| —<br>| (68)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (20)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (21)<br>| (2931)<br>| (195)<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (89)<br>| (31441)<br>| (202)<br>| (1503)<br>|
| Total increase (decrease) in net assets | (69)<br>| (21930)<br>| (158)<br>| (795)<br>|
| **Net assets at December 31, 2024** | $208<br>| $162871<br>| $431<br>| $8965<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 7<br>| 3549<br>| 17<br>| 342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 18<br>| 7724<br>| 6<br>| (573)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 45<br>| 41775<br>| 5<br>| 796<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 70<br>| 53048<br>| 28<br>| 565<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 4<br>| 561<br>| —<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (6474)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (61)<br>| (23125)<br>| (2)<br>| (686)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (1218)<br>| —<br>| (39)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (21)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 60<br>| (1425)<br>| (457)<br>| (8807)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 3<br>| (31702)<br>| (459)<br>| (9530)<br>|
| Total increase (decrease) in net assets | 73<br>| 21346<br>| (431)<br>| (8965)<br>|
| **Net assets at December 31, 2025** | $281<br>| $184217<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 99

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2035 Portfolio - Adviser Class** | **Voya Solution 2035 Portfolio - Service Class** | **Voya Solution 2045 Portfolio - Adviser Class** | **Voya Solution 2045 Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $304<br>| $6595<br>| $81<br>| $696<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| 39<br>| 2<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (44)<br>| (126)<br>| —<br>| (13)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 74<br>| 756<br>| 12<br>| 97<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 29<br>| 669<br>| 14<br>| 85<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (73)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (566)<br>| —<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (43)<br>| —<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (244)<br>| (88)<br>| 242<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (244)<br>| (697)<br>| 242<br>| (95)<br>|
| Total increase (decrease) in net assets | (215)<br>| (28)<br>| 256<br>| (10)<br>|
| **Net assets at December 31, 2024** | $89<br>| $6567<br>| $337<br>| $686<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 92<br>| 2<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 3<br>| 207<br>| 15<br>| 29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 9<br>| 708<br>| 42<br>| 86<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 13<br>| 1007<br>| 59<br>| 120<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (48)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (618)<br>| —<br>| (23)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (46)<br>| —<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| 1040<br>| 1<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1)<br>| 328<br>| 1<br>| (30)<br>|
| Total increase (decrease) in net assets | 12<br>| 1335<br>| 60<br>| 90<br>|
| **Net assets at December 31, 2025** | $101<br>| $7902<br>| $397<br>| $776<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 100

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution 2055 Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Adviser Class** | **Voya Solution Income Portfolio - Service Class** | **Voya Solution Moderately Aggressive Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $8<br>| $547<br>| $8310<br>| $396047<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 15<br>| 125<br>| (1532)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 11<br>| (221)<br>| 3867<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| 17<br>| 490<br>| 45863<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1<br>| 43<br>| 394<br>| 48198<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 22<br>| (6)<br>| 1257<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (7)<br>| (57)<br>| (9542)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (2)<br>| (1311)<br>| (50405)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (56)<br>| (3710)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (55)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| (114)<br>| (45)<br>| 1585<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (101)<br>| (1475)<br>| (60870)<br>|
| Total increase (decrease) in net assets | 1<br>| (58)<br>| (1081)<br>| (12672)<br>|
| **Net assets at December 31, 2024** | $9<br>| $489<br>| $7229<br>| $383375<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 19<br>| 155<br>| 5539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (1)<br>| —<br>| (100)<br>| 53912<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 2<br>| 64<br>| 914<br>| (27158)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1<br>| 83<br>| 969<br>| 32293<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 246<br>| 2<br>| 1969<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (104)<br>| (8211)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (7)<br>| (28)<br>| (1025)<br>| (27885)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (75)<br>| (2361)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (28)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| 454<br>| 8460<br>| (379152)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (7)<br>| 672<br>| 7258<br>| (415668)<br>|
| Total increase (decrease) in net assets | (6)<br>| 755<br>| 8227<br>| (383375)<br>|
| **Net assets at December 31, 2025** | $3<br>| $1244<br>| $15456<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 101

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio - Adviser Class** | **VY<sup>®</sup>** **American Century Small-Mid Cap Value Portfolio - Service Class** | **VY<sup>®</sup>** **Baron Growth Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Contrarian Core Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $1348<br>| $2107<br>| $1156<br>| $1514<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 9<br>| 8<br>| (7)<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 29<br>| (4)<br>| 39<br>| (42)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 57<br>| 128<br>| 12<br>| 375<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 95<br>| 132<br>| 44<br>| 324<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 44<br>| 1<br>| 38<br>| (15)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (7)<br>| (4)<br>| (40)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (94)<br>| (293)<br>| (54)<br>| (134)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (10)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (15)<br>| (185)<br>| (170)<br>| (67)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (72)<br>| (491)<br>| (226)<br>| (216)<br>|
| Total increase (decrease) in net assets | 23<br>| (359)<br>| (182)<br>| 108<br>|
| **Net assets at December 31, 2024** | $1371<br>| $1748<br>| $974<br>| $1622<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 13<br>| 18<br>| (5)<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 87<br>| (90)<br>| 204<br>| 108<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (46)<br>| 141<br>| (313)<br>| 140<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 54<br>| 69<br>| (114)<br>| 238<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 5<br>| —<br>| 4<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (4)<br>| (3)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (25)<br>| (228)<br>| (56)<br>| (105)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (6)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (35)<br>| (1580)<br>| 94<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (59)<br>| (1817)<br>| 42<br>| (107)<br>|
| Total increase (decrease) in net assets | (5)<br>| (1748)<br>| (72)<br>| 131<br>|
| **Net assets at December 31, 2025** | $1366<br>| $—<br>| $902<br>| $1753<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 102

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Adviser Class** | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Service Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Adviser Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Initial Class** |
| **Net assets at January 1, 2024** | $189<br>| $50318<br>| $1311<br>| $473<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2<br>| (18)<br>| 32<br>| 13<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 14<br>| 5691<br>| 92<br>| 34<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 3<br>| (1402)<br>| 12<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 19<br>| 4271<br>| 136<br>| 53<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| 28<br>| 14<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (36)<br>| (1578)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (16)<br>| (5828)<br>| (40)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (373)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (4)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| (2037)<br>| 45<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (51)<br>| (9792)<br>| 19<br>| (21)<br>|
| Total increase (decrease) in net assets | (32)<br>| (5521)<br>| 155<br>| 32<br>|
| **Net assets at December 31, 2024** | $157<br>| $44797<br>| $1466<br>| $505<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 176<br>| 10<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 21<br>| 5539<br>| 354<br>| 145<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (17)<br>| (3791)<br>| (218)<br>| (92)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5<br>| 1924<br>| 146<br>| 59<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 17<br>| 11<br>| 5<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (23)<br>| (568)<br>| (34)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (30)<br>| (3867)<br>| (176)<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (218)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (3)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (3)<br>| (42076)<br>| (14)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (39)<br>| (46721)<br>| (219)<br>| (11)<br>|
| Total increase (decrease) in net assets | (34)<br>| (44797)<br>| (73)<br>| 48<br>|
| **Net assets at December 31, 2025** | $123<br>| $—<br>| $1393<br>| $553<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 103

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Service Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Service 2 Class** | **Voya Global Insights Portfolio - Adviser Class** | **Voya Global Insights Portfolio - Initial Class** |
| **Net assets at January 1, 2024** | $275481<br>| $245832<br>| $752<br>| $2502<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (3014)<br>| (2663)<br>| (6)<br>| (28)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 7180<br>| 4031<br>| 326<br>| 1296<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 13262<br>| 13790<br>| (263)<br>| (1084)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 17428<br>| 15158<br>| 57<br>| 184<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 24<br>| 710<br>| 10<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (8619)<br>| (5075)<br>| (66)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (19328)<br>| (20195)<br>| (68)<br>| (276)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (957)<br>| (1474)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (33)<br>| (18)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (263996)<br>| (234938)<br>| (3)<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (292909)<br>| (260990)<br>| (127)<br>| (271)<br>|
| Total increase (decrease) in net assets | (275481)<br>| (245832)<br>| (70)<br>| (87)<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $682<br>| $2415<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| (5)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| (73)<br>| 37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| 220<br>| 523<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| 142<br>| 540<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 9<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| (29)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (54)<br>| (119)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| (26)<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| (71)<br>| (160)<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| 71<br>| 380<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $753<br>| $2795<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 104

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Global Insights Portfolio - Service Class** | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Adviser Class** | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $93602<br>| $1075<br>| $63340<br>| $534<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1455)<br>| (3)<br>| (573)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 38974<br>| 7<br>| 668<br>| 109<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (31486)<br>| 119<br>| 6905<br>| (30)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6033<br>| 123<br>| 7000<br>| 75<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 186<br>| 2<br>| 15<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (3388)<br>| (36)<br>| (1324)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (11020)<br>| (106)<br>| (7825)<br>| (293)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (576)<br>| —<br>| (438)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (8)<br>| —<br>| (5)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (5182)<br>| (99)<br>| (4723)<br>| (129)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (19988)<br>| (239)<br>| (14300)<br>| (419)<br>|
| Total increase (decrease) in net assets | (13955)<br>| (116)<br>| (7300)<br>| (344)<br>|
| **Net assets at December 31, 2024** | $79647<br>| $959<br>| $56040<br>| $190<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (766)<br>| (1)<br>| (612)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (24520)<br>| 116<br>| (627)<br>| 34<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 37998<br>| (88)<br>| 2211<br>| (18)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 12712<br>| 27<br>| 972<br>| 14<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 26<br>| 2<br>| (1)<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (1486)<br>| (2)<br>| (691)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6632)<br>| (52)<br>| (5220)<br>| (18)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (350)<br>| —<br>| (270)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (4)<br>| —<br>| (3)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (83913)<br>| 24<br>| (50827)<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (92359)<br>| (28)<br>| (57012)<br>| (25)<br>|
| Total increase (decrease) in net assets | (79647)<br>| (1)<br>| (56040)<br>| (11)<br>|
| **Net assets at December 31, 2025** | $—<br>| $958<br>| $—<br>| $179<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 105

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Growth Equity Portfolio - Adviser Class** | **Voya Strategic Allocation Conservative Portfolio - Class S** | **Voya Strategic Allocation Growth Portfolio - Class S** |
| **Net assets at January 1, 2024** | $5779<br>| $3104<br>| $2296<br>| $426<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (62)<br>| (23)<br>| 72<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 444<br>| 371<br>| (138)<br>| 18<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 793<br>| 489<br>| 193<br>| 24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1175<br>| 837<br>| 127<br>| 46<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 5<br>| (61)<br>| 1<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (149)<br>| —<br>| (27)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (685)<br>| (275)<br>| (229)<br>| (19)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (34)<br>| —<br>| (3)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (343)<br>| (60)<br>| (2165)<br>| (452)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1206)<br>| (396)<br>| (2423)<br>| (472)<br>|
| Total increase (decrease) in net assets | (31)<br>| 441<br>| (2296)<br>| (426)<br>|
| **Net assets at December 31, 2024** | $5748<br>| $3545<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (41)<br>| (20)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1032<br>| 685<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (264)<br>| (259)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 727<br>| 406<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| 13<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (90)<br>| (628)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (648)<br>| (82)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (21)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (5718)<br>| (3254)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (6475)<br>| (3951)<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | (5748)<br>| (3545)<br>| —<br>| —<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 106

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Strategic Allocation Moderate Portfolio - Class S** | **Voya Global High Dividend Low Volatility Portfolio - Class A** | **Voya Global High Dividend Low Volatility Portfolio - Class S** | **Voya Index Plus LargeCap Portfolio - Class S** |
| **Net assets at January 1, 2024** | $656<br>| $23<br>| $320585<br>| $92211<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 11<br>| 1<br>| 2360<br>| (417)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2)<br>| 1<br>| 21387<br>| 13971<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 52<br>| 1<br>| 9052<br>| (2587)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 61<br>| 3<br>| 32799<br>| 10967<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 1274<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (8519)<br>| (1546)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5)<br>| —<br>| (39691)<br>| (7950)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| —<br>| (2636)<br>| (267)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (51)<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (710)<br>| —<br>| (6257)<br>| (93401)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (717)<br>| —<br>| (55880)<br>| (103178)<br>|
| Total increase (decrease) in net assets | (656)<br>| 3<br>| (23081)<br>| (92211)<br>|
| **Net assets at December 31, 2024** | $—<br>| $26<br>| $297504<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 1<br>| 1427<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 3<br>| 83172<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 1<br>| (41490)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 5<br>| 43109<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 464<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (6891)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (27710)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (1738)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (33)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| (304705)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| (340613)<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| 5<br>| (297504)<br>| —<br>|
| **Net assets at December 31, 2025** | $—<br>| $31<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 107

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index Plus MidCap Portfolio - Class S** | **Voya Index Plus SmallCap Portfolio - Class S** | **Voya International Index Portfolio - Class A** | **Voya International Index Portfolio - Class S** |
| **Net assets at January 1, 2024** | $45796<br>| $34356<br>| $352339<br>| $94019<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (338)<br>| (202)<br>| 2454<br>| 807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1755<br>| 1731<br>| 12271<br>| 3898<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 3974<br>| 370<br>| (9809)<br>| (3264)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5391<br>| 1899<br>| 4916<br>| 1441<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 31<br>| 27<br>| 2795<br>| 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (1381)<br>| (811)<br>| (10377)<br>| (2572)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6497)<br>| (4020)<br>| (42226)<br>| (11270)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (211)<br>| (159)<br>| (2300)<br>| (640)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (5)<br>| (3)<br>| (34)<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (4227)<br>| (3057)<br>| 635<br>| (1334)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (12290)<br>| (8023)<br>| (51507)<br>| (15808)<br>|
| Total increase (decrease) in net assets | (6899)<br>| (6124)<br>| (46591)<br>| (14367)<br>|
| **Net assets at December 31, 2024** | $38897<br>| $28232<br>| $305748<br>| $79652<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (259)<br>| (189)<br>| 2729<br>| 872<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 6570<br>| 4297<br>| 93529<br>| 27131<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (4799)<br>| (3365)<br>| (30631)<br>| (10894)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1512<br>| 743<br>| 65627<br>| 17109<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 9<br>| 6<br>| 1147<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (888)<br>| (591)<br>| (5978)<br>| (2008)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3483)<br>| (2658)<br>| (26635)<br>| (6820)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (119)<br>| (90)<br>| (1506)<br>| (409)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (3)<br>| (3)<br>| (21)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (35925)<br>| (25639)<br>| (336543)<br>| (87511)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (40409)<br>| (28975)<br>| (369536)<br>| (96761)<br>|
| Total increase (decrease) in net assets | (38897)<br>| (28232)<br>| (303909)<br>| (79652)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $1839<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 108

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class S** |
| **Net assets at January 1, 2024** | $531227<br>| $15290<br>| $968<br>| $1409895<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (5468)<br>| (2)<br>| (2)<br>| (4987)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 232027<br>| 2203<br>| 39<br>| 362308<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (151676)<br>| 294<br>| 186<br>| (173021)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 74883<br>| 2495<br>| 223<br>| 184300<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2103<br>| (39)<br>| (221)<br>| 3948<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (9293)<br>| (223)<br>| —<br>| (32933)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (51476)<br>| (688)<br>| —<br>| (118193)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2500)<br>| (48)<br>| —<br>| (5451)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (33)<br>| —<br>| —<br>| (121)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (538568)<br>| (12139)<br>| —<br>| (1441445)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (599767)<br>| (13137)<br>| (221)<br>| (1594195)<br>|
| Total increase (decrease) in net assets | (524884)<br>| (10642)<br>| 2<br>| (1409895)<br>|
| **Net assets at December 31, 2024** | $6343<br>| $4648<br>| $970<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (45)<br>| 23<br>| 2<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 844<br>| 199<br>| 52<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 242<br>| 573<br>| 93<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1041<br>| 795<br>| 147<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 54<br>| 4<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (7)<br>| (35)<br>| (72)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (178)<br>| (90)<br>| (34)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1214<br>| 42<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1083<br>| (79)<br>| (108)<br>| —<br>|
| Total increase (decrease) in net assets | 2124<br>| 716<br>| 39<br>| —<br>|
| **Net assets at December 31, 2025** | $8467<br>| $5364<br>| $1009<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 109

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class A** |
| **Net assets at January 1, 2024** | $6<br>| $1014416<br>| $888007<br>| $2679<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 6584<br>| (13762)<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 204142<br>| (5369)<br>| 180<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| (102736)<br>| 171999<br>| 194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1<br>| 107990<br>| 152868<br>| 379<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 3388<br>| 3104<br>| 10<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (23003)<br>| (27329)<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (86155)<br>| (119461)<br>| (331)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| (4286)<br>| (4800)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (97)<br>| (132)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1)<br>| (1007080)<br>| (28952)<br>| 19<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1)<br>| (1117233)<br>| (177570)<br>| (311)<br>|
| Total increase (decrease) in net assets | —<br>| (1009243)<br>| (24702)<br>| 68<br>|
| **Net assets at December 31, 2024** | $6<br>| $5173<br>| $863305<br>| $2747<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 256<br>| (10162)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1<br>| 1028<br>| 224782<br>| 271<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1)<br>| (424)<br>| (117239)<br>| (38)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 860<br>| 97381<br>| 234<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 55<br>| 4104<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| 137<br>| (21019)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (159)<br>| (68857)<br>| (86)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| (3115)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (84)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1<br>| (279)<br>| (870399)<br>| (83)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1<br>| (246)<br>| (959370)<br>| (166)<br>|
| Total increase (decrease) in net assets | 1<br>| 614<br>| (861989)<br>| 68<br>|
| **Net assets at December 31, 2025** | $7<br>| $5787<br>| $1316<br>| $2815<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 110

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class A** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class S** | **Voya Small Company Portfolio - Class A** |
| **Net assets at January 1, 2024** | $141729<br>| $1953<br>| $245639<br>| $64<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1080)<br>| 2<br>| (1860)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 7217<br>| 127<br>| 15548<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 10244<br>| 73<br>| 6374<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 16381<br>| 202<br>| 20062<br>| 4<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1366<br>| 32<br>| 735<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (5012)<br>| —<br>| (6398)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (17955)<br>| (146)<br>| (32028)<br>| (19)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1059)<br>| —<br>| (1703)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (11)<br>| —<br>| (22)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (266)<br>| 63<br>| 945<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (22937)<br>| (51)<br>| (38471)<br>| (19)<br>|
| Total increase (decrease) in net assets | (6556)<br>| 151<br>| (18409)<br>| (15)<br>|
| **Net assets at December 31, 2024** | $135173<br>| $2104<br>| $227230<br>| $49<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (423)<br>| 6<br>| 72<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 8919<br>| 213<br>| 25565<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1846<br>| 3<br>| (12920)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 10342<br>| 222<br>| 12717<br>| 3<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 179<br>| —<br>| 808<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (2437)<br>| —<br>| (4494)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (10741)<br>| (34)<br>| (17616)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (675)<br>| —<br>| (1021)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (7)<br>| —<br>| (13)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (131834)<br>| (1)<br>| (217611)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (145515)<br>| (35)<br>| (239947)<br>| (12)<br>|
| Total increase (decrease) in net assets | (135173)<br>| 187<br>| (227230)<br>| (9)<br>|
| **Net assets at December 31, 2025** | $—<br>| $2291<br>| $—<br>| $40<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 111

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Small Company Portfolio - Class S** | **Voya U.S. Bond Index Portfolio - Class S** | **Voya SmallCap Opportunities Portfolio - Class A** | **Voya SmallCap Opportunities Portfolio - Class S** |
| **Net assets at January 1, 2024** | $50955<br>| $125049<br>| $1261<br>| $18279<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (481)<br>| 2975<br>| (5)<br>| (212)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2050)<br>| (6403)<br>| (107)<br>| (799)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 6260<br>| 1938<br>| 314<br>| 3848<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3729<br>| (1490)<br>| 202<br>| 2837<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 81<br>| 309<br>| (9)<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (758)<br>| (4325)<br>| (25)<br>| (345)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6078)<br>| (21549)<br>| (212)<br>| (3035)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (373)<br>| (1093)<br>| —<br>| (90)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (4)<br>| (12)<br>| —<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (2465)<br>| 80381<br>| (81)<br>| (118)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (9597)<br>| 53711<br>| (327)<br>| (3588)<br>|
| Total increase (decrease) in net assets | (5868)<br>| 52221<br>| (125)<br>| (751)<br>|
| **Net assets at December 31, 2024** | $45087<br>| $177270<br>| $1136<br>| $17528<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (184)<br>| 2463<br>| 14<br>| 143<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 4144<br>| (8684)<br>| (27)<br>| 1182<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (2139)<br>| 14074<br>| 153<br>| (820)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1821<br>| 7853<br>| 140<br>| 505<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 501<br>| 284<br>| 16<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (1120)<br>| (8559)<br>| —<br>| (454)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3455)<br>| (12958)<br>| (134)<br>| (1571)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (217)<br>| (752)<br>| —<br>| (49)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (3)<br>| (7)<br>| —<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (42614)<br>| (163131)<br>| 5<br>| (15958)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (46908)<br>| (185123)<br>| (113)<br>| (18033)<br>|
| Total increase (decrease) in net assets | (45087)<br>| (177270)<br>| 27<br>| (17528)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $1163<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 112

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Allspring VT Discovery All Cap Growth Fund - 2** | **Allspring VT Index Asset Allocation Fund - Class 2** | **Allspring VT Small Cap Growth Fund - Class 2** | **Voya Solution Aggressive Portfolio - Class S** |
| **Net assets at January 1, 2024** | $317<br>| $622<br>| $75<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (6)<br>| (4)<br>| (2)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 8<br>| 51<br>| (6)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 54<br>| 28<br>| 18<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 56<br>| 75<br>| 10<br>| 4<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (56)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (32)<br>| (8)<br>| (15)<br>| (184)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| (4)<br>| (1)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (3)<br>| (3)<br>| 1<br>| 449<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (37)<br>| (71)<br>| (15)<br>| 264<br>|
| Total increase (decrease) in net assets | 19<br>| 4<br>| (5)<br>| 268<br>|
| **Net assets at December 31, 2024** | $336<br>| $626<br>| $70<br>| $268<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (7)<br>| (3)<br>| (1)<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 122<br>| 63<br>| 3<br>| 32<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (71)<br>| (20)<br>| 3<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 44<br>| 40<br>| 5<br>| 27<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 14<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (17)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (2)<br>| (82)<br>| (2)<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| (3)<br>| (1)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1<br>| (1)<br>| —<br>| (286)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (3)<br>| (89)<br>| (3)<br>| (295)<br>|
| Total increase (decrease) in net assets | 41<br>| (49)<br>| 2<br>| (268)<br>|
| **Net assets at December 31, 2025** | $377<br>| $577<br>| $72<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 113

