# EDGAR Filing Document

**Accession Number:** 0000948923
**File Stem:** 0001104659-26-045717
**Filing Date:** 2026-4
**Character Count:** 379800
**Document Hash:** 6377b111604d532e8b7e07ec2f0e80ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-045717.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001104659-26-045717

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000948923

**ORGANIZATION NAME:**
- **EIN:** 630169720
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07337
- **FILM NUMBER:** 26876743

**BUSINESS ADDRESS:**
- **STREET 1:** 2801
- **STREET 2:** 2801 HIGHWAY 280 SOUTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223
- **BUSINESS PHONE:** 2058683586

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

## Series and Classes Contracts Data

### PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT (Series ID: S000010421)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000028797 | Premiere I                                |  |
| C000028798 | Executive                                 |  |
| C000028799 | Premiere II                               |  |
| C000028800 | Premiere II 2003                          |  |
| C000028801 | Transitions                               |  |
| C000028802 | Single Premium Plus                       |  |
| C000028803 | Preserver                                 |  |
| C000028804 | Provider                                  |  |
| C000028805 | Protector                                 |  |
| C000028806 | Survivor                                  |  |
| C000069923 | PREMIERE III                              |  |
| C000072645 | Preserver II                              |  |
| C000141382 | Protective Investors Choice VUL           |  |
| C000162798 | Protective Strategic Objectives VUL       |  |
| C000214950 | Protective Strategic Objectives II VUL    |  |
| C000239749 | Protective Investors Benefit Advisory VUL |  |
| C000272129 | Protective DualCare VUL                   |  |

*Protective Variable Life Separate Account*

*Financial Statements* 

*Year Ended December 31, 2025*

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

 

 

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Protective Life Insurance Company and Policy Owners of Protective Variable Life Separate Account:

*Opinion on the Financial Statements*

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

*Basis for Opinion*

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

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

/s/ KPMG LLP

We have served as the auditor of one or more Protective Life Insurance Company Separate Accounts since 2019.

Birmingham, Alabama<br> April 20, 2026

**Appendix**

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

American Funds IS Asset Allocation Fund, Class 1

American Funds IS Asset Allocation Fund, Class 2

American Funds IS Global Growth Fund, Class 1

American Funds IS Global Growth Fund, Class 2

American Funds IS Global Small Capitalization Fund, Class 2

American Funds IS Growth Fund, Class 1

American Funds IS Growth Fund, Class 2

American Funds IS Growth-Income Fund, Class 1

American Funds IS International Fund, Class 2

American Funds IS New World Fund, Class 1

American Funds IS New World Fund, Class 2

American Funds IS Washington Mutual Investors Fund, Class 2

Calvert VP SRI Balanced Portfolio, Class I

ClearBridge Variable Mid Cap Portfolio, Class I

ClearBridge Variable Mid Cap Portfolio, Class II

ClearBridge Variable Small Cap Growth Portfolio, Class I

ClearBridge Variable Small Cap Growth Portfolio, Class II

Dimensional VA Global Moderate Allocation Portfolio, Institutional

Dimensional VA International Small Portfolio, Institutional

Dimensional VA International Value Portfolio, Institutional

Dimensional VA Short-Term Fixed Portfolio, Institutional

Dimensional VA US Large Value Portfolio, Institutional

Dimensional VA US Targeted Value Portfolio, Institutional

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

Fidelity VIP Contrafund Portfolio, Service Class

Fidelity VIP Equity-Income Portfolio, Service Class

Fidelity VIP Freedom 2015 Portfolio, Service Class

Fidelity VIP Freedom 2020 Portfolio, Service Class

Fidelity VIP Growth Opportunities Portfolio, Initial Class

Fidelity VIP Growth Portfolio, Service Class

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP Index 500 Portfolio, Service Class

Fidelity VIP Investment Grade Bond Portfolio, Initial Class

Fidelity VIP Investment Grade Bond Portfolio, Service Class

Fidelity VIP Mid Cap Portfolio, Initial Class

Fidelity VIP Mid Cap Portfolio, Service Class

Franklin DynaTech VIP Fund, Class 2

Franklin Growth and Income VIP Fund, Class 1

Franklin Income VIP Fund, Class 1

Franklin Income VIP Fund, Class 2

Franklin Mutual Shares VIP Fund, Class 2

Franklin Rising Dividends VIP Fund, Class 2

Franklin Small Cap Value VIP Fund, Class 2

Franklin Small-Mid Cap Growth VIP Fund, Class 2

Franklin U.S. Government Securities VIP Fund, Class 2

Goldman Sachs VIT Core Fixed Income Fund, Institutional Class

Goldman Sachs VIT Core Fixed Income Fund, Service Class

Goldman Sachs VIT International Equity Insights Fund, Institutional Class

Goldman Sachs VIT International Equity Insights Fund, Service Class

Goldman Sachs VIT Large Cap Value Fund, Institutional Class

Goldman Sachs VIT Large Cap Value Fund, Service Class

Goldman Sachs VIT Mid Cap Growth Fund, Service Class

Goldman Sachs VIT Mid Cap Value Fund, Institutional Class

Goldman Sachs VIT Mid Cap Value Fund, Service Class

Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class

Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class

Goldman Sachs VIT Strategic Growth Fund, Institutional Class

Goldman Sachs VIT Strategic Growth Fund, Service Class

Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class

Goldman Sachs VIT U.S. Equity Insights Fund, Service Class

Invesco V.I. American Franchise Fund, Series I

Invesco V.I. American Value Fund, Series II

Invesco V.I. Balanced-Risk Allocation Fund, Series II

Invesco V.I. Comstock Fund, Series I

Invesco V.I. Discovery Large Cap Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series II

Invesco V.I. Diversified Dividend Fund, Series I

Invesco V.I. Equity and Income Fund, Series II

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

Invesco V.I. Global Fund, Series I

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

Invesco V.I. Global Strategic Income Fund, Series I

Invesco V.I. Government Securities Fund, Series II

Invesco V.I. Growth and Income Fund, Series I

Invesco V.I. Main Street Fund, Series I

Invesco V.I. S&P 500 Buffer Fund, June Series I

Invesco V.I. Small Cap Equity Fund, Series II

Invesco V.I. U.S. Government Money Portfolio, Series I

Lord Abbett Series Fund Bond Debenture Portfolio, Class VC

Lord Abbett Series Fund Dividend Growth Portfolio, Class VC

Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC

Lord Abbett Series Fund Growth and Income Portfolio, Class VC

Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC

Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC

MFS VIT Growth Series, Initial Class

MFS VIT II Emerging Markets Equity Portfolio, Service Class

MFS VIT II International Intrinsic Value Portfolio, Service Class

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class

MFS VIT Investors Trust Series, Initial Class

MFS VIT New Discovery Series, Initial Class

MFS VIT Research Series, Initial Class

MFS VIT Total Return Bond Series, Service Class

MFS VIT Total Return Series, Initial Class

MFS VIT Utilities Series, Initial Class

MFS VIT Value Series, Service Class

PIMCO VIT All Asset Portfolio, Advisor Class

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class

PIMCO VIT Low Duration Portfolio, Advisor Class

PIMCO VIT Real Return Portfolio, Advisor Class

PIMCO VIT Short-Term Portfolio, Advisor Class

PIMCO VIT Short-Term Portfolio, Institutional Class

PIMCO VIT Total Return Portfolio, Advisor Class

PIMCO VIT Total Return Portfolio, Institutional Class

Putnam VT Sustainable Leaders Fund, Class IA

Royce Capital Fund Micro-Cap Portfolio, Service Class

Royce Capital Fund Small-Cap Portfolio, Investment Class

Royce Capital Fund Small-Cap Portfolio, Service Class

Schwab S&P 500 Index Portfolio

Templeton Developing Markets VIP Fund, Class 1

Templeton Developing Markets VIP Fund, Class 2

Templeton Foreign VIP Fund, Class 2

Templeton Global Bond VIP Fund, Class 2

Templeton Growth VIP Fund, Class 2

TOPS Aggressive Growth ETF Portfolio, Class 1

TOPS Aggressive Growth ETF Portfolio, Class 2

TOPS Balanced ETF Portfolio, Class 2

TOPS Conservative ETF Portfolio, Class 1

TOPS Conservative ETF Portfolio, Class 2

TOPS Growth ETF Portfolio, Class 1

TOPS Growth ETF Portfolio, Class 2

TOPS Moderate Growth ETF Portfolio, Class 1

TOPS Moderate Growth ETF Portfolio, Class 2

Vanguard VIF Capital Growth Portfolio

Vanguard VIF Conservative Allocation Portfolio

Vanguard VIF Equity Income Portfolio

Vanguard VIF Equity Index Portfolio

Vanguard VIF Growth Portfolio

Vanguard VIF International Portfolio

Vanguard VIF Mid-Cap Index Portfolio

Vanguard VIF Real Estate Index Portfolio

Vanguard VIF Short-Term Investment-Grade Portfolio

Vanguard VIF Total Bond Market Index Portfolio

Vanguard VIF Total Stock Market Index Portfolio

The statement of changes in net assets for the period from January 1, 2024 to December 6, 2024 (date of liquidation).

Morgan Stanley VIF Global Real Estate Portfolio, Class II

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from February 2, 2024 (date trading commenced) to December 31, 2024.

BlackRock Global Allocation V.I. Fund, Class I

Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from March 11, 2024 (date trading commenced) to December 31, 2024.

Invesco V.I. S&P 500 Buffer Fund, September Series I

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from April 23, 2024 (date trading commenced) to December 31, 2024.

Invesco V.I. S&P 500 Buffer Fund, March Series I

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

Fidelity VIP Balanced Portfolio, Initial Class

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from October 16, 2024 (date trading commenced) to December 31, 2024.

Invesco V.I. S&P 500 Buffer Fund, December Series I

Statement of assets and liabilities as of December 31, 2025 and the related statement of operations and changes in net assets for the period from January 24, 2025 (date trading commenced) to December 31, 2025.

Vanguard VIF Balanced Portfolio

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

PIMCO VIT Real Return Portfolio, Institutional Class

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Asset<br> Allocation<br> Fund, <br> Class 1 | American<br> Funds IS<br> Asset<br> Allocation<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global<br> Growth<br> Fund, <br> Class 1 | American<br> Funds IS<br> Global<br> Growth<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, <br> Class 2 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 1 | American<br> Funds IS<br> Growth <br> Fund, <br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $12917143 | $6661417 | $60958908 | $5325315 | $3103177 | $43536874 | $15314577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 5009 | 16768 | 4266 | 2336 | 20197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 2897 |  |  |  |  |  | 8854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | 30 | - | 45 | 4 | 14 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12920040 | 6666456 | 60975676 | 5329626 | 3105517 | 43557085 | 15323431 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 2897 |  |  |  |  |  | 8854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 5009 | 16768 | 4266 | 2336 | 20197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 249 | - | 1896 | - | - | - | 12530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3146 | 5009 | 18664 | 4266 | 2336 | 20197 | 21384 |
| NET ASSETS | $12916894 | $6661447 | $60957012 | $5325360 | $3103181 | $43536888 | $15302047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $27.51 | $27.05 | $38.79 | $38.11 | $19.04 | $141.06 | $138.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 469544 | 246263 | 1571511 | 139735 | 162982 | 308641 | 110336 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $11940204 | $5764039 | $55687021 | $4497354 | $3172486 | $34107071 | $9058087 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Growth-<br> Income<br> Fund, <br> Class 1 | American<br> Funds IS<br> International<br> Fund, <br> Class 2 | American<br> Funds IS<br> New World<br> Fund, <br> Class 1 | American<br> Funds IS <br> New World<br> Fund,<br> Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund,<br> Class 2 | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | Calvert VP<br> SRI Balanced<br> Portfolio,<br> Class I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $23042302 | $3883199 | $53468322 | $2626818 | $12075014 | $54027 | $78808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 22921 |  | 20599 | 1052 | 5583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 12444 |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 42 | - | - | - | - | - | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 23065265 | 3895643 | 53488921 | 2627870 | 12080597 | 54048 | 78809 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 12444 |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 22921 |  | 20599 | 1052 | 5583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 5 | 1985 | - | 3534 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 22921 | 12449 | 22584 | 1052 | 9117 | 21 | - |
| NET ASSETS | $23042344 | $3883194 | $53466337 | $2626818 | $12071480 | $54027 | $78809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $67.73 | $22.22 | $32.47 | $32.03 | $17.79 | $17.64 | $2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 340208 | 174761 | 1646699 | 82011 | 678753 | 3063 | 27652 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $20488851 | $3250649 | $44090838 | $2049308 | $9256667 | $51259 | $61199 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | ClearBridge<br> Variable <br> Mid Cap<br> Portfolio,<br> Class I | ClearBridge<br> Variable <br> Mid Cap<br> Portfolio,<br> Class II | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class II | Dimensional<br> VA Global<br> Moderate<br> Allocation<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Small<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Value<br> Portfolio,<br> Institutional |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $140642 | $3173038 | $28654690 | $2473450 | $245466 | $13354449 | $4586745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 62 | 11605 | 942 |  | 3211 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 161 |  |  |  | 342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 7 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 140810 | 3173100 | 28666295 | 2474392 | 245808 | 13357660 | 4587805 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 161 |  |  |  | 342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 62 | 11605 | 942 |  | 3211 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 2840 | 901 | 3307 | 4 | 1181 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 161 | 2902 | 12506 | 4249 | 346 | 4392 | 1379 |
| NET ASSETS | $140649 | $3170198 | $28653789 | $2470143 | $245462 | $13353268 | $4586426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $23.80 | $23.51 | $28.20 | $25.71 | $18.12 | $14.78 | $18.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 5909 | 134965 | 1016124 | 96206 | 13547 | 903549 | 247531 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $135354 | $2694663 | $28583633 | $2349117 | $213653 | $11287433 | $3611088 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Dimensional<br> VA<br> Short-Term<br> Fixed<br> Portfolio,<br> Institutional | Dimensional<br> VA <br> US Large<br> Value<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Targeted<br> Value<br> Portfolio,<br> Institutional | Dimensional <br> VIT<br> Inflation-<br> Protected<br> Securities<br> Portfolio,<br> Institutional | Fidelity <br> VIP<br> Balanced<br> Portfolio,<br> Initial Class | Fidelity <br> VIP Contrafund<br> Portfolio,<br> Service Class | Fidelity <br> VIP Equity-<br> Income Portfolio,<br> Service Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1041864 | $5344590 | $870988 | $11884706 | $687 | $72269131 | $4298413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 3626 |  | 5877 |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  | 2 | 20838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 1 | - | - | 22 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1041865 | 5348216 | 870988 | 11890605 | 689 | 72289969 | 4298670 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  | 2 | 20838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 3626 |  | 5877 |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 1 | - | - | - | 97818 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | - | 3627 | - | 5877 | 2 | 118656 | 257 |
| NET ASSETS | $1041865 | $5344589 | $870988 | $11884728 | $687 | $72171313 | $4298413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $10.07 | $34.91 | $22.28 | $9.27 | $26.51 | $59.33 | $29.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 103462 | 153096 | 39093 | 1282061 | 26 | 1218087 | 147408 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1058404 | $5056503 | $813666 | $12281578 | $605 | $42560141 | $3476211 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity <br> VIP<br> Freedom<br> 2015<br> Portfolio,<br> Service <br> Class | Fidelity <br> VIP<br> Freedom<br> 2020<br> Portfolio,<br> Service <br> Class | Fidelity <br> VIP <br> Growth<br> Opportunities<br> Portfolio,<br> Initial<br> Class | Fidelity<br> VIP <br> Growth<br> Portfolio,<br> Service<br> Class | Fidelity <br> VIP <br> Index 500<br> Portfolio,<br> Initial <br> Class | Fidelity <br> VIP <br> Index 500<br> Portfolio,<br> Service <br> Class | Fidelity <br> VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Initial <br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $475668 | $1050516 | $10131764 | $5127838 | $116139911 | $48514893 | $13504951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 4270 | 283 | 34055 | 17952 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 475668 | 1050516 | 10136034 | 5128121 | 116173966 | 48532845 | 13511672 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 4270 | 283 | 34055 | 17952 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 2792 | 2805 | 191 | 25536 | 3093 | 4579 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2792 | 2805 | 4461 | 25819 | 37148 | 22531 | 6908 |
| NET ASSETS | $472876 | $1047711 | $10131573 | $5102302 | $116136818 | $48510314 | $13504764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.95 | $13.19 | $99.69 | $96.56 | $660.13 | $656.93 | $11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 39805 | 79645 | 101633 | 53105 | 175935 | 73851 | 1188816 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $435020 | $875843 | $6823896 | $3145462 | $84723125 | $14199950 | $13697657 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity<br> VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service <br> Class | Fidelity <br> VIP <br> Mid Cap<br> Portfolio,<br> Initial <br> Class | Fidelity <br> VIP <br> Mid Cap<br> Portfolio,<br> Service <br> Class | Franklin<br> DynaTech<br> VIP Fund,<br> Class 2 | Franklin<br> Growth <br> and Income<br> VIP Fund,<br> Class 1 | Franklin<br> Income <br> VIP Fund,<br> Class 1 | Franklin<br> Income <br> VIP Fund,<br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $17418765 | $8620529 | $34038762 | $8328504 | $22006228 | $2239649 | $22839408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 10232 | 1753 |  |  | 273 |  | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 22223 | 10537 |  | 1354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 17428997 | 8622282 | 34060985 | 8339041 | 22006501 | 2241004 | 22841441 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 22223 | 10537 |  | 1354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 10232 | 1753 |  |  | 273 |  | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 9710 | 110 | 37771 | 16 | 957 | - | 10179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 19942 | 1863 | 59994 | 10553 | 1230 | 1354 | 12212 |
| NET ASSETS | $17409055 | $8620419 | $34000991 | $8328488 | $22005271 | $2239650 | $22829229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.18 | $37.51 | $36.79 | $6.58 | $7.93 | $16.02 | $15.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1558029 | 229819 | 925218 | 1265730 | 2775060 | 139803 | 1506557 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $19456556 | $8694172 | $31477706 | $7695214 | $20721377 | $2140914 | $22254781 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Franklin<br> Mutual<br> Shares <br> VIP Fund,<br> Class 2 | Franklin<br> Rising<br> Dividends<br> VIP Fund,<br> Class 2 | Franklin<br> Small Cap<br> Value VIP<br> Fund, <br> Class 2 | Franklin<br> Small-Mid<br> Cap Growth<br> VIP Fund,<br> Class 2 | Franklin U.S.<br> Government<br> Securities<br> VIP Fund,<br> Class 2 | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Service <br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $60694880 | $32822713 | $6200094 | $6845595 | $18582674 | $33765871 | $1308689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 6246 | 2672 |  |  | 10339 | 4191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 44446 |  |  | 13963 | 8812 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | 24 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 60739326 | 32828959 | 6202766 | 6859582 | 18591486 | 33776210 | 1312880 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 44446 |  |  | 13963 | 8812 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 6246 | 2672 |  |  | 10339 | 4191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 48973 | 12747 | 16 | - | 25028 | 1652 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 93419 | 18993 | 2688 | 13963 | 33840 | 11991 | 4200 |
| NET ASSETS | $60645907 | $32809966 | $6200078 | $6845619 | $18557646 | $33764219 | $1308680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $16.10 | $28.04 | $13.87 | $14.31 | $10.50 | $9.74 | $9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 3769868 | 1170568 | 447015 | 478378 | 1769779 | 3466722 | 134500 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $63635607 | $26833717 | $6673313 | $7851617 | $21272735 | $33760090 | $1379755 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund, Service<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Service Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Growth<br> Fund, Service <br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value Fund,<br> Service <br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $9287202 | $4353220 | $16901171 | $3404168 | $3541301 | $31101945 | $9197709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 664 | 313 |  | 130 | 419 | 10950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 8374 |  |  |  | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | 1 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 9287866 | 4353533 | 16909545 | 3404298 | 3541721 | 31112895 | 9207509 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 8374 |  |  |  | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 664 | 313 |  | 130 | 419 | 10950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 32261 | 750 | 80689 | 125 | - | 893 | 7535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 32925 | 1063 | 89063 | 255 | 419 | 11843 | 17335 |
| NET ASSETS | $9254941 | $4352470 | $16820482 | $3404043 | $3541302 | $31101052 | $9190174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $10.39 | $10.46 | $8.18 | $8.19 | $9.79 | $16.29 | $16.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 893860 | 416178 | 2066158 | 415649 | 361726 | 1909266 | 556089 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $10393263 | $3591219 | $20813944 | $3843364 | $5049656 | $31936826 | $8986834 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Service <br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth<br> Fund,<br> Service <br> Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights<br> Fund,<br> Service <br> Class | Invesco V.I.<br> American<br> Franchise<br> Fund, <br> Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $12275867 | $677587 | $24080595 | $9028520 | $16879789 | $130973 | $9218759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 454 | 27 |  | 307 | 981 |  | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 15323 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 3 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12276324 | 677614 | 24095918 | 9028827 | 16880770 | 130973 | 9219066 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 15323 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 454 | 27 |  | 307 | 981 |  | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 275 | 106269 | 5207 | 65604 | - | 13721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 454 | 302 | 121592 | 5514 | 66585 | - | 14028 |
| NET ASSETS | $12275870 | $677312 | $23974326 | $9023313 | $16814185 | $130973 | $9205038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $14.28 | $14.05 | $15.49 | $15.18 | $21.79 | $22.04 | $81.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 859655 | 48227 | 1554590 | 594764 | 774658 | 5942 | 113812 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $11569859 | $491289 | $19269267 | $7510345 | $13232724 | $62560 | $5402122 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> American<br> Value Fund,<br> Series II | Invesco V.I.<br> Balanced-<br> Risk<br> Allocation<br> Fund, <br> Series II | Invesco V.I.<br> Comstock<br> Fund, <br> Series I | Invesco V.I.<br> Discovery<br> Large Cap<br> Fund, <br> Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth <br> Fund, <br> Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund, <br> Series II | Invesco V.I.<br> Diversified<br> Dividend<br> Fund, <br> Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $7134849 | $469225 | $59108934 | $19629561 | $12875755 | $617875 | $4541631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 2183 | 5 |  | 3385 | 2678 | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  | 23929 |  |  |  | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | 7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7137032 | 469230 | 59132863 | 19632946 | 12878433 | 617968 | 4544202 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  | 23929 |  |  |  | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 2183 | 5 |  | 3385 | 2678 | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 11488 | 19 | 98987 | 12656 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 13671 | 24 | 122916 | 16041 | 2678 | 86 | 2570 |
| NET ASSETS | $7123361 | $469206 | $59009947 | $19616905 | $12875755 | $617882 | $4541632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $17.76 | $8.40 | $21.42 | $63.25 | $75.21 | $63.41 | $27.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 401737 | 55860 | 2759521 | 310349 | 171197 | 9744 | 166849 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $6488417 | $621386 | $39727622 | $14053260 | $12395241 | $622743 | $4394432 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Equity and<br> Income<br> Fund, <br> Series II | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series II | Invesco V.I.<br> Global <br> Fund, <br> Series I | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series II | Invesco V.I.<br> Global<br> Strategic<br> Income<br> Fund, <br> Series I | Invesco V.I.<br> Government<br> Securities<br> Fund, <br> Series II | Invesco V.I.<br> Growth and<br> Income<br> Fund, <br> Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $37932150 | $13379271 | $39751515 | $1067779 | $15315032 | $5484889 | $60339573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 6032 |  | 60 | 1897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 12988 |  | 21589 |  |  | 5360 | 27293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 37945138 | 13385303 | 39773104 | 1067839 | 15316929 | 5490249 | 60366866 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 12988 |  | 21589 |  |  | 5360 | 27293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 6032 |  | 60 | 1897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 77331 | 13257 | 20511 | 3456 | 71335 | 76741 | 209866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 90319 | 19289 | 42100 | 3516 | 73232 | 82101 | 237159 |
| NET ASSETS | $37854819 | $13366014 | $39731004 | $1064323 | $15243697 | $5408148 | $60129707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $18.12 | $35.39 | $37.95 | $13.80 | $4.57 | $10.54 | $21.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 2093386 | 378052 | 1047471 | 77375 | 3351210 | 520388 | 2828859 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $31559932 | $12833406 | $35424275 | $1167197 | $16426482 | $5997246 | $53414471 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Main Street<br> Fund, <br> Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> December<br> Series I | Invesco V.I.<br> S&P 500<br> Buffer <br> Fund, June<br> Series I | Invesco V.I.<br> S&P 500<br> Buffer <br> Fund, March <br> Series I | Invesco V.I.<br> S&P 500<br> Buffer <br> Fund,<br> September<br> Series I | Invesco V.I.<br> Small Cap<br> Equity <br> Fund,<br> Series II | Invesco V.I.<br> U.S.<br> Government<br> Money<br> Portfolio,<br> Series I |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $14445629 | $221756 | $30670 | $320230 | $35833 | $3945497 | $12648215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 679 |  |  |  |  | 1958 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 14446308 | 221756 | 30670 | 320230 | 35833 | 3947455 | 12648883 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 679 |  |  |  |  | 1958 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 78651 | 15 | 2 | 1 | - | 12398 | 5253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 79330 | 15 | 2 | 1 | - | 14356 | 5921 |
| NET ASSETS | $14366978 | $221741 | $30668 | $320229 | $35833 | $3933099 | $12642962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $22.15 | $12.15 | $13.57 | $11.47 | $12.12 | $17.83 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 652173 | 18252 | 2260 | 27919 | 2957 | 221284 | 12648215 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $13083569 | $216325 | $27038 | $312615 | $33512 | $3905651 | $12648215 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Lord Abbett<br> Series Fund<br> Bond<br> Debenture<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Dividend<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Fundamental<br> Equity<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth and<br> Income<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth<br> Opportunities<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Mid Cap<br> Stock<br> Portfolio,<br> Class VC |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $7583 | $59249882 | $34288609 | $13941851 | $22514442 | $6077339 | $21378227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  | 6519 |  | 654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 10 | 180 |  | 7373 |  | 4555 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7593 | 59250062 | 34295128 | 13949224 | 22515096 | 6081894 | 21381283 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 10 | 180 |  | 7373 |  | 4555 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  | 6519 |  | 654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 53227 | 66271 | 9019 | 4 | 24830 | 64387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10 | 53407 | 72790 | 16392 | 658 | 29385 | 67443 |
| NET ASSETS | $7583 | $59196655 | $34222338 | $13932832 | $22514438 | $6052509 | $21313840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $23.94 | $10.61 | $19.84 | $18.98 | $41.96 | $11.11 | $26.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 317 | 5584343 | 1728256 | 734555 | 536569 | 547015 | 820661 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $6606 | $63283447 | $28400581 | $12724989 | $14075636 | $7031144 | $16944356 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Growth<br> Series, <br> Initial Class | MFS VIT II<br> Emerging<br> Markets<br> Equity<br> Portfolio,<br> Service Class | MFS VIT II<br> International<br> Intrinsic<br> Value<br> Portfolio,<br> Service Class | MFS VIT II<br> Massachusetts<br> Investors<br> Growth Stock<br> Portfolio,<br> Initial Class | MFS VIT<br> Investors<br> Trust Series,<br> Initial Class | MFS VIT<br> New<br> Discovery<br> Series,<br> Initial Class | MFS VIT<br> Research<br> Series, <br> Initial Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $26928732 | $789306 | $9755173 | $6849155 | $14186171 | $9253023 | $14760682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 36 | 1072 | 444 | 898 | 536 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 8158 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26936890 | 789342 | 9756245 | 6849599 | 14187069 | 9253559 | 14761940 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 8158 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 36 | 1072 | 444 | 898 | 536 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 43064 | - | 11126 | 9887 | 86876 | 12660 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 51222 | 36 | 12198 | 10331 | 87774 | 13196 | 6409 |
| NET ASSETS | $26885668 | $789306 | $9744047 | $6839268 | $14099295 | $9240363 | $14755531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $67.85 | $17.32 | $36.15 | $22.55 | $26.16 | $15.60 | $30.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 396886 | 45572 | 269853 | 303732 | 542285 | 593143 | 484116 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $17192761 | $649624 | $6248304 | $5852316 | $12694377 | $9789029 | $11553800 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Total Return<br> Bond Series,<br> Service Class | MFS VIT<br> Total Return<br> Series, Initial<br> Class | MFS VIT<br> Utilities<br> Series,<br> Initial Class | MFS VIT<br> Value Series,<br> Service Class | PIMCO VIT<br> All Asset<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> International<br> Bond <br> Portfolio (U.S.<br> Dollar-<br> Hedged),<br> Institutional<br> Class | PIMCO VIT<br> Long-Term<br> U.S.<br> Government<br> Portfolio,<br> Advisor<br> Class |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $17244741 | $22423735 | $6029374 | $23133515 | $441505 | $15764889 | $1307112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  | 7413 | 274 |  |  | 1488 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 178155 |  |  | 13289 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | - | - | 30 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 17422896 | 22431148 | 6029648 | 23146804 | 441505 | 15766407 | 1307166 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 178155 |  |  | 13289 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  | 7413 | 274 |  |  | 1488 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 34733 | 150323 | 8275 | 21209 | - | - | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 212888 | 157736 | 8549 | 34498 | - | 1488 | 58 |
| NET ASSETS | $17210008 | $22273412 | $6021099 | $23112306 | $441505 | $15764919 | $1307108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $11.54 | $23.33 | $37.73 | $21.57 | $9.76 | $10.04 | $7.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1494345 | 961155 | 159803 | 1072486 | 45236 | 1570208 | 174748 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $19205217 | $19388389 | $3786725 | $18849111 | $442799 | $15626560 | $1690821 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Low<br> Duration<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Advisor <br> Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Advisor <br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Institutional<br> Class | Putnam VT<br> Sustainable<br> Leaders<br> Fund, Class<br> IA |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $2288302 | $14525541 | $3384398 | $1655422 | $35214441 | $11664209 | $176545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 84 |  | 8259 | 163 |  | 441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 19650 |  |  | 193933 |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 3 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2288389 | 14545191 | 3392657 | 1655585 | 35408374 | 11664650 | 176592 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 19650 |  |  | 193933 |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 84 |  | 8259 | 163 |  | 441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 10408 | 2 | 1 | 22119 | 13 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 84 | 30058 | 8261 | 164 | 216052 | 454 | 47 |
| NET ASSETS | $2288305 | $14515133 | $3384396 | $1655421 | $35192322 | $11664196 | $176545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $9.78 | $12.01 | $10.33 | $10.33 | $9.45 | $9.45 | $48.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 233978 | 1209454 | 327628 | 160254 | 3726396 | 1234308 | 3622 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $2431815 | $15292741 | $3373803 | $1643084 | $39665641 | $11778797 | $161934 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Royce<br> Capital Fund<br> Micro-Cap<br> Portfolio,<br> Service Class | Royce<br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Investment<br> Class | Royce<br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Service Class | Schwab <br> S&P 500<br> Index<br> Portfolio | Templeton<br> Developing<br> Markets VIP<br> Fund, <br> Class 1 | Templeton<br> Developing<br> Markets VIP<br> Fund, <br> Class 2 | Templeton<br> Foreign VIP<br> Fund, <br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $1572149 | $2410802 | $13552376 | $1332944 | $946874 | $2297389 | $12818836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies |  |  |  |  | 7 | 1540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager | 37 | 939 | 8992 | 2307 |  |  | 13628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | 8 | - | - | 18 | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1572186 | 2411749 | 13561368 | 1335251 | 946899 | 2298930 | 12832464 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies | 37 | 939 | 8992 | 2307 |  |  | 13628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager |  |  |  |  | 7 | 1540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 1 | - | 8342 | 19 | - | - | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 38 | 939 | 17334 | 2326 | 7 | 1540 | 13971 |
| NET ASSETS | $1572148 | $2410810 | $13544034 | $1332925 | $946892 | $2297390 | $12818493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $9.15 | $9.42 | $9.20 | $100.71 | $12.20 | $12.08 | $16.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 171820 | 255924 | 1473084 | 13235 | 77613 | 190181 | 790310 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $1732182 | $2340765 | $13090965 | $1043026 | $724692 | $1604660 | $11485709 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Templeton<br> Global Bond<br> VIP Fund,<br> Class 2 | Templeton<br> Growth VIP<br> Fund, <br> Class 2 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Balanced<br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 2 |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $13996554 | $19947188 | $3438011 | $165593 | $86562 | $670950 | $72973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 3560 |  | 1151 |  | 169 | 101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  | 22919 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | 10 | 4 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 14000114 | 19970107 | 3439162 | 165603 | 86735 | 671051 | 72973 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  | 22919 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 3560 |  | 1151 |  | 169 | 101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 8028 | 22146 | 28 | - | - | 7 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11588 | 45065 | 1179 | - | 169 | 108 | - |
| NET ASSETS | $13988526 | $19925042 | $3437983 | $165603 | $86566 | $670943 | $72973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $13.17 | $14.15 | $24.33 | $23.90 | $15.25 | $13.75 | $13.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 1062760 | 1409695 | 141307 | 6929 | 5676 | 48796 | 5374 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $17004321 | $17317970 | $2835684 | $102393 | $69037 | $623716 | $66750 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | TOPS<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 2 | Vanguard<br> VIF<br> Balanced<br> Portfolio | Vanguard VIF<br> Capital<br> Growth<br> Portfolio | Vanguard<br> VIF<br> Conservative<br> Allocation<br> Portfolio |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $13963486 | $3550724 | $13653031 | $467653 | $22101 | $58847099 | $238846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 29106 | 988 | 6207 |  |  | 20105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  |  |  | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | 10 | 34 | - | - | - | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 13992592 | 3551722 | 13659272 | 467653 | 22101 | 58867204 | 239182 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  |  |  | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 29106 | 988 | 6207 |  |  | 20105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 928 | - | - | - | - | 1968 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 30034 | 988 | 6207 | - | - | 22073 | 330 |
| NET ASSETS | $13962558 | $3550734 | $13653065 | $467653 | $22101 | $58845131 | $238852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $23.31 | $22.65 | $17.07 | $16.24 | $25.41 | $61.82 | $26.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 599034 | 156765 | 799826 | 28796 | 870 | 951910 | 9027 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $11520801 | $2459948 | $11919546 | $375388 | $21735 | $44479284 | $219122 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF Equity<br> Income<br> Portfolio | Vanguard<br> VIF Equity<br> Index<br> Portfolio | Vanguard<br> VIF Growth<br> Portfolio | Vanguard VIF<br> International<br> Portfolio | Vanguard<br> VIF<br> Mid-Cap<br> Index<br> Portfolio | Vanguard<br> VIF Real<br> Estate <br> Index<br> Portfolio | Vanguard VIF<br> Short-Term<br> Investment-<br> Grade <br> Portfolio |
| ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $7665331 | $440675 | $6312 | $5836155 | $120142 | $1403246 | $42889206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 1430 |  |  | 383 |  | 1077 | 18965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |  |  | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | - | - | - | 14 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7666761 | 440675 | 6312 | 5836552 | 120152 | 1404323 | 42908171 |
| LIABILITIES: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |  |  | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 1430 |  |  | 383 |  | 1077 | 18965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | 104 | - | - | - | - | 10 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1534 | - | - | 383 | 10 | 1087 | 20616 |
| NET ASSETS | $7665227 | $440675 | $6312 | $5836169 | $120142 | $1403236 | $42887555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $26.22 | $81.96 | $36.68 | $28.59 | $27.96 | $11.57 | $10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 292347 | 5377 | 172 | 204133 | 4297 | 121283 | 4019607 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $7081510 | $351130 | $5648 | $5584981 | $101642 | $1500898 | $41244567 |