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Solution Balanced Portfolio - Class S** | **Voya Solution Conservative Portfolio - Class S** | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (3)<br>| (2)<br>| 885<br>| (13407)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 14<br>| (14)<br>| 8873<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 25<br>| 22<br>| (956)<br>| 86042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 22<br>| 34<br>| (85)<br>| 81508<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 238<br>| 2573<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| (1533)<br>| (23603)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (66)<br>| (105)<br>| (5260)<br>| (117267)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| (3)<br>| (227)<br>| (5104)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (5)<br>| (82)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1338<br>| 2016<br>| 125918<br>| 2396589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1270<br>| 1908<br>| 119131<br>| 2253106<br>|
| Total increase (decrease) in net assets | 1292<br>| 1942<br>| 119046<br>| 2334614<br>|
| **Net assets at December 31, 2024** | $1292<br>| $1942<br>| $119046<br>| $2334614<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 21<br>| 32<br>| 4969<br>| (29026)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 112<br>| 84<br>| (94)<br>| 45152<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (25)<br>| (22)<br>| 2278<br>| 205862<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 108<br>| 94<br>| 7153<br>| 221988<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 359<br>| 8285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| (45)<br>| (3530)<br>| (75158)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (54)<br>| (135)<br>| (12749)<br>| (288640)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (2)<br>| (5)<br>| (646)<br>| (14446)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (16)<br>| (228)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (1344)<br>| (1851)<br>| (22)<br>| (34910)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1400)<br>| (2036)<br>| (16604)<br>| (405097)<br>|
| Total increase (decrease) in net assets | (1292)<br>| (1942)<br>| (9451)<br>| (183109)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $109595<br>| $2151505<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 114

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable Large Cap Index Fund - Class V** | **Venerable Strategic Bond Fund - Class V** | **Venerable US Large Cap Strategic Equity Fund - Class V** | **Venerable Emerging Markets Equity Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (18983)<br>| 4088<br>| (12885)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 20034<br>| (1205)<br>| 13079<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 270415<br>| (60906)<br>| 156733<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 271466<br>| (58023)<br>| 156927<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6367<br>| 1651<br>| 3438<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (34769)<br>| (10957)<br>| (27890)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (145637)<br>| (55907)<br>| (100164)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (6199)<br>| (3488)<br>| (4410)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (109)<br>| (50)<br>| (80)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 3221200<br>| 1429020<br>| 2219106<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 3040853<br>| 1360269<br>| 2090000<br>| —<br>|
| Total increase (decrease) in net assets | 3312319<br>| 1302246<br>| 2246927<br>| —<br>|
| **Net assets at December 31, 2024** | $3312319<br>| $1302246<br>| $2246927<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (47062)<br>| 28569<br>| (33644)<br>| (744)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 104581<br>| (7118)<br>| 74495<br>| 365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 396901<br>| 41044<br>| 246441<br>| 7392<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 454420<br>| 62495<br>| 287292<br>| 7013<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 14028<br>| 3345<br>| 8736<br>| 176<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (110201)<br>| (36893)<br>| (71722)<br>| (820)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (392267)<br>| (202718)<br>| (271245)<br>| (5406)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (18149)<br>| (10457)<br>| (12647)<br>| (304)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (328)<br>| (137)<br>| (235)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | (36440)<br>| 67026<br>| (26887)<br>| 138081<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (543357)<br>| (179834)<br>| (374000)<br>| 131723<br>|
| Total increase (decrease) in net assets | (88937)<br>| (117339)<br>| (86708)<br>| 138736<br>|
| **Net assets at December 31, 2025** | $3223382<br>| $1184907<br>| $2160219<br>| $138736<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 115

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Equity Fund - Class V** | **Venerable International Index Fund - Class V** | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2905)<br>| (2213)<br>| (5536)<br>| (1289)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1078<br>| 793<br>| (257)<br>| 514<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 26511<br>| 19821<br>| 1025<br>| 8337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 24684<br>| 18401<br>| (4768)<br>| 7562<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 351<br>| 387<br>| 1152<br>| 280<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (5146)<br>| (2663)<br>| (9623)<br>| (2138)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (24697)<br>| (18548)<br>| (45850)<br>| (9736)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1192)<br>| (816)<br>| (1730)<br>| (477)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (19)<br>| (11)<br>| (36)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 549133<br>| 417200<br>| 1086822<br>| 239273<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 518430<br>| 395549<br>| 1030735<br>| 227196<br>|
| Total increase (decrease) in net assets | 543114<br>| 413950<br>| 1025967<br>| 234758<br>|
| **Net assets at December 31, 2025** | $543114<br>| $413950<br>| $1025967<br>| $234758<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 116

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Moderate Allocation Fund - Class V** | **Venerable World Appreciation Allocation Fund - Class V** | **Venerable US Small Cap Fund - Class V** | **Venerable Bond Index Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (2133)<br>| (2092)<br>| (756)<br>| 308<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 514<br>| 562<br>| 226<br>| (27)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 15650<br>| 18082<br>| 3408<br>| (240)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14031<br>| 16552<br>| 2878<br>| 41<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 664<br>| 86<br>| 260<br>| 85<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (2604)<br>| (1506)<br>| (1139)<br>| (647)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (14498)<br>| (14346)<br>| (7423)<br>| (54499)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (1231)<br>| (1099)<br>| (281)<br>| (308)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (14)<br>| (20)<br>| (4)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 383447<br>| 380282<br>| 146789<br>| 176586<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 365764<br>| 363397<br>| 138202<br>| 121214<br>|
| Total increase (decrease) in net assets | 379795<br>| 379949<br>| 141080<br>| 121255<br>|
| **Net assets at December 31, 2025** | $379795<br>| $379949<br>| $141080<br>| $121255<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 117

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[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Conservative Allocation Fund - Class V** | **Venerable Conservative Appreciation Allocation Fund - Class V** | **Venerable Conservative Allocation Fund - Class V** | **Venerable Moderate Appreciation Allocation Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (865)<br>| (2740)<br>| (919)<br>| (5724)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 225<br>| 622<br>| 144<br>| 1464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 4997<br>| 13566<br>| 3223<br>| 37736<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4357<br>| 11448<br>| 2448<br>| 33476<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 192<br>| 1902<br>| 123<br>| 1422<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (2372)<br>| (6356)<br>| (2560)<br>| (12747)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (7039)<br>| (22710)<br>| (6582)<br>| (43300)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (326)<br>| (1457)<br>| (540)<br>| (2687)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (7)<br>| (30)<br>| (9)<br>| (52)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 154243<br>| 499525<br>| 165775<br>| 1031619<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 144691<br>| 470874<br>| 156207<br>| 974255<br>|
| Total increase (decrease) in net assets | 149048<br>| 482322<br>| 158655<br>| 1007731<br>|
| **Net assets at December 31, 2025** | $149048<br>| $482322<br>| $158655<br>| $1007731<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 118

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT B**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | |
|:---|:---|
|  | **Venerable Appreciation Allocation Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>|
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>|
| Changes from principal transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>|
| Total increase (decrease) in net assets | —<br>|
| **Net assets at December 31, 2024** | $—<br>|
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (8956)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 2753<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 68976<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 62773<br>|
| Changes from principal transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1341<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits | (13641)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (71374)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract charges | (4418)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (87)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed acccount), net | 1595135<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1506956<br>|
| Total increase (decrease) in net assets | 1569729<br>|
| **Net assets at December 31, 2025** | $1569729<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 119

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Notes to Financial Statements** |

---

**1. Organization**

Venerable Insurance and Annuity Company ("VIAC" or the "Company") is domiciled in the State of Iowa and was originally organized in 1973 under the insurance laws of Minnesota. On June 1, 2018, the Company became an indirectly wholly owned subsidiary of VA Capital Company LLC, ("VA Capital"), a limited liability company domiciled in the State of Delaware. The Company's direct parent is Venerable Holdings, Inc. ("Venerable Holdings"), a holding company domiciled in the State of Delaware. Before June 1, 2018, the Company was an indirectly wholly owned subsidiary of Voya Financial, Inc.

Separate Account B of the Company (the "Account") was established by the Company on July 14, 1988, to support operations of the Company's variable annuity contracts (the "Contracts"). The Company ceased sales of new variable annuity products in 2010, but existing Contract owners may continue to invest in their Contracts. Directed Services LLC, ("DSL"), an affiliate of the Company, acts as the principal underwriter (as defined in the Securities Act of 1933 and the 1940 Act, as amended) of the Contracts issued by the Company. The Contracts were distributed through registered representatives of other broker-dealers who have entered into selling agreements with DSL.

The variable annuity Contracts supported by the Account are:

• Architect Variable Annuity

• GoldenSelect Landmark

• GoldenSelect Legends

• Wells Fargo Landmark

• GoldenSelect Access

• Golden Select Fleet Premium Plus (previously Golden Select Premium Plus Featuring the Galaxy VIP Fund)

• Golden Select Premium Plus

• GoldenSelect ESII

• GoldenSelect Opportunities

• GoldenSelect Generations

• Wells Fargo Opportunities

• GoldenSelect DVA Plus

• GoldenSelect Granite PrimElite

• Preferred Advantage Variable Annuity

• Simplicity Variable Annuity

• SmartDesign Signature

• Focus Variable Annuity

• Rollover Choice Variable Annuity

• GoldenSelect Value

• SmartDesign Advantage

• SmartDesign Variable Annuity

• GoldenSelect Access One

• GoldenSelect Fund for Life

• GoldenSelect DVA

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• GoldenSelect DVA Series 100

The Account is registered as a unit investment trust with the Securities Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended. VIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the VIAC guaranteed interest division, the VIAC fixed interest division and the fixed account (an investment option in the Company's general account), as directed by the Contract owners. The portion of the Account's assets applicable to Contracts will not be charged with liabilities arising out of any other business VIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of VIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of VIAC.

At December 31, 2025, the Account had 144 investment divisions (the "Divisions"), 125 of which invest in independently managed mutual funds and 19 of which invest in mutual funds managed by an affiliate, Venerable Investment Advisers, LLC ("Venerable Advisers"), an investment adviser and wholly owned subsidiary of Venerable Holdings. The assets in each Division are invested in shares of a designated fund ("Fund") of various investment trusts ("Trusts").

The Divisions with asset balances at December 31, 2025 are as follows:

---

| |
|:---|
| **Allspring Variable Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Discovery All Cap Growth Fund - 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Index Asset Allocation Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Small Cap Growth Fund - Class 2 |
| **American Funds Insurance Series<sup>®</sup>** **:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Income Builder - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;New World Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors - Class 4 |
| **BlackRock Variable Series Funds, Inc.:** |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Equity Dividend V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock High Yield V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III |
| **ClearBridge:** |
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Growth - Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class II |
| **Columbia Variable Portfolio:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Seligman Global Technology Fund - Class 2 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Large Cap Growth Fund - Class 1 |
| **DWS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Alternative Asset Allocation VIP - Class B |
| **Eaton Vance Variable Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance VT Floating-Rate Income Fund - Initial Class |
| **Federated Hermes Insurance Series** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes High Income Bond Fund II - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Kaufmann Fund II - Service Class |
| **Fidelity:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 |
| **Franklin:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Income VIP Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 |
| **Invesco:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Fund - Series II |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Plus Bond Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund - Series II |
| **Janus Henderson** |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Enterprise Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Flexible Bond Portfolio - Service Shares |
| **Nomura:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science And Technology Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series - Service Class |
| **MFS<sup>®</sup>** **:** |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT II Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Research Series Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Utilities Series Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT International Intrinsic Value Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Value Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT III Global Real Estate Portfolio - Service Class |
| **PIMCO Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO All Asset Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Low Duration Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Real Return Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Short-Term Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Portfolio - Administrative Class |
| **ProFunds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Rising Rates Opportunity |
| **Putnam Variable Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Core Equity Fund - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Equity Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Value Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Mortgage Securities Fund - Class 1B |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Value Fund - Class 1B |
| **T. Rowe Price Equity Series, Inc.:** |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio - II |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Health Sciences Portfolio - II |
| **Venerable Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V |
| **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class A |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Bond Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2055 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class A |

---

---

| |
|:---|
| **Voya (VY):** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Baron Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class |
| **Western (Legg Mason):** |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I |

---

During 2025, the Divisions with current and former name changes are as follows:

---

| | |
|:---|:---|
| **Current Name** | **Former Name** |
| **Nomura:** | **Macquarie:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Energy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Mid Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science And Technology Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Science And Technology Series - Service Class |

---

------

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | |
|:---|:---|
| **Current Name** | **Former Name**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Small Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series - Service Class |
| **Voya:** | **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Adviser Class | &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Adviser Class | &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Growth Portfolio - Adviser Class |
| **Invesco:** | **Invesco:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund - Series II | &nbsp;&nbsp;&nbsp;&nbsp;Invesco Oppenheimer V.I. International Growth Fund - Series II |

---

During 2025, the Divisions closed to contract owners due to fund mergers and substitutions are as follows:

---

| |
|:---|
| **Columbia Variable Portfolio:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund, Variable Series - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund, Variable Series - Class 1 |
| **Franklin:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 |
| **Invesco:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Small Cap Fund - Series II |
| **ProFunds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Europe 30 |
| **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Aggressive Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Balanced Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Conservative Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class S |
| **Voya (VY):** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Adviser Class |

---

During 2025, the Divisions opened to contract owners due to fund mergers and substitutions are as follows, which includes the Venerable Variable Insurance Trust ("VVIT"), comprised of mutual funds managed by Venerable Advisers, an affiliate of the Company:

------

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| |
|:---|
| **Venerable Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies**

The following is a summary of the significant account policies of the Account.

*Use of Estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

*Investments*

Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

*Federal Income Taxes*

Operations of the Account form a part of, and are taxed with, the total operations of VIAC, which is taxed as a life insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of VIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.

*Contract Owner Reserves*

The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. To the

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

extent that benefits to be paid to the contract owners exceed their account values, VIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to VIAC. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.

*Changes from Principal Transactions*

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including premiums, death benefits, surrenders and withdrawals, contract charges, and cost of insurance and administrative charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, in-kind transfers into a Division due to a Novation, and transfers to (from) VIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by VIAC).

*Segment Disclosures*

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Account's CODM is the Company's Chief Executive Officer. The Account represents a single operating segment as the CODM monitors operating results, and as a whole, long-term strategic asset allocation is pre-determined based on a defined investment strategy. The "Total increase (decrease) in net assets", which is used by the CODM to assess the segment's performance, is consistent with the accompanying Statements of Changes in Net Assets. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "Total net assets" and significant segment expenses are listed on the accompanying Statements of Operations.

*Subsequent Events*

The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements were issued.

**3. Financial Instruments**

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values ("NAV"). The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account's assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2025. There were no transfers among the levels for the year ended December 31, 2025. The account had no liabilities as of December 31, 2025.

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

• Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Account defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets;

b) Quoted prices for identical or similar assets or liabilities in non-active markets;

c) Inputs other than quoted market prices that are observable; and

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

• Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

**4. Charges and Fees**

Under the terms of all Contracts, certain charges and fees are incurred by the Contracts to cover VIAC's expenses in connection with the issuance and administration of the Contracts.

*Mortality and Expense Risk Charges*

VIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of 0.35% to 2.20% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.

*Asset Based Administrative Charges*

A charge to cover administrative expenses of the Account is deducted at annual rates of up to 0.15% of the assets attributable to certain Contracts. For the Preferred Advantage Variable Annuity Contract ("Preferred Advantage") the Account deducts this charge at annual rates of 0.60% to cover the mortality and expense risks, as specified in the contract. For Preferred Advantage contracts with contract dates on and after November 21, 2016, the maximum daily asset based administrative fee increased to 1.15% annually. These charges are assessed through a reduction in unit values.

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

*Contract Maintenance Charges*

An annual Contract maintenance fee of up to $50 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contracts. These charges are assessed through the redemption of units.

*Contingent Deferred Sales Charges*

For certain Contracts, a contingent deferred sales charge ("Surrender Charge") is imposed as a percentage that ranges up to 8.00% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken as specified in the Contract. These charges are assessed through the redemption of units.

*Withdrawal and Distribution Charges*

For certain Contracts, a charge is deducted from the accumulation value for contract owners taking more than one conventional partial withdrawal during a Contract year. For certain Contracts, annual distribution fees are deducted from the Contracts' accumulation values. These charges are assessed through the redemption of units.

*Other Contract Charges*

For certain Contracts, an additional charge up to 0.60% is deducted daily from the accumulation values for contract owners who select the Premium Bonus Option feature. These charges are assessed through a reduction in unit values.

Certain Contracts contain optional riders that are available for an additional charge, such as minimum guaranteed income benefits and minimum guaranteed withdrawal benefits. The amounts charged for these optional benefits vary based on a number of factors and are defined in the Contracts. These charges are assessed through a reduction in unit values.

*Fees Waived by VIAC*

Certain charges and fees for various types of Contracts may be waived by VIAC. VIAC reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Related Party Transactions**

Effective September 5, 2025, and September 12, 2025, Venerable Advisers, an investment adviser and wholly owned subsidiary of Venerable Holdings, launched additional mutual funds (collectively, "Wave 2") through the VVIT. The Wave 2 funds, with $7.0 billion in assets under management as of the combined effective dates, are comprised of assets substituted from previously managed, independent trusts. Effective September 9, 2024, Venerable Advisers announced the launch of the VVIT and its initial line-up of mutual funds (collectively, "Wave 1"). The Wave 1 funds, comprised of $9.5 billion in assets under management as of the effective date, are also comprised of assets substituted from previously managed, independent trusts. The mutual funds launched in Waves 1 and 2 serve as investment options for the Company's separate accounts, including that of the Account, and brings the management of these mutual funds underlying the Company's variable annuity business primarily in-house.

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Notes to Financial Statements** |

---

**6. Purchase and Sales of Investment Securities**

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 follow:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* |
| **American Funds Insurance Series<sup>®</sup>** **:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | $264<br>| $1179<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America<sup>SM</sup> - Class 4 | $189<br>| $381<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Income Builder Fund - Class 4 | $344<br>| $213<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Global Growth Fund - Class 4 | $255<br>| $191<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Fund - Class 4 | $1017<br>| $2139<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;International Fund - Class 4 | $28<br>| $203<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;New World Fund - Class 4 | $54<br>| $189<br>|
| **BlackRock Variable Series Funds, Inc.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Equity Dividend V.I. Fund - Class III | $575<br>| $525<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III | $10361<br>| $382988<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock High Yield V.I. Fund - Class III | $113<br>| $278<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | $20<br>| $6<br>|
| **Columbia Variable Portfolio:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Seligman Global Technology Fund - Class 2 | $481<br>| $202<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Small Cap Value Fund, Variable Series - Class 2 | $7438<br>| $45051<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Small Company Growth Fund, Variable Series - Class 1 | $—<br>| $3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Large Cap Growth Fund - Class 1 | $—<br>| $—<br>|
| **DWS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Alternative Asset Allocation VIP - Class B | $2<br>| $1<br>|
| **Eaton Vance Variable Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance VT Floating-Rate Income Fund - Initial Class | $313<br>| $770<br>|
| **Federated Hermes Insurance Series** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes High Income Bond Fund II - Service Shares | $582<br>| $38<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Kaufmann Fund II - Service Shares | $16<br>| $15<br>|
| **Fidelity<sup>®</sup>** **:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | $179<br>| $333<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | $33<br>| $44<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | $38<br>| $59<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | $56<br>| $56<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | $63<br>| $1<br>|
| **Franklin:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | $542<br>| $6300<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Income VIP Fund - Class 2 | $30<br>| $28<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | $116<br>| $215<br>|

---

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Nomura:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series - Service Class | $24<br>| $22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series - Service Class | $32<br>| $59<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series - Service Class | $479<br>| $344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series - Service Class | $122<br>| $64<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series - Service Class | $11<br>| $9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series - Service Class | $60<br>| $66<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science And Technology Series - Service Class | $155<br>| $114<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series - Service Class | $34<br>| $24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series - Service Class | $33<br>| $166<br>|
| **Janus Aspen Series:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Service Shares | $222<br>| $532<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Enterprise Portfolio - Service Shares | $180<br>| $138<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Flexible Bond Portfolio - Service Shares | $53<br>| $35<br>|
| **ClearBridge:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Growth - Class II | $5<br>| $1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class II | $19<br>| $72<br>|
| **Western (Legg Mason):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I | $—<br>| $—<br>|
| **MFS<sup>®</sup>** **:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT II Income Portfolio - Service Class | $6<br>| $99<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Research Series Portfolio - Service Class | $56<br>| $49<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT International Intrinsic Value Portfolio - Service Class | $76<br>| $72<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Value Series - Service Class | $107<br>| $80<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT III Global Real Estate Portfolio - Service Class | $3<br>| $58<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Utilities Series Portfolio - Service Class | $352<br>| $206<br>|
| **Invesco:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Fund - Series II | $64<br>| $34<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Small Cap Fund - Series II | $8<br>| $981<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | $14<br>| $4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Plus Bond Fund - Series II | $18<br>| $7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund - Series II | $136<br>| $125<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund - Series II | $93<br>| $142<br>|
| **PIMCO Variable Insurance Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO All Asset Portfolio - Administrative Class | $19<br>| $29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Low Duration Portfolio - Administrative Class | $138<br>| $168<br>|