---

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF Total<br> Bond<br> Market<br> Index<br> Portfolio | Vanguard<br> VIF Total<br> Stock<br> Market<br> Index<br> Portfolio |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value <sup>(1)</sup> | $2782905 | $3698186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Policies | 3998 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the fund manager |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from the Company | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2786904 | 3700369 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Policies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the fund manager | 3998 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Company | - | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3998 | 2184 |
| NET ASSETS | $2782906 | $3698185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value per share (NAV) | $10.80 | $60.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding in the Separate Account | 257676 | 60696 |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Investments in mutual fund shares, at cost | $2775162 | $2871382 |

---

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

(Concluded)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Asset<br> Allocation<br> Fund, <br> Class 1 | American<br> Funds IS<br> Asset<br> Allocation<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global<br> Growth Fund,<br> Class 1 | American<br> Funds IS<br> Global<br> Growth<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, <br> Class 2 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 1 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $263716 | $126766 | $874510 | $67902 | $9895 | $84203 | $21396 |
| NET INVESTMENT INCOME (LOSS) | 263716 | 126766 | 874510 | 67902 | 9895 | 84203 | 21396 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 23864 | 631 | 20995 | 4994 | 492 | 43433 | 105084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 729468 | 419384 | 5899238 | 576838 | 60118 | 2613090 | 1093394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 753332 | 420015 | 5920233 | 581832 | 60610 | 2656523 | 1198478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 637325 | 345001 | 3299056 | 285671 | 307179 | 3928389 | 1413136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1390657 | 765016 | 9219289 | 867503 | 367789 | 6584912 | 2611614 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1654373 | $891782 | $10093799 | $935405 | $377684 | $6669115 | $2633010 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Growth-Income<br> Fund, <br> Class 1 | American<br> Funds IS<br> International<br> Fund, <br> Class 2 | American<br> Funds IS<br> New World<br> Fund, <br> Class 1 | American<br> Funds IS<br> New<br> World<br> Fund, <br> Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, <br> Class 2 | BlackRock<br> Global<br> Allocation<br> V.I. Fund,<br> Class I | Calvert VP<br> SRI<br> Balanced<br> Portfolio,<br> Class I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $240518 | $48569 | $647996 | $27373 | $161617 | $1762 | $1218 |
| NET INVESTMENT INCOME (LOSS) | 240518 | 48569 | 647996 | 27373 | 161617 | 1762 | 1218 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 35083 | 31249 | 30802 | 4940 | 976 | 43 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 3124205 | - | 1689551 | 97711 | 742800 | 4033 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3159288 | 31249 | 1720353 | 102651 | 743776 | 4076 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (736) | 789391 | 8445174 | 463984 | 858138 | 3008 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3158552 | 820640 | 10165527 | 566635 | 1601914 | 7084 | 6928 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $3399070 | $869209 | $10813523 | $594008 | $1763531 | $8846 | $8146 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | ClearBridge<br> Variable<br> Mid Cap<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Mid Cap<br> Portfolio,<br> Class II | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class II | Dimensional<br> VA Global<br> Moderate<br> Allocation<br> Portfolio,<br> Institutional | Dimensional VA<br> International<br> Small<br> Portfolio,<br> Institutional | Dimensional VA<br> International<br> Value<br> Portfolio,<br> Institutional |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $394 | $324 | $- | $- | $5998 | $399254 | $176384 |
| NET INVESTMENT INCOME (LOSS) | 394 | 324 | - | - | 5998 | 399254 | 176384 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 363 | (28) | 5562 | 3075 | 629 | 18227 | 125207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 8872 | 197848 | 1808520 | 184895 | 2239 | 483059 | 128393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 9235 | 197820 | 1814082 | 187970 | 2868 | 501286 | 253600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1436) | (70476) | 445512 | 30556 | 22590 | 2303975 | 1061863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7799 | 127344 | 2259594 | 218526 | 25458 | 2805261 | 1315463 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $8193 | $127668 | $2259594 | $218526 | $31456 | $3204515 | $1491847 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Dimensional VA<br> Short-Term<br> Fixed<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Large Value<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Targeted<br> Value<br> Portfolio,<br> Institutional | Dimensional VIT<br> Inflation-Protected<br> Securities<br> Portfolio,<br> Institutional | Fidelity<br> VIP<br> Balanced<br> Portfolio,<br> Initial<br> Class | Fidelity<br> VIP<br> Contrafund<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Equity-Income<br> Portfolio,<br> Service Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $43193 | $93816 | $15102 | $459757 | $10 | $34514 | $70047 |
| NET INVESTMENT INCOME (LOSS) | 43193 | 93816 | 15102 | 459757 | 10 | 34514 | 70047 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (41627) | (100753) | (129843) | 1864 | 20 | 117133 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 293031 | 68325 | - | - | 10942284 | 228686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (41627) | 192278 | (61518) | 1864 | 20 | 11059417 | 228830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 39676 | 410856 | 126382 | 235726 | 82 | 2067670 | 402070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1951) | 603134 | 64864 | 237590 | 102 | 13127087 | 630900 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $41242 | $696950 | $79966 | $697347 | $112 | $13161601 | $700947 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom<br> 2015<br> Portfolio,<br> Service Class | Fidelity VIP<br> Freedom<br> 2020<br> Portfolio,<br> Service Class | Fidelity VIP<br> Growth<br> Opportunities<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Growth<br> Portfolio,<br> Service Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Service Class | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Initial Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $13542 | $26920 | $- | $9935 | $1174453 | $483596 | $440979 |
| NET INVESTMENT INCOME (LOSS) | 13542 | 26920 | - | 9935 | 1174453 | 483596 | 440979 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 453 | 76 | 104631 | 313 | 93407 | 119203 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 17432 | 51055 | 128661 | 631034 | 456145 | 227039 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 17885 | 51131 | 233292 | 631347 | 549552 | 346242 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 19595 | 43735 | 1516883 | 29768 | 14663954 | 6547988 | 300505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 37480 | 94866 | 1750175 | 661115 | 15213506 | 6894230 | 320581 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $51022 | $121786 | $1750175 | $671050 | $16387959 | $7377826 | $761560 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity<br> VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service<br> Class | Fidelity<br> VIP Mid<br> Cap<br> Portfolio,<br> Initial<br> Class | Fidelity<br> VIP Mid<br> Cap<br> Portfolio,<br> Service<br> Class | Franklin<br> DynaTech<br> VIP Fund,<br> Class 2 | Franklin<br> Growth<br> and<br> Income<br> VIP Fund,<br> Class 1 | Franklin<br> Income<br> VIP Fund,<br> Class 1 | Franklin<br> Income<br> VIP Fund,<br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $601911 | $34947 | $118263 | $- | $432858 | $93204 | $1094968 |
| NET INVESTMENT INCOME (LOSS) | 601911 | 34947 | 118263 | - | 432858 | 93204 | 1094968 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 3812 | 1699 | 67427 | 351449 | 23237 | 1556 | 28640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 807804 | 3602589 | - | 1668149 | 18652 | 230158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3812 | 809503 | 3670016 | 351449 | 1691386 | 20208 | 258798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 547337 | 66614 | (116803) | 1019493 | 980657 | 121180 | 1221883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 551149 | 876117 | 3553213 | 1370942 | 2672043 | 141388 | 1480681 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1153060 | $911064 | $3671476 | $1370942 | $3104901 | $234592 | $2575649 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Franklin<br> Mutual<br> Shares VIP<br> Fund, <br> Class 2 | Franklin<br> Rising<br> Dividends<br> VIP Fund,<br> Class 2 | Franklin<br> Small Cap<br> Value VIP<br> Fund, <br> Class 2 | Franklin<br> Small-Mid<br> Cap<br> Growth<br> VIP Fund,<br> Class 2 | Franklin<br> U.S.<br> Government<br> Securities<br> VIP Fund,<br> Class 2 | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Service<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $1173319 | $256966 | $63064 | $- | $581656 | $1146168 | $42836 |
| NET INVESTMENT INCOME (LOSS) | 1173319 | 256966 | 63064 | - | 581656 | 1146168 | 42836 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 46746 | 63733 | 19125 | 40016 | 6835 | 1869 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 5780968 | 3078561 | 491839 | 383293 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 5827714 | 3142294 | 510964 | 423309 | 6835 | 1869 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (686067) | 140644 | (126556) | (250241) | 569786 | 956319 | 38263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5141647 | 3282938 | 384408 | 173068 | 576621 | 958188 | 38341 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $6314966 | $3539904 | $447472 | $173068 | $1158277 | $2104356 | $81177 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund, Service<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Growth<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value<br> Fund,<br> Service<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $225470 | $96323 | $181861 | $28662 | $- | $351278 | $84234 |
| NET INVESTMENT INCOME (LOSS) | 225470 | 96323 | 181861 | 28662 | - | 351278 | 84234 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 56499 | 25167 | (19073) | (32) | (1455) | (2341) | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 1105950 | 523800 | 2262181 | 451992 | 612088 | 3184820 | 954733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1162449 | 548967 | 2243108 | 451960 | 610633 | 3182479 | 955548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1297204 | 607804 | (742168) | (144569) | (351225) | (1009410) | (262226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2459653 | 1156771 | 1500940 | 307391 | 259408 | 2173069 | 693322 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $2685123 | $1253094 | $1682801 | $336053 | $259408 | $2524347 | $777556 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> U.S.<br> Equity<br> Insights<br> Fund,<br> Service<br> Class | Invesco<br> V.I.<br> American<br> Franchise<br> Fund,<br> Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $84295 | $3246 | $- | $- | $112752 | $656 | $- |
| NET INVESTMENT INCOME (LOSS) | 84295 | 3246 | - | - | 112752 | 656 | - |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (26118) | 7274 | 34184 | 165890 | (17230) | 143 | 214595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 959344 | 53395 | 3604436 | 1358575 | 2134291 | 17917 | 832398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 933226 | 60669 | 3638620 | 1524465 | 2117061 | 18060 | 1046993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 712033 | 39097 | 113748 | (100602) | 104636 | 850 | (60762) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1645259 | 99766 | 3752368 | 1423863 | 2221697 | 18910 | 986231 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1729554 | $103012 | $3752368 | $1423863 | $2334449 | $19566 | $986231 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> American<br> Value<br> Fund,<br> Series II | Invesco V.I.<br> Balanced-Risk<br> Allocation<br> Fund, Series II | Invesco V.I.<br> Comstock<br> Fund,<br> Series I | Invesco V.I.<br> Discovery<br> Large Cap<br> Fund,<br> Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund,<br> Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund,<br> Series II | Invesco V.I.<br> Diversified<br> Dividend<br> Fund,<br> Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $14277 | $34413 | $940229 | $- | $- | $- | $68646 |
| NET INVESTMENT INCOME (LOSS) | 14277 | 34413 | 940229 | - | - | - | 68646 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 141698 | (2725) | 143385 | 391324 | 170124 | 9911 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 1025785 | - | 5928467 | 2275634 | 1076688 | 59780 | 328219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1167483 | (2725) | 6071852 | 2666958 | 1246812 | 69691 | 332844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 101174 | 10952 | 1991601 | (339741) | (620918) | (36285) | 190384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1268657 | 8227 | 8063453 | 2327217 | 625894 | 33406 | 523228 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1282934 | $42640 | $9003682 | $2327217 | $625894 | $33406 | $591874 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco<br> V.I. Equity<br> and<br> Income<br> Fund,<br> Series II | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series II | Invesco<br> V.I. Global<br> Fund,<br> Series I | Invesco<br> V.I. Global<br> Real<br> Estate<br> Fund,<br> Series II | Invesco<br> V.I. Global<br> Strategic<br> Income<br> Fund,<br> Series I | Invesco V.I.<br> Government<br> Securities<br> Fund, <br> Series II | Invesco<br> V.I. Growth<br> and Income<br> Fund,<br> Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $680118 | $151496 | $- | $18446 | $853512 | $152722 | $832866 |
| NET INVESTMENT INCOME (LOSS) | 680118 | 151496 | - | 18446 | 853512 | 152722 | 832866 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 33774 | 21815 | 94887 | 309 | 23143 | 3321 | 78417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 1951327 | 826690 | 7100313 | - | - | - | 4400171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1985101 | 848505 | 7195200 | 309 | 23143 | 3321 | 4478588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1608478 | 887848 | (1745275) | 54467 | 901326 | 197163 | 2997945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3593579 | 1736353 | 5449925 | 54776 | 924469 | 200484 | 7476533 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4273697 | $1887849 | $5449925 | $73222 | $1777981 | $353206 | $8309399 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Main Street<br> Fund,<br> Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> December<br> Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> June Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> March <br> Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> September<br> Series I | Invesco V.I.<br> Small Cap<br> Equity Fund,<br> Series II | Invesco V.I. U.S.<br> Government<br> Money<br> Portfolio,<br> Series I |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $74579 | $- | $- | $- | $- | $- | $427973 |
| NET INVESTMENT INCOME (LOSS) | 74579 | - | - | - | - | - | 427973 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 30615 | 47 | 4783 | (6) | 1 | 13106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 852988 | 14669 | 2107 | 23528 | 1864 | 188280 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 883603 | 14716 | 6890 | 23522 | 1865 | 201386 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1081524 | 5481 | (3369) | 7727 | 2122 | 102867 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1965127 | 20197 | 3521 | 31249 | 3987 | 304253 | - |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $2039706 | $20197 | $3521 | $31249 | $3987 | $304253 | $427973 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Lord<br> Abbett<br> Series Fund<br> Bond<br> Debenture<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Dividend<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Fundamental<br> Equity<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Growth<br> and<br> Income<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth<br> Opportunities<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Mid Cap<br> Stock<br> Portfolio,<br> Class VC |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $3426935 | $192084 | $56734 | $121412 | $- | $68186 |
| NET INVESTMENT INCOME (LOSS) | - | 3426935 | 192084 | 56734 | 121412 | - | 68186 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 26 | 3300 | 20337 | 22642 | 43389 | 115427 | (14620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 523 | - | 2513281 | 1298652 | 2251091 | 966257 | 1653510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 549 | 3300 | 2533618 | 1321294 | 2294480 | 1081684 | 1638890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 805 | 846495 | 1824224 | 392946 | 969524 | (349487) | (317691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1354 | 849795 | 4357842 | 1714240 | 3264004 | 732197 | 1321199 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1354 | $4276730 | $4549926 | $1770974 | $3385416 | $732197 | $1389385 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Growth<br> Series,<br> Initial<br> Class | MFS VIT II<br> Emerging<br> Markets<br> Equity<br> Portfolio,<br> Service<br> Class | MFS VIT II<br> International<br> Intrinsic<br> Value<br> Portfolio,<br> Service Class | MFS VIT II<br> Massachusetts<br> Investors<br> Growth Stock<br> Portfolio,<br> Initial Class | MFS VIT<br> Investors<br> Trust<br> Series,<br> Initial<br> Class | MFS VIT<br> New<br> Discovery<br> Series,<br> Initial<br> Class | MFS VIT<br> Research<br> Series,<br> Initial<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $13749 | $121377 | $17842 | $218227 | $- | $135662 |
| NET INVESTMENT INCOME (LOSS) | - | 13749 | 121377 | 17842 | 218227 | - | 135662 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 128143 | 16006 | 53942 | 17385 | 33606 | 87703 | 60314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 4752725 | 5258 | 519115 | 940513 | 5584912 | - | 3324535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 4880868 | 21264 | 573057 | 957898 | 5618518 | 87703 | 3384849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1805852) | 173671 | 1859038 | (344047) | (4098879) | 1007614 | (1781556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3075016 | 194935 | 2432095 | 613851 | 1519639 | 1095317 | 1603293 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $3075016 | $208684 | $2553472 | $631693 | $1737866 | $1095317 | $1738955 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Total<br> Return<br> Bond<br> Series,<br> Service<br> Class | MFS VIT<br> Total<br> Return<br> Series,<br> Initial<br> Class | MFS VIT<br> Utilities<br> Series,<br> Initial<br> Class | MFS VIT<br> Value<br> Series,<br> Service<br> Class | PIMCO<br> VIT All<br> Asset<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> International<br> Bond Portfolio<br> (U.S. Dollar-Hedged),<br> Institutional<br> Class | PIMCO VIT<br> Long-Term<br> U.S. Government<br> Portfolio,<br> Advisor<br> Class |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $722485 | $587837 | $171577 | $312503 | $18755 | $494984 | $39443 |
| NET INVESTMENT INCOME (LOSS) | 722485 | 587837 | 171577 | 312503 | 18755 | 494984 | 39443 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 9216 | 22293 | 35063 | 28514 | 41 | 1712 | (2390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 1567482 | 78467 | 1726623 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 9216 | 1589775 | 113530 | 1755137 | 41 | 1712 | (2390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 400196 | 114288 | 537914 | 620192 | 36247 | 67735 | 32396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 409412 | 1704063 | 651444 | 2375329 | 36288 | 69447 | 30006 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1131897 | $2291900 | $823021 | $2687832 | $55043 | $564431 | $69449 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO<br> VIT Low<br> Duration<br> Portfolio,<br> Advisor<br> Class | PIMCO<br> VIT Real<br> Return<br> Portfolio,<br> Advisor<br> Class | PIMCO<br> VIT<br> Short-Term<br> Portfolio,<br> Advisor<br> Class | PIMCO<br> VIT Short-Term<br> Portfolio,<br> Institutional<br> Class | PIMCO<br> VIT<br> Total<br> Return<br> Portfolio,<br> Advisor<br> Class | PIMCO<br> VIT Total<br> Return<br> Portfolio,<br> Institutional<br> Class | Putnam<br> VT<br> Sustainable<br> Leaders<br> Fund,<br> Class IA |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $90254 | $451680 | $137314 | $66276 | $1364179 | $411063 | $552 |
| NET INVESTMENT INCOME (LOSS) | 90254 | 451680 | 137314 | 66276 | 1364179 | 411063 | 552 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 1246 | 3051 | (41) | 238 | 7397 | 17284 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | - | - | - | - | - | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1246 | 3051 | (41) | 238 | 7397 | 17284 | 12061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 32286 | 577950 | 3309 | 1184 | 1503400 | 409361 | (3014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 33532 | 581001 | 3268 | 1422 | 1510797 | 426645 | 9047 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $123786 | $1032681 | $140582 | $67698 | $2874976 | $837708 | $9599 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Royce<br> Capital<br> Fund<br> Micro-Cap<br> Portfolio,<br> Service<br> Class | Royce<br> Capital<br> Fund<br> Small-Cap<br> Portfolio,<br> Investment<br> Class | Royce<br> Capital<br> Fund<br> Small-Cap<br> Portfolio,<br> Service<br> Class | Schwab<br> S&P<br> 500<br> Index<br> Portfolio | Templeton<br> Developing<br> Markets<br> VIP Fund,<br> Class 1 | Templeton<br> Developing<br> Markets<br> VIP Fund,<br> Class 2 | Templeton<br> Foreign<br> VIP Fund,<br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $41730 | $231121 | $13699 | $4752 | $10986 | $279502 |
| NET INVESTMENT INCOME (LOSS) | - | 41730 | 231121 | 13699 | 4752 | 10986 | 279502 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 16750 | (7373) | 57976 | 5764 | 4788 | 50221 | 60493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 234482 | 160362 | 923802 | - | 10409 | 34285 | 780431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 251232 | 152989 | 981778 | 5764 | 15197 | 84506 | 840924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (44512) | 11178 | (19985) | 184918 | 246765 | 688682 | 1914266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 206720 | 164167 | 961793 | 190682 | 261962 | 773188 | 2755190 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $206720 | $205897 | $1192914 | $204381 | $266714 | $784174 | $3034692 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Templeton<br> Global<br> Bond VIP<br> Fund,<br> Class 2 | Templeton<br> Growth<br> VIP Fund,<br> Class 2 | TOPS<br> Aggressive<br> Growth<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Aggressive<br> Growth<br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Balanced<br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 2 |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $- | $166103 | $42689 | $1904 | $1797 | $16998 | $1729 |
| NET INVESTMENT INCOME (LOSS) | - | 166103 | 42689 | 1904 | 1797 | 16998 | 1729 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 39625 | 76460 | 2156 | 102 | 17 | 1373 | (778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 1426019 | 44921 | 2315 | 992 | 4299 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 39625 | 1502479 | 47077 | 2417 | 1009 | 5672 | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1875466 | 2353257 | 400128 | 22016 | 7015 | 37709 | 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1915091 | 3855736 | 447205 | 24433 | 8024 | 43381 | 3871 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1915091 | $4021839 | $489894 | $26337 | $9821 | $60379 | $5600 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | TOPS<br> Growth<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Growth<br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Moderate<br> Growth<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Moderate<br> Growth<br> ETF<br> Portfolio,<br> Class 2 | Vanguard<br> VIF<br> Balanced<br> Portfolio | Vanguard<br> VIF<br> Capital<br> Growth<br> Portfolio | Vanguard<br> VIF<br> Conservative<br> Allocation<br> Portfolio |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $189075 | $45421 | $252224 | $8395 | $423 | $414342 | $5780 |
| NET INVESTMENT INCOME (LOSS) | 189075 | 45421 | 252224 | 8395 | 423 | 414342 | 5780 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 29108 | 829 | 6870 | 556 | (13) | 48124 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 206565 | 56630 | 211726 | 7770 | 1810 | 1780339 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 235673 | 57459 | 218596 | 8326 | 1797 | 1828463 | 6998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1492161 | 442198 | 1207640 | 43486 | 366 | 10180467 | 14216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1727834 | 499657 | 1426236 | 51812 | 2163 | 12008930 | 21214 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1916909 | $545078 | $1678460 | $60207 | $2586 | $12423272 | $26994 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF<br> Equity<br> Income<br> Portfolio | Vanguard<br> VIF<br> Equity<br> Index<br> Portfolio | Vanguard<br> VIF<br> Growth<br> Portfolio | Vanguard<br> VIF<br> International<br> Portfolio | Vanguard<br> VIF Mid-Cap<br> Index<br> Portfolio | Vanguard<br> VIF Real<br> Estate<br> Index<br> Portfolio | Vanguard<br> VIF Short-Term<br> Investment-Grade<br> Portfolio |
| INVESTMENT INCOME: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $139914 | $4324 | $10 | $36779 | $1048 | $34042 | $1359673 |
| NET INVESTMENT INCOME (LOSS) | 139914 | 4324 | 10 | 36779 | 1048 | 34042 | 1359673 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | 2655 | 1433 |  | (62181) | 67 | (22723) | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | 425309 | 8331 | 275 | 247881 | 4173 | 21797 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 427964 | 9764 | 275 | 185700 | 4240 | (926) | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 404987 | 54859 | 579 | 596027 | 7886 | (2601) | 999539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 832951 | 64623 | 854 | 781727 | 12126 | (3527) | 1001218 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $972865 | $68947 | $864 | $818506 | $13174 | $30515 | $2360891 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF OPERATIONS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF Total<br> Bond<br> Market<br> Index<br> Portfolio | Vanguard<br> VIF Total<br> Stock<br> Market<br> Index<br> Portfolio |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $93728 | $38095 |
| NET INVESTMENT INCOME (LOSS) | 93728 | 38095 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on redemption of investments | (41956) | (111226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions | - | 177836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (41956) | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 116153 | 427411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 74197 | 494021 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $167925 | $532116 |

---

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

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

(Concluded)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Asset<br> Allocation Fund, Class 1 | American<br> Funds IS<br> Asset<br> Allocation Fund, Class 2 | American<br> Funds IS<br> Global <br> Growth <br> Fund, Class 1 | American<br> Funds IS<br> Global<br> Growth <br> Fund, Class 2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund, Class 2 | American<br> Funds IS<br> Growth <br> Fund, Class 1 | American<br> Funds IS<br> Growth <br> Fund, Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $263716 | $126766 | $874510 | $67902 | $9895 | $84203 | $21396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 753332 | 420015 | 5920233 | 581832 | 60610 | 2656523 | 1198478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 637325 | 345001 | 3299056 | 285671 | 307179 | 3928389 | 1413136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1654373 | 891782 | 10093799 | 935405 | 377684 | 6669115 | 2633010 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 956313 | 250522 | 6287391 | 255168 | 107889 | 3930258 | 610840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (666530) | (165611) | (3414105) | (103982) | (63209) | (2095168) | (349233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (17759) | (49485) | (369485) | (58498) | (16250) | (144958) | (328095) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1392212 | 85396 | 8912649 | 90362 | 140558 | 7432494 | (436262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (1379) | 64649 | 61323 | (22406) | (71) | 26874 | 122650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 1662857 | 185471 | 11477773 | 160644 | 168917 | 9149500 | (380100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3317230 | 1077253 | 21571572 | 1096049 | 546601 | 15818615 | 2252910 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 9599664 | 5584194 | 39385440 | 4229311 | 2556580 | 27718273 | 13049137 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $12916894 | $6661447 | $60957012 | $5325360 | $3103181 | $43536888 | $15302047 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American <br> Funds IS<br> Growth-Income<br> Fund, Class 1 | American<br> Funds IS<br> International<br> Fund, Class 2 | American<br> Funds IS<br> New World<br> Fund, Class 1 | American<br> Funds IS<br> New World<br> Fund, Class 2 | American<br> Funds IS<br> Washington<br> Mutual<br> Investors<br> Fund, Class 2 | BlackRock<br> Global<br> Allocation<br> V.I. <br> Fund, Class I | Calvert VP<br> SRI <br> Balanced<br> Portfolio,<br> Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $240518 | $48569 | $647996 | $27373 | $161617 | $1762 | $1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3159288 | 31249 | 1720353 | 102651 | 743776 | 4076 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (736) | 789391 | 8445174 | 463984 | 858138 | 3008 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3399070 | 869209 | 10813523 | 594008 | 1763531 | 8846 | 8146 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 1649131 | 119209 | 5815611 | 143924 | 569858 | 5263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1041011) | (92395) | (3089870) | (69699) | (268045) | (1188) | (895) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (67220) | (95007) | (324171) | (35947) | (259655) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2312792 | (165141) | 7517232 | (74840) | 17600 | 35736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 26438 | (4197) | 57716 | (9486) | 80787 | - | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2880130 | (237531) | 9976518 | (46048) | 140545 | 39811 | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 6279200 | 631678 | 20790041 | 547960 | 1904076 | 48657 | 7212 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16763144 | 3251516 | 32676296 | 2078858 | 10167404 | 5370 | 71597 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $23042344 | $3883194 | $53466337 | $2626818 | $12071480 | $54027 | $78809 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | ClearBridge<br> Variable<br> Mid Cap<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Mid Cap<br> Portfolio,<br> Class II | ClearBridge<br> Variable <br> Small Cap<br> Growth<br> Portfolio,<br> Class I | ClearBridge<br> Variable <br> Small Cap<br> Growth<br> Portfolio,<br> Class II | Dimensional<br> VA Global<br> Moderate<br> Allocation<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Small<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Value<br> Portfolio,<br> Institutional |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $394 | $324 | $- | $- | $5998 | $399254 | $176384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 9235 | 197820 | 1814082 | 187970 | 2868 | 501286 | 253600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1436) | (70476) | 445512 | 30556 | 22590 | 2303975 | 1061863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 8193 | 127668 | 2259594 | 218526 | 31456 | 3204515 | 1491847 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 4481 | 116515 | 3556674 | 89581 | 6927 | 1580730 | 227857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (4009) | (64964) | (1747430) | (38636) | (7577) | (778085) | (137361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (44147) | (171532) | (34181) |  | (93974) | (4269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 18315 | 230747 | 5227234 | (30881) | 2169 | 1763311 | (77183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (1410) | 23763 | 8076 | - | 3122 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 18787 | 236741 | 6888709 | (6041) | 1519 | 2475104 | 14133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 26980 | 364409 | 9148303 | 212485 | 32975 | 5679619 | 1505980 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 113669 | 2805789 | 19505486 | 2257658 | 212487 | 7673649 | 3080446 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $140649 | $3170198 | $28653789 | $2470143 | $245462 | $13353268 | $4586426 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Dimensional<br> VA<br> Short-Term<br> Fixed<br> Portfolio,<br> Institutional | Dimensional<br> VA US <br> Large Value<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Targeted<br> Value<br> Portfolio,<br> Institutional | Dimensional<br> VIT<br> Inflation-Protected<br> Securities<br> Portfolio,<br> Institutional | Fidelity VIP<br> Balanced<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Contrafund<br> Portfolio,<br> Service Class | Fidelity VIP<br> Equity-Income<br> Portfolio,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $43193 | $93816 | $15102 | $459757 | $10 | $34514 | $70047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (41627) | 192278 | (61518) | 1864 | 20 | 11059417 | 228830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 39676 | 410856 | 126382 | 235726 | 82 | 2067670 | 402070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 41242 | 696950 | 79966 | 697347 | 112 | 13161601 | 700947 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 100 | 341944 | 5012 | 1325097 | 882 | 1781400 | 89153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (5785) | (208277) | (4815) | (728316) | (293) | (1348553) | (92040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (31472) |  | (64049) | (2) | (2281855) | (185385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (486288) | 1092440 | 162684 | 2287380 | (12) | (2379350) | (1853) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | 22319 | - | 19894 | - | (489504) | (15754) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (491973) | 1216954 | 162881 | 2840006 | 575 | (4717862) | (205879) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (450731) | 1913904 | 242847 | 3537353 | 687 | 8443739 | 495068 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1492596 | 3430685 | 628141 | 8347375 | - | 63727574 | 3803345 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1041865 | $5344589 | $870988 | $11884728 | $687 | $72171313 | $4298413 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom<br> 2015<br> Portfolio, Service Class | Fidelity VIP<br> Freedom <br> 2020<br> Portfolio,<br> Service Class | Fidelity VIP<br> Growth<br> Opportunities<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Growth<br> Portfolio,<br> Service Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Service Class | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $13542 | $26920 | $- | $9935 | $1174453 | $483596 | $440979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 17885 | 51131 | 233292 | 631347 | 549552 | 346242 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 19595 | 43735 | 1516883 | 29768 | 14663954 | 6547988 | 300505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 51022 | 121786 | 1750175 | 671050 | 16387959 | 7377826 | 761560 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 4357 | 23668 | 790053 | 104720 | 11663737 | 1079580 | 1346999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (6330) | (17526) | (461242) | (88199) | (6537680) | (875207) | (749260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (2792) | (2805) | (93852) | (87994) | (574719) | (694751) | (69858) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 4780 | 641 | 1160438 | (216349) | 18523883 | 15197 | 2579691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (16026) | - | 32653 | 165870 | 60705 | (49306) | 15302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (16011) | 3978 | 1428050 | (121952) | 23135926 | (524487) | 3122874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 35011 | 125764 | 3178225 | 549098 | 39523885 | 6853339 | 3884434 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 437865 | 921947 | 6953348 | 4553204 | 76612933 | 41656975 | 9620330 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $472876 | $1047711 | $10131573 | $5102302 | $116136818 | $48510314 | $13504764 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.<br> Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service Class | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Service Class | Franklin<br> DynaTech<br> VIP Fund,<br> Class 2 | Franklin<br> Growth and<br> Income VIP<br> Fund, Class 1 | Franklin<br> Income VIP<br> Fund, Class 1 | Franklin<br> Income VIP<br> Fund, Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $601911 | $34947 | $118263 | $- | $432858 | $93204 | $1094968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3812 | 809503 | 3670016 | 351449 | 1691386 | 20208 | 258798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 547337 | 66614 | (116803) | 1019493 | 980657 | 121180 | 1221883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1153060 | 911064 | 3671476 | 1370942 | 3104901 | 234592 | 2575649 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 517023 | 856887 | 1102530 | 181148 | 2573292 | 236666 | 530033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (402338) | (477630) | (698237) | (161214) | (1318604) | (123818) | (580811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (407912) | (16458) | (1057074) | (298017) | (153204) | (6524) | (848075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 618415 | 1607291 | 469643 | (340141) | 441379 | 378376 | 287946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (161379) | (739) | (40132) | (47985) | 15585 | (6050) | 11615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 163809 | 1969351 | (223270) | (666209) | 1558448 | 478650 | (599292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1316869 | 2880415 | 3448206 | 704733 | 4663349 | 713242 | 1976357 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16092186 | 5740004 | 30552785 | 7623755 | 17341922 | 1526408 | 20852872 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $17409055 | $8620419 | $34000991 | $8328488 | $22005271 | $2239650 | $22829229 |

---

Note: Totals may not appear to foot/crossfoot due to rounding. <br> Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Franklin<br> Mutual <br> Shares VIP<br> Fund, Class 2 | Franklin<br> Rising<br> Dividends <br> VIP <br> Fund, Class 2 | Franklin <br> Small Cap<br> Value VIP<br> Fund, Class 2 | Franklin<br> Small-Mid<br> Cap Growth<br> VIP <br> Fund, Class 2 | Franklin <br> U.S.<br> Government<br> Securities <br> VIP <br> Fund, Class 2 | Goldman<br> Sachs VIT<br> Core Fixed<br> Income Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Core Fixed<br> Income Fund,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1173319 | $256966 | $63064 | $- | $581656 | $1146168 | $42836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 5827714 | 3142294 | 510964 | 423309 | 6835 | 1869 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (686067) | 140644 | (126556) | (250241) | 569786 | 956319 | 38263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6314966 | 3539904 | 447472 | 173068 | 1158277 | 2104356 | 81177 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 1896362 | 797015 | 207058 | 202789 | 741657 | 4314726 | 95691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1433754) | (679334) | (108559) | (135286) | (502317) | (2133190) | (30873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (2357683) | (935853) | (180871) | (347254) | (778484) | (287446) | (10980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 941284 | 185441 | (47310) | 131022 | 645525 | 4352082 | 119985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (69211) | (513957) | 61 | (33309) | (36247) | 51089 | 26680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1023002) | (1146688) | (129621) | (182038) | 70134 | 6297261 | 200503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 5291964 | 2393216 | 317851 | (8970) | 1228411 | 8401617 | 281680 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 55353943 | 30416750 | 5882227 | 6854589 | 17329235 | 25362602 | 1027000 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $60645907 | $32809966 | $6200078 | $6845619 | $18557646 | $33764219 | $1308680 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights Fund,<br> Service Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Service Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Growth Fund,<br> Service Class | Goldman<br> Sachs VIT <br> Mid Cap <br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Mid Cap <br> Value Fund,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $225470 | $96323 | $181861 | $28662 | $- | $351278 | $84234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1162449 | 548967 | 2243108 | 451960 | 610633 | 3182479 | 955548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1297204 | 607804 | (742168) | (144569) | (351225) | (1009410) | (262226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2685123 | 1253094 | 1682801 | 336053 | 259408 | 2524347 | 777556 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 260526 | 144484 | 342077 | 61939 | 109510 | 3126045 | 380334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (242257) | (78560) | (403756) | (65433) | (67718) | (1678421) | (234369) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (321480) | (123296) | (787423) | (191789) | (169067) | (290913) | (268407) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (389930) | (130239) | 132479 | 41794 | (104900) | 4776323 | 140433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (43084) | (8067) | (39454) | (42179) | (17426) | 22420 | (20796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (736225) | (195678) | (756077) | (195668) | (249601) | 5955454 | (2805) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1948898 | 1057416 | 926724 | 140385 | 9807 | 8479801 | 774751 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 7306043 | 3295054 | 15893758 | 3263658 | 3531495 | 22621251 | 8415423 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $9254941 | $4352470 | $16820482 | $3404043 | $3541302 | $31101052 | $9190174 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights Fund,<br> Service Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth Fund,<br> Service Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights Fund,<br> Service Class | Invesco V.I.<br> American<br> Franchise<br> Fund, Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $84295 | $3246 | $- | $- | $112752 | $656 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 933226 | 60669 | 3638620 | 1524465 | 2117061 | 18060 | 1046993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 712033 | 39097 | 113748 | (100602) | 104636 | 850 | (60762) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1729554 | 103012 | 3752368 | 1423863 | 2334449 | 19566 | 986231 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 236260 | 15795 | 349317 | 235275 | 275981 | 2901 | 139480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (204355) | (13628) | (491841) | (204465) | (331158) | (2732) | (186215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (309838) | (50459) | (892431) | (403442) | (593206) | (3637) | (295561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (133845) | (70766) | (438877) | (514928) | (210172) | (463) | (112776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (143956) | 16 | (309900) | (32530) | (170800) | (12608) | (54617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (555734) | (119042) | (1783732) | (920090) | (1029355) | (16539) | (509689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1173820 | (16030) | 1968636 | 503773 | 1305094 | 3027 | 476542 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 11102050 | 693342 | 22005690 | 8519540 | 15509091 | 127946 | 8728496 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $12275870 | $677312 | $23974326 | $9023313 | $16814185 | $130973 | $9205038 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> American<br> Value Fund,<br> Series II | Invesco V.I.<br> Balanced-Risk<br> Allocation<br> Fund, Series II | Invesco V.I.<br> Comstock<br> Fund, Series I | Invesco V.I.<br> Discovery<br> Large Cap<br> Fund, Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth Fund,<br> Series I | Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth Fund,<br> Series II | Invesco V.I.<br> Diversified<br> Dividend<br> Fund, Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $14277 | $34413 | $940229 | $- | $- | $- | $68646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1167483 | (2725) | 6071852 | 2666958 | 1246812 | 69691 | 332844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 101174 | 10952 | 1991601 | (339741) | (620918) | (36285) | 190384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1282934 | 42640 | 9003682 | 2327217 | 625894 | 33406 | 591874 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 230542 | 11415 | 1090546 | 371030 | 302348 | 49695 | 415720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (150108) | (10910) | (1196919) | (402825) | (275914) | (17084) | (231757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (205750) | (80030) | (2511821) | (622958) | (471174) | (4438) | (31983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (360204) | (7829) | (580499) | (330794) | (66529) | (61642) | 354637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (8670) | (2533) | (151009) | (215201) | (181363) | (858) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (494190) | (89887) | (3349702) | (1200748) | (692632) | (34327) | 506273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 788744 | (47247) | 5653980 | 1126469 | (66738) | (921) | 1098147 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 6334617 | 516453 | 53355967 | 18490436 | 12942493 | 618803 | 3443485 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $7123361 | $469206 | $59009947 | $19616905 | $12875755 | $617882 | $4541632 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Equity and<br> Income Fund,<br> Series II | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series II | Invesco V.I.<br> Global Fund,<br> Series I | Invesco V.I.<br> Global Real<br> Estate Fund,<br> Series II | Invesco V.I.<br> Global<br> Strategic<br> Income Fund,<br> Series I | Invesco V.I.<br> Government<br> Securities<br> Fund, Series II | Invesco V.I.<br> Growth and<br> Income Fund,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $680118 | $151496 | $- | $18446 | $853512 | $152722 | $832866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1985101 | 848505 | 7195200 | 309 | 23143 | 3321 | 4478588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1608478 | 887848 | (1745275) | 54467 | 901326 | 197163 | 2997945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4273697 | 1887849 | 5449925 | 73222 | 1777981 | 353206 | 8309399 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 1053744 | 464512 | 1164799 | 37008 | 508326 | 177572 | 1680498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (905845) | (266129) | (864825) | (26653) | (471571) | (150228) | (1422213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (1109927) | (350368) | (1407340) | (27070) | (565497) | (264333) | (2488231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (123533) | 134915 | (572956) | 57923 | 74790 | 332943 | (401812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (143790) | (37820) | (146947) | 2262 | (8280) | (7747) | (164751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1229351) | (54890) | (1827269) | 43470 | (462232) | 88207 | (2796509) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3044346 | 1832959 | 3622656 | 116692 | 1315749 | 441413 | 5512890 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 34810473 | 11533055 | 36108348 | 947631 | 13927948 | 4966735 | 54616817 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $37854819 | $13366014 | $39731004 | $1064323 | $15243697 | $5408148 | $60129707 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco V.I.<br> Main Street<br> Fund, Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> December<br> Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> June Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> March Series I | Invesco V.I.<br> S&P 500<br> Buffer Fund,<br> September<br> Series I | Invesco V.I.<br> Small Cap<br> Equity Fund,<br> Series II | Invesco V.I.<br> U.S.<br> Government<br> Money<br> Portfolio,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $74579 | $- | $- | $- | $- | $- | $427973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 883603 | 14716 | 6890 | 23522 | 1865 | 201386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1081524 | 5481 | (3369) | 7727 | 2122 | 102867 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2039706 | 20197 | 3521 | 31249 | 3987 | 304253 | 427973 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 243655 | 72498 | 18633 | 28191 | 2499 | 173636 | 641205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (340619) | (37034) | (7786) | (20910) | (871) | (82413) | (575396) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (741762) | (1565) |  |  |  | (112564) | (1009668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (161669) | 164632 | (91425) | 284868 |  | 56608 | 1436555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (44370) | - | - | (7290) | - | (14741) | 722575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1044765) | 198531 | (80578) | 284859 | 1628 | 20526 | 1215271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 994941 | 218728 | (77057) | 316108 | 5615 | 324779 | 1643244 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 13372037 | 3013 | 107725 | 4121 | 30218 | 3608320 | 10999718 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $14366978 | $221741 | $30668 | $320229 | $35833 | $3933099 | $12642962 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Lord Abbett<br> Series Fund<br> Bond<br> Debenture<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Dividend<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Fundamental<br> Equity<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth and<br> Income<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth<br> Opportunities<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Mid Cap<br> Stock<br> Portfolio,<br> Class VC |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $3426935 | $192084 | $56734 | $121412 | $- | $68186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 549 | 3300 | 2533618 | 1321294 | 2294480 | 1081684 | 1638890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 805 | 846495 | 1824224 | 392946 | 969524 | (349487) | (317691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1354 | 4276730 | 4549926 | 1770974 | 3385416 | 732197 | 1389385 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 2839 | 3847173 | 2355774 | 535239 | 370786 | 168342 | 466570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (490) | (2246983) | (1316255) | (344110) | (470894) | (122775) | (453029) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1182055) | (811440) | (405472) | (1012486) | (259694) | (993411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 71 | 7156359 | 2500417 | (58077) | (154744) | (177292) | 487553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (102091) | (64425) | (195543) | (110485) | (7105) | (53182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2420 | 7472403 | 2664071 | (467963) | (1377823) | (398524) | (545499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3774 | 11749133 | 7213997 | 1303011 | 2007593 | 333673 | 843886 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 3809 | 47447522 | 27008341 | 12629821 | 20506845 | 5718836 | 20469954 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $7583 | $59196655 | $34222338 | $13932832 | $22514438 | $6052509 | $21313840 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Growth<br> Series, <br> Initial Class | MFS VIT II<br> Emerging<br> Markets<br> Equity<br> Portfolio,<br> Service Class | MFS VIT II<br> International<br> Intrinsic <br> Value<br> Portfolio,<br> Service Class | MFS VIT II<br> Massachusetts<br> Investors<br> Growth Stock<br> Portfolio,<br> Initial Class | MFS VIT<br> Investors<br> Trust Series,<br> Initial Class | MFS VIT <br> New<br> Discovery<br> Series, Initial<br> Class | MFS VIT<br> Research<br> Series, <br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $13749 | $121377 | $17842 | $218227 | $- | $135662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 4880868 | 21264 | 573057 | 957898 | 5618518 | 87703 | 3384849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (1805852) | 173671 | 1859038 | (344047) | (4098879) | 1007614 | (1781556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3075016 | 208684 | 2553472 | 631693 | 1737866 | 1095317 | 1738955 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 573376 | 14810 | 311297 | 126015 | 334202 | 220744 | 285447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (509030) | (20669) | (213402) | (135754) | (376591) | (193193) | (268626) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (1284351) | (26766) | (398946) | (436785) | (737639) | (430221) | (784102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (531100) | (42811) | (471341) | 97580 | (82544) | 18099 | (22879) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (429722) | (9232) | (23021) | (45452) | (8116) | (82744) | (90604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (2180827) | (84668) | (795413) | (394396) | (870688) | (467315) | (880764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 894189 | 124016 | 1758059 | 237297 | 867178 | 628002 | 858191 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 25991479 | 665290 | 7985988 | 6601971 | 13232117 | 8612361 | 13897340 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $26885668 | $789306 | $9744047 | $6839268 | $14099295 | $9240363 | $14755531 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Total Return<br> Bond Series,<br> Service Class | MFS VIT<br> Total Return<br> Series, Initial<br> Class | MFS VIT<br> Utilities<br> Series, Initial<br> Class | MFS VIT<br> Value Series,<br> Service Class | PIMCO <br> VIT <br> All Asset<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> International<br> Bond Portfolio<br> (U.S.<br> Dollar-Hedged),<br> Institutional<br> Class | PIMCO VIT<br> Long-Term<br> U.S.<br> Government<br> Portfolio,<br> Advisor Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $722485 | $587837 | $171577 | $312503 | $18755 | $494984 | $39443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 9216 | 1589775 | 113530 | 1755137 | 41 | 1712 | (2390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 400196 | 114288 | 537914 | 620192 | 36247 | 67735 | 32396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1131897 | 2291900 | 823021 | 2687832 | 55043 | 564431 | 69449 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 642970 | 476146 | 139600 | 615398 | 4219 | 1766117 | 44268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (413818) | (533192) | (160727) | (454975) | (7655) | (1035657) | (27257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (939547) | (1320538) | (260338) | (1321289) |  | (90491) | (13898) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 379080 | 225337 | (122607) | 73152 | 73 | 3826096 | 80571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 8038 | (153272) | (24156) | (20807) | 117 | 41580 | (3439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (323277) | (1305519) | (428228) | (1108521) | (3246) | 4507645 | 80245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 808620 | 986381 | 394793 | 1579311 | 51797 | 5072076 | 149694 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16401388 | 21287031 | 5626306 | 21532995 | 389708 | 10692843 | 1157414 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $17210008 | $22273412 | $6021099 | $23112306 | $441505 | $15764919 | $1307108 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Low Duration<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Institutional<br> Class | Putnam VT<br> Sustainable<br> Leaders Fund,<br> Class IA |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $90254 | $451680 | $137314 | $66276 | $1364179 | $411063 | $552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1246 | 3051 | (41) | 238 | 7397 | 17284 | 12061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 32286 | 577950 | 3309 | 1184 | 1503400 | 409361 | (3014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 123786 | 1032681 | 140582 | 67698 | 2874976 | 837708 | 9599 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 66667 | 665557 | 139410 | 124934 | 1347662 | 855555 | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (67214) | (388883) | (73965) | (77085) | (851384) | (540641) | (10963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (106636) | (398177) | (104877) | (9570) | (1524994) | (49293) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 82076 | 344517 | 309485 | 298582 | 1019107 | 2576635 | 38784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (102459) | (39680) | 36394 | 5868 | (275238) | 22014 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (127566) | 183334 | 306447 | 342729 | (284847) | 2864270 | 48757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (3780) | 1216015 | 447029 | 410427 | 2590129 | 3701978 | 58356 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2292085 | 13299118 | 2937367 | 1244994 | 32602193 | 7962218 | 118189 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2288305 | $14515133 | $3384396 | $1655421 | $35192322 | $11664196 | $176545 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Royce <br> Capital Fund<br> Micro-Cap<br> Portfolio,<br> Service Class | Royce <br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Investment<br> Class | Royce <br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Service Class | Schwab <br> S&P 500<br> Index<br> Portfolio | Templeton<br> Developing<br> Markets<br> VIP Fund,<br> Class 1 | Templeton<br> Developing<br> Markets<br> VIP Fund,<br> Class 2 | Templeton<br> Foreign VIP<br> Fund, Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $41730 | $231121 | $13699 | $4752 | $10986 | $279502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 251232 | 152989 | 981778 | 5764 | 15197 | 84506 | 840924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (44512) | 11178 | (19985) | 184918 | 246765 | 688682 | 1914266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 206720 | 205897 | 1192914 | 204381 | 266714 | 784174 | 3034692 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 35445 | 228206 | 553134 | 41872 | 70272 | 62522 | 345558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (21288) | (112955) | (299359) | (39190) | (45093) | (46247) | (255708) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (39613) | (27595) | (373968) | (2) | (5549) | (25336) | (559908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 125267 | 480006 | 451002 | 226873 | 193399 | (203512) | (324066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (3761) | (64) | (21978) | - | 5132 | 2903 | (2905) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 96050 | 567598 | 308831 | 229553 | 218161 | (209670) | (797029) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 302770 | 773495 | 1501745 | 433934 | 484875 | 574504 | 2237663 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1269378 | 1637315 | 12042289 | 898991 | 462017 | 1722886 | 10580830 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1572148 | $2410810 | $13544034 | $1332925 | $946892 | $2297390 | $12818493 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Templeton<br> Global Bond<br> VIP Fund,<br> Class 2 | Templeton<br> Growth VIP<br> Fund, Class 2 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Balanced <br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $166103 | $42689 | $1904 | $1797 | $16998 | $1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 39625 | 1502479 | 47077 | 2417 | 1009 | 5672 | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1875466 | 2353257 | 400128 | 22016 | 7015 | 37709 | 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1915091 | 4021839 | 489894 | 26337 | 9821 | 60379 | 5600 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 431310 | 522629 | 487721 | 7442 | 3079 | 52692 | 6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (371595) | (455030) | (199784) | (3940) | (2711) | (37097) | (1747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (262767) | (962303) | (9873) |  |  | (2827) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 268622 | (378557) | 515964 | 1296 | 230 | 63160 | 27897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 30156 | (35789) | (6973) | (2) | (2) | 616 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 95726 | (1309050) | 787055 | 4796 | 596 | 76544 | 32513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 2010817 | 2712789 | 1276949 | 31133 | 10417 | 136923 | 38113 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 11977709 | 17212253 | 2161034 | 134470 | 76149 | 534020 | 34860 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $13988526 | $19925042 | $3437983 | $165603 | $86566 | $670943 | $72973 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | TOPS <br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 2 | Vanguard <br> VIF<br> Balanced<br> Portfolio | Vanguard <br> VIF Capital<br> Growth<br> Portfolio | Vanguard<br> VIF<br> Conservative<br> Allocation<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $189075 | $45421 | $252224 | $8395 | $423 | $414342 | $5780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 235673 | 57459 | 218596 | 8326 | 1797 | 1828463 | 6998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1492161 | 442198 | 1207640 | 43486 | 366 | 10180467 | 14216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1916909 | 545078 | 1678460 | 60207 | 2586 | 12423272 | 26994 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 1358014 | 170210 | 1360031 | 33945 |  | 5813814 | 6927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (763174) | (86242) | (787329) | (8048) | (202) | (3214769) | (7476) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (77381) | (122947) | (65710) | (9170) |  | (333340) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2975987 | (3216) | 2324719 | 24329 | 19716 | 9365859 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (193171) | (38) | 19360 | - | 1 | 49044 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 3300275 | (42233) | 2851071 | 41056 | 19515 | 11680608 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 5217184 | 502845 | 4529531 | 101263 | 22101 | 24103880 | 29383 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 8745374 | 3047889 | 9123534 | 366390 | - | 34741251 | 209469 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $13962558 | $3550734 | $13653065 | $467653 | $22101 | $58845131 | $238852 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF Equity<br> Income<br> Portfolio | Vanguard <br> VIF Equity<br> Index<br> Portfolio | Vanguard<br> VIF Growth<br> Portfolio | Vanguard VIF<br> International<br> Portfolio | Vanguard VIF<br> Mid-Cap<br> Index<br> Portfolio | Vanguard VIF<br> Real Estate<br> Index<br> Portfolio | Vanguard VIF<br> Short-Term<br> Investment-Grade<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $139914 | $4324 | $10 | $36779 | $1048 | $34042 | $1359673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 427964 | 9764 | 275 | 185700 | 4240 | (926) | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 404987 | 54859 | 579 | 596027 | 7886 | (2601) | 999539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 972865 | 68947 | 864 | 818506 | 13174 | 30515 | 2360891 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 632511 | 150525 | 1176 | 538882 | 10648 | 114332 | 5244065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (398562) | (16008) | (309) | (283291) | (4091) | (49499) | (2668750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (13280) |  |  | (17746) |  | (2083) | (293272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1376561 | 18962 | 1 | 1220150 | 20967 | 132994 | 8435886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (6024) | - | (2) | 3516 | 1 | 2050 | 56362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 1591206 | 153479 | 866 | 1461511 | 27525 | 197794 | 10774291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 2564071 | 222426 | 1730 | 2280017 | 40699 | 228309 | 13135182 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 5101156 | 218249 | 4582 | 3556152 | 79443 | 1174927 | 29752373 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $7665227 | $440675 | $6312 | $5836169 | $120142 | $1403236 | $42887555 |

---

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

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

(Continued)

See accompanying notes to financial statements.

**PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard VIF<br> Total Bond<br> Market Index<br> Portfolio | Vanguard VIF<br> Total Stock<br> Market Index<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |
| OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $93728 | $38095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (41956) | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 116153 | 427411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 167925 | 532116 |
| POLICY TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 80622 | 56202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (22842) | (41696) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 98828 | 107731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 156607 | 122237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 324532 | 654353 |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2458374 | 3043832 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2782906 | $3698185 |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Asset<br> Allocation<br> Fund,<br> Class 1 | American<br> Funds IS<br> Asset<br> Allocation<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global<br> Growth<br> Fund, <br> Class 1 | American<br> Funds IS<br> Global<br> Growth<br> Fund, <br> Class 2 | American<br> Funds IS<br> Global Small<br> Capitalization<br> Fund,<br> Class 2 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 1 | American<br> Funds IS<br> Growth<br> Fund, <br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $213931 | $116407 | $651370 | $64878 | $25925 | $131848 | $39689 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 359025 | 227835 | 978621 | 125170 | 90833 | 481512 | 383437 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 645318 | 446222 | 2135746 | 323052 | (63393) | 4963479 | 2837510 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1218274 | 790464 | 3765737 | 513100 | 53365 | 5576839 | 3260636 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 854003 | 253853 | 4739511 | 253199 | 111374 | 2078236 | 622943 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (526151) | (162217) | (2460887) | (102837) | (67164) | (1286897) | (342433) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (10808) | (35885) | (249988) | (81478) | (16254) | (86851) | (180223) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1837650 | 16981 | 8050447 | (35232) | 102177 | 6357783 | (600482) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (3078) | (48163) | 5654 | (35070) | (17665) | (18898) | (126571) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2151616 | 24569 | 10084737 | (1418) | 112468 | 7043373 | (626766) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3369890 | 815033 | 13850474 | 511682 | 165833 | 12620212 | 2633870 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6229774 | 4769161 | 25534966 | 3717629 | 2390747 | 15098061 | 10415267 |
| &nbsp;&nbsp;&nbsp;End of period | $9599664 | $5584194 | $39385440 | $4229311 | $2556580 | $27718273 | $13049137 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | American<br> Funds IS<br> Growth-<br> Income<br> Fund,<br> Class 1 | American<br> Funds IS<br> International<br> Fund, <br> Class 2 | American<br> Funds IS <br> New World<br> Fund, <br> Class 1 | American<br> Funds IS <br> New<br> World<br> Fund,<br> Class 2 | American <br> Funds IS<br> Washington<br> Mutual<br> Investors <br> Fund, <br> Class 2 | BlackRock<br> Global<br> Allocation V.I.<br> Fund,<br> Class I | Calvert VP<br> SRI<br> Balanced<br> Portfolio, <br> Class I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $203373 | $39376 | $505568 | $28904 | $155512 | $71 | $1170 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 632938 | 4134 | 220206 | 9866 | 88497 | 327 | 1577 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2105869 | 44711 | 803174 | 83190 | 1389646 | (239) | 9178 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2942180 | 88221 | 1528948 | 121960 | 1633655 | 159 | 11925 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 1374175 | 115967 | 4347646 | 157684 | 586756 | 2930 |  |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (813568) | (93011) | (2126961) | (66228) | (260804) | (411) | (950) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (95655) | (6990) | (178302) | (18452) | (89413) |  | (1168) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2088168 | 157652 | 7807650 | 56475 | (99433) | 2692 |  |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (57729) | (32974) | 5769 | (14684) | (118643) | - | (36) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2495391 | 140644 | 9855802 | 114795 | 18463 | 5211 | (2154) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 5437571 | 228865 | 11384750 | 236755 | 1652118 | 5370 | 9771 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11325573 | 3022651 | 21291546 | 1842103 | 8515286 | - | 61826 |
| &nbsp;&nbsp;&nbsp;End of period | $16763144 | $3251516 | $32676296 | $2078858 | $10167404 | $5370 | $71597 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | ClearBridge<br> Variable Mid<br> Cap<br> Portfolio,<br> Class I | ClearBridge<br> Variable Mid<br> Cap<br> Portfolio,<br> Class II | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class I | ClearBridge<br> Variable<br> Small Cap<br> Growth<br> Portfolio,<br> Class II | Dimensional<br> VA Global<br> Moderate<br> Allocation<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Small<br> Portfolio,<br> Institutional | Dimensional<br> VA<br> International<br> Value<br> Portfolio,<br> Institutional |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1105 | $9879 | $- | $- | $5691 | $262061 | $111592 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 37685 | 71757 | 645147 | 85057 | 73309 | 206666 | 64981 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 6460 | 171466 | 134699 | 9843 | 8922 | (310371) | (133076) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 45250 | 253102 | 779846 | 94900 | 87922 | 158356 | 43497 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 4394 | 120315 | 2676225 | 89226 | 6754 | 1165991 | 261976 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (3684) | (67732) | (1227354) | (37610) | (7153) | (517444) | (128766) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (62839) | (103099) | (31479) |  | (33113) | (2029) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 38936 | 1731 | 4881816 | 247055 | 69591 | 2166538 | 1586052 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (1831) | 13855 | 672 | - | (4812) | (4273) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 39646 | (10356) | 6241443 | 267864 | 69192 | 2777160 | 1712960 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 84896 | 242746 | 7021289 | 362764 | 157114 | 2935516 | 1756457 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 28773 | 2563043 | 12484197 | 1894894 | 55373 | 4738133 | 1323989 |
| &nbsp;&nbsp;&nbsp;End of period | $113669 | $2805789 | $19505486 | $2257658 | $212487 | $7673649 | $3080446 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Dimensional<br> VA<br> Short-Term<br> Fixed<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Large Value<br> Portfolio,<br> Institutional | Dimensional<br> VA US<br> Targeted<br> Value<br> Portfolio,<br> Institutional | Dimensional<br> VIT<br> Inflation-<br> Protected<br> Securities<br> Portfolio,<br> Institutional | Fidelity<br> VIP<br> Balanced<br> Portfolio,<br> Initial<br> Class | Fidelity<br> VIP<br> Contrafund<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Equity-Income<br> Portfolio,<br> Service Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $143593 | $64155 | $6727 | $231701 | $- | $55299 | $67322 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (49531) | 332072 | 32802 | 14598 | 2 | 8208097 | 243103 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (56216) | (186356) | (69680) | (100265) | - | 8804615 | 225590 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 37846 | 209871 | (30151) | 146034 | 2 | 17068011 | 536015 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 75 | 261164 | 4984 | 1025204 |  | 1870726 | 115693 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (4242) | (140683) | (1009) | (517802) | (66) | (1358661) | (117498) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (12216) |  | (44412) |  | (2314747) | (363737) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1458917 | 1269339 | 648496 | 2239716 | 64 | (4325220) | 104701 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (599) | - | 12641 | - | (249542) | (1008) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 1454750 | 1377005 | 652471 | 2715347 | (2) | (6377444) | (261849) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1492596 | 1586876 | 622320 | 2861381 |  | 10690567 | 274166 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | 1843809 | 5821 | 5485994 | - | 53037007 | 3529179 |
| &nbsp;&nbsp;&nbsp;End of period | $1492596 | $3430685 | $628141 | $8347375 | $- | $63727574 | $3803345 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Freedom<br> 2015<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Freedom<br> 2020<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Growth<br> Opportunities<br> Portfolio,<br> Initial <br> Class | Fidelity VIP<br> Growth<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Initial Class | Fidelity VIP<br> Index 500<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Initial<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $14019 | $25677 | $- | $- | $848344 | $469653 | $324503 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 11318 | 26601 | 64567 | 964672 | 75068 | 251637 | 33797 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 2264 | 13306 | 1654209 | 74316 | 11814896 | 7753074 | (166194) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 27601 | 65584 | 1718776 | 1038988 | 12738308 | 8474364 | 192106 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 4705 | 24022 | 608954 | 135007 | 8742119 | 1113508 | 1285697 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (6749) | (18803) | (330658) | (88470) | (4526326) | (903050) | (646752) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (3554) | (24987) | (52686) | (127579) | (341012) | (879920) | (69986) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 4685 | 2926 | 679114 | (51736) | 16332253 | (342383) | 1757608 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (43415) | - | 203738 | 185669 | (94077) | (16570) | 9204 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (44328) | (16842) | 1108462 | 52891 | 20112957 | (1028415) | 2335771 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (16727) | 48742 | 2827238 | 1091879 | 32851265 | 7445949 | 2527877 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 454592 | 873205 | 4126110 | 3461325 | 43761668 | 34211026 | 7092453 |
| &nbsp;&nbsp;&nbsp;End of period | $437865 | $921947 | $6953348 | $4553204 | $76612933 | $41656975 | $9620330 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio,<br> Service<br> Class | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Initial<br> Class | Fidelity VIP<br> Mid Cap<br> Portfolio,<br> Service<br> Class | Franklin<br> DynaTech<br> VIP Fund,<br> Class 2 | Franklin<br> Growth and<br> Income<br> VIP Fund, Class 1 | Franklin<br> Income<br> VIP Fund,<br> Class 1 | Franklin<br> Income<br> VIP Fund,<br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $540193 | $30168 | $140985 | $- | $354744 | $69695 | $1066598 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1343 | 692634 | 3988718 | 195444 | 285271 | 7138 | 108075 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (289865) | 7108 | 549790 | 1658012 | 1815199 | 18051 | 248571 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 251671 | 729910 | 4679493 | 1853456 | 2455214 | 94884 | 1423244 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 515856 | 652032 | 1177808 | 197555 | 2380495 | 142740 | 576126 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (421615) | (344422) | (731504) | (155479) | (1164402) | (92601) | (586287) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (234393) | (18062) | (764992) | (142466) | (113409) | (25281) | (736094) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 990626 | 903366 | (720053) | (384374) | 2062068 | 300441 | 438410 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (29128) | (32735) | (152706) | (64381) | 2424 | (267) | (59011) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 821346 | 1160179 | (1191447) | (549145) | 3167176 | 325032 | (366856) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1073017 | 1890089 | 3488046 | 1304311 | 5622390 | 419916 | 1056388 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15019169 | 3849915 | 27064739 | 6319444 | 11719532 | 1106492 | 19796484 |
| &nbsp;&nbsp;&nbsp;End of period | $16092186 | $5740004 | $30552785 | $7623755 | $17341922 | $1526408 | $20852872 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Franklin<br> Mutual<br> Shares VIP<br> Fund, Class<br> 2 | Franklin<br> Rising<br> Dividends<br> VIP Fund,<br> Class 2 | Franklin<br> Small Cap<br> Value VIP<br> Fund, Class<br> 2 | Franklin<br> Small-Mid<br> Cap<br> Growth<br> VIP Fund,<br> Class 2 | Franklin<br> U.S.<br> Government<br> Securities<br> VIP Fund,<br> Class 2 | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Core Fixed<br> Income<br> Fund,<br> Service<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1096197 | $303529 | $52789 | $- | $511920 | $876928 | $36921 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1346666 | 1508094 | 150054 | 37945 | 1004 | 18 | (616) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 3358799 | 1229514 | 432434 | 645786 | (275482) | (588546) | (27557) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5801662 | 3041137 | 635277 | 683731 | 237442 | 288400 | 8748 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 2068163 | 869750 | 219601 | 218341 | 788297 | 3573082 | 91695 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (1472672) | (692846) | (111153) | (141195) | (510044) | (1687418) | (30615) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (1786974) | (801296) | (212178) | (156053) | (473261) | (152684) | (22484) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (558393) | (41098) | 23240 | (74240) | 1510149 | 5671500 | 27137 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (194443) | (185332) | (30370) | 52667 | (59294) | 22989 | (12654) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1944319) | (850822) | (110860) | (100480) | 1255847 | 7427469 | 53079 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3857343 | 2190315 | 524417 | 583251 | 1493289 | 7715869 | 61827 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 51496600 | 28226435 | 5357810 | 6271338 | 15835946 | 17646733 | 965173 |
| &nbsp;&nbsp;&nbsp;End of period | $55353943 | $30416750 | $5882227 | $6854589 | $17329235 | $25362602 | $1027000 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> International<br> Equity<br> Insights<br> Fund, Service<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Large Cap<br> Value<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Growth<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Mid Cap<br> Value<br> Fund,<br> Service<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $226527 | $91095 | $221168 | $37337 | $- | $220596 | $61276 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 283365 | 126825 | 2035724 | 410596 | 412708 | 1271215 | 498562 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (85217) | (32688) | 164617 | 35788 | 199004 | 656555 | 371923 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 424675 | 185232 | 2421509 | 483721 | 611712 | 2148366 | 931761 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 262177 | 159090 | 337287 | 65752 | 105909 | 2380154 | 396499 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (234373) | (76341) | (414820) | (66029) | (67145) | (1256063) | (242186) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (273057) | (123471) | (694839) | (56872) | (91437) | (264735) | (161410) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 221486 | 157214 | (193198) | (84696) | (25543) | 4087639 | (120390) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (24160) | (52506) | (121347) | (9081) | (22784) | 22014 | (18140) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (47927) | 63986 | (1086917) | (150926) | (101000) | 4969009 | (145627) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 376748 | 249218 | 1334592 | 332795 | 510712 | 7117375 | 786134 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6929295 | 3045836 | 14559166 | 2930863 | 3020783 | 15503876 | 7629289 |
| &nbsp;&nbsp;&nbsp;End of period | $7306043 | $3295054 | $15893758 | $3263658 | $3531495 | $22621251 | $8415423 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Small Cap<br> Equity<br> Insights<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> Strategic<br> Growth<br> Fund,<br> Service<br> Class | Goldman<br> Sachs VIT<br> U.S. Equity<br> Insights<br> Fund,<br> Institutional<br> Class | Goldman<br> Sachs VIT<br> U.S.<br> Equity<br> Insights<br> Fund,<br> Service<br> Class | Invesco<br> V.I.<br> American<br> Franchise<br> Fund,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $104538 | $5162 | $- | $- | $96069 | $521 | $- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 899271 | 63649 | 1815550 | 802348 | 2157808 | 19692 | 355475 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 793566 | 48548 | 3703817 | 1362925 | 1309231 | 9040 | 2054324 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1797375 | 117359 | 5519367 | 2165273 | 3563108 | 29253 | 2409799 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 239345 | 18748 | 333147 | 259393 | 275137 | 1499 | 141812 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (208132) | (14331) | (454944) | (204865) | (330551) | (2798) | (184015) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (453967) | (11234) | (514098) | (179697) | (537017) |  | (717065) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 14283 | (50663) | (409878) | (571743) | (222372) | (7952) | (158021) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 30740 | (960) | (138417) | (37534) | (61530) | 939 | (11541) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (377731) | (58440) | (1184190) | (734446) | (876333) | (8312) | (928830) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1419644 | 58919 | 4335177 | 1430827 | 2686775 | 20941 | 1480969 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9682406 | 634423 | 17670513 | 7088713 | 12822316 | 107005 | 7247527 |
| &nbsp;&nbsp;&nbsp;End of period | $11102050 | $693342 | $22005690 | $8519540 | $15509091 | $127946 | $8728496 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco<br> V.I.<br> American<br> Value<br> Fund,<br> Series II | Invesco V.I.<br> Balanced-Risk<br> Allocation<br> Fund, Series II | Invesco<br> V.I.<br> Comstock<br> Fund, Series<br> I | Invesco<br> V.I.<br> Discovery<br> Large Cap<br> Fund, Series<br> I | Invesco<br> V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund, Series<br> I | Invesco<br> V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund,<br> Series II | Invesco<br> V.I.<br> Diversified<br> Dividend<br> Fund,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $47162 | $30373 | $920458 | $- | $- | $- | $61874 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 244659 | (3506) | 4279593 | 654732 | 144047 | 751 | 132771 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1277692 | (7167) | 2134598 | 4355606 | 2472663 | 117035 | 166390 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1569513 | 19700 | 7334649 | 5010338 | 2616710 | 117786 | 361035 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 253409 | 16811 | 1140458 | 358754 | 323815 | 48427 | 344656 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (151577) | (12396) | (1206272) | (375516) | (283771) | (17471) | (183815) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (186757) | (30911) | (2407976) | (763939) | (368082) | (1488) | (8952) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (436825) | (58874) | (647476) | (784175) | (180746) | (8078) | 430860 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (23267) | (218) | (493550) | (231074) | (93073) | (17) | (170) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (545017) | (85588) | (3614816) | (1795950) | (601857) | 21373 | 582579 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1024496 | (65888) | 3719833 | 3214388 | 2014853 | 139159 | 943614 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5310121 | 582341 | 49636134 | 15276048 | 10927640 | 479644 | 2499871 |
| &nbsp;&nbsp;&nbsp;End of period | $6334617 | $516453 | $53355967 | $18490436 | $12942493 | $618803 | $3443485 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco<br> V.I. Equity<br> and Income<br> Fund, Series<br> II | Invesco V.I.<br> EQV<br> International<br> Equity Fund,<br> Series II | Invesco<br> V.I. Global<br> Fund, Series<br> I | Invesco<br> V.I. Global<br> Real<br> Estate<br> Fund,<br> Series II | Invesco<br> V.I. Global<br> Strategic<br> Income<br> Fund, Series<br> I | Invesco V.I.<br> Government<br> Securities<br> Fund, Series<br> II | Invesco<br> V.I. Growth<br> and Income Fund, Series<br> I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $546386 | $181640 | $- | $23521 | $426238 | $117046 | $786192 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1418399 | 100312 | 2660314 | 1253 | 8377 | 89 | 3864407 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1815684 | (250760) | 2555297 | (42859) | 731 | (41595) | 3220311 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3780469 | 31192 | 5215611 | (18085) | 435346 | 75540 | 7870910 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 1145212 | 517755 | 1215471 | 39210 | 545335 | 182642 | 1792199 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (920378) | (264723) | (870643) | (27206) | (470216) | (160365) | (1457070) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (1185260) | (359488) | (1159974) | (6600) | (674385) | (463257) | (2199825) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 359648 | 357448 | (1224276) | 30333 | 882238 | 575701 | (1013584) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (83404) | (54965) | (184848) | 3585 | (17859) | 4894 | (512106) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (684182) | 196027 | (2224270) | 39322 | 265113 | 139615 | (3390386) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3096287 | 227219 | 2991341 | 21237 | 700459 | 215155 | 4480524 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 31714186 | 11305836 | 33117007 | 926394 | 13227489 | 4751580 | 50136293 |
| &nbsp;&nbsp;&nbsp;End of period | $34810473 | $11533055 | $36108348 | $947631 | $13927948 | $4966735 | $54616817 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Invesco<br> V.I. Main<br> Street<br> Fund, Series<br> I | Invesco<br> V.I. S&P<br> 500 Buffer<br> Fund,<br> December<br> Series I | Invesco<br> V.I. S&P<br> 500 Buffer<br> Fund, June<br> Series I | Invesco<br> V.I. S&P<br> 500 Buffer<br> Fund,<br> March<br> Series I | Invesco<br> V.I. S&P<br> 500 Buffer<br> Fund,<br> September<br> Series I | Invesco<br> V.I. Small<br> Cap Equity<br> Fund,<br> Series II | Invesco V.I.<br> U.S.<br> Government<br> Money<br> Portfolio,<br> Series I |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $- | $- | $- | $- | $- | $465265 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1454950 | 102 | 5659 | 224 | 1588 | 195425 |  |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 1241369 | (49) | 4832 | (111) | 199 | 375122 | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2696319 | 53 | 10491 | 113 | 1787 | 570547 | 465265 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 244290 |  | 52460 | 1966 | 1930 | 188396 | 642648 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (336595) | (26) | (19442) | (1200) | (607) | (84894) | (554045) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (668444) |  | (19) |  |  | (123598) | (376514) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (173103) | 2986 | 6066 | 3242 | 27108 | (78183) | 1423725 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (69513) | - | - | - | - | (15860) | (324273) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (1003365) | 2960 | 39065 | 4008 | 28431 | (114139) | 811541 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1692954 | 3013 | 49556 | 4121 | 30218 | 456408 | 1276806 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11679083 | - | 58169 | - | - | 3151912 | 9722912 |
| &nbsp;&nbsp;&nbsp;End of period | $13372037 | $3013 | $107725 | $4121 | $30218 | $3608320 | $10999718 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Janus<br> Henderson<br> VIT Global<br> Technology<br> and<br> Innovation<br> Portfolio,<br> Institutional<br> Shares | Lord<br> Abbett<br> Series Fund<br> Bond<br> Debenture<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Dividend<br> Growth<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Fundamental<br> Equity<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Growth and<br> Income<br> Portfolio,<br> Class VC | Lord Abbett<br> Series Fund<br> Growth<br> Opportunities<br> Portfolio,<br> Class VC | Lord<br> Abbett<br> Series Fund<br> Mid Cap<br> Stock<br> Portfolio,<br> Class VC |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $2624948 | $147407 | $90295 | $172888 | $- | $93412 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 38 | 18472 | 1567133 | 762329 | 1743260 | 78382 | 2219630 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 172 | 157059 | 2882479 | 1008834 | 1815011 | 1336412 | 461767 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 210 | 2800479 | 4597019 | 1861458 | 3731159 | 1414794 | 2774809 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 1428 | 2958934 | 1784543 | 567658 | 383256 | 161560 | 480746 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (209) | (1745914) | (1037657) | (355097) | (489306) | (123050) | (461661) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (1089500) | (495155) | (342947) | (1307797) | (186872) | (847042) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 2380 | 5509065 | 2046456 | (381023) | (266703) | (72754) | (245299) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (97730) | (93508) | (49749) | (233165) | (74598) | (102068) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 3599 | 5534855 | 2204679 | (561158) | (1913715) | (295714) | (1175324) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 3809 | 8335334 | 6801698 | 1300300 | 1817444 | 1119080 | 1599485 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | 39112188 | 20206643 | 11329521 | 18689401 | 4599756 | 18870469 |
| &nbsp;&nbsp;&nbsp;End of period | $3809 | $47447522 | $27008341 | $12629821 | $20506845 | $5718836 | $20469954 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Growth<br> Series,<br> Initial Class | MFS VIT II<br> Emerging<br> Markets<br> Equity<br> Portfolio,<br> Service<br> Class | MFS VIT II<br> International<br> Intrinsic<br> Value<br> Portfolio,<br> Service Class | MFS VIT II<br> Massachusetts<br> Investors<br> Growth Stock<br> Portfolio,<br> Initial Class | MFS VIT<br> Investors<br> Trust<br> Series,<br> Initial Class | MFS VIT<br> New<br> Discovery<br> Series,<br> Initial<br> Class | MFS VIT<br> Research<br> Series,<br> Initial Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $- | $14622 | $93427 | $22390 | $91568 | $- | $81474 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2260762 | 2128 | 390671 | 601594 | 1051058 | 54447 | 888732 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 4327057 | 54081 | 58538 | 327056 | 1172093 | 511677 | 1329559 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6587819 | 70831 | 542636 | 951040 | 2314719 | 566124 | 2299765 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 615589 | 13588 | 347336 | 117151 | 364055 | 233011 | 301344 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (516190) | (20144) | (209241) | (123059) | (384364) | (199848) | (271979) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (1074362) | (20799) | (326551) | (198169) | (741664) | (481762) | (610903) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | (1122968) | 4922 | 39740 | (62399) | (312840) | 14779 | (206563) |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (128773) | (840) | (54571) | (118746) | (212796) | (29084) | (123760) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | (2226704) | (23273) | (203287) | (385222) | (1287609) | (462904) | (911861) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 4361115 | 47558 | 339349 | 565818 | 1027110 | 103220 | 1387904 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 21630364 | 617732 | 7646639 | 6036153 | 12205007 | 8509141 | 12509436 |
| &nbsp;&nbsp;&nbsp;End of period | $25991479 | $665290 | $7985988 | $6601971 | $13232117 | $8612361 | $13897340 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | MFS VIT<br> Total<br> Return<br> Bond<br> Series,<br> Service<br> Class | MFS VIT<br> Total<br> Return<br> Series,<br> Initial Class | MFS VIT<br> Utilities<br> Series,<br> Initial<br> Class | MFS VIT<br> Value<br> Series,<br> Service<br> Class | Morgan<br> Stanley<br> VIF Global<br> Real<br> Estate<br> Portfolio,<br> Class II | PIMCO<br> VIT All<br> Asset<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> International<br> Bond Portfolio<br> (U.S.<br> Dollar-Hedged),<br> Institutional<br> Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $661567 | $527849 | $131218 | $310273 | $14581 | $24436 | $293051 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1920 | 1105873 | 175194 | 1706920 | 22936 | (6) | 835 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (285004) | (49127) | 324765 | 252614 | 23059 | (11036) | 152638 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 378483 | 1584595 | 631177 | 2269807 | 60576 | 13394 | 446524 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 725353 | 503770 | 131532 | 676793 | 25637 | 4354 | 1058207 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (423873) | (554425) | (159596) | (472854) | (11860) | (7472) | (593543) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (540197) | (1045705) | (260183) | (868675) | (6435) | (1472) | (58571) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1013639 | 61254 | 25755 | 17160 | (702624) | 4643 | 3933058 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (86927) | (239443) | (1855) | (61893) | 129 | (1232) | (11187) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 687995 | (1274549) | (264347) | (709469) | (695153) | (1179) | 4327964 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 1066478 | 310046 | 366830 | 1560338 | (634577) | 12215 | 4774488 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15334910 | 20976985 | 5259476 | 19972657 | 634577 | 377493 | 5918355 |
| &nbsp;&nbsp;&nbsp;End of period | $16401388 | $21287031 | $5626306 | $21532995 | $- | $389708 | $10692843 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Long-Term<br> U.S.<br> Government<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> Low<br> Duration<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Advisor Class | PIMCO VIT<br> Real Return<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Advisor<br> Class | PIMCO VIT<br> Short-Term<br> Portfolio,<br> Institutional<br> Class | PIMCO VIT<br> Total Return<br> Portfolio,<br> Advisor Class |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $29254 | $89077 | $321915 | $9679 | $136224 | $54063 | $1242751 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 47 | (190) | 134 | (4021) | 39 | 437 | 1117 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (97128) | 9658 | (66835) | 134 | 23979 | 8557 | (470503) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (67827) | 98545 | 255214 | 5792 | 160242 | 63057 | 773365 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 40870 | 66820 | 687778 | 1176 | 146974 | 107580 | 1485399 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (27791) | (72147) | (390976) | (436) | (72896) | (60093) | (864009) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (511) | (80530) | (351659) |  | (25368) | (224) | (843754) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 260381 | 93651 | 1074381 | (61471) | 138448 | 271430 | 2394424 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (5605) | (448) | 7415 | - | (334) | (12714) | (136000) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 267344 | 7346 | 1026939 | (60731) | 186824 | 305979 | 2036060 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 199517 | 105891 | 1282153 | (54939) | 347066 | 369036 | 2809425 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 957897 | 2186194 | 12016965 | 54939 | 2590301 | 875958 | 29792768 |
| &nbsp;&nbsp;&nbsp;End of period | $1157414 | $2292085 | $13299118 | $- | $2937367 | $1244994 | $32602193 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | PIMCO VIT<br> Total<br> Return<br> Portfolio,<br> Institutional Class | Putnam VT<br> Sustainable<br> Leaders<br> Fund, Class<br> IA | Royce<br> Capital Fund<br> Micro-Cap<br> Portfolio,<br> Service Class | Royce<br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Investment<br> Class | Royce<br> Capital Fund<br> Small-Cap<br> Portfolio,<br> Service Class | Schwab S&P<br> 500 Index<br> Portfolio | Templeton<br> Developing<br> Markets VIP<br> Fund, Class<br> 1 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $296815 | $256 | $- | $19380 | $119729 | $27280 | $18637 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 21885 | 900 | 96698 | 68185 | 502055 | 162572 | 5225 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | (105356) | 12873 | 58427 | (38593) | (229740) | 104143 | 10179 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 213344 | 14029 | 155125 | 48972 | 392044 | 293995 | 34041 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy owners' net payments | 693992 | 24740 | 39175 | 163674 | 589164 | 16610 | 70911 |
| &nbsp;&nbsp;&nbsp;Policy maintenance charges | (414781) | (5050) | (21569) | (81993) | (316453) | (28831) | (34067) |
| &nbsp;&nbsp;&nbsp;Policy owners' benefits | (33318) |  | (39352) | (8332) | (232140) |  | (35) |
| &nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 1909679 | 32372 | (26744) | 360352 | (72436) | 530397 | 60316 |
| &nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | (7793) | - | (549) | (6) | (44913) | - | (36267) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 2147779 | 52062 | (49039) | 433695 | (76778) | 518176 | 60858 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 2361123 | 66091 | 106086 | 482667 | 315266 | 812171 | 94899 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5601095 | 52098 | 1163292 | 1154648 | 11727023 | 86820 | 367118 |
| &nbsp;&nbsp;&nbsp;End of period | $7962218 | $118189 | $1269378 | $1637315 | $12042289 | $898991 | $462017 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Templeton<br> Developing<br> Markets VIP<br> Fund, Class<br> 2 | Templeton<br> Foreign VIP<br> Fund, Class 2 | Templeton<br> Global Bond<br> VIP Fund,<br> Class 2 | Templeton<br> Growth VIP<br> Fund, Class 2 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Aggressive<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Balanced<br> ETF<br> Portfolio,<br> Class 2 |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $65489 | $267683 | $- | $163267 | $27051 | $1636 | $1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 13091 | 11499 | 14033 | 203604 | 18425 | 1544 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 42918 | (360024) | (1446077) | 549979 | 130414 | 11341 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 121498 | (80842) | (1432044) | 916850 | 175890 | 14521 | 4849 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 71701 | 366756 | 460724 | 553994 | 358636 | 7657 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (44021) | (249969) | (372136) | (451908) | (139009) | (3839) | (2638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (15472) | (353749) | (339134) | (658516) | (14523) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 16362 | 234278 | 1532083 | (302230) | 771459 | (2336) | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 5608 | (25564) | (52910) | (16111) | (3863) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 34178 | (28248) | 1228627 | (874771) | 972700 | 1482 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 155676 | (109090) | (203417) | 42079 | 1148590 | 16003 | 6092 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1567210 | 10689920 | 12181126 | 17170174 | 1012444 | 118467 | 70057 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1722886 | $10580830 | $11977709 | $17212253 | $2161034 | $134470 | $76149 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 1 | TOPS<br> Conservative<br> ETF<br> Portfolio,<br> Class 2 | TOPS<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Growth ETF<br> Portfolio,<br> Class 2 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 1 | TOPS<br> Moderate<br> Growth ETF<br> Portfolio,<br> Class 2 | Vanguard VIF<br> Capital<br> Growth<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $13268 | $819 | $121243 | $39874 | $163846 | $6648 | $286863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 4169 | 302 | 26923 | 5771 | 122161 | 5138 | 592423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 11631 | 808 | 552085 | 240428 | 318822 | 15716 | 2241391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 29068 | 1929 | 700251 | 286073 | 604829 | 27502 | 3120677 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 42519 | 4961 | 954138 | 235616 | 988945 | 32722 | 4275784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (27613) | (1383) | (496066) | (84822) | (543994) | (7271) | (2220636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (142) | (24) | (22445) | (4951) | (50302) |  | (189431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 94087 | (2531) | 1785534 | 4080 | 1962876 | 99 | 7948367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | - | (4332) | (1948) | 12313 | - | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 108851 | 1023 | 2216829 | 147975 | 2369838 | 25550 | 9813518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 137919 | 2952 | 2917080 | 434048 | 2974667 | 53052 | 12934195 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 396101 | 31908 | 5828294 | 2613841 | 6148867 | 313338 | 21807056 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $534020 | $34860 | $8745374 | $3047889 | $9123534 | $366390 | $34741251 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard<br> VIF<br> Conservative<br> Allocation<br> Portfolio | Vanguard<br> VIF Equity<br> Income<br> Portfolio | Vanguard<br> VIF Equity<br> Index<br> Portfolio | Vanguard<br> VIF Growth<br> Portfolio | Vanguard VIF<br> International<br> Portfolio | Vanguard<br> VIF<br> Mid-Cap<br> Index<br> Portfolio | Vanguard<br> VIF Real<br> Estate Index<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |  |
| OPERATIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $15889 | $113487 | $675 | $853 | $27087 | $946 | $25604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 44496 | 245162 | 2707 | 26138 | 75290 | 1086 | 23593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 5222 | 222784 | 26629 | (214) | 51030 | 8049 | (23546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 65607 | 581433 | 30011 | 26777 | 153407 | 10081 | 25651 |
| POLICY TRANSACTIONS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 6754 | 420982 | 3613 | 784 | 290253 | 8641 | 99086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (7089) | (287985) | (12235) | (351) | (159459) | (3488) | (41862) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits |  | (10412) |  |  | (3422) |  | (4436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 88843 | 1167671 | 149998 | (53435) | 1337131 | 1216 | 327959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | - | (50762) | - | - | (6720) | - | (3638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 88508 | 1239494 | 141376 | (53002) | 1457783 | 6369 | 377109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 154115 | 1820927 | 171387 | (26225) | 1611190 | 16450 | 402760 |
| NET ASSETS: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 55354 | 3280229 | 46862 | 30807 | 1944962 | 62993 | 772167 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $209469 | $5101156 | $218249 | $4582 | $3556152 | $79443 | $1174927 |

---

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

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

(Continued)

See accompanying notes to financial statements.

---

| |
|:---|
| **PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT** |
| STATEMENTS OF CHANGES IN NET ASSETS |
| FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SUBACCOUNTS | SUBACCOUNTS | SUBACCOUNTS |
|  | Vanguard VIF<br> Short-Term<br> Investment-Grade<br> Portfolio | Vanguard VIF Total<br> Bond Market Index<br> Portfolio | Vanguard VIF Total<br> Stock Market Index<br> Portfolio |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |
| OPERATIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $761014 | $21946 | $24418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 564 | 40 | 134613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on investments | 383989 | (32032) | 246426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1145567 | (10046) | 405457 |
| POLICY TRANSACTIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' net payments | 3907671 | 108401 | 116771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy maintenance charges | (1873009) | (14194) | (27828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy owners' benefits | (143311) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from the Company and/or Subaccounts | 7953590 | 1647357 | 849549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy loan repayments (withdrawals) | 21089 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from Policy transactions | 9866030 | 1741564 | 938492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 11011597 | 1731518 | 1343949 |
| NET ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 18740776 | 726856 | 1699883 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $29752373 | $2458374 | $3043832 |

---

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

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

(Concluded)

See accompanying notes to financial statements.

PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT

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

1. ORGANIZATION

The Protective Life Variable Separate Account (the "Separate Account"), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Protective Life Insurance Company ("PLICO" or the "Company") on June 19, 1996, and exists in accordance with the regulations of the Nebraska Department of Insurance. The Company is a wholly owned subsidiary of Protective Life Corporation ("PLC"). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan.

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

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

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

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

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

The following is a list of the variable life insurance products funded by the Separate Account:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Premiere I | Protective Premiere Executive |
| &nbsp;&nbsp;Premiere II | Protective Strategic Objectives VUL |
| &nbsp;&nbsp;Premiere II (2003) | Protective Strategic Objectives II VUL |
| &nbsp;&nbsp;Premiere III | Protector |
| &nbsp;&nbsp;Preserver | Provider |
| &nbsp;&nbsp;Preserver II | Single Premium Plus |
| &nbsp;&nbsp;Protective Investors Benefit Advisory VUL | Survivor |
| &nbsp;&nbsp;Protective Investors Choice VUL | Transitions |

---

For the years or periods ended December 31, 2025 and 2024, the Separate Account offered up to 146 available Subaccount investment options, as follows:

American Funds IS Asset Allocation Fund, Class 1

American Funds IS Asset Allocation Fund, Class 2

American Funds IS Global Growth Fund, Class 1

American Funds IS Global Growth Fund, Class 2

American Funds IS Global Small Capitalization Fund, Class 2

American Funds IS Growth Fund, Class 1

American Funds IS Growth Fund, Class 2

American Funds IS Growth-Income Fund, Class 1

American Funds IS International Fund, Class 2

American Funds IS New World Fund, Class 1

American Funds IS New World Fund, Class 2

American Funds IS Washington Mutual Investors Fund, Class 2

BlackRock Global Allocation V.I. Fund, Class I <sup>(a)</sup>

Calvert VP SRI Balanced Portfolio, Class I

ClearBridge Variable Mid Cap Portfolio, Class I

ClearBridge Variable Mid Cap Portfolio, Class II

ClearBridge Variable Small Cap Growth Portfolio, Class I

ClearBridge Variable Small Cap Growth Portfolio, Class II

Dimensional VA Global Bond Portfolio, Institutional \*

Dimensional VA Global Moderate Allocation Portfolio, Institutional

Dimensional VA International Small Portfolio, Institutional

Dimensional VA International Value Portfolio, Institutional

Dimensional VA Short-Term Fixed Portfolio, Institutional

Dimensional VA US Large Value Portfolio, Institutional

Dimensional VA US Targeted Value Portfolio, Institutional

Dimensional VIT Inflation-Protected Securities Portfolio, Institutional

Fidelity VIP Balanced Portfolio, Initial Class <sup>(a)</sup>

Fidelity VIP Contrafund Portfolio, Service Class

Fidelity VIP Equity-Income Portfolio, Service Class

Fidelity VIP Freedom 2015 Portfolio, Service Class

Fidelity VIP Freedom 2020 Portfolio, Service Class

Fidelity VIP Growth Opportunities Portfolio, Initial Class

Fidelity VIP Growth Portfolio, Service Class

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP Index 500 Portfolio, Service Class

Fidelity VIP Investment Grade Bond Portfolio, Initial Class

Fidelity VIP Investment Grade Bond Portfolio, Service Class

Fidelity VIP Mid Cap Portfolio, Initial Class

Fidelity VIP Mid Cap Portfolio, Service Class

Franklin DynaTech VIP Fund, Class 2

Franklin Growth and Income VIP Fund, Class 1

Franklin Income VIP Fund, Class 1

Franklin Income VIP Fund, Class 2

Franklin Mutual Shares VIP Fund, Class 2

Franklin Rising Dividends VIP Fund, Class 2

Franklin Small Cap Value VIP Fund, Class 2

Franklin Small-Mid Cap Growth VIP Fund, Class 2

Franklin U.S. Government Securities VIP Fund, Class 2

Goldman Sachs VIT Core Fixed Income Fund, Institutional Class

Goldman Sachs VIT Core Fixed Income Fund, Service Class

Goldman Sachs VIT International Equity Insights Fund, Institutional Class

Goldman Sachs VIT International Equity Insights Fund, Service Class

Goldman Sachs VIT Large Cap Value Fund, Institutional Class

Goldman Sachs VIT Large Cap Value Fund, Service Class

Goldman Sachs VIT Mid Cap Growth Fund, Service Class

Goldman Sachs VIT Mid Cap Value Fund, Institutional Class

Goldman Sachs VIT Mid Cap Value Fund, Service Class

Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class

Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class

Goldman Sachs VIT Strategic Growth Fund, Institutional Class

Goldman Sachs VIT Strategic Growth Fund, Service Class

Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class

Goldman Sachs VIT U.S. Equity Insights Fund, Service Class

Invesco V.I. American Franchise Fund, Series I

Invesco V.I. American Value Fund, Series II

Invesco V.I. Balanced-Risk Allocation Fund, Series II

Invesco V.I. Comstock Fund, Series I

Invesco V.I. Discovery Large Cap Fund, Series I <sup>(a)</sup>

Invesco V.I. Discovery Mid Cap Growth Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series II

Invesco V.I. Diversified Dividend Fund, Series I

Invesco V.I. Equity and Income Fund, Series II

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

Invesco V.I. Global Fund, Series I

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

Invesco V.I. Global Strategic Income Fund, Series I

Invesco V.I. Government Securities Fund, Series II

Invesco V.I. Growth and Income Fund, Series I

Invesco V.I. Main Street Fund, Series I

Invesco V.I. S&P 500 Buffer Fund, December Series I <sup>(a)</sup>

Invesco V.I. S&P 500 Buffer Fund, June Series I

Invesco V.I. S&P 500 Buffer Fund, March Series I <sup>(a)</sup>

Invesco V.I. S&P 500 Buffer Fund, September Series I <sup>(a)</sup>

Invesco V.I. Small Cap Equity Fund, Series II

Invesco V.I. U.S. Government Money Portfolio, Series I

Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares <sup>(a)</sup>

Lord Abbett Series Fund Bond Debenture Portfolio, Class VC

Lord Abbett Series Fund Dividend Growth Portfolio, Class VC

Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC

Lord Abbett Series Fund Growth and Income Portfolio, Class VC

Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC

Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC

MFS VIT Growth Series, Initial Class

MFS VIT II Emerging Markets Equity Portfolio, Service Class

MFS VIT II International Intrinsic Value Portfolio, Service Class

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class

MFS VIT Investors Trust Series, Initial Class

MFS VIT New Discovery Series, Initial Class

MFS VIT Research Series, Initial Class

MFS VIT Total Return Bond Series, Service Class

MFS VIT Total Return Series, Initial Class

MFS VIT Utilities Series, Initial Class

MFS VIT Value Series, Service Class

Morgan Stanley VIF Global Real Estate Portfolio, Class II <sup>(a)</sup>

PIMCO VIT All Asset Portfolio, Advisor Class

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class

PIMCO VIT Low Duration Portfolio, Advisor Class

PIMCO VIT Real Return Portfolio, Advisor Class

PIMCO VIT Real Return Portfolio, Institutional Class

PIMCO VIT Short-Term Portfolio, Advisor Class

PIMCO VIT Short-Term Portfolio, Institutional Class

PIMCO VIT Total Return Portfolio, Advisor Class

PIMCO VIT Total Return Portfolio, Institutional Class

Putnam VT Sustainable Leaders Fund, Class IA

Royce Capital Fund Micro-Cap Portfolio, Service Class

Royce Capital Fund Small-Cap Portfolio, Investment Class

Royce Capital Fund Small-Cap Portfolio, Service Class

Schwab S&P 500 Index Portfolio

Templeton Developing Markets VIP Fund, Class 1

Templeton Developing Markets VIP Fund, Class 2

Templeton Foreign VIP Fund, Class 2

Templeton Global Bond VIP Fund, Class 2

Templeton Growth VIP Fund, Class 2

TOPS Aggressive Growth ETF Portfolio, Class 1

TOPS Aggressive Growth ETF Portfolio, Class 2

TOPS Balanced ETF Portfolio, Class 2

TOPS Conservative ETF Portfolio, Class 1

TOPS Conservative ETF Portfolio, Class 2

TOPS Growth ETF Portfolio, Class 1

TOPS Growth ETF Portfolio, Class 2

TOPS Moderate Growth ETF Portfolio, Class 1

TOPS Moderate Growth ETF Portfolio, Class 2

VanEck VIP Global Resources Fund, Initial Class \*

Vanguard VIF Balanced Portfolio <sup>(a)</sup>

Vanguard VIF Capital Growth Portfolio

Vanguard VIF Conservative Allocation Portfolio

Vanguard VIF Equity Income Portfolio

Vanguard VIF Equity Index Portfolio

Vanguard VIF Growth Portfolio

Vanguard VIF International Portfolio

Vanguard VIF Mid-Cap Index Portfolio

Vanguard VIF Real Estate Index Portfolio

Vanguard VIF Short-Term Investment-Grade Portfolio

Vanguard VIF Total Bond Market Index Portfolio

Vanguard VIF Total Stock Market Index Portfolio

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

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

<u>Subaccount Change: Name Change</u><br> During 2025, the following Subaccount changed its names:

<u>Previous Name</u> <u>New Name</u> <u>Date of Change</u> <br> Invesco V.I. Capital Appreciation Fund, Series I Invesco V.I. Discovery Large Cap Fund, Series I April 30, 2025

<u>Subaccount Changes: Liquidations</u><br> During 2024, the following Subaccount was liquidated:

Subaccount Name Date of Liquidation <br> Morgan Stanley VIF Global Real Estate Portfolio, Class II December 6, 2024

Subaccount Changes: Trading Commencements

During 2025 and 2024, the following Subaccounts commenced trading:

---

| | |
|:---|:---|
| Subaccount Name | Date Trading Commenced |
| BlackRock Global Allocation V.I. Fund, Class I | February 2, 2024 |
| Fidelity VIP Balanced Portfolio, Initial Class | July 19, 2024 |
| Invesco V.I. S&P 500 Buffer Fund, December Series I | October 16, 2024 |
| Invesco V.I. S&P 500 Buffer Fund, March Series I | April 23, 2024 |
| Invesco V.I. S&P 500 Buffer Fund, September Series I | March 11, 2024 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | February 2, 2024 |
| Vanguard VIF Balanced Portfolio | January 24, 2025 |

---

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

Each product within the Separate Account is unique; as such, all Subaccounts available for investment within the Separate Account may not be available for investment under each product.