---

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **PIMCO Variable Insurance Trust: (continued)** | **PIMCO Variable Insurance Trust: (continued)** | **PIMCO Variable Insurance Trust: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Real Return Portfolio - Administrative Class | $305<br>| $712<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Short-Term Portfolio - Administrative Class | $484<br>| $1095<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Portfolio - Administrative Class | $322<br>| $737<br>|
| **ProFunds:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Europe 30 | $57<br>| $1138<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Rising Rates Opportunity | $182<br>| $311<br>|
| **Putnam Variable Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund - Class 1B | $35<br>| $37<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Equity Fund - Class 1B | $—<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Value Fund - Class 1B | $598<br>| $25<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Mortgage Securities Fund - Class 1B | $593<br>| $609<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Core Equity Fund - Class IB | $92<br>| $66<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Value Fund - Class 1B | $24<br>| $90<br>|
| **T. Rowe Price Equity Series, Inc.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio - II | $667<br>| $623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Health Sciences Portfolio - II | $654<br>| $469<br>|
| **Venerable Variable Insurance Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V | $9915<br>| $21671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V | $41162<br>| $463864<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V | $64391<br>| $631045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V | $87520<br>| $238785<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V | $46894<br>| $427745<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V | $141607<br>| $10628<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V | $562879<br>| $47355<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V | $426010<br>| $32674<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V | $1095377<br>| $70179<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V | $243241<br>| $17333<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V | $386657<br>| $23026<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V | $381033<br>| $19728<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V | $148717<br>| $11271<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V | $177723<br>| $56201<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V | $156958<br>| $13132<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V | $502217<br>| $34083<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V | $167004<br>| $11716<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V | $1033920<br>| $65389<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V | $1598808<br>| $100808<br>|
| **Voya:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class A | $250<br>| $281<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Adviser Class | $115<br>| $179<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class | $20543<br>| $175386<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service 2 Class | $261<br>| $2865<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A | $2756<br>| $56786<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class | $88518<br>| $113159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service 2 Class | $2869<br>| $3159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Portfolio - Adviser Class | $38<br>| $55<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Adviser Class | $2698<br>| $660<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Institutional Class | $11<br>| $4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class | $505<br>| $1570<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class | $29809<br>| $187302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Adviser Class | $406186<br>| $1785019<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Adviser Class | $211346<br>| $1161611<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class | $57738<br>| $565055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class A | $31<br>| $64<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class S | $17443<br>| $25039<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Bond Portfolio - Adviser Class | $20<br>| $63<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Adviser Class | $85<br>| $70<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class | $22828<br>| $47762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Adviser Class | $44<br>| $461<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Service Class | $871<br>| $9585<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Adviser Class | $5<br>| $2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Service Class | $1625<br>| $957<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Adviser Class | $21<br>| $4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Service Class | $61<br>| $57<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2055 Portfolio - Adviser Class | $—<br>| $8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Aggressive Portfolio - Class S | $38<br>| $313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Balanced Portfolio - Class S | $274<br>| $1611<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Conservative Portfolio - Class S | $44<br>| $2047<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Adviser Class | $729<br>| $39<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Service Class | $9387<br>| $1975<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class | $91933<br>| $423648<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Adviser Class | $71<br>| $85<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Initial Class | $199<br>| $193<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class | $8130<br>| $94504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class A | $4<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S | $47586<br>| $350750<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S | $3137<br>| $41256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S | $1858<br>| $29668<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A | $12576<br>| $379384<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S | $2571<br>| $98459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | $2167<br>| $504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class I | $37<br>| $120<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | $250<br>| $185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | $2<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | $1573<br>| $591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | $111755<br>| $978540<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | $395<br>| $228<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S | $19348<br>| $150320<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | $345<br>| $141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S | $29312<br>| $246608<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class A | $8<br>| $13<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S | $8496<br>| $49566<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S | $17360<br>| $200020<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class A | $64<br>| $157<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class S | $634<br>| $18429<br>|
| **Voya (VY):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Adviser Class | $5<br>| $46<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service Class | $1963<br>| $5728<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service 2 Class | $14<br>| $30<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Adviser Class | $24<br>| $20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service Class | $3244<br>| $10974<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service 2 Class | $433<br>| $872<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | $248<br>| $168<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | $122<br>| $111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class | $32598<br>| $156764<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service 2 Class | $972<br>| $4633<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | $157<br>| $115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | $532<br>| $651<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class | $52154<br>| $171658<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service 2 Class | $8393<br>| $27124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | $8807<br>| $4120<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | $171<br>| $113<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Service Class | $148<br>| $1836<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | $318<br>| $61<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | $156<br>| $127<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | $31<br>| $43<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class | $10289<br>| $48120<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | $419<br>| $240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | $159<br>| $16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | $223<br>| $111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class | $7537<br>| $58023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | $40<br>| $33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class | $863<br>| $6562<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Adviser Class | $1552<br>| $4025<br>|
| **Allspring Variable Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Discovery All Cap Growth Fund - 2 | $126<br>| $11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Index Asset Allocation Fund - Class 2 | $198<br>| $254<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Small Cap Growth Fund - Class 2 | $4<br>| $4<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Notes to Financial Statements** |

---

**7. Changes in Units**

The changes in units outstanding for the years ended December 31, 2025 and 2024 are shown in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
| **American Funds Insurance Series<sup>®</sup>** **:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | 381<br>| 52145<br>| (51764)<br>| 11952<br>| 33625<br>| (21673)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The Bond Fund of America<sup>SM</sup> - Class 4 | 11841<br>| 34345<br>| (22504)<br>| 39307<br>| 10591<br>| 28716<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Income Builder Fund - Class 4 | 17063<br>| 11709<br>| 5354<br>| 8204<br>| 22779<br>| (14575)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Global Growth Fund - Class 4 | 695<br>| 6989<br>| (6294)<br>| 3896<br>| 28825<br>| (24929)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Fund - Class 4 | 6568<br>| 54916<br>| (48348)<br>| 4431<br>| 54259<br>| (49828)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;International Fund - Class 4 | 652<br>| 12787<br>| (12135)<br>| 13163<br>| 3457<br>| 9706<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;New World Fund - Class 4 | 289<br>| 9958<br>| (9669)<br>| 857<br>| 4978<br>| (4121)<br>|
| **BlackRock Variable Series Funds, Inc.:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Equity Dividend V.I. Fund - Class III | 9888<br>| 21597<br>| (11709)<br>| 2978<br>| 21732<br>| (18754)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III | 433254<br>| 20611002<br>| (20177748)<br>| 372038<br>| 3823470<br>| (3451432)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock High Yield V.I. Fund - Class III | 2344<br>| 17755<br>| (15411)<br>| 2526<br>| 14415<br>| (11889)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | 62<br>| 170<br>| (108)<br>| 70<br>| —<br>| 70<br>|
| **Columbia Variable Portfolio:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Seligman Global Technology Fund - Class 2 | 3001<br>| 3909<br>| (908)<br>| 10608<br>| 22716<br>| (12108)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Small Cap Value Fund, Variable Series - Class 2 | 11527<br>| 806429<br>| (794902)<br>| 18573<br>| 161990<br>| (143417)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Small Company Growth Fund, Variable Series - Class 1 | —<br>| 33<br>| (33)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Large Cap Growth Fund - Class 1 | —<br>| 1<br>| (1)<br>| —<br>| 2<br>| (2)<br>|
| **DWS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Core Equity VIP - Class B | —<br>| —<br>| —<br>| 14<br>| 9886<br>| (9872)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Alternative Asset Allocation VIP - Class B | 26<br>| 80<br>| (54)<br>| 93<br>| 79<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;DWS High Income VIP - Class B | —<br>| —<br>| —<br>| 533<br>| 10047<br>| (9514)<br>|
| **Eaton Vance Variable Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance VT Floating-Rate Income Fund - Initial Class | 8981<br>| 57371<br>| (48390)<br>| 52722<br>| 57550<br>| (4828)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Federated Hermes Insurance Series:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes High Income Bond Fund II - Service Shares | 45294<br>| 2636<br>| 42658<br>| 2823<br>| 4701<br>| (1878)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Kaufmann Fund II - Service Shares | 51<br>| 683<br>| (632)<br>| 69<br>| 3996<br>| (3927)<br>|
| **Fidelity<sup>®</sup>** **:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | 7170<br>| 24655<br>| (17485)<br>| 31963<br>| 37899<br>| (5936)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | 648<br>| 2127<br>| (1479)<br>| 332<br>| 2375<br>| (2043)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | 440<br>| 3467<br>| (3027)<br>| 467<br>| 517<br>| (50)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | 2158<br>| 2931<br>| (773)<br>| 2047<br>| 13848<br>| (11801)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | 2488<br>| 39<br>| 2449<br>| 5<br>| 13<br>| (8)<br>|
| **Franklin:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | 305<br>| 107002<br>| (106697)<br>| 5090<br>| 23132<br>| (18042)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Income VIP Fund - Class 2 | 845<br>| 2198<br>| (1353)<br>| 793<br>| 5832<br>| (5039)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | 14264<br>| 23323<br>| (9059)<br>| 29490<br>| 32607<br>| (3117)<br>|
| **Ivy Equity Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Real Estate Securities - Class II | —<br>| —<br>| —<br>| 307<br>| 8834<br>| (8527)<br>|
| **Nomura:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series - Service Class | 57<br>| 1252<br>| (1195)<br>| 221<br>| 1099<br>| (878)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series - Service Class | 314<br>| 2644<br>| (2330)<br>| 15257<br>| 15377<br>| (120)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series - Service Class | 58133<br>| 42752<br>| 15381<br>| 36957<br>| 24013<br>| 12944<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series - Service Class | 4240<br>| 4189<br>| 51<br>| 5472<br>| 7495<br>| (2023)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series - Service Class | 515<br>| 586<br>| (71)<br>| 552<br>| 15<br>| 537<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series - Service Class | 134<br>| 3110<br>| (2976)<br>| 112<br>| 423<br>| (311)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science And Technology Series - Service Class | 115<br>| 2947<br>| (2832)<br>| 57<br>| 5969<br>| (5912)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series - Service Class | 1705<br>| 1403<br>| 302<br>| 1134<br>| 5281<br>| (4147)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series - Service Class | 1705<br>| 8103<br>| (6398)<br>| 1450<br>| 17982<br>| (16532)<br>|
| **Janus Aspen Series:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Service Shares | 4457<br>| 25656<br>| (21199)<br>| 1122<br>| 45708<br>| (44586)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Enterprise Portfolio - Service Shares | 1946<br>| 4525<br>| (2579)<br>| 574<br>| 11978<br>| (11404)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** | **Janus Aspen Series: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Flexible Bond Portfolio - Service Shares | 3198<br>| 3038<br>| 160<br>| 1984<br>| 6172<br>| (4188)<br>|
| **ClearBridget:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Growth - Class II | —<br>| 15<br>| (15)<br>| 6<br>| 2303<br>| (2297)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class II | 468<br>| 4053<br>| (3585)<br>| 1656<br>| 786<br>| 870<br>|
| **Western (Legg Mason Partners):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I | —<br>| 1<br>| (1)<br>| —<br>| 1<br>| (1)<br>|
| **MFS<sup>®</sup>** **:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT II Income Portfolio - Service Class | 46<br>| 9022<br>| (8976)<br>| 9963<br>| 6977<br>| 2986<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Research Series Portfolio - Service Class | 98<br>| 1793<br>| (1695)<br>| 745<br>| 12305<br>| (11560)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT International Intrinsic Value Portfolio - Service Class | 3670<br>| 3893<br>| (223)<br>| 840<br>| 2130<br>| (1290)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Value Series - Service Class | 2668<br>| 3909<br>| (1241)<br>| 1704<br>| 12544<br>| (10840)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT III Global Real Estate Portfolio - Service Class | 145<br>| 4573<br>| (4428)<br>| 274<br>| 197<br>| 77<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;MFS VIT Utilities Series Portfolio - Service Class | 17001<br>| 10549<br>| 6452<br>| 13215<br>| 21916<br>| (8701)<br>|
| **Invesco:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Fund - Series II | 2000<br>| 1394<br>| 606<br>| 1450<br>| 1615<br>| (165)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Small Cap Fund - Series II | 133<br>| 13684<br>| (13551)<br>| 352<br>| 3729<br>| (3377)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | 365<br>| 256<br>| 109<br>| 401<br>| 100<br>| 301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Plus Bond Fund - Series II | 809<br>| 536<br>| 273<br>| 1453<br>| 53621<br>| (52168)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund - Series II | 3912<br>| 5441<br>| (1529)<br>| 1186<br>| 3169<br>| (1983)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund - Series II | 3022<br>| 9687<br>| (6665)<br>| 4712<br>| 11632<br>| (6920)<br>|
| **PIMCO Variable Insurance Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO All Asset Portfolio - Administrative Class | 1267<br>| 2013<br>| (746)<br>| —<br>| 1017<br>| (1017)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Low Duration Portfolio - Administrative Class | 6816<br>| 14652<br>| (7836)<br>| 5050<br>| 15089<br>| (10039)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Real Return Portfolio - Administrative Class | 14251<br>| 42301<br>| (28050)<br>| 12362<br>| 43079<br>| (30717)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Short-Term Portfolio - Administrative Class | 24113<br>| 91999<br>| (67886)<br>| 55695<br>| 36700<br>| 18995<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Portfolio - Administrative Class | 15207<br>| 64605<br>| (49398)<br>| 28668<br>| 39041<br>| (10373)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **ProFunds:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Europe 30 | 59<br>| 77722<br>| (77663)<br>| 1041<br>| 13370<br>| (12329)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;ProFund VP Rising Rates Opportunity | 44745<br>| 170426<br>| (125681)<br>| 136458<br>| 131406<br>| 5052<br>|
| **Putnam Variable Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund - Class 1B | 732<br>| 3068<br>| (2336)<br>| 1121<br>| 6760<br>| (5639)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Equity Fund - Class 1B | —<br>| 13<br>| (13)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Value Fund - Class 1B | 28867<br>| 1358<br>| 27509<br>| 5736<br>| 27<br>| 5709<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Mortgage Securities Fund - Class 1B | 52142<br>| 56258<br>| (4116)<br>| 3472<br>| 1835<br>| 1637<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Core Equity Fund - Class IB | 1742<br>| 1795<br>| (53)<br>| 4626<br>| 15035<br>| (10409)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Value Fund - Class 1B | 185<br>| 5088<br>| (4903)<br>| 1083<br>| 5710<br>| (4627)<br>|
| **T. Rowe Price Equity Series, Inc.:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio - II | 5775<br>| 17015<br>| (11240)<br>| 3418<br>| 71066<br>| (67648)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Health Sciences Portfolio - II | 26436<br>| 23603<br>| 2833<br>| 9991<br>| 27558<br>| (17567)<br>|
| **Venerable Variable Insurance Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V | 292516<br>| 1926109<br>| (1633593)<br>| 12930995<br>| 1015932<br>| 11915063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V | 1961823<br>| 39821096<br>| (37859273)<br>| 247619364<br>| 21658290<br>| 225961074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V | 3052396<br>| 50612286<br>| (47559890)<br>| 329620437<br>| 24012249<br>| 305608188<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V | 4114645<br>| 22345926<br>| (18231281)<br>| 154760878<br>| 18811604<br>| 135949274<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V | 1606426<br>| 34883064<br>| (33276638)<br>| 226981402<br>| 16982552<br>| 209998850<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V | 14160607<br>| 962664<br>| 13197943<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V | 55799269<br>| 4321344<br>| 51477925<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V | 42445949<br>| 2981140<br>| 39464809<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V | 109585233<br>| 6530855<br>| 103054378<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V | 24329790<br>| 1565907<br>| 22763883<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V | 38673117<br>| 2051465<br>| 36621652<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V | 38109740<br>| 1720423<br>| 36389317<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V | 14874083<br>| 1035388<br>| 13838695<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V | 17677132<br>| 5551151<br>| 12125981<br>| —<br>| —<br>| —<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V | 15696991<br>| 1211955<br>| 14485036<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V | 50237982<br>| 3098007<br>| 47139975<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V | 16702009<br>| 1071997<br>| 15630012<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V | 103423953<br>| 5875768<br>| 97548185<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V | 159922862<br>| 8985378<br>| 150937484<br>| —<br>| —<br>| —<br>|
| **Voya:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Portfolio - Class S | —<br>| —<br>| —<br>| 1229<br>| 73559<br>| (72330)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class A | 12692<br>| 23716<br>| (11024)<br>| 26553<br>| 37585<br>| (11032)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class S | 9230<br>| 9230<br>| —<br>| 6848078<br>| 98990500<br>| (92142422)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Adviser Class | 1594<br>| 11642<br>| (10048)<br>| 2193<br>| 13584<br>| (11391)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class | 353549<br>| 8372509<br>| (8018960)<br>| 471712<br>| 1782198<br>| (1310486)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service 2 Class | 3152<br>| 141985<br>| (138833)<br>| 83788<br>| 87529<br>| (3741)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A | 10222<br>| 3801807<br>| (3791585)<br>| 65510<br>| 731599<br>| (666089)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class | 6090477<br>| 8284474<br>| (2193997)<br>| 7519804<br>| 9839759<br>| (2319955)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service 2 Class | 264805<br>| 318528<br>| (53723)<br>| 668216<br>| 729539<br>| (61323)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Portfolio - Adviser Class | 868<br>| 3685<br>| (2817)<br>| 2797<br>| 25713<br>| (22916)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Portfolio - Service Class | 534<br>| 534<br>| —<br>| 314731<br>| 6909401<br>| (6594670)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Adviser Class | 63183<br>| 19845<br>| 43338<br>| 331403<br>| 34680178<br>| (34348775)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Institutional Class | —<br>| 67<br>| (67)<br>| —<br>| 63<br>| (63)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Service Class | 1763<br>| 1763<br>| —<br>| 54700<br>| 17384118<br>| (17329418)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Service 2 Class | —<br>| —<br>| —<br>| 276<br>| 213606<br>| (213330)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class | 8327<br>| 68891<br>| (60564)<br>| 8112<br>| 74358<br>| (66246)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class | 341697<br>| 14501553<br>| (14159856)<br>| 1022383<br>| 4635651<br>| (3613268)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Adviser Class | 521969<br>| 71307484<br>| (70785515)<br>| 577227<br>| 14140370<br>| (13563143)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Adviser Class | 506697<br>| 50290867<br>| (49784170)<br>| 663875<br>| 9406911<br>| (8743036)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class | 353203<br>| 29873253<br>| (29520050)<br>| 503440<br>| 5698516<br>| (5195076)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Stock Index Portfolio - Service Class | 403<br>| 403<br>| —<br>| 367098<br>| 14797649<br>| (14430551)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class A | 622<br>| 5553<br>| (4931)<br>| 2460<br>| 65171<br>| (62711)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Inflation Protected Bond Plus Portfolio - Class S | 1211775<br>| 2061070<br>| (849295)<br>| 1426157<br>| 2471093<br>| (1044936)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Bond Portfolio - Adviser Class | 1183<br>| 6056<br>| (4873)<br>| 1531<br>| 8385<br>| (6854)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Bond Portfolio - Service Class | —<br>| —<br>| —<br>| 1877<br>| 146415<br>| (144538)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Adviser Class | 4564<br>| 4506<br>| 58<br>| 1166<br>| 7854<br>| (6688)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class | 797622<br>| 2750609<br>| (1952987)<br>| 742413<br>| 3089263<br>| (2346850)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Adviser Class | —<br>| 28423<br>| (28423)<br>| 743<br>| 14230<br>| (13487)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2025 Portfolio - Service Class | 16<br>| 381646<br>| (381630)<br>| 487<br>| 65077<br>| (64590)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Adviser Class | —<br>| 41<br>| (41)<br>| 3<br>| 14455<br>| (14452)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2035 Portfolio - Service Class | 40633<br>| 29907<br>| 10726<br>| 85<br>| 26372<br>| (26287)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Adviser Class | —<br>| 2<br>| (2)<br>| 13225<br>| 3<br>| 13222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2045 Portfolio - Service Class | 563<br>| 1487<br>| (924)<br>| 106<br>| 3346<br>| (3240)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution 2055 Portfolio - Adviser Class | —<br>| 376<br>| (376)<br>| —<br>| 4<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Aggressive Portfolio - Class S | 1439<br>| 27081<br>| (25642)<br>| 46409<br>| 20768<br>| 25641<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Balanced Portfolio - Class S | 19025<br>| 143911<br>| (124886)<br>| 133002<br>| 8116<br>| 124886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Conservative Portfolio - Class S | —<br>| 190033<br>| (190033)<br>| 261834<br>| 71800<br>| 190034<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Adviser Class | 51262<br>| 2348<br>| 48914<br>| 20117<br>| 26756<br>| (6639)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Income Portfolio - Service Class | 450889<br>| 91044<br>| 359845<br>| 17161<br>| 95980<br>| (78819)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class | 217070<br>| 22869050<br>| (22651980)<br>| 394289<br>| 4151350<br>| (3757061)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Adviser Class | 440<br>| 4001<br>| (3561)<br>| 667<br>| 7266<br>| (6599)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Initial Class | 67<br>| 3517<br>| (3450)<br>| 455<br>| 8329<br>| (7874)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class | 31306<br>| 2267158<br>| (2235852)<br>| 89637<br>| 670261<br>| (580624)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Strategic Allocation Conservative Portfolio - Class S | —<br>| —<br>| —<br>| 5461<br>| 100300<br>| (94839)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Strategic Allocation Growth Portfolio - Class S | —<br>| —<br>| —<br>| 70<br>| 12284<br>| (12214)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Strategic Allocation Moderate Portfolio - Class S | —<br>| —<br>| —<br>| 3288<br>| 25484<br>| (22196)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class A | —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S | 402703<br>| 19167867<br>| (18765164)<br>| 358667<br>| 3981861<br>| (3623194)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus LargeCap Portfolio - Class S | —<br>| —<br>| —<br>| 13352<br>| 2723195<br>| (2709843)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S | 12169<br>| 970774<br>| (958605)<br>| 22213<br>| 349095<br>| (326882)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S | 13075<br>| 832156<br>| (819081)<br>| 24913<br>| 270093<br>| (245180)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A | 424092<br>| 24761743<br>| (24337651)<br>| 1773223<br>| 5739905<br>| (3966682)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S | 53107<br>| 6849869<br>| (6796762)<br>| 302121<br>| 1604847<br>| (1302726)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class I | —<br>| 7941<br>| (7941)<br>| —<br>| 17818<br>| (17818)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | 29276<br>| 9393<br>| 19883<br>| 227217<br>| 7576258<br>| (7349041)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | 2465<br>| 5230<br>| (2765)<br>| 17074<br>| 1083798<br>| (1066724)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class S | 3419<br>| 3419<br>| —<br>| 318476<br>| 41676183<br>| (41357707)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | —<br>| 1<br>| (1)<br>| —<br>| 1<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | 9321<br>| 20192<br>| (10871)<br>| 323963<br>| 29374584<br>| (29050621)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | 173099<br>| 15024892<br>| (14851793)<br>| 315725<br>| 3660748<br>| (3345023)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | 2045<br>| 9781<br>| (7736)<br>| 9773<br>| 24069<br>| (14296)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S | 99541<br>| 4287518<br>| (4187977)<br>| 329446<br>| 1079083<br>| (749637)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | 5245<br>| 7699<br>| (2454)<br>| 9790<br>| 12175<br>| (2385)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S | 167491<br>| 8623282<br>| (8455791)<br>| 509745<br>| 1992043<br>| (1482298)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class A | 55<br>| 866<br>| (811)<br>| 73<br>| 1527<br>| (1454)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S | 78935<br>| 1671994<br>| (1593059)<br>| 142348<br>| 497703<br>| (355355)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S | 1212469<br>| 18164279<br>| (16951810)<br>| 8324948<br>| 3097471<br>| 5227477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class A | 2125<br>| 8551<br>| (6426)<br>| 1487<br>| 21460<br>| (19973)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya SmallCap Opportunities Portfolio - Class S | 9304<br>| 679304<br>| (670000)<br>| 12130<br>| 158205<br>| (146075)<br>|
| **Voya (VY):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Adviser Class | 231<br>| 3776<br>| (3545)<br>| 886<br>| 2707<br>| (1821)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service Class | 73948<br>| 327166<br>| (253218)<br>| 152234<br>| 429449<br>| (277215)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Service 2 Class | 666<br>| 1785<br>| (1119)<br>| 564<br>| 21831<br>| (21267)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Adviser Class | 940<br>| 1237<br>| (297)<br>| 550<br>| 4534<br>| (3984)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service Class | 20822<br>| 93513<br>| (72691)<br>| 20546<br>| 111352<br>| (90806)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Service 2 Class | 8207<br>| 20544<br>| (12337)<br>| 7383<br>| 31976<br>| (24593)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | 1152<br>| 7574<br>| (6422)<br>| 1549<br>| 4361<br>| (2812)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Service Class | 269<br>| 269<br>| —<br>| 81680<br>| 3383057<br>| (3301377)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Service 2 Class | 727<br>| 727<br>| —<br>| 4578<br>| 536866<br>| (532288)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | 449<br>| 7595<br>| (7146)<br>| 3207<br>| 8045<br>| (4838)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class | 102572<br>| 5349072<br>| (5246500)<br>| 313899<br>| 1302184<br>| (988285)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service 2 Class | 1966<br>| 124536<br>| (122570)<br>| 5122<br>| 32233<br>| (27111)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | 1375<br>| 5932<br>| (4557)<br>| 1419<br>| 10336<br>| (8917)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | 2370<br>| 27707<br>| (25337)<br>| 639<br>| 8890<br>| (8251)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class | 95364<br>| 3253914<br>| (3158550)<br>| 120585<br>| 725505<br>| (604920)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service 2 Class | 8617<br>| 542148<br>| (533531)<br>| 21078<br>| 83739<br>| (62661)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | 32789<br>| 163034<br>| (130245)<br>| 54820<br>| 235704<br>| (180884)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Service Class | —<br>| —<br>| —<br>| 186566<br>| 20231995<br>| (20045429)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Service 2 Class | —<br>| —<br>| —<br>| 8117<br>| 904908<br>| (896791)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | 2393<br>| 5550<br>| (3157)<br>| 4343<br>| 7689<br>| (3346)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Service Class | 142<br>| 28274<br>| (28132)<br>| 1136<br>| 9194<br>| (8058)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | 4799<br>| 2610<br>| 2189<br>| 2261<br>| 12249<br>| (9988)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | 321<br>| 4168<br>| (3847)<br>| 625<br>| 8747<br>| (8122)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | 164<br>| 2536<br>| (2372)<br>| 142<br>| 2938<br>| (2796)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class | 36631<br>| 1727412<br>| (1690781)<br>| 59019<br>| 443049<br>| (384030)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | 669<br>| 13377<br>| (12708)<br>| 3469<br>| 2348<br>| 1121<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | —<br>| 306<br>| (306)<br>| 704<br>| 1301<br>| (597)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Service Class | —<br>| —<br>| —<br>| 78330<br>| 10779100<br>| (10700770)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Service 2 Class | —<br>| —<br>| —<br>| 131398<br>| 15170583<br>| (15039185)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | 4225<br>| 5826<br>| (1601)<br>| 1771<br>| 15907<br>| (14136)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class | 10942<br>| 1504191<br>| (1493249)<br>| 40106<br>| 453024<br>| (412918)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | 267<br>| 1342<br>| (1075)<br>| 1031<br>| 20934<br>| (19903)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)**  |
| **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class | 565<br>| 79637<br>| (79072)<br>| 2736<br>| 20390<br>| (17654)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio - Adviser Class | 1939<br>| 120477<br>| (118538)<br>| 4005<br>| 18633<br>| (14628)<br>|
| **Allspring Variable Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Discovery All Cap Growth Fund - 2 | 15<br>| 82<br>| (67)<br>| —<br>| 828<br>| (828)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Index Asset Allocation Fund - Class 2 | 4768<br>| 7738<br>| (2970)<br>| —<br>| 2204<br>| (2204)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Small Cap Growth Fund - Class 2 | —<br>| 62<br>| (62)<br>| —<br>| 375<br>| (375)<br>|