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

2. SIGNIFICANT
 ACCOUNTING POLICIES

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

Investment valuation

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

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

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

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

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

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

Receivables and payables from (to) the Policies and the fund manager

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

Receivable from dividends

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

Receivables and payables from (to) the Company

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

Dividend income and capital gain distributions

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

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts' shares (determined for each product using the last-in-first-out (LIFO) or a weighted average cost basis, depending on the product) and capital gain distributions from the mutual funds.

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

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

Federal income taxes

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

Use of estimates

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

Risks and uncertainties

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

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

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| American Funds IS Asset Allocation Fund, Class 1 | $3105995 | $449705 |
| American Funds IS Asset Allocation Fund, Class 2 | 918466 | 186889 |
| American Funds IS Global Growth Fund, Class 1 | 18937505 | 684097 |
| American Funds IS Global Growth Fund, Class 2 | 1001647 | 196346 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 319438 | 80513 |
| American Funds IS Growth Fund, Class 1 | 12516101 | 669363 |
| American Funds IS Growth Fund, Class 2 | 1773474 | 1029591 |
| American Funds IS Growth-Income Fund, Class 1 | 7006410 | 761627 |
| American Funds IS International Fund, Class 2 | 220546 | 409501 |
| American Funds IS New World Fund, Class 1 | 13016925 | 700894 |
| American Funds IS New World Fund, Class 2 | 260052 | 181026 |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 1609634 | 561512 |
| BlackRock Global Allocation V.I. Fund, Class I | 46117 | 509 |
| Calvert VP SRI Balanced Portfolio, Class I | 5213 | 934 |
| ClearBridge Variable Mid Cap Portfolio, Class I | 33691 | 5639 |
| ClearBridge Variable Mid Cap Portfolio, Class II | 580044 | 142485 |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 8986366 | 288223 |
| ClearBridge Variable Small Cap Growth Portfolio, Class II | 352092 | 169942 |
| Dimensional VA Global Moderate Allocation Portfolio, Institutional | 16452 | 6696 |
| Dimensional VA International Small Portfolio, Institutional | 3856999 | 498401 |
| Dimensional VA International Value Portfolio, Institutional | 3251275 | 2932046 |
| Dimensional VA Short-Term Fixed Portfolio, Institutional | 871445 | 1320226 |
| Dimensional VA US Large Value Portfolio, Institutional | 3275930 | 1672130 |
| Dimensional VA US Targeted Value Portfolio, Institutional | 652578 | 406270 |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 3471679 | 171946 |
| Fidelity VIP Balanced Portfolio, Initial Class | 791 | 207 |
| Fidelity VIP Contrafund Portfolio, Service Class | 12280278 | 5966736 |
| Fidelity VIP Equity-Income Portfolio, Service Class | 547714 | 460600 |
| Fidelity VIP Freedom 2015 Portfolio, Service Class | 40182 | 22426 |
| Fidelity VIP Freedom 2020 Portfolio, Service Class | 102738 | 17980 |
| Fidelity VIP Growth Opportunities Portfolio, Initial Class | 2532949 | 976047 |
| Fidelity VIP Growth Portfolio, Service Class | 1192665 | 648111 |
| Fidelity VIP Index 500 Portfolio, Initial Class | 26811834 | 2042243 |
| Fidelity VIP Index 500 Portfolio, Service Class | 2195563 | 2023237 |
| Fidelity VIP Investment Grade Bond Portfolio, Initial Class | 4546506 | 982485 |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class | 1449646 | 680459 |
| Fidelity VIP Mid Cap Portfolio, Initial Class | 3147899 | 335675 |
| Fidelity VIP Mid Cap Portfolio, Service Class | 5018305 | 1502433 |
| Franklin DynaTech VIP Fund, Class 2 | 263489 | 944782 |
| Franklin Growth and Income VIP Fund, Class 1 | 4085234 | 424821 |
| Franklin Income VIP Fund, Class 1 | 682658 | 92156 |
| Franklin Income VIP Fund, Class 2 | 1837823 | 1118330 |
| Franklin Mutual Shares VIP Fund, Class 2 | 8792772 | 2863855 |
| Franklin Rising Dividends VIP Fund, Class 2 | 3982448 | 1812792 |
| Franklin Small Cap Value VIP Fund, Class 2 | 1021045 | 595748 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| Franklin Small-Mid Cap Growth VIP Fund, Class 2 | $904512 | $704845 |
| Franklin U.S. Government Securities VIP Fund, Class 2 | 1538657 | 872256 |
| Goldman Sachs VIT Core Fixed Income Fund, Institutional Class | 7833212 | 388137 |
| Goldman Sachs VIT Core Fixed Income Fund, Service Class | 291799 | 48469 |
| Goldman Sachs VIT International Equity Insights Fund, Institutional Class | 1544155 | 916722 |
| Goldman Sachs VIT International Equity Insights Fund, Service Class | 922380 | 500114 |
| Goldman Sachs VIT Large Cap Value Fund, Institutional Class | 2703002 | 989265 |
| Goldman Sachs VIT Large Cap Value Fund, Service Class | 568047 | 282938 |
| Goldman Sachs VIT Mid Cap Growth Fund, Service Class | 812527 | 450043 |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | 10148399 | 655948 |
| Goldman Sachs VIT Mid Cap Value Fund, Service Class | 1357367 | 321707 |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class | 1323159 | 835259 |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class | 86043 | 148170 |
| Goldman Sachs VIT Strategic Growth Fund, Institutional Class | 3765897 | 1853171 |
| Goldman Sachs VIT Strategic Growth Fund, Service Class | 1510750 | 1069188 |
| Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class | 2357330 | 1249040 |
| Goldman Sachs VIT U.S. Equity Insights Fund, Service Class | 24016 | 21982 |
| Invesco V.I. American Franchise Fund, Series I | 898688 | 562257 |
| Invesco V.I. American Value Fund, Series II | 1250714 | 693350 |
| Invesco V.I. Balanced-Risk Allocation Fund, Series II | 68730 | 124185 |
| Invesco V.I. Comstock Fund, Series I | 7355078 | 3766853 |
| Invesco V.I. Discovery Large Cap Fund, Series I | 2551666 | 1472321 |
| Invesco V.I. Discovery Mid Cap Growth Fund, Series I | 1402120 | 1019693 |
| Invesco V.I. Discovery Mid Cap Growth Fund, Series II | 119938 | 94491 |
| Invesco V.I. Diversified Dividend Fund, Series I | 1122304 | 219175 |
| Invesco V.I. Equity and Income Fund, Series II | 3169005 | 1735827 |
| Invesco V.I. EQV International Equity Fund, Series II | 1551076 | 614519 |
| Invesco V.I. Global Fund, Series I | 8098907 | 2815566 |
| Invesco V.I. Global Real Estate Fund, Series II | 102933 | 38266 |
| Invesco V.I. Global Strategic Income Fund, Series I | 1341050 | 910470 |
| Invesco V.I. Government Securities Fund, Series II | 694821 | 393093 |
| Invesco V.I. Growth and Income Fund, Series I | 5704128 | 3222838 |
| Invesco V.I. Main Street Fund, Series I | 1021636 | 1131945 |
| Invesco V.I. S&P 500 Buffer Fund, December Series I | 233133 | 19918 |
| Invesco V.I. S&P 500 Buffer Fund, June Series I | 18900 | 97373 |
| Invesco V.I. S&P 500 Buffer Fund, March Series I | 332280 | 23892 |
| Invesco V.I. S&P 500 Buffer Fund, September Series I | 3649 | 157 |
| Invesco V.I. Small Cap Equity Fund, Series II | 499076 | 277871 |
| Invesco V.I. U.S. Government Money Portfolio, Series I | 5500734 | 3854366 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 3233 | 291 |
| Lord Abbett Series Fund Bond Debenture Portfolio, Class VC | 12432103 | 1498815 |
| Lord Abbett Series Fund Dividend Growth Portfolio, Class VC | 6719223 | 1295065 |
| Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC | 1678348 | 792403 |
| Lord Abbett Series Fund Growth and Income Portfolio, Class VC | 2562584 | 1648167 |
| Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC | 1243039 | 650472 |
| Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC | 2452243 | 1214535 |
| MFS VIT Growth Series, Initial Class | 5238845 | 2631883 |
| MFS VIT II Emerging Markets Equity Portfolio, Service Class | 40296 | 105958 |
| MFS VIT II International Intrinsic Value Portfolio, Service Class | 942800 | 1086596 |

---

---

| | | |
|:---|:---|:---|
| Subaccount | Purchases | Sales |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class | $1108529 | $542327 |
| MFS VIT Investors Trust Series, Initial Class | 5936236 | 979820 |
| MFS VIT New Discovery Series, Initial Class | 260416 | 720468 |
| MFS VIT Research Series, Initial Class | 3648560 | 1063978 |
| MFS VIT Total Return Bond Series, Service Class | 1794620 | 1365041 |
| MFS VIT Total Return Series, Initial Class | 2731097 | 1810260 |
| MFS VIT Utilities Series, Initial Class | 368803 | 547931 |
| MFS VIT Value Series, Service Class | 2674504 | 1734938 |
| PIMCO VIT All Asset Portfolio, Advisor Class | 22530 | 7021 |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | 5180485 | 177895 |
| PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class | 316795 | 197105 |
| PIMCO VIT Low Duration Portfolio, Advisor Class | 275336 | 315337 |
| PIMCO VIT Real Return Portfolio, Advisor Class | 1289440 | 655983 |
| PIMCO VIT Short-Term Portfolio, Advisor Class | 659851 | 218811 |
| PIMCO VIT Short-Term Portfolio, Institutional Class | 472281 | 63262 |
| PIMCO VIT Total Return Portfolio, Advisor Class | 3326805 | 2237287 |
| PIMCO VIT Total Return Portfolio, Institutional Class | 4273781 | 998433 |
| Putnam VT Sustainable Leaders Fund, Class IA | 117635 | 61239 |
| Royce Capital Fund Micro-Cap Portfolio, Service Class | 839535 | 509002 |
| Royce Capital Fund Small-Cap Portfolio, Investment Class | 973851 | 204170 |
| Royce Capital Fund Small-Cap Portfolio, Service Class | 2125900 | 661030 |
| Schwab S&P 500 Index Portfolio | 284819 | 41564 |
| Templeton Developing Markets VIP Fund, Class 1 | 300491 | 67187 |
| Templeton Developing Markets VIP Fund, Class 2 | 230715 | 395116 |
| Templeton Foreign VIP Fund, Class 2 | 1428382 | 1166668 |
| Templeton Global Bond VIP Fund, Class 2 | 1006570 | 908694 |
| Templeton Growth VIP Fund, Class 2 | 1939231 | 1657543 |
| TOPS Aggressive Growth ETF Portfolio, Class 1 | 943882 | 69182 |
| TOPS Aggressive Growth ETF Portfolio, Class 2 | 12652 | 3649 |
| TOPS Balanced ETF Portfolio, Class 2 | 6043 | 2662 |
| TOPS Conservative ETF Portfolio, Class 1 | 132451 | 34604 |
| TOPS Conservative ETF Portfolio, Class 2 | 77186 | 42471 |
| TOPS Growth ETF Portfolio, Class 1 | 4038112 | 341265 |
| TOPS Growth ETF Portfolio, Class 2 | 228630 | 168834 |
| TOPS Moderate Growth ETF Portfolio, Class 1 | 3473875 | 158888 |
| TOPS Moderate Growth ETF Portfolio, Class 2 | 75032 | 17812 |
| Vanguard VIF Balanced Portfolio | 21950 | 202 |
| Vanguard VIF Capital Growth Portfolio | 14570495 | 693245 |
| Vanguard VIF Conservative Allocation Portfolio | 21292 | 6353 |
| Vanguard VIF Equity Income Portfolio | 2317315 | 160789 |
| Vanguard VIF Equity Index Portfolio | 184195 | 18062 |
| Vanguard VIF Growth Portfolio | 1152 |  |
| Vanguard VIF International Portfolio | 2469380 | 723226 |
| Vanguard VIF Mid-Cap Index Portfolio | 37282 | 4536 |
| Vanguard VIF Real Estate Index Portfolio | 454700 | 201066 |
| Vanguard VIF Short-Term Investment-Grade Portfolio | 12511322 | 375723 |
| Vanguard VIF Total Bond Market Index Portfolio | 1582769 | 1332435 |
| Vanguard VIF Total Stock Market Index Portfolio | 915625 | 577457 |

---

4. CHANGES
IN UNITS OUTSTANDING

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| American Funds IS Asset Allocation Fund, Class 1 | 122192 | 26975 | 95217 | 181630 | 35786 | 145844 |
| American Funds IS Asset Allocation Fund, Class 2 | 15796 | 8139 | 7657 | 11111 | 9675 | 1436 |
| American Funds IS Global Growth Fund, Class 1 | 630378 | 34386 | 595992 | 637817 | 59300 | 578517 |
| American Funds IS Global Growth Fund, Class 2 | 12878 | 6952 | 5926 | 11681 | 11560 | 121 |
| American Funds IS Global Small Capitalization Fund, Class 2 | 14581 | 4946 | 9635 | 14130 | 7077 | 7053 |
| American Funds IS Growth Fund, Class 1 | 340331 | 23056 | 317275 | 321582 | 27254 | 294328 |
| American Funds IS Growth Fund, Class 2 | 14375 | 21609 | (7234) | 12582 | 27679 | (15097) |
| American Funds IS Growth-Income Fund, Class 1 | 168292 | 34460 | 133832 | 172377 | 40795 | 131582 |
| American Funds IS International Fund, Class 2 | 11801 | 25678 | (13877) | 19996 | 10162 | 9834 |
| American Funds IS New World Fund, Class 1 | 692355 | 44111 | 648244 | 805773 | 83538 | 722235 |
| American Funds IS New World Fund, Class 2 | 7308 | 9128 | (1820) | 10674 | 3947 | 6727 |
| American Funds IS Washington Mutual Investors Fund, Class 2 | 25116 | 19928 | 5188 | 21971 | 21110 | 861 |
| BlackRock Global Allocation V.I. Fund, Class I | 3313 | 38 | 3275 | 454 | 12 | 442 |
| Calvert VP SRI Balanced Portfolio, Class I |  | 16 | (16) |  | 41 | (41) |
| ClearBridge Variable Mid Cap Portfolio, Class I | 2194 | 456 | 1738 | 40239 | 33488 | 6751 |
| ClearBridge Variable Mid Cap Portfolio, Class II | 9172 | 3384 | 5788 | 3204 | 3358 | (154) |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | 497062 | 18938 | 478124 | 475137 | 16627 | 458510 |
| ClearBridge Variable Small Cap Growth Portfolio, Class II | 3403 | 3162 | 241 | 7438 | 1862 | 5576 |
| Dimensional VA Global Moderate Allocation Portfolio, Institutional | 434 | 349 | 85 | 52808 | 44502 | 8306 |
| Dimensional VA International Small Portfolio, Institutional | 187667 | 33360 | 154307 | 214068 | 9557 | 204511 |
| Dimensional VA International Value Portfolio, Institutional | 184772 | 180161 | 4611 | 119695 | 8105 | 111590 |
| Dimensional VA Short-Term Fixed Portfolio, Institutional | 73638 | 118082 | (44444) | 713668 | 579382 | 134286 |
| Dimensional VA US Large Value Portfolio, Institutional | 179526 | 107068 | 72458 | 90656 | 8619 | 82037 |
| Dimensional VA US Targeted Value Portfolio, Institutional | 30428 | 22516 | 7912 | 28773 | 57 | 28716 |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | 259322 | 14846 | 244476 | 329596 | 80121 | 249475 |
| Fidelity VIP Balanced Portfolio, Initial Class | 58 | 14 | 44 | 5 | 5 |  |
| Fidelity VIP Contrafund Portfolio, Service Class | 12191 | 55192 | (43001) | 14926 | 87505 | (72579) |
| Fidelity VIP Equity-Income Portfolio, Service Class | 4713 | 8739 | (4026) | 4686 | 10029 | (5343) |
| Fidelity VIP Freedom 2015 Portfolio, Service Class | 349 | 872 | (523) | 388 | 2267 | (1879) |
| Fidelity VIP Freedom 2020 Portfolio, Service Class | 905 | 662 | 243 | 995 | 1666 | (671) |
| Fidelity VIP Growth Opportunities Portfolio, Initial Class | 86069 | 34505 | 51564 | 73877 | 27343 | 46534 |
| Fidelity VIP Growth Portfolio, Service Class | 6994 | 8133 | (1139) | 8317 | 7727 | 590 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Fidelity VIP Index 500 Portfolio, Initial Class | 1125139 | 88409 | 1036730 | 1097748 | 63930 | 1033818 |
| Fidelity VIP Index 500 Portfolio, Service Class | 21398 | 27993 | (6595) | 26125 | 41322 | (15197) |
| Fidelity VIP Investment Grade Bond Portfolio, Initial Class | 379475 | 91161 | 288314 | 328110 | 95524 | 232586 |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class | 41272 | 33163 | 8109 | 65589 | 23299 | 42290 |
| Fidelity VIP Mid Cap Portfolio, Initial Class | 124260 | 17834 | 106426 | 84410 | 18809 | 65601 |
| Fidelity VIP Mid Cap Portfolio, Service Class | 18367 | 19576 | (1209) | 7668 | 24284 | (16616) |
| Franklin DynaTech VIP Fund, Class 2 | 4681 | 14903 | (10222) | 4612 | 15108 | (10496) |
| Franklin Growth and Income VIP Fund, Class 1 | 108585 | 23118 | 85467 | 221730 | 21431 | 200299 |
| Franklin Income VIP Fund, Class 1 | 40179 | 6497 | 33682 | 32190 | 7367 | 24823 |
| Franklin Income VIP Fund, Class 2 | 16544 | 36356 | (19812) | 24840 | 37295 | (12455) |
| Franklin Mutual Shares VIP Fund, Class 2 | 62449 | 97526 | (35077) | 53608 | 123762 | (70154) |
| Franklin Rising Dividends VIP Fund, Class 2 | 12304 | 34029 | (21725) | 15329 | 31698 | (16369) |
| Franklin Small Cap Value VIP Fund, Class 2 | 10690 | 13433 | (2743) | 7849 | 10141 | (2292) |
| Franklin Small-Mid Cap Growth VIP Fund, Class 2 | 11463 | 15439 | (3976) | 8672 | 11061 | (2389) |
| Franklin U.S. Government Securities VIP Fund, Class 2 | 65499 | 60020 | 5479 | 119207 | 31177 | 88030 |
| Goldman Sachs VIT Core Fixed Income Fund, Institutional Class | 646490 | 37505 | 608985 | 781807 | 28602 | 753205 |
| Goldman Sachs VIT Core Fixed Income Fund, Service Class | 21302 | 4177 | 17125 | 10518 | 5782 | 4736 |
| Goldman Sachs VIT International Equity Insights Fund, Institutional Class | 5845 | 24451 | (18606) | 12076 | 13574 | (1498) |
| Goldman Sachs VIT International Equity Insights Fund, Service Class | 16440 | 25661 | (9221) | 18965 | 14253 | 4712 |
| Goldman Sachs VIT Large Cap Value Fund, Institutional Class | 3539 | 13626 | (10087) | 2103 | 18074 | (15971) |
| Goldman Sachs VIT Large Cap Value Fund, Service Class | 2651 | 8515 | (5864) | 1006 | 6038 | (5032) |
| Goldman Sachs VIT Mid Cap Growth Fund, Service Class | 3446 | 7464 | (4018) | 2736 | 4719 | (1983) |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | 373985 | 26249 | 347736 | 334406 | 25968 | 308438 |
| Goldman Sachs VIT Mid Cap Value Fund, Service Class | 8111 | 7990 | 121 | 5644 | 9070 | (3426) |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class | 2447 | 7092 | (4645) | 3275 | 6984 | (3709) |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class | 685 | 3085 | (2400) | 529 | 1869 | (1340) |
| Goldman Sachs VIT Strategic Growth Fund, Institutional Class | 919 | 10155 | (9236) | 876 | 8878 | (8002) |
| Goldman Sachs VIT Strategic Growth Fund, Service Class | 2234 | 14057 | (11823) | 1709 | 13524 | (11815) |
| Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class | 867 | 9792 | (8925) | 827 | 7352 | (6525) |
| Goldman Sachs VIT U.S. Equity Insights Fund, Service Class | 99 | 367 | (268) | 47 | 213 | (166) |
| Invesco V.I. American Franchise Fund, Series I | 1803 | 14459 | (12656) | 3190 | 31673 | (28483) |
| Invesco V.I. American Value Fund, Series II | 4199 | 12462 | (8263) | 3932 | 15414 | (11482) |
| Invesco V.I. Balanced-Risk Allocation Fund, Series II | 1593 | 5657 | (4064) | 1840 | 5993 | (4153) |
| Invesco V.I. Comstock Fund, Series I | 5635 | 44515 | (38880) | 11871 | 61201 | (49330) |
| Invesco V.I. Discovery Large Cap Fund, Series I | 2567 | 12005 | (9438) | 873 | 18208 | (17335) |
| Invesco V.I. Discovery Mid Cap Growth Fund, Series I | 4261 | 12363 | (8102) | 3165 | 10954 | (7789) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Invesco V.I. Discovery Mid Cap Growth Fund, Series II | 3606 | 5222 | (1616) | 3054 | 1631 | 1423 |
| Invesco V.I. Diversified Dividend Fund, Series I | 44584 | 13178 | 31406 | 47544 | 7465 | 40079 |
| Invesco V.I. Equity and Income Fund, Series II | 9790 | 31881 | (22091) | 18106 | 30771 | (12665) |
| Invesco V.I. EQV International Equity Fund, Series II | 30092 | 31314 | (1222) | 39221 | 30506 | 8715 |
| Invesco V.I. Global Fund, Series I | 26215 | 30934 | (4719) | 45472 | 58619 | (13147) |
| Invesco V.I. Global Real Estate Fund, Series II | 5350 | 2439 | 2911 | 4877 | 2128 | 2749 |
| Invesco V.I. Global Strategic Income Fund, Series I | 14481 | 27230 | (12749) | 30828 | 22519 | 8309 |
| Invesco V.I. Government Securities Fund, Series II | 44288 | 32038 | 12250 | 55211 | 41914 | 13297 |
| Invesco V.I. Growth and Income Fund, Series I | 7202 | 47763 | (40561) | 6309 | 59778 | (53469) |
| Invesco V.I. Main Street Fund, Series I | 1126 | 13287 | (12161) | 1393 | 14061 | (12668) |
| Invesco V.I. S&P 500 Buffer Fund, December Series I | 16623 | 1491 | 15132 | 237 | 2 | 235 |
| Invesco V.I. S&P 500 Buffer Fund, June Series I | 1256 | 7492 | (6236) | 3837 | 708 | 3129 |
| Invesco V.I. S&P 500 Buffer Fund, March Series I | 24924 | 1826 | 23098 | 387 | 62 | 325 |
| Invesco V.I. S&P 500 Buffer Fund, September Series I | 136 | 12 | 124 | 2411 | 2 | 2409 |
| Invesco V.I. Small Cap Equity Fund, Series II | 10483 | 8803 | 1680 | 4739 | 8445 | (3706) |
| Invesco V.I. U.S. Government Money Portfolio, Series I | 2753051 | 2087864 | 665187 | 2803466 | 2349969 | 453497 |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | 130 | 13 | 117 | 237 | 40 | 197 |
| Lord Abbett Series Fund Bond Debenture Portfolio, Class VC | 234121 | 39236 | 194885 | 189434 | 35764 | 153670 |
| Lord Abbett Series Fund Dividend Growth Portfolio, Class VC | 44178 | 14341 | 29837 | 41422 | 14456 | 26966 |
| Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC | 7412 | 18147 | (10735) | 4818 | 18871 | (14053) |
| Lord Abbett Series Fund Growth and Income Portfolio, Class VC | 3552 | 31841 | (28289) | 2616 | 43658 | (41042) |
| Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC | 3581 | 8174 | (4593) | 3111 | 7076 | (3965) |
| Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC | 15152 | 25662 | (10510) | 6205 | 31478 | (25273) |
| MFS VIT Growth Series, Initial Class | 3393 | 17360 | (13967) | 4534 | 21816 | (17282) |
| MFS VIT II Emerging Markets Equity Portfolio, Service Class | 1525 | 7556 | (6031) | 3014 | 4848 | (1834) |
| MFS VIT II International Intrinsic Value Portfolio, Service Class | 9683 | 33164 | (23481) | 11041 | 18696 | (7655) |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class | 4250 | 15223 | (10973) | 3174 | 15336 | (12162) |
| MFS VIT Investors Trust Series, Initial Class | 1567 | 11185 | (9618) | 1363 | 17406 | (16043) |
| MFS VIT New Discovery Series, Initial Class | 2950 | 7672 | (4722) | 3476 | 8608 | (5132) |
| MFS VIT Research Series, Initial Class | 2065 | 10969 | (8904) | 1607 | 12855 | (11248) |
| MFS VIT Total Return Bond Series, Service Class | 68623 | 87231 | (18608) | 86888 | 42579 | 44309 |
| MFS VIT Total Return Series, Initial Class | 8912 | 28391 | (19479) | 16904 | 37469 | (20565) |
| MFS VIT Utilities Series, Initial Class | 1360 | 6151 | (4791) | 3267 | 6160 | (2893) |
| MFS VIT Value Series, Service Class | 13446 | 36467 | (23021) | 11165 | 27952 | (16787) |
| Morgan Stanley VIF Global Real Estate Portfolio, Class II |  |  |  | 11030 | 55103 | (44073) |
| PIMCO VIT All Asset Portfolio, Advisor Class | 214 | 401 | (187) | 421 | 498 | (77) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | 429288 | 16132 | 413156 | 426362 | 14045 | 412317 |
| PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class | 18870 | 13582 | 5288 | 22863 | 4315 | 18548 |
| PIMCO VIT Low Duration Portfolio, Advisor Class | 13997 | 23667 | (9670) | 18379 | 17534 | 845 |
| PIMCO VIT Real Return Portfolio, Advisor Class | 52606 | 41370 | 11236 | 89058 | 20027 | 69031 |
| PIMCO VIT Real Return Portfolio, Institutional Class |  |  |  | 59160 | 64509 | (5349) |
| PIMCO VIT Short-Term Portfolio, Advisor Class | 38035 | 15901 | 22134 | 24753 | 10267 | 14486 |
| PIMCO VIT Short-Term Portfolio, Institutional Class | 34126 | 5346 | 28780 | 33018 | 5922 | 27096 |
| PIMCO VIT Total Return Portfolio, Advisor Class | 131289 | 148068 | (16779) | 202671 | 59692 | 142979 |
| PIMCO VIT Total Return Portfolio, Institutional Class | 364367 | 93317 | 271050 | 331497 | 112308 | 219189 |
| Putnam VT Sustainable Leaders Fund, Class IA | 7070 | 4334 | 2736 | 3813 | 204 | 3609 |
| Royce Capital Fund Micro-Cap Portfolio, Service Class | 20067 | 16211 | 3856 | 2981 | 4607 | (1626) |
| Royce Capital Fund Small-Cap Portfolio, Investment Class | 51175 | 13679 | 37496 | 36516 | 7647 | 28869 |
| Royce Capital Fund Small-Cap Portfolio, Service Class | 33487 | 20265 | 13222 | 15784 | 17691 | (1907) |
| Schwab S&P 500 Index Portfolio | 17870 | 2592 | 15278 | 138568 | 86569 | 51999 |
| Templeton Developing Markets VIP Fund, Class 1 | 20232 | 4728 | 15504 | 10941 | 5404 | 5537 |
| Templeton Developing Markets VIP Fund, Class 2 | 10983 | 22319 | (11336) | 6355 | 3710 | 2645 |
| Templeton Foreign VIP Fund, Class 2 | 20579 | 59426 | (38847) | 48358 | 48412 | (54) |
| Templeton Global Bond VIP Fund, Class 2 | 63105 | 55699 | 7406 | 114170 | 34675 | 79495 |
| Templeton Growth VIP Fund, Class 2 | 16251 | 71227 | (54976) | 46318 | 89515 | (43197) |
| TOPS Aggressive Growth ETF Portfolio, Class 1 | 48688 | 3991 | 44697 | 67147 | 4153 | 62994 |
| TOPS Aggressive Growth ETF Portfolio, Class 2 | 447 | 182 | 265 | 893 | 796 | 97 |
| TOPS Balanced ETF Portfolio, Class 2 | 212 | 173 | 39 | 264 | 175 | 89 |
| TOPS Conservative ETF Portfolio, Class 1 | 8542 | 2641 | 5901 | 10597 | 1538 | 9059 |
| TOPS Conservative ETF Portfolio, Class 2 | 5476 | 3153 | 2323 | 2867 | 2790 | 77 |
| TOPS Growth ETF Portfolio, Class 1 | 218788 | 20608 | 198180 | 167094 | 19923 | 147171 |
| TOPS Growth ETF Portfolio, Class 2 | 6853 | 9063 | (2210) | 11326 | 2593 | 8733 |
| TOPS Moderate Growth ETF Portfolio, Class 1 | 198796 | 10311 | 188485 | 187855 | 18645 | 169210 |
| TOPS Moderate Growth ETF Portfolio, Class 2 | 3567 | 1075 | 2492 | 2033 | 446 | 1587 |
| Vanguard VIF Balanced Portfolio | 1491 | 15 | 1476 |  |  |  |
| Vanguard VIF Capital Growth Portfolio | 597739 | 31234 | 566505 | 569926 | 49560 | 520366 |
| Vanguard VIF Conservative Allocation Portfolio | 710 | 506 | 204 | 79251 | 66585 | 12666 |
| Vanguard VIF Equity Income Portfolio | 95063 | 8983 | 86080 | 90877 | 12851 | 78026 |
| Vanguard VIF Equity Index Portfolio | 6190 | 614 | 5576 | 6293 | 589 | 5704 |
| Vanguard VIF Growth Portfolio | 46 |  | 46 | 21011 | 23058 | (2047) |
| Vanguard VIF International Portfolio | 136801 | 49097 | 87704 | 103209 | 6975 | 96234 |
| Vanguard VIF Mid-Cap Index Portfolio | 1566 | 208 | 1358 | 629 | 295 | 334 |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Subaccount | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) | Units <br> Issued | Units<br> Redeemed | Net Increase<br> (Decrease) |
| Vanguard VIF Real Estate Index Portfolio | 27852 | 14850 | 13002 | 30296 | 4699 | 25597 |
| Vanguard VIF Short-Term Investment-Grade Portfolio | 970905 | 32845 | 938060 | 938371 | 27129 | 911242 |
| Vanguard VIF Total Bond Market Index Portfolio | 134229 | 120974 | 13255 | 160202 | 1643 | 158559 |
| Vanguard VIF Total Stock Market Index Portfolio | 28452 | 23991 | 4461 | 37010 | 1689 | 35321 |

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

5. EXPENSES
AND RELATED PARTY TRANSACTIONS

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Expense Type** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;**Monthly Standard Administrative Maintenance Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$3 - $9 per month |
| &nbsp;&nbsp;**Annual Policy Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted annually, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | &nbsp;&nbsp;$0 - $35 annually |
| &nbsp;&nbsp;**Mortality and Expense Risk Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for assuming mortality and expense risks. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | &nbsp;&nbsp;a monthly charge amounting to a per annum aggregate of 0.000% - 0.075% of the average daily net assets of each Subaccount |
| &nbsp;&nbsp;**Surrender Charge (Contingent Deferred Sales Charge)** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for some of the costs of distributing the Policies. The charge is a percent of the amount withdrawn, surrendered, or lapsed based on the number of full years which have elapsed between the date the Policy was issued and the surrender date as well as amount withdrawn in excess of the annual withdrawal amount allowed under the Policy, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$0 - $58 per $1,000 of the Policy's face amount |
| &nbsp;&nbsp;**Transfer Charge** |  |
| &nbsp;&nbsp;Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$25 per transfer after the first 12 transfers in any Policy year |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Expense Type** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;**Withdrawal Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from withdrawals. The charge is deducted upon withdrawal, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp; 2% of the amount withdrawn up to a maximum of $25 |
| &nbsp;&nbsp;**Charge for Optional Benefits** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs and risks stemming from optional living and/or death benefits elected by the Policy owner. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;0.0125% of policy value up to a maximum of $31.25 or 0.02% of policy value<br>$1.50 - $24.33 per $100 or $0.02 - $108.93 per thousand of rider coverage amount |
| &nbsp;&nbsp;**Cost of Insurance Charge (COI)** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's monthly anniversary day, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$0.01 - $333.33 per $1,000 of net amount at risk per month or 0.046% - 0.057% of the face amount of policy up to a maximum of the guaranteed COI |
| &nbsp;&nbsp;**Policy Expense Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for sales expenses, underwriting and issue expenses, and the average premium tax expense incurred when issuing Policies. The charge is based upon the Policy value on the monthly anniversary, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;a monthly charge amounting to a per annum aggregated of 0.00% - 0.06% of the Policy's value |
| &nbsp;&nbsp;**Premium Expense Charge** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for expenses incurred associated with the sales and distribution of the Policies. The charge is assessed on each premium payment received after the initial premium deposit, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;1.5% - 8.0% of each premium received |
| &nbsp;&nbsp;**Charge for Face Value Increase** |  |
| &nbsp;&nbsp;This charge is assessed to reimburse the Company for costs incurred from the face value increase. The charge is deducted monthly for the first 12 months following the face value increase, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.<br>| &nbsp;&nbsp;$0.06 - $4.95 per $1,000 of face increase per month up to a maximum of $250 per month |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Expense Type** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;**Monthly Administrative Charge for Initial Face Value** |  |
| &nbsp;&nbsp;This charge is assessed during the first 12 months after the initial purchase to reimburse the Company for administrative costs. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | &nbsp;&nbsp;$0.09 - $3.75 per $1,000 of face per month |
| The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy's value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended. | The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy's value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended. |