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT B** |
| **Notes to Financial Statements** |

---

**8. Financial Highlights**

A summary of unit values, units outstanding, and net assets for variable annuity Contracts, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years endedDecember 31, 2025, 2024, 2023, 2022, and 2021, follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund**<br>**Inception<br>Date<sup>A</sup>** | **Units**<br>**(000's)** | **Unit Fair Value**<br>**(lowest to highest)** | **Unit Fair Value**<br>**(lowest to highest)** | **Unit Fair Value**<br>**(lowest to highest)** | **Net Assets**<br>**(000's)** | **Investment**<br>**Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** |
| Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares | Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 10 | $14.10<br>| to | $13.17<br>| $134 | 6.90%<br>| 0.60%<br>| to | 1.15%<br>| 7.65%<br>| to | 7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 10 | $13.05<br>| to | $12.26<br>| $123 | 6.13%<br>| 0.60%<br>| to | 1.15%<br>| 2.94%<br>| to | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 9 | $12.68<br>| to | $11.97<br>| $116 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 5.76%<br>| to | 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 85 | $11.99<br>| to | $11.38<br>| $969 | 7.72%<br>| 0.60%<br>| to | 1.15%<br>| -15.11%<br>| to | -15.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 77 | $14.11<br>| to | $13.47<br>| $1041 | 0.52%<br>| 0.60%<br>| to | 1.15%<br>| 8.62%<br>| to | 8.02% |
| Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 | Washington Mutual Investors Fund<sup>SM</sup> - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 128 | $27.38<br>| to | $24.74<br>| $3259 | 1.09%<br>| 0.60%<br>| to | 1.15%<br>| 16.34%<br>| to | 15.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 179 | $23.56<br>| to | $21.41<br>| $3934 | 1.48%<br>| 0.60%<br>| to | 1.15%<br>| 18.14%<br>| to | 17.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 201 | $19.94<br>| to | $18.22<br>| $3764 | 1.51%<br>| 0.60%<br>| to | 1.15%<br>| 16.27%<br>| to | 15.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 295 | $17.15<br>| to | $15.76<br>| $4732 | 1.63%<br>| 0.60%<br>| to | 1.15%<br>| -9.23%<br>| to | -9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 318 | $18.90<br>| to | $17.46<br>| $5653 | 1.27%<br>| 0.60%<br>| to | 1.15%<br>| 26.76%<br>| to | 26.06% |
| The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 | The Bond Fund of America<sup>SM</sup> - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 139 | $11.37<br>| to | $10.70<br>| $1542 | 3.92%<br>| 0.60%<br>| to | 1.15%<br>| 6.34%<br>| to | 5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 162 | $10.69<br>| to | $10.12<br>| $1682 | 4.24%<br>| 0.60%<br>| to | 1.15%<br>| 0.37%<br>| to | -0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 133 | $10.65<br>| to | $10.13<br>| $1388 | 2.82%<br>| 0.60%<br>| to | 1.15%<br>| 4.09%<br>| to | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 152 | $10.24<br>| to | $9.79<br>| $1536 | 2.27%<br>| 0.60%<br>| to | 1.15%<br>| -12.71%<br>| to | -13.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 217 | $11.80<br>| to | $11.35<br>| $2529 | 0.89%<br>| 0.60%<br>| to | 1.15%<br>| -1.17%<br>| to | -1.73% |
| Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 | Capital Income Builder Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 125 | $18.16<br>| to | $17.85<br>| $2249 | 2.75%<br>| 0.60%<br>| to | 1.15%<br>| 19.44%<br>| to | 18.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 120 | $15.20<br>| to | $15.03<br>| $1809 | 3.07%<br>| 0.60%<br>| to | 1.15%<br>| 9.28%<br>| to | 8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 134 | $13.91<br>| to | $13.83<br>| $1862 | 2.52%<br>| 0.60%<br>| to | 1.15%<br>| 8.10%<br>| to | 7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 149 | $12.87<br>| to | $12.87<br>| $1915 | 2.51%<br>| 0.60%<br>| to | 1.15%<br>| -7.93%<br>| to | -8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 153 | $13.98<br>| to | $14.05<br>| $2144 | 2.75%<br>| 0.60%<br>| to | 1.15%<br>| 14.03%<br>| to | 13.31% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 | Global Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 65 | $28.46<br>| to | $27.62<br>| $1826 | 1.20%<br>| 0.60%<br>| to | 1.15%<br>| 20.58%<br>| to | 19.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 71 | $23.59<br>| to | $23.03<br>| $1664 | 1.40%<br>| 0.60%<br>| to | 1.15%<br>| 12.71%<br>| to | 12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 96 | $20.93<br>| to | $20.55<br>| $1996 | 0.70%<br>| 0.60%<br>| to | 1.15%<br>| 21.56%<br>| to | 20.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 95 | $17.22<br>| to | $17.00<br>| $1627 | 0.37%<br>| 0.60%<br>| to | 1.15%<br>| -25.38%<br>| to | -25.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 120 | $23.08<br>| to | $22.90<br>| $2756 | 0.24%<br>| 0.60%<br>| to | 1.15%<br>| 15.46%<br>| to | 14.79% |
| Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 | Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 209 | $48.01<br>| to | $43.07<br>| $9529 | 0.12%<br>| 0.60%<br>| to | 1.15%<br>| 19.05%<br>| to | 18.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 258 | $40.27<br>| to | $36.33<br>| $9817 | 0.17%<br>| 0.60%<br>| to | 1.15%<br>| 30.51%<br>| to | 29.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 307 | $30.86<br>| to | $27.99<br>| $8998 | 0.17%<br>| 0.60%<br>| to | 1.15%<br>| 37.31%<br>| to | 36.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 362 | $22.47<br>| to | $20.50<br>| $7737 | 0.09%<br>| 0.60%<br>| to | 1.15%<br>| -31.44%<br>| to | -31.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 388 | $32.35<br>| to | $29.67<br>| $11950 | 0.06%<br>| 0.60%<br>| to | 1.15%<br>| 20.93%<br>| to | 20.27% |
| International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 | International Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 108 | $16.08<br>| to | $16.42<br>| $1742 | 1.19%<br>| 0.60%<br>| to | 1.15%<br>| 25.36%<br>| to | 24.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 120 | $12.80<br>| to | $13.14<br>| $1545 | 1.02%<br>| 0.60%<br>| to | 1.15%<br>| 2.31%<br>| to | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 110 | $12.51<br>| to | $12.91<br>| $1391 | 1.10%<br>| 0.60%<br>| to | 1.15%<br>| 14.86%<br>| to | 14.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 120 | $10.89<br>| to | $11.31<br>| $1317 | 1.41%<br>| 0.60%<br>| to | 1.15%<br>| -21.63%<br>| to | -22.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 123 | $13.87<br>| to | $14.48<br>| $1730 | 2.17%<br>| 0.60%<br>| to | 1.15%<br>| -2.32%<br>| to | -2.82% |
| New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 | New World Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 47 | $20.86<br>| to | $20.18<br>| $963 | 0.88%<br>| 0.60%<br>| to | 1.15%<br>| 26.92%<br>| to | 26.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 57 | $16.39<br>| to | $15.95<br>| $916 | 1.19%<br>| 0.60%<br>| to | 1.15%<br>| 5.70%<br>| to | 5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 61 | $15.52<br>| to | $15.18<br>| $933 | 1.16%<br>| 0.60%<br>| to | 1.15%<br>| 14.97%<br>| to | 14.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 72 | $13.50<br>| to | $13.28<br>| $960 | 0.94%<br>| 0.60%<br>| to | 1.15%<br>| -22.89%<br>| to | -23.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 89 | $17.47<br>| to | $17.28<br>| $1553 | 0.68%<br>| 0.60%<br>| to | 1.15%<br>| 3.99%<br>| to | 3.41% |
| BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III | BlackRock Equity Dividend V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 137 | $26.24<br>| to | $23.20<br>| $3455 | 1.94%<br>| 0.60%<br>| to | 1.15%<br>| 20.94%<br>| to | 20.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 149 | $21.76<br>| to | $19.35<br>| $3127 | 2.34%<br>| 0.60%<br>| to | 1.15%<br>| 9.05%<br>| to | 8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 168 | $19.95<br>| to | $17.84<br>| $3240 | 1.60%<br>| 0.60%<br>| to | 1.15%<br>| 11.32%<br>| to | 10.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 255 | $17.92<br>| to | $16.11<br>| $4383 | 1.38%<br>| 0.60%<br>| to | 1.15%<br>| -5.76%<br>| to | -6.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 279 | $18.80<br>| to | $17.00<br>| $5049 | 1.33%<br>| 0.60%<br>| to | 1.15%<br>| 19.52%<br>| to | 18.88% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III | BlackRock Global Allocation V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 61 | $18.21<br>| to | $17.78<br>| $1104 | 0.03%<br>| 0.60%<br>| to | 1.15%<br>| 18.89%<br>| to | 18.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 20239 | $15.34<br>| to | $14.96<br>| $335801 | 1.40%<br>| 0.60%<br>| to | 2.35%<br>| 8.28%<br>| to | 6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 23690 | $14.16<br>| to | $14.05<br>| $367397 | 2.35%<br>| 0.60%<br>| to | 2.35%<br>| 11.81%<br>| to | 9.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 27692 | $12.66<br>| to | $12.79<br>| $388721 | 0.00%<br>| 0.60%<br>| to | 2.35%<br>| -16.63%<br>| to | -18.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 31526 | $15.18<br>| to | $15.61<br>| $536715 | 0.82%<br>| 0.60%<br>| to | 2.35%<br>| 5.78%<br>| to | 3.93% |
| BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III | BlackRock High Yield V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 70 | $16.05<br>| to | $14.75<br>| $1079 | 6.63%<br>| 0.60%<br>| to | 1.15%<br>| 8.26%<br>| to | 7.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 85 | $14.80<br>| to | $13.68<br>| $1222 | 6.88%<br>| 0.60%<br>| to | 1.15%<br>| 7.21%<br>| to | 6.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 97 | $13.80<br>| to | $12.83<br>| $1302 | 6.31%<br>| 0.60%<br>| to | 1.15%<br>| 12.24%<br>| to | 11.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 134 | $12.30<br>| to | $11.49<br>| $1596 | 4.55%<br>| 0.60%<br>| to | 1.15%<br>| -10.98%<br>| to | -11.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 189 | $13.83<br>| to | $13.00<br>| $2545 | 4.27%<br>| 0.60%<br>| to | 1.15%<br>| 4.54%<br>| to | 4.00% |
| BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III | BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 17 | $19.78<br>| to | $19.43<br>| $333 | 2.25%<br>| 0.60%<br>| to | 1.15%<br>| 14.77%<br>| to | 14.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 17 | $17.25<br>| to | $17.03<br>| $294 | 2.18%<br>| 0.60%<br>| to | 1.15%<br>| 10.70%<br>| to | 10.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 17 | $15.58<br>| to | $15.47<br>| $266 | 1.80%<br>| 0.60%<br>| to | 1.15%<br>| 14.62%<br>| to | 13.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 19 | $13.59<br>| to | $13.57<br>| $262 | 1.53%<br>| 0.60%<br>| to | 1.15%<br>| -15.73%<br>| to | -16.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 28 | $16.09<br>| to | $16.16<br>| $445 | 2.12%<br>| 0.60%<br>| to | 1.15%<br>| 10.97%<br>| to | 10.38% |
| Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 | Columbia VP Seligman Global Technology Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 78 | $52.97<br>| to | $50.47<br>| $4030 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 32.82%<br>| to | 32.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 79 | $39.66<br>| to | $38.00<br>| $3059 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 25.83%<br>| to | 25.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 91 | $31.52<br>| to | $30.37<br>| $2805 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 44.00%<br>| to | 43.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 126 | $21.89<br>| to | $21.21<br>| $2693 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -32.77%<br>| to | -33.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 145 | $32.31<br>| to | $31.48<br>| $4614 | 0.31%<br>| 0.60%<br>| to | 1.15%<br>| 37.84%<br>| to | 37.11% |
| Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 | Columbia VP Large Cap Growth Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  | $42.92<br>| to | $42.92<br>| $21 | 0.00%<br>| 1.90%<br>| to | 1.90%<br>| 14.04%<br>| to | 14.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  | $37.67<br>| to | $37.67<br>| $18 | 0.00%<br>| 1.90%<br>| to | 1.90%<br>| 28.84%<br>| to | 28.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  | $29.23<br>| to | $29.23<br>| $14 | 0.00%<br>| 1.90%<br>| to | 1.90%<br>| 40.45%<br>| to | 40.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 5 | $22.09<br>| to | $20.82<br>| $99 | 0.00%<br>| 1.40%<br>| to | 1.90%<br>| -32.55%<br>| to | -32.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 5 | $32.65<br>| to | $30.92<br>| $159 | 0.00%<br>| 1.40%<br>| to | 1.90%<br>| 26.94%<br>| to | 26.26% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B | DWS Alternative Asset Allocation VIP - Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3 | $13.57<br>| to | $13.57<br>| $37 | 3.73%<br>| 0.60%<br>| to | 0.60%<br>| 9.04%<br>| to | 9.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 3 | $12.41<br>| to | $12.41<br>| $35 | 3.32%<br>| 0.60%<br>| to | 0.60%<br>| 4.67%<br>| to | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 3 | $11.86<br>| to | $11.86<br>| $33 | 11.66%<br>| 0.60%<br>| to | 0.60%<br>| 5.04%<br>| to | 5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 55 | $11.29<br>| to | $11.45<br>| $627 | 6.89%<br>| 0.60%<br>| to | 1.15%<br>| -8.11%<br>| to | -8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 62 | $12.31<br>| to | $12.55<br>| $778 | 1.68%<br>| 0.60%<br>| to | 1.15%<br>| 11.71%<br>| to | 11.06% |
| Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class | Eaton Vance VT Floating-Rate Income Fund - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 199 | $14.12<br>| to | $12.92<br>| $2691 | 6.74%<br>| 0.60%<br>| to | 1.15%<br>| 3.30%<br>| to | 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 247 | $13.65<br>| to | $12.57<br>| $3230 | 7.87%<br>| 0.60%<br>| to | 1.15%<br>| 7.04%<br>| to | 6.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 252 | $12.75<br>| to | $11.80<br>| $3091 | 8.30%<br>| 0.60%<br>| to | 1.15%<br>| 10.54%<br>| to | 9.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 331 | $11.54<br>| to | $10.74<br>| $3658 | 4.93%<br>| 0.60%<br>| to | 1.15%<br>| -3.34%<br>| to | -3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 325 | $11.93<br>| to | $11.17<br>| $3738 | 2.94%<br>| 0.60%<br>| to | 1.15%<br>| 2.93%<br>| to | 2.48% |
| Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares | Federated Hermes High Income Bond Fund II - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 61 | $13.55<br>| to | $12.91<br>| $797 | 2.51%<br>| 0.60%<br>| to | 1.15%<br>| 7.35%<br>| to | 6.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 19 | $12.60<br>| to | $12.07<br>| $230 | 5.46%<br>| 0.60%<br>| to | 1.15%<br>| 5.22%<br>| to | 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 21 | $11.97<br>| to | $11.54<br>| $242 | 5.45%<br>| 0.60%<br>| to | 1.15%<br>| 11.79%<br>| to | 11.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 21 | $10.71<br>| to | $10.38<br>| $220 | 7.45%<br>| 0.60%<br>| to | 1.15%<br>| -12.45%<br>| to | -12.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 68 | $12.23<br>| to | $11.92<br>| $819 | 6.19%<br>| 0.60%<br>| to | 1.15%<br>| 3.82%<br>| to | 3.29% |
| Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares | Federated Hermes Kaufmann Fund II - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 6 | $21.09<br>| to | $20.09<br>| $130 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 9.79%<br>| to | 9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 7 | $19.07<br>| to | $18.27<br>| $130 | 0.77%<br>| 0.60%<br>| to | 1.15%<br>| 16.08%<br>| to | 15.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 11 | $16.43<br>| to | $15.83<br>| $176 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.17%<br>| to | 13.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 14 | $14.39<br>| to | $13.94<br>| $196 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -30.46%<br>| to | -30.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 25 | $20.76<br>| to | $20.22<br>| $504 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 1.67%<br>| to | 1.10% |
| Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Strategic Income Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 178 | $13.98<br>| to | $12.87<br>| $2421 | 3.51%<br>| 0.60%<br>| to | 1.15%<br>| 7.73%<br>| to | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 196 | $12.95<br>| to | $11.99<br>| $2465 | 3.51%<br>| 0.60%<br>| to | 1.15%<br>| 5.15%<br>| to | 4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 201 | $12.32<br>| to | $11.47<br>| $2424 | 3.79%<br>| 0.60%<br>| to | 1.15%<br>| 8.52%<br>| to | 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 262 | $11.35<br>| to | $10.62<br>| $2918 | 3.24%<br>| 0.60%<br>| to | 1.15%<br>| -11.82%<br>| to | -12.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 283 | $12.91<br>| to | $12.15<br>| $3583 | 2.35%<br>| 0.60%<br>| to | 1.15%<br>| 2.95%<br>| to | 2.36% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 11 | $23.97<br>| to | $21.97<br>| $244 | 0.74%<br>| 0.60%<br>| to | 1.15%<br>| 16.21%<br>| to | 15.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 12 | $20.59<br>| to | $18.98<br>| $239 | 0.84%<br>| 0.60%<br>| to | 1.15%<br>| 15.88%<br>| to | 15.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 14 | $17.77<br>| to | $16.47<br>| $242 | 0.79%<br>| 0.60%<br>| to | 1.15%<br>| 19.94%<br>| to | 19.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 23 | $14.82<br>| to | $13.81<br>| $336 | 0.61%<br>| 0.60%<br>| to | 1.15%<br>| -19.76%<br>| to | -20.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 26 | $18.28<br>| to | $17.13<br>| $464 | 0.30%<br>| 0.60%<br>| to | 1.15%<br>| 19.71%<br>| to | 18.96% |
| Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 20% Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 71 | $14.01<br>| to | $13.08<br>| $929 | 3.50%<br>| 0.60%<br>| to | 1.15%<br>| 8.38%<br>| to | 7.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 74 | $12.92<br>| to | $12.14<br>| $901 | 3.55%<br>| 0.60%<br>| to | 1.15%<br>| 4.76%<br>| to | 4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 74 | $12.34<br>| to | $11.65<br>| $866 | 3.49%<br>| 0.60%<br>| to | 1.15%<br>| 7.37%<br>| to | 6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 83 | $11.49<br>| to | $10.91<br>| $905 | 2.12%<br>| 0.60%<br>| to | 1.15%<br>| -10.00%<br>| to | -10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 85 | $12.81<br>| to | $12.23<br>| $1041 | 0.93%<br>| 0.60%<br>| to | 1.15%<br>| 2.89%<br>| to | 2.34% |
| Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 60% Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 34 | $20.25<br>| to | $18.85<br>| $642 | 2.10%<br>| 0.60%<br>| to | 1.15%<br>| 14.71%<br>| to | 14.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 34 | $17.64<br>| to | $16.51<br>| $574 | 1.73%<br>| 0.60%<br>| to | 1.15%<br>| 8.80%<br>| to | 8.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 46 | $16.21<br>| to | $15.26<br>| $711 | 1.78%<br>| 0.60%<br>| to | 1.15%<br>| 13.39%<br>| to | 12.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 79 | $14.30<br>| to | $13.53<br>| $1098 | 1.63%<br>| 0.60%<br>| to | 1.15%<br>| -15.69%<br>| to | -16.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 76 | $16.98<br>| to | $16.15<br>| $1259 | 0.91%<br>| 0.60%<br>| to | 1.15%<br>| 11.56%<br>| to | 10.92% |
| Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 | Fidelity<sup>®</sup> VIP FundsManager 85% Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 5 | $24.98<br>| to | $23.26<br>| $119 | 1.65%<br>| 0.60%<br>| to | 1.15%<br>| 18.55%<br>| to | 17.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $21.07<br>| to | $19.73<br>| $49 | 1.26%<br>| 0.60%<br>| to | 1.15%<br>| 11.71%<br>| to | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2 | $18.86<br>| to | $17.76<br>| $44 | 1.22%<br>| 0.60%<br>| to | 1.15%<br>| 16.77%<br>| to | 16.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 4 | $16.15<br>| to | $15.29<br>| $63 | 0.92%<br>| 0.60%<br>| to | 1.15%<br>| -17.79%<br>| to | -18.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 4 | $19.63<br>| to | $18.69<br>| 76 | 1.34%<br>| 0.60%<br>| to | 1.15%<br>| 16.98%<br>| to | 16.30% |
| Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 | Franklin Strategic Income VIP Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 36 | $12.18<br>| to | $11.42<br>| $437 | 4.75%<br>| 0.60%<br>| to | 1.15%<br>| 6.49%<br>| to | 5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 37 | $11.42<br>| to | $10.77<br>| $425 | 4.28%<br>| 0.60%<br>| to | 1.15%<br>| 3.40%<br>| to | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 42 | $11.05<br>| to | $10.48<br>| $467 | 4.94%<br>| 0.60%<br>| to | 1.15%<br>| 7.53%<br>| to | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 60 | $10.27<br>| to | $9.80<br>| $617 | 4.04%<br>| 0.60%<br>| to | 1.15%<br>| -11.20%<br>| to | -11.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 70 | $11.58<br>| to | $11.11<br>| $809 | 3.27%<br>| 0.60%<br>| to | 1.15%<br>| 1.49%<br>| to | 1.00% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 | Templeton Global Bond VIP Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 212 | $8.86<br>| to | $9.08<br>| $1895 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.64%<br>| to | 14.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 221 | $7.70<br>| to | $7.94<br>| $1720 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -11.90%<br>| to | -12.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 224 | $8.74<br>| to | $9.06<br>| $1985 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 2.27%<br>| to | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 285 | $8.55<br>| to | $8.91<br>| $2475 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -5.30%<br>| to | -5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 342 | $9.04<br>| to | $9.48<br>| $3149 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -5.64%<br>| to | -6.14% |
| Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 17 | $17.71<br>| to | $17.71<br>| $309 | 1.27%<br>| 0.60%<br>| to | 0.60%<br>| 15.97%<br>| to | 15.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 19 | $15.28<br>| to | $15.28<br>| $285 | 1.97%<br>| 0.60%<br>| to | 0.60%<br>| 11.76%<br>| to | 11.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 20 | $13.67<br>| to | $13.67<br>| $267 | 2.07%<br>| 0.60%<br>| to | 0.60%<br>| 13.25%<br>| to | 13.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 21 | $12.07<br>| to | $13.71<br>| $258 | 1.35%<br>| 0.60%<br>| to | 1.15%<br>| -15.20%<br>| to | -15.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 26 | $14.24<br>| to | $16.26<br>| $374 | 1.60%<br>| 0.60%<br>| to | 1.15%<br>| 9.79%<br>| to | 9.13% |
| Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class | Nomura VIP Balanced Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 25 | $21.59<br>| to | $19.91<br>| $516 | 1.28%<br>| 0.60%<br>| to | 1.15%<br>| 10.94%<br>| to | 10.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 28 | $19.43<br>| to | $18.02<br>| $510 | 1.39%<br>| 0.60%<br>| to | 1.15%<br>| 14.91%<br>| to | 14.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 28 | $16.91<br>| to | $15.77<br>| $447 | 0.66%<br>| 0.60%<br>| to | 1.15%<br>| 15.33%<br>| to | 14.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 34 | $14.66<br>| to | $13.75<br>| $477 | 0.71%<br>| 0.60%<br>| to | 1.15%<br>| -16.36%<br>| to | -16.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 72 | $17.57<br>| to | $16.57<br>| $1206 | 0.96%<br>| 0.60%<br>| to | 1.15%<br>| 15.29%<br>| to | 14.59% |
| Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 107 | $8.59<br>| to | $8.68<br>| $929 | 0.63%<br>| 0.60%<br>| to | 1.15%<br>| 9.35%<br>| to | 8.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 92 | $7.72<br>| to | $7.85<br>| $718 | 2.83%<br>| 0.60%<br>| to | 1.15%<br>| -6.16%<br>| to | -6.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 79 | $8.23<br>| to | $8.41<br>| $658 | 2.21%<br>| 0.60%<br>| to | 1.15%<br>| 3.39%<br>| to | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 281 | $7.96<br>| to | $8.18<br>| $2285 | 2.80%<br>| 0.60%<br>| to | 1.15%<br>| 45.89%<br>| to | 45.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 451 | $5.32<br>| to | $5.50<br>| $2468 | 1.95%<br>| 0.60%<br>| to | 1.15%<br>| 41.11%<br>| to | 40.31% |
| Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 69 | $14.85<br>| to | $13.69<br>| $1005 | 6.26%<br>| 0.60%<br>| to | 1.15%<br>| 6.53%<br>| to | 5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 69 | $13.94<br>| to | $12.92<br>| $943 | 6.55%<br>| 0.60%<br>| to | 1.15%<br>| 5.56%<br>| to | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 71 | $13.20<br>| to | $12.31<br>| $921 | 6.85%<br>| 0.60%<br>| to | 1.15%<br>| 11.08%<br>| to | 10.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 93 | $11.88<br>| to | $11.13<br>| $1079 | 6.40%<br>| 0.60%<br>| to | 1.15%<br>| -11.63%<br>| to | -12.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 99 | $13.43<br>| to | $12.66<br>| $1312 | 5.79%<br>| 0.60%<br>| to | 1.15%<br>| 5.42%<br>| to | 4.80% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class | Nomura VIP International Core Equity Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2 | $18.14<br>| to | $17.33<br>| $37 | 0.30%<br>| 0.60%<br>| to | 1.15%<br>| 23.80%<br>| to | 23.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $14.69<br>| to | $14.11<br>| $31 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 3.17%<br>| to | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2 | $14.25<br>| to | $13.76<br>| $23 | 2.52%<br>| 0.60%<br>| to | 1.15%<br>| 14.93%<br>| to | 14.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 5 | $12.33<br>| to | $11.97<br>| $62 | 2.25%<br>| 0.60%<br>| to | 1.15%<br>| -15.59%<br>| to | -16.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 5 | $14.21<br>| to | $14.21<br>| $68 | 0.00%<br>| 1.15%<br>| to | 1.15%<br>| 12.87%<br>| to | 12.87% |
| Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 11 | $23.24<br>| to | $23.24<br>| $252 | 0.00%<br>| 0.60%<br>| to | 0.60%<br>| 0.78%<br>| to | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14 | $23.11<br>| to | $23.11<br>| $320 | 0.00%<br>| 0.60%<br>| to | 0.60%<br>| 1.59%<br>| to | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 14 | $22.75<br>| to | $22.75<br>| $322 | 0.00%<br>| 0.60%<br>| to | 0.60%<br>| 18.90%<br>| to | 18.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 16 | $19.13<br>| to | $19.13<br>| $302 | 0.00%<br>| 0.60%<br>| to | 0.60%<br>| -30.88%<br>| to | -30.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 18 | $27.81<br>| to | $27.81<br>| $499 | 0.00%<br>| 0.60%<br>| to | 0.60%<br>| 15.63%<br>| to | 15.63% |
| Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class | Nomura VIP Science And Technology Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 27 | $41.84<br>| to | $45.17<br>| $1144 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 31.98%<br>| to | 31.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 30 | $31.56<br>| to | $34.26<br>| $954 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 29.81%<br>| to | 29.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 36 | $24.32<br>| to | $26.54<br>| $882 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 38.23%<br>| to | 37.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 43 | $17.59<br>| to | $19.31<br>| $758 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -32.72%<br>| to | -33.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 44 | $25.97<br>| to | $28.66<br>| $1162 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.51%<br>| to | 13.87% |
| Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class | Nomura VIP Smid Cap Core Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 8 | $18.58<br>| to | $17.70<br>| $145 | 0.13%<br>| 0.60%<br>| to | 1.15%<br>| 7.90%<br>| to | 7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 8 | $17.24<br>| to | $16.52<br>| $130 | 0.37%<br>| 0.60%<br>| to | 1.15%<br>| 13.58%<br>| to | 12.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 12 | $15.18<br>| to | $14.63<br>| $178 | 0.20%<br>| 0.60%<br>| to | 1.15%<br>| 14.97%<br>| to | 14.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 13 | $13.21<br>| to | $12.79<br>| $165 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -15.80%<br>| to | -16.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 18 | $15.59<br>| to | $15.19<br>| $269 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 20.02%<br>| to | 19.32% |
| Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 21 | $20.36<br>| to | $20.80<br>| $431 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 12.72%<br>| to | 12.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 27 | $18.06<br>| to | $18.55<br>| $499 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 13.58%<br>| to | 12.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 44 | $15.90<br>| to | $16.43<br>| $710 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 12.36%<br>| to | 11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 35 | $14.16<br>| to | $14.70<br>| $498 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -27.57%<br>| to | -27.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 50 | $19.45<br>| to | $20.31<br>| $994 | 0.95%<br>| 0.60%<br>| to | 1.15%<br>| 3.40%<br>| to | 2.78% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares | Janus Henderson Balanced Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 118 | $23.50<br>| to | $22.55<br>| $2737 | 1.57%<br>| 0.60%<br>| to | 1.15%<br>| 14.07%<br>| to | 13.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 139 | $20.59<br>| to | $19.87<br>| $2831 | 1.81%<br>| 0.60%<br>| to | 1.15%<br>| 14.46%<br>| to | 13.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 184 | $17.99<br>| to | $17.46<br>| $3270 | 1.83%<br>| 0.60%<br>| to | 1.15%<br>| 14.44%<br>| to | 13.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 190 | $15.72<br>| to | $15.34<br>| $2957 | 0.82%<br>| 0.60%<br>| to | 1.15%<br>| -17.19%<br>| to | -17.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 253 | $18.96<br>| to | $18.61<br>| $4761 | 0.81%<br>| 0.60%<br>| to | 1.15%<br>| 16.18%<br>| to | 15.59% |
| Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares | Janus Henderson Enterprise Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 53 | $29.56<br>| to | $26.72<br>| $1465 | 0.05%<br>| 0.60%<br>| to | 1.15%<br>| 6.85%<br>| to | 6.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 55 | $27.69<br>| to | $25.16<br>| $1445 | 0.68%<br>| 0.60%<br>| to | 1.15%<br>| 14.63%<br>| to | 14.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 67 | $24.15<br>| to | $22.07<br>| $1527 | 0.09%<br>| 0.60%<br>| to | 1.15%<br>| 17.07%<br>| to | 16.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 81 | $20.63<br>| to | $18.96<br>| $1586 | 0.08%<br>| 0.60%<br>| to | 1.15%<br>| -16.83%<br>| to | -17.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 91 | $24.75<br>| to | $22.87<br>| $2146 | 0.24%<br>| 0.60%<br>| to | 1.15%<br>| 15.82%<br>| to | 15.21% |
| Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares | Janus Henderson Flexible Bond Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 38 | $11.33<br>| to | $10.71<br>| $424 | 4.36%<br>| 0.60%<br>| to | 1.15%<br>| 6.58%<br>| to | 6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 37 | $10.63<br>| to | $10.10<br>| $396 | 4.08%<br>| 0.60%<br>| to | 1.15%<br>| 1.02%<br>| to | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 42 | $10.52<br>| to | $10.06<br>| $435 | 3.50%<br>| 0.60%<br>| to | 1.15%<br>| 4.66%<br>| to | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 60 | $10.05<br>| to | $9.66<br>| $598 | 1.89%<br>| 0.60%<br>| to | 1.15%<br>| -13.96%<br>| to | -14.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 68 | $11.75<br>| to | $11.35<br>| $798 | 2.09%<br>| 0.60%<br>| to | 1.15%<br>| -1.67%<br>| to | -2.24% |
| ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II | ClearBridge Variable Growth - Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2 | $18.00<br>| to | $18.00<br>| $31 | 0.00%<br>| 1.15%<br>| to | 1.15%<br>| 11.65%<br>| to | 11.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $16.10<br>| to | $16.10<br>| $28 | 0.07%<br>| 1.15%<br>| to | 1.15%<br>| 11.13%<br>| to | 11.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 4 | $14.48<br>| to | $14.48<br>| $59 | 0.03%<br>| 1.15%<br>| to | 1.15%<br>| 22.70%<br>| to | 22.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 16 | $13.24<br>| to | $11.80<br>| $187 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -27.61%<br>| to | -28.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 16 | $18.15<br>| to | $16.27<br>| $264 | 0.54%<br>| 0.60%<br>| to | 1.15%<br>| 9.40%<br>| to | 8.83% |
| ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II | ClearBridge Variable Mid Cap Portfolio - Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7 | $18.67<br>| to | $17.52<br>| $130 | 0.01%<br>| 0.60%<br>| to | 1.15%<br>| 3.29%<br>| to | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 11 | $18.05<br>| to | $17.03<br>| $187 | 0.37%<br>| 0.60%<br>| to | 1.15%<br>| 9.07%<br>| to | 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 10 | $16.55<br>| to | $15.70<br>| $158 | 0.02%<br>| 0.60%<br>| to | 1.15%<br>| 11.94%<br>| to | 11.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 11 | $14.78<br>| to | $14.10<br>| $157 | 0.07%<br>| 0.60%<br>| to | 1.15%<br>| -25.77%<br>| to | -26.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 19 | $19.96<br>| to | $19.15<br>| $376 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 27.62%<br>| to | 26.91% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  | $28.08<br>| to | $28.08<br>| $5 | 4.65%<br>| 1.40%<br>| to | 1.40%<br>| 6.25%<br>| to | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  | $26.43<br>| to | $26.43<br>| $5 | 8.46%<br>| 1.40%<br>| to | 1.40%<br>| -1.81%<br>| to | -1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  | $26.92<br>| to | $26.92<br>| $5 | 3.83%<br>| 1.40%<br>| to | 1.40%<br>| 5.32%<br>| to | 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  |  | $25.56<br>| to | $25.56<br>| $5 | 1.01%<br>| 1.40%<br>| to | 1.40%<br>| -17.69%<br>| to | -17.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  |  | $31.32<br>| to | $31.32<br>| $16 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| -3.33%<br>| to | -3.33% |
| MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class | MFS VIT II Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 11 | $11.87<br>| to | $11.31<br>| $130 | 3.08%<br>| 0.60%<br>| to | 1.15%<br>| 6.32%<br>| to | 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 20 | $11.15<br>| to | $10.68<br>| $219 | 4.26%<br>| 0.60%<br>| to | 1.15%<br>| 2.30%<br>| to | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 17 | $10.90<br>| to | $10.50<br>| $183 | 3.39%<br>| 0.60%<br>| to | 1.15%<br>| 6.72%<br>| to | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 19 | $10.21<br>| to | $9.89<br>| $194 | 2.04%<br>| 0.60%<br>| to | 1.15%<br>| -13.92%<br>| to | -14.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 34 | $11.93<br>| to | $11.62<br>| $402 | 2.57%<br>| 0.60%<br>| to | 1.15%<br>| -0.50%<br>| to | -1.02% |
| MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class | MFS VIT Research Series Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 8 | $30.35<br>| to | $27.82<br>| $226 | 0.15%<br>| 0.60%<br>| to | 1.15%<br>| 12.02%<br>| to | 11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 9 | $27.13<br>| to | $25.00<br>| $247 | 0.31%<br>| 0.60%<br>| to | 1.15%<br>| 17.85%<br>| to | 17.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 21 | $23.02<br>| to | $21.33<br>| $469 | 0.23%<br>| 0.60%<br>| to | 1.15%<br>| 21.39%<br>| to | 20.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 21 | $18.96<br>| to | $17.67<br>| $382 | 0.19%<br>| 0.60%<br>| to | 1.15%<br>| -17.95%<br>| to | -18.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 20 | $23.10<br>| to | $21.65<br>| $455 | 0.24%<br>| 0.60%<br>| to | 1.15%<br>| 23.73%<br>| to | 23.08% |
| MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class | MFS VIT International Intrinsic Value Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 10 | $21.29<br>| to | $20.29<br>| $212 | 1.42%<br>| 0.60%<br>| to | 1.15%<br>| 32.22%<br>| to | 31.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 10 | $16.11<br>| to | $15.43<br>| $165 | 1.09%<br>| 0.60%<br>| to | 1.15%<br>| 6.33%<br>| to | 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 12 | $15.15<br>| to | $14.60<br>| $174 | 0.28%<br>| 0.60%<br>| to | 1.15%<br>| 16.66%<br>| to | 16.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 31 | $12.99<br>| to | $12.58<br>| $393 | 0.45%<br>| 0.60%<br>| to | 1.15%<br>| -24.13%<br>| to | -24.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 30 | $17.13<br>| to | $16.69<br>| $511 | 0.20%<br>| 0.60%<br>| to | 1.15%<br>| 9.60%<br>| to | 9.01% |
| MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class | MFS VIT Value Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 31 | $20.38<br>| to | $19.42<br>| $613 | 1.51%<br>| 0.60%<br>| to | 1.15%<br>| 12.47%<br>| to | 11.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 32 | $18.18<br>| to | $17.42<br>| $571 | 1.66%<br>| 0.60%<br>| to | 1.15%<br>| 10.69%<br>| to | 10.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 43 | $16.42<br>| to | $15.82<br>| $695 | 1.36%<br>| 0.60%<br>| to | 1.15%<br>| 6.99%<br>| to | 6.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 45 | $15.35<br>| to | $14.87<br>| $686 | 1.35%<br>| 0.60%<br>| to | 1.15%<br>| -6.39%<br>| to | -6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 51 | $16.45<br>| to | $16.03<br>| $836 | 1.04%<br>| 0.60%<br>| to | 1.15%<br>| 24.34%<br>| to | 23.69% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class | MFS VIT III Global Real Estate Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 9 | $13.17<br>| to | $12.55<br>| $118 | 1.00%<br>| 0.60%<br>| to | 1.15%<br>| 3.29%<br>| to | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14 | $12.83<br>| to | $12.29<br>| $170 | 1.51%<br>| 0.60%<br>| to | 1.15%<br>| -3.50%<br>| to | -4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 13 | $13.29<br>| to | $12.81<br>| $176 | 0.23%<br>| 0.60%<br>| to | 1.15%<br>| 10.54%<br>| to | 9.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 41 | $12.02<br>| to | $11.65<br>| $479 | 1.03%<br>| 0.60%<br>| to | 1.15%<br>| -26.96%<br>| to | -27.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 45 | $16.60<br>| to | $16.18<br>| $726 | 1.04%<br>| 0.60%<br>| to | 1.15%<br>| 29.08%<br>| to | 28.41% |
| Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II | Invesco V.I. Main Street Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 15 | $25.57<br>| to | $24.37<br>| $357 | 0.33%<br>| 0.60%<br>| to | 1.15%<br>| 14.89%<br>| to | 14.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14 | $22.25<br>| to | $21.32<br>| $299 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 22.66%<br>| to | 21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 14 | $18.14<br>| to | $17.48<br>| $248 | 0.31%<br>| 0.60%<br>| to | 1.15%<br>| 22.09%<br>| to | 21.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 34 | $14.86<br>| to | $14.39<br>| $484 | 0.95%<br>| 0.60%<br>| to | 1.15%<br>| -21.10%<br>| to | -21.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 40 | $18.76<br>| to | $18.27<br>| $724 | 0.45%<br>| 0.60%<br>| to | 1.15%<br>| 26.50%<br>| to | 25.74% |
| Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II | Invesco V.I. Core Plus Bond Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 22 | $10.75<br>| to | $10.53<br>| $234 | 4.02%<br>| 0.60%<br>| to | 1.15%<br>| 6.14%<br>| to | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 21 | $10.11<br>| to | $9.96<br>| $217 | 1.60%<br>| 0.60%<br>| to | 1.15%<br>| 2.11%<br>| to | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 74 | $9.90<br>| to | $9.81<br>| $724 | 2.78%<br>| 0.60%<br>| to | 1.15%<br>| 5.21%<br>| to | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 04/29/2022 | 56 | $9.41<br>| to | $9.37<br>| $527 | (b) | 0.60%<br>| to | 1.15%<br>| (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II | Invesco V.I. Discovery Mid Cap Growth Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 13 | $27.56<br>| to | $25.53<br>| $337 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 3.31%<br>| to | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14 | $26.53<br>| to | $24.71<br>| $365 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 23.18%<br>| to | 22.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 16 | $21.53<br>| to | $20.17<br>| $338 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 12.17%<br>| to | 11.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 17 | $19.20<br>| to | $18.08<br>| $320 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -30.05%<br>| to | -30.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 20 | $28.04<br>| to | $26.56<br>| $558 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 18.06%<br>| to | 17.42% |
| Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II | Invesco V.I. International Growth Fund - Series II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 38 | $15.36<br>| to | $15.70<br>| $580 | 0.06%<br>| 0.60%<br>| to | 1.15%<br>| 15.43%<br>| to | 14.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 44 | $13.37<br>| to | $13.75<br>| $595 | 0.34%<br>| 0.60%<br>| to | 1.15%<br>| -2.40%<br>| to | -2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 51 | $13.70<br>| to | $14.17<br>| $706 | 0.30%<br>| 0.60%<br>| to | 1.15%<br>| 19.91%<br>| to | 19.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 56 | $11.43<br>| to | $11.88<br>| $650 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -27.84%<br>| to | -28.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 76 | $15.78<br>| to | $16.50<br>| $1211 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 9.43%<br>| to | 8.84% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class | PIMCO All Asset Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2 | $16.45<br>| to | $15.54<br>| $36 | 4.55%<br>| 0.60%<br>| to | 1.15%<br>| 13.52%<br>| to | 12.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 3 | $14.49<br>| to | $13.77<br>| $42 | 6.85%<br>| 0.60%<br>| to | 1.15%<br>| 3.13%<br>| to | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 4 | $14.05<br>| to | $13.43<br>| $55 | 2.67%<br>| 0.60%<br>| to | 1.15%<br>| 7.49%<br>| to | 6.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 23 | $13.07<br>| to | $12.56<br>| $290 | 7.21%<br>| 0.60%<br>| to | 1.15%<br>| -12.22%<br>| to | -12.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 20 | $14.92<br>| to | $14.41<br>| $293 | 15.99%<br>| 0.60%<br>| to | 1.15%<br>| 15.57%<br>| to | 14.91% |
| PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class | PIMCO Low Duration Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 151 | $11.15<br>| to | $10.60<br>| $1663 | 4.01%<br>| 0.60%<br>| to | 1.15%<br>| 4.88%<br>| to | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 159 | $10.63<br>| to | $10.16<br>| $1669 | 3.91%<br>| 0.60%<br>| to | 1.15%<br>| 3.87%<br>| to | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 169 | $10.23<br>| to | $9.84<br>| $1711 | 3.71%<br>| 0.60%<br>| to | 1.15%<br>| 4.34%<br>| to | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 216 | $9.80<br>| to | $9.48<br>| $2096 | 1.63%<br>| 0.60%<br>| to | 1.15%<br>| -6.21%<br>| to | -6.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 228 | $10.46<br>| to | $10.17<br>| $2358 | 0.53%<br>| 0.60%<br>| to | 1.15%<br>| -1.60%<br>| to | -2.12% |
| PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class | PIMCO Real Return Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 126 | $17.39<br>| to | $15.34<br>| $2073 | 3.36%<br>| 0.75%<br>| to | 1.35%<br>| 6.85%<br>| to | 6.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 154 | $16.24<br>| to | $14.41<br>| $2380 | 2.57%<br>| 0.75%<br>| to | 1.35%<br>| 1.37%<br>| to | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 185 | $16.02<br>| to | $14.31<br>| $2827 | 3.02%<br>| 0.75%<br>| to | 1.35%<br>| 2.89%<br>| to | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 214 | $15.57<br>| to | $13.99<br>| $3194 | 7.06%<br>| 0.75%<br>| to | 1.35%<br>| -12.01%<br>| to | -12.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 229 | $17.81<br>| to | $16.10<br>| $3917 | 4.88%<br>| 0.75%<br>| to | 1.35%<br>| 4.76%<br>| to | 4.21% |
| PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class | PIMCO Short-Term Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 348 | $12.36<br>| to | $11.57<br>| $4248 | 4.66%<br>| 0.60%<br>| to | 1.15%<br>| 4.03%<br>| to | 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 416 | $11.88<br>| to | $11.18<br>| $4856 | 4.87%<br>| 0.60%<br>| to | 1.15%<br>| 5.42%<br>| to | 4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 397 | $11.27<br>| to | $10.67<br>| $4421 | 4.44%<br>| 0.60%<br>| to | 1.15%<br>| 5.27%<br>| to | 4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 426 | $10.70<br>| to | $10.19<br>| $4514 | 2.20%<br>| 0.60%<br>| to | 1.15%<br>| -0.75%<br>| to | -1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 190 | $10.79<br>| to | $10.32<br>| $2014 | 1.08%<br>| 0.60%<br>| to | 1.15%<br>| -0.64%<br>| to | -1.24% |
| PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class | PIMCO Total Return Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 329 | $11.64<br>| to | $11.00<br>| $3724 | 4.12%<br>| 0.60%<br>| to | 1.15%<br>| 8.23%<br>| to | 7.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 378 | $10.75<br>| to | $10.22<br>| $3970 | 4.04%<br>| 0.60%<br>| to | 1.15%<br>| 1.92%<br>| to | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 388 | $10.55<br>| to | $10.08<br>| $4008 | 3.44%<br>| 0.60%<br>| to | 1.15%<br>| 5.29%<br>| to | 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 407 | $10.02<br>| to | $9.63<br>| $3997 | 2.52%<br>| 0.60%<br>| to | 1.15%<br>| -14.18%<br>| to | -14.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 496 | $11.76<br>| to | $11.36<br>| $5742 | 1.75%<br>| 0.60%<br>| to | 1.15%<br>| -1.84%<br>| to | -2.41% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity | ProFund VP Rising Rates Opportunity |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 492 | $2.14<br>| to | $1.60<br>| $896 | 3.66%<br>| 0.95%<br>| to | 2.25%<br>| 0.50%<br>| to | -0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 617 | $2.13<br>| to | $1.61<br>| $1118 | 4.64%<br>| 0.95%<br>| to | 2.25%<br>| 17.88%<br>| to | 16.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 612 | $1.80<br>| to | $1.38<br>| $951 | 0.14%<br>| 0.95%<br>| to | 2.25%<br>| 0.78%<br>| to | -0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 813 | $1.79<br>| to | $1.39<br>| $1271 | 0.00%<br>| 0.95%<br>| to | 2.25%<br>| 50.68%<br>| to | 48.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 1203 | $1.14<br>| to | $0.90<br>| $1202 | 0.00%<br>| 0.95%<br>| to | 2.25%<br>| -0.87%<br>| to | -2.17% |
| Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B | Putnam VT Income Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 53 | $10.99<br>| to | $10.63<br>| $571 | 4.83%<br>| 0.60%<br>| to | 1.15%<br>| 6.48%<br>| to | 5.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 55 | $10.31<br>| to | $10.03<br>| $560 | 5.25%<br>| 0.60%<br>| to | 1.15%<br>| 1.71%<br>| to | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 61 | $10.14<br>| to | $9.91<br>| $609 | 6.28%<br>| 0.60%<br>| to | 1.15%<br>| 4.06%<br>| to | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 78 | $9.74<br>| to | $9.58<br>| $754 | 5.28%<br>| 0.60%<br>| to | 1.15%<br>| -13.91%<br>| to | -14.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 86 | $11.37<br>| to | $11.24<br>| $977 | 1.33%<br>| 0.60%<br>| to | 1.15%<br>| -5.17%<br>| to | -5.70% |
| Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B | Putnam VT International Equity Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  | $20.00<br>| to | $20.00<br>| $3 | 0.01%<br>| 0.60%<br>| to | 0.60%<br>| 37.13%<br>| to | 37.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  | $14.61<br>| to | $14.61<br>| $3 | 2.20%<br>| 0.60%<br>| to | 0.60%<br>| 2.36%<br>| to | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  | $14.28<br>| to | $14.28<br>| $2 | 0.05%<br>| 0.60%<br>| to | 0.60%<br>| 17.80%<br>| to | 17.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 2 | $12.12<br>| to | $12.58<br>| $22 | 3.71%<br>| 0.60%<br>| to | 1.15%<br>| -15.03%<br>| to | -15.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 11 | $14.31<br>| to | $14.93<br>| $163 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 8.16%<br>| to | 7.56% |
| Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B | Putnam VT International Value Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 34 | $21.51<br>| to | $21.05<br>| $730 | 0.41%<br>| 0.60%<br>| to | 1.15%<br>| 34.32%<br>| to | 33.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 6 | $16.07<br>| to | $16.07<br>| $104 | 0.48%<br>| 0.60%<br>| to | 0.60%<br>| 4.58%<br>| to | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 1 | $15.36<br>| to | $15.36<br>| $11 | 3.11%<br>| 0.60%<br>| to | 0.60%<br>| 17.97%<br>| to | 17.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 1 | $13.02<br>| to | $12.96<br>| $17 | 1.83%<br>| 0.60%<br>| to | 1.15%<br>| -7.28%<br>| to | -7.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 2 | $14.06<br>| to | $14.07<br>| $23 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.22%<br>| to | -2.83% |
| Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B | Putnam VT Mortgage Securities Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 54 | $10.85<br>| to | $10.49<br>| $585 | 7.98%<br>| 0.60%<br>| to | 1.15%<br>| 7.91%<br>| to | 7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 58 | $10.00<br>| to | $9.73<br>| $582 | 6.51%<br>| 0.60%<br>| to | 1.15%<br>| 4.13%<br>| to | 3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 57 | $9.61<br>| to | $9.39<br>| $544 | 16.52%<br>| 0.60%<br>| to | 1.15%<br>| 4.64%<br>| to | 4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 73 | $9.18<br>| to | $9.03<br>| $664 | 9.60%<br>| 0.60%<br>| to | 1.15%<br>| -10.92%<br>| to | -11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 81 | $10.27<br>| to | $10.16<br>| $832 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -4.38%<br>| to | -4.87% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB | Putnam VT Core Equity Fund - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 12 | $38.51<br>| to | $34.46<br>| $438 | 0.42%<br>| 0.60%<br>| to | 1.15%<br>| 16.32%<br>| to | 15.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 12 | $33.17<br>| to | $29.84<br>| $383 | 0.83%<br>| 0.60%<br>| to | 1.15%<br>| 26.20%<br>| to | 25.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 23 | $26.28<br>| to | $23.78<br>| $566 | 0.49%<br>| 0.60%<br>| to | 1.15%<br>| 27.31%<br>| to | 26.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 23 | $20.64<br>| to | $18.78<br>| $448 | 0.98%<br>| 0.60%<br>| to | 1.15%<br>| -16.79%<br>| to | -17.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 26 | $24.65<br>| to | $22.56<br>| $600 | 0.74%<br>| 0.60%<br>| to | 1.15%<br>| 30.22%<br>| to | 29.51% |
| Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B | Putnam VT Small Cap Value Fund - Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 8 | $21.18<br>| to | $18.80<br>| $167 | 0.68%<br>| 0.60%<br>| to | 1.15%<br>| 5.10%<br>| to | 4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 13 | $20.24<br>| to | $18.07<br>| $253 | 1.06%<br>| 0.60%<br>| to | 1.15%<br>| 5.56%<br>| to | 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 18 | $19.17<br>| to | $17.21<br>| $327 | 0.17%<br>| 0.60%<br>| to | 1.15%<br>| 23.01%<br>| to | 22.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 25 | $15.59<br>| to | $14.07<br>| $377 | 0.16%<br>| 0.60%<br>| to | 1.15%<br>| -14.55%<br>| to | -15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 24 | $18.02<br>| to | $16.36<br>| $425 | 0.82%<br>| 0.60%<br>| to | 1.15%<br>| 39.04%<br>| to | 38.29% |
| T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II | T. Rowe Price Blue Chip Growth Portfolio - II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 133 | $39.97<br>| to | $37.12<br>| $5241 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 17.77%<br>| to | 17.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 144 | $33.95<br>| to | $31.71<br>| $4827 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 34.36%<br>| to | 33.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 212 | $25.27<br>| to | $23.73<br>| $5249 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 48.06%<br>| to | 47.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 211 | $17.07<br>| to | $16.12<br>| $3538 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -39.37%<br>| to | -39.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 237 | $27.99<br>| to | $26.58<br>| $6503 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 16.62%<br>| to | 15.97% |
| T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II | T. Rowe Price Health Sciences Portfolio - II |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 188 | $20.92<br>| to | $22.15<br>| $4023 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 16.66%<br>| to | 16.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 185 | $17.86<br>| to | $19.02<br>| $3379 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 0.81%<br>| to | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 203 | $17.72<br>| to | $18.97<br>| $3673 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 2.07%<br>| to | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 271 | $17.36<br>| to | $18.69<br>| $4837 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -12.72%<br>| to | -13.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 315 | $20.00<br>| to | $21.66<br>| $6511 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 12.11%<br>| to | 11.53% |
| MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class | MFS VIT Utilities Series Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 42 | $19.08<br>| to | $20.44<br>| $834 | 2.76%<br>| 0.60%<br>| to | 1.15%<br>| 13.16%<br>| to | 12.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 35 | $16.73<br>| to | $18.02<br>| $617 | 2.05%<br>| 0.60%<br>| to | 1.15%<br>| 10.68%<br>| to | 10.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 44 | $15.12<br>| to | $16.37<br>| $697 | 2.17%<br>| 0.60%<br>| to | 1.15%<br>| -2.92%<br>| to | -3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 89 | $15.57<br>| to | $16.96<br>| $1478 | 2.17%<br>| 0.60%<br>| to | 1.15%<br>| 0.33%<br>| to | -0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 90 | $15.59<br>| to | $17.08<br>| $1495 | 1.56%<br>| 0.60%<br>| to | 1.15%<br>| 13.13%<br>| to | 12.52% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A | Voya Intermediate Bond Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 229 | $11.41<br>| to | $10.63<br>| $2580 | 4.23%<br>| 0.60%<br>| to | 1.15%<br>| 6.54%<br>| to | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 240 | $10.71<br>| to | $10.03<br>| $2539 | 4.25%<br>| 0.60%<br>| to | 1.15%<br>| 1.67%<br>| to | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 252 | $10.53<br>| to | $9.92<br>| $2608 | 3.65%<br>| 0.60%<br>| to | 1.15%<br>| 6.14%<br>| to | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 256 | $9.93<br>| to | $9.40<br>| $2502 | 2.13%<br>| 0.60%<br>| to | 1.15%<br>| -14.95%<br>| to | -15.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 299 | $11.73<br>| to | $11.17<br>| $3462 | 2.47%<br>| 0.60%<br>| to | 1.15%<br>| -2.01%<br>| to | -2.53% |
| Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class | Voya Balanced Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 66 | $16.36<br>| to | $15.25<br>| $1027 | 3.93%<br>| 0.60%<br>| to | 1.15%<br>| 10.61%<br>| to | 10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 76 | $14.79<br>| to | $13.86<br>| $1072 | 0.91%<br>| 0.60%<br>| to | 1.15%<br>| 11.79%<br>| to | 11.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 87 | $13.23<br>| to | $12.47<br>| $1111 | 2.95%<br>| 0.60%<br>| to | 1.15%<br>| 10.35%<br>| to | 9.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 114 | $11.99<br>| to | $11.36<br>| $1333 | 1.90%<br>| 0.60%<br>| to | 1.15%<br>| -14.73%<br>| to | -15.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 122 | $14.07<br>| to | $13.41<br>| $1679 | 2.10%<br>| 0.60%<br>| to | 1.15%<br>| 7.98%<br>| to | 7.37% |
| Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A | Voya Global Perspectives<sup>®</sup> Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 14 | $15.82<br>| to | $15.32<br>| $222 | 10.07%<br>| 0.60%<br>| to | 1.15%<br>| 13.21%<br>| to | 12.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 3806 | $13.97<br>| to | $12.59<br>| $51822 | 2.95%<br>| 0.60%<br>| to | 2.35%<br>| 6.26%<br>| to | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 4472 | $13.15<br>| to | $12.06<br>| $57918 | 6.18%<br>| 0.60%<br>| to | 2.35%<br>| 9.53%<br>| to | 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 5148 | $12.01<br>| to | $11.20<br>| $61595 | 2.74%<br>| 0.60%<br>| to | 2.35%<br>| -18.12%<br>| to | -19.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 5966 | $14.67<br>| to | $13.94<br>| $88147 | 3.30%<br>| 0.60%<br>| to | 2.35%<br>| 5.09%<br>| to | 3.26% |
| Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 14544 | $20.67<br>| to | $8.46<br>| $196380 | 3.64%<br>| 0.75%<br>| to | 2.35%<br>| 3.10%<br>| to | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 16738 | $20.05<br>| to | $8.34<br>| $221021 | 4.59%<br>| 0.75%<br>| to | 2.35%<br>| 4.02%<br>| to | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 19058 | $19.27<br>| to | $8.15<br>| $245603 | 4.51%<br>| 0.75%<br>| to | 2.35%<br>| 3.89%<br>| to | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 22343 | $18.55<br>| to | $7.97<br>| $280434 | 1.33%<br>| 0.75%<br>| to | 2.35%<br>| 0.59%<br>| to | -1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 22120 | $18.44<br>| to | $8.06<br>| $281174 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| -0.75%<br>| to | -2.30% |
| Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class | Voya Government Liquid Assets Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1032 | $11.14<br>| to | $8.60<br>| $10400 | 3.51%<br>| 0.60%<br>| to | 2.20%<br>| 3.10%<br>| to | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 1086 | $10.80<br>| to | $8.47<br>| $10690 | 4.16%<br>| 0.60%<br>| to | 2.20%<br>| 4.02%<br>| to | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 1147 | $10.38<br>| to | $8.28<br>| $10805 | 4.15%<br>| 0.60%<br>| to | 2.20%<br>| 3.89%<br>| to | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 1341 | $10.00<br>| to | $8.10<br>| $12344 | 1.05%<br>| 0.60%<br>| to | 2.20%<br>| 0.64%<br>| to | -0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 864 | $9.93<br>| to | $8.18<br>| $7796 | 0.00%<br>| 0.60%<br>| to | 2.20%<br>| -0.60%<br>| to | -2.15% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class | Voya High Yield Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 32 | $14.88<br>| to | $13.32<br>| $444 | 5.77%<br>| 0.60%<br>| to | 1.15%<br>| 7.23%<br>| to | 6.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 34 | $13.86<br>| to | $12.47<br>| $452 | 6.25%<br>| 0.60%<br>| to | 1.15%<br>| 6.27%<br>| to | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 57 | $13.04<br>| to | $11.80<br>| $697 | 5.58%<br>| 0.60%<br>| to | 1.15%<br>| 10.95%<br>| to | 10.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 39 | $11.76<br>| to | $10.70<br>| $434 | 4.92%<br>| 0.60%<br>| to | 1.15%<br>| -13.29%<br>| to | -13.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 41 | $13.57<br>| to | $12.42<br>| $530 | 4.59%<br>| 0.60%<br>| to | 1.15%<br>| 4.06%<br>| to | 3.50% |
| Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class | Voya Large Cap Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 163 | $36.28<br>| to | $34.29<br>| $5818 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 13.88%<br>| to | 13.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 120 | $31.83<br>| to | $30.26<br>| $3743 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 33.26%<br>| to | 32.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 34468 | $23.89<br>| to | $30.97<br>| $1145134 | 0.00%<br>| 0.60%<br>| to | 2.35%<br>| 36.24%<br>| to | 33.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 39369 | $17.53<br>| to | $23.14<br>| $971484 | 0.00%<br>| 0.60%<br>| to | 2.35%<br>| -31.39%<br>| to | -32.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 44303 | $25.56<br>| to | $34.33<br>| $1612107 | 0.00%<br>| 0.60%<br>| to | 2.35%<br>| 18.17%<br>| to | 16.10% |
| Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class | Voya Large Cap Growth Portfolio - Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3 | $43.04<br>| to | $43.04<br>| $111 | 0.00%<br>| 0.75%<br>| to | 0.75%<br>| 14.35%<br>| to | 14.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 3 | $37.60<br>| to | $37.60<br>| $100 | 0.00%<br>| 0.75%<br>| to | 0.75%<br>| 33.79%<br>| to | 33.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 3 | $28.10<br>| to | $28.10<br>| $76 | 0.00%<br>| 0.75%<br>| to | 0.75%<br>| 36.82%<br>| to | 36.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 3 | $20.54<br>| to | $20.54<br>| $57 | 0.00%<br>| 0.75%<br>| to | 0.75%<br>| -31.05%<br>| to | -31.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 3 | $29.78<br>| to | $29.78<br>| $86 | 0.00%<br>| 0.75%<br>| to | 0.75%<br>| 18.65%<br>| to | 18.65% |
| Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 340 | $33.36<br>| to | $17.33<br>| $7416 | 4.21%<br>| 0.50%<br>| to | 2.25%<br>| 4.87%<br>| to | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 401 | $31.80<br>| to | $16.82<br>| $8400 | 4.65%<br>| 0.50%<br>| to | 2.25%<br>| 4.36%<br>| to | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 467 | $30.47<br>| to | $16.41<br>| $9523 | 3.73%<br>| 0.50%<br>| to | 2.25%<br>| 3.99%<br>| to | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 539 | $29.30<br>| to | $16.06<br>| $10664 | 1.55%<br>| 0.50%<br>| to | 2.25%<br>| -5.33%<br>| to | -6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 659 | $30.98<br>| to | $17.28<br>| $13900 | 1.43%<br>| 0.50%<br>| to | 2.25%<br>| -0.67%<br>| to | -2.43% |
| Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class | Voya Retirement Conservative Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 105 | $14.18<br>| to | $13.41<br>| $1464 | 10.11%<br>| 0.60%<br>| to | 1.15%<br>| 8.59%<br>| to | 7.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14265 | $13.06<br>| to | $11.10<br>| $173455 | 3.12%<br>| 0.60%<br>| to | 2.35%<br>| 5.04%<br>| to | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 17878 | $12.43<br>| to | $10.76<br>| $209968 | 1.93%<br>| 0.60%<br>| to | 2.35%<br>| 8.14%<br>| to | 6.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 20646 | $11.50<br>| to | $10.13<br>| $226885 | 2.08%<br>| 0.60%<br>| to | 2.35%<br>| -14.24%<br>| to | -15.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 23415 | $13.45<br>| to | $12.06<br>| $304422 | 2.11%<br>| 0.60%<br>| to | 2.35%<br>| 4.02%<br>| to | 2.29% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class | Voya Retirement Aggressive Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7 | $21.37<br>| to | $20.56<br>| $148 | 4.72%<br>| 0.60%<br>| to | 1.15%<br>| 15.17%<br>| to | 14.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 70793 | $18.60<br>| to | $20.76<br>| $1612947 | 2.00%<br>| 0.60%<br>| to | 2.35%<br>| 13.87%<br>| to | 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 84356 | $16.34<br>| to | $18.55<br>| $1708088 | 1.44%<br>| 0.60%<br>| to | 2.35%<br>| 17.11%<br>| to | 15.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 97421 | $13.95<br>| to | $16.13<br>| $1703538 | 1.04%<br>| 0.60%<br>| to | 2.35%<br>| -17.43%<br>| to | -18.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 110691 | $16.85<br>| to | $19.83<br>| $2365013 | 1.69%<br>| 0.60%<br>| to | 2.35%<br>| 14.78%<br>| to | 12.80% |
| Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class | Voya Retirement Moderately Aggressive Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 45 | $19.65<br>| to | $18.78<br>| $869 | 5.85%<br>| 0.60%<br>| to | 1.15%<br>| 13.36%<br>| to | 12.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 49829 | $17.35<br>| to | $19.32<br>| $1057951 | 2.19%<br>| 0.60%<br>| to | 2.35%<br>| 11.66%<br>| to | 9.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 58572 | $15.54<br>| to | $17.61<br>| $1126811 | 1.42%<br>| 0.60%<br>| to | 2.35%<br>| 14.68%<br>| to | 12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 66752 | $13.55<br>| to | $15.63<br>| $1133055 | 1.26%<br>| 0.60%<br>| to | 2.35%<br>| -16.92%<br>| to | -18.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 76557 | $16.28<br>| to | $19.13<br>| $1578977 | 1.76%<br>| 0.60%<br>| to | 2.35%<br>| 13.21%<br>| to | 11.29% |
| Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class | Voya Retirement Moderate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 83 | $16.55<br>| to | $15.80<br>| $1353 | 8.69%<br>| 0.60%<br>| to | 1.15%<br>| 11.05%<br>| to | 10.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 29603 | $14.91<br>| to | $15.94<br>| $519807 | 2.80%<br>| 0.60%<br>| to | 2.35%<br>| 7.17%<br>| to | 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 34798 | $13.91<br>| to | $15.14<br>| $576840 | 1.62%<br>| 0.60%<br>| to | 2.35%<br>| 10.57%<br>| to | 8.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 40235 | $12.58<br>| to | $13.94<br>| $610253 | 1.59%<br>| 0.60%<br>| to | 2.35%<br>| -15.67%<br>| to | -17.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 45775 | $14.92<br>| to | $16.83<br>| $832576 | 1.89%<br>| 0.60%<br>| to | 2.35%<br>| 8.98%<br>| to | 7.06% |
| Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A | Voya Inflation Protected Bond Plus Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 55 | $11.19<br>| to | $10.72<br>| $615 | 3.96%<br>| 0.60%<br>| to | 1.15%<br>| 5.88%<br>| to | 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 60 | $10.56<br>| to | $10.17<br>| $633 | 3.63%<br>| 0.60%<br>| to | 1.15%<br>| 0.85%<br>| to | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 123 | $10.47<br>| to | $10.14<br>| $1279 | 3.34%<br>| 0.60%<br>| to | 1.15%<br>| 3.20%<br>| to | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 156 | $10.15<br>| to | $9.88<br>| $1569 | 4.33%<br>| 0.60%<br>| to | 1.15%<br>| -13.45%<br>| to | -13.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 156 | $11.78<br>| to | $11.54<br>| $1825 | 2.36%<br>| 0.60%<br>| to | 1.15%<br>| 3.88%<br>| to | 3.41% |
| Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S | Voya Inflation Protected Bond Plus Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7596 | $13.95<br>| to | $10.63<br>| $89677 | 4.27%<br>| 0.75%<br>| to | 2.35%<br>| 6.04%<br>| to | 4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 8445 | $13.14<br>| to | $10.18<br>| $94765 | 3.57%<br>| 0.75%<br>| to | 2.35%<br>| 1.10%<br>| to | -0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 9490 | $13.00<br>| to | $10.23<br>| $106319 | 3.28%<br>| 0.75%<br>| to | 2.35%<br>| 3.39%<br>| to | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 11601 | $12.57<br>| to | $10.06<br>| $127101 | 4.23%<br>| 0.75%<br>| to | 2.35%<br>| -13.20%<br>| to | -14.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 12893 | $14.57<br>| to | $11.85<br>| $165024 | 2.44%<br>| 0.75%<br>| to | 2.35%<br>| 4.15%<br>| to | 2.51% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class | VY CBRE Global Real Estate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7 | $12.29<br>| to | $12.99<br>| $83 | 2.41%<br>| 0.60%<br>| to | 1.15%<br>| 6.23%<br>| to | 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 10 | $11.64<br>| to | $12.37<br>| $120 | 2.85%<br>| 0.60%<br>| to | 1.15%<br>| -0.84%<br>| to | -1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 12 | $11.74<br>| to | $12.55<br>| $142 | 1.42%<br>| 0.60%<br>| to | 1.15%<br>| 11.30%<br>| to | 10.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 13 | $10.55<br>| to | $11.34<br>| $141 | 2.42%<br>| 0.60%<br>| to | 1.15%<br>| -25.33%<br>| to | -25.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 14 | $14.23<br>| to | $15.38<br>| $201 | 2.55%<br>| 0.60%<br>| to | 1.15%<br>| 32.87%<br>| to | 32.13% |
| VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class | VY CBRE Global Real Estate Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1731 | $15.51<br>| to | $14.46<br>| $28033 | 2.70%<br>| 0.75%<br>| to | 2.35%<br>| 6.38%<br>| to | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 1984 | $14.66<br>| to | $13.90<br>| $30732 | 2.84%<br>| 0.75%<br>| to | 2.35%<br>| -0.62%<br>| to | -2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2261 | $14.76<br>| to | $14.22<br>| $35651 | 1.72%<br>| 0.75%<br>| to | 2.35%<br>| 11.48%<br>| to | 9.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 2488 | $13.24<br>| to | $12.96<br>| $35535 | 2.83%<br>| 0.75%<br>| to | 2.35%<br>| -25.14%<br>| to | -26.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 2746 | $17.81<br>| to | $17.72<br>| $53268 | 2.71%<br>| 0.75%<br>| to | 2.35%<br>| 33.11%<br>| to | 30.97% |
| VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class | VY CBRE Global Real Estate Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 9 | $16.97<br>| to | $14.46<br>| $135 | 2.31%<br>| 1.40%<br>| to | 2.20%<br>| 5.50%<br>| to | 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 10 | $16.18<br>| to | $13.90<br>| $146 | 3.63%<br>| 1.40%<br>| to | 2.20%<br>| -1.41%<br>| to | -2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 31 | $16.41<br>| to | $14.21<br>| $469 | 1.64%<br>| 1.40%<br>| to | 2.20%<br>| 10.54%<br>| to | 9.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 40 | $14.85<br>| to | $12.96<br>| $543 | 2.71%<br>| 1.40%<br>| to | 2.20%<br>| -25.75%<br>| to | -26.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 42 | $20.15<br>| to | $17.73<br>| $786 | 2.48%<br>| 1.40%<br>| to | 2.20%<br>| 32.04%<br>| to | 30.95% |
| VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class | VY CBRE Real Estate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 32 | $14.13<br>| to | $14.24<br>| $451 | 2.46%<br>| 0.60%<br>| to | 1.15%<br>| 0.01%<br>| to | -0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 32 | $14.26<br>| to | $14.45<br>| $460 | 2.40%<br>| 0.60%<br>| to | 1.15%<br>| 3.32%<br>| to | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 36 | $13.80<br>| to | $14.07<br>| $500 | 2.26%<br>| 0.60%<br>| to | 1.15%<br>| 12.94%<br>| to | 12.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 37 | $12.22<br>| to | $12.53<br>| $451 | 1.23%<br>| 0.60%<br>| to | 1.15%<br>| -27.21%<br>| to | -27.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 38 | $16.93<br>| to | $17.45<br>| $640 | 1.64%<br>| 0.60%<br>| to | 1.15%<br>| 50.49%<br>| to | 49.66% |
| VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class | VY CBRE Real Estate Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 490 | $209.65<br>| to | $24.15<br>| $51557 | 2.63%<br>| 0.50%<br>| to | 2.35%<br>| 0.45%<br>| to | -1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 563 | $210.64<br>| to | $24.72<br>| $60808 | 2.47%<br>| 0.50%<br>| to | 2.35%<br>| 3.79%<br>| to | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 654 | $202.95<br>| to | $24.26<br>| $68742 | 2.39%<br>| 0.50%<br>| to | 2.35%<br>| 13.47%<br>| to | 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 746 | $178.86<br>| to | $21.79<br>| $70436 | 1.49%<br>| 0.50%<br>| to | 2.35%<br>| -26.89%<br>| to | -28.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 860 | $246.74<br>| to | $30.63<br>| $113720 | 1.77%<br>| 0.50%<br>| to | 2.35%<br>| 51.20%<br>| to | 48.40% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class | VY CBRE Real Estate Portfolio - Service 2 Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 130 | $49.70<br>| to | $24.16<br>| $4693 | 2.54%<br>| 1.40%<br>| to | 2.20%<br>| -0.61%<br>| to | -1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 142 | $50.45<br>| to | $24.73<br>| $5265 | 2.40%<br>| 1.40%<br>| to | 2.20%<br>| 2.69%<br>| to | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 167 | $49.13<br>| to | $24.28<br>| $6088 | 2.25%<br>| 1.40%<br>| to | 2.20%<br>| 12.26%<br>| to | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 193 | $43.77<br>| to | $21.81<br>| $6241 | 1.24%<br>| 1.40%<br>| to | 2.20%<br>| -27.66%<br>| to | -28.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 220 | $61.01<br>| to | $30.65<br>| $9928 | 1.56%<br>| 1.40%<br>| to | 2.20%<br>| 49.61%<br>| to | 48.43% |
| VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Growth and Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 44 | $24.01<br>| to | $21.19<br>| $1022 | 2.96%<br>| 0.60%<br>| to | 1.15%<br>| 14.35%<br>| to | 13.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 51 | $21.01<br>| to | $18.65<br>| $1017 | 1.08%<br>| 0.60%<br>| to | 1.15%<br>| 15.05%<br>| to | 14.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 53 | $18.27<br>| to | $16.30<br>| $935 | 1.42%<br>| 0.60%<br>| to | 1.15%<br>| 11.26%<br>| to | 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 56 | $16.42<br>| to | $14.73<br>| $884 | 0.96%<br>| 0.60%<br>| to | 1.15%<br>| -7.81%<br>| to | -8.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 63 | $17.60<br>| to | $15.88<br>| $1067 | 1.19%<br>| 0.60%<br>| to | 1.15%<br>| 27.72%<br>| to | 27.04% |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 28 | $17.57<br>| to | $18.05<br>| $502 | 0.46%<br>| 0.60%<br>| to | 1.15%<br>| 36.50%<br>| to | 35.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 35 | $12.79<br>| to | $13.22<br>| $461 | 0.59%<br>| 0.60%<br>| to | 1.15%<br>| 1.00%<br>| to | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 40 | $12.67<br>| to | $13.16<br>| $520 | 2.82%<br>| 0.60%<br>| to | 1.15%<br>| 5.48%<br>| to | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 71 | $12.01<br>| to | $12.55<br>| $877 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -27.20%<br>| to | -27.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 82 | $16.40<br>| to | $17.23<br>| $1390 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -10.92%<br>| to | -11.41% |
| VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 47 | $19.23<br>| to | $18.05<br>| $877 | 0.03%<br>| 0.60%<br>| to | 1.15%<br>| 2.81%<br>| to | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 51 | $18.74<br>| to | $17.69<br>| $941 | 0.05%<br>| 0.60%<br>| to | 1.15%<br>| 9.72%<br>| to | 9.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 60 | $17.08<br>| to | $16.22<br>| $1010 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 11.21%<br>| to | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 68 | $15.36<br>| to | $14.66<br>| $1026 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -19.12%<br>| to | -19.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 74 | $18.87<br>| to | $18.11<br>| $1376 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 17.28%<br>| to | 16.61% |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class | VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 32 | $22.46<br>| to | $20.67<br>| $699 | 0.03%<br>| 0.60%<br>| to | 1.15%<br>| -0.14%<br>| to | -0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 57 | $22.64<br>| to | $20.95<br>| $1279 | 0.29%<br>| 0.60%<br>| to | 1.15%<br>| 7.66%<br>| to | 7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 65 | $21.03<br>| to | $19.57<br>| $1362 | 0.20%<br>| 0.60%<br>| to | 1.15%<br>| 14.82%<br>| to | 14.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 101 | $18.31<br>| to | $17.14<br>| $1810 | 0.30%<br>| 0.60%<br>| to | 1.15%<br>| -17.94%<br>| to | -18.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 111 | $22.44<br>| to | $21.12<br>| $2435 | 0.47%<br>| 0.60%<br>| to | 1.15%<br>| 20.52%<br>| to | 19.86% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1983 | $26.03<br>| to | $23.27<br>| $50074 | 1.90%<br>| 0.60%<br>| to | 1.15%<br>| 11.12%<br>| to | 10.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2114 | $23.46<br>| to | $21.09<br>| $48130 | 1.42%<br>| 0.60%<br>| to | 1.15%<br>| 11.44%<br>| to | 10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2295 | $21.05<br>| to | $19.03<br>| $46829 | 0.61%<br>| 0.60%<br>| to | 1.15%<br>| 17.46%<br>| to | 16.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 2526 | $17.92<br>| to | $16.29<br>| $43997 | 0.97%<br>| 0.60%<br>| to | 1.15%<br>| -12.94%<br>| to | -13.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 2754 | $20.60<br>| to | $18.83<br>| $55149 | 0.56%<br>| 0.60%<br>| to | 1.15%<br>| 17.25%<br>| to | 16.59% |
| Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class | Voya Global Bond Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 19 | $10.26<br>| to | $9.53<br>| $186 | 3.74%<br>| 0.60%<br>| to | 1.15%<br>| 7.96%<br>| to | 7.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 23 | $9.52<br>| to | $8.90<br>| $219 | 3.77%<br>| 0.60%<br>| to | 1.15%<br>| -2.03%<br>| to | -2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 30 | $9.72<br>| to | $9.13<br>| $286 | 3.28%<br>| 0.60%<br>| to | 1.15%<br>| 4.99%<br>| to | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 38 | $9.26<br>| to | $8.74<br>| $346 | 2.24%<br>| 0.60%<br>| to | 1.15%<br>| -18.77%<br>| to | -19.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 43 | $11.47<br>| to | $10.89<br>| $489 | 2.43%<br>| 0.60%<br>| to | 1.15%<br>| -5.75%<br>| to | -6.28% |
| Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class | Voya International High Dividend Low Volatility Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 16 | $17.27<br>| to | $18.11<br>| $281 | 3.83%<br>| 0.60%<br>| to | 1.15%<br>| 36.59%<br>| to | 35.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 16 | $12.69<br>| to | $13.38<br>| $208 | 5.16%<br>| 0.60%<br>| to | 1.15%<br>| 6.18%<br>| to | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 23 | $11.96<br>| to | $12.68<br>| $277 | 3.65%<br>| 0.60%<br>| to | 1.15%<br>| 13.55%<br>| to | 12.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 65 | $10.53<br>| to | $11.22<br>| $718 | 3.13%<br>| 0.60%<br>| to | 1.15%<br>| -10.15%<br>| to | -10.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 62 | $11.68<br>| to | $12.53<br>| $759 | 2.07%<br>| 0.60%<br>| to | 1.15%<br>| 10.82%<br>| to | 10.30% |
| Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 10212 | $18.45<br>| to | $16.13<br>| $184217 | 3.90%<br>| 0.75%<br>| to | 2.35%<br>| 36.71%<br>| to | 34.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 12165 | $13.55<br>| to | $12.04<br>| $162871 | 4.43%<br>| 0.75%<br>| to | 2.35%<br>| 6.29%<br>| to | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 14512 | $12.75<br>| to | $11.51<br>| $184801 | 4.17%<br>| 0.75%<br>| to | 2.35%<br>| 13.66%<br>| to | 11.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 17214 | $11.22<br>| to | $10.29<br>| $194985 | 4.05%<br>| 0.75%<br>| to | 2.35%<br>| -10.01%<br>| to | -11.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 19430 | $12.43<br>| to | $11.59<br>| $246350 | 2.22%<br>| 0.75%<br>| to | 2.35%<br>| 10.98%<br>| to | 9.13% |
| Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class | Voya Solution 2035 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 5 | $20.08<br>| to | $19.50<br>| $101 | 2.05%<br>| 0.60%<br>| to | 1.15%<br>| 15.20%<br>| to | 14.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 5 | $17.44<br>| to | $17.04<br>| $89 | 0.64%<br>| 0.60%<br>| to | 1.15%<br>| 10.84%<br>| to | 10.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 20 | $15.74<br>| to | $15.46<br>| $304 | 3.22%<br>| 0.60%<br>| to | 1.15%<br>| 16.67%<br>| to | 16.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 20 | $13.49<br>| to | $13.32<br>| $262 | 3.67%<br>| 0.60%<br>| to | 1.15%<br>| -19.51%<br>| to | -19.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 20 | $16.72<br>| to | $16.61<br>| $327 | 0.91%<br>| 0.60%<br>| to | 1.15%<br>| 13.05%<br>| to | 12.46% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class | Voya Solution 2035 Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 246 | $33.98<br>| to | $29.98<br>| $7902 | 2.30%<br>| 0.75%<br>| to | 1.35%<br>| 15.30%<br>| to | 14.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 236 | $29.50<br>| to | $26.18<br>| $6567 | 1.64%<br>| 0.75%<br>| to | 1.35%<br>| 10.95%<br>| to | 10.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 262 | $26.59<br>| to | $23.74<br>| $6595 | 3.36%<br>| 0.75%<br>| to | 1.35%<br>| 16.76%<br>| to | 16.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 278 | $22.77<br>| to | $20.46<br>| $6014 | 3.83%<br>| 0.75%<br>| to | 1.35%<br>| -19.41%<br>| to | -19.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 302 | $28.19<br>| to | $25.48<br>| $8121 | 2.08%<br>| 0.75%<br>| to | 1.35%<br>| 13.21%<br>| to | 12.54% |
| Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class | Voya Solution 2045 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 18 | $22.35<br>| to | $21.87<br>| $397 | 1.60%<br>| 0.60%<br>| to | 1.15%<br>| 18.37%<br>| to | 17.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 18 | $18.92<br>| to | $18.62<br>| $337 | 1.87%<br>| 0.60%<br>| to | 1.15%<br>| 13.47%<br>| to | 12.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 5 | $16.68<br>| to | $16.50<br>| $81 | 3.06%<br>| 0.60%<br>| to | 1.15%<br>| 19.01%<br>| to | 18.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 5 | $14.01<br>| to | $13.94<br>| $68 | 3.62%<br>| 0.60%<br>| to | 1.15%<br>| -20.50%<br>| to | -20.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 5 | $17.56<br>| to | $17.57<br>| $85 | 2.31%<br>| 0.60%<br>| to | 1.15%<br>| 16.21%<br>| to | 15.67% |
| Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class | Voya Solution 2045 Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 22 | $36.99<br>| to | $34.38<br>| $776 | 1.88%<br>| 1.00%<br>| to | 1.35%<br>| 18.08%<br>| to | 17.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 23 | $31.36<br>| to | $29.25<br>| $686 | 1.33%<br>| 1.00%<br>| to | 1.35%<br>| 13.14%<br>| to | 12.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 26 | $27.72<br>| to | $25.95<br>| $696 | 3.25%<br>| 1.00%<br>| to | 1.35%<br>| 18.89%<br>| to | 18.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 27 | $23.31<br>| to | $21.90<br>| $607 | 3.93%<br>| 1.00%<br>| to | 1.35%<br>| -20.60%<br>| to | -20.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 27 | $29.26<br>| to | $27.58<br>| $760 | 1.65%<br>| 1.00%<br>| to | 1.35%<br>| 16.11%<br>| to | 15.69% |
| Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class | Voya Solution 2055 Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  | $22.69<br>| to | $22.20<br>| $3 | 0.54%<br>| 0.60%<br>| to | 1.15%<br>| 18.85%<br>| to | 18.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  | $19.12<br>| to | $18.81<br>| $9 | 1.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.08%<br>| to | 13.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 1 | $16.76<br>| to | $16.58<br>| $8 | 2.80%<br>| 0.60%<br>| to | 1.15%<br>| 19.49%<br>| to | 18.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 1 | $14.03<br>| to | $13.96<br>| $7 | 6.19%<br>| 0.60%<br>| to | 1.15%<br>| -20.73%<br>| to | -21.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 17 | $17.63<br>| to | $17.63<br>| $300 | 3.25%<br>| 0.60%<br>| to | 1.15%<br>| 16.37%<br>| to | 15.68% |
| Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class | Voya Solution Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 86 | $14.70<br>| to | $14.01<br>| $1244 | 2.94%<br>| 0.60%<br>| to | 1.15%<br>| 9.94%<br>| to | 9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 37 | $13.37<br>| to | $12.81<br>| $489 | 3.87%<br>| 0.60%<br>| to | 1.15%<br>| 5.26%<br>| to | 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 43 | $12.71<br>| to | $12.24<br>| $547 | 3.05%<br>| 0.60%<br>| to | 1.15%<br>| 9.81%<br>| to | 9.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 34 | $11.57<br>| to | $11.21<br>| $398 | 4.09%<br>| 0.60%<br>| to | 1.15%<br>| -15.63%<br>| to | -16.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 57 | $13.75<br>| to | $13.39<br>| $779 | 2.53%<br>| 0.60%<br>| to | 1.15%<br>| 5.53%<br>| to | 4.94% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class | Voya Solution Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 740 | $22.16<br>| to | $19.55<br>| $15456 | 2.35%<br>| 0.75%<br>| to | 1.35%<br>| 10.11%<br>| to | 9.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 380 | $20.13<br>| to | $17.87<br>| $7229 | 2.65%<br>| 0.75%<br>| to | 1.35%<br>| 5.44%<br>| to | 4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 459 | $19.09<br>| to | $17.05<br>| $8310 | 3.09%<br>| 0.75%<br>| to | 1.35%<br>| 9.74%<br>| to | 9.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 544 | $17.40<br>| to | $15.63<br>| $8987 | 3.75%<br>| 0.75%<br>| to | 1.35%<br>| -15.44%<br>| to | -15.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 618 | $20.62<br>| to | $18.64<br>| $12151 | 2.86%<br>| 0.75%<br>| to | 1.35%<br>| 5.58%<br>| to | 4.95% |
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 69 | $20.68<br>| to | $18.05<br>| $1366 | 1.70%<br>| 0.60%<br>| to | 1.15%<br>| 4.68%<br>| to | 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 72 | $19.86<br>| to | $17.42<br>| $1371 | 1.44%<br>| 0.60%<br>| to | 1.15%<br>| 7.07%<br>| to | 6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 75 | $18.55<br>| to | $16.36<br>| $1348 | 1.60%<br>| 0.60%<br>| to | 1.15%<br>| 7.87%<br>| to | 7.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 104 | $17.19<br>| to | $15.25<br>| $1706 | 1.05%<br>| 0.60%<br>| to | 1.15%<br>| -6.94%<br>| to | -7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 118 | $18.37<br>| to | $16.39<br>| $2066 | 0.85%<br>| 0.60%<br>| to | 1.15%<br>| 26.17%<br>| to | 25.50% |
| VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class | VY<sup>®</sup> Baron Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 45 | $19.85<br>| to | $20.72<br>| $902 | 0.05%<br>| 0.60%<br>| to | 1.15%<br>| -10.70%<br>| to | -11.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 43 | $22.46<br>| to | $23.58<br>| $974 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 3.73%<br>| to | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 53 | $21.65<br>| to | $22.86<br>| $1156 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 13.88%<br>| to | 13.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 57 | $19.02<br>| to | $20.18<br>| $1091 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -22.98%<br>| to | -23.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 60 | $25.14<br>| to | $26.83<br>| $1535 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 19.43%<br>| to | 18.77% |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class | VY<sup>®</sup> Columbia Contrarian Core Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 53 | $33.71<br>| to | $30.67<br>| $1753 | 0.12%<br>| 0.60%<br>| to | 1.15%<br>| 16.17%<br>| to | 15.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 57 | $29.04<br>| to | $26.56<br>| $1622 | 0.17%<br>| 0.60%<br>| to | 1.15%<br>| 22.08%<br>| to | 21.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 65 | $23.79<br>| to | $21.88<br>| $1514 | 1.51%<br>| 0.60%<br>| to | 1.15%<br>| 30.57%<br>| to | 29.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 68 | $18.22<br>| to | $16.85<br>| $1211 | 0.05%<br>| 0.60%<br>| to | 1.15%<br>| -19.94%<br>| to | -20.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 70 | $22.59<br>| to | $21.01<br>| $1533 | 0.22%<br>| 0.60%<br>| to | 1.15%<br>| 22.91%<br>| to | 22.22% |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class | VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 6 | $20.10<br>| to | $18.44<br>| $123 | 1.29%<br>| 0.60%<br>| to | 1.15%<br>| 7.43%<br>| to | 6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 9 | $18.75<br>| to | $17.31<br>| $157 | 1.72%<br>| 0.60%<br>| to | 1.15%<br>| 10.37%<br>| to | 9.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 11 | $16.99<br>| to | $15.77<br>| $189 | 0.07%<br>| 0.60%<br>| to | 1.15%<br>| 12.89%<br>| to | 12.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 57 | $15.05<br>| to | $14.05<br>| $818 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -15.45%<br>| to | -15.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 60 | $17.63<br>| to | $16.55<br>| $1001 | 0.26%<br>| 0.60%<br>| to | 1.15%<br>| 33.06%<br>| to | 32.29% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 72 | $20.08<br>| to | $18.10<br>| $1393 | 1.45%<br>| 0.60%<br>| to | 1.15%<br>| 11.62%<br>| to | 11.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 85 | $17.99<br>| to | $16.31<br>| $1466 | 3.15%<br>| 0.60%<br>| to | 1.15%<br>| 10.75%<br>| to | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 84 | $16.25<br>| to | $14.81<br>| $1311 | 1.44%<br>| 0.60%<br>| to | 1.15%<br>| 9.06%<br>| to | 8.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 133 | $14.90<br>| to | $13.66<br>| $1893 | 1.30%<br>| 0.60%<br>| to | 1.15%<br>| -9.18%<br>| to | -9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 123 | $16.30<br>| to | $15.03<br>| $1925 | 1.11%<br>| 0.60%<br>| to | 1.15%<br>| 17.52%<br>| to | 16.96% |
| VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class | VY<sup>®</sup> Invesco Equity and Income Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 14 | $40.28<br>| to | $36.67<br>| $553 | 1.95%<br>| 0.75%<br>| to | 1.20%<br>| 11.98%<br>| to | 11.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14 | $35.98<br>| to | $32.90<br>| $505 | 3.47%<br>| 0.75%<br>| to | 1.20%<br>| 11.16%<br>| to | 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 15 | $32.37<br>| to | $29.74<br>| $473 | 2.16%<br>| 0.75%<br>| to | 1.20%<br>| 9.42%<br>| to | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 17 | $29.58<br>| to | $27.30<br>| $490 | 1.35%<br>| 0.75%<br>| to | 1.20%<br>| -8.87%<br>| to | -9.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 25 | $32.26<br>| to | $29.90<br>| $811 | 1.39%<br>| 0.75%<br>| to | 1.20%<br>| 17.95%<br>| to | 17.39% |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class | VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 51 | $19.18<br>| to | $17.95<br>| $958 | 0.73%<br>| 0.60%<br>| to | 1.15%<br>| 3.82%<br>| to | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 53 | $18.53<br>| to | $17.44<br>| $959 | 0.62%<br>| 0.60%<br>| to | 1.15%<br>| 13.03%<br>| to | 12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 67 | $16.39<br>| to | $15.52<br>| $1075 | 0.68%<br>| 0.60%<br>| to | 1.15%<br>| 9.61%<br>| to | 9.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 103 | $14.96<br>| to | $14.24<br>| $1491 | 0.65%<br>| 0.60%<br>| to | 1.15%<br>| -9.67%<br>| to | -10.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 119 | $16.51<br>| to | $15.80<br>| $1918 | 0.44%<br>| 0.60%<br>| to | 1.15%<br>| 28.38%<br>| to | 27.63% |
| Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class | Voya Global Insights Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 31 | $23.99<br>| to | $24.34<br>| $753 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 22.68%<br>| to | 22.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 35 | $19.50<br>| to | $19.90<br>| $682 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 8.10%<br>| to | 7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 41 | $18.04<br>| to | $18.51<br>| $752 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 31.25%<br>| to | 30.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 47 | $13.75<br>| to | $14.18<br>| $645 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -32.65%<br>| to | -33.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 53 | $20.42<br>| to | $21.19<br>| $1092 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 14.08%<br>| to | 13.50% |
| Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class | Voya Global Insights Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 56 | $54.09<br>| to | $42.06<br>| $2795 | 0.39%<br>| 0.75%<br>| to | 1.95%<br>| 23.13%<br>| to | 21.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 60 | $43.84<br>| to | $34.51<br>| $2415 | 0.00%<br>| 0.75%<br>| to | 1.95%<br>| 8.50%<br>| to | 7.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 68 | $40.39<br>| to | $32.17<br>| $2502 | 0.04%<br>| 0.75%<br>| to | 1.95%<br>| 31.69%<br>| to | 30.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 75 | $30.68<br>| to | $24.74<br>| $2127 | 0.00%<br>| 0.75%<br>| to | 1.95%<br>| -32.41%<br>| to | -33.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 81 | $45.42<br>| to | $37.07<br>| $3428 | 0.00%<br>| 0.75%<br>| to | 1.95%<br>| 14.52%<br>| to | 13.12% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class | VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7 | $26.09<br>| to | $24.86<br>| $179 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 8.08%<br>| to | 7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 8 | $23.97<br>| to | $22.97<br>| $190 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 22.43%<br>| to | 21.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 28 | $19.58<br>| to | $18.86<br>| $534 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 19.58%<br>| to | 18.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 44 | $16.37<br>| to | $15.86<br>| $700 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -24.23%<br>| to | -24.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 56 | $21.85<br>| to | $21.29<br>| $1195 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 12.51%<br>| to | 11.93% |
| Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A | Voya Global High Dividend Low Volatility Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2 | $19.72<br>| to | $19.80<br>| $31 | 1.82%<br>| 0.60%<br>| to | 1.15%<br>| 17.97%<br>| to | 17.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $16.75<br>| to | $16.90<br>| $26 | 2.36%<br>| 0.60%<br>| to | 1.15%<br>| 11.71%<br>| to | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2 | $14.99<br>| to | $15.22<br>| $23 | 2.42%<br>| 0.60%<br>| to | 1.15%<br>| 5.54%<br>| to | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 2 | $14.20<br>| to | $14.50<br>| $22 | 2.16%<br>| 0.60%<br>| to | 1.15%<br>| -5.71%<br>| to | -6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 2 | $15.10<br>| to | $15.50<br>| $24 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 19.46%<br>| to | 18.87% |
| Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A | Voya International Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 102 | $17.73<br>| to | $18.55<br>| $1839 | 4.35%<br>| 0.60%<br>| to | 1.15%<br>| 29.98%<br>| to | 29.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 24440 | $13.69<br>| to | $11.69<br>| $305748 | 2.54%<br>| 0.60%<br>| to | 2.35%<br>| 2.00%<br>| to | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 28407 | $13.42<br>| to | $11.67<br>| $352339 | 4.60%<br>| 0.60%<br>| to | 2.35%<br>| 16.40%<br>| to | 14.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 31799 | $11.53<br>| to | $10.20<br>| $343135 | 2.76%<br>| 0.60%<br>| to | 2.35%<br>| -15.75%<br>| to | -17.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 35494 | $13.66<br>| to | $12.30<br>| $458722 | 1.70%<br>| 0.60%<br>| to | 2.35%<br>| 9.81%<br>| to | 7.89% |
| Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I | Voya Russell<sup>®</sup> Large Cap Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 63 | $16.26<br>| to | $15.55<br>| $1009 | 1.50%<br>| 0.95%<br>| to | 2.00%<br>| 17.85%<br>| to | 16.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 71 | $13.83<br>| to | $13.36<br>| $970 | 1.09%<br>| 0.95%<br>| to | 2.00%<br>| 25.75%<br>| to | 24.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 89 | $11.00<br>| to | $10.74<br>| $968 | 1.38%<br>| 0.95%<br>| to | 2.00%<br>| 28.18%<br>| to | 26.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 111 | $8.58<br>| to | $8.47<br>| $950 | 0.77%<br>| 0.95%<br>| to | 2.00%<br>| -21.51%<br>| to | -22.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 10/15/2021 | 86 | $10.84<br>| to | $10.81<br>| $932 | (a) | 0.95%<br>| to | 2.00%<br>| 6.59%<br>| to | 4.55% |
| Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 167 | $51.91<br>| to | $46.66<br>| $8467 | 0.07%<br>| 0.60%<br>| to | 1.15%<br>| 17.41%<br>| to | 16.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 147 | $44.32<br>| to | $40.06<br>| $6343 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 33.46%<br>| to | 32.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 7496 | $33.21<br>| to | $65.59<br>| $531227 | 0.25%<br>| 0.60%<br>| to | 2.35%<br>| 44.77%<br>| to | 42.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 8501 | $22.94<br>| to | $46.11<br>| $421067 | 0.11%<br>| 0.60%<br>| to | 2.35%<br>| -31.37%<br>| to | -32.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 9717 | $33.07<br>| to | $67.66<br>| $701913 | 0.31%<br>| 0.60%<br>| to | 2.35%<br>| 29.58%<br>| to | 27.30% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 168 | $32.25<br>| to | $30.73<br>| $5364 | 1.19%<br>| 0.60%<br>| to | 1.15%<br>| 17.66%<br>| to | 17.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 171 | $27.46<br>| to | $26.32<br>| $4648 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 25.58%<br>| to | 24.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 1238 | $21.87<br>| to | $10.77<br>| $15290 | 0.83%<br>| 0.60%<br>| to | 1.35%<br>| 27.98%<br>| to | 27.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 1382 | $17.09<br>| to | $8.48<br>| $13443 | 0.23%<br>| 0.60%<br>| to | 1.35%<br>| -21.63%<br>| to | -22.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 1526 | $21.62<br>| to | $10.81<br>| $18911 | 0.26%<br>| 0.60%<br>| to | 1.35%<br>| 26.06%<br>| to | 6.40% |
| Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  | $22.92<br>| to | $22.92<br>| $7 | 6.85%<br>| 1.40%<br>| to | 1.40%<br>| 16.42%<br>| to | 16.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  | $19.71<br>| to | $19.71<br>| $6 | 2.08%<br>| 1.40%<br>| to | 1.40%<br>| 13.38%<br>| to | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  | $17.38<br>| to | $17.38<br>| $6 | 2.07%<br>| 1.40%<br>| to | 1.40%<br>| 8.73%<br>| to | 8.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  |  | $15.99<br>| to | $15.99<br>| $5 | 1.17%<br>| 1.40%<br>| to | 1.40%<br>| -7.32%<br>| to | -7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  |  | $17.32<br>| to | $17.15<br>| $7 | 0.00%<br>| 1.25%<br>| to | 1.40%<br>| 21.46%<br>| to | 21.20% |
| Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 246 | $24.04<br>| to | $21.63<br>| $5787 | 5.36%<br>| 0.60%<br>| to | 1.15%<br>| 17.10%<br>| to | 16.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 256 | $20.55<br>| to | $18.59<br>| $5173 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 13.98%<br>| to | 13.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 29307 | $42.47<br>| to | $32.23<br>| $1014416 | 1.86%<br>| 0.50%<br>| to | 2.35%<br>| 9.43%<br>| to | 7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 34399 | $38.81<br>| to | $30.01<br>| $1102572 | 1.15%<br>| 0.50%<br>| to | 2.35%<br>| -6.71%<br>| to | -8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 38708 | $41.37<br>| to | $32.59<br>| $1338597 | 1.33%<br>| 0.50%<br>| to | 2.35%<br>| 22.11%<br>| to | 19.86% |
| Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 112 | $11.78<br>| to | $11.50<br>| $1316 | 0.01%<br>| 0.60%<br>| to | 1.15%<br>| 6.87%<br>| to | 6.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 14964 | $10.96<br>| to | $53.76<br>| $863305 | 0.16%<br>| 0.60%<br>| to | 2.35%<br>| 20.55%<br>| to | 18.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 18309 | $9.09<br>| to | $45.39<br>| $888007 | 0.20%<br>| 0.60%<br>| to | 2.35%<br>| 24.27%<br>| to | 22.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 21445 | $7.32<br>| to | $37.18<br>| $847848 | 0.00%<br>| 0.60%<br>| to | 2.35%<br>| -26.88%<br>| to | -28.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 24641 | $10.11<br>| to | $52.27<br>| $1361352 | 0.01%<br>| 0.60%<br>| to | 2.35%<br>| -1.37%<br>| to | 9.40% |
| Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 126 | $22.54<br>| to | $21.71<br>| $2815 | 0.75%<br>| 0.60%<br>| to | 1.15%<br>| 9.04%<br>| to | 8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 134 | $20.69<br>| to | $20.04<br>| $2747 | 0.90%<br>| 0.60%<br>| to | 1.15%<br>| 13.63%<br>| to | 13.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 148 | $18.21<br>| to | $17.74<br>| $2679 | 1.50%<br>| 0.60%<br>| to | 1.15%<br>| 15.61%<br>| to | 14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 189 | $15.75<br>| to | $15.43<br>| $2954 | 0.50%<br>| 0.60%<br>| to | 1.15%<br>| -18.32%<br>| to | -18.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 215 | $19.34<br>| to | $19.05<br>| $4137 | 0.62%<br>| 0.60%<br>| to | 1.15%<br>| 20.88%<br>| to | 20.19% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A | Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 117 | $19.79<br>| to | $18.76<br>| $2291 | 1.02%<br>| 0.60%<br>| to | 1.15%<br>| 11.23%<br>| to | 10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 120 | $17.78<br>| to | $16.94<br>| $2104 | 0.82%<br>| 0.60%<br>| to | 1.15%<br>| 9.93%<br>| to | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 122 | $16.18<br>| to | $15.50<br>| $1953 | 1.58%<br>| 0.60%<br>| to | 1.15%<br>| 15.24%<br>| to | 14.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 152 | $14.04<br>| to | $13.52<br>| $2099 | 0.26%<br>| 0.60%<br>| to | 1.15%<br>| -22.41%<br>| to | -22.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 167 | $17.88<br>| to | $17.32<br>| $2956 | 0.31%<br>| 0.60%<br>| to | 1.15%<br>| 13.09%<br>| to | 12.47% |
| Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A | Voya Small Company Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3 | $15.88<br>| to | $15.14<br>| $40 | 0.77%<br>| 0.60%<br>| to | 1.15%<br>| 7.61%<br>| to | 7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 3 | $14.79<br>| to | $14.17<br>| $49 | 0.50%<br>| 0.60%<br>| to | 1.15%<br>| 9.34%<br>| to | 8.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 5 | $13.53<br>| to | $13.03<br>| $64 | 0.10%<br>| 0.60%<br>| to | 1.15%<br>| 16.67%<br>| to | 16.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 31 | $11.60<br>| to | $11.23<br>| $346 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -18.24%<br>| to | -18.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 36 | $14.06<br>| to | $13.70<br>| $496 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 13.48%<br>| to | 12.85% |
| Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A | Voya SmallCap Opportunities Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 60 | $19.82<br>| to | $18.92<br>| $1163 | 1.97%<br>| 0.60%<br>| to | 1.15%<br>| 13.49%<br>| to | 12.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 66 | $17.47<br>| to | $16.76<br>| $1136 | 0.45%<br>| 0.60%<br>| to | 1.15%<br>| 17.57%<br>| to | 16.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 86 | $14.86<br>| to | $14.33<br>| $1261 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 19.66%<br>| to | 19.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 86 | $12.42<br>| to | $12.05<br>| $1049 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| -24.40%<br>| to | -24.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 99 | $16.32<br>| to | $15.92<br>| $1594 | 0.00%<br>| 0.60%<br>| to | 1.15%<br>| 3.49%<br>| to | 2.91% |
| Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 | Allspring VT Discovery All Cap Growth Fund - 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 7 | $58.67<br>| to | $53.80<br>| $377 | 0.00%<br>| 1.65%<br>| to | 2.20%<br>| 12.89%<br>| to | 12.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 7 | $51.75<br>| to | $47.72<br>| $336 | 0.00%<br>| 1.65%<br>| to | 2.20%<br>| 19.01%<br>| to | 18.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 8 | $43.48<br>| to | $40.32<br>| $317 | 0.00%<br>| 1.65%<br>| to | 2.20%<br>| 30.97%<br>| to | 30.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 8 | $33.20<br>| to | $30.96<br>| $261 | 0.00%<br>| 1.65%<br>| to | 2.20%<br>| -37.78%<br>| to | -38.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 9 | $53.75<br>| to | $50.41<br>| $444 | 0.00%<br>| 1.65%<br>| to | 2.20%<br>| 13.06%<br>| to | 12.45% |
| Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 | Allspring VT Index Asset Allocation Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 16 | $38.22<br>| to | $34.52<br>| $577 | 1.12%<br>| 1.65%<br>| to | 2.10%<br>| 9.82%<br>| to | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 19 | $34.86<br>| to | $31.63<br>| $626 | 1.35%<br>| 1.65%<br>| to | 2.10%<br>| 12.98%<br>| to | 12.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 21 | $30.85<br>| to | $28.13<br>| $622 | 0.96%<br>| 1.65%<br>| to | 2.10%<br>| 14.78%<br>| to | 14.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 23 | $26.88<br>| to | $24.62<br>| $582 | 0.60%<br>| 1.65%<br>| to | 2.10%<br>| -18.49%<br>| to | -18.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 24 | $32.94<br>| to | $30.30<br>| $754 | 0.55%<br>| 1.65%<br>| to | 2.10%<br>| 14.10%<br>| to | 13.53% |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 | Allspring VT Small Cap Growth Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1 | $48.51<br>| to | $48.51<br>| $72 | 0.00%<br>| 2.10%<br>| to | 2.10%<br>| 6.63%<br>| to | 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $45.35<br>| to | $45.35<br>| $70 | 0.00%<br>| 2.10%<br>| to | 2.10%<br>| 16.22%<br>| to | 16.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2 | $39.02<br>| to | $39.02<br>| $75 | 0.00%<br>| 2.10%<br>| to | 2.10%<br>| 1.92%<br>| to | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 3 | $41.81<br>| to | $38.29<br>| $99 | 0.00%<br>| 1.65%<br>| to | 2.10%<br>| -35.77%<br>| to | -36.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 3 | $64.83<br>| to | $59.64<br>| $159 | 0.00%<br>| 1.65%<br>| to | 2.10%<br>| 5.88%<br>| to | 5.37% |
| Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 10281 | $10.80<br>| to | $10.58<br>| $109595 | 6.10%<br>| 0.75%<br>| to | 2.35%<br>| 7.57%<br>| to | 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 11915 | $10.02<br>| to | $9.97<br>| $119046 | 2.65%<br>| 0.75%<br>| to | 2.35%<br>| 0.35%<br>| to | -0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 188102 | $11.63<br>| to | $11.34<br>| $2151505 | 0.41%<br>| 0.50%<br>| to | 2.35%<br>| 12.09%<br>| to | 10.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 225961 | $10.37<br>| to | $10.31<br>| $2334614 | 0.00%<br>| 0.50%<br>| to | 2.35%<br>| 3.74%<br>| to | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 258048 | $12.70<br>| to | $12.39<br>| $3223382 | 0.28%<br>| 0.50%<br>| to | 2.35%<br>| 16.93%<br>| to | 14.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 305608 | $10.88<br>| to | $10.82<br>| $3312319 | 0.00%<br>| 0.50%<br>| to | 2.35%<br>| 8.83%<br>| to | 8.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 117718 | $10.19<br>| to | $9.98<br>| $1184907 | 4.01%<br>| 0.75%<br>| to | 2.35%<br>| 5.97%<br>| to | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 135949 | $9.61<br>| to | $9.56<br>| $1302246 | 1.74%<br>| 0.75%<br>| to | 2.35%<br>| -3.91%<br>| to | -4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 176722 | $12.43<br>| to | $12.12<br>| $2160219 | 0.18%<br>| 0.50%<br>| to | 2.35%<br>| 15.68%<br>| to | 13.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 209999 | $10.74<br>| to | $10.68<br>| $2246927 | 0.00%<br>| 0.50%<br>| to | 2.35%<br>| 7.43%<br>| to | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 13198 | $10.55<br>| to | $10.49<br>| $138736 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 5.46%<br>| to | 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 51478 | $10.58<br>| to | $10.53<br>| $543114 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 4.90%<br>| to | 4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 39465 | $10.52<br>| to | $10.47<br>| $413950 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 4.81%<br>| to | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 103054 | $9.99<br>| to | $9.94<br>| $1025967 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| -0.13%<br>| to | -0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 22764 | $10.35<br>| to | $10.29<br>| $234758 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 3.47%<br>| to | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 36622 | $10.40<br>| to | $10.35<br>| $379795 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 4.05%<br>| to | 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 36389 | $10.47<br>| to | $10.42<br>| $379949 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 4.75%<br>| to | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 13839 | $10.23<br>| to | $10.17<br>| $141080 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 2.27%<br>| to | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 12126 | $10.03<br>| to | $9.98<br>| $121255 | 1.83%<br>| 0.75%<br>| to | 2.35%<br>| 0.31%<br>| to | -0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund<br>Inception<br>Date<sup>A</sup>** | **Units<br>(000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets<br>(000's)** | **Investment<br>Income<br>Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 14485 | $10.32<br>| to | $10.27<br>| $149048 | 0.00%<br>| 0.75%<br>| to | 2.35%<br>| 3.25%<br>| to | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 47140 | $10.26<br>| to | $10.21<br>| $482322 | 0.00%<br>| 0.95%<br>| to | 2.35%<br>| 2.59%<br>| to | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 15630 | $10.18<br>| to | $10.13<br>| $158655 | 0.00%<br>| 0.95%<br>| to | 2.35%<br>| 1.79%<br>| to | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 97548 | $10.36<br>| to | $10.31<br>| $1007731 | 0.00%<br>| 0.95%<br>| to | 2.35%<br>| 3.58%<br>| to | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 150937 | $10.43<br>| to | $10.38<br>| $1569729 | 0.00%<br>| 0.95%<br>| to | 2.35%<br>| 4.28%<br>| to | 3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_862)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT B**  |
| **Notes to Financial Statements**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) As investment Division had no investments until 2021, this data is not meaningful and is therefore not presented.

(b) As investment Division had no investments until 2022, this data is not meaningful and is therefore not presented.

(c) As investment Division had no investments until 2024, this data is not meaningful and is therefore not presented.

(d) As investment Division had no investments until 2025, this data is not meaningful and is therefore not presented.

**A**The Fund Inception Date represents the first date the fund received money.

**B**The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investments income is determined by the timing of declaration of dividends by the underlying fund in which the Division invests.

**C**The Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense risks, administrative, and other charges, as defined in the Charges and Fees note. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

**D**Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and<br>maximum values; however, such information is calculated independently for each column in the table.

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[Back to **Table of Contents**](#TOC_862)

![](fi862img001.jpg)

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[Back to **Table of Contents**](#TOC_862)

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