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| | |
|:---|:---|
| 6. | FINANCIAL HIGHLIGHTS |
|  | The Company sells a number of variable life products that are funded by the Separate Account. A summary of the units outstanding, unit fair values, net assets for variable Policies, investment income ratios, and total returns for each of the five years or periods ended December 31, 2025 is as follows: |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 696 | $18.55 | $12917 | 2.41% | 16.16% |
| &nbsp;&nbsp;&nbsp;2024 | 601 | 15.97 | 9600 | 2.61% | 16.74% |
| &nbsp;&nbsp;&nbsp;2023 | 455 | 13.68 | 6230 | 2.77% | 14.55% |
| &nbsp;&nbsp;&nbsp;2022 | 346 | 11.94 | 4133 | 2.56% | (13.19)% |
| &nbsp;&nbsp;&nbsp;2021 | 187 | 13.76 | 2577 | 1.86% | 15.40% |
| American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Asset Allocation Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 266 | 25.08 | 6661 | 2.11% | 15.85% |
| &nbsp;&nbsp;&nbsp;2024 | 258 | 21.65 | 5584 | 2.21% | 16.44% |
| &nbsp;&nbsp;&nbsp;2023 | 256 | 18.59 | 4769 | 2.29% | 14.27% |
| &nbsp;&nbsp;&nbsp;2022 | 251 | 16.27 | 4079 | 1.84% | (13.40)% |
| &nbsp;&nbsp;&nbsp;2021 | 245 | 18.79 | 4599 | 1.61% | 15.10% |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2812 | $21.68 | $60957 | 1.77% | 21.97% |
| &nbsp;&nbsp;&nbsp;2024 | 2216 | 17.77 | 39385 | 1.94% | 13.94% |
| &nbsp;&nbsp;&nbsp;2023 | 1638 | 15.60 | 25535 | 1.33% | 22.90% |
| &nbsp;&nbsp;&nbsp;2022 | 1017 | 12.69 | 12898 | 1.15% | (24.54)% |
| &nbsp;&nbsp;&nbsp;2021 | 367 | 16.82 | 6179 | 0.62% | 16.72% |
| American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Growth Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 174 | 30.61 | 5325 | 1.44% | 21.63% |
| &nbsp;&nbsp;&nbsp;2024 | 168 | 25.17 | 4229 | 1.56% | 13.68% |
| &nbsp;&nbsp;&nbsp;2023 | 168 | 22.14 | 3718 | 0.91% | 22.60% |
| &nbsp;&nbsp;&nbsp;2022 | 166 | 18.06 | 3003 | 0.63% | (24.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 151 | 23.99 | 3625 | 0.34% | 16.42% |
| American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 173 | 17.89 | 3103 | 0.36% | 14.64% |
| &nbsp;&nbsp;&nbsp;2024 | 164 | 15.61 | 2557 | 1.06% | 2.33% |
| &nbsp;&nbsp;&nbsp;2023 | 157 | 15.25 | 2391 | 0.27% | 16.17% |
| &nbsp;&nbsp;&nbsp;2022 | 157 | 13.13 | 2058 | 0.00% | (29.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 135 | 18.64 | 2523 | 0.00% | 6.74% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1364 | $31.92 | $43537 | 0.24% | 20.53% |
| &nbsp;&nbsp;&nbsp;2024 | 1047 | 26.48 | 27718 | 0.64% | 31.96% |
| &nbsp;&nbsp;&nbsp;2023 | 752 | 20.07 | 15098 | 0.69% | 38.81% |
| &nbsp;&nbsp;&nbsp;2022 | 499 | 14.46 | 7218 | 0.71% | (29.76)% |
| &nbsp;&nbsp;&nbsp;2021 | 232 | 20.58 | 4766 | 0.62% | 22.30% |
| American Funds IS Growth Fund, Class 2 | American Funds IS Growth Fund, Class 2 | American Funds IS Growth Fund, Class 2 | American Funds IS Growth Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 293 | 52.31 | 15302 | 0.15% | 20.23% |
| &nbsp;&nbsp;&nbsp;2024 | 300 | 43.51 | 13049 | 0.33% | 31.63% |
| &nbsp;&nbsp;&nbsp;2023 | 315 | 33.05 | 10415 | 0.37% | 38.48% |
| &nbsp;&nbsp;&nbsp;2022 | 315 | 23.87 | 7518 | 0.30% | (29.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 298 | 34.07 | 10155 | 0.22% | 21.99% |
| American Funds IS Growth-Income Fund, Class 1 | American Funds IS Growth-Income Fund, Class 1 | American Funds IS Growth-Income Fund, Class 1 | American Funds IS Growth-Income Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 964 | 23.91 | 23042 | 1.23% | 18.37% |
| &nbsp;&nbsp;&nbsp;2024 | 830 | 20.20 | 16763 | 1.45% | 24.54% |
| &nbsp;&nbsp;&nbsp;2023 | 698 | 16.22 | 11326 | 1.84% | 26.46% |
| &nbsp;&nbsp;&nbsp;2022 | 486 | 12.83 | 6231 | 1.84% | (16.29)% |
| &nbsp;&nbsp;&nbsp;2021 | 250 | 15.32 | 3827 | (13.55)% | 24.42% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| American Funds IS International Fund, Class 2 | American Funds IS International Fund, Class 2 | American Funds IS International Fund, Class 2 | American Funds IS International Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 226 | $17.19 | $3883 | 1.34% | 26.76% |
| &nbsp;&nbsp;&nbsp;2024 | 240 | 13.56 | 3252 | 1.22% | 3.16% |
| &nbsp;&nbsp;&nbsp;2023 | 230 | 13.15 | 3023 | 1.35% | 15.84% |
| &nbsp;&nbsp;&nbsp;2022 | 224 | 11.35 | 2543 | 1.66% | (20.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 211 | 14.33 | 3029 | 2.52% | (1.50)% |
| American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3028 | 17.66 | 53466 | 1.51% | 28.60% |
| &nbsp;&nbsp;&nbsp;2024 | 2380 | 13.73 | 32676 | 1.81% | 6.86% |
| &nbsp;&nbsp;&nbsp;2023 | 1658 | 12.85 | 21292 | 2.04% | 16.22% |
| &nbsp;&nbsp;&nbsp;2022 | 990 | 11.06 | 10938 | 1.90% | (21.86)% |
| &nbsp;&nbsp;&nbsp;2021 | 334 | 14.15 | 4729 | 1.41% | 5.16% |
| American Funds IS New World Fund, Class 2 | American Funds IS New World Fund, Class 2 | American Funds IS New World Fund, Class 2 | American Funds IS New World Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 119 | 22.12 | 2627 | 1.15% | 28.30% |
| &nbsp;&nbsp;&nbsp;2024 | 121 | 17.24 | 2079 | 1.43% | 6.56% |
| &nbsp;&nbsp;&nbsp;2023 | 114 | 16.18 | 1842 | 1.52% | 16.00% |
| &nbsp;&nbsp;&nbsp;2022 | 108 | 13.95 | 1509 | 1.32% | (22.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 88 | 17.91 | 1582 | 0.92% | 4.92% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| American Funds IS Washington Mutual Investors Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 398 | $30.34 | $12071 | 1.46% | 17.21% |
| &nbsp;&nbsp;&nbsp;2024 | 393 | 25.89 | 10167 | 1.63% | 19.14% |
| &nbsp;&nbsp;&nbsp;2023 | 392 | 21.73 | 8515 | 1.92% | 17.29% |
| &nbsp;&nbsp;&nbsp;2022 | 396 | 18.53 | 7336 | 1.87% | (8.45)% |
| &nbsp;&nbsp;&nbsp;2021 | 389 | 20.24 | 7863 | 1.51% | 27.78% |
| BlackRock Global Allocation V.I. Fund, Class I | BlackRock Global Allocation V.I. Fund, Class I | BlackRock Global Allocation V.I. Fund, Class I | BlackRock Global Allocation V.I. Fund, Class I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4 | 14.53 | 54 | 4.86% | 19.80% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 12.13 | 5 | 2.77% | 8.44% |
| Calvert VP SRI Balanced Portfolio, Class I | Calvert VP SRI Balanced Portfolio, Class I | Calvert VP SRI Balanced Portfolio, Class I | Calvert VP SRI Balanced Portfolio, Class I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 63.81 | 79 | 1.65% | 11.48% |
| &nbsp;&nbsp;&nbsp;2024 | 1 | 57.24 | 72 | 1.73% | 19.61% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | 47.86 | 62 | 1.61% | 16.82% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | 40.97 | 54 | 1.16% | (15.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | 48.43 | 65 | 1.18% | 15.12% |
| ClearBridge Variable Mid Cap Portfolio, Class I | ClearBridge Variable Mid Cap Portfolio, Class I | ClearBridge Variable Mid Cap Portfolio, Class I | ClearBridge Variable Mid Cap Portfolio, Class I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11 | 12.68 | 141 | 0.30% | 4.35% |
| &nbsp;&nbsp;&nbsp;2024 | 9 | 12.15 | 114 | 0.37% | 10.01% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 11.04 | 29 | 0.29% | 3.79% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| 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;2025 | 73 | $43.64 | $3170 | 0.01% | 4.08% |
| &nbsp;&nbsp;&nbsp;2024 | 67 | 41.93 | 2806 | 0.37% | 9.73% |
| &nbsp;&nbsp;&nbsp;2023 | 67 | 38.21 | 2563 | 0.02% | 12.62% |
| &nbsp;&nbsp;&nbsp;2022 | 69 | 33.93 | 2340 | 0.09% | (25.50)% |
| &nbsp;&nbsp;&nbsp;2021 | 67 | 45.54 | 3046 | 0.03% | 28.39% |
| ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1864 | 15.37 | 28654 | 0.00% | 9.23% |
| &nbsp;&nbsp;&nbsp;2024 | 1386 | 14.07 | 19505 | 0.00% | 4.50% |
| &nbsp;&nbsp;&nbsp;2023 | 928 | 13.46 | 12484 | 0.00% | 8.40% |
| &nbsp;&nbsp;&nbsp;2022 | 533 | 12.42 | 6614 | 0.00% | (28.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 179 | 17.46 | 3122 | 0.00% | 12.61% |
| ClearBridge Variable Small Cap Growth Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 45 | 55.21 | 2470 | 0.00% | 8.97% |
| &nbsp;&nbsp;&nbsp;2024 | 45 | 50.67 | 2258 | 0.00% | 4.23% |
| &nbsp;&nbsp;&nbsp;2023 | 39 | 48.61 | 1895 | 0.00% | 8.12% |
| &nbsp;&nbsp;&nbsp;2022 | 37 | 44.96 | 1658 | 0.00% | (29.01)% |
| &nbsp;&nbsp;&nbsp;2021 | 39 | 63.33 | 2445 | 0.00% | 12.31% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA Global Moderate Allocation Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 12 | $20.78 | $245 | 2.63% | 14.68% |
| &nbsp;&nbsp;&nbsp;2024 | 12 | 18.12 | 212 | 0.94% | 11.99% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 16.18 | 55 | 0.76% | 4.88% |
| Dimensional VA International Small Portfolio, Institutional | Dimensional VA International Small Portfolio, Institutional | Dimensional VA International Small Portfolio, Institutional | Dimensional VA International Small Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 725 | 18.42 | 13353 | 3.82% | 36.99% |
| &nbsp;&nbsp;&nbsp;2024 | 571 | 13.45 | 7674 | 4.21% | 3.82% |
| &nbsp;&nbsp;&nbsp;2023 | 366 | 12.95 | 4738 | 3.92% | 14.11% |
| &nbsp;&nbsp;&nbsp;2022 | 225 | 11.35 | 2558 | 3.63% | (17.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 73 | 13.78 | 1003 | 3.83% | 14.56% |
| Dimensional VA International Value Portfolio, Institutional | Dimensional VA International Value Portfolio, Institutional | Dimensional VA International Value Portfolio, Institutional | Dimensional VA International Value Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 211 | 21.78 | 4586 | 4.68% | 45.64% |
| &nbsp;&nbsp;&nbsp;2024 | 206 | 14.96 | 3080 | 6.13% | 6.62% |
| &nbsp;&nbsp;&nbsp;2023 | 94 | 14.03 | 1324 | 5.90% | 17.86% |
| &nbsp;&nbsp;&nbsp;2022 | 63 | 11.90 | 746 | 5.22% | (3.46)% |
| &nbsp;&nbsp;&nbsp;2021 | 27 | 12.33 | 338 | 6.83% | 18.11% |
| Dimensional VA Short-Term Fixed Portfolio, Institutional | Dimensional VA Short-Term Fixed Portfolio, Institutional | Dimensional VA Short-Term Fixed Portfolio, Institutional | Dimensional VA Short-Term Fixed Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 90 | 11.60 | 1042 | 4.45% | 4.33% |
| &nbsp;&nbsp;&nbsp;2024 | 134 | 11.12 | 1493 | 23.68% | 4.34% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Dimensional VA US Large Value Portfolio, Institutional | Dimensional VA US Large Value Portfolio, Institutional | Dimensional VA US Large Value Portfolio, Institutional | Dimensional VA US Large Value Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 282 | $18.92 | $5345 | 2.12% | 15.83% |
| &nbsp;&nbsp;&nbsp;2024 | 210 | 16.34 | 3431 | 2.71% | 13.38% |
| &nbsp;&nbsp;&nbsp;2023 | 128 | 14.41 | 1844 | 2.73% | 10.92% |
| &nbsp;&nbsp;&nbsp;2022 | 75 | 12.99 | 974 | 3.12% | (4.88)% |
| &nbsp;&nbsp;&nbsp;2021 | 32 | 13.65 | 430 | 2.49% | 27.04% |
| Dimensional VA US Targeted Value Portfolio, Institutional | Dimensional VA US Targeted Value Portfolio, Institutional | Dimensional VA US Targeted Value Portfolio, Institutional | Dimensional VA US Targeted Value Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 37 | 23.59 | 871 | 1.98% | 8.95% |
| &nbsp;&nbsp;&nbsp;2024 | 29 | 21.65 | 628 | 7.00% | 8.14% |
| &nbsp;&nbsp;&nbsp;2023 | 0 \* | 20.03 | 6 | 51.85% | 22.54% |
| Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | Dimensional VIT Inflation-Protected Securities Portfolio, Institutional | Dimensional VIT Inflation-Protected Securities Portfolio, Institutional |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1000 | 11.89 | 11885 | 4.50% | 7.55% |
| &nbsp;&nbsp;&nbsp;2024 | 755 | 11.06 | 8347 | 3.15% | 1.88% |
| &nbsp;&nbsp;&nbsp;2023 | 506 | 10.85 | 5486 | 5.06% | 4.02% |
| &nbsp;&nbsp;&nbsp;2022 | 278 | 10.43 | 2898 | 11.60% | (12.45)% |
| &nbsp;&nbsp;&nbsp;2021 | 100 | 11.92 | 1188 | 8.09% | 5.58% |
| Fidelity VIP Balanced Portfolio, Initial Class | Fidelity VIP Balanced Portfolio, Initial Class | Fidelity VIP Balanced Portfolio, Initial Class | Fidelity VIP Balanced Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 15.77 | 1 | 3.28% | 21.85% |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 0.00% | 4.73% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Contrafund Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 605 | $119.39 | $72171 | 0.05% | 21.38% |
| &nbsp;&nbsp;&nbsp;2024 | 648 | 98.36 | 63728 | 0.09% | 33.63% |
| &nbsp;&nbsp;&nbsp;2023 | 721 | 73.60 | 53037 | 0.40% | 33.34% |
| &nbsp;&nbsp;&nbsp;2022 | 753 | 55.20 | 41555 | 0.38% | (26.38)% |
| &nbsp;&nbsp;&nbsp;2021 | 751 | 74.98 | 56303 | 0.05% | 27.71% |
| Fidelity VIP Equity-Income Portfolio, Service Class | Fidelity VIP Equity-Income Portfolio, Service Class | Fidelity VIP Equity-Income Portfolio, Service Class | Fidelity VIP Equity-Income Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 75 | 57.44 | 4298 | 1.74% | 18.92% |
| &nbsp;&nbsp;&nbsp;2024 | 79 | 48.30 | 3803 | 1.73% | 15.24% |
| &nbsp;&nbsp;&nbsp;2023 | 84 | 41.91 | 3529 | 1.76% | 10.53% |
| &nbsp;&nbsp;&nbsp;2022 | 92 | 37.92 | 3456 | 1.75% | (5.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 99 | 39.95 | 3955 | 1.92% | 24.83% |
| Fidelity VIP Freedom 2015 Portfolio, Service Class | Fidelity VIP Freedom 2015 Portfolio, Service Class | Fidelity VIP Freedom 2015 Portfolio, Service Class | Fidelity VIP Freedom 2015 Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 18 | 27.11 | 473 | 2.97% | 11.87% |
| &nbsp;&nbsp;&nbsp;2024 | 18 | 24.23 | 438 | 3.15% | 6.34% |
| &nbsp;&nbsp;&nbsp;2023 | 20 | 22.79 | 455 | 3.59% | 10.86% |
| &nbsp;&nbsp;&nbsp;2022 | 21 | 20.56 | 437 | 1.98% | (14.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 23 | 24.09 | 545 | 1.07% | 7.59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Fidelity VIP Freedom 2020 Portfolio, Service Class | Fidelity VIP Freedom 2020 Portfolio, Service Class | Fidelity VIP Freedom 2020 Portfolio, Service Class | Fidelity VIP Freedom 2020 Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 36 | $29.01 | $1048 | 2.72% | 13.18% |
| &nbsp;&nbsp;&nbsp;2024 | 36 | 25.63 | 922 | 2.81% | 7.55% |
| &nbsp;&nbsp;&nbsp;2023 | 37 | 23.83 | 873 | 3.13% | 12.34% |
| &nbsp;&nbsp;&nbsp;2022 | 37 | 21.21 | 791 | 1.94% | (15.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 35 | 25.20 | 888 | 1.02% | 9.47% |
| Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Growth Opportunities Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 316 | 32.04 | 10132 | 0.00% | 21.95% |
| &nbsp;&nbsp;&nbsp;2024 | 265 | 26.28 | 6953 | 0.00% | 38.89% |
| &nbsp;&nbsp;&nbsp;2023 | 218 | 18.92 | 4126 | 0.00% | 45.65% |
| &nbsp;&nbsp;&nbsp;2022 | 153 | 12.99 | 1994 | 0.00% | (38.15)% |
| &nbsp;&nbsp;&nbsp;2021 | 52 | 21.00 | 1098 | 0.00% | 11.94% |
| Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Growth Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 59 | 86.27 | 5102 | 0.21% | 14.78% |
| &nbsp;&nbsp;&nbsp;2024 | 61 | 75.16 | 4553 | 0.00% | 30.27% |
| &nbsp;&nbsp;&nbsp;2023 | 60 | 57.70 | 3461 | 0.04% | 36.09% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | 42.39 | 2756 | 0.47% | (24.52)% |
| &nbsp;&nbsp;&nbsp;2021 | 80 | 56.17 | 3905 | 0.00% | 23.08% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4647 | $24.99 | $116137 | 1.25% | 17.78% |
| &nbsp;&nbsp;&nbsp;2024 | 3611 | 21.22 | 76613 | 1.40% | 24.90% |
| &nbsp;&nbsp;&nbsp;2023 | 2577 | 16.99 | 43762 | 1.70% | 26.19% |
| &nbsp;&nbsp;&nbsp;2022 | 1496 | 13.46 | 20140 | 1.85% | (18.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 512 | 16.46 | 8429 | 1.56% | 28.58% |
| Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 616 | 78.73 | 48510 | 1.09% | 17.66% |
| &nbsp;&nbsp;&nbsp;2024 | 623 | 66.91 | 41657 | 1.20% | 24.77% |
| &nbsp;&nbsp;&nbsp;2023 | 638 | 53.63 | 34211 | 1.40% | 26.07% |
| &nbsp;&nbsp;&nbsp;2022 | 665 | 42.54 | 28276 | 1.32% | (18.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 672 | 52.06 | 34915 | 1.20% | 28.45% |
| Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1221 | 11.06 | 13505 | 3.99% | 7.22% |
| &nbsp;&nbsp;&nbsp;2024 | 932 | 10.32 | 9620 | 3.60% | 1.79% |
| &nbsp;&nbsp;&nbsp;2023 | 700 | 10.14 | 7092 | 3.44% | 6.20% |
| &nbsp;&nbsp;&nbsp;2022 | 370 | 9.54 | 3527 | 3.16% | (12.96)% |
| &nbsp;&nbsp;&nbsp;2021 | 148 | 10.97 | 1628 | 2.76% | (0.61)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 828 | $21.05 | $17409 | 3.58% | 7.14% |
| &nbsp;&nbsp;&nbsp;2024 | 820 | 19.64 | 16092 | 3.49% | 1.62% |
| &nbsp;&nbsp;&nbsp;2023 | 777 | 19.33 | 15019 | 2.60% | 6.12% |
| &nbsp;&nbsp;&nbsp;2022 | 747 | 18.21 | 13603 | 2.19% | (13.03)% |
| &nbsp;&nbsp;&nbsp;2021 | 766 | 20.94 | 15949 | 2.03% | (0.72)% |
| Fidelity VIP Mid Cap Portfolio, Initial Class | Fidelity VIP Mid Cap Portfolio, Initial Class | Fidelity VIP Mid Cap Portfolio, Initial Class | Fidelity VIP Mid Cap Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 416 | 20.73 | 8620 | 0.50% | 11.75% |
| &nbsp;&nbsp;&nbsp;2024 | 309 | 18.55 | 5740 | 0.61% | 17.49% |
| &nbsp;&nbsp;&nbsp;2023 | 244 | 15.79 | 3850 | 0.71% | 15.08% |
| &nbsp;&nbsp;&nbsp;2022 | 183 | 13.72 | 2504 | 0.63% | (14.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 94 | 16.09 | 1508 | 0.83% | 25.60% |
| Fidelity VIP Mid Cap Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 416 | 81.85 | 34001 | 0.38% | 11.66% |
| &nbsp;&nbsp;&nbsp;2024 | 417 | 73.30 | 30553 | 0.47% | 17.35% |
| &nbsp;&nbsp;&nbsp;2023 | 434 | 62.46 | 27065 | 0.53% | 15.00% |
| &nbsp;&nbsp;&nbsp;2022 | 437 | 54.31 | 23745 | 0.39% | (14.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 446 | 63.79 | 28411 | 0.52% | 25.51% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Franklin DynaTech VIP Fund, Class 2 | Franklin DynaTech VIP Fund, Class 2 | Franklin DynaTech VIP Fund, Class 2 | Franklin DynaTech VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 122 | $68.04 | $8328 | 0.00% | 18.13% |
| &nbsp;&nbsp;&nbsp;2024 | 133 | 57.60 | 7624 | 0.00% | 30.44% |
| &nbsp;&nbsp;&nbsp;2023 | 143 | 44.15 | 6319 | 0.00% | 43.77% |
| &nbsp;&nbsp;&nbsp;2022 | 153 | 30.71 | 4711 | 0.00% | (39.96)% |
| &nbsp;&nbsp;&nbsp;2021 | 133 | 51.15 | 6820 | 0.00% | 16.14% |
| Franklin Growth and Income VIP Fund, Class 1 | Franklin Growth and Income VIP Fund, Class 1 | Franklin Growth and Income VIP Fund, Class 1 | Franklin Growth and Income VIP Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1094 | 20.12 | 22005 | 2.23% | 16.98% |
| &nbsp;&nbsp;&nbsp;2024 | 1009 | 17.20 | 17342 | 2.33% | 18.49% |
| &nbsp;&nbsp;&nbsp;2023 | 808 | 14.51 | 11720 | 2.24% | 9.18% |
| &nbsp;&nbsp;&nbsp;2022 | 467 | 13.29 | 6206 | 2.89% | (6.60)% |
| &nbsp;&nbsp;&nbsp;2021 | 170 | 14.23 | 2423 | 1.17% | 25.59% |
| Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 146 | 15.34 | 2240 | 4.94% | 12.87% |
| &nbsp;&nbsp;&nbsp;2024 | 112 | 13.59 | 1526 | 5.14% | 7.46% |
| &nbsp;&nbsp;&nbsp;2023 | 87 | 12.65 | 1106 | 5.19% | 8.87% |
| &nbsp;&nbsp;&nbsp;2022 | 55 | 11.62 | 638 | 4.59% | (5.24)% |
| &nbsp;&nbsp;&nbsp;2021 | 27 | 12.26 | 336 | 2.42% | 17.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Franklin Income VIP Fund, Class 2 | Franklin Income VIP Fund, Class 2 | Franklin Income VIP Fund, Class 2 | Franklin Income VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 695 | $32.84 | $22829 | 5.05% | 12.56% |
| &nbsp;&nbsp;&nbsp;2024 | 715 | 29.18 | 20853 | 5.19% | 7.20% |
| &nbsp;&nbsp;&nbsp;2023 | 728 | 27.22 | 19796 | 5.07% | 8.62% |
| &nbsp;&nbsp;&nbsp;2022 | 745 | 25.06 | 18658 | 4.80% | (5.47)% |
| &nbsp;&nbsp;&nbsp;2021 | 805 | 26.51 | 21340 | 4.77% | 16.75% |
| Franklin Mutual Shares VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1949 | 31.14 | 60646 | 2.05% | 11.52% |
| &nbsp;&nbsp;&nbsp;2024 | 1984 | 27.92 | 55354 | 2.00% | 11.27% |
| &nbsp;&nbsp;&nbsp;2023 | 2054 | 25.10 | 51497 | 1.90% | 13.46% |
| &nbsp;&nbsp;&nbsp;2022 | 2128 | 22.12 | 47045 | 1.80% | (7.43)% |
| &nbsp;&nbsp;&nbsp;2021 | 2209 | 23.89 | 52728 | 3.00% | 19.17% |
| Franklin Rising Dividends VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 584 | 56.17 | 32810 | 0.81% | 11.80% |
| &nbsp;&nbsp;&nbsp;2024 | 606 | 50.24 | 30417 | 1.01% | 10.79% |
| &nbsp;&nbsp;&nbsp;2023 | 622 | 45.35 | 28226 | 0.91% | 12.08% |
| &nbsp;&nbsp;&nbsp;2022 | 633 | 40.46 | 25602 | 0.75% | (10.57)% |
| &nbsp;&nbsp;&nbsp;2021 | 650 | 45.25 | 29408 | 0.87% | 26.79% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small Cap Value VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 128 | $48.25 | $6200 | 1.08% | 7.65% |
| &nbsp;&nbsp;&nbsp;2024 | 131 | 44.82 | 5882 | 0.93% | 11.71% |
| &nbsp;&nbsp;&nbsp;2023 | 134 | 40.12 | 5358 | 0.52% | 12.75% |
| &nbsp;&nbsp;&nbsp;2022 | 136 | 35.59 | 4853 | 0.96% | (10.06)% |
| &nbsp;&nbsp;&nbsp;2021 | 132 | 39.57 | 5223 | 1.05% | 25.37% |
| Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 149 | 46.03 | 6846 | 0.00% | 2.52% |
| &nbsp;&nbsp;&nbsp;2024 | 153 | 44.90 | 6855 | 0.00% | 11.04% |
| &nbsp;&nbsp;&nbsp;2023 | 155 | 40.44 | 6271 | 0.00% | 26.74% |
| &nbsp;&nbsp;&nbsp;2022 | 157 | 31.91 | 5022 | 0.00% | (33.69)% |
| &nbsp;&nbsp;&nbsp;2021 | 144 | 48.12 | 6942 | 0.00% | 10.01% |
| Franklin U.S. Government Securities VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1234 | 15.06 | 18558 | 3.25% | 6.69% |
| &nbsp;&nbsp;&nbsp;2024 | 1229 | 14.11 | 17329 | 3.06% | 1.37% |
| &nbsp;&nbsp;&nbsp;2023 | 1141 | 13.92 | 15836 | 2.68% | 4.47% |
| &nbsp;&nbsp;&nbsp;2022 | 1103 | 13.33 | 14697 | 2.35% | (9.75)% |
| &nbsp;&nbsp;&nbsp;2021 | 1124 | 14.77 | 16565 | 2.48% | (1.83)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT Core Fixed Income Fund, Institutional Class | Goldman Sachs VIT Core Fixed Income Fund, Institutional Class | Goldman Sachs VIT Core Fixed Income Fund, Institutional Class | Goldman Sachs VIT Core Fixed Income Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3158 | $10.69 | $33764 | 3.89% | 7.46% |
| &nbsp;&nbsp;&nbsp;2024 | 2549 | 9.95 | 25363 | 4.03% | 1.24% |
| &nbsp;&nbsp;&nbsp;2023 | 1796 | 9.83 | 17647 | 3.21% | 6.08% |
| &nbsp;&nbsp;&nbsp;2022 | 997 | 9.27 | 9236 | 1.50% | (14.03)% |
| &nbsp;&nbsp;&nbsp;2021 | 329 | 10.78 | 3547 | 0.71% | (2.06)% |
| Goldman Sachs VIT Core Fixed Income Fund, Service Class | Goldman Sachs VIT Core Fixed Income Fund, Service Class | Goldman Sachs VIT Core Fixed Income Fund, Service Class | Goldman Sachs VIT Core Fixed Income Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 109 | 12.06 | 1309 | 3.67% | 7.32% |
| &nbsp;&nbsp;&nbsp;2024 | 91 | 11.24 | 1027 | 3.72% | 0.89% |
| &nbsp;&nbsp;&nbsp;2023 | 87 | 11.14 | 965 | 2.83% | 5.83% |
| &nbsp;&nbsp;&nbsp;2022 | 78 | 10.53 | 821 | 1.39% | (14.28)% |
| &nbsp;&nbsp;&nbsp;2021 | 85 | 12.28 | 1047 | 1.08% | (2.23)% |
| Goldman Sachs VIT International Equity Insights Fund, Institutional Class | Goldman Sachs VIT International Equity Insights Fund, Institutional Class | Goldman Sachs VIT International Equity Insights Fund, Institutional Class | Goldman Sachs VIT International Equity Insights Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 208 | 44.64 | 9255 | 2.71% | 38.48% |
| &nbsp;&nbsp;&nbsp;2024 | 227 | 32.23 | 7306 | 3.06% | 6.13% |
| &nbsp;&nbsp;&nbsp;2023 | 228 | 30.37 | 6929 | 2.74% | 18.71% |
| &nbsp;&nbsp;&nbsp;2022 | 243 | 25.58 | 6222 | 3.01% | (13.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 255 | 29.60 | 7537 | 2.94% | 12.17% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT International Equity Insights Fund, Service Class | Goldman Sachs VIT International Equity Insights Fund, Service Class | Goldman Sachs VIT International Equity Insights Fund, Service Class | Goldman Sachs VIT International Equity Insights Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 198 | $22.02 | $4352 | 2.45% | 38.15% |
| &nbsp;&nbsp;&nbsp;2024 | 207 | 15.94 | 3295 | 2.72% | 5.81% |
| &nbsp;&nbsp;&nbsp;2023 | 202 | 15.07 | 3046 | 2.49% | 18.43% |
| &nbsp;&nbsp;&nbsp;2022 | 210 | 12.72 | 2672 | 2.87% | (13.72)% |
| &nbsp;&nbsp;&nbsp;2021 | 202 | 14.74 | 2985 | 2.63% | 11.81% |
| Goldman Sachs VIT Large Cap Value Fund, Institutional Class | Goldman Sachs VIT Large Cap Value Fund, Institutional Class | Goldman Sachs VIT Large Cap Value Fund, Institutional Class | Goldman Sachs VIT Large Cap Value Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 218 | 77.66 | 16820 | 1.13% | 10.88% |
| &nbsp;&nbsp;&nbsp;2024 | 228 | 70.04 | 15894 | 1.42% | 17.10% |
| &nbsp;&nbsp;&nbsp;2023 | 244 | 59.81 | 14559 | 1.78% | 13.01% |
| &nbsp;&nbsp;&nbsp;2022 | 262 | 52.93 | 13841 | 1.29% | (6.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 285 | 56.53 | 15865 | 1.20% | 24.13% |
| Goldman Sachs VIT Large Cap Value Fund, Service Class | Goldman Sachs VIT Large Cap Value Fund, Service Class | Goldman Sachs VIT Large Cap Value Fund, Service Class | Goldman Sachs VIT Large Cap Value Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 97 | 35.03 | 3404 | 0.87% | 10.60% |
| &nbsp;&nbsp;&nbsp;2024 | 103 | 31.67 | 3264 | 1.18% | 16.79% |
| &nbsp;&nbsp;&nbsp;2023 | 108 | 27.12 | 2931 | 1.55% | 12.71% |
| &nbsp;&nbsp;&nbsp;2022 | 111 | 24.06 | 2670 | 1.05% | (6.57)% |
| &nbsp;&nbsp;&nbsp;2021 | 120 | 25.75 | 3079 | 0.90% | 23.93% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT Mid Cap Growth Fund, Service Class | Goldman Sachs VIT Mid Cap Growth Fund, Service Class | Goldman Sachs VIT Mid Cap Growth Fund, Service Class | Goldman Sachs VIT Mid Cap Growth Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 57 | $62.25 | $3541 | 0.00% | 7.36% |
| &nbsp;&nbsp;&nbsp;2024 | 61 | 57.98 | 3531 | 0.00% | 20.29% |
| &nbsp;&nbsp;&nbsp;2023 | 63 | 48.20 | 3021 | 0.00% | 18.45% |
| &nbsp;&nbsp;&nbsp;2022 | 64 | 40.70 | 2605 | 0.00% | (26.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 60 | 55.22 | 3332 | 0.00% | 11.48% |
| Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | Goldman Sachs VIT Mid Cap Value Fund, Institutional Class | Goldman Sachs VIT Mid Cap Value Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1531 | 20.31 | 31101 | 1.34% | 6.27% |
| &nbsp;&nbsp;&nbsp;2024 | 1184 | 19.11 | 22621 | 1.15% | 7.86% |
| &nbsp;&nbsp;&nbsp;2023 | 875 | 17.72 | 15504 | 1.22% | 1.30% |
| &nbsp;&nbsp;&nbsp;2022 | 542 | 17.49 | 9475 | 0.82% | (50.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 255 | 35.04 | 6462 | 0.56% | 30.95% |
| Goldman Sachs VIT Mid Cap Value Fund, Service Class | Goldman Sachs VIT Mid Cap Value Fund, Service Class | Goldman Sachs VIT Mid Cap Value Fund, Service Class | Goldman Sachs VIT Mid Cap Value Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 217 | 42.47 | 9190 | 0.97% | 9.13% |
| &nbsp;&nbsp;&nbsp;2024 | 216 | 38.92 | 8415 | 0.75% | 12.16% |
| &nbsp;&nbsp;&nbsp;2023 | 220 | 34.70 | 7629 | 0.76% | 11.11% |
| &nbsp;&nbsp;&nbsp;2022 | 216 | 31.23 | 6741 | 0.40% | (10.23)% |
| &nbsp;&nbsp;&nbsp;2021 | 225 | 34.79 | 7798 | 0.21% | 30.57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 92 | $133.08 | $12276 | 0.76% | 16.14% |
| &nbsp;&nbsp;&nbsp;2024 | 97 | 114.59 | 11102 | 1.00% | 19.05% |
| &nbsp;&nbsp;&nbsp;2023 | 101 | 96.25 | 9682 | 1.04% | 19.28% |
| &nbsp;&nbsp;&nbsp;2022 | 102 | 80.70 | 8213 | 0.29% | (19.38)% |
| &nbsp;&nbsp;&nbsp;2021 | 105 | 100.10 | 10505 | 0.50% | 23.79% |
| Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 13 | 52.26 | 677 | 0.51% | 15.82% |
| &nbsp;&nbsp;&nbsp;2024 | 15 | 45.12 | 693 | 0.76% | 18.82% |
| &nbsp;&nbsp;&nbsp;2023 | 17 | 37.98 | 634 | 0.83% | 18.95% |
| &nbsp;&nbsp;&nbsp;2022 | 17 | 31.93 | 534 | 0.09% | (19.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 16 | 39.73 | 650 | 0.23% | 23.50% |
| Goldman Sachs VIT Strategic Growth Fund, Institutional Class | Goldman Sachs VIT Strategic Growth Fund, Institutional Class | Goldman Sachs VIT Strategic Growth Fund, Institutional Class | Goldman Sachs VIT Strategic Growth Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 118 | 204.14 | 23974 | 0.00% | 17.92% |
| &nbsp;&nbsp;&nbsp;2024 | 127 | 173.12 | 22006 | 0.00% | 32.37% |
| &nbsp;&nbsp;&nbsp;2023 | 135 | 130.79 | 17671 | 0.00% | 41.94% |
| &nbsp;&nbsp;&nbsp;2022 | 147 | 92.14 | 13392 | 0.00% | (32.52)% |
| &nbsp;&nbsp;&nbsp;2021 | 148 | 136.54 | 20073 | 0.00% | 21.93% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Goldman Sachs VIT Strategic Growth Fund, Service Class | Goldman Sachs VIT Strategic Growth Fund, Service Class | Goldman Sachs VIT Strategic Growth Fund, Service Class | Goldman Sachs VIT Strategic Growth Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 108 | $83.88 | $9023 | 0.00% | 17.58% |
| &nbsp;&nbsp;&nbsp;2024 | 119 | 71.33 | 8520 | 0.00% | 32.09% |
| &nbsp;&nbsp;&nbsp;2023 | 131 | 54.01 | 7089 | 0.00% | 41.65% |
| &nbsp;&nbsp;&nbsp;2022 | 143 | 38.13 | 5437 | 0.00% | (32.68)% |
| &nbsp;&nbsp;&nbsp;2021 | 132 | 56.64 | 7468 | 0.00% | 21.56% |
| Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 118 | 142.75 | 16814 | 0.72% | 15.75% |
| &nbsp;&nbsp;&nbsp;2024 | 127 | 123.33 | 15509 | 0.66% | 28.32% |
| &nbsp;&nbsp;&nbsp;2023 | 134 | 96.11 | 12822 | 0.69% | 23.81% |
| &nbsp;&nbsp;&nbsp;2022 | 142 | 77.63 | 10914 | 0.78% | (19.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 150 | 96.72 | 14360 | 0.84% | 29.41% |
| Goldman Sachs VIT U.S. Equity Insights Fund, Service Class | Goldman Sachs VIT U.S. Equity Insights Fund, Service Class | Goldman Sachs VIT U.S. Equity Insights Fund, Service Class | Goldman Sachs VIT U.S. Equity Insights Fund, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 62.72 | 131 | 0.50% | 15.49% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 54.31 | 128 | 0.43% | 28.00% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 42.43 | 107 | 0.43% | 23.59% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 34.33 | 114 | 0.56% | (19.90)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 42.87 | 143 | 0.58% | 29.11% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Franchise Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 221 | $41.71 | $9205 | 0.00% | 11.66% |
| &nbsp;&nbsp;&nbsp;2024 | 234 | 37.35 | 8728 | 0.00% | 34.89% |
| &nbsp;&nbsp;&nbsp;2023 | 262 | 27.69 | 7248 | 0.00% | 40.93% |
| &nbsp;&nbsp;&nbsp;2022 | 283 | 19.65 | 5533 | 0.00% | (31.11)% |
| &nbsp;&nbsp;&nbsp;2021 | 283 | 28.52 | 8084 | 0.00% | 11.93% |
| Invesco V.I. American Value Fund, Series II | Invesco V.I. American Value Fund, Series II | Invesco V.I. American Value Fund, Series II | Invesco V.I. American Value Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 115 | 62.28 | 7123 | 0.22% | 20.76% |
| &nbsp;&nbsp;&nbsp;2024 | 123 | 51.57 | 6335 | 0.79% | 30.10% |
| &nbsp;&nbsp;&nbsp;2023 | 134 | 39.64 | 5310 | 0.39% | 15.29% |
| &nbsp;&nbsp;&nbsp;2022 | 139 | 34.38 | 4772 | 0.44% | (2.86)% |
| &nbsp;&nbsp;&nbsp;2021 | 148 | 35.40 | 5247 | 0.24% | 27.62% |
| Invesco V.I. Balanced-Risk Allocation Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 21 | 22.67 | 469 | 6.80% | 8.69% |
| &nbsp;&nbsp;&nbsp;2024 | 25 | 20.86 | 516 | 5.57% | 3.56% |
| &nbsp;&nbsp;&nbsp;2023 | 29 | 20.14 | 582 | 0.00% | 6.40% |
| &nbsp;&nbsp;&nbsp;2022 | 29 | 18.93 | 549 | 7.14% | (14.52)% |
| &nbsp;&nbsp;&nbsp;2021 | 31 | 22.14 | 681 | 3.05% | 9.26% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Invesco V.I. Comstock Fund, Series I | Invesco V.I. Comstock Fund, Series I | Invesco V.I. Comstock Fund, Series I | Invesco V.I. Comstock Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 640 | $92.33 | $59010 | 1.69% | 17.44% |
| &nbsp;&nbsp;&nbsp;2024 | 679 | 78.61 | 53356 | 1.75% | 15.18% |
| &nbsp;&nbsp;&nbsp;2023 | 728 | 68.26 | 49636 | 1.86% | 12.36% |
| &nbsp;&nbsp;&nbsp;2022 | 767 | 60.75 | 46584 | 1.57% | 1.12% |
| &nbsp;&nbsp;&nbsp;2021 | 846 | 60.07 | 50802 | 1.89% | 33.36% |
| Invesco V.I. Discovery Large Cap Fund, Series I | Invesco V.I. Discovery Large Cap Fund, Series I | Invesco V.I. Discovery Large Cap Fund, Series I | Invesco V.I. Discovery Large Cap Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 150 | 130.97 | 19617 | 0.00% | 12.80% |
| &nbsp;&nbsp;&nbsp;2024 | 159 | 116.12 | 18490 | 0.00% | 34.16% |
| &nbsp;&nbsp;&nbsp;2023 | 177 | 86.55 | 15276 | 0.00% | 35.38% |
| &nbsp;&nbsp;&nbsp;2022 | 186 | 63.93 | 11786 | 0.00% | (30.78)% |
| &nbsp;&nbsp;&nbsp;2021 | 192 | 92.36 | 17194 | 0.00% | 22.57% |
| Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 152 | 84.95 | 12876 | 0.00% | 4.79% |
| &nbsp;&nbsp;&nbsp;2024 | 160 | 81.07 | 12942 | 0.00% | 24.23% |
| &nbsp;&nbsp;&nbsp;2023 | 167 | 65.26 | 10928 | 0.00% | 13.15% |
| &nbsp;&nbsp;&nbsp;2022 | 171 | 57.67 | 9855 | 0.00% | (30.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 167 | 83.56 | 13975 | 0.00% | 19.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| 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;2025 | 34 | $17.94 | $618 | 0.00% | 4.53% |
| &nbsp;&nbsp;&nbsp;2024 | 36 | 17.16 | 619 | 0.00% | 23.92% |
| &nbsp;&nbsp;&nbsp;2023 | 35 | 13.85 | 480 | 0.00% | 12.85% |
| &nbsp;&nbsp;&nbsp;2022 | 31 | 12.27 | 375 | 0.00% | (31.13)% |
| &nbsp;&nbsp;&nbsp;2021 | 25 | 17.82 | 446 | 0.00% | 18.79% |
| Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Diversified Dividend Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 256 | 17.71 | 4542 | 1.74% | 15.74% |
| &nbsp;&nbsp;&nbsp;2024 | 225 | 15.30 | 3443 | 2.02% | 13.22% |
| &nbsp;&nbsp;&nbsp;2023 | 185 | 13.51 | 2500 | 2.32% | 9.04% |
| &nbsp;&nbsp;&nbsp;2022 | 116 | 12.39 | 1442 | 2.32% | (1.68)% |
| &nbsp;&nbsp;&nbsp;2021 | 58 | 12.61 | 733 | 2.58% | 18.89% |
| Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. Equity and Income Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 651 | 58.28 | 37855 | 1.90% | 12.52% |
| &nbsp;&nbsp;&nbsp;2024 | 673 | 51.80 | 34810 | 1.61% | 11.91% |
| &nbsp;&nbsp;&nbsp;2023 | 686 | 46.29 | 31714 | 1.76% | 10.24% |
| &nbsp;&nbsp;&nbsp;2022 | 728 | 41.99 | 29438 | 1.43% | (7.71)% |
| &nbsp;&nbsp;&nbsp;2021 | 757 | 45.50 | 34422 | 1.70% | 18.35% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Invesco V.I. EQV International Equity Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 639 | $20.94 | $13366 | 1.20% | 16.23% |
| &nbsp;&nbsp;&nbsp;2024 | 640 | 18.02 | 11533 | 1.56% | 0.34% |
| &nbsp;&nbsp;&nbsp;2023 | 631 | 17.95 | 11306 | 0.00% | 17.87% |
| &nbsp;&nbsp;&nbsp;2022 | 655 | 15.23 | 9971 | 1.37% | (18.50)% |
| &nbsp;&nbsp;&nbsp;2021 | 620 | 18.69 | 11586 | 1.09% | 5.61% |
| Invesco V.I. Global Fund, Series I | Invesco V.I. Global Fund, Series I | Invesco V.I. Global Fund, Series I | Invesco V.I. Global Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 427 | 92.99 | 39731 | 0.00% | 11.27% |
| &nbsp;&nbsp;&nbsp;2024 | 432 | 83.57 | 36108 | 0.00% | 12.31% |
| &nbsp;&nbsp;&nbsp;2023 | 445 | 74.41 | 33117 | 0.23% | 28.18% |
| &nbsp;&nbsp;&nbsp;2022 | 450 | 58.05 | 26102 | 0.00% | 8.77% |
| &nbsp;&nbsp;&nbsp;2021 | 404 | 53.37 | 35132 | 0.00% | 15.49% |
| Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Real Estate Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 66 | 16.24 | 1064 | 1.83% | 7.61% |
| &nbsp;&nbsp;&nbsp;2024 | 63 | 15.09 | 948 | 2.49% | (2.11)% |
| &nbsp;&nbsp;&nbsp;2023 | 60 | 15.41 | 926 | 1.24% | 8.82% |
| &nbsp;&nbsp;&nbsp;2022 | 57 | 14.16 | 809 | 2.42% | (25.14)% |
| &nbsp;&nbsp;&nbsp;2021 | 56 | 18.92 | 1059 | 2.64% | 25.44% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Invesco V.I. Global Strategic Income Fund, Series I | Invesco V.I. Global Strategic Income Fund, Series I | Invesco V.I. Global Strategic Income Fund, Series I | Invesco V.I. Global Strategic Income Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 427 | $35.88 | $15244 | 5.85% | 12.98% |
| &nbsp;&nbsp;&nbsp;2024 | 440 | 31.75 | 13928 | 3.12% | 3.16% |
| &nbsp;&nbsp;&nbsp;2023 | 431 | 30.78 | 13227 | 0.00% | 8.88% |
| &nbsp;&nbsp;&nbsp;2022 | 446 | 28.27 | 12609 | 0.00% | (11.46)% |
| &nbsp;&nbsp;&nbsp;2021 | 444 | 31.93 | 14155 | 4.93% | (3.41)% |
| Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Government Securities Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 432 | 12.71 | 5408 | 2.90% | 6.95% |
| &nbsp;&nbsp;&nbsp;2024 | 419 | 11.88 | 4967 | 2.37% | 1.47% |
| &nbsp;&nbsp;&nbsp;2023 | 406 | 11.71 | 4752 | 1.81% | 4.46% |
| &nbsp;&nbsp;&nbsp;2022 | 427 | 11.21 | 4766 | 1.73% | (10.58)% |
| &nbsp;&nbsp;&nbsp;2021 | 430 | 12.54 | 5353 | 2.31% | (2.43)% |
| Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Growth and Income Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 817 | 73.90 | 60130 | 1.48% | 15.62% |
| &nbsp;&nbsp;&nbsp;2024 | 857 | 63.91 | 54617 | 1.47% | 16.00% |
| &nbsp;&nbsp;&nbsp;2023 | 911 | 55.10 | 50136 | 1.63% | 12.66% |
| &nbsp;&nbsp;&nbsp;2022 | 941 | 48.91 | 46028 | 1.60% | (5.75)% |
| &nbsp;&nbsp;&nbsp;2021 | 1006 | 51.89 | 52109 | 1.59% | 28.51% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Invesco V.I. Main Street Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. Main Street Fund, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 154 | $93.70 | $14367 | 0.54% | 15.93% |
| &nbsp;&nbsp;&nbsp;2024 | 166 | 80.82 | 13372 | 0.00% | 23.64% |
| &nbsp;&nbsp;&nbsp;2023 | 179 | 65.37 | 11679 | 0.84% | 23.22% |
| &nbsp;&nbsp;&nbsp;2022 | 191 | 53.05 | 10123 | 1.39% | (20.13)% |
| &nbsp;&nbsp;&nbsp;2021 | 197 | 66.42 | 13102 | 0.72% | 27.57% |
| Invesco V.I. S&P 500 Buffer Fund, December Series I | Invesco V.I. S&P 500 Buffer Fund, December Series I | Invesco V.I. S&P 500 Buffer Fund, December Series I | Invesco V.I. S&P 500 Buffer Fund, December Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 15 | 14.43 | 222 | 0.00% | 12.53% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 12.82 | 3 | 0.00% | 1.78% |
| Invesco V.I. S&P 500 Buffer Fund, June Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2 | 14.71 | 31 | 0.00% | 13.65% |
| &nbsp;&nbsp;&nbsp;2024 | 8 | 12.95 | 108 | 0.00% | 14.03% |
| &nbsp;&nbsp;&nbsp;2023 | 5 | 11.35 | 58 | 0.00% | 6.73% |
| Invesco V.I. S&P 500 Buffer Fund, March Series I | Invesco V.I. S&P 500 Buffer Fund, March Series I | Invesco V.I. S&P 500 Buffer Fund, March Series I | Invesco V.I. S&P 500 Buffer Fund, March Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 23 | 13.67 | 320 | 0.00% | 11.21% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 12.70 | 4 | 0.00% | 12.55% |
| Invesco V.I. S&P 500 Buffer Fund, September Series I | Invesco V.I. S&P 500 Buffer Fund, September Series I | Invesco V.I. S&P 500 Buffer Fund, September Series I | Invesco V.I. S&P 500 Buffer Fund, September Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3 | 14.15 | 36 | 0.00% | 12.78% |
| &nbsp;&nbsp;&nbsp;2024 | 2 | 12.54 | 30 | 0.00% | 7.09% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. Small Cap Equity Fund, Series II |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 122 | $32.43 | $3933 | 0.00% | 7.83% |
| &nbsp;&nbsp;&nbsp;2024 | 120 | 30.08 | 3608 | 0.00% | 17.85% |
| &nbsp;&nbsp;&nbsp;2023 | 124 | 25.52 | 3152 | 0.00% | 16.26% |
| &nbsp;&nbsp;&nbsp;2022 | 118 | 21.95 | 2590 | 0.00% | (20.73)% |
| &nbsp;&nbsp;&nbsp;2021 | 110 | 27.69 | 3052 | 0.00% | 20.09% |
| Invesco V.I. U.S. Government Money Portfolio, Series I | Invesco V.I. U.S. Government Money Portfolio, Series I | Invesco V.I. U.S. Government Money Portfolio, Series I | Invesco V.I. U.S. Government Money Portfolio, Series I |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 6753 | 1.87 | 12643 | 3.57% | 3.64% |
| &nbsp;&nbsp;&nbsp;2024 | 6088 | 1.81 | 11000 | 4.53% | 4.63% |
| &nbsp;&nbsp;&nbsp;2023 | 5635 | 1.73 | 9723 | 4.45% | 4.54% |
| &nbsp;&nbsp;&nbsp;2022 | 5878 | 1.65 | 9711 | 1.26% | 1.26% |
| &nbsp;&nbsp;&nbsp;2021 | 6332 | 1.63 | 10286 | 0.01% | 0.00% |
| Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares | Janus Henderson VIT Global Technology and Innovation Portfolio, Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 24.11 | 8 | 0.00% | 25.15% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 19.26 | 4 | 0.00% | 21.32% |
| Lord Abbett Series Fund Bond Debenture Portfolio, Class VC | Lord Abbett Series Fund Bond Debenture Portfolio, Class VC | Lord Abbett Series Fund Bond Debenture Portfolio, Class VC | Lord Abbett Series Fund Bond Debenture Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1475 | 40.18 | 59197 | 6.49% | 8.33% |
| &nbsp;&nbsp;&nbsp;2024 | 1280 | 37.09 | 47448 | 6.04% | 6.72% |
| &nbsp;&nbsp;&nbsp;2023 | 1126 | 34.76 | 39112 | 5.44% | 6.55% |
| &nbsp;&nbsp;&nbsp;2022 | 1039 | 32.62 | 33874 | 4.52% | (12.80)% |
| &nbsp;&nbsp;&nbsp;2021 | 971 | 37.41 | 36107 | 3.26% | 3.28% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total<br> Return <sup>(b)</sup> |
| Lord Abbett Series Fund Dividend Growth Portfolio, Class VC | Lord Abbett Series Fund Dividend Growth Portfolio, Class VC | Lord Abbett Series Fund Dividend Growth Portfolio, Class VC | Lord Abbett Series Fund Dividend Growth Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 347 | $98.90 | $34222 | 0.64% | 15.98% |
| &nbsp;&nbsp;&nbsp;2024 | 317 | 85.27 | 27008 | 0.61% | 22.14% |
| &nbsp;&nbsp;&nbsp;2023 | 290 | 69.82 | 20207 | 0.87% | 16.33% |
| &nbsp;&nbsp;&nbsp;2022 | 270 | 60.02 | 16219 | 0.85% | (13.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 247 | 69.42 | 17149 | 0.75% | 25.62% |
| Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC | Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC | Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC | Lord Abbett Series Fund Fundamental Equity Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 296 | 47.03 | 13933 | 0.44% | 14.29% |
| &nbsp;&nbsp;&nbsp;2024 | 307 | 41.15 | 12630 | 0.73% | 16.65% |
| &nbsp;&nbsp;&nbsp;2023 | 321 | 35.28 | 11330 | 0.60% | 14.63% |
| &nbsp;&nbsp;&nbsp;2022 | 327 | 30.77 | 10070 | 1.03% | (11.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 333 | 34.96 | 11612 | 0.86% | 27.31% |
| Lord Abbett Series Fund Growth and Income Portfolio, Class VC | Lord Abbett Series Fund Growth and Income Portfolio, Class VC | Lord Abbett Series Fund Growth and Income Portfolio, Class VC | Lord Abbett Series Fund Growth and Income Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 390 | 57.67 | 22514 | 0.58% | 17.29% |
| &nbsp;&nbsp;&nbsp;2024 | 419 | 49.17 | 20507 | 0.86% | 20.60% |
| &nbsp;&nbsp;&nbsp;2023 | 460 | 40.77 | 18689 | 0.96% | 13.19% |
| &nbsp;&nbsp;&nbsp;2022 | 487 | 36.02 | 17510 | 1.24% | (9.44)% |
| &nbsp;&nbsp;&nbsp;2021 | 518 | 39.77 | 20570 | 1.08% | 29.02% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC | Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC | Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC | Lord Abbett Series Fund Growth Opportunities Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 73 | $83.07 | $6053 | 0.00% | 12.94% |
| &nbsp;&nbsp;&nbsp;2024 | 78 | 73.55 | 5719 | 0.00% | 30.61% |
| &nbsp;&nbsp;&nbsp;2023 | 82 | 56.32 | 4600 | 0.00% | 10.67% |
| &nbsp;&nbsp;&nbsp;2022 | 82 | 50.89 | 4152 | 0.00% | (32.53)% |
| &nbsp;&nbsp;&nbsp;2021 | 77 | 75.42 | 5770 | 0.00% | 6.46% |
| Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC | Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC | Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC | Lord Abbett Series Fund Mid Cap Stock Portfolio, Class VC |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 417 | 51.22 | 21314 | 0.34% | 7.05% |
| &nbsp;&nbsp;&nbsp;2024 | 428 | 47.85 | 20470 | 0.46% | 14.90% |
| &nbsp;&nbsp;&nbsp;2023 | 453 | 41.64 | 18870 | 0.47% | 15.42% |
| &nbsp;&nbsp;&nbsp;2022 | 481 | 36.08 | 17344 | 0.77% | (11.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 510 | 40.64 | 20717 | 0.60% | 28.70% |
| MFS VIT Growth Series, Initial Class | MFS VIT Growth Series, Initial Class | MFS VIT Growth Series, Initial Class | MFS VIT Growth Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 168 | 160.48 | 26886 | 0.00% | 12.19% |
| &nbsp;&nbsp;&nbsp;2024 | 182 | 143.04 | 25991 | 0.00% | 31.47% |
| &nbsp;&nbsp;&nbsp;2023 | 199 | 108.80 | 21630 | 0.00% | 35.86% |
| &nbsp;&nbsp;&nbsp;2022 | 212 | 80.08 | 16962 | 0.00% | (31.63)% |
| &nbsp;&nbsp;&nbsp;2021 | 205 | 117.14 | 23972 | 0.00% | 23.53% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| MFS VIT II Emerging Markets Equity Portfolio, Service Class | MFS VIT II Emerging Markets Equity Portfolio, Service Class | MFS VIT II Emerging Markets Equity Portfolio, Service Class | MFS VIT II Emerging Markets Equity Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 49 | $16.23 | $789 | 1.89% | 33.35% |
| &nbsp;&nbsp;&nbsp;2024 | 55 | 12.17 | 665 | 2.22% | 11.31% |
| &nbsp;&nbsp;&nbsp;2023 | 57 | 10.93 | 618 | 1.18% | 10.71% |
| &nbsp;&nbsp;&nbsp;2022 | 60 | 9.87 | 588 | 3.77% | (19.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 54 | 12.33 | 671 | 0.27% | (7.02)% |
| MFS VIT II International Intrinsic Value Portfolio, Service Class | MFS VIT II International Intrinsic Value Portfolio, Service Class | MFS VIT II International Intrinsic Value Portfolio, Service Class | MFS VIT II International Intrinsic Value Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 265 | 36.76 | 9744 | 1.34% | 32.96% |
| &nbsp;&nbsp;&nbsp;2024 | 289 | 27.65 | 7986 | 1.15% | 6.97% |
| &nbsp;&nbsp;&nbsp;2023 | 296 | 25.85 | 7647 | 0.47% | 17.37% |
| &nbsp;&nbsp;&nbsp;2022 | 314 | 22.02 | 6914 | 0.47% | (23.75)% |
| &nbsp;&nbsp;&nbsp;2021 | 292 | 28.88 | 8424 | 0.14% | 10.28% |
| MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 181 | 37.80 | 6839 | 0.27% | 9.90% |
| &nbsp;&nbsp;&nbsp;2024 | 192 | 34.40 | 6602 | 0.35% | 16.27% |
| &nbsp;&nbsp;&nbsp;2023 | 204 | 29.58 | 6036 | 0.29% | 24.01% |
| &nbsp;&nbsp;&nbsp;2022 | 215 | 23.86 | 5128 | 0.10% | (19.26)% |
| &nbsp;&nbsp;&nbsp;2021 | 223 | 29.55 | 6588 | 0.24% | 25.97% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| MFS VIT Investors Trust Series, Initial Class | MFS VIT Investors Trust Series, Initial Class | MFS VIT Investors Trust Series, Initial Class | MFS VIT Investors Trust Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 149 | $94.92 | $14099 | 1.62% | 13.57% |
| &nbsp;&nbsp;&nbsp;2024 | 159 | 83.58 | 13232 | 0.69% | 19.52% |
| &nbsp;&nbsp;&nbsp;2023 | 175 | 69.93 | 12205 | 0.72% | 18.98% |
| &nbsp;&nbsp;&nbsp;2022 | 192 | 58.78 | 11141 | 0.64% | (16.49)% |
| &nbsp;&nbsp;&nbsp;2021 | 203 | 70.38 | 13994 | 0.64% | 26.81% |
| MFS VIT New Discovery Series, Initial Class | MFS VIT New Discovery Series, Initial Class | MFS VIT New Discovery Series, Initial Class | MFS VIT New Discovery Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 91 | 102.03 | 9240 | 0.00% | 12.96% |
| &nbsp;&nbsp;&nbsp;2024 | 95 | 90.32 | 8612 | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;2023 | 101 | 84.63 | 8509 | 0.00% | 14.41% |
| &nbsp;&nbsp;&nbsp;2022 | 103 | 73.97 | 7579 | 0.00% | (29.76)% |
| &nbsp;&nbsp;&nbsp;2021 | 95 | 105.31 | 9960 | 0.00% | 1.80% |
| MFS VIT Research Series, Initial Class | MFS VIT Research Series, Initial Class | MFS VIT Research Series, Initial Class | MFS VIT Research Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 142 | 103.61 | 14756 | 0.96% | 12.85% |
| &nbsp;&nbsp;&nbsp;2024 | 151 | 91.81 | 13897 | 0.60% | 18.87% |
| &nbsp;&nbsp;&nbsp;2023 | 163 | 77.23 | 12509 | 0.51% | 22.42% |
| &nbsp;&nbsp;&nbsp;2022 | 175 | 63.09 | 11057 | 0.46% | (17.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 182 | 76.21 | 13760 | 0.55% | 24.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| MFS VIT Total Return Bond Series, Service Class | MFS VIT Total Return Bond Series, Service Class | MFS VIT Total Return Bond Series, Service Class | MFS VIT Total Return Bond Series, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1070 | $16.12 | $17210 | 4.29% | 6.94% |
| &nbsp;&nbsp;&nbsp;2024 | 1088 | 15.08 | 16401 | 4.13% | 2.33% |
| &nbsp;&nbsp;&nbsp;2023 | 1044 | 14.73 | 15335 | 3.00% | 7.13% |
| &nbsp;&nbsp;&nbsp;2022 | 1036 | 13.75 | 14241 | 2.46% | (14.18)% |
| &nbsp;&nbsp;&nbsp;2021 | 1027 | 16.02 | 16425 | 5.14% | (1.07)% |
| MFS VIT Total Return Series, Initial Class | MFS VIT Total Return Series, Initial Class | MFS VIT Total Return Series, Initial Class | MFS VIT Total Return Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 329 | 68.16 | 22273 | 2.71% | 11.16% |
| &nbsp;&nbsp;&nbsp;2024 | 348 | 61.32 | 21287 | 2.47% | 7.75% |
| &nbsp;&nbsp;&nbsp;2023 | 369 | 56.91 | 20977 | 2.06% | 10.44% |
| &nbsp;&nbsp;&nbsp;2022 | 383 | 51.53 | 19725 | 1.65% | (9.58)% |
| &nbsp;&nbsp;&nbsp;2021 | 401 | 56.99 | 22821 | 1.84% | 14.12% |
| MFS VIT Utilities Series, Initial Class | MFS VIT Utilities Series, Initial Class | MFS VIT Utilities Series, Initial Class | MFS VIT Utilities Series, Initial Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 64 | 94.33 | 6021 | 2.91% | 15.01% |
| &nbsp;&nbsp;&nbsp;2024 | 69 | 82.02 | 5626 | 2.33% | 11.66% |
| &nbsp;&nbsp;&nbsp;2023 | 72 | 73.45 | 5259 | 3.55% | (2.11)% |
| &nbsp;&nbsp;&nbsp;2022 | 73 | 75.04 | 5447 | 2.31% | 0.76% |
| &nbsp;&nbsp;&nbsp;2021 | 80 | 74.47 | 5943 | 1.74% | 14.09% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| MFS VIT 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;2025 | 458 | $50.48 | $23112 | 1.40% | 12.77% |
| &nbsp;&nbsp;&nbsp;2024 | 481 | 44.77 | 21533 | 1.45% | 11.35% |
| &nbsp;&nbsp;&nbsp;2023 | 498 | 40.20 | 19973 | 1.42% | 7.63% |
| &nbsp;&nbsp;&nbsp;2022 | 508 | 37.35 | 18962 | 1.10% | (6.14)% |
| &nbsp;&nbsp;&nbsp;2021 | 539 | 39.80 | 21383 | 1.18% | 25.16% |
| Morgan Stanley VIF Global Real Estate Portfolio, Class II | Morgan Stanley VIF Global Real Estate Portfolio, Class II | Morgan Stanley VIF Global Real Estate Portfolio, Class II | Morgan Stanley VIF Global Real Estate Portfolio, Class II |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 2.20% | 8.85% |
| &nbsp;&nbsp;&nbsp;2023 | 44 | 14.40 | 635 | 1.95% | 10.47% |
| &nbsp;&nbsp;&nbsp;2022 | 43 | 13.03 | 554 | 4.30% | (26.20)% |
| &nbsp;&nbsp;&nbsp;2021 | 45 | 17.66 | 749 | 2.37% | 23.83% |
| PIMCO VIT All Asset Portfolio, Advisor Class | PIMCO VIT All Asset Portfolio, Advisor Class | PIMCO VIT All Asset Portfolio, Advisor Class | PIMCO VIT All Asset Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 23 | 18.85 | 442 | 4.53% | 14.19% |
| &nbsp;&nbsp;&nbsp;2024 | 24 | 16.51 | 390 | 6.33% | 3.57% |
| &nbsp;&nbsp;&nbsp;2023 | 24 | 15.94 | 377 | 2.62% | 8.02% |
| &nbsp;&nbsp;&nbsp;2022 | 11 | 14.76 | 161 | 7.32% | (11.87)% |
| &nbsp;&nbsp;&nbsp;2021 | 11 | 16.74 | 190 | 11.27% | 16.04% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1406 | $11.21 | $15765 | 3.61% | 4.10% |
| &nbsp;&nbsp;&nbsp;2024 | 993 | 10.77 | 10693 | 3.80% | 5.62% |
| &nbsp;&nbsp;&nbsp;2023 | 580 | 10.20 | 5918 | 2.76% | 9.18% |
| &nbsp;&nbsp;&nbsp;2022 | 342 | 9.34 | 3196 | 1.69% | (10.02)% |
| &nbsp;&nbsp;&nbsp;2021 | 133 | 10.38 | 1377 | 0.96% | (1.81)% |
| PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class | PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class | PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class | PIMCO VIT Long-Term U.S. Government Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 88 | 14.77 | 1307 | 3.18% | 6.19% |
| &nbsp;&nbsp;&nbsp;2024 | 83 | 13.91 | 1157 | 2.64% | (6.10)% |
| &nbsp;&nbsp;&nbsp;2023 | 65 | 14.81 | 958 | 2.28% | 3.88% |
| &nbsp;&nbsp;&nbsp;2022 | 49 | 14.26 | 698 | 1.83% | (28.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 44 | 20.07 | 879 | 1.18% | (4.88)% |
| PIMCO VIT Low Duration Portfolio, Advisor Class | PIMCO VIT Low Duration Portfolio, Advisor Class | PIMCO VIT Low Duration Portfolio, Advisor Class | PIMCO VIT Low Duration Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 169 | 13.53 | 2288 | 3.85% | 5.42% |
| &nbsp;&nbsp;&nbsp;2024 | 179 | 12.83 | 2292 | 3.89% | 4.39% |
| &nbsp;&nbsp;&nbsp;2023 | 178 | 12.29 | 2186 | 3.50% | 4.87% |
| &nbsp;&nbsp;&nbsp;2022 | 181 | 11.72 | 2123 | 1.58% | (5.84)% |
| &nbsp;&nbsp;&nbsp;2021 | 179 | 12.45 | 2231 | 0.44% | (1.03)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| PIMCO VIT Real Return Portfolio, Advisor Class | PIMCO VIT Real Return Portfolio, Advisor Class | PIMCO VIT Real Return Portfolio, Advisor Class | PIMCO VIT Real Return Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 886 | $16.39 | $14515 | 3.23% | 7.74% |
| &nbsp;&nbsp;&nbsp;2024 | 875 | 15.21 | 13299 | 2.51% | 2.03% |
| &nbsp;&nbsp;&nbsp;2023 | 806 | 14.91 | 12017 | 2.90% | 3.57% |
| &nbsp;&nbsp;&nbsp;2022 | 775 | 14.39 | 11151 | 6.77% | (11.99)% |
| &nbsp;&nbsp;&nbsp;2021 | 776 | 16.35 | 12661 | 4.96% | 5.48% |
| PIMCO VIT Real Return Portfolio, Institutional Class | PIMCO VIT Real Return Portfolio, Institutional Class | PIMCO VIT Real Return Portfolio, Institutional Class | PIMCO VIT Real Return Portfolio, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2024 |  |  |  | 10.00% | 1.47% |
| &nbsp;&nbsp;&nbsp;2023 | 5 | 10.27 | 55 | 0.97% | 2.25% |
| PIMCO VIT Short-Term Portfolio, Advisor Class | PIMCO VIT Short-Term Portfolio, Advisor Class | PIMCO VIT Short-Term Portfolio, Advisor Class | PIMCO VIT Short-Term Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 242 | 14.01 | 3384 | 4.37% | 4.57% |
| &nbsp;&nbsp;&nbsp;2024 | 219 | 13.40 | 2937 | 4.91% | 5.95% |
| &nbsp;&nbsp;&nbsp;2023 | 205 | 12.64 | 2590 | 4.37% | 5.80% |
| &nbsp;&nbsp;&nbsp;2022 | 205 | 11.95 | 2448 | 1.50% | (0.25)% |
| &nbsp;&nbsp;&nbsp;2021 | 204 | 11.98 | 2446 | 1.01% | (0.16)% |
| PIMCO VIT Short-Term Portfolio, Institutional Class | PIMCO VIT Short-Term Portfolio, Institutional Class | PIMCO VIT Short-Term Portfolio, Institutional Class | PIMCO VIT Short-Term Portfolio, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 136 | 12.17 | 1655 | 4.61% | 4.83% |
| &nbsp;&nbsp;&nbsp;2024 | 107 | 11.61 | 1245 | 5.14% | 6.21% |
| &nbsp;&nbsp;&nbsp;2023 | 80 | 10.93 | 876 | 4.66% | 6.06% |
| &nbsp;&nbsp;&nbsp;2022 | 51 | 10.31 | 683 | 1.98% | (0.00)% |
| &nbsp;&nbsp;&nbsp;2021 | 29 | 10.31 | 297 | 0.47% | 0.09% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| PIMCO VIT Total Return Portfolio, Advisor Class | PIMCO VIT Total Return Portfolio, Advisor Class | PIMCO VIT Total Return Portfolio, Advisor Class | PIMCO VIT Total Return Portfolio, Advisor Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2242 | $15.71 | $35192 | 4.01% | 8.78% |
| &nbsp;&nbsp;&nbsp;2024 | 2258 | 14.44 | 32602 | 3.94% | 2.43% |
| &nbsp;&nbsp;&nbsp;2023 | 2115 | 14.10 | 29793 | 3.47% | 5.83% |
| &nbsp;&nbsp;&nbsp;2022 | 2038 | 13.32 | 27132 | 2.45% | (14.39)% |
| &nbsp;&nbsp;&nbsp;2021 | 1994 | 15.56 | 30989 | 1.75% | (1.37)% |
| PIMCO VIT Total Return Portfolio, Institutional Class | PIMCO VIT Total Return Portfolio, Institutional Class | PIMCO VIT Total Return Portfolio, Institutional Class | PIMCO VIT Total Return Portfolio, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1060 | 11.00 | 11664 | 4.25% | 9.05% |
| &nbsp;&nbsp;&nbsp;2024 | 789 | 10.09 | 7962 | 4.20% | 2.69% |
| &nbsp;&nbsp;&nbsp;2023 | 570 | 9.82 | 5601 | 3.72% | 6.09% |
| &nbsp;&nbsp;&nbsp;2022 | 391 | 9.26 | 3617 | 2.87% | (14.17)% |
| &nbsp;&nbsp;&nbsp;2021 | 216 | 10.79 | 2332 | 1.29% | (1.12)% |
| Putnam VT Sustainable Leaders Fund, Class IA | Putnam VT Sustainable Leaders Fund, Class IA | Putnam VT Sustainable Leaders Fund, Class IA | Putnam VT Sustainable Leaders Fund, Class IA |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11 | 16.59 | 177 | 0.51% | 15.96% |
| &nbsp;&nbsp;&nbsp;2024 | 8 | 14.94 | 118 | 0.31% | 23.33% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | 12.12 | 52 | 0.00% | 9.16% |
| Royce Capital Fund Micro-Cap Portfolio, Service Class | Royce Capital Fund Micro-Cap Portfolio, Service Class | Royce Capital Fund Micro-Cap Portfolio, Service Class | Royce Capital Fund Micro-Cap Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 46 | 33.82 | 1572 | 0.00% | 13.58% |
| &nbsp;&nbsp;&nbsp;2024 | 43 | 29.78 | 1269 | 0.00% | 13.28% |
| &nbsp;&nbsp;&nbsp;2023 | 44 | 26.29 | 1163 | 0.00% | 18.56% |
| &nbsp;&nbsp;&nbsp;2022 | 45 | 22.17 | 1007 | 0.00% | (22.65)% |
| &nbsp;&nbsp;&nbsp;2021 | 40 | 28.67 | 1133 | 0.00% | 29.52% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Royce Capital Fund Small-Cap Portfolio, Investment Class | Royce Capital Fund Small-Cap Portfolio, Investment Class | Royce Capital Fund Small-Cap Portfolio, Investment Class | Royce Capital Fund Small-Cap Portfolio, Investment Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 144 | $16.73 | $2411 | 2.11% | 8.93% |
| &nbsp;&nbsp;&nbsp;2024 | 107 | 15.36 | 1637 | 1.41% | 3.40% |
| &nbsp;&nbsp;&nbsp;2023 | 78 | 14.85 | 1155 | 1.03% | 25.93% |
| &nbsp;&nbsp;&nbsp;2022 | 60 | 11.79 | 704 | 0.53% | (9.20)% |
| &nbsp;&nbsp;&nbsp;2021 | 26 | 12.99 | 337 | 2.13% | 28.82% |
| Royce Capital Fund Small-Cap Portfolio, Service Class | Royce Capital Fund Small-Cap Portfolio, Service Class | Royce Capital Fund Small-Cap Portfolio, Service Class | Royce Capital Fund Small-Cap Portfolio, Service Class |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 397 | 34.14 | 13544 | 1.86% | 8.73% |
| &nbsp;&nbsp;&nbsp;2024 | 384 | 31.40 | 12042 | 1.01% | 3.26% |
| &nbsp;&nbsp;&nbsp;2023 | 386 | 30.41 | 11727 | 0.70% | 25.53% |
| &nbsp;&nbsp;&nbsp;2022 | 397 | 24.23 | 9620 | 0.07% | (9.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 395 | 26.75 | 10549 | 1.26% | 28.45% |
| Schwab S&P 500 Index Portfolio | Schwab S&P 500 Index Portfolio | Schwab S&P 500 Index Portfolio | Schwab S&P 500 Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 74 | 17.91 | 1333 | 1.16% | 17.83% |
| &nbsp;&nbsp;&nbsp;2024 | 59 | 15.20 | 899 | 2.03% | 24.95% |
| &nbsp;&nbsp;&nbsp;2023 | 7 | 12.17 | 87 | 0.00% | 7.23% |
| Templeton Developing Markets VIP Fund, Class 1 | Templeton Developing Markets VIP Fund, Class 1 | Templeton Developing Markets VIP Fund, Class 1 | Templeton Developing Markets VIP Fund, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 54 | 17.37 | 947 | 0.69% | 46.64% |
| &nbsp;&nbsp;&nbsp;2024 | 39 | 11.85 | 462 | 4.27% | 7.98% |
| &nbsp;&nbsp;&nbsp;2023 | 33 | 10.97 | 367 | 2.32% | 12.77% |
| &nbsp;&nbsp;&nbsp;2022 | 28 | 9.73 | 268 | 3.45% | (21.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 7 | 12.43 | 91 | 0.66% | (5.51)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Templeton Developing Markets VIP Fund, Class 2 | Templeton Developing Markets VIP Fund, Class 2 | Templeton Developing Markets VIP Fund, Class 2 | Templeton Developing Markets VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 117 | $19.64 | $2297 | 0.53% | 46.27% |
| &nbsp;&nbsp;&nbsp;2024 | 128 | 13.43 | 1723 | 3.89% | 7.67% |
| &nbsp;&nbsp;&nbsp;2023 | 126 | 12.47 | 1567 | 2.09% | 12.62% |
| &nbsp;&nbsp;&nbsp;2022 | 126 | 11.07 | 1391 | 2.35% | (21.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 112 | 14.19 | 1595 | 0.88% | (5.74)% |
| Templeton Foreign VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 584 | 21.96 | 12818 | 2.34% | 29.19% |
| &nbsp;&nbsp;&nbsp;2024 | 623 | 16.99 | 10581 | 2.42% | (1.00)% |
| &nbsp;&nbsp;&nbsp;2023 | 623 | 17.17 | 10690 | 3.19% | 20.76% |
| &nbsp;&nbsp;&nbsp;2022 | 670 | 14.22 | 9517 | 2.93% | (7.61)% |
| &nbsp;&nbsp;&nbsp;2021 | 681 | 15.39 | 10440 | 1.89% | 4.16% |
| 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;2025 | 810 | 17.29 | 13989 | 0.00% | 15.73% |
| &nbsp;&nbsp;&nbsp;2024 | 802 | 14.94 | 11978 | 0.00% | (11.37)% |
| &nbsp;&nbsp;&nbsp;2023 | 723 | 16.86 | 12181 | 0.00% | 2.88% |
| &nbsp;&nbsp;&nbsp;2022 | 709 | 16.38 | 11612 | 0.00% | (4.95)% |
| &nbsp;&nbsp;&nbsp;2021 | 732 | 17.24 | 12527 | 0.00% | (4.99)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Templeton Growth VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 786 | $25.38 | $19925 | 0.89% | 23.83% |
| &nbsp;&nbsp;&nbsp;2024 | 841 | 20.50 | 17212 | 0.93% | 5.40% |
| &nbsp;&nbsp;&nbsp;2023 | 884 | 19.45 | 17170 | 3.30% | 21.01% |
| &nbsp;&nbsp;&nbsp;2022 | 930 | 16.07 | 14946 | 0.15% | (11.50)% |
| &nbsp;&nbsp;&nbsp;2021 | 937 | 18.16 | 17017 | 1.12% | 4.87% |
| TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 178 | 19.30 | 3438 | 1.58% | 19.17% |
| &nbsp;&nbsp;&nbsp;2024 | 133 | 16.20 | 2161 | 1.60% | 12.21% |
| &nbsp;&nbsp;&nbsp;2023 | 70 | 14.43 | 1012 | 1.62% | 17.77% |
| &nbsp;&nbsp;&nbsp;2022 | 35 | 12.26 | 430 | 1.79% | (15.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 14 | 14.55 | 209 | 0.78% | 19.66% |
| TOPS Aggressive Growth ETF Portfolio, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 8 | 21.95 | 166 | 1.28% | 18.83% |
| &nbsp;&nbsp;&nbsp;2024 | 7 | 18.48 | 134 | 1.25% | 11.99% |
| &nbsp;&nbsp;&nbsp;2023 | 7 | 16.50 | 118 | 1.13% | 17.37% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | 14.06 | 97 | 0.98% | (15.88)% |
| &nbsp;&nbsp;&nbsp;2021 | 9 | 16.71 | 149 | 0.61% | 19.31% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| TOPS Balanced ETF Portfolio, Class 2 | TOPS Balanced ETF Portfolio, Class 2 | TOPS Balanced ETF Portfolio, Class 2 | TOPS Balanced ETF Portfolio, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5 | $16.38 | $87 | 2.22% | 12.85% |
| &nbsp;&nbsp;&nbsp;2024 | 5 | 14.52 | 76 | 2.07% | 6.86% |
| &nbsp;&nbsp;&nbsp;2023 | 5 | 13.59 | 70 | 1.75% | 11.39% |
| &nbsp;&nbsp;&nbsp;2022 | 8 | 12.20 | 97 | 1.50% | (11.15)% |
| &nbsp;&nbsp;&nbsp;2021 | 8 | 13.73 | 110 | 0.92% | 9.62% |
| TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 49 | 13.80 | 671 | 2.79% | 10.39% |
| &nbsp;&nbsp;&nbsp;2024 | 43 | 12.50 | 534 | 2.74% | 6.22% |
| &nbsp;&nbsp;&nbsp;2023 | 34 | 11.77 | 396 | 2.14% | 9.48% |
| &nbsp;&nbsp;&nbsp;2022 | 16 | 10.75 | 180 | 2.03% | (8.60)% |
| &nbsp;&nbsp;&nbsp;2021 | 14 | 11.76 | 169 | 1.82% | 6.74% |
| TOPS Conservative ETF Portfolio, Class 2 | TOPS Conservative ETF Portfolio, Class 2 | TOPS Conservative ETF Portfolio, Class 2 | TOPS Conservative ETF Portfolio, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5 | 14.88 | 73 | 2.93% | 10.15% |
| &nbsp;&nbsp;&nbsp;2024 | 3 | 13.51 | 35 | 2.44% | 6.00% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 12.75 | 32 | 1.35% | 9.19% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | 11.67 | 28 | 1.69% | (8.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 12.81 | 33 | 1.19% | 6.45% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 765 | $18.25 | $13963 | 1.71% | 18.31% |
| &nbsp;&nbsp;&nbsp;2024 | 567 | 15.43 | 8745 | 1.67% | 11.09% |
| &nbsp;&nbsp;&nbsp;2023 | 420 | 13.89 | 5828 | 1.75% | 16.41% |
| &nbsp;&nbsp;&nbsp;2022 | 259 | 11.93 | 3085 | 2.23% | (14.55)% |
| &nbsp;&nbsp;&nbsp;2021 | 61 | 13.96 | 854 | 0.94% | 16.89% |
| TOPS Growth ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 173 | 20.55 | 3551 | 1.40% | 17.99% |
| &nbsp;&nbsp;&nbsp;2024 | 175 | 17.41 | 3048 | 1.39% | 10.79% |
| &nbsp;&nbsp;&nbsp;2023 | 166 | 15.72 | 2614 | 1.34% | 16.09% |
| &nbsp;&nbsp;&nbsp;2022 | 157 | 13.54 | 2131 | 1.36% | (14.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 145 | 15.87 | 2298 | 0.82% | 16.52% |
| TOPS Moderate Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 826 | 16.53 | 13653 | 2.23% | 15.50% |
| &nbsp;&nbsp;&nbsp;2024 | 637 | 14.31 | 9124 | 2.17% | 8.99% |
| &nbsp;&nbsp;&nbsp;2023 | 468 | 13.13 | 6149 | 2.32% | 13.81% |
| &nbsp;&nbsp;&nbsp;2022 | 270 | 11.54 | 3121 | 2.07% | (12.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 103 | 13.21 | 1361 | 1.31% | 13.12% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| TOPS Moderate Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 25 | $18.39 | $468 | 2.04% | 15.13% |
| &nbsp;&nbsp;&nbsp;2024 | 23 | 15.97 | 366 | 1.96% | 8.84% |
| &nbsp;&nbsp;&nbsp;2023 | 21 | 14.67 | 313 | 1.86% | 13.47% |
| &nbsp;&nbsp;&nbsp;2022 | 19 | 12.93 | 252 | 1.53% | (12.90)% |
| &nbsp;&nbsp;&nbsp;2021 | 17 | 14.85 | 257 | 1.05% | 12.82% |
| Vanguard VIF Balanced Portfolio | Vanguard VIF Balanced Portfolio | Vanguard VIF Balanced Portfolio | Vanguard VIF Balanced Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1 | 14.97 | 22 | 2.37% | 13.22% |
| Vanguard VIF Capital Growth Portfolio | Vanguard VIF Capital Growth Portfolio | Vanguard VIF Capital Growth Portfolio | Vanguard VIF Capital Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2375 | 24.78 | 58845 | 0.93% | 28.98% |
| &nbsp;&nbsp;&nbsp;2024 | 1808 | 19.21 | 34741 | 0.99% | 13.41% |
| &nbsp;&nbsp;&nbsp;2023 | 1288 | 16.94 | 21807 | 0.91% | 27.98% |
| &nbsp;&nbsp;&nbsp;2022 | 787 | 13.24 | 10417 | 0.59% | (15.48)% |
| &nbsp;&nbsp;&nbsp;2021 | 274 | 15.66 | 4281 | 0.23% | 20.99% |
| Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Conservative Allocation Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 18 | 13.35 | 239 | 2.57% | 12.73% |
| &nbsp;&nbsp;&nbsp;2024 | 18 | 11.84 | 209 | 2.65% | 7.49% |
| &nbsp;&nbsp;&nbsp;2023 | 5 | 11.02 | 55 | 0.00% | 5.21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Income Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 386 | $19.83 | $7665 | 2.26% | 16.80% |
| &nbsp;&nbsp;&nbsp;2024 | 300 | 16.98 | 5101 | 2.62% | 15.12% |
| &nbsp;&nbsp;&nbsp;2023 | 222 | 14.75 | 3280 | 2.37% | 8.10% |
| &nbsp;&nbsp;&nbsp;2022 | 149 | 13.65 | 2034 | 2.33% | (0.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 59 | 13.74 | 793 | 0.39% | 25.23% |
| Vanguard VIF Equity Index Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF Equity Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 13 | 32.96 | 441 | 1.15% | 17.70% |
| &nbsp;&nbsp;&nbsp;2024 | 8 | 28.00 | 218 | 0.40% | 13.20% |
| &nbsp;&nbsp;&nbsp;2023 | 2 | 22.43 | 47 | 1.59% | 26.11% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 17.79 | 56 | 1.19% | (18.23)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | 21.75 | 52 | 0.95% | 28.30% |
| Vanguard VIF Growth Portfolio | Vanguard VIF Growth Portfolio | Vanguard VIF Growth Portfolio | Vanguard VIF Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 0 \* | 20.81 | 6 | 0.19% | 16.89% |
| &nbsp;&nbsp;&nbsp;2024 | 0 \* | 17.80 | 5 | 0.81% | 33.14% |
| &nbsp;&nbsp;&nbsp;2023 | 2 | 13.37 | 31 | 0.00% | 9.65% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Vanguard VIF International Portfolio | Vanguard VIF International Portfolio | Vanguard VIF International Portfolio | Vanguard VIF International Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 326 | $17.90 | $5836 | 0.75% | 19.97% |
| &nbsp;&nbsp;&nbsp;2024 | 238 | 14.92 | 3556 | 1.06% | 9.01% |
| &nbsp;&nbsp;&nbsp;2023 | 142 | 13.69 | 1945 | 1.37% | 14.65% |
| &nbsp;&nbsp;&nbsp;2022 | 95 | 11.94 | 1271 | 1.05% | (30.12)% |
| &nbsp;&nbsp;&nbsp;2021 | 55 | 17.08 | 933 | 0.07% | (1.98)% |
| Vanguard VIF Mid-Cap Index Portfolio | Vanguard VIF Mid-Cap Index Portfolio | Vanguard VIF Mid-Cap Index Portfolio | Vanguard VIF Mid-Cap Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5 | 23.22 | 120 | 1.02% | 11.54% |
| &nbsp;&nbsp;&nbsp;2024 | 4 | 20.81 | 79 | 1.31% | 15.08% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | 18.09 | 63 | 1.38% | 15.83% |
| &nbsp;&nbsp;&nbsp;2022 | 3 | 15.62 | 52 | 1.04% | (18.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | 19.24 | 51 | 0.98% | 23.70% |
| Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Real Estate Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 95 | 14.75 | 1403 | 2.61% | 3.11% |
| &nbsp;&nbsp;&nbsp;2024 | 82 | 14.30 | 1175 | 2.87% | 4.74% |
| &nbsp;&nbsp;&nbsp;2023 | 57 | 13.66 | 772 | 2.27% | 11.70% |
| &nbsp;&nbsp;&nbsp;2022 | 42 | 12.23 | 514 | 1.66% | (26.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 28 | 16.59 | 462 | 1.04% | 40.00% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Vanguard VIF Short-Term Investment-Grade Portfolio | Vanguard VIF Short-Term Investment-Grade Portfolio | Vanguard VIF Short-Term Investment-Grade Portfolio | Vanguard VIF Short-Term Investment-Grade Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3625 | $11.83 | $42888 | 3.77% | 6.85% |
| &nbsp;&nbsp;&nbsp;2024 | 2687 | 11.07 | 29752 | 3.18% | 4.89% |
| &nbsp;&nbsp;&nbsp;2023 | 1776 | 10.56 | 18741 | 1.79% | 6.16% |
| &nbsp;&nbsp;&nbsp;2022 | 1014 | 9.94 | 10083 | 1.14% | (5.72)% |
| &nbsp;&nbsp;&nbsp;2021 | 351 | 10.55 | 3694 | 0.46% | (0.52)% |
| Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Bond Market Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 240 | 11.62 | 2783 | 3.54% | 6.94% |
| &nbsp;&nbsp;&nbsp;2024 | 226 | 10.86 | 2458 | 2.13% | 0.77% |
| &nbsp;&nbsp;&nbsp;2023 | 68 | 10.73 | 727 | 2.41% | 5.58% |
| &nbsp;&nbsp;&nbsp;2022 | 58 | 10.16 | 586 | 1.92% | (13.21)% |
| &nbsp;&nbsp;&nbsp;2021 | 46 | 11.71 | 544 | 2.00% | (1.81)% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31 | As of December 31 | As of December 31 | For the period ended December 31 | For the period ended December 31 |
| Subaccount | Units <br> (000's) | Unit Fair<br> Value | Net<br> Assets<br> (000's) | Investment<br> Income<br> Ratio <sup>(a)</sup> | Total <br> Return <sup>(b)</sup> |
| Vanguard VIF Total Stock Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 119 | $31.15 | $3698 | 1.14% | 16.93% |
| &nbsp;&nbsp;&nbsp;2024 | 114 | 26.64 | 3044 | 1.15% | 23.71% |
| &nbsp;&nbsp;&nbsp;2023 | 79 | 21.53 | 1700 | 1.06% | 25.95% |
| &nbsp;&nbsp;&nbsp;2022 | 61 | 17.10 | 1037 | 1.03% | (19.59)% |
| &nbsp;&nbsp;&nbsp;2021 | 29 | 21.26 | 612 | 1.16% | 25.21% |

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| |
|:---|
| \* The Subaccount has units and/or dollars that round to less than one thousand. |
| <sup>(a)</sup> These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest. |
| <sup>(b)</sup> These amounts represent the total return for the periods indicated and include changes in the value of the underlying mutual fund. These amounts are not annualized and represent each Subaccount's total return for the periods during which the Subaccount held investment balances. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. |

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7. SUBSEQUENT EVENTS

The Separate Account has evaluated the effects of events subsequent to December 31, 2025, and through April 20, 2026, the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.